Business


Saudi Shelves $200 Bln SoftBank Solar Project Saudi Shelves $200 Bln SoftBank Solar Project
- October 04, 2018

Referencing the original report by the US's Wall Street Journal , a PIF spokesperson said the fund - led by Crown Prince Mohammed Bin Salman - "continues to work with" Softbank Vision Fund, and other parties, "on a number of large-scale multi-billion dollar projects relating to the solar industry". (more...)
Global bonds, dollar track US yield surge, stocks downbeat Global bonds, dollar track US yield surge, stocks downbeat
- October 04, 2018

Yields on benchmark ten-year U.S. Treasury yields jumped almost 12 basis points on Wednesday, climbing to 3.23 per cent, its highest levels since mid-2011 after private payrolls data was stronger than forecasts. MSCI's broadest index of Asia-Pacific shares outside Japan skidded 1.7 per cent in response, with South Korea, the Philippines, Indonesia and Taiwan all down. (more...)
Petrol prices cut by Rs 5 in Maharashtra Petrol prices cut by Rs 5 in Maharashtra
- October 04, 2018

After the tax cut at central and state level, both petrol and diesel will be cheaper by Rs 5 in these states. Following the announcement made by the government, five BJP-ruled states - Maharashtra, Gujarat, Chattisgarh, Uttar Pradesh and Tripura - also reduced the fuel prices by Rs 2.50 per litre. (more...)
U.S. and Canada reach trade deal U.S. and Canada reach trade deal
- October 04, 2018

The senior administration officials announced agreement on the USMCA an hour before the USA -imposed deadline for a deal. The FTSE 100, which closed at 7,510.20 on Friday, is forecast to open 4 points lower when trading begins. "Likewise, it will be the most advanced trade deal in the world, with ambitious provisions, on the digital economy, patents, financial services and other areas where the United States has a strong competitive advantage", he said. (more...)
Honda to Invest in GM’s Self-Driving Car Unit GM Cruise Honda to Invest in GM’s Self-Driving Car Unit GM Cruise
- October 04, 2018

Honda, which has lagged behind many of its rivals in developing self-driving vehicles, is paying $750 million upfront for the minority stake in Cruise and will invest another $2 billion over 12 years, the companies said on Wednesday. "This is what comes after that", he said. Honda has had discussions for two years with Waymo about possible collaboration, but no deal has been announced. (more...)
Rupee hits new low of 73.34, plunges 43 paise against United States dollar Rupee hits new low of 73.34, plunges 43 paise against United States dollar
- October 04, 2018

Markets were closed on Tuesday due to Gandhi Jayanti. At 0335 GMT, the rupee was trading at 73.30. The local currency opened 34 paise down at 73.25 against dollar. According to IFA Global currency report, higher crude prices would continue to weigh on domestic bonds and the rupee. Oil prices were firm on Wednesday on expectations of a tighter market once U.S. (more...)
MDC slams Zimbabwe tax on electronic money transactions MDC slams Zimbabwe tax on electronic money transactions
- October 03, 2018

The statement added; "We have always stated that the bond note must be repealed, that would be the end of story". "With immediate effect, all banks are directed to effectively operationalise the ring-fencing policy on nostro foreign currency accounts by separating FCAs into two categories, namely nostro FCAs and RTGS FCAs", Mangudya said. (more...)
President Trump touts 'historic' USMCA President Trump touts 'historic' USMCA
- October 03, 2018

That financial impact will also be sharply felt in Oxford and Perth counties, where, as part of Ontario's biggest dairy belt, farmers produce more milk than some provinces. Ford says he's also concerned about steel and aluminum tariffs that appear to remain in place. U.S. Rep. Joaquin Castro , D-Dist. Stewart says the new document doesn't even mention the words climate change. (more...)
Oil prices in NY highest in almost 4 years Oil prices in NY highest in almost 4 years
- October 03, 2018

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 25 cents, or 0.3 percent, at $75.55 a barrel. Crude has rallied about 16 percent since mid-August as supply losses from Iran to Venezuela continued to rattle global markets. "U.S. (fiscal) tightening, higher oil prices and ongoing trade frictions are all taking their taking their toll on the growth outlook", HSBC said. Still, oil prices drew support from worries that Iranian production will drop sharply after US sanctions go ... (more...)
Trump admin wants trade deal with India: White House official
- October 03, 2018

That has spilled over into other areas of diplomacy: A meeting between Defence Secretary Jim Mattis and his Chinese counterpart, General Wei Fenghe, to discuss security issues has been canceled, a USA defence official said Monday. The Iranian regime exports violence, terror and turmoil, " said Trump. "It definitely seems to be circling the wagons against China". The key lesson Mr Trump could take from the Nafta negotiations is that strong-arm tactics work and this could have ramifications ... (more...)
Maritime dairy farmers say they've been sacrificed Maritime dairy farmers say they've been sacrificed
- October 03, 2018

Perth made up 11.45 per cent of last year's milk production in Ontario while Oxford led the way with just over 12 per cent. "This whole episode should make us more focused on diversifying our export markets, starting with our biggest export product: oil and gas", Kenney wrote. (more...)
Mazda to launch full EV and rotary hybrid in 2020 Mazda to launch full EV and rotary hybrid in 2020
- October 02, 2018

Mazda has officially confirmed that it will return the rotary engine to production, although it won't be inside a svelte successor to the RX-7 , but rather as the range-extender motor for an electric vehicle. Oh dear, this isn't going well. The range-extender will recharge the battery when necessary to increase the vehicle's driving range, eliminating the range anxiety which continues to trouble a high percentage of battery EV users. (more...)
Amazon boosts minimum wage in U.S. and UK Amazon boosts minimum wage in U.S. and UK
- October 02, 2018

Amazon's market capitalization now stands near $1 trillion; it paid Bezos, its founder and CEO, $1.68 million past year. The increase will apply from 1 November to all staff, full and part-time, as well as temporary and seasonal workers. At $15, a worker who works eight hours a day and 261 days a year would make $31,320. On Tuesday, fast food workers in MI are going to kick off a series of protests in the Midwest and elsewhere around the country in support of unions and a $15 minimum age. (more...)
Turkey orders arrest of suspects in $419m financial probe linked to Iranians Turkey orders arrest of suspects in $419m financial probe linked to Iranians
- October 02, 2018

Police raids began Tuesday morning and are being carried out across the country, Turkish media report. Operations were underway to capture the rest of the 417 suspects wanted by the Chief Prosecutor's Office in Istanbul. court jailed an executive from Turkey's state-owned Halkbank for 32 months. The arrests come as the United States is in the process of reimposing sanctions on Iran after Washington pulled out of a 2015 global deal limiting the nation's nuclear programme, including on ... (more...)
Nationwide test of presidential emergency alert system scheduled for Wednesday
- October 02, 2018

According to FEMA , the alert is not a text or SMS (short message service) but an audio and text warning that will display as a notification across a user's cell phone - similar to the ones carriers receive during AMBER alerts and weather emergencies. (more...)
Amazon raising minimum wage for US workers to $15 per hour Amazon raising minimum wage for US workers to $15 per hour
- October 02, 2018

Effective Nov. 1, the US wage increase to $15 an hour applies to more than 250,000 current employees along with 100,000 more seasonal workers who will be hired during the holidays, Amazon said Tuesday in a statement . The increase comes a day after the United Kingdom chancellor, Philip Hammond, promised Britain would press ahead with a new digital tax on internet companies. (more...)
Passengers stranded after Primera Air collapses Passengers stranded after Primera Air collapses
- October 02, 2018

On this sad day we are saying Goodbye to all of you". For updates, the airline promises to provide customers with more information on its website in the coming days. It originally operated charter flights for major Scandinavian tour operators. Flights from Stansted to Washington and NY were grounded on Monday evening, while the carrier's Birmingham flight touched down in Malaga, leaving holidaymakers without return flights from the Spanish city. (more...)
Tesla shares soar after Musk gets ousted as chairman Tesla shares soar after Musk gets ousted as chairman
- October 02, 2018

The case focused on Musk's claims in August that funding had been secured for a plan to buy out Tesla's publicly traded shares at a price of $420 and take the company private. "The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors", Stephanie Avakian, Co-Director of the SEC's Enforcement Division. (more...)
Trump calls Saudi's King to discuss oil supplies Trump calls Saudi's King to discuss oil supplies
- October 02, 2018

With just weeks left until the sanctions are imposed, oil buyers are looking for new suppliers to avoid breaching the U.S. sanctions, which take effect from November 4. "If Chinese refiners do comply with US sanctions more fully than expected, then the market balance is likely to tighten even more aggressively", Emirates NBD analyst Edward Bell wrote in a note. (more...)
Trump Hails 'Terrific' Trade Deal with Canada, Mexico
- October 02, 2018

President Trump points to a reporter as he speaks during a news conference on North American trade Monday in the White House Rose Garden. "We have always just focused on the reality that this is a good deal for everyone and we've always believed that we were going to get here", Freeland said. (more...)
General Electric CEO John Flannery is out General Electric CEO John Flannery is out
- October 02, 2018

Company shares are on pace for their largest single-day percentage increase since March 2009. Shares of GE last week hit a nine-year low, after news of a glitch in new power-plant turbine technology that temporarily shut two electricity plants in Texas - adding to woes in the company's industrial segments. (more...)
Pret A Manger vows ‘change’ after allergic teen dies eating baguette Pret A Manger vows ‘change’ after allergic teen dies eating baguette
- October 01, 2018

Natasha was beginning a four-day break in France with her father and best friend when she bought an artichoke, olive and tapenade baguette as they passed through Heathrow Airport's Terminal 5. "Doing the bare minimum is not enough and the excuse to hide behind the law is shocking beyond belief - I would call that complete dereliction of duty". (more...)
Tesla shares jump after Musk settles with SEC Tesla shares jump after Musk settles with SEC
- October 01, 2018

Musk and Tesla were also fined $20million each. The SEC's lawsuit had sought to bar Musk from serving as an officer or director of a public company, a prospect that rattled investors. Tesla's most active high-yield bond issue traded up 2.5 cents to 86.75 cents on the USA dollar early Monday, the biggest gain since August 2. Musk will be able to continue as CEO , but the SEC's aim is to give Tesla's board more independence from Musk-and hence to subject Musk to more vigorous ... (more...)
Skoda Kodiaq vRS revealed as 237bhp performance SUV Skoda Kodiaq vRS revealed as 237bhp performance SUV
- October 01, 2018

However, when compared to the flagship version of the VW Tiguan Allspace , which is equipped with the very same engine, the Skoda is slower to 100 km/h by 0.3 seconds and has a lower top speed by 8 km/h (5 mph). Ambient LED lighting, tinted windows, black roof lining and stainless steel pedals also have also been added to separate the RS from the standard Kodiaq . (more...)
GE Stock Soars After CEO John Flannery Unexpectedly Ousted GE Stock Soars After CEO John Flannery Unexpectedly Ousted
- October 01, 2018

GE shares surged in premarket trading Monday morning, rising about 15 percent. John Flannery is being replaced as head of General Electric after a little more than a year on the job. Flannery's departure from GE is driven by "slow pace of change" under his leadership, CNBC reported, citing a text from a source. "GE remains a fundamentally strong company with great businesses and tremendous talent", said Culp. (more...)

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