Economy / 98

State Bank of India receives 2 unsolicited bids for grounded Jet Airways

May 11, 2019

Mumbai: A bid being stitched together by pilots of the grounded Jet Airways India Ltd . may get a hearing if no binding offers emerge from the four potential investors now in the race, people with knowledge of the matter said . Any bidder will have to come with considerable funding as the airline owes Rs 8,000 crore to banks and thousands of crore more to lessors, vendors and employees, who haven't been paid since March.

Air Canada Jazz plane collides with fuel tanker truck at Pearson

May 11, 2019

Three people sustained " minor injuries ", the Greater Toronto Airport Authority (GTAA) said in a brief email statement. Authorities say the Air Canada Jazz flight with 51 people on board had left for Sudbury but turned around because of bad weather and was taxiing back to the gate when it was struck at 1:36 a.m.

Trump raises tariffs on $200 billion of Chinese goods, prompting Chinese warning

May 11, 2019

After days of repeated threats, USA officials on Friday noon ( Beijing Time) increased an existing 10 percent tariff on $200 billion in Chinese goods to 25 percent, breaking a truce reached by the leaders of the two countries in December 2018 and highlighting the unreliable and unpredictable nature of the United States administration.

Party City closing 45 locations amid helium shortage; list of closures

May 11, 2019

The chain closes around 10-15 stores per year. "Despite these helium challenges in the first quarter, we made progress on many fronts operationally and our global team continued to execute against our key strategic priorities including: developing plans to test new store concepts, implementing pricing initiatives created to improve value perception, and increasing product competency in the area of paper straws as part of our focus on environmental sustainability", Harrison said.

Canada had its biggest job gain on record last month

May 11, 2019

Canada's economy is reporting its biggest one-month employment surge since 1976, when the government started collecting comparable data. On a percentage basis, it was the largest monthly gain since 1994. Employment was up in Ontario, Quebec, Alberta, and Prince Edward Island. The labour force report, which was released Friday morning, showed the unemployment rate was at eight per cent, up 0.1 per cent from this time previous year.

Great Grandmother arrested for carrying CBD oil to Disney World

May 10, 2019

She even had a note from the doctor when she was arrested at the checkpoint to enter the theme park in Orlando, Florida . As Jennifer Synnamon, Burkhalter's attorney, told Fox 35, "a little drop of oil, with the CBD, is a felony ". She then refused to answer whether it contained THC. Although CBD-infused products are being sold in the Sunshine State after a 2018 federal law legalized industrial hemp (the plant CBD is extracted from) as an agricultural product, it's still illegal in Florida.

Britain's most famous toy shop, Hamleys, bought by India’s richest man

May 10, 2019

Founded in 1760, Hamleys is the oldest and largest toy shop in the world with 167 stores in 18 countries. The company's Reliance Brands subsidiary signed an agreement yesterday to buy Hamleys from Hong Kong-listed C Banner International Holdings.

Uber prices blockbuster IPO conservatively to raise $8.1 billion

May 10, 2019

However, the exact timing remains uncertain - and the first print may not even happen before noon. Uber indicated its first shares were expected to trade up slightly, in the region of $45.50 to $46.50, when trading opens. It intends to grow its share of the $700-billion US market from its mere 0.1-percent claim, and it also plans expansion into Europe's $600-billion market.

Mazda preparing inline-six petrol, diesel engines

May 10, 2019

All signs point to the new "Large Architecture" being rear-wheel-drive, as it uses a longitudinal engine layout . One of the slides in the presentation calls for the launch of a straight-six turbodiesel, and a straight-six version of the compression-ignition SkyActiv-X four-cylinder engine that will power the 3.

Beyond Meat (BYND) Research Coverage Started at Sanford C. Bernstein

May 10, 2019

The plant-based mostly protein development is rising quickly as customers search for methods to eat more healthy and scale back their environmental footprints. Shares of the plant-based burger maker were up about 6% early Wednesday, extending their gain to 235% since pricing at $25 on May 1, but are now trading lower by nearly 2% at $77.88 apiece.

Ocasio-Cortez, Sanders to take on credit card industry with new legislation

May 10, 2019

Sanders' and Ocasio-Cortez's proposal, the primary reason for their event, called for a maximum interest rate of 15 percent on credit cards and other consumer loans, attacking what they called "extortion" from banks and credit card companies.

USA goods trade deficit with China hits five-year low

May 10, 2019

In comments to Chinese state media upon arriving in Washington , Liu said that hiking tariffs "is very disadvantageous to both parties". Her stern message came just days after the U.S. Trump also has sought massive hikes in Chinese purchases of United States farm, energy and manufactured products to shrink a gaping U.S. trade deficit with China.

How will US sanctions on crude oil from Iran affect India?

May 10, 2019

U.S. West Texas Intermediate (WTI) crude futures settled down 42 cents at $61.70 per barrel. Experts also believe that Iran will be re-opening and using more of its illicit oil channels to keep oil trade and continue getting some revenues from its most precious export commodity.

RBNZ cuts the OCR to 1.50% - Westpac

May 10, 2019

FOREX MARKET IMPLIED VOLATILITY AND TRADING RANGES Looking to other NZD currency crosses, forex traders might shift their focus to AUDNZD or NZDJPY seeing that their overnight implied volatility measures have also skyrocketed to their highest levels since October 2017 and November 2016 respectively.

Facebook co-founder says it is time to break up the company

May 10, 2019

Despite its myriad scandals - Russian propagandists exploiting the platform to spread misinformation and sway United States elections, the sharing of millions of users' personal data with the political data firm Cambridge Analytica and companies like Amazon , Microsoft and Netflix - Facebook's reach continues to grow.

BHP faces US$5b claim over 2015 Brazil dam failure

May 10, 2019

Samarco, a Brazilian joint venture co-owned by BHP and Brazil's Vale, suffered a deadly collapse of an iron ore tailings dam in the Minas Gerais region in November 2015. Tom Goodhead , partner at SPG, said: "The repeated warnings and recommendations of dam safety experts were acted upon too slowly, or sidestepped entirely".

Commission cuts euro zone growth forecasts for 2019

May 10, 2019

The recent slowdown in global growth and world trade, together with high uncertainty about trade policies, is weighing on prospects for GDP growth in 2019 and 2020. The commission said yesterday that it... Unemployment in the 19 countries sharing the euro is to fall to 7.3% next year from 7.7% expected this year.

Self-driving vehicles Group invests $1.15B into GM Cruise

May 09, 2019

The new money is said to come from existing investors including GM, SoftBank, and Honda, along with new institutional investors. "Having deep resources to draw on as we pursue our mission is a critical competitive advantage", Cruise CEO Dan Ammann, who took over the subsidiary from Cruise co-founder Kyle Vogt earlier this year, said in a statement.

Intel shows intent to transition to 7nm from 2021 - CPU

May 09, 2019

Another important technology for Intel going forward will be the use of heterogeneous integration. Intel shares dropped in late trading on Wednesday as executives gave the presentation and closed 2.5 percent lower at $49.24. A sign outside the Intel corporate campus in Hillsboro, Oregon, U.S., April 25, 2018. Before this, however, Intel will launch a high-performance 7nm GPU for data centres, AI, and high-performance computing.

Facebook's Potential Settlement With US FTC Criticised by Lawmakers

May 09, 2019

The report refers to individuals acquainted with the discussions who state that in addition to the fact that they are unfit to come to an agreement on the size of the fine, yet "a standout amongst the most hostile propensities all through the negotiations has been how much Mark Zuckerberg , Facebook's CEO, should be held personally responsible for any infringement of the agreement".

Australia's interest rate held at 1.5 pct for 33rd month

May 09, 2019

The Australian dollar rose sharply on the decision climbing to 70.45 US cents from 70.00 USA cents just before the policy announcement. On Tuesday, it acknowledged that consumer prices were "noticeably weaker" than anticipated though they were expected to pick up, albeit gradually.

VW's Tesla attack gets real as electric-car deposits open

May 09, 2019

Starting today , you'll be able to place a deposit of €1,000 down to reserve an electric "ID.3" hatchback for yourself. The ID.3 will be offered in a high-spec First Edition at the start, optioned with a medium-size battery offering a range of 261 miles.

Tariffs Are Much Worse for China Than US and This Is Why

May 09, 2019

That also sounds grave on the surface because of trade war implications. He insisted: "Increasing tariffs is always a dead end and a negative decision for everyone, for the United States, for China, for the eurozone, for Europe and for world growth".

Trump posted more than $1B in losses from 1985 to 1994

May 09, 2019

The Times previously reported that Trump helped "his parents dodge taxes " in the 1990s, including "instances of outright fraud", and that he and his siblings helped his parents hide millions of dollars in gifts in a "sham corporation".

Trump tweets that Workhorse electric truckmaker may take over Ohio GM plant

May 09, 2019

Husted said they would be aggressive to make sure that they play their role to smooth the path for this new company and for the jobs it has the potential to create. Toledo Transmission will expand production of the company's all-new 10-speed automatic transmission for trucks and SUVs. The plant had been in operation for more than 5 decades before it shut down, leaving thousands of workers without jobs.

Ontario Welcomes New Investment at GM Oshawa

May 08, 2019

The automaker will also use 55 acres of the Oshawa property to create a test track for autonomous and advanced technology vehicles. Dias called the agreement "innovative" but admitted it was far from a ideal solution. General Motors will invest $170 million converting the Oshawa, Ontario assembly plant it had meant to close into a parts production facility and autonomous vehicle test track.

Amazon Go opens New York City store that accepts cash

May 08, 2019

The company, facing a backlash from those who believe cashless stores discriminate against the poor, confirmed last month that it was working on a way to accept dollar bills and coins. -ft. store is located next to the World Trade Center. The Amazon Go store today is created to offer a seamless checkout experience. The store will be the first Amazon Go store to accept cash.

Two cruise ships collide in Vancouver port

May 08, 2019

Six staterooms near the rear of Nieuw Amsterdam require repairs which are now underway. VANCOUVER-A cruise ship coming into Canada Place in Vancouver Harbour Saturday collided with another cruise ship. She mentioned that they could see the ship "swinging" and then she heard the ship's staff yelling, "They hit us". "I'm guessing it was part of the rail".

PUBG test build pulled in China, replaced with patriotic alternative

May 08, 2019

The battle royale-style shooter earned its publishers $920 million previous year, but returns haven't been good for Tencent , which licensed a mobile version of the game for China in November 2017. Tencent has been rattled by a Chinese government crackdown on gaming launched past year that has choked off game approvals. AFP was not immediately able to reach Tencent for comment.

Employee wrongdoing: Kraft Heinz to restate 2 years of results after investigation

May 08, 2019

The company's filing to the Securities and Exchange Commission (SEC) also admits the company has identified "several employees in the procurement area engaged in misconduct". The investigation and review required Kraft Heinz to put aside another $US208 million in losses. When reflected over the periods in question, they "are not quantitatively material to any prior year or quarter", it said.

Uber drivers plan strike ahead of IPO

May 08, 2019

Numerous drivers' coalitions were planning actions, including Rideshare Drivers United . In anticipation of a national strike by Uber and Lyft drivers Wednesday, airport officials are reminding local travelers about Logan's other transportation options , such as the Logan Express bus and the MBTA's Blue and Silver lines (the latter of which is free for those departing the airport).

Crypto heist: Hackers steal bitcoins worth $40 million from Binance

May 08, 2019

It impacted our BTC hot wallet only(which contained about 2% of our total BTC holdings). Some users noted that bitcoin bull runs, such as the one that saw BTC reach nearly $6,000 this week, after often stopped in their tracks by major exchange hacks .

Amazon.com shares boosted by the comments of Warren Buffett

May 08, 2019

Mr Buffett spoke before tens of thousands of people in Nebraska, where the Berkshire chairman and chief executive officer and vice-chairman Charlie Munger fielded questions for six hours. That amount, however, is more than the 1.3-billion-dollar buybacks the company made in the second half of 2018. These results illustrate what Buffett has called the "wild and capricious" and, in his view, meaningless swings caused by an accounting rule requiring the reporting of unrealized stock gains with ...

Canadian cyclical stocks take drubbing amid vicious Trump-tweet-led global selloff

May 08, 2019

Stocks took a dive Tuesday morning in North America, amid increased anxiety over the tariff war between China and the U.S. The US and China have raised tariffs on tens of billions of dollars of each other's goods in their dispute over US complaints about Chinese technology ambitions.

Deals, Discounts And Freebies For Teacher Appreciation Week

May 08, 2019

Grimaldi's Pizzeria Teachers get 15% off their order until May 10. A valid school ID is required. During the week, teachers get a free appetizer - like calamari, prosciutto bruschetta, artichoke fritte, and the meatballs - with the purchase of any entrée at Nico Heirloom Kitchen .

Drivers group plans work stoppage at Uber, Lyft

May 08, 2019

While Uber prepares to debut on public markets with a $90 million dollar valuation on the very same day. App-based drivers in New York City are already legally entitled to a minimum wage of about $17 an hour, which is $2 higher than the state's mandated minimum wage of $15 for other employees, to allow for expenses.

Occidental offers more cash in bid for Anadarko | AP business

May 08, 2019

Occidental's new offer to Anadarko is 78 percent cash and 22 percent stock, compared with an even cash/stock split previously. Skipping the shareholder vote will allow for "clarity of closing", which Occidental Chief Executive Vicki Hollub said was why Anadarko board members think Chevron's $33 billion offer was superior to Occidental's $38 billion bid - it would not require a Chevron shareholder vote.

Riot Games employees organize walkout over forced arbitration

May 08, 2019

Standing in a auto park on the Riot Games campus, employees showed off picket signs and gave passionate speeches using megaphones - while others taped over their mouths to demonstrate their voices not being heard. More than 150 employees participated in the walkout on Monday, according to CBS News . But it also reaffirmed that it will not change its policies "while in active litigation".

Walmart launches online pet pharmacy, expands clinics

May 07, 2019

Walmart's new online pet pharmacy will carry medications from over 300 brands for dogs, cats, horses and livestock. Walmart is turning over more spaces across the front of its huge Supercenters to an operator of pet clinics and bringing the service to Dallas-Fort Worth.

Buffett’s Berkshire turns $21bn profit - but Kraft Heinz numbers missing

May 07, 2019

Buffett also said Berkshire did not need to know the reasoning beyond its investments in stocks generally and foreign stocks, saying it might require the disclosure of proprietary strategies or would not be legally required. "You can not have two better operating managers than Greg and Ajit". The company reported first-quarter profit of $21.7bn (£16.5bn) yesterday, compared to a $1.1bn loss this time past year.

Wall Street slides after Fed hints rate cuts unlikely

May 07, 2019

Federal Reserve officials say a cut in base interest rates is unlikely in the coming months due to the robust pace of economic expansion, while further rate hikes are not expected either amid a lack of inflation and low labour participation rate.

Iran Says Will Sell Oil On 'Gray Market'

May 07, 2019

In May past year, the US brought back sanctions on Iran after withdrawing from the Iran nuclear deal which was struck in 2015. "The Islamic Republic of Iran in reaction to the exit of America from the nuclear deal and the bad promises of European countries in carrying out their obligations will restart a part of the nuclear activities which were stopped under the framework of the nuclear deal", the source said.

Wendy's Announces Return Of Spicy Chicken Nuggets

May 07, 2019

Wendy's retweeted Chance the Rapper's tweet Saturday afternoon, writing, "Y'all keep asking, so here's your chance". In "like a day and a half", over 2 million people liked the tweet, prompting the fast food chain to get the ball rolling on bringing the spicy nuggets back.

Chinese reversal prompts Trump to impose new tariff hike as markets fall

May 07, 2019

The trade war formally kicked off in July a year ago with tariffs on $34 billion of Chinese imports , which were followed by tariffs on an extra $16 billion in August and another $200 billion in September. Partly reacting to external headwinds, the US Federal Reserve has put monetary policy tightening on hold with markets now actually forecasting a rate cut this year.

Microsoft Build 2019 Starts Today: How to Watch Livestream, What to Expect

May 06, 2019

Microsoft's main vision keynote will start at 8:30am PT (9pm IST) today. And yes, there's a 90-minute keynote from CEO Satya Nadella , who will take the stage to announce a slew of announcements planned at the yearly developers conference.

Consumer Alert: Beware of One Ring Robocalls

May 06, 2019

If you have received a call like this, file a complaint with the FCC , and check your phone bill for charges you don't recognize. That late-night telephone call you just got that amounted to one ring - don't call back. NY and Arizona have been the latest areas plagued by those robocalls. To fight the problem, Arizona attorney general Mark Brnovich took to Twitter to warn consumers of the problem and give tips on how to fight it.

Global stocks drop after Trump risks ‘full-on’ trade war with China

May 06, 2019

The US officials had previously said that a deal could be reached by Friday. Trump added that an additional $325 billion worth of Chinese goods-the remainder of the total value of Chinese imports into the country-which now don't have duties, will have 25 percent tariffs imposed on them " shortly ".

Tesla plans to raise up to $2 billion in new funding

May 06, 2019

In a March 30 note, the ratings agency wrote that the Model 3, Tesla's lowest-price model, now sells for an average of US$55,000. Tesla Inc today was set to raise up to US$2.7 billion (RM11.2 billion) in a record-setting capital raising for the electric carmaker, as investors scooped up a mix of new stock and convertible notes that will recharge the company's cash-depleted balance sheet.

Hacker steals Github code and demands Bitcoin ransom

May 06, 2019

A new ransom technique is apparently sweeping the software development platform, GitHub , in which hackers scalp code repositories, and threaten creators with either publicizing the code or using it themselves, asking for a (fairly) modest fee for its safe return...

Shopping Links Under YouTube Videos Tested By Google

May 06, 2019

Google recently tested the recommendation feature with YouTube videos utilizing the Nike brand. Clicking on them would take the viewer to the Google Express marketplace to complete the purchase. The recent revenue announcement for physical product sale by the parent company of Google , Alphabet, has indicated at the potential growth in this business.

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