Business


BMW boosts investment in Chinese joint venture BMW boosts investment in Chinese joint venture
- October 13, 2018

BMW will also invest more than £2.6bn in BBA's production facilities, including the construction of a new plant on the current site in Tiexi that will increase its Chinese production capacity to 650,000 units. The country is BMW's single largest sales market, with 560,000 vehicles sold there previous year. The firm's shares were suspended on Thursday, but plunged as much as 30 percent on Friday to a 28-month low, with analysts saying the deal would substantially decrease Brilliance's ... (more...)
European Union offers 12-month extension to Brexit transition deal to 2021 European Union offers 12-month extension to Brexit transition deal to 2021
- October 13, 2018

The deal believed to be on the table involves keeping the whole United Kingdom in an "arrangement" that effectively preserves the existing EU customs union, ensuring the goods continue to move freely over the Irish land border regardless of the future trade relationship between London and Brussels. (more...)
World's longest non-stop flight set for take-off World's longest non-stop flight set for take-off
- October 13, 2018

Senior Singapore Airlines executive Campbell Wilson said the Airbus A350-900ULR consumes 25 percent less fuel than an older generation aircraft of the same size. Premium-economy tickets envisage three meals at fixed times, with refreshments in between. The aircraft and flight is a testament to the great strides made by the aviation industry that allows a flight of this distance to be operated nonstop while maintaining a degree of fuel efficiency and maximizing passenger comfort throughout. (more...)
Retail Inflation Stays Below RBI Target For Second Month In A Row Retail Inflation Stays Below RBI Target For Second Month In A Row
- October 13, 2018

Retail inflation in September marginally moved up to 3.77 per cent in September from 3.69 per cent in August, data released by the ministry of statistics and programme implementation showed . Inflation in the transport and communication segment came in at 6.42 percent, higher than the 5.97 percent in August 2018. CPI in the first half of 2018-19 averaged around 4.4 percent. (more...)
Have 19 hours? World's longest commercial flight takes off Have 19 hours? World's longest commercial flight takes off
- October 13, 2018

The world's longest non-stop commercial flight has landed in NY, ending a journey from Singapore of more than 15,000km in 17 hours and 52 minutes. Qantas could soon take the crown for the longest flight, as it has plans to introduce a London to Sydney route, expected to take 20 hours. (more...)
Boston Dynamics' Atlas has now mastered parkour Boston Dynamics' Atlas has now mastered parkour
- October 13, 2018

But thanks to advancements in software and processing power, the robot can now use its legs, arms, and torso to drive its jumps and for balancing. The last time we checked in with the company, its SpotMini robot dog was walking autonomously through a "mock" house, while the humanoid Atlas was seen taking a causal stroll through the woods. (more...)
Rupert Murdoch's son James reportedly top contender for Tesla chairman Rupert Murdoch's son James reportedly top contender for Tesla chairman
- October 13, 2018

The eccentric Tesla CEO - who is in the midst of settling fraud charges with the SEC that nearly cost him control of the electric-car maker - appears to be getting into the liquor business. Initially rejecting an SEC offer to settle the case, Musk relented two days after the fraud complaint and agreed to resolve the matter by paying the penalty, stepping down as chairman and agreeing to oversight about his communications on company news. (more...)
Facebook: Hackers accessed 29 million accounts, fewer than thought Facebook: Hackers accessed 29 million accounts, fewer than thought
- October 13, 2018

Rosen said Messenger, Messenger Kids, Instagram , WhatsApp, Oculus, Workplace, Pages, payments, third-party apps, advertising and developer accounts were not affected. The hack started with 400,000 profiles, then used the "Friends" and "Friends of Friends" features to get the "digital keys" for 30 million people, Rosen wrote. (more...)
Trump, Kudlow sing different tunes on the Fed amid market drop Trump, Kudlow sing different tunes on the Fed amid market drop
- October 13, 2018

Toronto's main index lost 336.65 points or 2.1 per cent, to 15,517.40. In February, when a selloff caused the S&P 500 to fall 10%, the president switched tactics, claiming the stock market had failed to reflect the strong economy. "So the Fed is taking its independent course", he said. So it's a great time to be a borrower, and a lousy time to be a saver because Fed policy is tightening at a slow and gradual rate. (more...)
China's September trade surplus with United States widens to record $34.13B China's September trade surplus with United States widens to record $34.13B
- October 12, 2018

That was well above August's 9.8 percent and a Reuters poll forecast of 8.9 percent. Chinese exports to the American market rose by 13 percent over a year to $46.7bn, down from August's 13.4 percent growth, customs data showed on Friday. The world's two biggest economies last slapped tit-for-tat tariffs on each other's goods on September 24. Trump said the Chinese want to negotiate but he does not believe they are ready and he told them so. (more...)
Fraudulent finance fears hit Patisserie Valerie ahead of Barons Quay opening Fraudulent finance fears hit Patisserie Valerie ahead of Barons Quay opening
- October 12, 2018

Marsh, one of two directors at Stonebeach, signed off on the subsidiary's latest accounts for the year to the end of September 2017, which showed it had about 17 million pounds in cash at the bank and in hand. The winding up hearing is scheduled for October 31 and Patisserie Holdings said it is in communication with HMRC . The story was first highlighted by Sky News yesterday, which reported the group had found a "multi-million pound black hole" in its accounts. (more...)
Brexit deal 'within reach' says Barnier Brexit deal 'within reach' says Barnier
- October 12, 2018

For customs and VAT, Barnier said , "we propose using the existing customs procedures to avoid doing checks at the transit points". She must negotiate a deal that is acceptable to the European Union, her own Cabinet, to backbench Tory MPs, and the DUP, groups which have diametrically opposed interests. (more...)
Social security checks to increase slightly next year Social security checks to increase slightly next year
- October 12, 2018

Though the difference may seem modest, it's the highest increase for social security checks in seven years. U.S. President Barack Obama recently stated that he can't guarantee retirees will receive their Social Security checks in August if the House and Senate cannot reach an agreement on reducing the deficit. (more...)
Lenovo Leads Global PC Shipments in Q3, HP Takes Second Spot: Gartner Lenovo Leads Global PC Shipments in Q3, HP Takes Second Spot: Gartner
- October 12, 2018

In IDC's third-quarter PC rankings, Lenovo was reported as being accountable for 16,152 - 24 percent - of the total devices shipped in the three-month period, while Gartner reported Lenovo as shipping 15,889 units during the same period. While demand from consumers remained weak, strong business sales buoyed the overall market. What's interesting is that in the USA breakdown, we see that Microsoft has made its first appearance in the top five, knocking Acer off the table. (more...)
China’s Exports, Imports Grow, as Does Trade Surplus With US China’s Exports, Imports Grow, as Does Trade Surplus With US
- October 12, 2018

Last month, U.S. President Donald Trump imposed tariffs on almost $200 billion of Chinese imports and then threatened more levies if China retaliated. "China-US trade friction has caused trouble and pounded our foreign trade development", customs spokesman Li Kuiwen told reporters Friday. Trump said the Chinese want to negotiate but he does not believe they are ready and he told them so. (more...)
Tomato squeeze: US sanctions begin to hurt Iran's economy Tomato squeeze: US sanctions begin to hurt Iran's economy
- October 12, 2018

The note did not provide any details of the talking points, but added, generically, the special representative "will engage our allies and partners on our shared need to counter the entirety of the Iranian regime's destructive behaviour in the Middle East, and in their own neighbourhoods". (more...)
Ikea plans to expand to a dozen new international markets Ikea plans to expand to a dozen new international markets
- October 12, 2018

Inter Ikea, which owns the Ikea brand and concept, announced its expansion plans as it revealed that sales at its franchise-holder stores had risen by 4.5 per cent in the year to the... The company's fiscal year runs from September to August. But Quiñones, who started working part-time for Ikea in 1997 when he was a student, insisted the new focus on small high street stores did not mean the Ikea model was broken. (more...)
USA to evaluate Pakistan's bailout request on merit USA to evaluate Pakistan's bailout request on merit
- October 12, 2018

But the PBOC has not been following with equivalent hikes, so spreads between the cost of US and Chinese debt are narrowing. Around 32,000 members of the global financial elite are on the Indonesian holiday island for a week of discussions that have been clouded by U.S. (more...)
IMF flags global fiscal stability IMF flags global fiscal stability
- October 12, 2018

But it predicts that USA growth will slow to 2.5 percent next year as the effect of recent tax cuts wears off and as President Donald Trump's trade war with China takes a toll. In the last few years in India private debt has declined from nearly 60 per cent to 54.5. The IMF outlook already projects global growth will slow to 3.6 percent during 2022 - 2023. (more...)
Stock market drop spreads, Wall Street set to fall again Stock market drop spreads, Wall Street set to fall again
- October 12, 2018

That will raise the cost of corporate borrowing and could drag on economic growth. On Wednesday, U.S. President Donald Trump said the Federal Reserve "is making a mistake" with its campaign of rate increases. "There still appears to be downside risk to the market amid worries the Sino-U.S. trade war may be slowing down global growth", said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo. (more...)
Dutch PM 'cautiously optimistic' about progress on Brexit talks Dutch PM 'cautiously optimistic' about progress on Brexit talks
- October 12, 2018

The Prime Minister was reported to have played down the prospects of a breakthrough at next week's EU summit in Brussels, billed as the "moment of truth" by European Council president Donald Tusk. However Brexiteers - including Brexit Secretary Dominic Raab - are insisting any arrangement which would see the United Kingdom effectively remain part of the customs union while negotiations over a free trade deal take place must be strictly time-limited - something the EU has been resisting. (more...)
Oil extends losses as markets fall, inventories climb Oil extends losses as markets fall, inventories climb
- October 12, 2018

Oil prices edged lower on Wednesday after the International Monetary Fund lowered its global growth forecasts but prices were supported as Hurricane Michael churned towards Florida, causing the shutdown of almost 40 percent of US Gulf of Mexico crude output. (more...)
Trump says Fed ‘making a big mistake’ by being too aggressive Trump says Fed ‘making a big mistake’ by being too aggressive
- October 12, 2018

Earlier in the day, Trump told the Fox & Friends television broadcast that the central bank was "making a big mistake ". The Fed last raised interest rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the United States economy would enjoy at least three more years of economic growth. (more...)
Dow Jones drops 832 points in third worst drop in history Dow Jones drops 832 points in third worst drop in history
- October 11, 2018

Apple and Amazon both had their worst day in two and a half years. Japan's Nikkei 225 added 0.2 percent, South Korea's Kospi dropped 1.1 percent and the Hang Seng in Hong Kong gained 0.1 percent. Adams, of Bloomberg Intelligence, said investors have concerns about their future profitability, too. Earlier on Wednesday, Sears Holdings plunged on reports that the struggling retailer is preparing to file for bankruptcy. (more...)
USA stocks facing another fire-sale session as futures dip USA stocks facing another fire-sale session as futures dip
- October 11, 2018

I think the Fed has gone insane", Trump told reporters as he arrived for a campaign rally ahead of the U.S. mid-term elections. "The Fed has gone insane", Mr. " I like low interest rates ". In fact it is his policies that are behind the changes: tax cuts and spending policies are expected to juice the economy, adding to the Fed's justification to raise interest rates, while trade conflicts raise costs for companies, which could hit the bottom line in quarterly earnings - something ... (more...)

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