Business


Saudi, Iran brace for tense OPEC meet over oil supply Saudi, Iran brace for tense OPEC meet over oil supply
- June 21, 2018

According to the EIA, U.S. crude inventories fell by 5.9 million barrels in the week-ending June 15, traders were looking for a draw of 2.1 million barrels. In a sign of strong demand, USA refineries processed a seasonal record of 17.7 million barrels per day (bpd) of crude oil last week, according to data from the Energy Information Administration (EIA) said on Wednesday. (more...)
Telstra wholesale mobile customers hit by vendor platform issue Telstra wholesale mobile customers hit by vendor platform issue
- June 21, 2018

The outage, which is affecting 3G and 4G users nationwide, is affecting Telstra customers in most of the country's capital cities. The latest problem comes less than 24 hours before Mr Penn fronts investors in Sydney at the company's annual strategy briefing day. (more...)
Telstra to axe 8000 jobs over four years Telstra to axe 8000 jobs over four years
- June 21, 2018

The cuts come less than a month after Telstra warned that its 2017/18 earnings would likely be at the bottom of its guidance range of $10.1 billion to $10.6 billion, blaming increasing competition in mobile and fixed broadband , and rising costs from the NBN. (more...)
European Union retaliates against Trump’s metal tariffs
- June 21, 2018

The EU countermeasures cover a total of around 200 categories of USA products also including various types of corn, rice, orange juice, cigarettes, cigars, t-shirts, cosmetics, boats and steel. Ms Malmstrom insisted the EU's measures were "measured, proportionate" and in line with World Trade Organisation rules. "Needless to say, if the U.S. (more...)
EU says it will start to impose tariffs on US on Friday
- June 21, 2018

On March 1, President Donald Trump announced that the United States would be imposing a 25 percent global tariff on all steel imports to the US and a 10 percent global tariff on all aluminum imports. The higher tariffs had previously been registered with the World Trade Organization (WTO ). He said a global solution is need to stop China from shipping its steel through other countries to get around tariffs that the United States has already put into place. (more...)
Chief economic adviser Arvind Subramanian to return to US: Arun Jaitley
- June 20, 2018

In his Facebook note titled "Thank you Arvind", Jaitley said Subrmanian had been "torn between family commitment and his current job" when he had requested him to continue at the post previous year. In 2015, he introduced the phrase "JAM"-Jan Dhan, Aadhaar, Mobile-to the Indian policy lexicon". Jaitley also heaped praises on Subramanian for coming out with newer ideas and policy reforms in the sectors of clothing, fertilizers, kerosene, power and pulses. (more...)
Amazon Alexa is coming to hotels, vacation rentals, and other hospitality locations Amazon Alexa is coming to hotels, vacation rentals, and other hospitality locations
- June 20, 2018

If you do already use Alexa , sometime in the future you'll be able to sign in to Alexa for hospitality with your existing Amazon account to play music or listen to audiobooks, and Amazon said you'll automatically be signed out when you check out of the hotel. (more...)
Starbucks lowers profit forecast, speeds closures of poorly performing stores Starbucks lowers profit forecast, speeds closures of poorly performing stores
- June 20, 2018

Starbucks said it traditionally closes about 50 underperforming locations annually. The company made the announcement after lowering its guidancefor comparable same-store sales growth in the current quarter to just 1%, well below the 2.9% expected by analysts. (more...)
Fox set to decide on Comcast’s $65-billion cash bid Fox set to decide on Comcast’s $65-billion cash bid
- June 20, 2018

Disney has boosted its offer for 21st Century Fox to more than $71bn in a bid to knock rival Comcast out of the battle to buy the bulk of Rupert Murdoch's entertainment empire. The deal would include Fox film and TV studios, some cable networks and worldwide assets, but not Fox News Channel or the Fox television network. "We remain convinced that the combination of 21CF's iconic assets, brands and franchises with Disney's will create one of the greatest, most innovative companies in the ... (more...)
The burgeoning US-China trade war has entered a new phase
- June 20, 2018

Washington's dispute with China is part of broader USA complaints about global trading conditions that have prompted Trump to raise duties on steel, aluminum, washing machines or solar panels from Canada, Europe, Japan and South Korea. The People's Bank of China is using both money and words to try to ease market concerns about escalating trade tensions and the weakening economy. Among individual companies, Colgate-Palmolive jumped 1.1 per cent after announcing a new share repurchase ... (more...)
Hackers hit South Korean cryptocurrency exchange Bithumb, bitcoin falls Hackers hit South Korean cryptocurrency exchange Bithumb, bitcoin falls
- June 20, 2018

Days prior to the hack, Bithumb said on Twitter that it was "transferring all of asset to the cold wallet to build up the security system and upgrade" its database. On the Luxembourg-based Bitstamp, bitcoin was down 1.8 percent at $6,612.92 by 0351 GMT, extending losses as a series of intrusions on cryptocurrency exchanges in recent weeks sparked concerns over security. (more...)
Australian telecom giant Telstra is slashing 8,000 jobs
- June 20, 2018

The shock announcement comes as the union is bargaining for a new enterprise agreement to cover Telstra staff. In the future our workforce will be a smaller, knowledge-based one with a structure and a way of working that is agile enough to deal with rapid change. (more...)
Mice launch surgical strike on an SBI ATM in Assam Mice launch surgical strike on an SBI ATM in Assam
- June 20, 2018

The ATM at Laipuli had been filled with notes worth Rs. 29L on May 19, officials said. Technicians who arrived to fix a malfunctioning cash machine in the Indian state of Assam got a shock when they opened it up. "Whenever an ATM fails, a signal is sent to hub or switch and maintenance is dispatched immediately so that the down time, the period for which an ATM remains non-operational, is minimum". (more...)
Microsoft urges Trump administration to change its policy separating families at border Microsoft urges Trump administration to change its policy separating families at border
- June 20, 2018

Over the weekend, a blog post from January resurfaced , in which Microsoft said it is "proud to support" ICE and that Microsoft's technology can help the agency "accelerate facial recognition and identification". In the letter, Microsoft employees say that doesn't go far enough. Firstly, the company has faced severe backlash on social media from groups disagreeing with the policy. (more...)
Berlin, Paris agree on eurozone budget, Merkel says after talks with Macron Berlin, Paris agree on eurozone budget, Merkel says after talks with Macron
- June 20, 2018

Merkel , widely viewed as a leader of liberal forces in Europe , is insisting on finding a wider European solution for the issue of immigration . Even with a sharp decline in the numbers crossing to Europe over the Mediterranean, migration has surged to the top of the political agenda, with the proliferation of unilateral measures fraying the bonds of European Union unity. (more...)
Canada's duties force shoppers to smuggle, Trump wrongly accuses
- June 20, 2018

Canadians do not pay duties on US -made goods when they bring them back to Canada; they merely pay the harmonized sales tax or goods and services tax. "It's not easy but we're getting there", the president said. 'We can no longer be the stupid country. "We want to be the smart country". Freeland said Canada was working on a response that was "firm, clear and resolute" like its response to the steel and aluminum tariffs. (more...)
UK paper straw factory to open UK paper straw factory to open
- June 20, 2018

The news comes after the company announced it would adopt paper straws at all of its United Kingdom locations this year, reports USA Today . McDonald's said that plastic straws would still be available "for those that require it", but they will be kept behind the counter. (more...)
President Trump threatens new tariffs on $200 billion in Chinese imports President Trump threatens new tariffs on $200 billion in Chinese imports
- June 19, 2018

China sent us $505 billion in goods previous year. The latest round of tariffs would nearly definitely put the USA into all-out trade war against China. "This is unacceptable ", Trump said. Those comments came a day after US Secretary of State Mike Pompeo described Beijing's trade practices as "predatory economics 101" and its rhetoric on openness and globalisation as "a joke". (more...)
Controversial Dunkin' Donuts sign causes social media uproar Controversial Dunkin' Donuts sign causes social media uproar
- June 19, 2018

Dunkin' Donuts released a statement indicating the general manger posted the sign "based on her own personal judgement" to address "customer service and satisfaction", according to reports. If this story from your Baltimore store is true, I will NEVER buy a dunking donuts product again. 'Please do something about this and this store's general manager. (more...)
Rupert Murdoch must increase Sky News budget to £100m Rupert Murdoch must increase Sky News budget to £100m
- June 19, 2018

Fox has agreed to sell the bulk of its assets, including its Sky stake, to Disney in a $52.4bn (£39bn) deal. The battle for Fox's assets includes its movie and TV studios, certain TV networks such as FX and National Geographic, Fox's regional sports networks, certain global properties, as well as Fox's current stake in Sky and Hulu. (more...)
Tesla CEO Elon Musk emails staff alleging employee 'sabotage' Tesla CEO Elon Musk emails staff alleging employee 'sabotage'
- June 19, 2018

But in a separate email to staff, sent just after 9:30 a.m. on June 18, Musk branded the event "another odd incident that was hard to explain" and advised all staff to "be on the alert for anything not in the best interests" of the company. (more...)
Theranos founder Elizabeth Holmes charged with wire fraud Theranos founder Elizabeth Holmes charged with wire fraud
- June 19, 2018

Last March, the SEC charged Holmes with widespread fraud, accusing her of exaggerating - even lying - about her technology while raising $ 700 million from investors . The founder of United States tech unicorn Theranos has been hit with criminal charges for her role in a multi-million dollar scheme to defraud investors. (more...)
Trump targets another $200 billion in China imports with tariffs Trump targets another $200 billion in China imports with tariffs
- June 19, 2018

Trump is ratcheting up the pressure on China as he's trying to convince USA lawmakers to let Chinese telecom company ZTE Corp. remain in business. "At the president's direction, USTR is preparing the proposed tariffs to offset China's action". The planned new wave of tariffs would have to go through the same process of public consultation and comment before taking effect. (more...)
Amazon Prime launches in Australia
- June 19, 2018

A Prime membership will also give users access to Amazon's "Prime Originals", an online streaming service with features such as the Top Gear re-boot The Grand Tour , in an effort to muscle in on the market created by Netflix and Stan. Prime expedited delivery reaches almost 90% of Australians in two business days, with more cities, towns and suburbs being added over time. If you're keen, Prime is offering a 30-day free trial, and the price has been lowered to A$4.99 per month until ... (more...)
Millennials are the cheapest tippers, study finds Millennials are the cheapest tippers, study finds
- June 19, 2018

More than one-quarter of millennials, or 27%, said they'd pay more. The study was conducted for CreditCards.com by market-research firm GfK, which gathered data last month from 1,000 Americans aged 18 and older. "At a minimum, it's troubling because while a lot of people view tipping as just a question of etiquette the truth is that when you don't tip well, you're making it harder for that waiter to put food on their own table and that's a challenge", Schulz said. (more...)
President Trump threatens additional tariffs on $200 billion of Chinese goods
- June 19, 2018

The first tranche of the USA duties on goods totaling $34 billion will go into effect July 6, with the remaining $16 billion imposed at a later date. Later on Friday, China announced its own tariffs on American goods, including a wide range of seafood and agricultural products, many cars and trucks, petrochemicals and an array of medical equipment. (more...)
Chanda Kochhar on leave till probe ends, Sandeep Bakshi appointed COO Chanda Kochhar on leave till probe ends, Sandeep Bakshi appointed COO
- June 19, 2018

The story line on one of India's most celebrated and high profile bankers, Chanda Kochhar , appears to be drawing to a close, nine years after she took leadership position at the bank in May 2009. Though the bank's board had initially backed the CEO, pressure was mounting on Kochhar to either step down or recuse herself from the daily operations of the lender until the enquiry was completed. (more...)
Trump Slams Germany Amid Border Policy Outcry: Migrants ‘Violently Changed Their Culture’ Trump Slams Germany Amid Border Policy Outcry: Migrants ‘Violently Changed Their Culture’
- June 19, 2018

The move would deal a hammer blow to Mrs Merkel's leadership that could see her 13-year rule of Germany come to an abrupt end. Merkel now faces a risky mutiny from her hardline Bavarian Interior Minister Horst Seehofer , who has vowed to defy her and order police to shut German borders to most asylum seekers by early July absent an European Union accord. (more...)
China slams United States trade threats as 'blackmail', warns of countermeasures China slams United States trade threats as 'blackmail', warns of countermeasures
- June 19, 2018

The tariffs, which Mr. Trump wants set at a 10 percent rate, would be the latest round of punitive measures in an escalating dispute over the large trade imbalance between the two countries. If the United States publishes a new list of tariffs, Beijing will take strong countermeasures to safeguard the interests of China and its people, the ministry said. (more...)
Elon Musk Calls for 'Radical Improvements' at Tesla to Hit Quarterly Targets Elon Musk Calls for 'Radical Improvements' at Tesla to Hit Quarterly Targets
- June 19, 2018

The email, which was sent following an internal investigation into a recent fire at the paint shop at Tesla's Fremont, CA factory, warns employees of damage caused by a saboteur who, in addition to logging into Tesla's proprietary manufacturing operating system and adding damaging code, seems to have exported vast amounts of sensitive data to unknown parties. (more...)

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