Business


United Kingdom regulator sets energy price cap at 1,136 pounds a year United Kingdom regulator sets energy price cap at 1,136 pounds a year
- September 09, 2018

The price cap of £1,136 is provisional and will be confirmed in November by the regulator. It will remain in place until 2023. "We do not believe a price cap is a sustainable solution for the market, and is likely to have unintended consequences for customers and for competition, but we are positioning Centrica to serve our customers effectively and deliver a profitable energy supply business under the temporary default tariff cap". (more...)
Tim Armstrong, CEO Of Verizon’s Oath, In Talks To Exit Tim Armstrong, CEO Of Verizon’s Oath, In Talks To Exit
- September 09, 2018

Verizon Communications Inc's VZ.N head of media and advertising business, Tim Armstrong, is in talks to leave the USA wireless carrier, the Wall Street Journal reported on Friday, citing people familiar with the matter. Armstrong struggled to make the wide-ranging collection of assets - including Yahoo video, email, sports and news and similar AOL assets - into a substantive power. (more...)
Goldman Sachs finance head dubs crypto reports Goldman Sachs finance head dubs crypto reports "fake news"
- September 08, 2018

Martin Chavez said that the bank is working on a Bitcoin (BTC) derivative for their clients because they want it. Goldman Sachs CFO Marty Chavez says that the news was fake. In May, Bitgo, a cryptocurrency investment provider, renounced their plans to acquire Kingdom Trust Company, which they had announced in January . (more...)
Police responding to 'serious incident' in Barnsley amid reports of several stabbings Police responding to 'serious incident' in Barnsley amid reports of several stabbings
- September 08, 2018

Unconfirmed reports by a local said there were three attackers, while another reported hearing how a woman had been arrested at a bus stop after a person had been stabbed. Hannah Fuller, 24, said police rushed towards the railway platform, and businesses had been forced to close. "One person has been arrested in connection with the incident and is in police custody". (more...)
Ford recalls 2 million pickup trucks because seat belts can cause fires Ford recalls 2 million pickup trucks because seat belts can cause fires
- September 08, 2018

In a statement, the company said it is aware of 17 reports of smoke or fire in the US and six in Canada . 2015-18 Ford F-150 vehicles built at Dearborn Assembly Plant, March 12, 2014 through August 23, 2018. The workings of a seat belt caught fire and burned the floor carpet. For the Regular Cab vehicles, the back interior panels will be modified as needed, as well. (more...)
Ford teases Mustang-based Mach 1 EV Ford teases Mustang-based Mach 1 EV
- September 08, 2018

Ford's Team Edition electric vehicle skunk works division has revealed that one of the 16 fully electric vehicles it's now working on includes a battery-powered SUV inspired by the Mustang . It follows a trailer that was released earlier this year which showed the inspiration for the new vehicle. Ford is spending $11 billion on the initiative. (more...)
Amazon orders 20,000 vans to build delivery fleet Amazon orders 20,000 vans to build delivery fleet
- September 08, 2018

When Mercedes started work on the next-generation Sprinter in 2015, it announced it would bring production to the United States. The facility also already employs more than 900 people, which should grow to 1,300 by 2020. In a tweet, he said, "We couldn't be more excited that Mercedes-Benz Vans has chosen to expand operations and start manufacturing their all-new Sprinter van right here in SC". (more...)
Venezuela’s neighbours seek aid to grapple with migration crisis Venezuela’s neighbours seek aid to grapple with migration crisis
- September 08, 2018

Diplomats urged Venezuela on Wednesday to allow humanitarian aid into the country to alleviate an economic crisis that has caused hundreds of thousands of desperate people to flee the crumbling oil state. "They sold homes given to them by the Bolivarian revolution, (also) cars and computers". Most Venezuelan migrants have traveled to Colombia, Ecuador and Peru , but only Colombia has temporarily regularized some 820,000 Venezuelans. (more...)
World's 'most beautiful' Starbucks, first in Italy, set to open World's 'most beautiful' Starbucks, first in Italy, set to open
- September 08, 2018

The first Starbucks in Italy contains a functioning Scolari coffee roaster, a coffee bar that serves over 115 beverages, a cocktail bar and the Princy bakery that will serve a combination of sweet and savoury treats. 'Is Starbucks even coffee?' one said. "Americans don't know how to make coffee" another continued. "New commercial initiatives such as the opening of Starbucks are always in our favour, all the more so when they create jobs", the Federazione Italiana Pubblici Esercizi ... (more...)
Apple Says China Tariffs Will Hurt Its Competitiveness and Raise Prices
- September 08, 2018

Apple said that the proposed tariffs "show up as a tax on the consumer" and will raise the price of several Apple products, including Apple Watch and AirPods . Corporations will likely pass duties costs onto buyers rather that accept lower profits, which could affect not just consumer electronics but the deployment of internet infrastructure. (more...)
Doubling of China trade tariffs 'ready to go' Doubling of China trade tariffs 'ready to go'
- September 08, 2018

The United States already has punitive tariffs on $50 billion in Chinese goods in place and another $200 billion are "in the hopper" and "could take place very soon", Trump said. The $US200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10 per cent to 25 per cent. (more...)
South Africa, the Next Emerging Market Domino, May Not Fall
- September 08, 2018

According to specialists at Ashmore Investment Management, volatility in emerging markets is at its highest since the global financial crisis a decade ago, which showed how trouble in one part of the world economy can spread. ANZ's Goh expects the Indian and Indonesian markets to face more pressure this year, but is positive on South Korea and Taiwan because those countries run current account surpluses. (more...)
Elon Musk smokes weed on Joe Rogan's podcast Elon Musk smokes weed on Joe Rogan's podcast
- September 08, 2018

Tesla closed on Friday (local time) at US$263.24 a share after the recording of Mr Musk smoking a combined marijuana-tobacco joint on the Joe Rogan Experience podcast was aired online. "As a result, this caused me to reconsider my future", Morton said in the filing. After the markets closed Friday, Tesla published a blog post by Musk that announced the promotions of seven Tesla employees, promised new products and asked his company's supporters to ignore negative media reports. (more...)
Burberry to Stop Burning Clothing and Other Goods It Can’t Sell Burberry to Stop Burning Clothing and Other Goods It Can’t Sell
- September 08, 2018

In July, an earnings report revealed that Burberry destroyed unsold clothes, accessories and perfume worth £28.6m in 2017 to protect its brand. Burberry is to stop burning unwanted clothes and bags in a "bonfire of the vanities" to prevent them from being sold cheaply and harming the brand. (more...)
#FuelWoes: Petrol crosses Rs. 80/liter in Delhi, diesel Rs. 72.51/liter
- September 08, 2018

Diesel prices, on the other hand, registered an increase of 0.44 paise per litre (sold at Rs 72.51 per litre) and 0.47 paise per litre (sold at Rs 76.98 per litre) in New Delhi and Mumbai respectively. Continuing the race upwards, fuel prices have seen a hike for the third consecutive day. "The fuel price hike mainly is due to the depreciation of rupee against the dollar". (more...)
Stocks fall, dollar up on trade tensions, emerging market woes Stocks fall, dollar up on trade tensions, emerging market woes
- September 08, 2018

Singapore rose 0.1 percent and Seoul was up 0.4 percent, while there were also gains in Wellington, Taipei, Manila and Mumbai. The Dow Jones Industrial Average .DJI fell 11.05 points, or 0.04 percent, to 25,953.77, the S&P 500 .SPX lost 5.14 points, or 0.18 percent, to 2,896.38 and the Nasdaq Composite .IXIC dropped 19.89 points, or 0.25 percent, to 8,089.65. (more...)
Students’ Fake McDonald’s Poster Goes Unnoticed for 51 Days Students’ Fake McDonald’s Poster Goes Unnoticed for 51 Days
- September 08, 2018

So when they saw a bare wall, they had an idea that the two of them, both Filipino-American, were the people to fill it... with a giant picture of themselves. "We put adhesive on the back so it could be taken down". Their goal: Asian representation. "We all deserve equality and all races deserve recognition". (more...)
Canada's trade deficit shrinks in July Canada's trade deficit shrinks in July
- September 08, 2018

OTTAWA-Canada posted its biggest trade surplus with the U.S.in almost a decade for July due to higher prices for crude-oil exports and a jump in sales of auto parts and other goods to its fast-growing southern neighbor. Aluminum exports subject to the 10% tariff fell 2.0% in July after a 4.7% decline in June. Automobiles increased 3.4 per cent to $8 billion as companies took shorter scheduled plant closures. (more...)
Half of B.C. workers living paycheque to paycheque, survey finds Half of B.C. workers living paycheque to paycheque, survey finds
- September 08, 2018

Encouragingly, fewer employees say they spend all or more than their net incomes (35% compared to the three-year average of 40%), and 69% of those trying to save more report they've been successful at doing so. Overall, 94% of respondents carry debt, including mortgages (28%), credit cards (18%) and auto loans (18%). "BC Employees show high economic confidence, but many live pay cheque to pay cheque", the survey reports. (more...)
Obama steps into midterm battle with IL speech Obama steps into midterm battle with IL speech
- September 07, 2018

Obama was editing his first public speech of the 2018 midterms on the plane, an aide to the former president tells CNN , scribbling notes and crossing out lines on a printed copy. "The truth is I was intent on following a wise American of ex-presidents gracefully exiting the political stage to make room for new voices and new ideas". (more...)
United States wage growth hits nine-year high United States wage growth hits nine-year high
- September 07, 2018

Still, after adjusting for inflation, pay has been flat for the past year. The unemployment rate held steady at 3.9 percent the Labor Department reported on Friday. Most industries expanded, with particular job growth in health care, education, business and professional services, hospitality and construction. Hiring has been strong in almost every industry this year from manufacturing to health care. (more...)
Trump says not ready to make trade deal with China Trump says not ready to make trade deal with China
- September 07, 2018

US President Donald Trump said last week that he wanted to take action as soon as the public comment period on the proposed sanctions concluded. A Commerce Ministry spokesman said Thursday that "necessary countermeasures" are ready if 25 per cent penalties due to be announced as early this week on a $200 billion list of Chinese products take effect. (more...)
China Threatens Retaliation if President Trump's New $200 Billion Tariffs Go Ahead China Threatens Retaliation if President Trump's New $200 Billion Tariffs Go Ahead
- September 07, 2018

Also, the slow down in the Chinese economy and global market jitters could hurt Korean exports". After declaring a truce in the trade war with Europe in July, the USA has just renegotiated its trade deal with Mexico and it is now negotiating with Canada.which could change the terms on agriculture and autos. (more...)
Economy adds 201K jobs in August, unemployment holds at 3.9 percent
- September 07, 2018

Analysts polled by Thomson Reuters anticipated an additional 191,000 jobs with the unemployment rate decreasing to 3.8 percent from July's 3.9 percent. Estimates were for about 190,000 jobs in August. The bigger than expected wage numbers may weigh on the stock market Friday as investors are likely to think it will encourage the Federal Reserve to increase the pace of interest rate hikes USA stock index futures fell in pre-market trading Friday morning after the release of the jobs report. (more...)
Bernie Sanders’ ‘Stop BEZOS’ Bill Targets Worker Pay At Amazon, Walmart Bernie Sanders’ ‘Stop BEZOS’ Bill Targets Worker Pay At Amazon, Walmart
- September 07, 2018

The bill, also introduced by Rep. Ro Khanna, is meant to keep large employers from underpaying their workers. Amazon, aware of the Vermont senator's plans to launch such a bill, pre-empted the announcement in an August blog post . The company says it created more than 130,000 new jobs in the USA past year. "Instead, we have an absurd situation where companies with a trillion dollars in market cap-the wealthiest in the world-with employees who don't make enough to support the basic needs ... (more...)

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