Economy / 32

China-US Trade War: How do the tariffs work?

May 23, 2019

A subsequent round of talks ended with no movement as U.S. President Donald Trump increased tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports and threatened to impose duties on all remaining Chinese goods sold in the United States .

Natura agrees to buy Avon, creating cosmetics powerhouse

May 23, 2019

Natura shareholders will own approximately 76 percent of the combined company while Avon common shareholders will own approximately 24 percent. That values Avon's equity at around $2 billion, representing a 28% premium over its closing share price on May 21.

Japan's Panasonic Suspends Transactions With China's Huawei

May 23, 2019

The news comes just hours after two Japanese carriers postponed the release of Huawei handsets, due to take place later this week, to allow them time to "confirm if our customers will be able to use the equipment with a sense of safety ". The US government has long suspected deep links between Huawei and the Chinese military, and its moves against the company come amid the churning trade dispute between the world's top two economies.

British Steel collapses, threatening thousands of jobs

May 23, 2019

The Official Receiver said British Steel Ltd had been wound up in the High Court and the immediate priority was to continue safe operation of its sites in Scunthorpe and Teesside. It also calls into question the fate of Britain's largest steelworks in Port Talbot, Wales, owned by Tata Steel . Making steel profitably is particularly hard in Britain, where steelmakers pay some of the highest green taxes and energy costs in the world and are saddled with high labor costs and business rates.

M&S announces plans to close another 110 stores as profits tumble

May 23, 2019

Clothing and home like-for-like sales fell 1.3% in M&S's fourth quarter, while food sales were down 1.5% on the same basis. It has also announced a slump in like-for-like sales at its food halls by 2.3%. "It'll be open 24/7 providing customers with a selected range of Marks & Spencer's high quality fresh, innovative food alongside the best of BP fuels and our very own Wild Bean Café".

Forex - Aussie Dollar Slips After RBA Minutes; US Dollar Near Flat

May 23, 2019

Market watchers expect RBA to cut rates by 25 basis points, bringing the official cash rate from 1.5% to 1.25%. The next meeting is expected to happen on June 4. "Stronger growth in income will help, but the more important factor is some tax relief", Lowe said. The Bank may choose to persist with overly optimistic forecasts but will need to ease again to emphasise its inflation targeting credentials.

China's top airlines seek 737 MAX compensation - Air China Limited (OTCMKTS:AIRYY)

May 23, 2019

Now the FAA is seeking to regain the confidence of its peers and its leadership position in aviation safety. The FAA said it is "still under review". Among the preconditions for doing that are that Boeing's design changes are approved by the European agency and that pilots are "adequately trained", according to the Financial Times.

NAB switches on Apple Pay - Finance - Software

May 23, 2019

Apple Pay gives iPhone owners the ability to make contactless payments from their NAB credit and debit cards. " We're continuing to listen to customer feedback and take action to become the bank our customers want ", Ms Slade said. At the beginning of May, when iTWire asked NAB whether it had any plans to offer Apple Pay , the bank was unwilling to give an indication either way.

Tuesday night's Mega Millions drawing worth $367 million, no victor selected

May 22, 2019

The estimated jackpot for the drawing is $367 million. The lucky victor walked off with the entire $ 50 million (approximately R719.9 million) jackpot amount - though the actual winnings were less as the victor needed to factor in federal and state-level tax obligations.

Huawei puts Honor above Android at new smartphone launch

May 22, 2019

Microsoft is yet to make a statement either way, but given that Google was forced to suspend licensing Android to Huawei , it's quite likely that Microsoft will be in the same boat and will need to stop issuing Windows licences. Despite the Google ban, Huawei said Tuesday that its latest smartphone, the Honor Pro 20, will use Android . Music Magpie notes that the trade-ins were at their biggest around 1 PM BST, at which point Huawei devices were being traded into the site more than ...

Chevy cars won't let teen drivers start driving until they buckle up

May 22, 2019

Embedded in Chevy's Teen Driver system, the new function advises minors to buckle up every time they get behind the wheel. The radio is muted until both the driver and passenger are wearing seatbelts. Chevy does have a compelling reason to add the feature. You'd think we wouldn't need this, but the Centre for Disease Control (CDC) says the majority of teens involved in fatal auto crashes in the USA weren't wearing seatbelts.

Politicized ban on Huawei shows United States losing spirit of openness

May 22, 2019

The order to US companies could affect tens of millions of consumers in Europe, its biggest market outside mainland China. For now, Huawei has been granted a 90-day extension to provide software updates to Android-powered handsets and maintain "continued operation of existing networks and equipment".

ARM Cuts Off Huawei in Devastating Move

May 22, 2019

This has led ARM to believe that working with Huawei would see it breach USA trade regulations. Britain's biggest technology firm Arm Holdings appears to be cutting ties because of United States president Donald Trump's curbs on American firms doing business with the Chinese telecoms company.

EE announces date when ultrafast 5G mobile will launch in Devon

May 22, 2019

EE will be the first United Kingdom network to introduce 5G, it confirmed today, as it is set to roll out the new technology to cities from 30 May. The first devices EE will offer on its 5G plans include the OnePlus 7 Pro , the Samsung Galaxy S10 , the Oppo Reno 5G, the LG V50 ThinQ, a 5G home router and an HTC Wi-Fi device.

Morgan Stanley Sees Tesla Stock Price At Just $10 In 'Bear Case'

May 22, 2019

Tesla is the second-most shorted US stock, trailing only Apple . Prices of the company's debt also continued to sink. As with previous price adjustments, Tesla said in a statement that like other vehicle companies it periodically adjusts prices and available options.

McDonald's Faces 25 Sexual Harassment Complaints Led By #MeToo Movement

May 22, 2019

Of course, this issue isn't exclusively found in Hollywood but in every industry across the world including the world of fast food. Lakshmi spoke to a crowd of McDonald's workers on Tuesday at the company's headquarters in Chicago about sexual harassment .

China Eastern seeks payout from Boeing over 737 MAX

May 22, 2019

The group's full year profits have fallen 29% to 1.02 billion euros (£890 million). And while revenues at the low-priced operator increased six per cent to £6.6 billion over the last 12 months, shares have dropped 4.4 per cent to 10.33 euros.

US Postal Service Begins Testing Self-Driving Trucks

May 22, 2019

Self-driving trucks could save hundreds of millions by eliminating human drivers and the hours-of-service rules that keep them from driving round the clock. Long-haul highway routes are the logical starting point for autonomous big rigs since they are typically less complicated, traffic-wise, than intercity lanes.

Japan's economy expands for 2nd straight quarter

May 22, 2019

Also, exports suffered the biggest fall since 2015 and both private consumption and capital expenditure fell in the first quarter. It followed a revised 1.6 per cent expansion in April-June. AFTER months of speculation that Japan's government could postpone an impending sales tax hike to avoid damaging the economy, it appeared set to go ahead with the move thanks to stronger-than-expected growth data released today.

Blame US Politicians, Not Companies, Huawei Founder Says, Dismissing Blind Nationalism

May 22, 2019

Huawei said it will continue to provide security updates and after sales services to all existing Huawei and Honor smartphone and tablet products covering those which have been sold or is still in stock globally. But Google also said it will continue offering services to current users. If you own a Huawei device, you may no longer be able to access updates from Google as well as access to the latter's proprietary apps and services.

US Delays Huawei Ban For 90 Days

May 22, 2019

The Wall Street Journal reported that Huawei CEO Ren Zhengfei says the TGL is "not a very big deal" and says that Huawei was prepared for this conflict. broadband companies and wireless customers using Huawei equipment. The temporary licence suggests changes to Huawei's supply chain may have immediate, far-reaching and unintended consequences for its customers.

Little Caesars testing Impossible Foods' meatless sausage on pizza

May 22, 2019

If the test goes well, Detroit-based Little Caesars could expand availability nationwide. "Both the Impossible Sausage and the Impossible Burger are unique in that our technology allows us to understand how different plant-based ingredients, when combined and when cooked, can transform", Lee said.

China rebuffs Trump claim USA tariffs are making firms leave

May 22, 2019

Major footwear brands like Nike, adidas , ASICS, Converse, Reebok, PUMA and many others have co-signed an open letter to President Donald Trump that describes recently proposed additional footwear tariffs as "catastrophic for our consumers, our companies, and the American economy as a whole".

Morrison set to win parliament majority

May 22, 2019

Its leader, Bill Shorten said he would step down. Pre-election opinion polls had suggested that the coalition would lose its bid for a third three-year term, and that Morrison would have had one of the shortest tenures as prime minister in the 118-year history of the Australian federation.

Huawei Will Always Need US Chips: Huawei CEO

May 21, 2019

Adding to its U.S. troubles on Thursday, the U.S. Commerce Department placed Huawei and 68 entities to an export blacklist, making it almost impossible for those listed to purchase goods made in the United States. The Commerce Department said it will evaluate whether to extend the exemptions beyond 90 days. Huawei Australia on Tuesday moved to assure its regional customers that U.S.

New Coke is making a comeback thanks to Stranger Things

May 21, 2019

The companies announced the venture on Tuesday, May 21, 2019. Stranger Things creators The Duffer Brothers directed a new trailer for the Netflix series that doubles as a commercial for the drink and will be played in select movie theaters starting May 24.

Dressbarn closing all stores; Duluth store affected

May 21, 2019

Dressbarn is planning to close all of its stores across the country, including its stores across Kansas and in Salina. Ascena's shares, which have more than halved this year, were up about 3 percent in extended trading. Dressbarn's 26 stores in MI are located in Allen Park, Ann Arbor, Auburn Hills, Birch Run, Byron Center, Canton, Chesterfield Township, Detroit, Farmington, Grandville, Green Oak Township, Howell, Lansing, Livonia, Novi, Rochester Hills, Shelby Township, Southfield, Troy, ...

Lotto bosses reveal winning €6.1 million ticket was sold in Louth

May 21, 2019

The ticket holder matched five of the six winning numbers plus the bonus to claim $68,827, as did two tickets purchased in Quebec. The winning numbers from the live Lotto draw on Saturday, 18 May, can be found below. This is the fourth Lotto jackpot to be won so far this year and amazingly, the second won in "The Wee County". Anyone who bought a ticket in the Tesco Extra in Drogheda is now being urged to check their tickets.

Jamie Oliver's United Kingdom restaurant chain collapses into insolvency

May 21, 2019

A Jamie Oliver Group spokesperson said: "The board of Jamie's Italian Limited has appointed Will Wright and Mark Orton of KPMG to put its UK-based restaurant business into administration". Last year, the chain was only saved from bankruptcy by a last-minute £13m injection of cash from Oliver, part of nearly £17m of new funding provided to keep the restaurants afloat.

Tata Motors profits fall 47% amid Jaguar Land Rover China slowdown

May 21, 2019

Jaguar Land Rover has previous announced 4,500 job cuts. The result was ahead of the 3.38 billion rupees average of 10 analyst estimates compiled by Refinitiv IBES, but was still lower than 21.25 billion rupees a year earlier. Nevertheless, the yearly loss is more bad news for British vehicle manufacturing, which has suffered a number of crushing blows in recent months, with Japanese giants Nissan and Honda both announcing plans to abandon the United Kingdom in February.

Manchester airport flights delayed by refuelling power failure

May 21, 2019

A power cut at Manchester airport led to chaos and stopped aircraft from being refuelled yesterday, leaving 13,000 passengers stranded. Most outbound planes were unable to take off because they did not have enough fuel to reach their destinations.

Impossible Foods new fake-meat sausage arrives on Little Caesars pizza

May 21, 2019

Impossible's sausage is made in the same way as its burger. In fact, it cooked up more than 50 different varieties of sausage for Little Caesars to choose from. "It feels like we're at that tipping point", Gleich said. Lee said the key difference between Impossible's meatless products and that of its competition is the use of the iron-rich molecule heme, which contributes to the blood-red color, elevates taste, and "creates authentic craveability in the meat eater".

Google pulls Android support for Huawei

May 21, 2019

Existing Huawei phone users needn't worry, as they'll still receive updates and continue to use the apps and services available to them. Owners of current Huawei smartphones with Google apps, however, will continue to be able to use and download app updates, a Google spokesperson said.

FCC, Sprint, T-Mobile to announce agreement on deal

May 20, 2019

Pai's statement on the merger said he's approving it in large part because T-Mobile and Sprint "committed to deploying a 5G network that would cover 97 percent of our nation's population within three years of the closing of the merger and 99 percent of Americans within six years".

Trade War: China Doubles Down on Anti-US Sentiments

May 20, 2019

The trade war with the United States will only make China stronger and will never bring the country to its knees, the Communist Party's People's Daily wrote in a front page commentary that evoked the patriotic spirit of past wars . President Donald Trump dramatically raised the stakes with a potentially devastating blow to Chinese tech giant Huawei. Trump took the step after China soured the negotiations by seeking major changes to a deal that USA officials said had been largely agreed.

Modi set to return to power: Exit polls

May 20, 2019

With most exit polls forecasting another term for Prime Minister Narendra Modi and the BJP nearly sweeping Karnataka in the Lok Sabha polls, chief minister H D Kumaraswamy Monday expressed concerns over the vulnerability of the Electronic Voting Machines (EVMs).

Bitcoin price could hit $100K USD/BTC soon says analyst

May 20, 2019

The significant increase in the price of Ethereum has steered more bullish Ethereum news today that could drive Ethereum price towards the $300 mark in the coming days. Last year, Ethereum co-founder Joseph Lubin put his money where his mouth is staking $500k in a bet on the future of Ethereum dApps. They made the bet at Consensus 2019 and this increased the buzz around Ethereum .

$61.42 Million in Sales Expected for Aurora Cannabis Inc (ACB) This Quarter

May 20, 2019

As a result, production volume increased by 99% to 15,590 kgs, up 1,200% year-over-year. Carroll Financial Associates Inc. bought a new stake in Aurora Cannabis during the 1st quarter worth approximately $27,000. The stock presently has an average rating of " Buy " and an average target price of $10.25. Aurora Cannabis stock opened at $9.06 on Wednesday.

Deliveroo Raises US$575M Funding In Series G Round Led By Amazon

May 20, 2019

Amazon has signalled its growing ambitions in food with Prime Now, which offers deliveries to major British cities within two hours. The move has been interpreted by some as an obvious challenge to Uber , one of the most dominant players in online food delivery .

EasyJet says fares to drop in 2nd half

May 20, 2019

British low-priced airline EasyJet said Friday that first-half net losses more than quadrupled due to "tough" market conditions and high fuel costs. The £275m loss is a lot higher than the £18m figure it reported a year ago, and could explain why the airline's share price has dropped over 35% in that time, but this year's number was always going to compare unfavourably to last year.

Trims Metro Bank (MTRO) Target Price to GBX 460

May 20, 2019

The top 15 shareholder said it had "long standing concerns" over the bank and would vote against Hill and a number of other directors over independence concerns as well as members of its audit committee. Sources said criminal action was unlikely, but it casts another shadow over the bank ahead of Tuesday's AGM. Metro Bank has promised to end its controversial relationship with founder Vernon Hill's wife by the end of next year following growing criticism about payments made to her design firm.

U.S. says it may scale back some Huawei trade restrictions

May 20, 2019

In a related development, Huawei founder and chief executive Ren Zhengfei said on Saturday that the United States moves would hit the company's growth, but not by much. Foreign ministry spokesman Lu Kang, asked if China had invited US officials for more talks, said China always advocated resolving disputes through dialogue.

Baidu quarterly revenue rises 15.4%

May 20, 2019

The company saw its online marketing revenue grow by just 3% as it deals with competition from younger players like Bytedance, which operates competing video and news feed products. The company singled out an expensive Lunar New Year marketing campaign conducted with China's state TV broadcaster that Baidu said "dampened" quarterly margins.

Starbucks Rival Luckin Coffee Surges After IPO

May 20, 2019

The pricing values Luckin , which is challenging Starbucks in the China market, at about US$4.2 billion. Daniela Wei reports on " Bloomberg Daybreak: Asia". IPOs so far this year, down sharply from $3.7 billion in the same period in 2017, Refinitiv data showed. Like many other young startups chasing growth, Luckin has yet to turn a profit.

U.S. issues warning on airspace near Gulf as Iran tensions simmer

May 20, 2019

President Donald Trump has bolstered economic sanctions and built up USA military presence in the region, accusing Iran of threats to United States troops and interests. "The practical step is quite clear: economic relations with Iran should be normalized". Trump agreed with critics of the deal that it didn't address Tehran's work on ballistic missiles or its support of militant groups around the region.

Uber introduces "Quiet Driver Mode"

May 20, 2019

But the one that is gaining the most amount of applause is the one that allows premium riders to choose an " extended pickup period " which is for those times when you are not ready to be picked up and do not want to be charged either. By adding more functions to control drivers as if they were merely extensions of the vehicle, we're further dehumanising them, and that doesn't bode well for humanity.

Morehouse College commencement speaker pledges to pay class of 2019 student debt

May 20, 2019

He spoke about his neighborhood in northeast Denver, across the street from City Park, and the experience as a child attending a newly desegregated school. The way the reaction builds as what he just said really sinks is truly awesome. "We all cried. In the moment it was like a burden had been taken off", he said.

Manchester Airport latest: Fuel issues at airport resolved - flights set to resume

May 20, 2019

The airport is still open, but it is urging travelers to check with their specific airlines to check on the status of their flights. The spokesman said: "Due to a power issue this afternoon there is now an issue with the fuel supply at the airport".

Ohio's April unemployment rate drops to 18-year low of 4.3 percent

May 20, 2019

That's up one-tenth of a percent from March, but it's still below the rate from a year before of 4.1 percent. Jobs in manufacturing increased by 3,700, gains being in both durable and nondurable goods. Only Wisconsin and Minnesota have lower unemployment rates in the Midwest at 2.8 percent and 3.3 percent, respectively. As Utah's economy continues to flourish, it again ranked No.

Berkshire Hathaway (BRK.A) Lifted to B

May 18, 2019

BRK-B has a market cap of $500745.56M. Investors draw valued insights from Berkshire's 13F filing. This ranking was developed by James O'Shaughnessy using six different valuation ratios including price to book value, price to sales, EBITDA to EV, price to cash flow, price to earnings, and shareholder yield.

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