Economy

Economy Who is Sandeep Bakhshi, the new ICICI Bank COO
Author: 0 Who is Sandeep Bakhshi, the new ICICI Bank COO

The bank said he will be responsible for handling all the businesses and corporate centre functions at the bank. "In line with the highest levels of governance and corporate standards, Ms. Ms Kochhar has been facing allegations made by a whistleblower about sanctioning of loans to the Videocon Group in lieu of investments made in the companies promoted by her husband.

Economy President Trump Highlights Detrimental Impact of Migrant Crisis on Europe
Author: 0 President Trump Highlights Detrimental Impact of Migrant Crisis on Europe

BAVARIAN BEEF Merkel has had an often-tense history with Seehofer, and their relationship became really hard after Merkel's 2015 decision to keep Germany's borders open as migrants streamed across the Balkans. Mrs Merkel has asked the CSU to give her two weeks to come up with bilateral deals with some countries, such as Italy and Greece, similar to one agreed between Turkey and the European Union in 2016.

Economy Global stocks, oil suffer as U.S.-China trade spat heats up
Author: 0 Global stocks, oil suffer as U.S.-China trade spat heats up

Beijing responded by saying it would hit 659 United States goods worth $50bn with a similar tax. A spokeswoman for the U.S. Trade Representative's Office said that the new list of $200 billion in Chinese goods targeted for 10 percent tariffs would replace the previous $100 billion list that Trump ordered to be prepared in early April as a response to China's first round of $50 billion in retaliatory tariffs.

Author: 0 Trump escalates China trade war with extra tariffs

President Trump said the new tariffs will go into effect unless China ends its malicious trade practices. "China's threat "clearly indicates its determination to keep the United States at a permanent and unfair disadvantage", Trump said Monday".

Economy CYBG to acquire Virgin Money for £1.7bn in shares
Author: 0 CYBG to acquire Virgin Money for £1.7bn in shares

The owner of the Clydesdale Bank, Yorkshire Bank and B brands said the terms of the agreement will see each Virgin Money share exchanged for 1.2125 shares in the new combined group. It would be the main bank for just 2 percent of high street customers compared with around 24 percent for market leader Lloyds Banking Group, according to data from industry body RFi Group.

Economy Google to invest $550 million in Alibaba's rival JD.com
Author: 0 Google to invest $550 million in Alibaba's rival JD.com

Meanwhile, Google needs to win back product searches from American e-commerce giant Amazon if it hopes to stay relevant in the space. Google has made investments in China, released products there and opened up offices that include an AI hub , but now it is working with JD.com largely outside of China.

Economy Audi CEO detained in diesel emissions case
Author: 0 Audi CEO detained in diesel emissions case

Prosecutors said last week they had searched Stadler's home for evidence as part of an investigation that has been underway for over a year. Martin Winterkorn, the former chief executive officer of Volkswagen, was indicted in May by USA prosecutors.

Author: 0 Audi CEO arrested - Volkswagen

CEO Rupert Stadler was detained on Monday on suspiscion of fraud, according to prosecutors in the city of Munich . Stadler's arrest is the most high-profile yet in the dieselgate crisis, which started when the Volkswagen group admitted in 2015 to equipping some 11 million diesels worldwide with "defeat devices" created to dupe pollution tests.

Economy Tesco hits 4-year high after Booker sales lift
Author: 0 Tesco hits 4-year high after Booker sales lift

Shares in Tesco (LON: TSCO ) have advanced in today's session as Britain's biggest grocer updated investors on its first-quarter performance, posting a rise in like-for-like sales. Sales in the quarter were also boosted by Booker, the wholesaler and distributer Tesco recently acquired for 3.7 billion pounds. The supermarket's general merchandise sales dragged on total sales growth, although like-for-like clothing sales ticked up 1.7 per cent.

Economy McDonald's to switch to paper straws in U.K., Ireland
Author: 0 McDonald's to switch to paper straws in U.K., Ireland

The company reportedly uses about 1.8 million straws a day in the United Kingdom , and it has committed to having 100 percent of its packaging come from "renewable, recycled, or certified" sources by 2025. Momentum is increasing in the U.S.to eliminate the use of plastic straws. The European Union proposed a ban on 10 single-use plastic products to reduce the amount of plastic garbage that is found in their countries' beaches and bodies of water.

Economy Elon Musk to build high-speed commuter system in Chicago
Author: 0 Elon Musk to build high-speed commuter system in Chicago

He scoffed at critics who question the still-unproven technology or the city's ability to achieve what's been a goal at City Hall for more than a decade. "Maybe we are not bearing financial risks today, but we might bear financial risk in the future", Battle said, if the project advances but faces unforeseen fiscal or construction challenges.

Economy Canada Goose (GOOS) Shares Up 25.7% After Analyst Upgrade
Author: 0 Canada Goose (GOOS) Shares Up 25.7% After Analyst Upgrade

Canaccord Genuity raised their price objective on shares of Canada Goose from $48.00 to $58.00 and gave the stock a "buy" rating in a report on Wednesday, June 6th. Renaissance Technologies LLC bought a new position in Canada Goose in the 4th quarter worth approximately $6,798,000. "The experience of shopping in a Canada Goose store is both a walk through our history and an opportunity to discover how we continue to innovate for the future", said Dani Reiss, president and CEO of ...

Economy McDonald’s to test paper straws at some US restaurants this year
Author: 0 McDonald’s to test paper straws at some US restaurants this year

It's bad enough that plastic tossed into landfills never degrades, but billions of tons of plastic have ended up in the world's oceans over the years. The new straws will use paper coming from certified sustainable sources, the company said. "Together with our customers, we can do our bit for the environment and use fewer straws".

Economy China's ride-hailing giant Didi to launch in Australia
Author: 0 China's ride-hailing giant Didi to launch in Australia

The ridesharing company's app can be downloaded in Australia starting on June 15, with discounts being available starting from June 25 until July 31. Didi Chuxing , China's dominant ride-hailing company, is continuing its worldwide expansion after it announced plans to launch in Australia this month.

Economy European Central Bank to end bond purchases by year end, Economy News & Top Stories
Author: 0 European Central Bank to end bond purchases by year end, Economy News & Top Stories

Global stocks slipped back in the morning after the Fed warned that the "punch bowl" will be pulled away from investors at an even quicker pace than anticipated . Interest rates remained unchanged at the ECB's June meeting. US President Donald Trump was planning to meet with trade advisers later to decide whether to activate the tariffs, a senior administration official said on Wednesday.

Economy BHP Billiton sets out $2.9 billiton expenditure for South Flank iron ore
Author: 0 BHP Billiton sets out $2.9 billiton expenditure for South Flank iron ore

BHP Billiton says it will spend $US2.9 billion ($USA3.8 billion) expanding its South Flank iron ore project in. The mine is expected to operate for some 25 years starting in 2021. The 80 million tonnes per year Yandi is reaching the end of its economic life. Chinese-owned CIMIC Group's subsidiary, CPB Contractors, will deliver bulk earthworks, concrete and underground services for the mine, under a $260 million contract which will commence in July.

Economy White House Hits China With New Tariffs, Ramping up Trade War
Author: 0 White House Hits China With New Tariffs, Ramping up Trade War

Women interact near a robot designed by Chinese robotics company Pangolin at the Consumer Electronics Show Asia 2018 in Shanghai, China on June 15, 2018. The US has said the punitive measures have been created to combat what it says is theft of its intellectual property . Those restrictions are aimed at stopping China from developing its own hi-tech industry with technologies acquired from the U.S.

Economy Simply Be owner N Brown could shut all 20 of its stores
Author: 0 Simply Be owner N Brown could shut all 20 of its stores

She said this review would be complete by the time the company reported its half year results in October, and it would do all it could to support staff affected. Eliminating losses should be positive for the investment case, so today's 6.1% share price decline to 185.6p reflects N Brown's underwhelming first quarter showing, albeit delivered in a tough period for most United Kingdom apparel retailers.

Author: 0 Australian Jobs Show Weakness Even as Unemployment Rate Falls

Markets looked through the UE rate drop as participation fell to the softer jobs growth. The ABS figures come on the same day employment ads company SEEK said it had 10.7 per cent more job ads in May compared with the same month past year.

Economy Rolls Royce to cut 4600 jobs
Author: 0 Rolls Royce to cut 4600 jobs

Airlines with older Boeing 787 Trent 1000 engines will need to perform inspections after manufacturer Rolls-Royce found compressor blades in those engines may also be wearing prematurely. The government has to intervene", the BBC quoted him as saying. East said making the business "more streamlined" with " pace and simplicity at its heart" would allow the company to generate "significant" profitable growth.

Economy Oil prices fall as U.S. crude production hits another…
Author: 0 Oil prices fall as U.S. crude production hits another…

Unity within OPEC has been strained, as some members such as Iran have pumped greater supply into the market. The kingdom reported that it increased production in May to about 10 million barrels a day. U.S. oil production has more than doubled in the past decade, including a 19 percent increase since OPEC's limits took effect in January 2017, according to the U.S.

Economy UK pub chain snubs Champagne, Prosecco ahead of Brexit
Author: 0 UK pub chain snubs Champagne, Prosecco ahead of Brexit

Wetherspoon, which has 880 pubs, will replace champagne with sparkling wines from the United Kingdom, such as from the Denbies vineyard, and Hardy's Sparkling Pinot Chardonnay from Australia. Wetherspoon's will honour contracts with several suppliers, some of which last for years. Martin said the chain is likely to make further investment in non-EU products once the United Kingdom reaches its Brexit cut-off date on 29 March, but European beers, wines and spirits won't disappear from the menu ...

Economy Stocks close down as U.S., China trade fire on tariffs
Author: 0 Stocks close down as U.S., China trade fire on tariffs

US President Donald Trump has announced a 25 percent tariff on up to $ 50 billion worth of Chinese goods . The actual shirts and shoes imported from China won't get new tariffs , according to the full list of 1,102 product lines released Friday, and only some of the equipment used to make them, like textile rolling-machine parts and injection molders for shoes, were included in the final list.

Economy Sheriff: 1 deputy killed, another critically injured after shooting
Author: 0 Sheriff: 1 deputy killed, another critically injured after shooting

The other deputy is in critical condition. "It is very possible that with their own firearm they were both shot", Bailiff said. The Kansas City, Kansas Police Department is now investigating. He's also been charged with murder, assault and armed criminal action in a December 2017 shooting in Kansas City, Missouri. The suspect is in the operating room at the same hospital, Zeigler said.

Economy Seattle city council repeals tax on businesses
Author: 0 Seattle city council repeals tax on businesses

The vote showed Amazon's ability to aggressively push back on government taxes, especially in its affluent hometown where it's the largest employer with more than 45,000 workers and where it has been criticized for contributing to a widening income gap.

Economy Plumber's win in Supreme Court will impact on FM contractors
Author: 0 Plumber's win in Supreme Court will impact on FM contractors

Organisations should undertake an audit of those arrangements to assess whether their consultants could in fact be deemed to be workers. Today's decision helps clarify certain issues - although it is not a business-friendly result. Jonathan Rennie, partner at United Kingdom law firm TLT, comments: "The judgment highlights the "regrettable" complexity of this area of employment law but also, and perhaps more importantly, how easy it is for employers to take the wrong approach when trying to ...

Economy Theranos founder Elizabeth Holmes steps down as CEO
Author: 0 Theranos founder Elizabeth Holmes steps down as CEO

Theranos claimed its innovative blood testing device would give quicker results using just a single drop of blood. "This indictment alleges a corporate conspiracy to defraud financial investors", FBI Special Agent in Charge John Bennett said in a statement .

Economy China announces equal penalties to retaliate for USA tariffs
Author: 0 China announces equal penalties to retaliate for USA tariffs

China said Friday it is retaliating against us tariffs by imposing penalties on the same scale against the United States. China's government renewed its threat Thursday, June 14, to scrap deals with Washington aimed at defusing a sprawling trade dispute as the White House prepared to release a list of Chinese goods targeted for tariff hikes.

Economy American Airlines technical issue cancels flights
Author: 0 American Airlines technical issue cancels flights

The Evansville Airport website confirms that American Airlines flights from Evansville to Charlotte have already been canceled today. The airline is encouraging all passengers to check their flight status on the American Airlines app, or aa.com, before heading to the airport.

Author: 0 McDonald's set to ditch plastic straws

Under pressure by environmentalists, McDonald's said Friday that it will start testing alternatives to plastic straws at select locations in the USA later this year. McDonald's will begin to withdraw plastic straws from sale in September. Plastic straws enable many disabled people to drink independently , Baroness Tanni Grey-Thompson said.

Economy Kellogg issues massive Honey Smacks cereal recall in US over Salmonella risk
Author: 0 Kellogg issues massive Honey Smacks cereal recall in US over Salmonella risk

The U.S. Food & Drug Administration said it worked with the company after preliminary evidence showed the cereal was linked to more than 70 illnesses, including 24 hospitalizations, in 31 states . Kellogg's company-written, FDA-posted recall notice said it's investigating the third party company that actually makes Honey Smacks. Salmonella is one of the most common food-borne illnesses, hitting 1.2 million people per year, according to the CDC.

Economy Donald Trump approves tariffs on about $50 billion of Chinese goods
Author: 0 Donald Trump approves tariffs on about $50 billion of Chinese goods

In April, the United States revealed an initial list targeting about 1,300 products worth USD$50 billion (RM199 billion) in Chinese imports. China has published its own list of threatened tariffs on $50 billion in US goods, including soybeans, aircraft, and autos, and has said it would hit back if Washington followed up with further measures.

Economy SEC Official Pushes Back on Claims Ether Is a Security
Author: 0 SEC Official Pushes Back on Claims Ether Is a Security

Bitcoin, too, rose as a result of this news. Bitcoin was under pressure for the most part of the week due to the Coinrail hack and ongoing probe into price manipulation by U.S. "How about cases when there's no longer a company [involved]?" Bitcoin has always been viewed by market participants as a commodity, which falls under the auspices of the Commodities and Futures Trading Commission.

Economy Microsoft working to eliminate cashiers and checkout lines in stores
Author: 0 Microsoft working to eliminate cashiers and checkout lines in stores

Microsoft has worked with partners to target the retail industry, rather than compete with them head-to-head the way that Amazon is doing. Cameras and sensors identify what they remove from the shelves. The company also has retail/point-of-sale solutions that it markets through its Dynamics 365 for Retail software and service offerings. One source revealed that making the technology cheap enough to interest retailers is a "major challenge" for Microsoft.