Business


Lyft is introducing a USA subscription service Lyft is introducing a USA subscription service
- October 17, 2018

The company estimates that monthly subscribers will pay roughly 59 percent less than if they owned a vehicle. If a user's ride goes over $15, he or she pays the difference. Available to everyone in the United States by the end of the week, Lyft's All-Access Plan lets you plunk down a chunk of change each month for access to "free" rides. (more...)
Saudi Arabia Says It Will Increase Output To Keep Oil Market Stable Saudi Arabia Says It Will Increase Output To Keep Oil Market Stable
- October 17, 2018

What's next for the oil price - $100 by the end of the year? Washington said this month it would consider waivers for Iranian oil buyers such as India, although it said they would eventually have to halt imports from Iran , the third biggest oil producer in the Organization of the Petroleum Exporting Countries. (more...)
Video site YouTube experiencing a worldwide outage Video site YouTube experiencing a worldwide outage
- October 17, 2018

While most users are familiar with 404 - page not found - error message 503 means "service unavailable". The site's official launch was in November 2005 and in less than a year, about 65,000 videos were being uploaded on a daily basis. Internet users looking for their video fix were left in limbo Tuesday night. With the exception of China and North Korea, the website is available around the world in 80 different languages. (more...)
Insurance companies not covering storage of Iranian oil, says Indian Oil official
- October 17, 2018

US light crude was 40 cents lower at $71.38. "We are seeing a well-supplied and balanced oil market right now". The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 53,000 bpd to a new peak of 3.55 million bpd. (more...)
United Airlines Adds 22 New Domestic Routes United Airlines Adds 22 New Domestic Routes
- October 17, 2018

Singapore Airlines has launched what it claims to be the world's longest commercial flight, between Singapore and NY, using its new Airbus A350-900ULR (ultra long range). Fast-forward five years, and things are quite different. In ULR specs, Airbus managed to fit an extra 6,300 gallons of fuel into the A350's tanks, pushing the range up to more than 11,000 miles. (more...)
OPEC Sees Weaker Oil Demand in 2019 As Rivals Output Surge OPEC Sees Weaker Oil Demand in 2019 As Rivals Output Surge
- October 17, 2018

Brent crude LCOc1 last week reached United States dollars 86.74, the highest since 2014. Global oil demand is expected to increase by 14.5 million bpd from 2017 to 111.7 million bpd in 2040, OPEC said in its latest report, issued in September. (more...)
Uber IPO proposals value company at $120 billion Uber IPO proposals value company at $120 billion
- October 17, 2018

Uber and smaller rival Lyft have been actively preparing to go public next year, and the Journal reported that Lyft has picked underwriters for a public offering expected in early 2019. Last month, it settle an investigation into a 2016 data breach with a payment of US$148 million, and earlier this year reached a settled with former Google vehicle unit Waymo over allegedly stolen trade secrets. (more...)
Is Elon Musk launching a Tesla-themed tequila? Is Elon Musk launching a Tesla-themed tequila?
- October 17, 2018

The company also accepted a $20 million fine, despite not being charged with fraud. Under the deal, Musk will relinquish his role as Tesla's chairman for three years and pay a $20 million fine. "Just want to that the Shortseller Enrichment Commission is doing incredible work", Musk, a frequent critic of investors betting against the company, wrote. (more...)
Audi fined $925 million in Germany for dieselgate scandal Audi fined $925 million in Germany for dieselgate scandal
- October 16, 2018

Prosecutors in Munich said on Tuesday the fine was imposed because Audi management neglected its oversight duties in selling cars with engines made by it and group partner Volkswagen that did not conform to legal limits on harmful emissions of nitrogen oxides. (more...)
'March of the Migrants' draws over 1000 Hondurans to USA border 'March of the Migrants' draws over 1000 Hondurans to USA border
- October 16, 2018

The caravan began as about 160 people who first gathered early Friday to depart from San Pedro Sula, one of Honduras' most unsafe places, figuring that traveling as a group would make them less vulnerable to robbery, assault and other dangers common on the migratory path through Central America and Mexico. (more...)
Global warming will ruin beer, scientists warn Global warming will ruin beer, scientists warn
- October 16, 2018

During severe climate events, global beer consumption would decline by 16 percent, or almost 30 billion litres - equal to all the beer quaffed each year in the United States, Guan and an worldwide team of researchers reported in the journal Nature Plants . (more...)
AA: Predicted fuel price hike may look different at end of October AA: Predicted fuel price hike may look different at end of October
- October 16, 2018

Except in Mumbai and Pune, diesel prices across other major cities have gone up by over Rs 2.75 per litre, while petrol prices have risen by almost Rs 2 per litre since October 5. While in Delhi, the diesel rates are at their highest ever, in most the other States, it is lower than the peak as some State governments had matched the Centre's move to cut excise duty and oil company subsidy by a similar cut in local sales tax or VAT. (more...)
Facebook says attackers stole details from 29m users Facebook says attackers stole details from 29m users
- October 16, 2018

Rosen declined to say how the attackers went undetected for nearly two weeks as they accessed 30 million accounts. Meanwhile, another expert on cybersecurity, Sanjay Kaushik said that as a result of the attack, hackers can potentially hack into Facebook users' bank accounts, steal their identities etc. (more...)
Modi urges oil suppliers to review payment terms to give rupee relief Modi urges oil suppliers to review payment terms to give rupee relief
- October 16, 2018

File PicPrime Minister Narendra Modi made a strong case for a partnership between the producers and consumers in the oil market to reduce energy cost. Modi also asked global industry executives why they haven't committed much investment to the Indian upstream sector despite government reforming policy as per their suggestions in previous annual meetings, according to sources. (more...)
Saudi Arabia told to investigate disappearance of missing journalist Saudi Arabia told to investigate disappearance of missing journalist
- October 16, 2018

The network cited two anonymous sources, one of whom cautioned the report could change. Turkish officials have said they fear a Saudi hit team killed and dismembered Khashoggi, who wrote columns that were critical of Saudi Crown Prince Mohammed bin Salman . (more...)
Mega Millions and Powerball lotteries now have $1 billion combined jackpot Mega Millions and Powerball lotteries now have $1 billion combined jackpot
- October 15, 2018

And there's even more fun with $862 million in combined jackpots for Mega Millions and Powerball. Unfortunately, even as the big prize for Tuesday night's drawing increases to the fourth-largest in US history, the odds of matching all six numbers and winning the game don't improve. (more...)
Sears files for bankruptcy - swan song for a USA icon Sears files for bankruptcy - swan song for a USA icon
- October 15, 2018

Given its sheer size, Sears' bankruptcy filing will have wide ripple effects on everything from already ailing landlords to its tens of thousands of workers. It is unclear how the closures would impact Sears' nearly 70,000 employees. Sears and Kmart had some 3,500 locations when they merged under Lampert in 2005; now there are about 900 nationwide. (more...)
Saudi king calls Erdogan as Khashoggi fallout widens Saudi king calls Erdogan as Khashoggi fallout widens
- October 15, 2018

The UAE billionaire, Khalaf Al Habtoor has called for a boycott on United States companies that have backed out of Saudi's Future Investment Initiative summit. In the US, White House economic adviser Larry Kudlow said Saudi Arabia should take Trump´s warning over the journalist´s fate seriously. This time, however, it acknowledged for the first time that Saudi Arabia was accused of killing Mr Khashoggi. (more...)
Air India flight attendant falls from plane Air India flight attendant falls from plane
- October 15, 2018

Air India says it has reported the crash to the aviation regulator and is "cooperating with the investigation". The incident came weeks after more than 30 passengers aboard an aircraft of Indian carrier Jet Airways had to receive treatment after pilots "forgot" to turn on a switch regulating cabin pressure. (more...)
Sears CEO steps in for bankruptcy financing Sears CEO steps in for bankruptcy financing
- October 15, 2018

A Sears spokesman did not immediately respond to a request for comment. Many employees and analysts blame CEO Eddie Lampert for the retailer's decline. Sears was making progress in its negotiations with banks on Friday for financing to keep it afloat through the holiday season while in bankruptcy court, with lenders expected to provide several hundred million dollars, the sources said. (more...)
Rescue plan for Patisserie Valerie Rescue plan for Patisserie Valerie
- October 15, 2018

This morning the company announced that suspended financial officer Chris Marsh was arrested last night. The first Patisserie Valerie café was opened in 1926 by Belgian born founder Madame Valerie. "The company will repay the amount of the bridging loan drawn down in full immediately upon receipt of the placing proceeds". It said that while the findings were preliminary and subject to change it now believed the group had net debt of approximately £9.8m. (more...)
This is why US lawmakers want Canada to ignore Huawei This is why US lawmakers want Canada to ignore Huawei
- October 15, 2018

A copy of the signed letter is available here. They wrote: "As you are aware, Huawei is not a normal private-sector company". They strongly advised the head of the U.S. The lawmakers suggested that Canada could turn to the USA intelligence for additional information about national security implications. The Canadian Centre for Cyber Security is Canada's designated federal agency tasked with cybersecurity. (more...)
Initial public offering: Anaplan stock surges 35% in trading debut Initial public offering: Anaplan stock surges 35% in trading debut
- October 15, 2018

The announcement comes hours after the Wall Street Journal reported that Tencent Music would be delaying its IPO amid the market sell-off that pushed the Nasdaq to its lowest close since May. The offering raised $263.5 million, with the $17 pricing giving Anaplan an implied valuation of $2.07 billion. Even before the market swoon, Anaplan was already headed toward an unusual IPO because it has a brand new finance chief. (more...)
Saudi journalist's death recorded on his Apple Watch: Turkish newspaper Saudi journalist's death recorded on his Apple Watch: Turkish newspaper
- October 15, 2018

Turkey believes Khashoggi was deliberately killed in the consulate and his body removed. Turkish TV has broadcast CCTV footage of the moment Mr Khashoggi walked into the consulate. Meanwhile, Saudi media has tried to blame the crisis on Qatar, which the kingdom and three other Arab nations now boycott as part of a bitter political dispute, without offering proof of that country's involvement. (more...)
UK govts plan to tackle obesity: Pizzas must shrink or lose toppings UK govts plan to tackle obesity: Pizzas must shrink or lose toppings
- October 15, 2018

While the limits would not be mandatory under current plans, which are part of a package aimed at reducing childhood obesity , the government has warned it would likely legislate if businesses failed to fall into line, with public health minister Steve Brine declaring the state was "willing to do whatever it takes to keep children healthy and well in this country". (more...)

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