Business


Google challenges $5 bn EU antitrust fine in Android case Google challenges $5 bn EU antitrust fine in Android case
- October 11, 2018

According to the New York Post , the Department of Justice is also looking into starting an investigation into Google's abuse of its Android monopoly in United States of America, meaning the company may soon be fighting regulators on two fronts. (more...)
Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow
- October 11, 2018

Treasury yields sent investors fleeing from risky assets. The Dow Jones industrial average tumbled more than 400 points to just below 26,000 at lows. Brent crude, the global standard, lost 2.2 per cent to US$83.09 a barrel in London. All of these stocks have seen sharp gains on the year and yet investors have been quick to sell-off and take profits as they shift into more conservative securities like bonds and treasury notes. (more...)
Trump takes aim at 'crazy' Fed as markets sink following USA slump Trump takes aim at 'crazy' Fed as markets sink following USA slump
- October 11, 2018

Japanese stocks plunged by more than three percent Thursday following the worst session on Wall Street for months, as US President Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates. The Fed has been raising interest rates gradually since December 2015, and last month lifted its target for short-term rates to a range of 2 per cent to 2.25 per cent, responding to an economy that has been growing at a pace well above what Fed officials believe is ... (more...)
Trump calls stock sell-off a correction, says Fed ‘crazy’
- October 11, 2018

The Dow Jones Industrial Average sank 831 points Wednesday, an approximately 3.15 percent drop. Fed spokeswoman Michelle Smith declined to comment on Trump's remarks. "The fundamentals and future of the US economy remain incredibly strong", she said, pointing to a 50-year low in unemployment, tax cuts, reduced regulatory burdens, bigger paychecks, and new trade deals that have specifically benefitted farmers, ranchers, and manufacturers. (more...)
Dow Jones Industrial Average plummets 831 points on Wednesday trading
- October 11, 2018

Technology stocks dropped 3 percent, with Netflix , Amazon and Google parent Alphabet leading the way. The S&P 500 index hasn't suffered a five-day losing streak since November 2016, just before the U.S. When investors expect rates to rise, the prices of bonds paying lower interest rates falls. That didn't happen Wednesday as stocks fell further late in the day. (more...)
Dow industrials sink 831 points as tech stocks plunge
- October 11, 2018

It was the fifth negative day for the S&P 500 , and the longest losing streak during the Trump presidency. The stock fell 35.7 percent to 38 cents in morning trading. Apple gave up 4.6 per cent to US$216.36 and Microsoft dropped 5.4 per cent to US$106.16. Luxury retailers tumbled after LVMH, the parent of Louis Vuitton, said its sales growth in China slowed. (more...)
International Monetary Fund says not approached by Pakistan for financial assistance International Monetary Fund says not approached by Pakistan for financial assistance
- October 11, 2018

In the fund's latest Global Economic Outlook, it estimated that the South African economy would grow by 0.8% this year, down from its initial projection of 1.5% in April. The current account deficit widened 43 percent to $18 billion in the year that ended June 30, while the fiscal deficit ballooned to 6.6 percent. The latest of these exchanges saw US President Donald Trump impose a 10 percent tariff on $200 billion (£153 billion) worth of Chinese goods in September, which would increase to ... (more...)
Here’s all the new hardware Google announced today Here’s all the new hardware Google announced today
- October 11, 2018

While the Pixel 3 XL has a larger 6.2-inch display with an obnoxiously large notch but also includes stereo front-facing speakers. It's also HDR compatible - something that's becoming fairly common now in high-end devices - potentially offering better results when playing compatible HDR video, like some movies offered by Netflix. (more...)
Sears hires advisers for bankruptcy filing Sears hires advisers for bankruptcy filing
- October 10, 2018

Before Mr. Carr's appointment, Sears had six members and four were independent directors. Looming before Sears is a $134 million debt payment that comes due on Monday. The Wall Street Journal quoted sources saying Lampert wants to restructure and is anxious that a bankruptcy filing will lead to a liquidation, which has happened with so many retailers, the most recent being Toys R Us. (more...)
India will break USA sanctions and keep importing Iranian oil India will break USA sanctions and keep importing Iranian oil
- October 10, 2018

File image of Dharmendra Pradhan. For weeks, crude oil has been underpinned and driven higher by US sanctions set to target Iran's crude oil exports during the first week in November, and the Trump administration has been leaning on governments and global companies to cut their imports to zero. (more...)
International Monetary Fund downgrades SA's 2018 growth forecast to 0.8% International Monetary Fund downgrades SA's 2018 growth forecast to 0.8%
- October 10, 2018

The IMF's analysis suggests that there is a 5 per cent probability, emerging market economies (excluding China) could face debt portfolio outflows of US$100 billion or more over a period of four quarters (equivalent to 0.6 per cent of their combined GDP), broadly similar in magnitude to the Global Financial Crisis. (more...)
China central bank moves to pump extra US$110bn into economy China central bank moves to pump extra US$110bn into economy
- October 10, 2018

Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that the worst that could happen is the US imposing levies on all Chinese imports, but that would only hit 0.7 percentage points of China's growth. The yuan has been on a downward trend for months, weakening around 9% since the start of April, according to data from the central bank. In June, the gap was more than 70 bps, and traders say any further narrowing could increase capital outflows from China . (more...)
Sydney train passengers and motorists warned to expect delays Sydney train passengers and motorists warned to expect delays
- October 10, 2018

The government has refused to refund passengers on days where there is serious delays. Mr Collins said it was "too early" to determine exactly which services would be affected in the afternoon. More as we get it. Alex Claassens from the Rail, Tram and Bus Union said the timetable was already under stress but is exacerbated when staff are on sick leave, Seven News reported. (more...)
Brent crude drops below $83 on expectations Iran will maintain some exports
- October 10, 2018

It has also imposed sanctions against third countries that conduct business with Iran. Two domestic companies have placed orders to buy Iranian oil in November, oil minister Dharmendra Pradhan said on Monday, adding that the government does not yet know if it will be granted a waiver from United States sanctions on Iran. (more...)
Pret A Manger confirm second customer death due to allergic reaction Pret A Manger confirm second customer death due to allergic reaction
- October 09, 2018

The patron died after eating a "super-veg rainbow flatbread" that was supposed to be dairy-free. The Food Standards Agency (FSA) was informed and all Coyo products were recalled nationwide. 'Pret says it has recognised there is much more it can do, we agree. But its supplier Coyo denies its yoghurt is to blame over the death. "We have always taken food safety and allergen control extremely seriously". (more...)
Rupee ends Monday at fresh low of 74.07 to U.S. dollar Rupee ends Monday at fresh low of 74.07 to U.S. dollar
- October 09, 2018

The government has raised import tariffs while the central bank allowed companies to raise more money overseas and eased norms for foreign investment in local bonds though those efforts haven't stopped the rupee's slide. India is seeking to boost flows to support its currency that has declined more than 14 percent against the dollar this year, Asia's worst performer. (more...)
India expected to keep buying Iranian oil despite sanctions by US India expected to keep buying Iranian oil despite sanctions by US
- October 09, 2018

India will defy U.S. sanctions and continue importing oil from Iran after a November 4 deadline, easing concerns over the country's energy security but setting up a possible showdown with Washington. An industry source who also tracks exports said October shipments were so far below 1 million bpd. "Even without sanctions also, Iran had been accepting payments in rupee ". (more...)
Long-time employees lose out with Amazon wage increase | News Long-time employees lose out with Amazon wage increase | News
- October 09, 2018

Those who already made $15 will get an extra dollar an hour when the change is made next month, but they will also lose two benefits they relied on: monthly bonuses that could top hundreds of dollars and a chance to own Amazon's sky-rocketing stock, now worth almost $2,000 a share. (more...)
Tata Motors skids almost 20% intraday as JLR Sept sales decline Tata Motors skids almost 20% intraday as JLR Sept sales decline
- October 09, 2018

Chinese sales almost halved, falling 46.2 per cent, with JLR blaming import duty changes and trade tensions for hurting consumer appetite. "As part of the company's continued strategy for profitable growth, Jaguar Land Rover is focused on achieving operational efficiencies and will align supply to reflect fluctuating demand globally as required", a spokesperson said. (more...)
WPP loses Ford's creative account to BBDO after 75 years WPP loses Ford's creative account to BBDO after 75 years
- October 09, 2018

At the conclusion of the review , WPP will be responsible for activating the Ford brand through key channels and regions, through its global Ford agency GTB as well as other WPP agencies, while Ford has appointed another agency as its lead creative agency. (more...)
Facebook's massive tax bill in the UK
- October 09, 2018

The reason for such a large rise isn't particularly clear, especially since the company's revenue only rose by £4 million (£58.4 million to £62.7 million). At the Conservative Party conference last week, Chancellor Philip Hammond threatened internet giants with a new digital services tax to ensure they pay their fair share of the cost of public services. (more...)
Another customer death connected to Pret A Manger Another customer death connected to Pret A Manger
- October 09, 2018

Mrs Marsh had four daughters with her first husband and a fifth with her second spouse Andrew. Though CoYo did have its yogurts recalled in February after a dairy contamination was found, the company said the dairy-free product that it supplied to the sandwich chain in 2017 was not linked to that recall. (more...)
International Monetary Fund downgrades outlook for world economy to 3.7% growth International Monetary Fund downgrades outlook for world economy to 3.7% growth
- October 09, 2018

The IMF outlook already projects global growth will slow to 3.6 percent during 2022 - 2023. Finance Minister Asad Umar on Monday said that the government has made a decision to start negotiations with International Monetary Fund (IMF) for stabilization and recovery of national economy. (more...)
India Will Buy Oil From Iran In November, Says Petroleum Minister India Will Buy Oil From Iran In November, Says Petroleum Minister
- October 09, 2018

State refiners Indian Oil Corporation Ltd (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have contracted 1.25 million tonnes of Iranian oil for import in November. The oil minister also teased the idea of using a different currency to buy the Iranian oil - their own currency the Indian rupee . Reeling from high oil prices, India has also reminded Saudi Arabia of the promise by the Organization of the Petroleum Exporting Countries (Opec) of increasing production by an additional ... (more...)
Italy Targets 1.5% GDP Growth for 2019, Triple That of Previous Government Italy Targets 1.5% GDP Growth for 2019, Triple That of Previous Government
- October 09, 2018

Juncker's words were echoed by eurozone finance ministers at a Eurogroup meeting who cautioned against Italy's budget plans. Italy's deputy premier is vowing to press ahead with spending plans after the European Commission expressed "serious concern" over what it termed a "significant deviation" from previous targets. (more...)

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