Economy / 35

'We back Ireland,' says European Union chief Michel Barnier on Dublin visit

April 09, 2019

The meeting will take place ahead of a summit of European Union leaders in Brussels on Wednesday, which will decide whether or not the United Kingdom should be granted an extension to the Brexit deadline, which now is due to expire on Friday.

Despite Brexit delay, United Kingdom issues new passports without 'EU' label

April 08, 2019

She has asked for a delay until June 30, while European Council President Donald Tusk has proposed a one-year flexible extension. "We need to get a deal over the line and that's why we've been looking for new ways to find an agreement in parliament - and that means cross-party talks", May said in a video recorded at her country retreat Chequers.

UK financial firms make little progress on gender pay gap

April 08, 2019

It added: "Qualified Nursing is the area where the lack of males is having an adverse effect on the Gender Pay Gap as the proportion of females in this group is dramatically higher than that of males". Caroline Prendergast, interim chief people officer, previously said: "We are far from satisfied with the status quo and not complacent, yet it may take a few years before we can realistically expect an improvement in the pace of change and a tangible shift in the data".

CPSC warns towards Rock ‘n Performs for infants over three months

April 08, 2019

All 10 infants were at least 3 months or older and had not been restrained, according to the notice. The CPSC is recommending consumers stop the use of the product as soon as infants can roll over. The Fisher-Price Rock n' Play set is a sleeper and playtime seat that can play 12 lullabies and rock a baby with just a press of a button. Generations of parents have trusted us for nearly 90 years to provide safe products for their children.

Nissan shareholders sever last ties with ousted Ghosn

April 08, 2019

Both Saikawa and Senard talked about the need to focus more on unity and respect among executives and workers, although neither offered details on the outlook for their complex capital structure, in which smaller Renault owns a bigger share of Nissan.

Crude oil prices on the rise: Here's what experts have to say

April 08, 2019

Energy consultancy FGE said the OPEC-led supply cuts meant "excess inventories are disappearing and the market looks healthy", adding that "the market is poised for prices to rise to $75 per barrel or higher" for Brent. Prices could rally early next week on the back of a report from Platts, released over the week-end. "Sanctions can cut 500,000 bpd of Venezuelan exports".

European Union charges BMW, Daimler, Volkswagen for colluding on emissions cleaning technology

April 08, 2019

The commission found that BMW, Daimler and VW coordinated on AdBlue dosing strategies - including AdBlue tank sizes and refill ranges - thereby reducing AdBlue consumption and subsequently the effectiveness of the emissions system. 'Otto' particle filters ('OPF' ) to reduce harmful particle emissions from the exhaust gases of petrol passenger cars with direct injection. Already reeling in the wake of the devastating "dieselgate" emissions cheating scandal that broke in 2015, the ...

FDA reiterates intent to seek CBD regulatory solution, updates cannabis Q&A

April 07, 2019

After numerous warning shots in the direction of the hemp industry by the U.S. Food and Drug Administration regarding the continued prohibition of CBD as a food and beverage additive, a potential silver lining has arisen. Police in March raided two Fort Worth, Texas, retailers and seized CBD products after the local district attorney declared the compound illegal. This week, it drifted through its first poll from the House.

Builders bring February rebound for German industrial output

April 07, 2019

Concerns that the German economy is becoming a risk to the global growth outlook grew on Friday, April 05 after official data showed a contraction in the country's manufacturing sector of 0.2% month-on-month. On Thursday, Germany's leading economic institutes slashed their forecasts for 2019 growth by more than half and warned that the economy could slow much more if Britain quits the European Union without an agreement.

Ford electric SUV could meet 300-mile target, and then some

April 07, 2019

After teasing a Mustang-inspired all-electric utility vehicle in the latter half of 2018, Ford has all but confirmed what the new vehicle will be called. The vehicle should be coming in to take the place of the EcoSport since that model is pretty old right now. Based on patents filed earlier this year, Ford could be looking to combine a V8 with electric motors to provide all-wheel-drive, a Mustang first.

United States stocks close mixed amid falling Tesla shares

April 07, 2019

The Labor Department reported that the United States added 196,000 net new positions for the month, well above expectations, while the jobless rate held steady at 3.8 percent. Dow's triple-digit gains were led by rallying Boeing shares. The software has also been implicated in the fatal crash in October of a Lion Air 737 MAX jet in Indonesia.

U.S. Adds 196000 Jobs in March; Unemployment Steady at 3.8%

April 07, 2019

Economists took February's low number as a sign that a slowdown may be hitting the economy. The unemployment rate was unchanged at 3.8 percent. Last week's applications for unemployment benefits came in at 202,000, the lowest level in almost 50 years.

BJP never saw those who disagree with it as foes: Advani

April 07, 2019

Gandhi's swipe at Modi over the treatment meted out to Advani followed the BJP patriarch's blog published on April 4 where he said the BJP never considered its political adversaries as anti-national. Commenting on the Lok Sabha polls, he said elections are an occasion for honest introspection by all the stake-holders in the Indian democracy - political parties, mass media, authorities conducting the election process and, above all, the electorate.

Theresa May meets opposition leader to break Brexit impasse

April 07, 2019

A hard core of pro-Brexit legislators in May's Conservative Party dismiss this as "Project Fear" and argue for what they call a "clean Brexit ". Pro-EU Labour lawmaker Ben Bradshaw warned: "It is clearly a trap created to try to get May's awful deal through, which some people have fallen for, but Labour mustn't".

Crude Oil Futures Settles Lower Again

April 07, 2019

US West Texas Intermediate ( WTI ) crude was down 1 cent at $62.09. The contract hit $62.99 on Wednesday, also the highest since November. WTI was headed for its fifth consecutive weekly rise. Crude oil processing remained lower than usual. Venezuela depends on the upgraders, which are mostly operated by joint ventures with foreign companies, to convert the extra-heavy crude oil produced in the Orinoco Belt into exportable grades usable in overseas refineries.

Trump picks Herman Cain for Fed board

April 06, 2019

President Trump said he wants to appoint former Godfather's Pizza CEO and Republican presidential candidate Herman Cain to the Federal Reserve Board. Cain dropped out of the race for the 2012 Republican presidential nomination after allegations that he had engaged in sexual harassment when he led the National Restaurant Association in the 1990s.

Constellation Sells 30 Alcohol Brands For $1.7B, Looks At Cannabis Beer

April 06, 2019

Gallo Winery for $1.7 billion, as the Corona beer maker focuses on more profitable brands. On the othe hand, Gallo is the largest exporter of California wines and is based in Modesto. Speculation abounds Constellation Brands will soon launch its own cannabis-infused beer brand. Constellation Brands invested $5 billion in Canopy Growth a year ago in a blockbuster deal that upped its ownership interest to about 38 per cent.

Amazon's latest initiative is Project Kuiper, a constellation of Internet-beaming satellites

April 06, 2019

Amazon is the latest in a string of companies with plans to use a network of thousands of satellites to offer broadband around the world. In brief: As Internet connectivity becomes a progressively instrumental part of modern society, tech giants like Amazon are increasingly seeing the value in connecting those unserved by current solutions.

Drunk Irish lawyer jailed in UK for verbally abusing Air India crew

April 06, 2019

The 50-year-old was refused more alcohol by cabin crew after downing three bottles of red wine. In a video shared online, Burns can be heard to declaring "I'm a f***ing global lawyer" before lashing out at flight staff, calling them "Indian money-grabbing c***s".

New auto sales slump: Brexit and diesel uncertainty blamed

April 06, 2019

The SMMT said that declines were seen across nearly every vehicle segment, meanwhile, including popular Dual Purpose (down 1.8%) and small family cars (down 4%). In the first quarter overall, new vehicle sales were down 2.4% compared with the same period previous year, at 701,306. 'That means supportive policies, not least on vehicle taxation and incentives, to give buyers the confidence to invest in the new auto that best meets their driving needs.

Hunt's Tomato Paste recalled over possible mold presence

April 06, 2019

Conagra said it had received calls from consumers, prompting the recall. Consumers are advised not to use the product and to either throw it away or return it to the store where it was purchased. The FDA says Conagra Brands is working with health officials to ensure the impacted product is removed from store shelves and is no longer distributed.

Burger King goes... vegan? The meatless Whopper is here

April 06, 2019

Burger King's new offering has been praised by some on social media who are unbelievable by its likeness to real meat. The chain said the burger-less burger has less calories than the original beef-based burger, it's low in cholesterol and has zero trans fat.

Federal Reserve Chairman Powell to address House Democratic retreat

April 06, 2019

Powell, appointed by Trump but at odds with him after the central bank implemented a series of interest rate increases past year, will appear at the closed-door session scheduled for April 10 to 12 in Leesburg, Virginia, according to the office of House Democratic Caucus chairman Hakeem Jeffries.

Target raises its minimum hourly wage to $13 from $12

April 05, 2019

It remains to be seen whether Walmart will step up its efforts to raise wages and if Amazon will feel pressured to become even more aggressive, should Target meet its $15 goal next year. "So investing in our team members is essential to keep our business growing and thriving". Walmart also boosted its minimum wage to $11 an hour previous year.

All-new Ford Escape: everything you need to know

April 05, 2019

The new Kuga is larger than before and could potentially take on the likes of the Tata Harrier if the company decides to launch it here. Amongst the choice of powertrains, which tally the familiar fare of Ford's current 1.5- and 2-litre turbocharged diesels and 1.5-litre triple-cylinder turbocharged petrol, is an impressive 2.5-litre petrol hybrid.

RBI's repo rate cut to boost home sales

April 05, 2019

Any reduction in the repo rate, the key interest rate at which the RBI lends short-term funds to commercial banks, would mark the second reduction so far this calendar year, and also the second under Governor Shaktikanta Das , who assumed office in December last year.

Named the most profitable company in the world

April 05, 2019

Figures issued from the state-owned company revealed it made core earnings of $224 billion previous year, nearly three times as much as Apple and Exxon Mobile. In their first-ever grade assessment for Aramco, Fitch issued the firm an A+ rating, while Moody's gave the company it's A1 rating. "This reflects the influence the state exerts on the company through taxation and dividends, as well as regulating the level of production in line with its OPEC commitments".

Theresa May ‘won’t be here to stop indyref2’, says Nicola Sturgeon

April 05, 2019

They warned: "A second referendum would be exploited by the far right, damage the trust of many core Labour voters and reduce our chances of winning a general election", they warned. Mrs May is due to set out her intention to delay Brexit in a letter to Donald Tusk, president of the European Council, in the next few days. The Cooper-Lewtin bill will now be fast-tracked through the House of Lords.

Australia's housing market downturn spreading beyond Sydney and Melbourne, CoreLogic says

April 04, 2019

Over the past 12 months, Melbourne house values have subsided by 12.4 per cent to be the worst performed of any capital. The 0.6% drop in March was actually the smallest of the month-on-month declines since values fell by 0.5% in October previous year.

Jeff Bezos and his wife MacKenzie finalize their divorce

April 04, 2019

MacKenzie Bezos will zoom up to become the world's fourth richest person, which is worth about $36 billion Dollars. The former Mrs. Bezos will be left with $35.6 billion while Jeff Bezos will retain a $106.7 billion stake in the company.

National Burrito Day Deals: All the Free Food and Discounts for 2019

April 04, 2019

Moe's Southwest Grill : This restaurant chain is offering burritos and bowls for $5 each. Stay in and enjoy the holiday with free delivery on all orders over $10 on the Chipotle app or website , as well as through DoorDash . Coming up on April 5, it's National Deep Dish Pizza Day. There's nothing like biting into a tasty burrito, especially on National Burrito Day . Scroll through to see all the deals we've found so far, and keep checking back on April 4 to see if any more pop up.

RBI cuts repo rate by 25 bps

April 04, 2019

The RBI has maintained the policy stance at "neutral". MSF is the rate at which the banks are able to borrow overnight funds from RBI against the approved government securities. One basis point is a hundredth of a percentage point. Muted growth and subdued inflation prompted the Reserve Bank of India (RBI) on Thursday to lower its key lending rate for commercial banks by 25 basis points (bps) to 6 per cent.

Toyota shores up against electric-car threat, by sharing hybrid tech

April 04, 2019

For the policy change, Toyota said it will offer around 23,740 patents related to electrification technology, with the grant period running from Wednesday to the end of 2030. Toyota has sold more than 13 million hybrids to date, and its hybrid systems have revolutionized the green vehicle sector. Toyota's hybrids represent the bread and butter of the company's sales and it's releasing some of its technology for outside use.

Flybe cancels flights across the United Kingdom including Leeds Bradford Airport departures

April 04, 2019

We are committed to assisting all our affected employees across the impacted Flybe bases. These comprise 78 seats and Flybe has classed them as "ideal" for its regional network. Ms Ourmieres-Widener said: "Our employees generally knew that some changes for the network in a few weeks time were coming, but we wanted them to be aware before releasing the winter schedule then, so that's why we made a decision to send the information".

Nissan ex-chief Carlos Ghosn arrested for fourth time in Japan

April 04, 2019

More likely, the arrest is in response to the latest allegations of wrongdoing by Ghosn, in which Nissan and Renault executives say it appears the former chairman and CEO funneled over $32 million in company funds through a dealership in Oman to secretly purchase a luxury yacht.

Bitcoin tops $5 000 as crypto market springs to life

April 04, 2019

According to the Director General of the consulting company deVere Group Nigel Green, the bears finally lost control of the market. A Bitcoin price analyst on CoinDesk has said that hitting the $5k mark is just the beginning. "Everybody outside of crypto is talking about bitcoin today from banks to funds to family offices to brokers". Yesterday, the trading volume of BTC was above $15 billion.

Team Bezos, without evidence, claims Saudis hacked Jeff Bezos' phone

April 04, 2019

Bezos in February published a post on Medium revealing that the publication in question plus its parent company AMI had tried to extort and blackmail him with images he had shared to a woman to whom he was reportedly having an affair.

Nissan CEO 'mulled new partner' for Renault and Mitsubishi alliance, email reveals

April 04, 2019

The attorney for the former chairman of Nissan Motor Co., Carlos Ghosn claims his client wouldn't get a fair trial under exactly the exact same judge because the Japanese automaker, and it is a co-defendant at a fiscal misconduct case. Renault has alerted French prosecutors to payments made by former head Carlos Ghosn to a distributor in Oman following reports that the money may have been used to repay personal debt, according to people familiar with the matter.

Minimum Wage Increases by 4.9%

April 03, 2019

The Living Wage Movement Aotearoa New Zealand is excited to announce the Living Wage has increased from $20.55 to $21.15. Nearly 2 million workers will benefit from the pay rises. The Trade Union Congress has demanded that the minimum wage be increased further, claiming young people are being treated unfairly. The real living wage is an independently calculated pay rate created to reflect what people need to spend to feed, clothe and house themselves, and stands at £9 an hour, or £10.55 ...

Kellogg selling Keebler and other brands to Ferrero for $1.3 bln

April 03, 2019

He added that the deal would also boost the Italian company's negotiating power with big US retail chains. The global confectionery company has acquired several other US brands in recent years, including Chicago-based Ferrara Candy Company and Fannie May.

Trump says '100%' ready to shut down Mexico border

April 03, 2019

US Department of Homeland Security officials said the recent redeployment of 750 officers on the border to deal with a surge in migrants led to the slowing of legal crossings and commerce at ports of entry. "This will also help us with stopping the Drug flow from Mexico! ". "Wait times in Brownsville (Texas) were around 180 minutes, which were two times the peaks of previous year", said a senior DHS official on a call with reporters.

United Kingdom construction activity falls again as Brexit uncertainty grows

April 03, 2019

Commercial construction was the worst performing area in March with business activity dropping to the greatest extent since March previous year. Civil engineering activity also fell in March, although the rate of decline eased since February.

Asia Stocks to Gain as Global Slowdown Worries Ebb: Markets Wrap

April 03, 2019

After their full inclusion, Chinese renminbi (RMB)-denominated bonds will become the fourth-largest currency component, following the US dollar, the euro and the Japanese yen. Schipke noted that the inclusion of the renminbi (RMB) in the Special Drawing Rights (SDR) basket in November 2016 was associated with operational improvements in China's bond market, which has triggered a surge in global investor interest.

British PM calls for further extension to Article 50

April 03, 2019

British Prime Minister Theresa May announced Tuesday night that Britain needs a further extension of Article 50, one that is "as short as possible" in order to ensure Britain to leave the European Union with a deal. She revealed her plan less than an hour ago, after an extraordinary all-day cabinet meeting, which started at 9.30 this morning in political mode, with no civil servants in the room.

Google’s India lead, Rajan Anandan, is leaving the company

April 03, 2019

Rajan Anandan, Google's southeast Asia and India vice-president, has quit the company after an eight-year stint, to join Sequoia Capital. At Sequoia India, Anandan will focus on the fund's accelerator initiative for startups targeting India and Southeast Asian markets, acting as an investment advisor and mentor to the programme's founders.

Singapore Airlines grounds two 787-10s over engine problem

April 03, 2019

Analysts at Jefferies said deterioration on turbine blades was a "lesser issue" compared to compressor blade problems and said they assumed the Singapore Airlines engines are fitted with the original blades and have not yet been retrofitted with the new blade designs now being rolled out across the fleet.

Apple launches iPhone-linked credit card with unique features

April 03, 2019

The Apple Card app showcased in the presentation was all about ease of use, with detailed information at your fingertips. The Apple Card will be able to exploit the potential of Apple Wallet and the iOS operating system . According to Apple , those are the lowest rates in the industry. The physical card itself comes at no cost to the user, even though it's made of super-fancy laser-etched titanium.

New carbon tax kicking in

April 03, 2019

Residents in there will be paying more for gasoline and heating fuel because those four provinces refuse to impose their own emissions pricing. A starting levy of Can$20 (US$15) per tonne of pollution imposed on Manitoba, New Brunswick, Ontario and Saskatchewan - all led by Conservatives - will add about 4.4 cents to the price of a liter of gasoline, and drive up other energy costs too.

China manufacturing returns to growth in March: Caixin PMI

April 03, 2019

The French CAC 40 Index climbed 0.64% at the open. MSCI's broadest index of Asia-Pacific shares outside Japan added 1 percent and the Shanghai Composite Index rallied 2.4 percent. "The ongoing U.S. -China trade conflict has provided a steady stream of conflicting signals for the markets". In February, construction spending in the U.S.

SC order on RBI circular negative for banks, may defer debt resolution

April 03, 2019

This circular was made applicable to all loan accounts over Rs 2000 Crore and also abolished all existing debt restructuring schemes for stressed accounts. "We have declared the RBI circular ultra vires ", Nariman said. The relief also extends to ₹840 billion worth of loans to companies in other sectors such as sugar, shipping and infrastructure.

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