Economy / 42

Apple faces potential iPhone import ban after patent infringement ruling

March 27, 2019

Qualcomm initially brought the case to the ITC back in November 2017, claiming thatApple was illegally using patent no. 8,063,674 in at least the company's iPhone 7 and 7 Plus products. Another huge decision is expected soon from the court battle between the Federal Trade Commission (FTC) and Qualcomm. If the ban only applies to those models, it could have a multibillion-dollar impact on Apple for each year that it still offers those devices.

Culprit For All "Yield Curve Inversion"

March 27, 2019

Last year, the rate was at 4.45 percent. Fed funds rate futures are now fully factoring in a rate cut later this year, with about an 80% chance of a move priced in by September. That's because a fall in financing costs likely sparked more people to refinance their mortgages, cutting mortgage-bond holders duration. "The big story is bond yields", said Willie Delwiche, investment strategist at Baird in Milwaukee.

Avocado Grower Issues Recall Over Deadly Bacteria Fears

March 27, 2019

The recall relates to fruit marketed as California-grown conventional and organic avocados. These were packed at Henry Avocado Corporation's facility in California and distributed in six states: Arizona, California, Florida , New Hampshire, North Carolina and Wisconsin.

Aston Martin Unveils Drool-Worthy Renderings of the DBS GT Zagato

March 26, 2019

Deliveries will start in the fourth quarter of this year for the DB4 GT while the DBS GT is slated to arrive in customers' driveways by 2020. Today they change hands for millions of dollars, and Aston Martin has even made a decision to produce 19 recreation cars for those with the cash.

Xi, Merkel, Macron and Juncker to meet in Paris

March 26, 2019

Chinese President Xi Jinping and his French counterpart, Emmanuel Macron , on Monday agreed to carry forward the high-level ties between the two countries and forge a more solid, stable and vibrant China-France comprehensive strategic partnership on a new starting point in history.

Uber to buy Mideast rival Careem for $3.1 billion

March 26, 2019

The Uber Hub is seen in Redondo Beach, California, U.S., March 25, 2019. Uber is paying Careem $1.4 billion in cash and $1.7 billion in notes that will convert at a price of $55 a share. The Dubai-based Careem is among the Middle East's most successful startups. The company has over a million drivers and operates in more than 90 cities in 15 countries.

Avocado Recall in California Over Listeria

March 26, 2019

The recall was issued by the company after samples tested positive for listeria during routine inspection of its packing plant. All shipments from the packing facility are subject to the recall. Markers of more severe infection include stiff neck, headache, confusion, loss of balance, and convulsions. According to Henry Avocado, consumers should check for a "Bravocado" sticker on their avocados.

British Airways flight ends up in wrong city

March 25, 2019

Surprised passengers complained on social media, with one writing: "Can you please explain how can my morning flight taking off from LCY to Dusseldorf land in Edinburgh?" 'While an interesting concept, I don't think anyone on board has signed up for this mystery travel lottery.

Things You Need to Know About Apple's New Credit Card

March 25, 2019

For every purchase you make, you get 2% Daily Cash, which is added to your Apple Cash card each day for you to use with Apple Pay. This press release features multimedia. Interest rates will vary from range from 13.24% to 24.24% based on creditworthiness, the company said in a footnote on its web site about the new card.

White House says pardons for Trump associates not discussed

March 25, 2019

The special counsel instead declined to determine whether the president had illegally attempted to shut down the investigation into him - and left it to Barr's Justice Department, which found there was not enough evidence to show obstruction of justice.

RIL denies sidestepping any US sanctions

March 25, 2019

Reliance, an Indian conglomerate controlled by billionaire Mukesh Ambani, has significant exposure to the financial system of the United States, where it operates subsidiaries linked to its oil and telecom businesses, among others. "Reliance stopped shipments of diluent naphtha to Venezuela, and has reduced its purchases of Venezuelan crude oil to well below its contracted levels".

Board approval to crisis-hit Jet Airways management change today

March 25, 2019

The liquidity crunch has not only forced the Airline to ground aircraft leading to cancellation of several flights, it has also caused delayed salary payments to its pilots, engineers and other senior staff. As part of a provisional resolution plan, the airline's Board has agreed to allot 11.4 crore shares at an aggregate value of Re 1 to the lenders' consortium led by the State Bank of India, according to the airline.

NYSE wins Uber, Pinterest listings

March 25, 2019

Ride-hailing firm Uber will list on the New York Stock Exchange, according to reports, in one of the most anticipated stock debuts of the year. Reuters reported in January Pinterest could raise around $1.5 billion and that the IPO was likely to come in the first six months of 2019.

Jet pilots say mortgaging jewellery to stay afloat

March 25, 2019

Now, carrier has halted many of its global routes till April end and has also reduced frequency over many overseas routes mostly from Delhi and Mumbai . According to ANI sources, based on the current listing, service reductions and cancellations are listed till April 30. In addition to this, services from Delhi and Mumbai to Kathmandu, Bangkok, Doha, Kuwait and Singapore have been also reduced significantly.

Musk's lawyers call tweet in U.S. SEC's contempt bid 'not material'

March 25, 2019

Tesla CEO Elon Musk really, really wants to keep tweeting without any other adults looking over his shoulder, despite a settlement with the Securities and Exchange Commission past year ordering him not to send out tweets that could affect Tesla's stock without getting pre-approval from company officials.

Trump EXCLUSIVE: US economic growth hindered by Fed rate hikes

March 25, 2019

The Fed has become increasingly anxious about meeting its 2 percent inflation target and skeptical that the Trump administration's tax cuts and deregulation will unleash faster economic growth . The Fed's patience, he said, does not mean it has ruled out any rate rises for the rest of the year, and it does not constrain its options. Along with Powell, Trump appointed respected academic economist Richard Clarida as vice chair, Randal Quarles as vice chair for regulation, and Kansas community ...

Unemployment Inched Up In February As Record Snow Idled Construction Workers

March 25, 2019

Los Angeles led the way among Southern California counties in February, adding 4,100 jobs. Bi-county data indicated payrolls expanded by the widest margin in the professional services sector, which added an estimated 1,800 positions. "Our training, education, and employment services create a network of resources that help overcome employee skills gaps, creating a more employable workforce and helping Maryland businesses fill their talent pipelines".

Yield Curve, Yield Curve, Yield Curve

March 24, 2019

Economists see the yield compression as a dark signal for an economy coming off its best year since the recovery began in mid-2009. "Our various models do see an uptick in recession probability but are flashing yellow versus red", said Dan Ivascyn, group chief investment officer at Pacific Investment Management Co (Pimco) in Newport Beach, California.

German 10-year yield near negative after disappointing manufacturing data

March 24, 2019

Outside Germany and France, "the rate of output growth accelerated to its highest since last September", IHS Markit found, although all of the boost came from services firms while manufacturers "stagnated". The purchasing managers' index (PMI) for Germany's manufacturing sector fell to 44.7 points from 47.6 points in March, the steepest decline since August 2012, according to the preliminary PMI index published on Friday.

Would consider 'viable' opportunities for Cruze and Lordstown plant — GM

March 24, 2019

GM said in last year's announcement that, "In the past four years, GM has refocused capital and resources to support the growth of its crossovers, SUVs and trucks, adding shifts and investing $6.6 billion in United States plants that have created or maintained 17,600 jobs".

NZ says mosque gunman faces life of isolation in prison

March 24, 2019

He went on to explain that the phenomenon does not only limit to politics, civil society or scholarship but also affects leaders' security forces and people in the streets. Haluk Levent, a renowned Turkish singer, told Anadolu Agency: "I got positive reactions from the Muslims of New Zealand". He has also angered Australia with comments about anti-Muslim Australians being sent back in "coffins" like their grandfathers at Gallipoli , a WWI battle.

Levi Strauss public again, stock surges

March 24, 2019

That saddled the company with big debts, something which Mr Bergh said weighed down the business for years. In addition, the underwriters have a 30-day option to buy up to an additional 5,500,000 shares of Class A common stock from the company at the IPO price, less underwriting discounts and commissions.

Netflix Testing Low-Cost Mobile Only Subscription Options

March 24, 2019

Amazon, for instance, offers Prime Video subscriptions starting as low as $2 (Rs 129) in the country. In a bid to grow its audience in India, Netflix is trialing cheaper subscriptions that allow access to its streaming video service only on mobile devices, reports The Economic Times .

$625 Million Powerball Jackpot Up for Grabs

March 24, 2019

The jackpot may be claimed as about $390 million before federal taxes as an annuity paid out over 29 years, or winners can choose the lump-sum option, which would come out to almost $470 million after federal withholding. The Powerball jackpot was won eight times past year, including once in New Jersey. The drawing is held at 7:59 p.m. But be warned: The odds of winning are 1 in roughly 292,000,000.

Decision to halt Alzheimer's trial sends Biogen shares sliding

March 24, 2019

It afflicts about 5.5 million Americans, with cases expected to triple by 2050. Shrugging off modest mid-stage results and Roche's decision to bail on its amyloid beta candidate crenezumab, Biogen (NASDAQ: BIIB ) and development partner Eisai ( OTCPK:ESALY ) announce the launch of a global Phase 3 clinical trial , Clarity AD, evaluating anti-amyloid beta protofibril monoclonal antibody BAN2401 in patients with early Alzheimer's disease (AD).

MillerCoors sues Anheuser-Busch over Bud Light corn syrup ad

March 23, 2019

So yeah-MillerCoors certainly had reason to be alarmed by the ad when it aired during the Super Bowl , although one can easily argue that all the subsequent bickering between the two companies has only served to bring more attention to a spat that would otherwise have quickly been forgotten.

FDA issues alert on 33 Hill's dog food varieties

March 23, 2019

AUSTRALIAN DOG OWNERS ARE BEING WARNED TO CHECK THEIR CANNED PET FOOD AFTER A POPULAR BRAND expanded its voluntary recall ON PRODUCTS THAT COULD CAUSE SERIOUS HEALTH ISSUES. Those who survive may have "long-term impairments", including kidney or heart disease, which require "lifelong management", according to VCA Animal Hospitals .

Tesla sues former employees for allegedly stealing data, Autopilot source code

March 23, 2019

Tesla claims Cao didn't tell his colleagues at the time that he'd accepted a job at Xpeng . "While Tesla respects that employees may decide to pursue other employment opportunities, it must take action when current and former employees abuse their positions of trust and blatantly violate their legal and contractual obligations to Tesla", the company wrote in the filing.

Levi Strauss shares surge 31 percent in stock market return

March 23, 2019

This values the company at 8.7 billion dollars. The blue jeans icon initially expected to price its offering between $14 and $16 a share. Shares of Levi Strauss (NYSE: LEVI ) gained more than 30 percent following its initial public offering, and the company isn't merely "riding the denim wave", the company's CEO said Thursday.

CVS Pharmacy to Sell CBD-Based Products in Indiana

March 23, 2019

The company announced it would sell a variety of products including topical creams, sprays and lotions. Other states include Alabama, California, Illinois, Indiana, Kentucky, Maryland and Tennessee. CVS will not sell supplements or food containing CBD. This announcement comes just a few months after the passage of the 2018 Farm Bill , which legalized the cultivation of industrialized hemp and hemp-derived CBD.

Papa John’s announces Shaquille O’Neal as new ambassador

March 23, 2019

O'Neal. "Shaquille has an excellent entrepreneurial background, including as a restaurant franchise owner, and is a natural creative marketer", said the Papa John's board of directors' chairman Jeff Smith, per CNN. Stevie Ritchie, Papa John's CEO, said the initial talks were to diversify the franchisee brand and then morphed based on his aptitude and skills. Papa John's will own about 70 per cent of the Atlanta joint venture, with O'Neal holding the rest.

Fox Entertainment Shows Off ‘Fresh Start’ in Promo After Sell-Off to Disney

March 23, 2019

The acquisition price implies a total equity value of approximately US$ 71 billion and a total transaction value of approximately US$ 71 billion . Fox Corp. Animation-wise, Disney will be a new home for sitcoms like The Simpsons , Futurama , Family Guy (and it's spinoff The Cleveland Show ), American Dad , Bob's Burgers , and King of the Hill , as well as animated features like Wizards , Fire and Ice , FernGully: The Last Rainforest (and it's direct-to-video sequel), The ...

US Oil Price Hits $60 Per Barrel, Highest Since November 2018

March 22, 2019

Crude oil prices have been climbing since the start of the year, with Brent crude rising from US$50 per barrel in early January to today's price of US$67.60 per barrel, inching its way to the US$70 per barrel mark. Iran crude oil shipments have averaged just over 1 million bpd in March, down from 1.3 million bpd in February and a 2018 peak of at least 2.5 million bpd in April, before the US sanctions were announced.

GM: Would consider 'viable' opportunities for Cruze and Lordstown plant

March 22, 2019

Initially slated to be produced outside the United States, GM pivoted and brought production of the new vehicle to MI because the Orion plant now builds the Bolt EV. The moves come after last weekend's string of venomous tweets by President Donald Trump condemning GM for shutting its small-car factory in Lordstown, Ohio, east of Cleveland.

Ford to build some EVs in Michigan, Transit Connect in Mexico

March 22, 2019

Ford already was planning an all-electric sport utility vehicle in 2020 that will be built at its Cuautitlan, Mexico, plant. Ford's plans, which executives said will be executed by 2023, also includes a $50 million investment toward an assembly plant that produces self-driving vehicles in the southeast MI region.

Texas man tests Petco’s ‘All leashed animals welcome’ policy with giant steer

March 22, 2019

Rancher Vincent Browning brought his African Watusi, Oliver to the Petco store located in Atascocita, leashed and all. Nearly none, we'd reckon-especially the rather exotic Ankole-Watusi, known as the "Cattle of Kings" (for its extremely regal horns) and heir to a lineage that dates back more than 6,000 years, from Egypt to Uganda, Rwanda, and Burundi, on to the European zoos of the 1800s, and finally to the United States.

Sainsbury's-Asda pledge 1 bln stg of price cuts to salvage deal

March 22, 2019

This would reduce prices by about 10% on everyday items, the companies said. Sainsbury anticipates 300 million pounds in price reductions in the first year after the acquisition and another 700 million pounds in the second year. Sainsbury's chief executive Mike Coupe and Asda boss Roger Burnley said, " We are trying to bring our businesses together so that we can help millions of customers make significant savings on their shopping and their fuel costs, two of their biggest regular ...

UK Inflation Unexpectedly Accelerates For First Time In 6 Months

March 22, 2019

The increase was fuelled by rising prices for food, alcohol and tobacco, as well as across a range of recreational and cultural goods. Wednesday's official data also showed house prices rose at the weakest annual pace in 5 1/2 years in January, curtailed by the biggest drop in London prices since September 2009, just after the low point of the global financial crisis.

Volvo Will Use In-Car Cameras To Detect Drunk, Distracted Driving

March 22, 2019

Samuelsson said Volvo was talking to insurers to offer favourable terms to what it termed as "club max 180" customers who were using the safety features . Using in-car cameras mounted to face the driver, sensors and complicated computer programming, the auto would theoretically recognize erratic driving, whether that be due to distraction or intoxication.

Could The Revoke Article 50 Petition Actually Work? | HuffPost

March 22, 2019

An address to the nation in which she blamed parliament for a failure to secure Brexit appeared to irritate the very lawmakers she needs to win over next week. Britain's military said the command post under the ministry of defense was set up as a continuation of earlier planning operations, called Operation Redfold, created to minimize disruption in the event of a no-deal Brexit.

Facebook settles with rights groups on ad discrimination

March 21, 2019

The changes apply to advertisers who offer housing, employment and credit offers to U.S. -based users of Facebook, Instagram and Messenger. "Advertisers will no longer be able to exclude users from learning about opportunities for housing , employment or credit based on gender , age or other protected characteristics", ACLU attorneys Galen Sherwin and Esha Bhandari said in a blog post .

Australia to develop national blockchain strategy

March 21, 2019

In a joint release with the Minister for Trade, Tourism and Investment Simon Birmingham, Minister for Industry, Science and Technology Karen Andrews said that the roadmap will focus on a number of policy areas including regulation, skills and capacity building, innovation, investment, and global competitiveness and collaboration.

Fed Reserve holds rates steady amid weakening housing market

March 21, 2019

Wall Street is hoping for a resolution to the damaging trade war between the world's largest economies, which has made goods more costly for companies and consumers. It will potentially compete with more traditional console-based video game platforms, like Sony's PlayStation. The Canadian dollar was little changed against its U.S.

Paris, Singapore and Hong Kong tie as world's priciest cities

March 20, 2019

This is the first time in the survey's 30-year history that three countries have ranked first place on the list. This bi-annually survey is done to help companies calculate cost-of-living allowances and build compensation packages for expats and business travellers.

General Motors CEO to sell OH plant

March 20, 2019

U.S. Senator Sherrod Brown today blasted President Donald Trump for his tweets about Lordstown General Motors, particularly Dave Green, president of the United Auto Workers Local 1112 union. On Sunday night, he disclosed in a tweet that he had vented his frustrations during a conversation with the company's CEO, Mary Barra . Earlier in the day, the president had already lashed out at the local UAW president, David Green, saying he "ought to get his act together and produce".

European Union slaps Google with $1.7-billion fine in advertising case

March 20, 2019

AdSense is a program that allows publishers to display advertisements on their own sites, targeted to their audience and content. The ads shown by the program, used by millions of websites, is effectively managed by Google. The EU has been pushing Google to become less monopolistic and more friendly towards competitors for a long time. The Commission noted that Google loosened this requirement in 2009 and replaced it with another practice it found uncompetitive: "Premium Placement" clauses.

Ride-hailing firm Lyft launches IPO road show in Uber's shadow

March 20, 2019

The IPOs of Lyft and Uber represent a watershed for Silicon Valley's technology unicorns , which for years have snubbed the stock market in favor of raising capital privately, with investors happy to back their frothy valuations. Reuters first reported the details a day earlier, citing people familiar with the matter. The VC funding route has allowed Lyft to amass a total of $5.1 billion since its inception, money that fuelled its expansion into 300 USA markets and Canada in 2017.

Markets cautious ahead of Fed statement

March 20, 2019

Some market players said selling was triggered by a report of USA concerns that China is pushing back against American demands in trade talks. That was partly due to its appeal as a safe-haven asset, analysts said, pointing to a Bloomberg report published late on Tuesday that said some US officials expressed concern that China was pushing back against USA demands in trade talks.

Second U.S. jury finds Bayer's Roundup caused cancer

March 20, 2019

A jury in federal court in San Francisco on Tuesday concluded that Roundup weed killer was a substantial factor in a California man's cancer. Glyphosate is the world's most widely used weed killer. In the trial's second phase, Hardeman's lawyers will be allowed to present evidence allegedly showing the company's efforts to improperly influence scientists, regulators and the public about the safety of Roundup.

Jet Airways crisis: Prabhu asks aviation secy to hold emergency meeting

March 20, 2019

The civil aviation ministry, which held an "emergency meeting" to discuss the crisis at the airline, has asked Jet Airways to avoid last-minute flight changes, keep its planes airworthy and take care of customers affected by flight cancellations.

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