Business


Trump is putting pressure on GM to reopen OH plant Trump is putting pressure on GM to reopen OH plant
- March 20, 2019

On Saturday , Trump has tweeted that GM "must" reopen the plant, "maybe in a different form or with a new owner, FAST!" He maintained, as he has in the past, "Car companies are all coming back to the U.S. Sunday, read. FILE - Final inspector Mary Skinner inspects the rear end of a General Motors Chevrolet Cruze at Jamestown Industries, Nov. 28, 2018, in Youngstown, Ohio. (more...)
U.S. markets edge lower ahead of Fed announcement U.S. markets edge lower ahead of Fed announcement
- March 20, 2019

They now forecast slower growth this year and next, compared to their last set of projections three months ago. And they project that the unemployment rate will rise slightly from this year through 2021. The yield on the 10-year Treasury note fell to 2.59 percent from 2.61 percent late Tuesday. The central bank sees inflation holding around 2% the next two years, down slightly from December's estimate of 2.1%. (more...)
European Union fines Google $1.7 billion for abusing online ads market European Union fines Google $1.7 billion for abusing online ads market
- March 20, 2019

Google fell afoul of antitrust rules by stopping online publishers from placing competitors' adverts on their search results pages, forcing them to reserve the most valuable space on their page for Adsense results and a requirement to ask for Google's permission before changing how rival ads are displayed. (more...)
Lyft to offer more than 30M shares Lyft to offer more than 30M shares
- March 20, 2019

The first ride-hailing service to go public, Lyft is also expected to raise some $2 billion before being listed on the Nasdaq by the end of the month. In Europe, Volkswagen AG on March 13 cancelled a stock sale of its truck division that could have raised as much as $3 billion, a decision that one head of trading said could "spoil the mood", for other IPO-bound companies in the region. (more...)
FIS to acquire Worldpay in a mega $35 Billion deal FIS to acquire Worldpay in a mega $35 Billion deal
- March 20, 2019

Under the terms of the agreement, Worldpay shareholders will be entitled to receive 0.9287 FIS shares and $11.00 in cash for each share of Worldpay . The CEO of WorldPay, Charles Drucker , will be executive vice chairman. FIS shareholders will own about 53 percent of the combined company, which will keep the name Fidelity National Information Services Inc. (more...)
Starbucks revamps loyalty program with multi-tier rewards Starbucks revamps loyalty program with multi-tier rewards
- March 20, 2019

The Seattle-based coffee chain said that while customers will continue to earn two "stars" for every dollar spent, starting April 16 members will be able to redeem rewards immediately after joining the program. "Since introducing Starbucks Rewards ten years ago, we've experienced tremendous growth and continued to evolve the program to meet the changing needs and purchase patterns of our customers", said Starbucks chief marketing officer Matthew Ryan in a press release. (more...)
Asian shares steady ahead of Fed meeting; May's Brexit deal in chaos Asian shares steady ahead of Fed meeting; May's Brexit deal in chaos
- March 20, 2019

Traders are focused on the Federal Reserve, which kicked off its two-day policy meeting on Tuesday, for clues about the likely path of USA borrowing costs and whether the central bank will affirm its commitment to "patient" monetary policy, analysts said. (more...)
Percent Say Ocasio-Cortez Is 'Villain' in Failed Amazon-NYC Deal Percent Say Ocasio-Cortez Is 'Villain' in Failed Amazon-NYC Deal
- March 20, 2019

The Seattle-based company announced previous year it would build two satellite headquarters on the east coast - one in NY and one in Washington D.C. Amazon said it will continue moving forward on plans to build its second headquarters in the D.C. (more...)
Facebook agrees to limit ad targeting after discrimination lawsuits Facebook agrees to limit ad targeting after discrimination lawsuits
- March 20, 2019

Just to round things out in true Facebook fashion, its chief operating officer Sheryl Sandberg explained in a blog post that the company had already done a lot and but every so humbly noted that the company "can do better". The leading social network said housing, employment or credit ads will no longer be allowed to target by age , gender or zip code - a practice critics argued had led to discrimination. (more...)
Jury: Roundup weed killer is major factor in man's cancer Jury: Roundup weed killer is major factor in man's cancer
- March 20, 2019

The unanimous verdict by the six-person jury in federal court in San Francisco favored claims made by Edwin Hardeman, 70, the second plaintiff to go to trial out of thousands around the country who claim the weed killer causes cancer , the San Francisco Chronicle reported . (more...)
Paris, Singapore and Hong Kong tie as world's priciest cities Paris, Singapore and Hong Kong tie as world's priciest cities
- March 20, 2019

Previously, Singapore held the spot alone . The annual survey, which evaluates the cost of over 150 items in 133 cities around the world, features a top 10 largely dominated by Asian and European cities. Here are the top ten most expensive cities to live in 2019. Paris has been named among the top 10 most expensive cities for 16 years. Hong Kong tied for first place regarding the world's most expensive cities this year. (more...)
Instagram will let you buy Nike, Warby Parker, other brands without le Instagram will let you buy Nike, Warby Parker, other brands without le
- March 20, 2019

Today, Instagram sweetened the deal by adding a checkout feature to the app so users can buy stuff they see in their feed without ever having to leave Instagram . Instagram is charging businesses an undisclosed "selling fee," according to TechCrunch . If you're one of the many people who fall victim to Instagram's eerily on-point shopping ads, you're either going to love or panic over this news. (more...)
US SEC stunned that Musk failed to get pre-approval of tweets US SEC stunned that Musk failed to get pre-approval of tweets
- March 19, 2019

The SEC believes that Musk's tweet stating that Tesla would produce 500,000 vehicles in 2019 was a "blatant violation" of a court order that required that Musk's tweets be vetted before posting. In a one-page letter to the judge, Hueston said the SEC raised new allegations in its reply, which he contends is improper. On Monday, SEC lawyers responded by calling his continued defiance of the agreement "stunning". (more...)
Saudi signals OPEC may need to extend oil cuts until end Saudi signals OPEC may need to extend oil cuts until end
- March 19, 2019

Outside OPEC, analysts are watching USA crude oil production, which has risen by more than 2 million barrels per day (bpd) since early 2018, to around 12 million bpd, making the United States the world's biggest producer ahead of Russian Federation and Saudi Arabia. (more...)
Paris ties Singapore, Hong Kong as world's priciest cities Paris ties Singapore, Hong Kong as world's priciest cities
- March 19, 2019

Zurich and Geneva rounded out the top five, while NY and Los Angeles reclaimed spots in the top 10 - ranking in seventh and 10th respectively - after slipping to 13th and 14th a year ago thanks to a weakening dollar. Meanwhile Turkey's Istanbul has become considerably less expensive, dropping 48 places to joint 120th on the list - due in part to the decrease in value of Turkish lira. (more...)
Jury: Apple owes Qualcomm $31M for patent infringement Jury: Apple owes Qualcomm $31M for patent infringement
- March 19, 2019

The jury awarded Qualcomm USD 31 million in damages for infringement of the patents from July 6, 2017, the date the lawsuit was filed, through the end of the trial. Apple's goal was to buy mobile chips from Intel instead of depending on Qualcomm, the dominant maker of mobile phone processors and has argued that Qualcomm abuse of its dominant position was harmful to the whole industry. (more...)
Fisker Inc.'s Sub-$40K All-Electric SUV for 2021 Fisker Inc.'s Sub-$40K All-Electric SUV for 2021
- March 18, 2019

Like the Model Y, the as-yet-unnamed Fisker will be priced from less than $40,000 (£30,200) in the US. The new vehicle, with an expected range of some 300 miles (500 kilometers) between charges, comes from a new corporate entity called Fisker Inc. (more...)
Anil Ambani's RCom pays Rs 462 crore to Sweden's Ericsson Anil Ambani's RCom pays Rs 462 crore to Sweden's Ericsson
- March 18, 2019

Ericsson had moved a bankruptcy court in 2017 alleging it had not been paid dues of around Rs 1,600 crore after signing a deal in 2013 to operate, maintain and manage the telco's nationwide network. Almost 15 months after Anil Ambani agreed to sell assets of Reliance Communications to a telecom firm run by elder brother Mukesh, the two groups Monday called off the deal citing delays in approval from the government and lenders. (more...)
General Motors: Ohio plant fate to be resolved between GM, UAW General Motors: Ohio plant fate to be resolved between GM, UAW
- March 18, 2019

Less than 24 hours later, President Trump sent out another tweet discussing the Lordstown GM plant, this time specifically addressing a local union boss about the closure. The tweets marked some of his most pointed criticism of GM so far. The sprawling facility was idled after more than 50 years producing cars and other vehicles, falling victim to changing USA auto preferences, according to the company. (more...)
Merger of Deutsche Bank, Commerzbank could cost 20,000 jobs, says union chief Merger of Deutsche Bank, Commerzbank could cost 20,000 jobs, says union chief
- March 18, 2019

Germany's Deutsche Bank and Commerzbank have begun talks about a merger after getting approval about a tie-up from the Berlin government. This prompted Reuters to conclude that the official disclosure of talks boosts the chances that both banks conclude the agreement. (more...)
Interserve faces administration after shareholders shun rescue deal - Companies Interserve faces administration after shareholders shun rescue deal - Companies
- March 18, 2019

Accountants EY have been lined up as administrators and is expected to carry out a pre-pack administration, an insolvency procedure under which a company arranges to sell its assets to a buyer before administrators are appointed. The Interserve meeting will be held at 1100 GMT on Friday. What has the reaction been so far? Interserve ran into difficulty after a string of ill-advised acquisitions and loss-making contracts, but other British service providers have been hit in recent ... (more...)
Powerball jackpot grows to $550 million Powerball jackpot grows to $550 million
- March 18, 2019

Wednesday's estimated jackpot, $550 million, is the eighth largest in Powerball history. Zach Norenberg claimed his one million dollar jackpot prize on March 8 after purchasing a winning ticket for the March 6 Powerball drawing, according to a Powerball press release . (more...)
Cboe caves to CME on bitcoin futures Cboe caves to CME on bitcoin futures
- March 18, 2019

As per the statement , Cboe Futures Exchange , LLC or CFE , which adds the contracts, is re-evaluating how to approach trading of digital assets. While the now listed futures contracts (XBTM19), would expire in June. So readers, what do you think about CBOE holding Bitcoin futures in March? share your opinion with us . Most people who now remain invested in CBOE are likely to be traders with large portfolios who are waiting out bearish influence for next leg of the upside move. (more...)
Venezuela electricity crisis may 'challenge' global oil market - IEA Venezuela electricity crisis may 'challenge' global oil market - IEA
- March 17, 2019

Baku will host the 27th meeting of the joint OPEC Monitoring Committee technical committee on March 17. This led to the US taking a number of steps in the 1980s to take away OPEC's monopoly in determining oil prices, and the USA has strengthened global commodity markets with Chicago and NY. (more...)
Volkswagen boss apologises for Nazi gaffe after 'arbeit macht frei' pun Volkswagen boss apologises for Nazi gaffe after 'arbeit macht frei' pun
- March 17, 2019

EBIT refers to earnings before interest and taxes. In an apologetic statement, Diess said what happened was "definitely an unfortunate choice of words". Within the Volkswagen Group, "brands with a higher margins have more freedom within the Group to make their own decisions". The CEO said it wasn't his intention to make this expression in a way that could be misinterpreted, and he didn't consider the possibility that it could be. (more...)

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