Finance


BT chief executive Gavin Patterson to step down later this year BT chief executive Gavin Patterson to step down later this year
- June 11, 2018

BT announced a restructuring of the business where 13,000 jobs will be cut in a bid to £1.5 billion over the next three years with restructuring costs at £800 million. When you devise a strategy which has the "full support" of the board then you expect that you will be around to execute it. Gavin Patterson's departure is unusual in the sense that the board liked his plan, but didn't think he was the person to carry it out. (more...)
China's ZTE to pay $1 billion fine to end United States sanctions China's ZTE to pay $1 billion fine to end United States sanctions
- June 10, 2018

Total US penalties imposed on ZTE now amount to $2.3 billion, according to the Commerce Department. ZTE's survival has been a topic of discussion in high-level US-China trade talks . It was blocked from purchasing parts from US companies, sanctions that had crippled the company. ZTE paid 190 million dollars for such violations, but the dispute continued because the Commerce Department alleged that the company cheated the regulators and did not sanction the employees who authorized the ... (more...)
Oil prices rise on ongoing Venezuelan supply trouble Oil prices rise on ongoing Venezuelan supply trouble
- June 10, 2018

Fuel inventories also rose. Riyadh took this line partly because higher crude prices could help the stock market float of a stake in state oil giant Saudi Aramco expected to take place in 2019, Saudi industry sources had told Reuters . In post-settlement trade, Brent turned positive, rising 18 cents a barrel. USA light crude was down 15 cents at $65.37. The Organization of the Petroleum Exporting Countries and Russian Federation will meet on June 22-23 to decide how much production they ... (more...)
Kwesi Nyantakyi resigns as Ghana FA President after bribery exposé Kwesi Nyantakyi resigns as Ghana FA President after bribery exposé
- June 10, 2018

David Prah argued that Kwesi Nyantakyi could not have mentioned the former President's name in his statement to the CID if he ( Kwesi Nyantakyi ) did not know what he was talking about. Ghana's information minister Mustapha Abdul-Hamid said the government would dissolve the GFA because of the "widespread nature of the apparent rot". (more...)
Buffett, Dimon urge end to quarterly profit forecasts | AP business Buffett, Dimon urge end to quarterly profit forecasts | AP business
- June 09, 2018

They plan to name the venture's first CEO publicly within two weeks. J.P. Morgan chief executive Jamie Dimon appeared on CNBC on Thursday to discuss why he doesn't think tariffs are the way to go. Last month, he said the goal is to challenge the entire healthcare industry, not individual segments. "Sometimes you're a cork in the ocean", he said. (more...)
United States launches Artificial Intelligence programme to detect hidden nuclear missiles United States launches Artificial Intelligence programme to detect hidden nuclear missiles
- June 09, 2018

Google likely planned to bid on JEDI, a cloud computing contract with the Defense Department that could be worth as much as $10 billion. But Google is joining other labs in saying it may hold back certain research if it believes others will misuse it. (more...)
Trump falsely accuses Canada of burning down White House Trump falsely accuses Canada of burning down White House
- June 08, 2018

Trump's recently announced tariffs are only the latest move signaling USA departure with traditionally close allies. US stocks, apart from those of steel and aluminum producers, have fallen sharply in response to Trump's recent tariff announcements and other actions against trading partners. (more...)
Tesla Teases Model Y Compact SUV Tesla Teases Model Y Compact SUV
- June 07, 2018

At the shareholders meeting, Musk said it is " quite likely " that Model 3 production would grow to 5,000 a week from 2,270 a week in April. There are a lot of qualifiers in that sentence, but the Model 3 has seen a lot of interest as the most affordable electric auto from the automaker, even as Tesla struggles to try and ship at the same rate it is selling, and Jaguar's rival I-PACE electric vehicle sees growing interest. (more...)
With Trump tensions high, Merkel reaches out to Macron on Europe With Trump tensions high, Merkel reaches out to Macron on Europe
- June 05, 2018

Merkel said an EMF with such competences should assess not only the economic situation of member states but also the debt sustainability, and "have the appropriate instruments at its disposal to restore them if necessary". Crises roiling Europe have focused minds in recent days, with a populist and eurosceptic government taking power in Italy and Spain ousting veteran Prime Minister Mariano Rajoy over a corruption scandal and his Socialist arch-rival Pedro Sanchez taking over. (more...)
Vermont is offering remote workers $10000 to move to its state Vermont is offering remote workers $10000 to move to its state
- June 04, 2018

Remote workers will have to pay income taxes in Vermont, even on money earned outside the state. The money - part of a grant program created to draw tech workers and revitalize the state's aging work force - is meant to help with costs like relocation, computer software and hardware, broadband access and membership in a shared professional space. (more...)
VISA card payment system problems hit local shops and services in Wrexham VISA card payment system problems hit local shops and services in Wrexham
- June 04, 2018

Customers have reported money going missing from accounts when their cards were declined - including one man who lost £10,000 when paying for a auto. Supermarkets across the United Kingdom went cash-only in response, with the outage lasting into the evening, although Visa debit card users could still withdraw cash from their current accounts via ATMs. (more...)
Dog found dead at airport during Delta layover Dog found dead at airport during Delta layover
- June 04, 2018

Wednesday for a scheduled layover. "There was a stop in Detroit at 6 a.m. Alejandro was checked on". The Pomeranian, called Alejandro, was found dead Wednesday morning in its carrier in a cargo facility at the airport, southwest of Detroit in Romulus. (more...)
US commerce secretary arrives in Beijing for talks on trade surplus US commerce secretary arrives in Beijing for talks on trade surplus
- June 04, 2018

On March 23, Trump had imposed massive trade tariffs amounting to Dollars 60 billion on China, in an effort to stop the latter from stealing "intellectual property" from American companies. Under the deal, ZTE will oust its management team, hire American compliance offers and pay a fine - on top of the $1 billion it's already paid for selling equipment to North Korea and Iran in violation of US sanctions. (more...)
Italian bond yields fall as populists agree on government team Italian bond yields fall as populists agree on government team
- June 02, 2018

They bought German and British government bonds instead, which are seen as more stable. The handover of power follows an inconclusive March election and months of political turmoil which had spooked global financial markets and spread unease among Italy's European Union partners. (more...)
Singapore Airlines to Launch The World’s Longest Flight in October Singapore Airlines to Launch The World’s Longest Flight in October
- June 02, 2018

Singapore Airlines now serves New York JFK daily via Frankfurt . " Singapore Airlines has always taken pride in pushing the boundaries", says the airline's CEO, Goh Choon Phong. And of course the airline will also bring its renowned in-fight service to the new non-stop routes. Currently, the worlds longest flight is by Qatar Airways and is from Doha , Qatar to Aukland, Australia. (more...)
Italy’s anti-establishment leaders near deal to resurrect coalition Italy’s anti-establishment leaders near deal to resurrect coalition
- June 01, 2018

Salvini and Di Maio had agreed when they first tried to form a government that Giuseppe Conte, a little-known law professor, would be prime minister. The crisis escalated on Tuesday when markets around the world sold off aggressively. Before a coalition could crystallize, President Mattarella - who must approve every major position in the government - rejected the two parties' nomination for finance minister. (more...)
USA slaps tariffs on European Union steel and aluminium USA slaps tariffs on European Union steel and aluminium
- June 01, 2018

The United States' launch of a tariff probe into vehicle imports last week was also seen as a move created to pressure its NAFTA partners in negotiations that have been contentious on issues including rules of origin and wages as they apply to the automotive sector. (more...)
Pipeline purchase will be widely felt Pipeline purchase will be widely felt
- May 31, 2018

Donna Oleksiuk holds a sign bearing a photograph of Prime Minister Justin Trudeau , during a protest against the Kinder Morgan Trans Mountain Pipeline expansion in Vancouver on Tuesday May 29, 2018 . Along with multiple legal challenges involving the pipeline, the Squamish Nation and five other First Nations are involved in a Federal Court of Appeal case that targets Ottawa's approval of the project. (more...)
Amazon to block Australian shoppers from its USA website Amazon to block Australian shoppers from its USA website
- May 31, 2018

The retailer said it would compensate by opening a "global store" for Australians, adding an extra four million items previously available only on its American website. He said the company 'had to assess the workability of the legislation as a global business with multiple worldwide sites'. Retail stocks on the ASX rose following Amazon's announcement. (more...)
Italy scrambles for political solution with new vote on horizon Italy scrambles for political solution with new vote on horizon
- May 31, 2018

But the two populists, Di Maio and Salvini, were expected to back down on their earlier insistence that the 81-year-old Eurosceptic Paolo Savona , who had called Italy's adoption of the euro a "historic mistake", serve as finance minister. (more...)
Govt slashes fuel prices by 1 paisa Govt slashes fuel prices by 1 paisa
- May 31, 2018

An official said the government may absorb the increase in tax rates to keep the prices unchanged as a departing gift to consumers. After a relentless hike in petrol and diesel prices for the past 16 days, state-owned oil refiner International Olympic Committee today reduced the price of petrol by 60 paise per litre and 59 paise for diesel . (more...)
JAB to Buy Sandwich Chain Pret A Manger From Bridgepoint JAB to Buy Sandwich Chain Pret A Manger From Bridgepoint
- May 30, 2018

Pret has 530 locations, known largely for sandwiches and salads. In a tweet Tuesday morning, Pret CEO Clive Schlee announced the company would give each of the chain's 12,000 employees 1,000 pounds, the equivalent of about $1,300, upon the closing of the deal. (more...)
Federal Bureau of Investigation urges people to reboot home, office routers to thwart malware attack Federal Bureau of Investigation urges people to reboot home, office routers to thwart malware attack
- May 30, 2018

VPNFilter is malware that targets routers and NAS devices in order to steal files, information, and examine network traffic as it flows through the device. Rebooting your router will disrupt any malware currently on it, and the DOJ seizure should prevent the Russian malware from re-installing itself at least for now, according to The New York Times . (more...)
Starbucks customers skeptical racial bias training will result in real change Starbucks customers skeptical racial bias training will result in real change
- May 30, 2018

The training will include a documentary film and video messages from Starbucks executives and rapper Common , as well as a discussion among store employees about their own experiences with bias. The store manager called police saying the men didn't buy anything and refused to leave. Starbucks is one of the largest employers among USA -based companies, and more than 175,000 employees will participate in the racial bias education day. (more...)
North and South Korean leaders meet again North and South Korean leaders meet again
- May 28, 2018

Summit ", Presidential Senior Secretary for Public Relations Yoon Young-chan said in a statement. North Korean leader Kim Jong Un reaffirmed his commitment to "complete" denuclearisation of the Korean peninsula and to a planned meeting with United States president Donald Trump , South Korean president Moon Jae-in said on Sunday. (more...)