Economy / 121

Tesla cuts China car prices amid trade war

November 24, 2018

The price of the Model S 75 D comes down by 104,700 yuan (US$15,000) to 782,900 yuan, while the Model X 75 D has a new price tag of 861,800 yuan, down 113,900 yuan from four months ago. But the company raised its prices in July after Beijing imposed a new 25% tariff on U.S. cars, retaliating for America's decision to target Chinese goods with its own tariffs.

Dolce And Gabbana Advert Accused Of Being Racist

November 23, 2018

It was meant to promote the Shanghai show, but sparked outcry in China for its insensitivity, in part because of the model awkwardly attempting to eat Western food with chopsticks. "(YI ZI QIAN JIN) The meaning of these four words in Chinese is every single word that people [has spoken] is like a thousand heavy gold and you can not take it back easily".

Brexit withdrawal deal "agreed in principle"

November 23, 2018

Ms Rudd said in a separate radio interview with the BBC that "Brexiteers may lose their Brexit". "As the prime minister said last night, she had a good meeting with Jean-Claude Juncker where further progress was made in the negotiations", her spokesman said.

What Black Friday means to small business

November 23, 2018

Traditional early-morning "Black Friday" shopping trips are getting even earlier - in some cases nearly a full day earlier than in the recent past. Other shoppers said they'd rather avoid the holiday crowds. "We prepare for this thing all year long, to tell you the truth". Economists at Oxford Economics said Wednesday's sentiment report, "suggests that recent equity market volatility is weighing on sentiment for those who own a large majority of stocks, while wage gains are emboldening those ...

U.K.'s May Plans Last-Minute Brussels Dash to Seal Brexit Deal

November 23, 2018

The main question mark is whether Spain , seeing Brexit as an opportunity to swing the EU's weight behind its 300-year campaign to reclaim Gibraltar from Britain, can be persuaded to remain patient. On Thursday, Ms. May tried to win over critics by focusing on the declaration for the future relationship, telling the House of Commons it was "a good deal for our country and for our partners in the EU" and that "this would be the first such agreement between the European Union and any advanced ...

Ride-hailing companies allowed to enter B.C. market starting next year

November 23, 2018

On Monday, the provincial government introduced legislation to allow ride hailing companies to operate in B.C., likely by late next year. "Today's legislation opens the door for ride-hailing companies to enter the market and offer new services to people", said Transportation Minister Claire Trevena.

Stocks Crushed: Dow Falls 550 Points, Retail and Tech Wrecked

November 23, 2018

Energy companies slumped as the price of oil sank 6.6 percent. US -traded shares of Nissan lost 5.8 percent to $16.90. The S&P 500 fell 48 points, or 1.8 percent, to 2,641. Apple rose 1.5 percent in early trading Wednesday and Amazon recovered 3 percent. Stocks are falling sharply as technology and internet companies suffer sharp losses after the US and China clashed at a Pacific Rim summit over the weekend.

Busy roads, some airport delays as holiday travel gets underway

November 22, 2018

The Automobile Club of Southern California said this Thanksgiving holiday could be the busiest in Southern California since 2005, with 4.2 million residents expected to take part. Drivers in Boston may see one of the worst congestions in the country, says INRIX, an analytics company which cooperates with the AAA for a Thanksgiving travel forecast.

May and Juncker move forward on final draft of Brexit deal

November 22, 2018

EU leaders are due to ratify the draft divorce deal at a European Council meeting on Sunday but Spain said it can not support the agreement unless it is given a clear veto on Gibraltar's inclusion within the negotiations on the future relationship.

Apple iPhone XS, iPhone XS Max, iPhone XR production orders cut

November 21, 2018

Apple's share price has declined over 20% and has lost over $220 billion in market value from its October peak. The release came after the company put the $999 iPhone XS and the $1,099 iPhone XS Max on the market in September. Now, Goldman warns that Apple could be losing its shine - and its power to price its smartphones higher than the competition. "We do not believe the rest of the world is as committed to Apple's product ecosystem, so switching costs outside the USA tend to be lower ...

Carlos Ghosn will remain Renault CEO despite being detained

November 21, 2018

French automobile group Renault made a decision to appoint two interim heads of the company to replace Carlos Ghosn , who remains as Chairman and Chief Executive Officer but is "temporarily incapacitated", the company announced in a statement .

Apple holding a 'four-day shopping event' starting Black Friday

November 20, 2018

Luckily for them, Amazon has made it easy to find Black Friday 2018 discounts online, and the sales are live right now. Which? also found that it was also cheaper by £10 or more at least 43 times in the six months following Black Friday (including 33 days in December and January).

Oil prices edge up on expected OPEC supply cuts

November 20, 2018

Moreover, the WTI continued to rise in the post-settlement trade and was last seen up 1.15% on the day at $57.40. Oil prices were stable on Tuesday on expectations that producer club Opec will soon cut supply to prevent oversupply amid slowing demand growth and a surge in output from the United States .

Brexit deal: NIO Minister of State Shailesh Vara resigns

November 20, 2018

Ireland has no plans to start preparing infrastructure for a possible hard border with Northern Ireland, Irish foreign minister Simon Coveney said on Friday. He said he would not speculate on how that could be achieved. The Irish government has repeatedly warned that physical infrastructure at the border would anger nationalists and could become a target for militants opposed to the peace deal.

Nissan moving to fire Ghosn for financial misconduct

November 20, 2018

According to Japanese media, Nissan paid Ghosn almost 10 billion yen ($89 million) over five years through March 2015, including salary and other income, but he reported receiving only about half that amount. Mr Saikawa said he was able to "exert influence" in the company. Karen Brenner, clinical professor of business at New York University Stern School of Business, says the Ghosn situation shows that "boards have to be really alert, especially in good times".

More steps for MSMEs, weak banks likely at next meeting

November 20, 2018

Gandhi alluded to the differences and hoped the RBI governor "has the spine" to stand up to pressure from the government . At the board meeting, RBI governor Urjit Patel and his deputies are expected to support its mission to clean up the bank's balance sheets.

APEC ends in flurry of announcements

November 20, 2018

US Vice President Mike Pence and China's President Xi Jinping traded barbs in speeches on Saturday. The research shows these new tariffs, introduced on 24 September, will increase United States consumer prices on affected Chinese products by an average of 4.5%, while the producer price of Chinese firms declines by 20.5%.

Bitcoin Cash (BCH) 1-Day Volume Tops $974.25 Million

November 19, 2018

We now see around 4.4 exahashes per second of hashrate on the Bitcoin Cash network, this compares to more than 50 exahashes per second of hashrate on the BTC chain. Its launch date was November 15th, 2018. Bitcoin's short comings are Bitcoin Cash's failures in the last week, with many having expected Bitcoin to face the 51% attack and not Bitcoin Cash that had mapped out a twice yearly upgrade to position itself as the most viable alternative to fiat money.

Nissan boss Carlos Ghosn arrested, company moves to sack him

November 19, 2018

Nissan said the misconduct, which involved both Ghosn and fellow representative director Greg Kelly , came to light following a whistleblower report, prompting an internal investigation that has been ongoing for several months. Renault shares fell sharply in Paris, and were down 5.5 percent in early trading, among the worst performing stocks in Europe (.STOXX). Nissan's German-listed securities plunged 12 per cent.

Honda Passport to debut at LA auto show

November 18, 2018

Honda will build the Passport alongside the Pilot in the company's Lincoln, Alabama plant, which suggests the two SUVs may share parts. Over the years, however, the Pilot has grown substantially larger than the original version, creating what Honda sees as a gap big enough to drive an all-new SUV into.

Jeff Bezos predicts Amazon will fail one day

November 18, 2018

Amazon US is building its headquarters in New York's Long Island City area and the Virginia suburbs of Washington DC. Last Thursday, days before Amazon officially announced its pick for its $50 billion second headquarters, or "Amazon HQ2", CEO Jeff Bezos warned his employees that, despite Amazon's seemingly unstoppable growth at the moment, one day the almost $1 trillion retail empire could fall apart-just like Sears .

Indonesia plane crash victim's family sue Boeing

November 18, 2018

Rio Nanda Putrama, who perished when the Boeing 737 MAX 8 aircraft crashed into the sea", said Miner . Lion Air Flight 610 was a flight from Soekarno-Hatta International Airport in Jakarta to Depati Amir Airport in Pangkal Pinang . Boeing said last week that a safety bulletin issued to aircraft operators in the wake of the crash was merely meant to reinforce existing procedures.

Top hotel chains in China apologize after dirty cleaning expose

November 18, 2018

One online user wrote, "I always thought five-star hotels would be much better; I never expected this to be the case". The captions indicated that the incident was filmed at the Le Royal Meridien Shanghai, and that he had paid 1,600 yuan ($317) a night for the room.

Salmonella contamination in turkey is widespread and unidentified

November 17, 2018

Regulators did not say how many of those people were exposed to Jennie-O products. In a new update to its ongoing report , the CDC reveals that a further 74 confirmed cases of salmonella have now been added to the case, bringing the total number of infections to 164 spanning 35 states.

Protectionism 'doomed to failure', Xi Jinping says in swipe at US

November 17, 2018

The White House says its tariffs are a response to China's "unfair" trade policies. China's efforts to win friends in the resource-rich Pacific have been watched warily by the traditionally influential powers in the region - Australia and the United States.

Federal Bureau of Investigation probing American woman’s death on cruise ship

November 17, 2018

A passenger on the cruise ship industry website CruiseCritic.com said that police officials in Aruba boarded the ship early Tuesday morning and that the ship's captain had made an announcement and said that "there was a serious incident".

Aston Martin DBX SUV revealed as latest luxe truck

November 17, 2018

Aston Martin dealers have already been shown the finished design and were enthusiastic. The DBX will be built at Aston Martin Lagonda's St Athan facility, a brand new £250 million factory. "As an engineer, it's genuinely exciting to get a feel for the vehicle you're working to create". Jag's got an SUV; so does Rolls-Royce , Bentley and Lamborghini .

FDA proposes ban on menthol cigarettes, restrictions on flavored e-cigs

November 16, 2018

What we said all along is that we felt that the e-cigarettes offer an opportunity for adults, but we need to take measures to try to restrict access to the kids. Len Horovitz, a pulmonary specialist at Lenox Hill Hospital in New York City, said "it is widely recognized that e-cigarettes are the gateway to smoking tobacco cigarettes for teens and young adults".

British airline Flybe soars on talks with potential buyers

November 16, 2018

The Exeter-based airline operates 192 routes from 75 airports and has the highest number of flights at a dozen United Kingdom airports, including Aberdeen, Belfast City, Birmingham, Glasgow, Manchester and Southampton. Seat capacity fell 6 percent, while passenger revenue per seat rose 2 percent. Since September, the company's shares have fallen by nearly 75 per cent.

Senate leaders preserve posts; McCarthy will get high Home GOP place

November 16, 2018

At a news conference Wednesday, McCarthy vowed to help the GOP win back the majority in the House and said Republicans will oppose Democrats if they target President Donald Trump . Jim Jordan of OH 159-43. In the only other competitive race, Rep. Gary Palmer of Alabama defeated David Schweikert to lead the Republican Policy Committee.

Raab Resigns as Britain's Brexit Minister

November 16, 2018

During Wednesday, ministers were briefed one by one, followed by a long and bruising Cabinet meeting. "We will now look carefully with the other member states at the text that has been decided", he wrote on Twitter . In other words, we are accepting free movement, and Customs Union and Single market rules, the rule of the European Court of Justice, and in a position where we can not of our own volition decide to leave.

$1.5B Mega Millions victor has not claimed prize, report says

November 15, 2018

Mega Millions announced the winning ticket , which was bought in a South Carolina KC Mart, on October 24. Check your numbers: victor announced in record $1.6 billion Mega Millions lottery, the largest jackpot in the history of the game.

FDA to seek a ban on menthol cigarettes

November 15, 2018

Analysts at Barclays estimated USA sales of menthol cigarettes account for around 25% of BAT's annual underlying earnings and around 11% of Imperial Brands's earnings. It's unclear how long it would take for such a plan to take effect and tobacco companies could drag out the process by challenging a ban. Studies show teens who smoke menthol cigarettes consumed nearly twice as many in a week in comparison with regular tobacco product users.

Crude mood: Oil enters bear market, plunging most since 2015

November 15, 2018

Prices recovered, with Brent inching back above $67 after Reuters reported that OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger figure than officials had mentioned previously.

Toyota Corolla Sedan Shows Fresh New Face In Latest Teaser

November 15, 2018

This differs from the outgoing Corolla sedan, which was built on a separate platform to the hatch version. The front fog lights also appear to be of the LED type as well. The saloon version of the vehicle all is making its debut in China on 16th November. Billed by Toyota as a 2020 model, it looks like it will take a while before the all-new Corolla arrives in showrooms around the world.

Drunk 'Irish' woman abuses airline crew after being refused wine

November 15, 2018

For you, an worldwide criminal lawyer. NDTV reported that she was arrested after the flight landed at Heathrow airport in London. The woman, visibly drunk is seen shouting, "I am a human rights lawyer...an global criminal lawyer..." Even as the exact sequence of events on-board the Air India flight is yet to be ascertained, the crew reportedly, described the woman as very drunk and hence refused to serve any more wine to her.

Christie's Sells Rare Pink Legacy Diamond at a Record Price

November 15, 2018

In April 2017, a 59.6-carat diamond known as the Pink Star became the most expensive jewel sold at auction after going for $71.2 million at Sotheby's in Hong Kong. The previous record was reportedly established by a stone of more than 50 carats, which was sold at $2.1 million per carat. Bright pink diamonds are rare.

Dow futures up over 100 points after Monday's sharp pullback

November 15, 2018

Lumentum shares plunged 33.0 percent. The S&P 500 fell 54.79 points, or 1.97 percent, to 2,726.22. General Electric Co shares fell 6.9% after new chief executive officer Larry Culp said the company was saddled with too much debt and would urgently sell assets to reduce leverage.

Amazon bypasses Hub for HQ2

November 14, 2018

The company says it has invested $US160 billion in the United States since 2010, including in warehouses, data centres and employee compensation. Bucking the stance of some of New York's top Democrats, newly elected liberal Rep. Then there's Amazon Robotics in North Reading, newly acquired PillPack in Somerville, and Amazon's health care partnership with Berkshire Hathaway and JPMorgan Chase, which will be headquartered here.

Shocking moment a McDonald’s manager is beaten up over missing ketchup

November 14, 2018

Another employee is also seen in the video trying to pull the woman off of the manager. When she was told she couldn't be inside the restaurant, she "became combative", according to police. Santa Ana police described the woman as being Hispanic with brown hair and approximately 20 to 25 years old. "There is no reason that any employee at any business should be assaulted by a patron, much less over not getting enough ketchup", said Bertagna.

Quicktake: Why are oil prices plunging?

November 14, 2018

In 2019, world oil demand growth is forecast to grow by 1.29 mb/d y-o-y, about 70 tb/d lower than last month's projection, with total world consumption to reach 100.08 mb/d. Even as the Saudis floated the possibility of a cut in production, the selling has not abated. In addition, Russian Federation has given mixed signals about a cut, with Lukoil CEO Vagit Alekperov saying Monday he did not see cuts being necessary.

Indonesia urges more training for pilots after Lion Air crash

November 14, 2018

The US aviation regulator will probe the safety analyses performed over the years by Boeing . Boeing said it is confident in the safety of the 737 Max family of jets. Such a fix would be much less disruptive for airlines and Boeing than the three-month grounding that halted the planemaker's 787 Dreamliner flights in 2013.

Flipkart Group CEO Binny Bansal resigns with immediate effect

November 14, 2018

Bansal didn't immediately respond to an email seeking comment on the assault allegation. Prior to Flipkart, Walmart's business in India was focused only on selling items directly to small businesses though its Best Price stores. "The allegations left me stunned and I strongly deny them", he wrote. It added that the events surrounding the allegations had "risked becoming a distraction", prompting Bansal's decision to step down.

Opec ineffective, Dr M says ahead of global oil policy meeting

November 14, 2018

Dutch bank ING said given the abundance of global supply as well as the threat of an economic slowdown, "cuts over 2019 are unavoidable.(as) it is becoming clearer that as we move closer towards 2019, the market will see a sizeable surplus at least over the first half of 2019".

China-backed RCEP trade deal pushed back to 2019

November 13, 2018

President Moon Jae-in has touched down in the city state of Singapore late Tuesday afternoon, the start of his two-nation tour, ... during which he will zero in on economic cooperation under the New Southern Policy he introduced a year ago.

Apple share price plummets amid fears that iPhone demand is dropping

November 13, 2018

Apple Inc' and major suppliers to the company's iPhone fell Monday as investors fretted that one of the most important product lines in the technology sector was seeing weak demand. Apple cautioned earlier this month that it could miss Wall Street estimates for the holiday shopping season. But when a sale does happen, suppliers get a one-time payment for their component, while Apple can generate hundreds of extra dollars per gadget.

Amazon picks two cities for split HQ2

November 13, 2018

In the announcement, that could come as early as Tuesday morning, Amazon will announce a significant investment in one additional city, the source said. Once a bustling factory and freight-moving area, Long Island City saw many of its plants and warehouses closed as manufacturing shriveled in New York City.

Two pilots report UFO's in sky over Ireland

November 13, 2018

A Shannon air traffic controller then responds: "There's nothing showing on either primary or secondary (radar)". The second pilot speculated the bright lights may have been meteors entering the atmosphere. Another pilot also reported a sighting. She said they were " wondering " what it could be, and that it did not seem to be on a collision course. "I'm just guessing the first pilots had seen one that bright before", he said, adding that "it would be a bit unnerving" seeing one ...

Oman oil minister says majority of OPEC and its allies support cut

November 13, 2018

Oil prices have shed a fifth of their value over the past month due to oversupply and signs of a softer-than-expected impact from United States sanctions on Iranian crude exports. Ahead of the meeting, he acknowledged that so far there was no new deal to cut production among OPEC and non-OPEC producers, who struck an agreement in late 2016 to cut output by 1.8 million bpd to tackle an oversupply crisis.

Major oil producers foresee oversupply, edge closer to production cuts

November 12, 2018

Falih said Saudi Arabia , the world's largest oil supplier, will cut its production by 500,000 bpd as of next month to help stabilise the market. "With Iranian waivers coming in higher than anyone expected, Saudi Arabia is acting responsibly by reducing its production that it had earlier brought online to offset possible Iranian losses ", said Amrita Sen, chief oil analyst at Energy Aspects Ltd, a consultant in London.

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