Economy / 29

Sephora closes US stores for diversity training

June 07, 2019

The American arm of the company posted a video onto it's Facebook this week, confirming that every Sephora store in the USA will close to run inclusion workshops and training for all its staff across the board, from the shop floor through to distribution warehouses and right up to corporate offices.

Survey Finds Companies Add Fewest Jobs in 9 Years in May

June 07, 2019

Nearly all of the small business loss (50,000) came at firms with fewer than 20 employees, while the big loser in the goods sector was construction, where 36,000 positions were lost. "Last month overstated the case, and this month understates it", Zandi said on CNBC after the number was released. Silver futures also rallied sharply on Wednesday, climbing 1.5% to $14.99 a troy ounce on the Comex division of the New York Mercantile Exchange.

Pakistan foreign minister Qureshi writes to external affairs minister Jaishankar, advocates talks

June 07, 2019

The Ministry of External Affairs (MEA) has clarified that it was a "personal visit and there was no meeting scheduled" between Pakistan and Indian officials. For example, some nations are increasing tariffs while others are focused on improving connectivity. External Affairs Minister S Jaishankar will embark on a two-day visit to Bhutan from Friday, his first overseas trip after assuming charge of the ministry.

ANZ angers with rate cut decision

June 07, 2019

ANZ has refused demands from both sides of politics to pass on the Reserve Bank's rate cut in full, announcing it will lower its interest rates on mortgages by 0.18 percentage points. we think it's likely that (the RBA) will cut for a third time this year in November", she said. But he did admit "there are some challenges" related to weak inflation and the struggling property market.

Putin says US military intervention in Venezuela would be a disaster

June 07, 2019

He added that Russian experts have been in Venezuela to service Russian-made weapons bought by Caracas. He charged 12 Russian military intelligence officers with breaking into Democratic Party emails, and also indicted other Russians who used phony social media accounts to spread divisive rhetoric and to undermine the US political system.

Subaru and Toyota will co-develop a new EV platform

June 07, 2019

The new electric project is not the first collaboration between Toyota and Subaru . Those vehicles will include the compact SUV it is development with Suzuki , and the medium SUV it is working with Subaru on. " Subaru and Toyota believe that it is necessary to pursue a business model that goes beyond convention, crossing over industrial boundaries", the automakers said.

Google to Boost Their Cloud With the Purchase of Analytical Startup

June 07, 2019

Adding Looker to Google cloud will provide customers with a "more comprehensive analytics solution", Google said in a statement , "from ingesting and integrating data to gain insights, to embedded analytics and visualizations - enabling enterprises to leverage the power of analytics, machine learning and AI".

China grants 5G licences to its carriers, Huawei in line to benefit

June 07, 2019

The Chinese Government has granted 5G licenses to its three major carriers - China Mobile, China Unicom and China Telcom - and to the China Broadcasting Network Corp, giving the go-ahead for them to launch commercial 5G networks. Lawmakers in Washington have also called to bar Huawei from building out the domestic 5G networks for USA carriers, citing national security concerns.

1700 jobs cut in Wales as Ford factory closure confirmed

June 07, 2019

Ford said the South Wales plant will be shut down by Autumn next year, blaming changing customer demand and cost. Ford said it will put in place a comprehensive plan for the affected employees, including "an enhanced employee separation program" as well as measures to help employees find new jobs at other Ford sites in the United Kingdom or pursue other career opportunities.

Fiat Chrysler pulls merger bid for Renault in surprise move

June 07, 2019

Earlier in the day, Renault said that the French government hadrequested its board of directors postpone the vote on the merger. Fiat Chrysler said that it still stands behind the merits of the deal but believes that the "political conditions in France" will not allow for a successful tie-up.

Phone carriers can now block robocalls by default

June 07, 2019

Apple announced this week that its new iPhone operating software would give consumers the ability to allow only calls to ring from numbers in contacts, mail, and messages and send all others to voicemail automatically. And while the FCC is urging wireless carriers to offer call blocking for free, the order would not mandate it. But every one of us knows there is nothing enforceable about an expectation.

Mexico To Continue Trade, Immigration Talks Thursday

June 06, 2019

USA and Mexican officials are discussing the outlines of a deal that would dramatically increase Mexico's immigration enforcement efforts and give the United States far more latitude to deport Central Americans seeking asylum, according to a US official and a Mexican official who cautioned that the accord is not finalized and that President Trump might not accept it.

Neil Woodford's flagship fund suspends trading

June 06, 2019

I'm extremely sorry we have had to take this decision. The news of the suspension comes shortly after Kent County Council confirmed that it was pulling the £250m it had invested in the fund, which is one of the largest investments. Woodford IM's statement concluded: "When LFS elects to resume dealing in the shares of the fund, we will write to all investors informing them of this fact".

RBI cuts FY20 GDP growth forecast cut to 7% from 7.2%

June 06, 2019

Last week, government data showed GDP growth slowed to a five-year low of 5.8 per cent in the fourth quarter (Q4) of FY19. Maintaining an accomodative stance on the monetary policy , all the 6 members of the MPC unanimously voted in favour of the rate cut .

FCA merger proposal dead for now

June 06, 2019

Renault, however, said it would keep reviewing the proposed merger "with interest". The sudden end to the merger talks came after midnight in Paris, after Fiat Chrysler and French government officials had reached a tentative agreement that cleared the way for Renault's board to consider moving forward, people familiar with the situation said.

IKEA Now Makes Robotic Furniture To Help You Save Space

June 06, 2019

The price tag. Cape Town may be attractive, but it's expensive, especially when to comes to property - where you need to sell a few organs and possess a small fortune to be able to afford a decent sized home . For example, one of Ikea's Rognan products is essentially a full bedroom/couch hybrid - on one side, there's a slide-out bed, a closet, and a few other storage areas, and on the other side there's a couch.

Walmart targets high-schoolers with enhanced educational offerings

June 06, 2019

Walmart , which is the largest USA private sector employer, with a almost 1.5 million workforce, said it will cover the costs of tuition, books and fees while employees will be required to pay $1 a day for the duration of their studies. On Tuesday, one day ahead of its controversial annual shareholders meeting kicking off in Bentonville, Arkansas, Walmart also announced it plans to create new scholarships for people who've not previously completed college credits - high school students or ...

YouTube not to shut guidance despite abuse issues

June 06, 2019

Nonetheless, the video-sharing platform says that it has chose to make "a few updates", given that the situation involves children. Some left creepy messages, or timestamps indicating the precise moments where the children could be seen in a suggestive pose or posture.

American Airlines & Qantas JV to receive tentative USA approval

June 06, 2019

The joint venture agreement would allow both companies to combine and coordinate their various business offerings. The approval would allow the airlines to cooperate on pricing, sales, lounges and frequent flyer activities between the USA and Australia, and between the United States and New Zealand.

Bernie Sanders tells Walmart shareholders company pays 'starvation wages'

June 06, 2019

His remarks at the meeting drew attention to his campaign for the 2020 Democratic presidential nomination as well as to the drive for higher hourly US wages, one of his signature issues. With McMillon at the helm, Walmart raised its starting wage to $11 an hour at the beginning of 2018 and earlier this year began giving US hourly workers paid time off , but has not budged on calls from Sanders and others that it match Amazon's $15 an hour minimum.

Australia's Reserve Bank cuts cash rate to new low

June 06, 2019

The chances of a cut have hardened with figure this morning showing that retail sales in Australia fell by 0.1% in April. Treasurer Josh Frydenberg called on the banks to pass on the cuts in full . The market consensus forecast is for anaemic gross domestic product growth of 0.4 per cent in the quarter and 1.8 per cent annually. The brokerage also said that the transmission to lending rate cuts to prop up growth "needs sustained RBI easing", it said.

Airless tires made by Michelin coming to GM vehicles

June 06, 2019

Yesterday at the Movin'On Summit in Montréal, Michelin and GM announced a descendent of the Vision airless, 3D-printed tyre originally revealed in 2017: the Uptis tyre. Michelin and GM are jointly testing the prototype tire, starting on the Chevrolet Bolt EV and then moving testing to other electric vehicles. " General Motors is excited about the possibilities that Uptis presents, and we are thrilled to collaborate with Michelin on this breakthrough technology ", Steve Kiefer, senior vice ...

Tesla Secret Cash Source Revealed to be Fiat Chrysler, GM

June 06, 2019

According to filings by General Motors (GM) and Fiat Chrysler Automobiles (FCA) to the state of Delaware, GM's agreement with Tesla for greenhouse gas credits was inked on February 25. GM spokesman Pat Morrissey has said the move will help the company protect itself against " future regulatory uncertainties ". Fiat Chrysler disclosed agreements to buy credits from Tesla that were reached in 2016, 2018 and earlier this year, in four separate filings.

Oil prices fall amid economic slowdown, despite ongoing OPEC supply cuts

June 06, 2019

WTI was last down $1.24, or 2.3%, at $52.24 US a barrel, its lowest since February's reading of $52.11, plumbed on Monday. Brent futures gained 69 cents, or 1.1 per cent, to settle at US$61.97 a barrel. With output cuts in place, emerging consensus within the Organization of the Petroleum Exporting Countries and its allies to extend a cap on production, and geopolitical worries, prices are seen rising nearly 10% in the near term.

Wall Street rises as weak ADP jobs data bolsters rate-cut bets

June 05, 2019

The U.S. central bank said its surveys of business contacts pointed to a "slight improvement" in growth in economic activity, which it described as being "modest" from April through mid-May. China "believes that the differences and frictions between the two sides in the economic and trade field will ultimately need to be resolved through dialogue and consultation", a spokesperson from the Ministry of Commerce said.

Top US, Mexican Officials Meet on Tariffs, Migrant Surge

June 05, 2019

I think they want to make a deal, and they've sent their top people to try and do it. The chamber said recently it was considering legal action to block the tariffs from going into effect. Frustrated over the migrant crisis at the southern US border with Mexico, Trump last week said he would impose tariffs on Mexican imports starting June 10 unless Mexico halted the flows of Central American immigrants crossing Mexico to reach the United States .

Amazon to open 10 pop-up stores in United Kingdom cities

June 05, 2019

Amazon UK country manager, Doug Gurr, said that small businesses are one of the company's most important consumer groups. Amazon is also providing 1 million pounds ($1.26 million) to train over 150 full-time apprentices to help small businesses increase their productivity and boost their online sales.

Amazon Prime Free One Day see massive response in US

June 05, 2019

The company also said that one-day delivery for Prime is available coast to coast, up from 10,000 cities and towns cited in its Q4 call. Today, Prime Free One Day is available to members with no minimum purchase amount on more than ten million products, coast to coast.

Jaguar Land Rover teams up with BMW to develop electric vehicles

June 05, 2019

Jaguar Land Rover is still run by former BMW managers, including Ralf Speth the company's chief executive who spent 20 years at BMW prior to joining JLR, and Wolfgang Ziebart, the engineer who oversaw Jaguar's iPace electric vehicle programme, who is a former head of research and development at BMW .

INEOS to invest $2 billion in Saudi Arabia

June 05, 2019

Chemicals and plastics giant Ineos is set to spend two billion United States dollars (£1.6 billion) on building three manufacturing plants in the Middle East for the first time. "This first investment in the Middle East consolidates our position as the market leader and shows a clear and ongoing commitment to meet our customers' needs wherever they are in the world", said Paul Overment, Chief Executive Officer of INEOS Nitriles.

Posthaste: Trade war is heating up and Wall Street is getting nervous

June 05, 2019

He noted that the outcome of the trade war at the moment " is highly uncertain " but warned that if the USA follows through with 25 percent tariffs on the additional Chinese imports , " We could end up in a recession in three quarters ".

Huawei says phone production is still at full capacity

June 05, 2019

US President Donald Trump had signed the NDAA previous year, alleging that Huawei's products posed a risk to national security, as they could be used by Chinese Intelligence agencies to spy on Americans. As a result, U.S. ICT companies such as Qualcomm , Intel, Google and Microsoft are likely to suffer damage due to the suspension of trade with Chinese companies.

Trump tells May: we’ll have a very substantial trade deal

June 05, 2019

Trump said that Britain's break from the European Union, which May has struggled to finalize after voters approved the exit, would ultimately happen. "Britain is gearing up for this week's state visit by President Trump as only Britain can do", wrote Karla Adam and Griff Witte under the headline "As Trump's state visit looms, Britain seems a reluctant host".

Renault delays decision on Fiat Chrysler merger proposal, to meet again Wednesday

June 05, 2019

But after late-night talks with FCA Chairman John Elkann, the French government has accepted a compromise that would see it occupy one of four board seats allocated to Renault, balanced by four FCA appointees, the sources said. The move would also make Renault less anxious about the possible dissolution of its fractured 20-year alliance with Nissan. "The state will play its role fully as a Renault shareholder".

United Kingdom manufacturing drops in May amid fading Brexit stockpiling

June 05, 2019

The research, by IHS Markit/CIPS , said firms found difficulty convincing clients to commit to new contracts. Rob Dobson, director at IHS Markit , which compiles the survey: "The UK manufacturing sector was buffeted by ongoing Brexit uncertainty again in May".

Banks pocket $109 million by delaying rate cut

June 05, 2019

While seeking to boost household incomes and prop-up sagging consumer spending, Dr Lowe said the decision to cut interest rates was not in response to a deterioration in the bank's economic outlook since its last Statement on Monetary Policy was published in May .

Latest on Prince George's County couple who died in Dominican Republic

June 05, 2019

According to NBC Washington , the bodies of Nathaniel Edward Holmes, 63, and his fiancee Cynthia Ann Day , 50, were found inside their rooms at the Baha Principe hotel in Playa Nueva Romana on the southeast coast of the island. Weeks later, National Police commander Frank Félix Duran Mejía said that the couple apparently had gotten into an accident, possibly due to a mix of speeding, alcohol and dark roads.

Huawei Scale Back Production As Bans Take Toll

June 05, 2019

In late May, Huawei's founder and CEO Ren Zhengfei expressed confidence in an interview with Chinese media that the U.S. crackdown on the tech giant would fail to prod other countries to follow suit. To allow time for software updates in existing Huawei products, the U.S. Commerce Department granted the company a temporary exemption for 90 days.

US SEC Is Charging Kik With Conducting a $100 Million Unregistered ICO

June 05, 2019

The KIN offering occurred two months after the SEC determined such offerings to be likely securities, but Kik CEO Ted Livingston has insisted that KIN should not fall under securities regulations. Kik is not lying down and admitting defeat in the face of the SEC complaint . Securities regulators around the world have grappled with how to respond to emerging fundraising methods such as initial coin offerings, or ICOs, where companies sell digital tokens or coins to finance a new venture.

Visit As Locals Troll President

June 04, 2019

Trump promised a "very substantial" trade deal between the United States and Britain, as London looks to organize itself in the post-Brexit landscape. It has since featured at anti-Trump protests around the world. But the demonstrators have received tactical support from Mayor of London Sadiq Khan , who has repeatedly clashed with the president and who gave permission to fly the blimp.

Big Tech in sights of U.S. investigators

June 04, 2019

Facebook's stock is plunging following a Wall Street Journal is report that the Federal Trade Commission will lead any antitrust investigation into the company as part of an arrangement that would give the Justice Department oversight of Google.

Kia Seltos Name Confirmed For SP2i Production Version

June 04, 2019

Kia has officially announced the name of its first product for the Indian market and it is called the Seltos . The new vehicle will be showcased for the first time on June 20th and is expected to be launched before the festive season. The firm says the Seltos was "created for the millennial generation, standing apart from its rivals with a combination of sophisticated, sporty design and the space and capabilities of a traditional SUV - all in a compact package".

CBA, NAB pass on full RBA cut; ANZ doesn't

June 04, 2019

The Governor of the Reserve Bank of Australia ( RBA ), Dr Philip Lowe, has appeared to foreshadow an interest rate cut. The decision to cut rates will take the central bank further into uncharted territory. "The public would rightly expect the benefit of any sustained reduction in funding costs are passed on in full". If the rate cut is passed on in full by the banks, it will save those with an average mortgage of $400,000 around $58 a month.

Huawei to sell undersea cable business amid trade feud with US

June 04, 2019

Huaweiis poised to sell its majority stake in a submarine cable company, amid pressure from the U.S. to blacklist the company over spying fears. Undersea cables are an important aspect of global internet traffic, and Huawei Marine since it was established in 2009 has participated in 90 projects worldwide and built 50,361 kilometers (31,293 miles) of cables, its website showed, including a 6,000 km cable connecting Africa and South America for the first time completed in September previous ...

United States defends welcome to students as China warns of risk

June 04, 2019

China warned students and academics on Monday about risks involved in studying in the United States, pointing to limits on the duration of visas and visa refusals, amid a bitter trade war and other tension between the two countries. Chinese students contributed $14 billion to the U.S. economy in 2017, according to a trade group. U.S. complaints about technology and intellectual property theft by China have been a major bone of contention in the trade war between the two countries.

AMD lands deal with Samsung, will bring AMD's RDNA graphics to smartphones

June 04, 2019

It's also a significant win for AMD as it gets to license its IP to the world's largest phone manufacturer, resulting in a lucrative new source of revenue. ARM and PowerVR are the incumbents here. Samsung and AMD must be convinced that there's more appeal to the latter's IP with a particular focus on ultra low power solutions.

Block.one Unveils Plan to Launch a Social Media Platform over EOS

June 04, 2019

Broadly speaking, the concept of Voice seems to be similar to Steemit , a social media platform that runs on Steem , a blockchain protocol designed by block.one CTO Dan Larimer. The event drew approximately 300 attendees who included industry influencers, developers, investors, media and members of the community. Founded in 2016, Block.one is a software publisher specializing in high-performance blockchain technologies.

Mexico offers border talks to escape Trump's tariffs

June 04, 2019

In a major win for the White House, Mexico agreed to hold a number of USA asylum seekers within its own country, a program known as "Wait in Mexico". A complete militarization of Mexican borders is also a very tall order. Federal helicopters, boats and police were not patrolling the Suchiate River as they have in the past to halt caravans.

After a decade: British Airways flights lands in Islamabad

June 04, 2019

At the time of taking off from London , the airways crew gave passengers flowers and candies. Minister for Aviation Ghulam Sarwar Khan, Advisor to Prime Minister on Commerce Abdul Razak Dawood, Special Assistant on Overseas Pakistanis Zulfiqar Hussain Bukhari and senior officials of Aviation Division and British High Commission welcomed the passengers at Islamabad International Airport.

China releases official document blaming the U.S. for the trade war

June 03, 2019

This all comes as trade tensions between the United States and China continue to escalate in what is feared to become a tech Cold War. "If the USA wants to talk, we will keep the door open". It also said bilateral cooperation on goods and services trade as well as two-way investment benefits both sides, rather than hurts the US economy.

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