Economy / 33

Amazon Dash buttons get chucked on the scrap heap this month

August 03, 2019

Back in February, Amazon made a decision to end sales of Dash Buttons because no one uses them. Amazon's Dash button is getting scrapped - which it announced in March - and now we know that support for the feature will officially end on August 31.

Shell profits plunge on lower oil prices

August 03, 2019

The company said lower earnings reflected lower realized oil, gas and liquified natural gas prices, weaker realized chemicals and refining margins, as well as higher provisions, partly offset by improved overall production. In total, first-half earnings dropped 13 per cent to $8.8bn. Shell's cash flow from operations rose to $11.03 billion from $9.5 billion in the prior-year period.

U.S. adds a 164,000 jobs; unemployment rate stays 3.7%

August 03, 2019

Indeed, spending at restaurants and bars has increased 4.2 percent year-to-date, according to government reports. It also followed a report from payroll processor ADP that tracks private sector employment and said this week private employers created 156,000 jobs in July, more than expected.

IBM goes all-in with Red Hat, cloud

August 03, 2019

OpenShift is an application container management platform, delivered as a service, powered by Red Hat Enterprise Linux (RHEL) and Kubernetes. "IBM already supports OpenShift on its Power Systems and Storage", said the company. "As one of the leading European financial services Groups, Societe Generale continually strives to launch new offerings with speed and agility". IBM fuels its hybrid multicloud strategy, transforming its software products to be cloud-native with Red Hat .

Audi introduced a budget version of electrocreaser e-tron

August 03, 2019

Audi's smaller battery pack and lower power e-tron 50 quattro should offer more fleet appeal for the company's first pure-electric auto. The E-tron quattro is the first auto on the market capable of using new 150-kw CCS DC fast chargers being installed by several networks in Europe and the U.S.

Oscar Meyer releasing hot dog-infused ice cream sandwich

August 03, 2019

And what's a hot dog without a spicy condiment? Oscar Mayer has unveiled a horrific new dessert that combines hot dogs, ice cream and dijon mustard. The company said its Wienermobile will drive around Manhattan during the week of August 12 to distribute free samples of the unusual dessert. On the East Coast, New Yorkers can look for the French's Mustard Ice Cream truck August 1 and 2 before it makes its way to the Hamptons on August 3.

U.S. tariff threat may compound Apple's iPhone woes - BofA

August 03, 2019

If Apple absorbs the tariffs, it could negatively affect the company's earnings for its 2020 fiscal year by roughly 4%, the analysts estimated. Apple Inc ( AAPL .O) could see a hit to its annual earnings from U.S. "Apple is clearly caught in the crossfires between DC and Beijing", said Ives, who called Apple "the poster child" for the trade war. Wedbush maintains its outperform rating for Apple.

Fed dissenters say economy didn't need rate cuts

August 03, 2019

After all, why would the Fed cut rates - and end its balance sheet shrinkage programme two months ahead of schedule - unless it was in response to a material threat to U.S. Markets were clearly disappointed that Powell wasn't more dovish in his commentary. "We're just seeing the beginning of what the market reaction's going to look like".

Oil drops below $65 on Fed outlook, ample supply

August 02, 2019

Early on Friday, oil prices were beginning to recover from Thursday's plunge, and as of 01:00 a.m. EDT, WTI Crude was up 2.04 percent at $55.05, and Brent Crude traded up 2.48 percent at $62.00. "Supply is plentiful and demand growth is showing signs of weakening globally because of trade conflicts, Brexit and other events that tend to potentially weaken economic growth and, hence, oil demand", Victor Shum, senior partner at IHS in Singapore, said.

French's introduces mustard flavored ice cream

August 02, 2019

They describe tasting cotton candy and bubble gum ice cream - before the mustard flavor hits you. That's right - they created yellow mustard ice cream. Mustard ice cream might not be an instant classic but some people on social media seem cautiously optimistic about the new offering. French's is delivering its unique flavor for National Mustard Day, with an accompanying pretzel cookie, to those courageous enough to try it in Los Angeles and New York City for a limited time beginning on ...

USA job growth remains steady in July with 164,000 added

August 02, 2019

Despite July's healthy payrolls figure, the three-month average increase of 140,000 was the slowest in nearly two years. Average hourly earnings increased 3.2% from a year ago, up from annual gains of 3% in June. Economists say it is unclear whether the loss of momentum in hiring was due to ebbing demand for labor or a shortage of qualified workers. Unemployment stays unchanged at 3.7% in July as expected.

Amazon chief Bezos cashes in US$1.8b of share pile

August 02, 2019

Bezos collected around $1.8 billion in cash from selling about 900,000 shares of Amazon's stock in the last three days of July, according to a regulatory filing . While it's not the first time Mr Bezos has sold Amazon shares , this appears to be the largest sale, measured in dollars, noted the report. The 965,612 shares represented 1.6% of his total holding in Amazon, which now stands at 58,142,479 shares following the July sell-off.

Gold demand leaps to three-year high as prices surge: WGC

August 02, 2019

That was the largest acquisition of gold recorded by WGC in its 19-year quarterly data releases. The holdings of gold-backed ETFs grew 67.2 tonnes in April-June period to a six-year high of 2,548 tonnes. While jewelry purchases rose 2% in the second quarter, demand slowed in June in India and China , the top buyers, Hewitt said. Overall, the second quarter was "a strong quarter" for India, not only in terms of jewellery but also for investment demand, which similarly, was up by 13%.

Sobeys will eliminate plastic grocery bags from its stores by 2020

August 02, 2019

Sobeys Inc ., Canada's second largest food retailer, revealed its plan to get rid of plastic grocery bags at all of its 225 locations in the country today-a move that will take an estimated 225 million plastic bags out of circulation. The company says it will offer paper bags to replace the plastic ones traditionally offered at grocers, but encourages customers to bring their own reusable bags, which will also be available for recycling at Sobeys stores.

Donald Trump imposing more tariffs on Chinese goods

August 02, 2019

In June, the U.S. raised tariffs on $250 billion worth of Chinese goods to 25 percent, with China retaliating by targeting 5,000 US-made products worth $60 billion. And according to the CME Group, market traders now foresee a roughly 70 percent likelihood of another rate cut when the Fed next meets in September.

Apple Profits Slide Again, As Wearables, Services Grow

August 02, 2019

Cook said the retail and online stores returned to growth on a year-over-year basis in the month of June, adding that the iPhone performance in Q3 showed a significant improvement from 17 per cent (year-over-year) revenue decline in Q2. While a more diverse mix of product revenue is good for Apple, for the short term it still needs a thriving iPhone ecosystem to help cement growth for the brand.

Impossible Foods partners with key McDonald's beef supplier to boost production

August 01, 2019

The Redwood City, Calif. -based startup has struggled to meet the demand of the plant-based meat. OSI will begin making the Impossible Burger starting next month, adding short-term capacity to Impossible's own Oakland factory. "Should no objections be raised, the direct-to-consumer sale of uncooked, red-colored ground beef analogue products containing soy leghemoglobin will be allowed", the FDA said in a statement .

China Buys U.S. Soybeans for First Time Since June

August 01, 2019

But in a series of tweets, Trump says China failed to live up to those promises, which is why he is putting new tariffs on new products not previously covered by tariffs. Trump and Chinese President Xi Jinping met at the Group of 20 summit in Osaka, Japan in June in what the US said was an effort to get the talks back on track.

How major U.S. stock indexes fared Wednesday

August 01, 2019

The Dow Jones Industrials tumbled 333.75 points - after spending much of the day in the green- to 26,864.27, its biggest one-day decline since May 31 along with the S&P 500 . Traders have priced in a 100 percent probability that the central bank will cut rates later, according to CME Group's FedWatch tool during Wednesday morning.

Facebook warns investors that its Libra cryptocurrency might not launch ever

August 01, 2019

Facebook's own white paper notes that the " Libra Blockchain is pseudonymous and allows users to hold one or more addresses that are not linked to their real-world identity". Garlinghouse hoping to play nice with financial regulators in their home country of the United States, makes ideal sense, especially in response to Libra being major competition for the brand.

Burger King to sell plant-based Impossible Whopper across the US

August 01, 2019

The fast food brand will serve up the meat-free patty at 7,000 locations around the United States until September 1 after customers gobbled up the vegetarian and vegan offering that comes with tomatoes, ketchup, mayonnaise, lettuce and pickles between a sesame seed bun.

Grab to invest $2 billion into Indonesia over five years

August 01, 2019

Son also said SoftBank would further invest in Indonesia's biggest online marketplace Tokopedia, and explore areas including renewable energy and electric vehicles in Southeast Asia's biggest economy. As one of Indonesia's five tech unicorns, Grab's second headquarters in Indonesia will provide career opportunities for thousands of Indonesians, and upskill more local tech talent in partnership with leading Indonesian universities.

Microsoft to replace Skype for Business Online with Teams in two years

August 01, 2019

As part of its drive to encourage people to migrate to Teams, Microsoft says that "starting September 1, 2019, we will onboard all new Office 365 customers directly to Teams for chat, meetings, and calling". That having been said, new Office 365 users won't see an option to use Skype and will instead be directed to Teams. Shorter retention periods for channel and chat.

USA and China agreed trade talks were 'constructive' but little else

August 01, 2019

The White House and China's Commerce Ministry each described the meetings in Shanghai as constructive. Asian stock markets tumbled Wednesday after Trump's comments. side agreed to create favorable conditions for it". Speaking to reporters at an event in Sao Paulo on Tuesday, Commerce Secretary Wilbur Ross said he's received more than 50 applications for special licenses for companies do business with Huawei , and that he and Trump met with "supply chain" representatives last week.

Samsung's profit falls more than 50% amid memory chip supply glut

August 01, 2019

However, revenue from the mobile phone sector was up 8% as a result of solid sales from the midrange A-series models. Samsung's chip business recorded an operating profit of 3.4 trillion won (2.9 billion USA dollars) on revenue of 16.09 trillion won (13.6 billion US dollars) in the second quarter.

Oil prices gain amid Fed decision, declining U.S. crude stocks

August 01, 2019

At the time of writing, Brent crude was trading at US$65.09 a barrel, with West Texas Intermediate at US$58.39 a barrel, both up from yesterday's close. the prospect of lower rates and U.S". Crude inventories fell by 6 million barrels to 443 million barrels in the week ended July 26, against a forecast for a drop of 2.6 million barrels in a Reuters poll of analysts.

FTC on Equifax settlement: Take credit monitoring over cash

August 01, 2019

Ideally, everyone affected by the Equifax breach will get a $ 125 payout for their trouble. A large number of claims for cash instead of credit monitoring means only one thing: each person who takes the money option will wind up only getting a small amount of money.

US Fed cuts interest rates as expected, leaves door open for more

July 31, 2019

The Fed lowered rates a quarter point to a range of 2% to 2.25%. Now, even though the Fed has clearly signaled that rate cuts are coming - a message that has rallied the stock market - Trump has intensified his public attacks, charging that the central bank and Powell, his hand-picked chairman, are mismanaging the economy.

Trump admin opens door to allow drug importation from Canada

July 31, 2019

The administration's move comes as the industry is facing a litany of consumer complaints over drug prices, as well as legislation from both parties in Congress to rein in costs. "What we're saying today is we're open", Azar said of the proposed rule, which must still be finalized. Capital Alpha analyst Rob Smith, in a research note, questioned why manufacturers would voluntarily lower prices in the United States to match those in Canadian or any other foreign country.

Dollar stalls ahead of Fed meeting as rate move eyed

July 31, 2019

A stronger-than-expected USA gross domestic product report on Friday led some investors to doubt whether the Fed will continue easing this year after its Wednesday meeting. "The euro zone data has been weak of late so if coming United States data such as payrolls figures are strong, the dollar could gain despite a Fed rate cut", said Shinichiro Kadota, senior strategist at Barclays.

Google, VMware expand cloud partnership

July 31, 2019

Specifically, Google Cloud will support VMware Cloud Foundation, the company's system for deploying hybrid clouds. Google is just one key cloud relationship VMware relies on. "Google Cloud will soon have dedicated sales teams working on the government vertical in the country", said the executive who is an IIM Bangalore alumnus with over 20 years of experience in various leadership roles.

Survey says food delivery drivers have probably tasted your order

July 31, 2019

According to the survey, 28% of delivery drivers have taken food from an order. In the survey, delivery drivers also complained that customers engaged in some bad behavior. When asked how upset they would be about a driver grabbing a few fries, customers reported they'd rate their dissatisfaction at 8.4 on a scale of 1 being "no big deal" and 10 as "absolutely unacceptable".

Amazon plans imminent launch of online food delivery service in India

July 31, 2019

As per the reports , Amazon is expected to launch its food delivery service ahead of its festive season which will begin on September 2019. In India, the company's move into delivery from restaurants and takeaway food outlets will help Amazon to attract customers for its other services, one of the sources said .

New protest erupts in Hong Kong after 44 activists charged with rioting

July 31, 2019

However, the Chinese military on July 24 openly hinted at its willingness to use force to put down the Hong Kong protests at the request of the cit's government. The Chinese Communist paper echoed the Hong Kong and Macau Affairs Office by claiming Western media "targeted the police and tried to smear their role".

President Trump threatens to get 'Much Tougher' on China

July 31, 2019

The negotiations come after Trump and Chinese President Xi Jinping agreed at June's G20 summit to resurrect efforts to end the costly trade war over China's technology ambitions and trade surplus. The U.S. Federal Reserve is expected to cut its federal funds rate by a quarter point later in the day. U.S. Trade Representative Robert Lighthizer gestures towards Treasury Secretary Steven Mnuchin as he chats with Chinese Vice Premier Liu He before they pose for a family photo at the Xijiao ...

China's new Nasdaq-style board begins trading

July 31, 2019

The new venue is China's latest attempt to avoid losing the next Alibaba Group Holding Ltd. or Tencent Holdings Ltd.to exchanges in NY or Hong Kong. It's been widely endorsed by top officials, and helped generate enough enthusiasm that firms raised a combined $5.4 billion, 20% more than what was planned.

Air Canada adjusted earnings soar above estimate, revenue up in each segment

July 31, 2019

Other airlines have taken major hits to earnings due to the MAX grounding. Air Canada will continue to support Boeing despite the issues with the Max fleet, the executives said. An FAA test pilot ran scenarios in an effort to intentionally activate a stall-prevention system known as MCAS, which was identified as an issue in the crashes of flights by Lion Air and Ethiopian Airlines.

Hong Kong protesters appear in court to face 'riot' charge

July 31, 2019

Supporters gathered outside a court in Hong Kong ahead of a court appearance on Wednesday by 44 protesters charged with rioting. "This is the people of Hong Kong asking their government to listen to them", Pompeo said to the press while on his way to a regional conference in Bangkok.

United Kingdom should seek reinsurance equivalence with European Union after Brexit, says LMG

July 31, 2019

Yet, Johnson's government has now stepped up preparations for no-deal. Sending a warning to Boris Johnson's new government, the CBI said: "While the UK's preparations to date are welcome, the unprecedented nature of Brexit means some aspects can not be mitigated".

Tesla's Megapack is a battery built for the electrical grid

July 31, 2019

In fact, Tesla says , using the Megapack, it could build a 250-MW/1GWh power plant that is emissions-free within three months. Since then, the facility saved almost $ 40 million in its first year alone and helped to stabilize and balance the region's unreliable grid.

Wall St eases from record highs as Fed meeting looms

July 31, 2019

Speaking just before the start of a two-day Fed meeting at which the U.S. central bank was expected to lower the benchmark interest rate, Trump also said he wants to see "a large cut". and Crescent Point Energy Corp., on higher crude prices. The S&P 500 technology sector, the index's best performer so far this year dropped 0.70%. The sector fell as bond yields dropped.

Capital One data breach compromises 106 million customers’ personal data

July 31, 2019

Aside from names and dates of birth, the hacker also managed to obtain credit scores, limits, balances, payment history and contact information. "My office will begin an immediate investigation into Capital One's breach , and will work to ensure that New Yorkers who were victims of this breach are provided relief".

Missing CCD founder Siddhartha’s letter alleges harassment from I-T dept

July 31, 2019

Earlier in the letter he requests to continue running the business with a new management. However, the IT department has refuted the charges and released a statement claiming that the signature of Siddhartha on the letter being circulated under his name does not match with the record of annual reports which are available with the department.

Pound slumps as Boris Johnson's Brexit rhetoric toughens

July 30, 2019

The meeting comes after Gove suggested on Sunday that the United Kingdom is operating "on the assumption" that Britain is heading for a no-deal exit, while the Foreign Secretary Dominic Raab said that the "balance has shifted" towards leaving without an agreement.

Gold Prices Gain On Jewellers' Buying: 5 Things To Know

July 30, 2019

Gold bulls are also keeping an eye on high-level trade talks between the USA and China. Spot gold edged up 0.1% to $1,420.10 per ounce. Interest rates are overwhelmingly likely to be cut. However, dollar's rise against its peers capped the gains of the yellow metal. On the technical front, $1,400 will be the key downside support for gold, and beyond that, $1,380, OANDA senior market analyst Craig Erlam said.

Huawei Technologies posts 23pc H1 revenue growth amid USA sanctions

July 30, 2019

This managed to slow its growth rate in the first half of 2019, but Liang claimed that neither production nor shipments were interrupted - unlike with its domestic competitor ZTE, which was recently forced to stop some of its assembly lines due to import controls.

Cost cutting: 400 Uber employees lose job as company starts restructuring

July 30, 2019

Uber CEO Dara Khosrowshahi echoed similar sentiments in his e-mail to employees, saying that many of their teams are too big which creates overlapping work, makes for unclear decision owners and can lead to mediocre results. The San Francisco-based company and its hometown rival, Lyft Inc., are under pressure from investors for heavy losses. The staff reduction represents about 1.6 percent of Uber staff globally.

LSE's $27 billion Refinitiv takeover plan lifts its shares to record

July 30, 2019

Sources told Reuters on Sunday that the deal could be announced this week. A proper announcement may come on August 1 when the LSE publishes half-year outcomes, two of the sources mentioned. "The LSE is clearly pursuing deals that are more vertical than horizontal, presumably after seeing competition difficulties issues arise when some deals with other exchanges are mooted", said Ms Niki Beattie, founder of consultancy Market Structure Partners in London.

Companies using Facebook 'Like' button liable for data collection

July 30, 2019

Websites using the button must obtain prior consent from users for the "collection and transmission of the data", meaning that they will now be held jointly responsible for letting users know that Facebook has access to their data . The case is C-40/17 Fashion ID. Fashion ID had embedded a Facebook "Like" button on its website, which caused the consumer protection group to file a lawsuit to get the company to remove the button from its page.

Vauxhall Ellesmere Port factory loss would have 'big impact' on Wales

July 30, 2019

A proposed move to Europe would nearly certainly lead to the closure of Ellesmere Port, which employs more than 1000 people and has been established since 1962. Writing in the Sunday Times, Michael Gove said the government is now "working on the assumption" of a no-deal Brexit on the 31 October. A union has accused Boris Johnson of playing "no-deal roulette" with the livelihoods of thousands of workers after Vauxhall said Brexit threatened the future of one of its United Kingdom factories.

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