Business


China Set To Cut US Oil Imports As Trade War Heats Up China Set To Cut US Oil Imports As Trade War Heats Up
- June 22, 2018

Reuters reports further headlines from the Chinese Commerce Ministry, this time highlighting the US-Sino trade spat. This month, the President said that, by July 6, the United States will impose stiff 25 percent tariffs on several kinds of Chinese goods, worth an estimated US$34 billion - a figure that could rise as high as $200 billion if the list of goods is widened. (more...)
Daimler warns US-China trade war will hit its profits Daimler warns US-China trade war will hit its profits
- June 21, 2018

Daimler expects earnings in its Mercedes-Benz cars division to be slightly below past year as a result. It had previously pencilled in a slight rise. It foresees lower-than-expected sales of Mercedes-Benz due to a tax on the import of U.S. (more...)
Merkel, Macron agree on euro zone budget Merkel, Macron agree on euro zone budget
- June 21, 2018

Merkel stressed Monday that she doesn't want to see Germany unilaterally turn back migrants at its borders, as Interior Minister Horst Seehofer has been advocating. German Chancellor Angela Merkel accepted a two-week deadline to win agreement on tougher migration policy, a concession to her Bavarian coalition partner that eases an immediate standoff without removing the threat of further government tension down the road. (more...)
Intel CEO resigns after 'past consensual relationship' with employee Intel CEO resigns after 'past consensual relationship' with employee
- June 21, 2018

Krzanich joined Intel in 1982 and has served as CEO since May 2013. Key points along the way have been the drive for conflict-free materials, as well as diversity initiatives, with recent investment into other areas such as eSports. Intel CEO Brian Krzanich delivers a keynote address at CES 2018 in Las Vegas on January 8, 2018. Intel was informed recently of the relationship , and an investigation by internal and external counsel confirmed its existence. (more...)
Trade fears slam stocks, commodities, investors eye safety Trade fears slam stocks, commodities, investors eye safety
- June 21, 2018

Dow futures dropped 0.7 percent and the S&P 500 futures were down 0.6 percent. Spreadbetters expected Britain's FTSE to open down 0.3 percent, with Germany's DAX seen shedding 0.7 percent and France's CAC losing 0.8 percent. Major stock indexes in Asia and Europe also took sharp losses. Two decades ago, China's economy was largely fuelled by exports, but it has made progress in rebalancing towards domestic investment and consumption since the global financial crisis erupted last decade - ... (more...)
Toys 'R' Us Australia is shutting down Toys 'R' Us Australia is shutting down
- June 21, 2018

The group's 885 U.S. stores were slated for closure after it was unable to meet the payments on billions of dollars in debt accumulated since it was bought by a real estate investor and two private equity firms in 2005. - Lay-bys will be honoured until July 5th. "Toy and game retailers have always been warned that being a simple shop for toys would not be enough to compete, and Toys "R" Us was not able to adapt fast enough to changing market conditions". (more...)
Genesis, Kia, Hyundai lead the way in initial quality Genesis, Kia, Hyundai lead the way in initial quality
- June 21, 2018

Porsche placed fourth with 79 problems per 100 vehicles; the Porsche 911 had the lowest number of problems reported per 100 vehicles- 48 - among all cars and light trucks. Vehicle quality has been improving steadily since 2014 when it hit 116 problems per 100 vehicles. All three domestic manufacturers, led by Fiat Chrysler , saw their brands improve faster than the broader industry. (more...)
European Union counter-tariffs against USA come into effect on Friday - commission European Union counter-tariffs against USA come into effect on Friday - commission
- June 21, 2018

The European Union will begin charging import duties of 25 percent on a range of USA products on Friday, in response to U.S tariffs imposed on EU steel and aluminum early this month, the European Commission said on Wednesday. "Our response is measured, proportionate and fully in line with WTO rules". What tariffs is the European Union imposing? Brussels first drew up the list in March when US President Donald Trump initially floated the idea of 25 percent tariffs on steel imports and 10 ... (more...)
Volvo S60 Sedan to Be Unveiled on June 20 Volvo S60 Sedan to Be Unveiled on June 20
- June 21, 2018

Urquhart said Volvo needs additional capacity for SPA-based cars, which include the 90-series and 60-series family, because its main plant for the models in Torslanda, Sweden, is being "squeezed" by high global demand. The Polestar Engineered S60 produces 494lb ft, and is 0.2secs faster to 62mph than the regular version. There is also the T6 supercharged all-wheel-drive unit with 310hp, which will come with with a plug-in hybrid option. (more...)
Iran may accept OPEC oil production increase with conditions Iran may accept OPEC oil production increase with conditions
- June 20, 2018

Analysts had expected the EIA to report a 690,000-bpd increase in crude oil inventories, after last week it reported a draw of as much as 4.1 million barrels in oil inventories and another substantial decline-of 2.3 million barrels-in gasoline stockpiles. (more...)
B.C. to spend $550 million on Indigenous housing over next decade B.C. to spend $550 million on Indigenous housing over next decade
- June 20, 2018

The new housing will be developed in partnership with the Aboriginal Housing Management Association, Indigenous housing societies and First Nations. "Our government recognizes the rights of Indigenous peoples to be actively involved in developing and determining housing policies and programs affecting them", Minister of Indigenous Relations and Reconciliation Scott Fraser said. (more...)
Couple uses Facebook to raise over $9M to reunite immigrant families Couple uses Facebook to raise over $9M to reunite immigrant families
- June 20, 2018

When children are separated from their parents, Hixon explained, the parents are usually taken to a detention center to await a trial. "We really only have attorneys, and then me", she said . The campaign comes amid an global outcry - from Democrats and Republicans, politicians and religious leaders - over the Trump administration's new " zero tolerance " policy of separating children from their parents when they cross illegally or show up at the border to ask for political asylum. (more...)
European Union retaliatory tariffs to hit U.S. products on Friday European Union retaliatory tariffs to hit U.S. products on Friday
- June 20, 2018

The European Union has announced a new range of retaliatory tariffs against the United States, in response to the us revoking the EU's exemption from steel and aluminum tariffs. She called the EU's response "measured, proportionate and fully in line with WTO rules". The EU has said that the US has no grounds for implementing the national security policy and is instead moving to protect American industries. (more...)
Trump assures Apple it is safe from tariffs
- June 20, 2018

Mr Trump has threatened to put tariffs on an extra $200bn (£141bn) of Chinese goods , sparking fears of a trade war. Trump said he hoped the US could work out a trade agreement with Canada , saying the two countries had a good relationship but that Americans were being taken advantage of. (more...)
Arvind Subramanian quits as Economic Advisor, Jaitley accepts the resignation
- June 20, 2018

CEA Arvind Subramanian joined the government in October 2014. In his post , Jaitley lauded Subramanian for his early diagnosis of the twin balance-sheet that led India to adopt the macro-economic strategy of higher public investment in the Budget of 2015-16. (more...)
Korean Cryptocurrency Exchange Bithumb Loses More Than $30 Million in Hack Korean Cryptocurrency Exchange Bithumb Loses More Than $30 Million in Hack
- June 20, 2018

The company said in an announcement today that the hack happened between late Tuesday night and early Wednesday morning local time. Bithumb has taken all regular cautionary measures following the hack. Cybercriminals haven't been very kind to South Korea's cryptoexchanges recently. The hack marks the second incident in less than two weeks in South Korea. (more...)
Telstra to slash up to 8000 jobs Telstra to slash up to 8000 jobs
- June 20, 2018

Chief executive Andy Penn briefed staff about the job cuts on Wednesday ahead of a planned investor briefing about a major restructure that will focus on simplifying product range in an attempt to attract more customers. Ratings agency S&P last month downgraded Telstra's debt for the first time in 12 years, highlighting the company's dwindling market share amid rising competition in Australia. (more...)
Mice chew up cash worth Rs1.3 million inside ATM in India Mice chew up cash worth Rs1.3 million inside ATM in India
- June 20, 2018

As we learned from a story from The Indian Express , the machine had stopped working, conking out back in mid-May. When on June 11, technicians visited the ATM to fix the machine, they found heaps of 500 and 2,000 rupee notes shredded into pieces. (more...)
GE To End More Than 100-Year Run On Dow; Walgreens Added GE To End More Than 100-Year Run On Dow; Walgreens Added
- June 20, 2018

S&P Dow Jones Indices said Tuesday that GE will be removed from index before the open of trading next Tuesday. The Dow's membership has evolved over time to add more technology companies, such as Apple and Intel and cutting many former manufacturing giants such as Alcoa and International Paper. (more...)
Top tier NBN orders on the rise Top tier NBN orders on the rise
- June 20, 2018

While responsibility for this also falls in part to the telcos relaying these discounts to the customer, this uptake brings the total number of NBN users on 50mbps plans or higher up to 44%, nearly tripling the 16% figure it was before December. (more...)
Virgin Money agrees £1.7bn takeover by CYBG Virgin Money agrees £1.7bn takeover by CYBG
- June 20, 2018

The newly enlarged operation will be headquartered in Glasgow and is now being seen as a potential competitor to established giants such as Barclay's and RBS with a newly created customer base of about 6 million. "Since January 2012 we have more than doubled our customer lending and delivered strong and growing profitability". However, he said it was "pretty clear" that Virgin Money's branch network "fills up some spaces that we don't have at the moment". (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 20, 2018

Merkel's spokesman Steffen Seibert told reporters that "various aspects of migration policy will be discussed" at the bilateral talks with Giuseppe Conte late Monday. "The people of Germany are turning against their leadership as migration is rocking the already tenuous Berlin coalition". Stressing that Germany must change direction on immigration, Seehofer said: "I can not say that we have a grip on the issue". (more...)
China: Australia needs to end China: Australia needs to end "Cold War mentality"
- June 20, 2018

In an open letter, it says the comments were "ill informed and not based on facts" . Relations between Canberra and Beijing have soured since Australian Prime Minister Malcolm Turnbull accused China late past year of meddling in domestic affairs, and as concern at China's influence in the region has grown. (more...)
Amazon Hub delivery lockers roll out across the US Amazon Hub delivery lockers roll out across the US
- June 20, 2018

Unlike Amazon Key , there is no requirement to install a security camera or an internet-connected deadbolt. One difference with "Hub" is that it accepts packages not just from Amazon but from any sender, shipped via any carrier - a strategy that could make Amazon a much bigger rival to retail mailbox stores and existing package lockers . (more...)
Starbucks to Close More Stores Amid Glut of Coffee Shops Starbucks to Close More Stores Amid Glut of Coffee Shops
- June 20, 2018

The company said the closures will result in a slightly lower growth rate in company-operated stores. "That is, in my view, not an acceptable performance and we need to do better", said Johnson, who has been in the top job at the Seattle-based coffee giant for a little more than year. (more...)

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