Business


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
- 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
- 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
- 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...)
United States regulator blocks sales of device that fools Tesla's Autopilot United States regulator blocks sales of device that fools Tesla's Autopilot
- June 20, 2018

Marketed as a 'Tesla autopilot nag reduction device, ' its primary function is to disable a safety feature in Tesla vehicles that monitors the driver's hands on the steering wheel and warns the driver when hands are not detected. Aftermarket devices, such as Autopilot Buddy , are motor vehicle equipment regulated by NHTSA . Versions are available for the Model S, Model X, and most recently the Model 3. (more...)
Verizon and AT&T decide to stop selling your location to third parties Verizon and AT&T decide to stop selling your location to third parties
- June 20, 2018

Rather, it deals with the practice of providing data to third parties with whom users have no direct contact. "Our review of our location aggregator program has led to a number of internal questions about how best to protect our customers' location data", Verizon wrote to Wyden. (more...)
Oracle's quarterly results beat estimates on cloud growth
- June 20, 2018

Company executives defended the changes as more reflective of its business, but with the stock falling in after-hours trading analysts pressed for more. The database software giant reported revenue of $11.25 billion, up 3% from the year-ago quarter. For example, he said, AT&T (T) is moving "thousands of databases and tens of thousands of terabytes of data" into the Oracle Cloud. (more...)
Telstra to axe 8000 jobs over four years
- June 20, 2018

The telecommunications giant, which had already targeted $1.5 billion in savings, says one in four executive and middle management positions will go as it cuts 8,000 employees and contractors over the next three years. Increasing competition in mobile and fixed broadband and rising costs from the NBN were held to blame. As a result, the telco expects FY19 EBITDA guidance to range between $8.7 - $9.4 billion, excluding about $600 million in restructuring costs. (more...)
Amazon Debuts Alexa for Hospitality Amazon Debuts Alexa for Hospitality
- June 20, 2018

High-end hotel firm Wynn Resorts has been placing thousands of Amazon Echo speakers in its hotels since last summer, for example. Shopping, however, won't be allowed through the hotel version of Alexa, Amazon said. "Customers tell us they love how easy it is to get information, enjoy entertainment, and control connected devices by simply asking Alexa, and we want to offer those experiences everywhere customers want them", said Daniel Rausch, VP, Amazon. (more...)
Trump says Canadians are smuggling shoes out of the US
- June 20, 2018

They scuff them up, they make them. look old", Trump continued. During his remarks, Trump said Canada likes to talk, and cited what he called the "tremendous" trade deficit the US has with Canada. "No, we're treated horribly", he said. Trudeau has promised to retaliate against steel and aluminum tariffs the USA has put on Canada's metals industries. (more...)
GE ending more than 100-year run on Dow, replaced by Walgreens
- June 20, 2018

Particular pain was caused by the financial crisis as losses mounted at its GE Capital unit. S&P Dow Jones Indices said on Tuesday that the USA conglomerate would be pulled from the index before the stock market opens on June 26 and replaced by Walgreens Boots Alliance Inc ( WBA .O). (more...)
Online fashion brand ASOS ditches silk, cashmere, mohair Online fashion brand ASOS ditches silk, cashmere, mohair
- June 20, 2018

The changes mean third party products are brought into line with existing rules for own-label ASOS design products, and add silk, cashmere and mohair to the policy . "Therefore leather, for example, will be acceptable only if it's a by-product of the meat industry". Fabrics such as silk will also be banned come 2019. (more...)

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