Economy / 103

Brexit Talks 'Deadlocked' Despite Appeal to European Union for Last-Minute Concession

March 12, 2019

It is understood this would be a legally binding interpretation of the Withdrawal Agreement , but it would not alter the text of the agreement. The embattled British leader is scrambling to formalize changes to her divorce deal, which was overwhelmingly rejected by MPs in January, in the hope of winning a new vote on the agreement in parliament on Tuesday.

Passengers evacuate flight to Fort Lauderdale after emergency landing in Newark

March 12, 2019

The pilots had reported a possible fire in the cargo hold, leading to a response by airport fire crews. No fire was found and the cause of the smoke remains under investigation, said Steve Coleman , a spokesman for the Port Authority of NY and New Jersey said.

NVIDIA rumored to acquire Mellanox for $7 billion

March 11, 2019

With a price tag of $6.9 billion, NVIDIA's acquisition will be vaulting the company deep into the datacenter networking market, making them one of the leading vendors virtually overnight. Mellanox will play a role in Nvidia's supercomputing, data centre and cloud service initiatives. Nvidia says that going forward, with Mellanox onboard, it'll be able to "optimise data center-scale workloads across the entire computing, networking and storage stack to achieve higher performance, greater ...

Tesla will raise prices and backtrack on closing most of its stores

March 11, 2019

In a blog post Sunday, the company announced it would "keep significantly more stores open than previously announced". Tesla said it has closed around 10% of its stores in areas of low footfall, but said a small number of those would now be reopened.

Sorry Amazon: Philadelphia bans cashless stores

March 11, 2019

Starting in July, Philadelphia's new law will require most retail stores to accept cash. Some transactions are reportedly exempt: parking lots, garages, businesses that offer memberships, rentals with security deposits, electronic transactions and goods sold only to staff.

US Hiring Slows, Adding Only 20000 Jobs in February

March 10, 2019

The US Bureau of Labor Statistics said: "This decline reflects, in part, the return of federal workers who were furloughed in January due to the partial government shutdown". Economists say employers have kept hiring at a strong pace despite low unemployment as more people returned to the labor force, including students, women and people who had dropped out to collect disability benefits.

Norway wealth fund to drop oil, gas stocks

March 10, 2019

The country's wealth fund - built with the revenues of its oil and gas production - will gradually sell some US$8-billion in shares of exploration and production companies, but keep its holdings in integrated firms that have both production and refining which total more than US$20-billion.

Brexit in peril' as PM May faces heavy defeat

March 10, 2019

Fears on both sides of the Channel are growing about the economic damage in the event that Britain leaves the European Union abruptly without any transition agreement to soften the resulting disruption to trade. The main sticking point is the so-called Northern Irish backstop, an insurance policy to prevent a return of border controls in Ireland that eurosceptics believe is an attempt to trap the country in the EU's customs union indefinitely.

Northeast BC unemployment rises to 6% in February

March 10, 2019

The unemployment rate was also similar one year ago at 5.8%, though it jumped as high as 6% and dipped down to 5.6% within those 12 months. Meanwhile, Canada's unemployment rate isn't budging despite job growth in February. By region, Ontario saw the biggest employment increase last month with the addition of 36,900 jobs. The economy added 46,200 services sector jobs, led by professional, scientific and technical services for the third time in four months, along with 9,500 goods ...

Porsche Taycan production version set for September unveiling

March 10, 2019

Porsche now wants to build 40,000 units of the EV instead of 20,000 as originally planned. Specific date is not yet known, however, it can be concluded that the place selected debut global motor show in Frankfurt . Porsche is increasing production of its upcoming Taycan electric vehicle due to high demand, the automaker said on Friday . "The overwhelming interest in the Taycan shows us that our customers and fans are just as excited about the first Porsche electric athlete as we are - and ...

Lottery victor grateful after Good Samaritan returns £200 million winning ticket

March 10, 2019

She would not disclose the reason their marriage ended but said she was paying Weirsky spousal support. She also doesn't suspect her husband will approach her to square up, but she does hope he'll "do the right thing". He said he plans to buy a Ford Raptor pickup truck and relishes the feeling of being able to go and buy whatever he wants. "I put the tickets down, put my money away, did something with my phone and just walked away", he told reporters on Thursday.

Tesla enters into agreement with lenders in China for Gigafactory

March 10, 2019

The Securities and Exchange Commission didn't take kindly to his comments, levying $20 million in fines against Musk and Tesla and forcing the company to put controls in place to oversee Musk's communications with investors. Vehicle sales in China have hit a slump, falling for the ninth straight month in February after recording the first annual drop in more than two decades a year ago.

Bank of Canada Holds; We May Be Here a While

March 10, 2019

In the announcement, the bank said it expects the country's economy will be weaker in the first half of 2019 than it projected in January. Key policymakers in both the United States and UK signalled it was more prudent to be patient with rates than rush them higher.

Dozens injured as Turkish Airlines plane hits turbulence before landing at JFK

March 10, 2019

Port Authority spokesman Steve Coleman said one injury was a broken leg. Officials said it might have been a flight crew member. Several of the passengers were taken to area hospitals as the rest were evaluated for bumps and bruises on-scene.

European Central Bank rate hike bets pushed back to late-2020, money markets show

March 10, 2019

The European Central Bank's new bank funding scheme will come later than expected because of the time needed to prepare the facility, Austrian central bank chief Ewald Nowotny said on Friday. The S&P 500 was down 20.54 points, or 0.75 percent, to 2,728.39. When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

Lawyer apologizes for Ghosn’s ‘disguise’ during release

March 10, 2019

After posting almost $9 million in bail, Ghosn walked out of jail Wednesday dressed in an orange security belt, a blue cap, glasses and a face mask. Many were baffled by the somewhat transparent disguise, which has riveted Japanese tabloid media.

Disabled Greeters Accept New Roles at Walmart

March 09, 2019

Although the big box chain has always been a subject of criticism for labor practices and negatively impacting communities, the role of People Greeter has typically been lauded as going to those who may find it hard to find employment elsewhere, such as the disabled and elderly.

Airbnb to accumulate last-minute resort reserving service HotelTonight

March 09, 2019

Furthermore, nearly 90 per cent of guests who first used Airbnb to book a hotel room - and returned in future for another booking - chose to book a home on their second visit. It more than doubled the number of rooms available in properties categorized as boutique hotels, bed-and-breakfasts, and other hospitality venues like hostels and resorts, according to the company.

Norwich retailer LK Bennett enters administration

March 09, 2019

In a statement, Dan Hurd, joint administrator said: 'Amidst tough trading conditions for retailers, the Company has been further impacted by significant rent increases and business rate rises. Meanwhile, House of Fraser, which stocks the LK Bennett brand, went into administration past year before being bought out by Sports Direct tycoon Mike Ashley.

AXA UK celebrates National Apprenticeship Week with multiple vacancies

March 09, 2019

Meg Hillier, chair of the the Public Accounts Committee, said: "While the government has reformed its apprenticeships programme increasing the focus on quality, it is concerning that employers used so little of the money available for new apprenticeships a year ago and that the ESFA can't be sure that apprentices are spending enough time on off-the-job training".

SpaceX Crew Dragon, built to carry humans, returns home from space station

March 09, 2019

The flight is a milestone for Elon Musk's Space Exploration Technologies Corp. and the National Aeronautics and Space Administration as they attempt to end US dependence on Russian Federation for astronaut shuttles to the space station. It's a wrap: SpaceX's Crew Dragon capsule safely landed in the Atlantic Ocean and concluded one of the most important missions to the International Space Station (ISS).

Former Nissan Motor chairman released on bail

March 09, 2019

The 64-year-old has not spoken in public since his release on ¥1 billion ($9 million) bail from the Tokyo Detention House, where he had been held since his arrest on November 19. However, he said prosecutors have begun handing over some of their evidence prior to a potential trial. The company is declining comment on the criminal case against Ghosn.

Pilot has pizzas delivered to airplane stuck on tarmac

March 09, 2019

While the plane was stuck during a snowstorm, the pilot of the plane did a small act of kindness that garnered a lot of praise. The aircraft was scheduled to reach again in Halifax on Tuesday afternoon. "We instructed him we may have them made in an hour or hour and a half", Larivée stated. Halifax councillor Bill Karsten posted a photo of an Air Canada cabin crew member smiling at a passenger while handing out pizza.

Gerald Butts to give PMO version of events in SNC-Lavalin affair

March 08, 2019

Five times before the House of Commons justice committee on Wednesday, former prime minister adviser Gerald Butts said his actions were motivated by the threat of job losses. In a further blow to Trudeau, his treasury board chair, Jane Philpott, stepped down Monday after blasting the prime minister's team in a scathing public letter.

Man who reportedly died with crypto passwords, cleared accounts before dying

March 08, 2019

Gerald Cotten , 30, founder of online cryptocurrency exchange site QuadrigaCX , is reported to have died in December , taking the passwords to wallets containing C$180m ($137m, £105m) to the grave with him. The report claims that the fact that QuadrigaCX had accounts on all those exchanges is established and proven and that at the time they were sent, the funds were worth over $100 million.

Elizabeth Warren seeks to break up Google, Facebook and Amazon

March 08, 2019

They would also have to meet a standard of fair, reasonable and nondiscriminatory dealing with users and be barred from transferring or sharing data with third parties, she noted. "This can create a conflict of interest that undermines competition. Google allegedly snuffed out a competing small search engine by demoting its content on its search algorithm, and it has favored its own restaurant ratings over those of Yelp ".

Amazon coming in big with new grocery store concept

March 08, 2019

If these stores move forward, the article states that Amazon is not looking to directly compete with Whole Foods grocers. Whole Foods is more of a supplier of expensive foods and generally has no artifacts, preservatives or sweeteners in its assortment.

OECD Says Global Growth Slowing; Cuts Global Growth Forecasts

March 08, 2019

It too is expected to downgrade its economic forecasts, but analysts say it will not panic just yet, although any rate hikes from the European Central Bank are seen to be off the table until 2020 at least. The projection for next year was raised to 2.2 percent. OECD Chief Economist Laurence Boone claimed that current trade talks between China and the U.S.

Tesla: China suspends customs clearance for Model 3 vehicle

March 08, 2019

China also suspended customs clearances on some of Tesla's vehicles. Tesla has reportedly been ordered by Chinese officials not to sell any previously imported Model 3 vehicles, and that inspectors had been instructed to: "step up inspections of other imported Tesla models".

Silicon Valley hit with new digital tax in France

March 08, 2019

It follows similar plans in the United Kingdom, which last year said it was introducing a tech tax that could raise up to £400 million, or $510 million, a year starting in 2020. This tech tax has not to be confused with the so-called YouTube OTT video tax, set up in France in early 2018 and applied to all platforms such as YouTube, Netflix, or Prime Video, so as to help fund local movies.

Indian billionaires to beat global average and grow 37% by 2023

March 08, 2019

It grew by 7% in 2017-2018, well above the global average (4%) and the Asia average (3%). In Delhi the same amount can buy 2,163 sq ft. " Mumbai while being India's most expensive prime real estate market, still stacks well against many other markets".

US looking at new sanctions against Venezuela

March 08, 2019

Maduro finally made an appearance in the late afternoon to lead a military parade paying tribute to his predecessor Hugo Chavez on the sixth anniversary of the socialist firebrand's death. He visited several Latin American countries to lobby for global help. "They thought the pressure had reached its zenith, but it's only just beginning", Guaido told reporters.

US FDA chief tough on e-cigarettes steps down abruptly

March 08, 2019

But Gottlieb said the agency had a role to play and reshuffled its review procedures to speed up approvals of lower-cost generic drugs, with the aim of increasing competition in the marketplace. "I will not allow a generation of children to become addicted to nicotine through e-cigarettes", Gottlieb said in November . FDA Commissioner-designate Scott Gottlieb testifies during a Senate Health , Education, Labor and Pensions Committee hearing, April 5, 2017 in Washington.

Amazon Will Close Its All Pop-Up Retail Stores. Here’s What That Means

March 08, 2019

Amazon will close 87 pop-up retail stores in malls, Whole Foods locations and Kohl's stores across 21 USA states, a sign that the tech giant is still refining its physical retail vision. In addition to expanding their physical bookstore presence, Amazon also plans to grow their Amazon 4-Star locations, which feature highly rated products sold online.

Dollar Tree to close 390 Family Dollar stores, rebrand 200 more

March 07, 2019

Dollar Tree , which owns Family Dollar, will also rebrand about 200 stores, the company said in a news release . In the fourth quarter, Dollar Tree closed 84 family Dollar stores and 10 Dollar Tree stores in the quarter while it opened 143 stores, and expanded or relocated 14 stores.

Charlotte Russe closing all stores nationwide, including three in Sacramento area

March 07, 2019

Now all of Charlotte Russe's 500-plus stores nationwide will shutter, affecting 8,700 employees in 49 states and Puerto Rico. The company announced in February it began the process of Chapter 11 bankruptcy. Charlotte Russe was founded in San Diego in 1975. In a post on its website , the company said it is ceasing online sales and that merchandise is now on sale at its brick-and-mortar stores.

Facebook to rebrand as a 'privacy-focused messaging and social networking platform'

March 07, 2019

Zuckerberg has made similar promises to focus more on privacy before, but the company continues getting bogged down in controversies , especially as it relates to their handling of private information. But it does nothing to prevent the company from scanning "metadata", such as who users are texting, and when they're active. Or as The Wall Street Journal notes , it sounds a lot like WeChat, a Chinese app that evolved "from a simple messaging service into an app where users can shop, pay, ...

Bangladeshis leave phones, cameras in Uber cars UNB, Dhaka

March 07, 2019

One overly excited Wellington graduate left their diploma in an Uber, while another Kiwi rider left an entire boneless chicken behind, likely leaving them feeling peckish for the rest of the day - talk about fowl play! Riders didn't just leave the usual stuff; even an ukulele and bunch of bananas have been reported as lost.

Three Claire's products found to contain asbestos, according to FDA

March 07, 2019

All possibly toxic Justice products were recalled by the company in 2017, but the FDA was forced to issue a safety alert warning about three asbestos containing products from Claire's that could possibly still be in the hands of consumers: eye shadow, compact powder and contour.

Tesla's New V3 Superchargers Add Up to 1600 km Per Hour

March 07, 2019

Since the cars are just going to keep getting better, now it's up to the chargers to keep up. To make better use of the Supercharger network, Tesla says it will also update its cars with a new feature that begins to prewarm their batteries when they approach a Supercharger, similar to the prewarming that occurs in some models when you use Ludicrous mode.

Malaysia’s richest man slips out of world Top 100

March 07, 2019

Villar emerged as the Philippines' richest man , according to Forbes Magazine's list of world's richest for 2019. He's worth $50.8 billion - about $2 billion more than a year ago, when Forbes listed him 12th. The wealthiest person in the world is Amazon owner Jeff Bezos at $131 billion. Angela Leong On Kei, fourth consort of Mr Stanley Ho and a director of SJM Holdings Ltd, appeared in 478th place in this year's overall list, up from 606th place last year.

Donald Trump thinks Apple's CEO is called 'Tim Apple', because of course

March 07, 2019

Trump was speaking at an American Workforce Policy Advisory Board meeting on Wednesday, seated alongside Cook and Ivanka Trump , the president's daughter. Earlier in 2016, Trump has been critical of Apple and the ideology since Apple refused to unlock a user's iPhone for the Federal Bureau of Investigation, so much so that Trump even called for a boycott of the company's products.

China, US to Attend Presidential Summit in March

March 07, 2019

Stocks in Europe and Asia advanced on optimism about a deal, with the Stoxx Europe 600 Index rising 0.4pc. Beijing has offered to lower tariffs and other restrictions on American farm, chemical, auto and other products and Washington considering removing most, if not all, sanctions levied against Chinese products since previous year, according to the Wall Street Journal .

Prime minister's Regina trip cancelled in favour of private meetings in Ottawa

March 06, 2019

The Prime Minister wanted Wilson-Raybauld in the portfolio of Indigenous Affairs, but she refused says Butts. During his testimony, Butts repeatedly referred to text message exchanges between himself and Wilson-Raybould, emails, and his recollections of meetings, including a December 5 dinner at the Chateau Laurier.

QuadrigaCX mystery intensifies after cold wallet found empty

March 06, 2019

EY said the balances in the four years to April 2018 in the six cold wallets known to have been used by Quadriga ranged from nothing to 2776 BTC (approximately A$19,945 million at today's exchange rates). The unfortunate death of QuadrigaCX founder Gerald Cotten was felt throughout the greater cryptocurrency industry. However, the monthly balance for the accounts over the same period of time was just 124 BTC (A$667,700) and EY believes some of the crypto currency was transferred to ...

Carlos Ghosn: former Nissan chairman released on bail in Tokyo

March 06, 2019

The Tokyo district court made the surprising decision to grant bail, set at 1 billion yen ($9m USD) after Ghosn's newly appointed legal team said their client would submit himself to strict limitations on his movements and electronic and other communications.

Indian-origin dentist found murdered in Sydney

March 06, 2019

She was last heard of Sunday 3rd March morning in Sydney and should have been home within a few hours but has not turned up yet. 'I just want my sister back safely. Her work colleagues said they were "terrified" and had been unable to sleep since her disappearance. The police said that Preethi's image while standing at a line in McDonalds was the last clear shot that they had of her, from CCTV footage.

Papa John’s founder John Schnatter to leave board in settlement deal

March 06, 2019

FBN's Cheryl Casone with more. Papa John's global has agreed to a settlement with its founder, John H. Schnatter, who will resign from the board after he and the company find a mutually acceptable independent director, according to an SEC filing .

New deal with Indonesia boosts Australian industry

March 06, 2019

The agreement was signed by Trade Ministers of the two countries- the culmination of 9 years of negotiations since the year 2010. "This "movement of information" or "data flow" is relevant to all kinds of Australian businesses - from a manufacturer with offshore sales offices and online order systems to a telecommunications company providing data management services to businesses in both countries", he said.

Anonymous winner claiming $1.5 billion Mega Millions jackpot

March 05, 2019

For months, SC residents had speculated on why the victor had not stepped forward. He or she will remain anonymous , a right afforded to the victor by state law. Some theorized that the victor was on the run from police and feared a background check if he or she won. The winning ticket was purchased for the drawing on October 23, 2018.

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