Business


A Helpless RCom Goes For Insolvency A Helpless RCom Goes For Insolvency
- February 03, 2019

Outlining the reasons behind the decision to go to the NCLT, RCom said that there is an absence of complete approval and consensus among 40 lenders, Indian and foreign, even after 45 meetings over the course of 12 months, as well as numerous legal issues pending at high courts, TDSAT and the Supreme Court. (more...)
SCS pulls out of talks to buy Sofa.com SCS pulls out of talks to buy Sofa.com
- February 03, 2019

That leaves retail guru Ashley clear to launch his own takeover bid, with various reports claiming that the Newcastle United owner is the only other interested party. This step has been taken despite ScS reporting that it was "in a strong position to manage the continued economic uncertainty and take advantage of opportunities" in a trading update yesterday. (more...)
US Employers Add 304,000 Jobs in January US Employers Add 304,000 Jobs in January
- February 03, 2019

MARTIN: So explain how it seems to indicate that the government shutdown , which affected 800,000 federal workers, that had virtually no effect on the job market. And that one counted furloughed workers as employed , even if they were sitting at home and not collecting a paycheck. The unemployment rate rose to 4 percent , its highest level since June, which the Labor Department attributed to the impact of the shutdown. (more...)
Amazon profit jumps while shares slip Amazon profit jumps while shares slip
- February 03, 2019

Net sales are expected to be between $56 billion and $60 billion, or to grow between 10% and 18% compared with first quarter 2018. Amazon founder and chief executive Jeff Bezos pointed to sales of Echo Dot devices in 2018 and said "Alexa was very busy during her holiday season". (more...)
Nissan 'U-turn' expected on new X-Trail SUV in Sunderland Nissan 'U-turn' expected on new X-Trail SUV in Sunderland
- February 03, 2019

Labour Sunderland Central MP Julie Elliott suggested there was an "inevitable role that Brexit plays here". "It's why when I return to Brussels I will be battling for Britain and Northern Ireland, I will be armed with a fresh mandate, new ideas and a renewed determination to agree a pragmatic solution that delivers the Brexit the British people voted for, while ensuring there is no hard border between Northern Ireland and the Republic of Ireland", she added. (more...)
BP joins Shell in making plans to combat climate change
- February 03, 2019

The oil and gas company that is based in the United Kingdom supported a resolution that was put forward by a group of shareholders including the investment arms of Legal & General, the C of E, and HSBC . The approved resolution sets targets and allows disclosure as long as it is "prepared at reasonable cost; and provided that nothing in this resolution shall limit the company's powers to set and vary its strategy, or associated targets or metrics", BP said. (more...)
BMW launches new 7-Series PHEVs BMW launches new 7-Series PHEVs
- February 03, 2019

The firm claims the 745Le xDrive can thus sip as little as 2,3 L/100 km (based on the new WLTP test cycle and adapted to NEDC for comparison purposes). Fuel consumption and emissions have also been improved. The operating mode is displayed as part of a newly designed instrument panel, easily and clearly identified by means of a different colour. (more...)
TSA Officer Dies After Jumping Off Balcony at Orlando Airport TSA Officer Dies After Jumping Off Balcony at Orlando Airport
- February 03, 2019

Bernal said. According to Orlando police, the agent " jumped from the Hyatt Regency Hotel into the atrium area of the airport", which is located near the security lines frequented by families traveling in and out of Central Florida on theme-park vacations. (more...)
Shell Vows Spending Discipline Even As 2018 Profits Soar Shell Vows Spending Discipline Even As 2018 Profits Soar
- February 03, 2019

Capital investment reached $24.8 billion for the year, slightly below the lower end of Shell's guidance. Adjusted net income of $5.69 billion beat analysts' estimates and was the highest for the period in at least six years, matching an era when oil was closer to $100 a barrel. (more...)
Euro zone factory growth dried up in Jan, outlook gloomy -PMI Euro zone factory growth dried up in Jan, outlook gloomy -PMI
- February 03, 2019

Eastern China remained the sectors' largest revenue contributor by earning 6.87 trillion yuan (1.02 trillion USA dollars), accounting for 77 percent of the total revenue past year. Not all PMI surveys were gloomy. On Wednesday, the United States and China opened high-level talks aimed at bridging their deep differences over China's intellectual property and technology transfer practices and easing their tariff dispute. (more...)
European Union will allow visa-free travel to United Kingdom citizens post-Brexit European Union will allow visa-free travel to United Kingdom citizens post-Brexit
- February 03, 2019

The European Commission's vice president Frans Timmermans later said that United Kingdom nationals would be exempt from visa requirements as long as the same applied to EU citizens heading to Britain. In particular, it stated in a starred footnote: "Gibraltar is a colony of the British Crown". "It is, in any case, totally irrelevant to our departure from the European Union and says more about Spain's anachronistic obsession with Gibraltar than it does about anything else". (more...)
Npower could cut 'up to 900' jobs Npower could cut 'up to 900' jobs
- February 02, 2019

SSE said the performance of the two businesses, the price cap and the changing energy market conditions meant the merge couldn't go ahead. Npower said it still expected to make "significant losses" this year. "Ofgem designed the energy price cap independently, through consultation with industry, so that an efficient supplier can continue to thrive". Several smaller energy firms have also collapsed since the cap was announced. (more...)
Unilever's new chief warns of headwinds that will hit growth Unilever's new chief warns of headwinds that will hit growth
- February 02, 2019

Unilever's reported turnover of €49.6bn (£43.5bn, $57bn) for the full year. However, the stock market being a forward-looking discounting mechanism, all eyes are on the future not the past. Management is targeting an underlying operating margin of 20% and cash flow conversion of 100% by 2020. Analysts had expected better sales figures and Unilever shares were down 1.85 percent to 46.48 euros near the close of trade on Thursday. (more...)
European Union irks Britain by calling Gibraltar a 'colony' European Union irks Britain by calling Gibraltar a 'colony'
- February 02, 2019

British leaders have raised the possibility of postponing the U.K.'s exit date from the European Union, due to disagreement over terms of the divorce, now set to take place on March 29. In the 2016 Brexit referendum, Gibraltar voted by an overwhelming 96% to remain in the EU. Spanish diplomatic sources said on Tuesday that Madrid would insist on excluding Gibraltar from any Brexit deal, as it plans to revive its bid for shared sovereignty over the rocky outpost. (more...)
Tesla is prepping for Model Y production, Musk says Tesla is prepping for Model Y production, Musk says
- February 01, 2019

Profits reached £252.8million, only the second consecutive quarter in which Tesla has found itself in the black. CFO retiring Meanwhile, after returning to the electric-car maker previous year, Tesla CFO Deepak Ahuja said Wednesday he will retire in the coming months. (more...)
Oil major Total makes gas discovery at North Sea Glengorm prospect Oil major Total makes gas discovery at North Sea Glengorm prospect
- February 01, 2019

Project partner Total Exploration and Production UK - part of French energy giant Total - estimated Glengorm's recoverable resources at about 250 million barrels of oil equivalent (boe). "The gas at Glengorm is subject to very high pressures and temperatures (HP/HT), which makes it more challenging and costly to develop". But Swann sees potential synergies and benefits coming from other nearby fields with the same characteristics such as Elgin/Franklin and Culzean, such as the use of ... (more...)
Drug company expands voluntary recall of infant ibuprofen sold at CVS, Walmart Drug company expands voluntary recall of infant ibuprofen sold at CVS, Walmart
- February 01, 2019

The affected medications were sold at Walmart , CVS and Family Dollar Services stores under the brand names CVS Ibuprofen, Family Wellness Infants' Ibuprofen and Equate Infants' Ibuprofen. Studies have shown that safety issues or toxicity are generally accepted to be a concern in infants at doses in excess of 700% of the recommended dose. (more...)
What are India’s new foreign direct investment rules for e-commerce? What are India’s new foreign direct investment rules for e-commerce?
- February 01, 2019

Such strategies by global companies have been controversial in a country where organized retail accounts for only about 10 percent of a market dominated by small sellers and mom-and-pop stores. Brian Olsavsky , Amazon's chief financial officer, said that the company was still evaluating the impact of the ruling. While we remain committed to complying with all laws and regulations , we will continue to look to engage with the government to seek clarifications that help us decide our ... (more...)
Amazon hits record $4.3 billion profit
- February 01, 2019

North America net sales, for non-AWS businesses, topped $44.12bn, up 18 per cent, though the thin margins for the retail biz meant operating income was $2.23bn, up 31 per cent. The answer, Amazon said, is no. That figure came in below Wall Street's expectations. Shoppers will spend US$484 billion globally on Amazon this year, up 26 per cent from 2018, and the Seattle-based company will capture more than half of all online spending in the USA, according to EMarketer Inc. (more...)
Italy slips into recession for third time in a decade Italy slips into recession for third time in a decade
- February 01, 2019

Following a 0.1 percent drop in the previous three-month period that means Italy is in a technical recession, defined as two straight quarters of economic contraction - just four years after its last one. Industrial production throughout the whole of the eurozone slumped into the end of 2018. Despite a series of weak economic data in recent month, Eurozone unemployment remained at 7.9 per cent, its lowest level since October 2008. (more...)
Facebook Hires Privacy Advocates Amidst Calls for Greater Regulation Facebook Hires Privacy Advocates Amidst Calls for Greater Regulation
- February 01, 2019

The Stories format is used by about 2 million advertisers out of Facebook's total 7 million active advertisers, and the company said it would add more features to make it easier for advertisers to adapt their campaigns. Shares of the social media network rose almost 12 percent to $168 in trading before the bell on Thursday, with at least 17 analysts raising their price targets on the stock. (more...)
A Second Apple Employee Has Been Charged With Stealing ‘Project Titan’ Secrets A Second Apple Employee Has Been Charged With Stealing ‘Project Titan’ Secrets
- January 31, 2019

Security personnel also found on the computer about a hundred photographs taken inside an Apple building. In July 2018, former Apple employee Xiaolang Zhang was accused of trying to leak Apple's trade secrets to China-based XMotors and was arrested by federal agents. (more...)
Polar vortex shuts down 11 GM auto plants in MI Polar vortex shuts down 11 GM auto plants in MI
- January 31, 2019

At 10:32 p.m. Wednesday night, an emergency alert was sent out to MI residents asking them to comply with the request. The automaker has not announced when work would resume but Consumers Energy is asking Michiganers to cut back on the natural gas use until at least the end of the workweek. (more...)
Iran's central bank issues draft rules on cryptocurrency Iran's central bank issues draft rules on cryptocurrency
- January 31, 2019

These countries interest in cryptocurrency is driven by the desire to use it as a tool to wade off the impact of worldwide sanctions on their economy, especially from the United States of America. The rationale behind the rail-backed digital currency is that it will first facilitate payment between local banks, institutions, and allow the public to pay for goods and service while also setting the foundation for a cryptocurrency-based global payment settlement system. (more...)
Aber - UAE and Saudi Arabia's new cryptocurrency Aber - UAE and Saudi Arabia's new cryptocurrency
- January 31, 2019

While the central remittance systems in both countries have "evolved overtime and proved their feasibility", worldwide remittances have need for improvement, the central banks said. In a statement released this morning, the two central banks also pledged to establish additional means to enable local banks to deal directly with each other in conducting financial remittances. (more...)

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