Business


Jack Ma to unveil succession plan today Jack Ma to unveil succession plan today
- September 10, 2018

Zhang, 46, has been in the job since 2015 after serving as chief operating officer and is known as a key architect of Alibaba's "Singles Day", the November 11 event that has become the world's largest online shopping event. Ma gave up the title of Alibaba CEO in 2013 but remains a pivotal figure within the company as well as its most recognisable face. A former English teacher with no technical background, Ma has a large popular following in China and is seen as an icon of self-made wealth. (more...)
Apple shares drop on word tariffs could hit iPhone, Apple Watch & more Apple shares drop on word tariffs could hit iPhone, Apple Watch & more
- September 10, 2018

Consequently, consumers in the United States will have to pay more for Apple products. China regularly runs deficits with many of its trading partners that supply oil, industrial components and other imports and pays for those by running a surplus with the United States and Europe. (more...)
Tesla rocked by executive departures, Musk show Tesla rocked by executive departures, Musk show
- September 10, 2018

Musk also announced a few title changes, including a promotion for Jerome Guillen, former vice president of sales and services, who has been named president of Tesla automotive and will report directly to Musk. "When Morton offered advice about capitalizing the company through other means rather than going private, he was ignored, said the people". Tesla shares, down just 1 per cent after Musk's appearance on the Rogan podcast overnight, fell another 7 per cent after Morton's ... (more...)
Canada Sheds Jobs in August, Pushing Jobless Rate To 6.0% Canada Sheds Jobs in August, Pushing Jobless Rate To 6.0%
- September 10, 2018

The nation's unemployment rate went up 0.2 percentage points to land at 6 per cent. The economy dropped a net 51,600 jobs in August on a seasonally adjusted basis, Statistics Canada said Friday. "The Canadian numbers are a big disappointment, nearly a full retracement of the prior month's big gain", said Sal Guatieri, a senior economist at BMO Capital Markets. (more...)
Les Moonves Has Reached a Settlement to Leave CBS Les Moonves Has Reached a Settlement to Leave CBS
- September 09, 2018

The news of his departure comes after previous reports surfaced late last week indicating that Moonves was negotiating an exit deal with the network. " CBS , as you sit in a room debating next steps to rectify the damage done, remember that the world is watching", the Time's Up statement, in part, reads (see the full statement below). (more...)
Lucky escape for family who fell on Tube track Lucky escape for family who fell on Tube track
- September 09, 2018

Director of network operations at Transport for London , Nigel Holness, added: "We are relieved that the family who were involved in the incident at Baker Street last night were able to escape unharmed and we offer them our best wishes". Thoughts go out to the driver of the train. Not only did they all avoid being killed by the Tube train, but they were also fortunate not to have been electrocuted on the track. (more...)
Canada's employment falls 52000 in August, jobless rate up to 6%
- September 09, 2018

Last year, in August the unemployment rate was nearly double at 8 per cent for the region. Full-time employment increased 326,000 or 2.2%, while the number of people working part-time declined 154,000 or 4.3%. Employment in Alberta increased by 16,000, and the unemployment rate remained at 6.7% as more people participated in the labour market. Last month's drop, fuelled by the loss of 92,000 part-time positions, largely eliminated July's healthy net increase of 54,100 positions. (more...)
Goldman Sachs denies its promise to launch a cryptocurrency trading desk Goldman Sachs denies its promise to launch a cryptocurrency trading desk
- September 09, 2018

Considering the size of the plunge in the Bitcoin price in a blink of an eye in contrast to the stability the giant Crypto has shown since Aug 6, it is more likely that the price of Bitcoin will face the mid-$6,000 area in coming days. Generally, it hasn't been a good year for Bitcoin . Bitcoin's market cap was also impacted due to this drop. Buffett told CNBC in early May bitcoin was "probably rat poison squared" while Munger said at the Berkshire shareholder meeting that the ... (more...)
Venezuela urged to accept migration aid Venezuela urged to accept migration aid
- September 09, 2018

Two UN expert committees on human rights on Wednesday endorsed [press release] a joint statement [text, PDF] urging states to protect the rights of Venezuelan migrants amid recent mass migration from the South American country. The United States, a fierce critic of Nicolas Maduro's government, has already disbursed aid to Colombia and Brazil to handle the Venezuelan influx, while Spanish Prime Minister Pedro Sanchez announced last week European funding of 35 million euros ($40 million). (more...)
World's largest offshore wind farm opens in UK World's largest offshore wind farm opens in UK
- September 09, 2018

The 40 eight-megawatt MHI Vestas turbines being used stand 195 meters (213 yards) tall and are the largest wind turbines in operation globally. Together with Orsted's earlier Walney 1 and Walney 2 wind projects, the stretch of sea off the Cumbrian coast will have a power capacity of 1.5 gigawatts - enough to keep the lights on in 1.2 million homes. (more...)
Fired-up Obama attacks Trump and Republicans Fired-up Obama attacks Trump and Republicans
- September 09, 2018

President Donald Trump for perpetuating problems. Spokeswoman Katie Hill said Obama will emphasize during his speech in IL, which he represented as a U.S. "I found he is very good, very good for sleeping". "I have to say this to President Obama, and it wasn't him, but it would have been the same thing". (more...)
Petrol in Delhi Crosses Rs 80 Mark, Oppn Unites for Bharat Bandh
- September 09, 2018

The rupee closed higher by 26 paise at 71.73 against the USA dollar, snapping its seven-session losing streak. The rupee has now depreciated over 6 per cent since June 2018. Petrol is selling at Rs 87.77/litre while diesel is priced at Rs 76.98/litre in Mumbai, according to a price notification issued by Indian Oil Corporation . (more...)
Ofgem makes 'full use of powers' to propose tough price cap Ofgem makes 'full use of powers' to propose tough price cap
- September 09, 2018

And he warned that the price cap could drive up some energy bills as suppliers drop the best tariffs to offset the impact of the price cap, hitting those who do shop around. The Domestic Gas and Electricity (Tariff Cap) Act 2018 gives Ofgem the power to cap prices for fixed-term default and standard variable tariffs. The watchdog says it is looking to have the price cap in place by the end of the year. (more...)
Bitcoin extends slump on Goldman Sachs report Bitcoin extends slump on Goldman Sachs report
- September 08, 2018

According to Bloomberg , the company's president Kang Seong-ju revealed in an interview that he had discussions with Goldman president and incoming CEO David Solomon at a meeting in NY. TOO RISKY . According to Business Insider's sources, Goldman Sachs had hoped that by now the government would have established regulations to protect banks from some of the risks associated with trading crypto. (more...)
Million Ford Trucks Recalled Due To Reported Seat Belt Fires Million Ford Trucks Recalled Due To Reported Seat Belt Fires
- September 08, 2018

The fix is that dealers will remove the insulation from the B-pillar trim and apply heat-resistant tape to the carpet and insulation. Affected F-150 owners can contact their local Ford dealers for repairs, which will be done at no cost to customers. (more...)
Ford teases Mustang-inspired electric crossover due in 2020 Ford teases Mustang-inspired electric crossover due in 2020
- September 08, 2018

Now, it seems that the name "Mach 1" and those triple tail lights will be all Ford's first EV crossover will actually share with the original Mustang . The first teaser image of the auto previously known as the Ford Mach 1 was released overnight. It follows a trailer that was released earlier this year which showed the inspiration for the new vehicle. (more...)
Palatial Starbucks opens in Italy, home of espresso Palatial Starbucks opens in Italy, home of espresso
- September 08, 2018

Starbucks will open its first store in the country on Friday, cutting the ribbon on a massive " Reserve Roastery " in Milan that bears little resemblance to the small cafes frequented by Italians. " Starbucks could do well, in the medium to long-term". A spokeswoman for Italy's antitrust authority said it would assess the complaint. He admits to being a little fearful "of this colossus" and expects there to be an initial boom in trade at his new neighbour. (more...)
China's exports, imports slowed sharply in August China's exports, imports slowed sharply in August
- September 08, 2018

Trump imposed customs duties of up to 25 percent on $34 billion worth of Chinese goods in July, and on another $16 billion in August, triggering swift tit-for-tat responses from Beijing. escalation with " necessary countermeasures ". President Donald Trump is raising the stakes in his gamble that the world will line up behind the USA to take on China over trade. (more...)
High there: Reaction to Elon Musk smoking pot is snarky, blunt High there: Reaction to Elon Musk smoking pot is snarky, blunt
- September 08, 2018

Elon Musk sipped whiskey and smoked marijuana during a two-and-a-half-hour podcast with comedian Joe Rogan that touched upon everything from flame throwers and artificial intelligence to the end of the universe. The U.S. Securities and Exchange Commission is now probing that assertion, and Musk quickly backtracked on the plan. In a premarket SEC filing, the company said its chief accounting officer, Dave Morton , was quitting, effective immediately. (more...)
Burberry to stop using real fur and end destruction of 'unsaleable products' Burberry to stop using real fur and end destruction of 'unsaleable products'
- September 08, 2018

The announcement came after an earnings report sparked outrage in July when it revealed that the brand destroyed unsold clothes, accessories and cosmetic products worth nearly €32 million in 2017. "This belief is core to us at Burberry and key to our long-term success", he added. Burberry, which disposed of around $118 million worth of goods over the last five years, allegedly did so in order to maintain the brand value by keeping the designer label from being worn by the "wrong people" ... (more...)
Higher oil prices lead to lower merchandise trade deficit Higher oil prices lead to lower merchandise trade deficit
- September 08, 2018

In seasonally adjusted terms, the surplus in July fell to $1.55 billion from $1.9 billion in June. Canada's merchandise trade deficit with the world reduced to 114 million Canadian dollars (about 86 million US dollars) in July from 743 million Canadian dollars (563 million USA dollars) in June, the smallest deficit since a surplus in December 2016, according to Statistics Canada on Wednesday. (more...)
Friends prank McDonalds with poster kept up for 51 days Friends prank McDonalds with poster kept up for 51 days
- September 08, 2018

Maravilla further explained his motive for the prank in his vlog posted on YouTube last August 2: "If you notice, there isn't a lot of Asians represented in the media". Jevh Maravilla , a Filipino-American student at the University of Houston , frequented the McDonald's branch. After their giant poster of the photo arrived, Maravilla found an old McDonald's shirt at Goodwill for $7. (more...)
Trump Says Tariffs on China 'Ready to Go'
- September 07, 2018

He added that the $200 billion will "take place very soon, depending on what happens". Members of the public had until Thursday to comment on the administration's plan to slap tariffs on $200 billion of Chinese goods, ranging from bicycles and baseball gloves to digital cameras, paving the way for Trump to announce the tariffs as early as Friday. (more...)
Obama blasts Trump and Republicans, urges Democrats to vote Obama blasts Trump and Republicans, urges Democrats to vote
- September 07, 2018

The speech at the University of IL at Urbana-Champaign comes ahead of Obama's first campaign events of the midterms: a rally for a handful of Democratic congressional candidates in California on Saturday and an event for Richard Cordray , the Democratic gubernatorial candidate in OH, next Thursday. (more...)
Economy adds 201K jobs in August, unemployment holds at 3.9 percent Economy adds 201K jobs in August, unemployment holds at 3.9 percent
- September 07, 2018

The financial services and education and health services sectors lead the way in August with 53,000 jobs gained in each sector during the month. There were also gains in transportation and healthcare employment. The United States and China have slapped retaliatory tariffs on a combined US$100 billion of products since early July. Americans had until Thursday to comment on a list of $200 billion worth of Chinese goods widely expected to be hit with tariffs soon . (more...)
China says has to retaliate if USA implements new tariffs China says has to retaliate if USA implements new tariffs
- September 07, 2018

A period for public comment on Mr Trump's threat to essentially quadruple tariffs on China ends today. The tariffs, which function as taxes on imports, could be set at a level of 10% or 25% depending on the recommendation of the United States trade representative. (more...)
Sanders bill aims to 'get billionaires off welfare' Sanders bill aims to 'get billionaires off welfare'
- September 07, 2018

Companies would have to raise wages for all workers in particular job categories, which would be more expensive than paying the new tax, the center said. The median USA salary for full-time Amazon employees is $34,123, it says. "In fact, the median United States salary for full-time Amazon employees is $34,123", the company writes in a blog post, adding "the average hourly wage for a full-time associate in our fulfillment centers.is over $15/hour before overtime". (more...)
Petrol, diesel prices reach new high on Friday Petrol, diesel prices reach new high on Friday
- September 07, 2018

Propelled by a rise in global crude oil prices and a weakening rupee, the price of petrol in Delhi is now touching Rs 80 while diesel has crossed the Rs 72 mark. Furthermore, a local from Mumbai said, "The middle-class and poor are suffering every day due to hike in fuel prices". Finance Minister Arun Jaitley mentions that the worldwide prices are volatile. (more...)
Goldman Sachs ditching plans for a bitcoin trading desk Goldman Sachs ditching plans for a bitcoin trading desk
- September 07, 2018

The major cryptocurrencies slid quickly on Wednesday, with Bitcoin falling about 5% in about an hour, while Ethereum and Ripple were also hit. This time, the sell off was likely triggered by Goldman Sachs announcing it will drop short-term plans for a crypto trading desk. (more...)
Canada to stick to guns at NAFTA talks despite Trump pressure Canada to stick to guns at NAFTA talks despite Trump pressure
- September 06, 2018

A setback in the talks might momentarily "might give people a reason to beat their chests, but that's not going to produce increases in the economy", said Derek Burney, a top official in former prime minister Brian Mulroney's government in the 1980s and 1990s. (more...)

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