Economy / 29

British Steel seeks Government loan to avert collapse

May 18, 2019

British Steel is seeking emergency funds from the government, blaming politicians' failure to strike a Brexit deal for a crisis that leaves one of the UK's last two steelworks - and 4,500 staff - facing an uncertain future. Sky News, which first revealed the funding request, reported that insolvency experts had been lined up in case it fails to drum up enough capital to stay afloat.

Walmart 'seriously considering' IPO for United Kingdom unit Asda

May 18, 2019

She added that any preparations for IPO would "take years" and that colleagues' primary focus should remain on delivering its strategy to "make you the best Asda you can be". Walmart Inc is mulling an initial public offering for its Asda unit, a listing that that could value the United Kingdom grocer at as much as an estimated 8.5 billion pounds (US$11 billion).

Beyond Meat surges after coffee chain Tim Hortons launches vegan sandwiches

May 18, 2019

Burger King is opening around 100 restaurants per year in Russian Federation, the company said. On Wednesday, Tim Hortons announced that some stores in Canada will test three new breakfast menu items made with the Beyond Meat Breakfast Sausage.

Musk to review all of Tesla's expenses in new cost…

May 18, 2019

The auto drove beneath the trailer, killing the driver, in a crash that is strikingly similar to one that happened on the other side of Florida in 2016 that also involved use of Autopilot. The Delray Beach crash, which remains under investigation by the National Transportation Safety Board and the National Highway Traffic Safety Administration, raises questions about the effectiveness of Autopilot, which uses cameras, long-range radar and computers to detect objects in front of the cars to ...

BC to hold public inquiry into money laundering

May 18, 2019

According to the Government, money laundering has distorted the B.C. economy, fuelled the overdose crisis, and driven up housing prices. The New Democrats, including Horgan, James and Eby, have often said revenue from B.C.'s booming real estate market contributed to consecutive balanced budgets for the former Liberal government.

Tesla Is in Deep Trouble with Solar Power

May 18, 2019

Panasonic manufactures solar cells and assembles panels at the factory for Tesla and others. In its latest quarterly report it said residential customers can now buy solar and energy storage directly from Tesla's website, in standardised increments of capacity.

Tesla updates software after parked auto caught fire in Hong Kong

May 18, 2019

Tesla has yet to determine the cause of the fire in Hong Kong and doesn't yet know if there are any issues with the battery pack. The company said it's acting "out of an abundance of caution", insisting the vehicles are 10 times less likely to experience a blaze than their gas-fueled equivalents.

Banks fined £930m after 'Essex Express' and 'Banana Split' cartels rigged markets

May 18, 2019

Commissioner Margrethe Vestager , in charge of competition policy said: "Companies and people depend on banks to exchange money to carry out transactions in foreign countries". While the USA has won guilty pleas from JPMorgan, Citigroup, RBS and Barclays, three British traders in a group known as "The Cartel" were acquitted by a U.S.

Third fatal Tesla Autopilot crash renews questions about system

May 18, 2019

The NTSB says that their report is only preliminary and that the crash is still under investigation. Neither Autopilot nor the driver attempted evasive maneuvers. As a result, Tesla shorted the time Autopilot issues a warning alert when the driver's hands are off the wheel. The Drive's own Alex Roy has delivered a detailed rebuke in the past on the Model 3's Autopilot interface as to it not being as intuitive as the Model S's and that "Tesla can not solve the Autopilot UI problem fast ...

United States agrees to remove steel, aluminium tariffs on Canada and Mexico

May 18, 2019

Last May, Commerce Secretary Wilbur Ross said the tariffs were necessary to prevent a flood of cheap Chinese steel into the US through its NAFTA partner countries, and conceded they were aimed at accelerating trade talks. The administration argues that US automakers' declining share of the domestic market coupled with foreign trade barriers is eroding USA innovation.

Terrifying video shows woman try to kidnap 4-year-old at McDonald's

May 18, 2019

Los Angeles police arrested Maralyn Ramos , 33, Wednesday night at Agatha Street and San Pedro Street on suspicion of the crimes, KTLA reported. A McDonald's security video shows a woman casually scooping up a 4-year-old boy on Tuesday and calmly walking out of the restaurant with him.

Walmart plans to increase prices due to U.S.-China trade war

May 18, 2019

He said Walmart's merchant teams have been developing strategies to mitigate cost increases and are working with its suppliers to manage prices. Walmart imports 26 percent of the merchandise it sells from China. With competition intensifying with retail giant Amazon ( AMZN ), Walmart announced this week that it will roll out next day delivery without a membership fee for orders of $35 and more.

Taco Bell is opening a luxury hotel and resort - yes, really

May 18, 2019

Opening for a limited time in Palm Springs, California , The Bell: A Taco Bell Hotel and Resort will be an immersive experience created to celebrate and pamper the world's biggest fans of the fast-food chain. Plus, a Taco Bell resort would look great on Instagram . Visitors at the hotel can act as unofficial brand ambassadors on social. The hotel will feature menu items that many consumers may not be aware of, like its breakfast items.

FDA recalls several tattoo inks due to bacteria contamination

May 18, 2019

Commonly reported symptoms of tattoo-ink-associated infections include the appearance of rashes or lesions consisting of red papules in areas where the contaminated ink has been applied. Anyone who think they have an infection should see a medical professional. Some tattoo infections can also result in permanent scarring. Additionally, you can view photos of the following inks here.

Walmart speeds up delivery in race with Amazon

May 16, 2019

However, it is soon going to be made available to customers in California, and the company wants to gradually expand the service to the rest of the country. Free NextDay delivery will be available on a wide range of general merchandise according to Walmart. We're on track to offer Grocery Pickup from 3,100 stores and same-day Grocery Delivery from 1,600 stores by year-end, which will provide coverage to approximately 80% and 50% of the USA population, respectively.

Hyundai, Kia team with Rimac for battery tech

May 16, 2019

And now there is a new update on the brand getting an investment of 80 million Euros from Hyundai and Kia to co-develop high-performance electric vehicles , that are expected to hit production sometime next year. The first project will be an electric version of Hyundai's mid-engined N sports auto - a project that extends back to 2015, with the RM15 - followed by a high performance fuel cell EV.

Uber has a solution for chatty drivers

May 16, 2019

The features are rolling out as part of Uber's new list of 'ride preferences, ' which are expanded controls that are only available during premium rides. Starting today, Uber Black and Uber Black SUV drivers in dozens of USA cities (full list here) will have to come into compliance with new company rules to ensure a consistent experience across the service.

China trade talks will continue, but so will the tariffs

May 16, 2019

This is evident from Liu's continued presence in Washington and China's muted response. "That doesn't sound like much, but if it happens when there's a broader slowdown, it adds to the momentum and can make matters much worse", he says. One of those is over tariffs, Liu said, according to a transcript of the Q&A published by Phoenix, a Hong Kong-based television station that is close to Beijing.

Billionaire Schwartz makes $2.6 billion bet on Canada's WestJet Airlines

May 16, 2019

However, Air Canada, which hatched its own plan to buy Canadian Airlines, made several moves to complicate the Onex bid, including adopting a poison pill created to drive up the price. Regulators still must approve the deal, and a shareholder vote is scheduled for July. Tyerman and other analysts were skeptical the new deal would benefit passengers through lower airfares at a carrier that has posted quarterly profits for 14 years straight, with the exception of one quarter last year.

Impossible Foods raises $300 million as demand for plant-based meat surges

May 15, 2019

Last month, Burger King began a pilot of its Impossible Whopper , a meatless burger made with Impossible Foods' plant-engineered meat the burger chain plans to roll-out across its 7,200 US stores by end of year. Since January, Impossible Foods has recorded growth in every sales category in which it does business - independent restaurants, large restaurant chains such as White Castle and Qdoba, and non-commercial outlets such as theme parks, museums, stadiums, and college campuses.

Stocks Slump, Treasuries Up as Trade Clouds Darken: Markets Wrap

May 15, 2019

Futures on the S&P 500 Index dipped 0.1%. The way that works is not by dumping treasuries, but buying dollars and dumping their own currency in bulk (usually with a horde of foreign exchange reserves), and using the dollars to purchase treasuries.

Hinduja brothers top UK’s Rich List for third time

May 15, 2019

The Reuben brothers snapped up Mayfair's 300-million pounds Burlington Arcade, Shoreditch's Curtain hotel and a 132 million pounds block in Piccadilly. Meanwhile, chemicals firm founder Jim Ratcliffe, who topped last year's list , has slipped to third place. It does not include the amount contained in people's bank accounts.

Jet Airways CEO Vinay Dube quits within hours of CFO leaving

May 15, 2019

Earlier on Tuesday, Amit Agarwal , Chief Financial Officer (CFO) and deputy CEO and, Rahul Taneja , Chief People Officer (CPO) resigned from the beleaguered airline. The airline ceased operations temporarily around mid-April due to acute liquidity crisis. "Few unsolicited offers have also been received which the lenders may deliberate upon subsequently", SBI Capital Markets said.

Markets calm amid hopes for US-China talks

May 15, 2019

China announced on Monday it would raise tariffs on US$60 billion (S$82 billion) in United States exports by next month, responding in kind to President Donald Trump's decision last week to hike duties on hundreds of billions of dollars in Chinese merchandise.

Facebook to Raise Wages for Content Moderators

May 14, 2019

Content reviewers in the Bay Area, New York City and Washington will see an even higher pay boost, to at least $22 per hour. Facebook is raising the minimum wage for some of its US contract workers, with those in the Bay Area seeing a higher increase because of this region's cost of living, the company announced Monday.

Bitcoin soars above $7,000 to hit nine-month high

May 14, 2019

Bitcoin surged more than US$1,000 this weekend to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the NY attorney general's investigation of a key part of the market. Previous year it lost some three-quarters of its value amid tighter regulation across the world. Bitcoin (BTC ), with a market capitalization that now accounts for 59.8 percent of the total cryptocurrency market, jumped 16 percent from its opening price of $6,800 to ...

President Trump warns Iran: Target America and your regime 'will suffer greatly'

May 14, 2019

In our news wrap Monday, three oil tankers were reportedly sabotaged in the Persian Gulf, with suspicions that Iran may have been involved. The UAE foreign ministry has said there were no casualties and the Fujairah port operations were normal.

Jury orders Bayer to pay $2 billion in third Roundup trial

May 14, 2019

The award to Alva and Alberta Pilliod included $1 billion each in punitive damages and $55 million in compensatory damages for economic and non-economic losses for their non-Hodgkin's lymphoma. Alva Pilliod and wife Alberta of Livermore, both in their 70s , were diagnosed with non-Hodgkin's lymphoma in 2011 and 2015, respectively. Hardeman's lawyers said the elderly man developed non-Hodgkin's lymphoma after using Roundup to spray his properties for nearly three decades.

China to impose tariffs on $60 billion of USA goods

May 14, 2019

Chipmakers were among the biggest decliners. Apple also took heavy losses, tumbling 5.8%. Bank of America strategist Athanasios Vamvakidis said: "This is a clear escalation of trade tensions in our view, and against our baseline that cool heads would prevail and the worst would be avoided".

Trump says trade deal with China was 95 percent done

May 14, 2019

Pressed by Fox News' Chris Wallace , Kudlow appeared to contradict Trump's recently adopted mantra that an increase in tariffs on Chinese goods is entirely beneficial to the US. Also on rt.com Better act NOW! The potential tax is a direct response to China's decision to impose a 25% tariff on $60 billion of American-made products last Friday.

Amazon offers to help employees start delivery business

May 14, 2019

The new employee incentive is part of a program Amazon started a year ago that let anyone apply to launch an independent Amazon delivery business and provided $10,000 in reimbursements to military veterans. "You've got to find 20 to 40 fit and responsible individuals with good driving records to operate your vans, do background checks and process employment paperwork and then manage the mind-boggling job of scheduling not only their time , but the delivery of thousands of packages per ...

Elon Musk faces trial after calling British diver a paedophile

May 13, 2019

While Unsworth put together a team of United Kingdom cave divers who helped free the boys trapped by rising water levels in a cave in July a year ago, Musk's Tesla engineers built a small submarine and sent it to Thailand to assist in a rescue effort .

Facebook Argues Against Breaking Up Facebook

May 13, 2019

Facebook's vice president for global affairs, Nick Clegg has now responded with an op-ed of his own, stating that Facebook's size isn't the problem and that the social media giant's success as a platform can not be punished by breaking it up.

White House expects China to retaliate over trade tariffs

May 13, 2019

Global equities tumbled, with MSCI's gauge of stocks across the world on pace for its biggest one-day drop of 2019. Chinese yuan fell to its lowest in more than four months to 6.88RMB to the dollar. Tariffs will be imposed on 5,140 U.S. products with an annual value of about $60bn (£46bn) from 1 June, the Chinese finance ministry said on Monday.

Supreme Court rules that consumers can sue Apple for App Store practices

May 13, 2019

Apple's store is far from the only one that takes a cut from developers. Apple shares were trading down $10 at 187.04 by midday. He also addressed Apple's claim that they do not set app prices by pointing out that the company's practice of charging app developers $99 per year plus 30 percent of sales indeed affects pricing.

Trump warns China: Deal now or it will be far worse

May 13, 2019

White House economic adviser Larry Kudlow clarified that China does not "pay" tariffs imposed by the United States on billions of dollars of imported goods, but said "both sides will suffer". There are many other sources of tension ripe for flare-ups: US military aid to self-ruled Taiwan, Chinese territorial claims in the disputed South China Sea, US criticism of Beijing's Belt and Road global infrastructure programme, and US security warnings against Chinese telecom champion Huawei.

United Kingdom economic growth rises due to manufacturing push

May 13, 2019

Meanwhile, manufacturing increased by 1.5% in January, but by only 0.9% in March. Inventories were also a contributing factor, as some businesses stockpiled parts due to concerns over supply disruption if the United Kingdom crashed out of the European Union without a deal.

Clouds over Tata Steel UK plant after merger collapse

May 13, 2019

Having shelved the merger plans and ruled out offering more concessions to Brussels in order to get a green light, Thyssenkrupp said it was now aiming for a stock market listing of its elevators business. The merger would have created Europe's largest steel maker and was meant to cut costs, giving the combined company a better chance of competing with cut-price global rivals.

Symantec CEO Greg Clark resigned amid sales drop

May 13, 2019

Mr. Clark, who has served as CEO since Symantec's acquisition of Blue Coat in 2016, said, "It has been a privilege to lead this great organization and I am proud of all that the team has accomplished in almost three years". Hill said that last October, he began to work as an adviser to Clark as well as Symantec's board. Following the executive changes, the size of Symantec's board has decreased from 13 to 12 members, including 11 independent members.

Dogfish Head Merges With Boston Beer Co

May 13, 2019

It also looks like Dogfish Head fans need not worry about the brand suffering any local fallout. "By joining forces we'll be able to successfully compete while retaining our position and leadership within the indie craft market, alongside our 7500-ish fellow American small brewers", the joint letter continued.

South Shore Recalls Dresser Linked to Child's Death

May 13, 2019

One fatality has been reported. One resulted in the death of a two-year-old child, while the other resulted in a child receiving minor injuries such as bruises and scratches. Some of the chests were part of a three-piece set. However, only the three-drawer chests are included in the recall. The company urged consumers to immediately stop using any chests that were not "properly anchored to the wall" and place them in areas where children can not access them.

Uber's hype dissolves and IPO joins ranks of Wall Street flops

May 13, 2019

By noon, it was trading at $44.63. The stock earlier dropped as much as 8.8% to $41.06 as US equities extended losses, with the S&P 500 poised for its biggest weekly drop this year. It's now his job to make good on that promise, guiding the company to growth in new markets and its current ones, and building competitive advantages that eventually generate significant profits.

First Patents Surface for Dyson Electric Car Planned for 2021

May 12, 2019

The aim is the vehicle is suitable for both "city and rough terrain". The side profile shows a three-row vehicle that has lower-slung crossover proportions - or a slightly more rakish Chrysler Pacifica Hybrid minivan without the sliding doors.

Mother's day freebies, deals for 2019: Free coffee, frozen yogurt, meals, more

May 12, 2019

Her presence is a blessing which everyone should be thankful for it. A kind gesture can do wonders. This Mother's Day , make the day magical one for your mom and tell her that she is the most attractive lady on earth and her presence really matters a lot in your life.

Chevron Walks Away From Anadarko Deal With $1 Billion Breakup Fee

May 12, 2019

Instead Chevron will receive the deal's $1 billion breakup fee, a fee that Oxy will pay if it completes the merger. Chevron said it plans to use those funds for share repurchases. "We are the right acquirer ... because we can get the most out of the shale". It would make Occidental the third-largest USA oil company with a market value of about $80 billion, dwarfed only by global giants Exxon Mobil and Chevron.

Shaving-industry disruptor Harry's to be purchased by owner of Schick

May 12, 2019

Harry's founders, Andy Katz-Mayfield and Jeff Raider, will become co-presidents of Edgewell's USA operations when the deal closes, probably in early 2020. The company also use Edgewell's global scale and infrastructure to introduce Harry's brands into new markets. Their direct-to-consumer models allowed both brands to build a sense of intimacy with customers that traditional brands struggled to replicate, taking years to develop their own direct-to-consumer sites.

China talks stop, U.S. raises tariffs

May 12, 2019

He vowed to impose the mammoth tariffs on all remaining imports from China after a major fallout between the two countries. Major U.S. stock indexes, which had fallen sharply through the week as investors anxious that the 10-month-old trade war could spiral out of control, reversed course to close higher on Friday after Mnuchin said the trade talks were "constructive".

Nike's plan for better-fitting kicks: Show us your feet | AP business

May 12, 2019

The company says it'll integrate this into its app as a primary feature for measuring shoes , and that it'll use it at its retail stores as well. The world's largest sneaker company is launching Nike Fit , an addition to its app that lets customers scan their feet at home and provides their proper size in various models.

Donald Trump hikes tariffs on Chinese imports, as 'congenial' talks resume

May 12, 2019

China's Vice Premier Liu He gestures to U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer outside the office of the U.S. There were too many other factors at play in the 19th century that could have been more important, from slavery in the U.S. providing farmers with free labour to Britain's burgeoning empire, which became so costly to maintain.

McDonald's is bringing hits from its global menu to the United States

May 11, 2019

This item is being brought back to U.S. McDonald's menus after a successful trial run, according to McDonald's. In spite of the fact that the new items - which are from the Netherlands, Spain, Canada and Australia - may appear to be new, they're really not excessively not quite the same as what McDonald's now serves, noted Sam Oches.

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