Economy / 8

Long-Awaited Tesla 'Cybertruck' Slated for November 21 Reveal Near SpaceX Rocket Factory

November 07, 2019

Musk has been quite vocal about the key properties of Tesla's first pick-up, confirming in tweets over recent months that it will have a target price of $US50,000 - because "you should be able to buy a really great truck for $49k or less". The location in Los Angeles, near the SpaceX rocket factory , gives some insight into Tesla holding a separate event for the truck's release, instead of a preshow unveiling at the Los Angeles Motor Show, which is being held on November 22 to December 1.

US crude stockpiles glut forces oil prices down

November 06, 2019

The Organization of the Petroleum Exporting Countries , Russia and other producers, a group known as OPEC+, have since January implemented a deal to cut oil output by 1.2 million barrels per day. Opec also said it would supply a diminishing amount of oil in the next five years as output increases from U.S. shale deposits and elsewhere. Given increased production efficiency of tight oil, its growth is expected to continue, he said, and other sources of non-OPEC supply including Norway, ...

Ford stuns with one-off "Mustang Lithium" electric muscle vehicle

November 06, 2019

The Mustang Lithium isn't even powered by a raucous internal combustion engine; instead it gets its motivation from a 900 horsepower Phi-Power dual-core electric motor placed under the hood complete with dual power inverters. "This one-off Mustang prototype is a great opportunity for us, together with Webasto, to showcase what new electrified powertrains can do for performance in a auto they already know and love".

Aussie regulators launch inquiry into Facebook's cryptocurrency

November 06, 2019

The proposal seen by Reuters not only asks the European Central Bank to think about a native digital currency but also recommends a unilateral cryptocurrency framework, that bans high-risk projects and tokens. The largest, Tether, is far smaller than bitcoin. However, Facebook's involvement and its broad reach over billions of users, has purportedly raised severe concerns among regulators.

Markets Right Now: Stocks end mostly higher on Wall Street - 47abc

November 06, 2019

The Dow Jones Industrial Average and the Nasdaq closed at record highs yet again on Tuesday, and the S&P 500 closed barely below the all-time high it reached a day earlier. The energy sector climbed 0.5%, as oil prices rose. The Dow was last up 0.1%, or some 22 points, but both the Nasdaq Composite and the S&P 500 slipped 0.1% into the red.

Germany's Lufthansa cancels 1300 flights because of strike

November 06, 2019

Germany's biggest airline had filed a motion with the court to prevent the strike after trade union UFO had called for a walkout at Lufthansa's German operations on Thursday and Friday. As part of a dispute over pay and pensions, UFO has fought with the airline in court for months over the union's legal status. He cited Lufthansa's "ongoing refusal" to negotiate.

Kia Futuron Concept previews future design, tech

November 06, 2019

The Futuron has seats that can be switched between driving or zero-gravity reclining. Integrated into the sunroof are an array of LiDAR sensors that Kia says will enable Level 4 autonomy to allow drivers to travel with hands and eyes away from the wheel and the road.

Tesla Adds Traffic Cones Display To It's Driving Visualization Improvements

November 06, 2019

The most interesting part of the update is that it will show the traffic cones specifically. This update to the Autopilot driving visualization tool follows a major one which rolled out just a few months ago allowing drivers to zoom in and out on the rendering as well as rotate the image.

No evidence to substantiate whistleblower complaint, says Infy; stock up 3%

November 06, 2019

In intra-day deals, the stock rose as much as 6.4 percent to Rs 732.5 per share on BSE. "There is no supporting evidence that has been received by the company along with these anonymous complaints to substantiate the allegations", Infosys said in a letter to the National Stock Exchange (NSE) dated November 2.

Alipay Launches New International E-Wallet For Foreign Visitors To China

November 06, 2019

Context: WeChat Pay already supports more than 300 banks in mainland China and several overseas credit cards from issuers such as JCB, Visa, and Mastercard. Visitors can use their worldwide debit or credit cards to load funds onto a prepaid card provided by Bank of Shanghai, it said. The move will open the door for Ant Financial to tap into the growing visitors market.

Securities Commission Slams Down Einstein Exchange in Vancouver Amid Money Laundering Charges

November 06, 2019

The Einstein Exchange apparently owes its customers CAD 16.3 million (roughly Dollars 12.4 million). The tipping point came when they were told October 31 that Einstein Exchange was planning to shut down in 30 to 60 days due to a lack of profit.

Statistics Canada reports trade deficit narrowed to $978M in September

November 06, 2019

The goods trade gap with China narrowed by $100 million to $31.6 billion, with exports to the country falling $800 million in September and imports from China falling $1.0 billion. Toronto time. Exports to the United States fell 0.6 per cent in September, while imports moved down 0.4 per cent. Imports rose 1.6 per cent on a volume basis in the third quarter, driven mostly by motor vehicles and parts, the agency said.

Global stocks edge higher; oil, dollar gain on trade hopes

November 06, 2019

Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA, said: "It could be interpreted as the United States blinking first as the presidential impeachment hearings gather momentum, and we approach the holiday season and then an election year".

Aramco intends to offer IPOs on domestic stock market

November 06, 2019

April 25, 2016 Saudi Arabia expects Saudi Aramco to be valued at more than $2 trillion and plans to sell less than 5 per cent of it through an IPO, the Deputy Crown Prince Mohammed bin Salman said. The channel is believed to have close links to the kingdom's Al Saud royal family. On Sunday, the 3rd of November 2019, the Kingdom of Saudi Arabia's main stock index was hit with an en masse whiplash to post its biggest-ever intra-day loss, as investors went through a havoc-scale sell-off to ...

Shadow RBA spooked by inflation pimple

November 06, 2019

Mr Frydenberg added that "inflation is expected to return to the band" over the medium term, echoing repeated comments by RBA governor Philip Lowe, who has publicly argued against lowering the inflation target to make it easier to hit in the current era of low price growth.

Local Krispy Kreme doughnut smuggler/hero shut down by corporate overlords

November 06, 2019

Gonzalez made headlines after he started pulling in extra dough by driving more than 200 miles across state lines and another 200 back to re-sell Krispy Kreme doughnuts in his area, the St. In a press release , the doughnut chain introduced 3 new limited-edition flavors that will be available until November 28th. Gonzalez would then sell the boxes of doughnuts, which cost him about $8, for $17 to $20 a box.

China resume pork imports from Canada amid dispute

November 06, 2019

Trudeau thanked Canada's Ambassador to China, Dominic Barton, and the Canadian meat industry for their work. At the time, the Chinese Embassy said Chinese customs inspectors detected residue from a feed additive that is restricted in China in some Canadian pork products.

More losses for Uber after spending on discounts, new ventures

November 05, 2019

Uber shares skidded Monday after the ride-hailing giant reported widening losses in the just-ended quarter as it boosted investment in new services and features. Some analysts expect more than 80% of the company's outstanding shares will become eligible for sale. Uber was the biggest of a group of Silicon Valley startups that have gone public this year against the backdrop of a global stock market sell-off sparked by trade tensions between the United States and China.

Facebook introduces new logo to differentiate it from its other brands

November 05, 2019

Today, Facebook announced some news that sounds pretty boring at face value: the new Facebook logo . Find out what marketers need to know about the publishing revolution: Hear from Vox, The Wall Street Journal, The New York Times, Meredith, Hearst, Essence, Complex, Condé Nast and more on November 14 in Manhattan at Ad Age Next: Publishing-a must-attend half-day conference for anyone looking to make sense of the changing media landscape.

Man Fatally Stabbed At Maryland Popeyes Over Chicken Sandwich

November 05, 2019

Prince George's County police said two men were waiting in line at an Oxon Hill Popeyes on Monday night when one of the men accused the other of cutting in front of him in a line specifically for ordering chicken sandwiches. At some point, the victim was stabbed and the suspect fled the scene. "He knows what he did here tonight and he needs to do the right thing and he needs to step up and he needs to turn himself in", Donelan stressed.

Boeing and Brexit troubles to hit Ryanair's passenger and profit growth

November 05, 2019

During the first six months of the year, the airline's traffic grew 11% to 86 million travellers, while its revenue per guest rose 1% and €250 million was returned to shareholders under a €700 million buyback programme. we may have to cut that again but, frankly, there is no point in keeping on changing the number until we get more certainty". Falls in average fares were less than feared and revenue for optional extras surged 28% after the introduction of a charge to bring a 10kg piece of ...

CDC Investigating Fatal Outbreak of Salmonella Infections Linked to Ground Beef

November 05, 2019

Department of Agriculture's Food Safety and Inspection Service are now investigating a multi-state outbreak of Salmonella Dublin infections linked to ground beef, says the U.S. Officials advised consumers to handle ground beef carefully and cook it thoroughly to prevent food poisoning. For hamburgers , insert thermometer through the side of the patty until it reaches the middle.

Honda CMX500 Rebel Unveiled At EICMA

November 05, 2019

The 2020 Honda CBR1000RR-R Fireblade is powered by the most powerful in-line four cylinder engine that Honda has ever made, and puts out maximum power of 212 bhp at 14,500 rpm and peak torque of 113 Nm at 12,500 rpm, with a kerb weight of just 201 kg.

OPEC cuts oil demand forecast, sees weaker market share

November 05, 2019

Russia, the most important of OPEC's allies, has been more cautious in signaling what needs to be done. OPEC's output recovered in October from an eight-year low after a rapid rebound in Saudi Arabia's production from attacks on its oil infrastructure in September offset losses in Ecuador and voluntary cuts under the pact.

Wall St opens at record high on US-China trade deal hopes

November 05, 2019

Optimism about progress with China after Friday's market highs is "making it easier for investors to continue buying and climbing a wall of worry", said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

Westpac profits dip 16%

November 05, 2019

AUSTRALIA'S Westpac Group today announced full-year profits had fallen 16% to just under A$6.8 billion (RM20.4 billion), as the impact of a major banking industry scandal continues to bite. Westpac's annual report, also released on Monday, showed Hartzer took home $4m in realised pay for the year, but the managing director did not receive a short-term bonus after shareholders' resoundingly rejected the bank's remuneration report in 2018.

Buffalo Wild Wings Employees for Asking Black Table to Move for 'Racist'

November 05, 2019

The company told CBS News, "We take this incident very seriously and after conducting a thorough, internal investigation have terminated the employees involved". The waitress said the complainer was a regular and known for being racist, Vahl wrote. Vahl then asked why it mattered, which preceded the host explaining to him that one of the restaurant's regular customers seated nearby "doesn't want Black people sitting near him".

Bitcoin Price Rally in December 2017 Was Orchestrated by One Whale: Research

November 05, 2019

The digital currency market grew from "nearly nothing to over $300 billion in market capitalization in only a few years", but the time period between March 2017 and March 2018 was especially notable as it was responsible for 58.8 percent of bitcoin's compounded return and 64.5 percent of the returns of six other cryptocurrencies, according to the study's authors .

Facebook has a new logo

November 05, 2019

Following promises of more transparency, Facebook has a colourful logo that nods to how change is underway at the company and its subsidiaries. The same strategy will be used on other apps and services that Facebook owns, such as the Instagram app.

One Dead, Eight Hospitalized In Salmonella Outbreak Linked To Ground Beef

November 04, 2019

One death, in California, has been connected to the outbreak. Whole-genome sequencing analysis did not identify any antibiotic resistance in 16 bacterial isolates collected from 10 ill individuals and 6 food specimens. The CDC said Salmonella poisoning usually has a 20 percent hospitalization rate. The people most susceptible to bacteria are children younger than 5 and adults older than 65, according to the CDC.

Mann's vegetable products recalled due to Listeria risk

November 04, 2019

All have best before dates up to and including November 16, 2019. The products are mostly sold under the Mann's brand, including Crave a Bowl, Family Favourites, Nourish Bowls, Organic and Snacking Favorites. An estimated 1,600 people are infected by listeriosis every year and approximately 260 die, according to the CDC . Those most at risk include older adults and infants as well as pregnant women and individuals who are immuno-compromised, either due to an immunodeficiency disorder such ...

Microsoft's 4-day workweek test in Japan sees productivity jump 40%

November 04, 2019

Over that period, the firm saw productivity, as measured by sales per employee, rise 39.9% compared with August 2018. The four-day workweek forced employees to use their time more efficiently, so numerous meetings were either cut, shortened or changed to virtual meetings instead of in-person, according to the outlet.

The UK Updates Its Crypto Tax Regulation

November 04, 2019

These taxes might include capital gains tax, corporation tax, income tax, stamp taxes and National Insurance contributions. However, the guidance also says that exchange tokens can be considered to be "stock or marketable securities" or "chargeable securities" under circumstances in which case they would "fall within the scope of Stamp Duty or Stamp Duty Reserve Tax".

India refuses to compromise interests; RCEP signing deferred to 2020

November 04, 2019

RCEP, in a joint statement, said, "We noted 15 RCEP participating countries have concluded text-based negotiations for all 20 chapters and essentially all their market access issues; and tasked legal scrubbing by them to commence for signing in 2020".

Mothercare's problem United Kingdom child on brink of collapse

November 04, 2019

There was little mention of what could happen to the 79 stores - including the outlet at Gloucester's St Oswalds Road - or the 2,500 staff now employed by Mothercare. This is the latest blow for Mothercare, whose creditors approved a CVA that saw the retialer shut down 55 stores in June past year. Mothercare's United Kingdom sales have been hammered by intense competition from supermarket groups and online retailers as well as by rising costs.

Analyst research gives wide range for Aramco valuation

November 04, 2019

That's according to the research sent to potential investors by the banks involved in the company's long-awaited IPO. Saudi Crown Prince Mohammed bin Salman widely touted the US$ 2 trillion valuation of Saudi Aramco , since whispers of the IPO came on the scene.

Pakistan rejects India map with Union Territories of Jammu and Kashmir, Ladakh

November 04, 2019

The new map showed areas under Pakistan-occupied Kashmir such as Gilgit-Baltistan region in Ladakh, and the remaining part in Jammu and Kashmir Union Territory. After the annexation of IOK on August 5 under Article 370, India has redrawn the map showing areas in Azad Jammu and Kashmir inside Ladakh unlike in the past when it was outside OJK.

India to continue talks on RCEP trade deal: Australian minister

November 04, 2019

Philippine Trade Secretary Ramon Lopez told reporters that ASEAN trade ministers and counterparts from wealthier Asian countries expect to report to their leaders on Monday that seven years of negotiations on RCEP are "nearing conclusion".

Musk quits Twitter, hints at Reddit

November 04, 2019

The billionaire co-founder and chief executive of the electric auto company announced Friday to his 29 million Twitter followers that he was "going offline". Twitter got Musk into trouble again in February when the SEC alleged a tweet about how many cars Tesla will manufacture this year represented another misleading statement and sought to hold him in contempt of court for violating the settlement.

Amgen buys $2.7bn in BeiGene to sell cancer drugs in China

November 04, 2019

CAMBRIDGE, Mass. and BEIJING, China, Oct. 31, 2019 (GLOBE NEWSWIRE) - BeiGene, Ltd . (NASDAQ: BGNE; HKEX: 06160) and Amgen (NASDAQ: AMGN ) today announced a global strategic oncology collaboration for the commercialization and development in China of Amgen's XGEVA (denosumab), KYPROLIS (carfilzomib), and BLINCYTO (blinatumomab), and the joint global development of 20 oncology assets in Amgen's pipeline, with BeiGene responsible for development and commercialization in China.

Saudi Crown Prince Approves IPO of State Oil Company Aramco on Sunday

November 04, 2019

Crown Prince has viewed the stock offering as a critical component of his Vision 2030. But there have been various delays since it was first announced in 2016. Chief executive Amin Nasser has been meeting investors in NY and London this week, they added. First suggested by Prince Mohammed in 2016, the IPO was delayed several times as worldwide investors balked at the $2 trillion valuation he placed on the company.

Popeyes mocks Chick-fil-A’s National Sandwich Day blunder

November 04, 2019

The Georgia-based company sent another email to customers apologizing for the confusion. "Calling all sandwich lovers", the email said. Though competitors, including Subway, Quiznos and Jimmy John's , will also be participating in National Sandwich Day , Chick-fil-A's management has always been vocal about their commitment to keeping the restaurant closed on Sunday , and even has a section of their website dedicated to explaining the policy.

Trade optimism, solid Chinese data send US markets higher

November 04, 2019

The Dow Jones Industrial Average gained 96.72 points, or 0.36%, to open at 27,142.95. Along with the S&P's new high, the NASDAQ Composite eclipsed its July closing record. Around 70% of S&P 500 companies have reported quarterly numbers thus far, according to FactSet. Both the indexes logged their best month in four in October after an upbeat start to the third-quarter earnings season and a largely positive U.S.

Saudi market regulator approves Aramco’s application to list

November 04, 2019

Announcing plans for an Aramco IPO in 2016, he said the kingdom must end its " oil addiction" to ensure it was no longer at the mercy of commodity price volatility. It would rank Aramco as the 11th biggest IPO of all time, Refinitiv data showed. First suggested by Prince Mohammed in 2016, the IPO was delayed several times as worldwide investors balked at his $2 trillion valuation.

Chick-fil-A backs Sunday's National Sandwich Day - oops!

November 04, 2019

Drive-thru lines are stretching into the streets, people are live-tweeting from their cars and chicken sandwich memes have hit what seems to be an all-time high. The lines were so long, some compared it to the end times. And let's all have a moment of silence for Popeye's employees today. On their social media pages, Popeyes said their chicken sandwich will stay on their menu every day.

Berkshire Hathaway’s third-quarter profits decline 11%

November 02, 2019

The Berkshire Hathaway Cl B, (NYSE: BRK.B) started at 213.01 and closed at 212.58 in the latest trading session on marking the change of 0.00% from the preceding day. This is a useful form of presentation since it reflects expansions and contractions in activity. The RSI oscillates between 0 and 100. The normal reading of a stock will fall in the range of 30 to 70.

China's Blockchain Speculation: State Media Encourages To "Remain Rational"

November 02, 2019

Last week's approval for blockchain technology by Chinese President Xi Jinping had a lot of ripple effects. Chinese Congress was quick to pass what has now been dubbed the " blockchain law", clearing out any regulatory uncertainties in the space.

United States new jobs grow despite impact from GM strike

November 02, 2019

The Labor Department's closely watched monthly employment report on Friday will follow data this week showing a further slowdown in economic growth in the third quarter as a trade tensions-induced slump in business investment deepened. October's hiring was consistent with recent trends, after accounting for two anomalies last month. 1, the US government issues the October jobs report .

Bombardier offloads Belfast operation as part of wider sale

November 02, 2019

Spirit designs and manufactures aerostructures for commercial and defense aircraft and has more than 15,000 employees worldwide. The Bombardier factory in Morocco has been sold to US Spirit AeroSystems , along with the Canadian firm's factories in North Ireland and a fix facility in Dallas, USA.

Trade body: China can hit United States with sanctions worth $3.6 bln

November 02, 2019

The decision stems from the U.S. failure to remove anti-dumping duties, but the monetary value is roughly half the total amount that China had sought. In January this year, the WTO gave the US Commerce Department until Aug 22 to modify its anti-dumping methodologies or face the prospect of Chinese retaliation.

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