Economy / 130

Saudi Arabia's $10bn investment in SA to bring new refinery, petrochemical plant

January 23, 2019

President of the Republic of South Africa Cyril Ramaphosa received Saturday Minister of Energy, Industry and Mineral Resources Eng. Khalid bin Abdulaziz Al-Falih and Minister of Trade and Investment Dr. The refinery will help the African top economy to cut energy imports, according to Energy Minister Jeff Radebe. Aramco may use tanks at Saldanha for crude oil storage and trading, helping to improve security of oil supply for South Africa, and offer a strategic location for the Saudi firm in ...

Dyson moves head office to Singapore

January 23, 2019

Company founder Sir James Dyson - knighted in 2007 for services to industrial design - has been widely criticised for being pro-Brexit but not being prepared to keep his business interests within the UK. Its Singapore manufacturing facility is part of Dyson's £2 billion (S$3.5 billion) move into automobiles. He said the change in the company's overall tax bill would be negligible as a result of the move, and the company was still expanding its research and engineering operation in the UK.

USA to request extradition of Huawei's Meng Wanzhou as deadline looms

January 23, 2019

Almost 150 former diplomats and scholars from around the world have demanded the release of two Canadian citizens being detained in China. Prime Minister Justin Trudeau has said the detentions are in retaliation for Meng's arrest, calling them "arbitrary".

Brexit cheerleader Sir James Dyson relocates company headquarters to Singapore

January 23, 2019

James Dyson is a supporter of the United Kingdom leaving the EU. But despite the firm's stated reasons for the move, Remainers have accused Sir James of hypocrisy for "ditching Britain" after touting the economic benefits of Brexit. Known for vacuum cleaners and hand dryers, the firm has expanded into air purifiers and hair-care products, and embarked on a costly project to build an electric vehicle by 2021.

Digger Driver Wrecks Travelodge Reception "Over Unpaid Wages"

January 23, 2019

Police have launched an investigation after a man used a digger to destroy the reception of a brand new hotel on the day it was due to be completed . This second video shows the digger entering the hotel , viewed from inside. White said that the alleged culprit had a pay dispute with the contractor agency regarding some £600.

France pushes Japan to accept Renault-Nissan merger, say reports

January 23, 2019

Mr Ghosn , who made his only court appearance earlier this month, has denied all charges against him and said he "acted honorably, legally and with the knowledge and approval of the appropriate executives inside the company - with the sole goal of strengthening Nissan".

New Maruti Baleno Facelift - Launch Date, Bookings And Delivery Details Revealed

January 22, 2019

This indicates that Maruti Suzuki might launch the facelift of the Baleno sometime soon. Since its debut in India in 2016, Maruti Baleno has featured among the country's top selling cars. The more powerful motor can also be found under the bonnet of the Swift and Baleno. The third-gen Wagon R will be available with two petrol engines.

Indian economy poised to pick up in 2019, says International Monetary Fund

January 22, 2019

The IMF lowered its projection for Saudi Arabia´s gross domestic product growth this year to 1.8 percent, down from 2.4 percent in its October report. The Sarb now estimates growth in 2018 to have averaged 0.7 percent up from 0.6 percent in November. While it cut forecasts for a number of national economies, it forecast 1.5 per cent 2019 growth for Britain, the same as in October.

China urges USA to drop Huawei CFO extradition

January 22, 2019

China detained former Canadian diplomat Michael Kovrig and Canadian entrepreneur Michael Spavor on December 10 in an apparent attempt to pressure Canada to release Meng, who was arrested December 1 at the request of us authorities. extradition warrant. Officials there have offered few specifics about what they are accused of, saying only that the men are accused of "engaging in activities endangering national security ".

China population growth continued to slow in 2018

January 22, 2019

The country's economy has performed within a reasonable range in 2018, with economic growth being generally stable and improvement achieved in performance, Ning Jizhe, head of the NBS, said at a press conference. As the data was released, Chinese President Xi Jinping gathered the country's provincial governors and ministers in Beijing for a special session on how to manage "major risks", including ideological, political and economic risks.

Davos 2019: US economy likely to slow this year, International Monetary Fund says

January 22, 2019

The gloomy International Monetary Fund forecasts, released on the eve of the World Economic Forum in Davos, Switzerland , highlighted the challenges facing policymakers as they tackle an array of actual or potential crises, from the U.S.

China's growth slows to 28-year low as trade war weighs

January 22, 2019

China's National Bureau of Statistics (NBS) announced on Monday that Chinese economy grew at 6.6 percent in 2018. China's economy grew 6.6% previous year, according to official data released Monday - its slowest pace since 1990. In a possible sign of progress, the Chinese government announced Friday that its top trade envoy, Vice Premier Liu He, will visit Washington for talks January 30-31.

French watchdog slaps Google with $57M fine under new European Union law

January 21, 2019

It's the biggest regulatory enforcement action since the European Union's General Data Protection Regulation , or GDPR , came into force in May. Google issued a statement saying that people "expect high standards of transparency and control from us".

Tesla shares drop after lowered quarter profit guidance

January 21, 2019

He said Tesla had "no choice" but to reduce fulltime employee headcount and retain "only the most critical temps and contractors". Sceptics will simply assert that this is just more evidence that the Tesla numbers don't add up. " Tesla has only been producing cars for about a decade and we're up against massive, entrenched competitors", he said. In Q3 past year, we were able to make a 4% profit.

President Trump offers end to shutdown

January 20, 2019

News broke of the president's intentions hours before the speech, and Democrats, including House Speaker Nancy Pelosi , said Mr. Trump's plan was a non-starter. In a Twitter thread, advocacy group United We Dream rebuked the reported proposal. "There is no amnesty in the president's proposal". The far right also responded harshly to the president's proposal.

Oil climbs 1pc on OPEC output cut, but U.S. production robust

January 20, 2019

Total products supplied over the last four-week period averaged 20.1 million barrels per day, down by 2.1 percent from the same period a year ago. In both 2019 and 2020, China is the leading contributor to global oil demand growth. The countries issued a statement that said the May 2018 reelection of Maduro lacks legitimacy, and they condemned the breakdown of the constitutional order and the rule of law in Venezuela.

Wall Street extends rally on U.S.-China trade optimism

January 20, 2019

The pan-European STOXX 600 index rose 1.80 percent and MSCI's gauge of stocks across the globe gained 1.23 percent. China is offering to increase its imports over the next six years, CNBC reported Friday , following a report by The Wall Street Journal Thursday that said that United States officials were considering the lifting of some tariffs to induce China to make concessions to the USA on cyber-security and intellectual property rights.

Gripped by Ghosn crisis, Renault expects slight sales growth

January 20, 2019

Murguet declined to comment on the leadership crisis engulfing Renault-Nissan following Ghosn's arrest in Japan for alleged financial misconduct or any sales impact it may have. The Japanese firm said it would consider ways to recover the €7.8m in "improper payments" from Ghosn, while Mitsubishi said it would consider ways to hold him responsible.

Aer Lingus Rolls Out Updated Brand with New Logo and Livery

January 19, 2019

Aer Lingus will also be adding 12 new Airbus A321 neo long-range aircraft to their fleet over the coming year. Aer Lingus has had exceptional success in recent years: adding new routes , new aircraft, new jobs and new opportunities for colleagues and guests alike.

Tributes paid as Vanguard founder John Bogle dies

January 19, 2019

The concept, which began as his senior thesis at Princeton University , was simple: a tiny percentage of stock pickers can beat the Standard & Poor's 500 over a long period of time. Under Bogle's stewardship, in 1975 Vanguard launched the first ever index mutual fund, called First Index Investment Trust, for individual investors.

Patisserie Valerie accounting fraud scandal worse than initially feared

January 19, 2019

Luke Johnson, the multimillionaire chairman of the business, was forced to pump £20m of his own cash into the stricken firm to keep it afloat after the uncovering of potentially fraudulent accounting irregularities that left it teetering on the brink.

Morgan Stanley Wealth Management Numbers Sag

January 19, 2019

As a whole, Morgan Stanley's institutional securities group, which houses its trading and investment banking teams, saw its net revenues fall by 15% year-on-year. Like other banks, Morgan Stanley struggled through the nauseating market movements that defined the last three months of 2018. Moody National Bank Trust Division grew its position in Morgan Stanley by 0.4% in the 4th quarter.

Geely Plans To Start Building Lotus Cars In New Chinese Factory

January 19, 2019

Geely is traditionally a low-cost-high-volume manufacturer, but it's looking to expand into higher-end vehicle markets, and its control of Lotus is part of that plan. The factory will be approved to build all-electric and hybrid cars - both of which are central to Lotus' future plans - as well as traditional combustion engined cars.

Startups, investors get angel tax relief

January 19, 2019

The application of the recognised startup shall be moved by the department to the Central Board of Direct Taxes ( CBDT ) with necessary documents. In what appears to be a salvaging act to appease the startup community, the government on January 16 issued a notification to ease the difficulties faced by angel investors.

United States dishwasher awarded $31.7 million after being forced to work Sundays

January 19, 2019

She said she traded shifts with coworkers for several weeks until her boss said she had to come in, the Miami Herald reports. But the mother of six will likely receive far, far less due to a state cap on punitive damages . In addition to the punitive damages, Pierre was reportedly awarded $36,000 for lost wages and $500,000 for emotional suffering. Even so, there is a limit on punitive damages that means Pierre shall receive $300,000 (Rs 2 crores) at most out of the $21 million (Rs 149 ...

Facebook investing $300 million in local news

January 19, 2019

Vice-president of global news partnerships at Facebook , Campbell Brown, said that following analysis of users, researchers found that people wanted to see more local news, and that newsrooms were in urgent need of support. Facebook also said it giving United States dollars 6 million to the British-based Community News Project , which partners with regional news organisations including Reach, Newsquest, JPI, Archant, Midland News Association and the National Council for the Training of ...

Microsoft to invest $500 million in affordable housing in Seattle

January 19, 2019

While Microsoft's efforts could be a boon for the area , the company estimates all of King County needs about 305,000 affordable housing units to keep up with demand and the area's expansion. The resulting residences will target households making between $62,000 and $124,000 per year. And $25 million in philanthropic grants have been allocated to tackle homelessness in the greater Seattle region, including a $5 million dollar grant to Home Base , a program created by the Seattle ...

Oregon Sees Huge Jump In Federal Workers Seeking Unemployment

January 18, 2019

Furloughed employees can file unemployment claims in DC. She said her agency "will do everything possible to assist our hard-working families who have been impacted by the shutdown". How much help is unemployment? Conversely, two-thirds of voters say the shutdown has had little effect, with 26 percent saying it has had "not much" impact on them and 40 percent saying it has had no impact at all.

Madison Shopko stores will close after company files for bankruptcy

January 18, 2019

The company announced the bankruptcy filing Wednesday morning. Shopko officials argued that such an order would have forced the immediate closure of its pharmacies - and perhaps entire stores - and the judge declined McKesson's request. The Powell Shopko is going to lose its pharmacy, as the store's corporate owners announced Wednesday that the chain is getting out of the pharmacy business.

Tesla Offers Model 3 as Pwn2Own Hacking Contest Prize

January 18, 2019

Tesla vehicles are software-centric and in many ways changed the industry by enabling over the air software updates that can fix glitches and security problems as well as improve performance and add other new features. Alternatively, the persistence and CAN bus categories focus on consistently stopping the auto from rebooting its software or getting total control of the sedan's CAN bus, which is the car's computer system.

Trump cancels U.S. delegation’s trip to Davos summit, Sanders says

January 18, 2019

Treasury Secretary Steven Mnuchin , Secretary of State Mike Pompeo , Secretary of Commerce Wilbur Ross and United States Trade Representative Robert Lighthizer were supposed to attend the event widely associated with globalism and big money.

USA lawmakers introduce bills targeting Huawei, ZTE

January 18, 2019

Tensions between the USA and Huawei have mounted in recent years, and this week, reports claimed that federal prosecutors had begun investigating the company over the alleged theft of trade secrets. technology to Chinese telecommunications companies. The investigation grew in part out of civil lawsuits against Huawei, including one in which a Seattle jury found Huawei liable for misappropriating robotic technology from T-Mobile's Bellevue, Wash., lab, the people familiar with the matter ...

NJ governor, lawmakers make deal on $15 minimum wage

January 18, 2019

Called the "Raise the Wage Act", the legislation would increase the nationwide minimum pay rate to $15 by 2024 through scheduled annual increases. "A $15 federal minimum wage affirms the bedrock idea of fairness in our country: that hard work deserves a decent wage", House Speaker Nancy Pelosi said while introducing the bill.

Ghosn suffering ‘harsh treatment’ in Japan jail, wife says

January 18, 2019

The Foreign Ministry said Ghosn's rights are assured under the country's laws. Nissan had been providing those residences to the executive , at a cost of tens of millions of dollars, but people inside the company with knowledge of the issue say the company was only aware that it had been paying rent for Ghosn's apartment in Tokyo .

Pelosi takes heat for bid to delay State of the Union address

January 18, 2019

Since then, the shutdown has stretched into a fourth week while the White House is warning that the funding lapse could have a sustained negative impact on economic growth as almost 800,000 federal employees are furloughed or working without pay.

Royal Caribbean Bans Man For Life After He Jumps From Cruise Ship

January 18, 2019

The video shows him standing on the railing as his friends cheered him on, laughing as Naydev was plunging into the Atlantic Ocean. He told Yahoo Lifestyle Mr Naydev has jumped from similar heights before. He later wrote on his Instagram account: "My feet were actually fine". "We just wanted to get a video of it and make it go viral". "I just hope I don't inspire anyone to try this, because I don't want to feel responsible for any injuries".

UK PM May reaches out to rivals in Brexit deadlock

January 18, 2019

In a speech in Hastings, a marginal constituency currently held by Work and Pensions Secretary Amber Rudd, Mr Corbyn said that after Tuesday's vote it was "clear that her European Union deal is now finished". But she also hinted at the possibility of delaying Brexit. May herself hinted on Wednesday that Brexit might be postponed if London rallies around a single set of proposals that it could present to the other 27 European Union leaders.

After The Bell: Stocks Rally On Goldman Sachs, Bank Of America Earnings

January 18, 2019

During morning trading on January 16, the Dow Jones Industrial Average was up 148.27 points, or 0.62 percent, at 24,213.86, the S&P 500 was up 10.14 points, or 0.39 percent, at 2,620.44 and the Nasdaq Composite was up 33.33 points, or 0.47 percent, at 7,057.16.

U.S. eyes Taiwan risk as China’s military capabilities grow

January 17, 2019

The drills follow intelligence from the U.S. over China's growing military might, with concern growing that Taiwan may become a target. "The biggest concern is that as a lot of these technologies mature...[the Chinese] will reach a point where internally - within their decision-making - they will decide that using military force for a regional conflict is something that is more imminent", the official said, speaking under the condition of anonymity.

German union widens airport security strike

January 17, 2019

In other airports, local branches of the union will decide at what time the strike will take place. The warning strike wave of security personnel to a total of eight German Airports had started early Tuesday morning with work stoppages at the Hamburg airport.

Saudi Arabia goes beyond commitment to lowering oil product, export: minister

January 17, 2019

Brent crude, the global benchmark, is hovering around $60. "We saw that in December when we started the correction". If more needs to be done for oil, "we will do it". Its economy contracted in 2017, but was expected to grow 2.2% in 2018 and 2.4% this year, according to the International Monetary Fund. Al Falih said that a sale in 2021, however, is "very much doable".

Huawei faces U.S. criminal investigation for stealing T-Mobile technology

January 17, 2019

It comes as the Trump administration is pressing China to take action on questions of technology theft or face additional trade tariffs. A group of United States politicians want to ban the sale of U.S. Citing anonymous sources, the Journal said that an indictment could be coming soon on allegations that Huawei stole Tappy, a T-Mobile technology which mimicked human fingers and was used to test smartphones .

China's trade surplus with United States hits record high

January 17, 2019

China's total imports of copper concentrates and ores jumped by 13.7% year on year to 19.72 million tonnes during 2018, according to the latest figures released by China's General Administration of Customs on Monday. China's annual passenger auto sales fell last year for the first time in more than 20 years, as the trade war with the United States rocked consumer confidence and Beijing reined in vehicle financing channels.

Cadillac Takes Aim at Tesla, Teases All-New Electric SUV for 2022

January 17, 2019

As with Tesla, the high-end vehicle is created to allow GM to spread the costs of converting to electric drivetrains over more expensive models that can absorb the cost, after federal tax credits for the auto giant's plug-in cars run out.

Cathay Pacific (again) honours hugely discounted first class tickets

January 16, 2019

Travel bargain hunters have struck lucky with Cathay Pacific by snapping up first-class tickets at a fraction of the price . Less than two weeks after saying it had a ticketing error that sold premium seats at huge discounts , Cathay Pacific Airways has done it again.

Woman Banned From Walmart After Drinking Wine From Pringles Can

January 16, 2019

Police tell the Times Record News that officers responded to a report of a suspicious person around 9 a.m. Friday at a Walmart in Wichita Falls. A Texas police station got a unusual call last week about a woman riding an electric scooter through a parking lot while drinking wine.

Top Awards Go To Hyundai & Ram

January 16, 2019

Jurors voted on the finalists based on segment leadership, innovation, design, safety, handling, driver satisfaction and value for the dollar. Eligible vehicles must be new or substantially changed. Meanwhile, in the "utility" category - a fairly loosely defined class including everything from crossovers to minivans and, as it turns out, electric vehicles - Hyundai's Kona, both electric and gas-powered, triumphed over the Acura RDX and Jaguar's I-Pace.

Marks & Spencer to close 17 stores - with 1,000 jobs at risk

January 16, 2019

Sacha Berendji, property director at M&S, said: "We're continuing to transform M&S with pace and as part of this we are making good progress with our plans". To date 1,891 staff have been affected by the closure programme with 1,591 (over 80 per cent) being redeployed to other parts of the business. "Employees across the sector will be very anxious about their job security and wondering which retailer will be next to shed jobs or close down".

Brexit: Theresa May loses vote, demonstrators take to streets

January 16, 2019

The prime minister had already postponed the vote once in the hope that extra time would help her win over members of Parliament, but her efforts were in vain. Realistically, she'll have to at least invite him to talk, though his office said on Tuesday evening that there was no future for anything based on May's deal.

McDonald’s loses ‘Big Mac’ trademark case to Irish chain Supermac’s

January 16, 2019

It's a unique victory when you take on the golden arches and win", McDonagh, Supermac's managing director, said. Supermac's managing director hailed the "end of the McBully". This is not the first time McDonald's has gone to the courts over prefixes. In 2017, a Supermac's spokesperson said McDonald's was registering brand names to "create a de-facto monopoly in the Mc prefix".

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