Economy

Economy Venezuelan military vows to back Maduro amid unrest
Author: 0 Venezuelan military vows to back Maduro amid unrest

Backed by Venezuela's military, President Nicolas Maduro went on the offensive against an opposition leader who declared himself interim president and his USA supporters, setting up a potentially explosive struggle for power in the crisis-plagued South American nation.

Economy Sir James Dyson to move company headquarters to Singapore
Author: 0 Sir James Dyson to move company headquarters to Singapore

Sir James Dyson has announced that he is to move his Malmesbury, Wiltshire head office to Singapore, which means the company will no longer be British registered. British Prime Minister Theresa May told business lobby groups on Tuesday January 22 that she was refusing to rule out a no deal as she tries to persuade reluctant Members of Parliament to back her Brexit plan by arguing that the only way to avoid crashing out of the European Union is to sign up to her proposals.

Economy Tesla gets green light to sell Model 3 in Europe
Author: 0 Tesla gets green light to sell Model 3 in Europe

Musk had said the need for lower-priced versions of Model 3 will become even greater from July, when the US tax credit again drops in half. To address this, Tesla will need to "continue making progress towards lower priced variants of Model 3".

Economy Boeing’s flying car lifts off in race to revolutionize urban travel
Author: 0 Boeing’s flying car lifts off in race to revolutionize urban travel

The company claims that the prototype completed take-off, hovering and landing successfully along with the testing of autonomous functions and ground control systems. NeXt also includes an unmanned fully electric cargo air vehicle or CAV. Boeing is among the companies vying for a stake in the future business of package-carrying drones and self-flying vehicles, with Airbus and Intel also testing flying vehicles and companies like Uber drafting business models for air taxi services.

Economy TSA absences rise as shutdown continues
Author: 0 TSA absences rise as shutdown continues

The airport is holding a food drive for impacted workers. "Many employees are reporting that they are not able to report to work due to financial limitations", the TSA said in a statement . TSA appeared to be managing the high sick-out rate as well as could be expected. It took travelers 46 minutes Monday to clear security - the longest wait in the country - exceeding notoriously slow airports like New York's LaGuardia and Atlanta.

Economy Drone sighting disrupts major U.S. airport
Author: 0 Drone sighting disrupts major U.S. airport

Further, the FAA says that drones are not allowed to be flown over 400 feet, or 30 minutes after sundown. The airport, operated by the Port Authority of NY and New Jersey , said it was "supporting all federal law enforcement authorities as they investigate this incident", in a statement posted on Twitter.

Economy U.S. Justice Department confirms move to extradite Huawei CFO
Author: 0 U.S. Justice Department confirms move to extradite Huawei CFO

The deadline for filing is January 30 - 60 days after Meng's December 1 arrest, Reuters noted . Canada's Foreign Minister Chrystia Freeland said in an interview on Tuesday with Bloomberg TV that Canada has not asked the USA to abandon its bid to have Ms Meng extradited .

Economy International Monetary Fund cuts Nigeria’s 2019 growth forecast to 2%
Author: 0 International Monetary Fund cuts Nigeria’s 2019 growth forecast to 2%

Threat: The IMF, led by Christine Lagarde, has warned of rising risks to global growth. Ms Gopinath said a no deal could shrink the UK's economy by up to 8 per cent, a hammer blow to one of the world's biggest economies. An "escalation of trade tensions. remains a key source of risk to the outlook", the International Monetary Fund warned, pointing to the sharp decline in global financial markets in the final weeks of 2018.

Economy United States to Ask Canada to Extradite Huawei CFO Meng Over Iran Sanctions
Author: 0 United States to Ask Canada to Extradite Huawei CFO Meng Over Iran Sanctions

More than 100 China experts and former envoys to Beijing called on President Xi Jinping to release two Canadians who have been detained for six weeks, saying the cases undermine his efforts to build bridges to the rest of the world. Were the U.S.to miss that deadline, Meng could have been released, lawyers have said. Some of Canada's allies such as the United States and Australia have already imposed restrictions on using Huawei equipment, citing the risk of it being used for espionage.

Economy India to be global growth leader in 2019-20
Author: 0 India to be global growth leader in 2019-20

The UK's GDP will grow by 1.5% this year, should it secure an agreement to leave the European Union, and 1.6% in 2020 - 0.1 percentage points higher than previously forecast, while Germany will slump to 1.3% in 2019, down 0.3 percentage points, before recovering to 1.6% in 2020.

Economy Google fined $57 million for lack of transparency
Author: 0 Google fined $57 million for lack of transparency

The fine was levied, CNIL said, because Google made it too hard for users to find essential information, "such as the data-processing purposes, the data storage periods or the categories of personal data used for the ads personalisation", by splitting them across multiple documents, help pages and settings screens.

Economy Musk tweets Tesla to end customer referral plan because of costs
Author: 0 Musk tweets Tesla to end customer referral plan because of costs

The electric auto and solar panel maker notified its employees about the staff cuts and other plans in an email posted on Tesla's website. The Palo Alto, California-based company said it unaudited results indicate it will post a GAAP profit for its fourth quarter ended December, 31, 2018.

Author: 0 China's population growth slows in 2018

After years of breakneck growth, the world's second largest economy is losing steam, evidenced by slowing consumer spending , manufacturing output, and investment. While China watchers advise caution with Beijing's official GDP numbers, the data is seen as a useful indicator of the country's growth trajectory.

Economy Trump offers protection for immigrants in USA in exchange for wall funds
Author: 0 Trump offers protection for immigrants in USA in exchange for wall funds

The shutdown, now in its 29th day, has left hundreds of thousands federal workers suffering . Many public services available to Americans have also been canceled during the closure. While Democratic leaders have largely rejected the porposal, Sen. In a briefing for reporters after Trump's remarks, the aides acknowledged that the bill faces a hard path in the Senate, where it would require 60 votes to overcome a filibuster.

Economy China offers to ramp up USA imports to address trade surplus
Author: 0 China offers to ramp up USA imports to address trade surplus

US negotiators are skeptical of the offer and its timeline. US Secretary of the Treasury Steven Mnuchin discussed lifting some or all tariffs on Chinese goods and suggested offering a tariff rollback during trade discussions scheduled for January 30, the Wall Street Journal reported on Thursday, citing people familiar with the internal deliberations.

Economy Oil slips on near-record United States production, demand fears
Author: 0 Oil slips on near-record United States production, demand fears

OPEC's share of that cut is 800,000 bpd. OPEC's monthly report showed it had made a strong start in December even before the pact went into effect, implementing the biggest month-on-month production drop in nearly two years. Oil supplies from OPEC nations plunged by 751,000 barrels per day to almost 31.6 million bpd, according to independent figures cited by OPEC in its monthly report.

Economy John Bogle, Vanguard founder, dies at 89
Author: 0 John Bogle, Vanguard founder, dies at 89

Its sister fund, Vanguard Institutional Index Fund, has 221.5 billion dollars in assets, according to the company. Bogle's influence was not limited to lowering the cost of investments via passive funds, Orbis Investments director Dan Brocklebank told Portfolio Adviser .

Economy Lotus Cars to Be Built in China, Report Says
Author: 0 Lotus Cars to Be Built in China, Report Says

Further from the reports, Hubei province's planning authority had approved the plans of Geely for the plant last month. Approval documents for the plant also show the facility is approved to manufacture all-electric battery cars , electric hybrids, as well as combustion engine cars such as those Lotus now produces.

Economy Startups write to PM, seek abolition of 'Angel Tax'
Author: 0 Startups write to PM, seek abolition of 'Angel Tax'

To claim tax exemption, a startup will have to apply, with all the documents to be recognised as a start-up, to the DIPP , which, in turn, will forward it to the Central Board of Direct Taxes with necessary documents. Similarly, investors would also have to give its net worth details and return of income. It added that the notices primarily question the high share premium at which the shares have been allotted during the angel funding.

Economy Shopko announces filing for bankruptcy
Author: 0 Shopko announces filing for bankruptcy

The company made the move Wednesday, saying in a statement that the retailer had amassed $480 million in debt. In addition to the 38 stores to be closed, Shopko will also be relocating 20 Shopko Optical Centers to freestanding locations. For the stores that remain open, it will be business as usual, the company said. Shopko was founded by a pharmacist in 1962, and became a publicly traded company in 1991.

Economy Dow Jones Gets Huge Boost: Goldman Sachs Soars 9%
Author: 0 Dow Jones Gets Huge Boost: Goldman Sachs Soars 9%

Hilton Mgmt Ltd Llc owns 1,435 shares for 0.05% of their portfolio. 252.31 million shares or 2.19% less from 257.97 million shares in 2018Q2 were reported. Bank of America and Goldman Sachs gave a new lift to a strengthening banking sector, reporting better-than-expected earnings for the fourth quarter.

Economy The Number of Federal Workers Seeking Unemployment Doubled Last Week
Author: 0 The Number of Federal Workers Seeking Unemployment Doubled Last Week

Benefits are generally not given to "excepted" federal workers who are still working but won't be paid until the shutdown is over, according to the Office of Personnel Management (OPM). Like those non-critical workers sitting at home, contract workers, who are largely in service jobs, do not expect to be paid until Congress and the president come to an agreement to resume appropriations.

Economy Huawei is accused by USA prosecutors of stealing trade secrets
Author: 0 Huawei is accused by USA prosecutors of stealing trade secrets

This could lead to a similar situation with ZTE where the company has been banned from getting access to U.S. technology. But according to a report from the Wall Street Journal , the U.S. "Huawei is effectively an intelligence-gathering arm of the Chinese Communist Party whose founder and CEO was an engineer for the People's Liberation Army".

Economy USA shutdown: Trump to sign off on back pay for federal workers
Author: 0 USA shutdown: Trump to sign off on back pay for federal workers

The shutdown began on Dec 22 after Trump insisted he would not sign legislation funding the idled government agencies unless it included more than US$5 billion (S$7 billion) for the border wall . Representative Jim Jordan of the House Freedom Caucus, a group of conservative Republicans who are close allies of Trump , said Pelosi's move showed the lengths to which Democrats will go to obstruct the president.

Economy Burger King Shade: Sorry, We're All Out Of Hamberders
Author: 0 Burger King Shade: Sorry, We're All Out Of Hamberders

Guests attending a reception for the Clemson Tigers grab fast food sandwiches in the State Dining Room of the White House. White House chefs would normally serve much fancier fare, but they are furloughed, staying home without paycheques as Trump fights with Congress over funding for a southern border wall.

Economy Pound steady as Tories face no-confidence vote
Author: 0 Pound steady as Tories face no-confidence vote

But opposition Labour leader Jeremy Corbyn said he would only meet May if she could "remove clearly, once and for all the prospect of the catastrophe of a no-deal Brexit ". Germany will do all it can in the coming days to ensure that a deal is in place for when Britain leaves the European Union, Foreign Minister Heiko Maas said on Thursday.

Economy Taiwan says it won't bow to pressure amid China tension
Author: 0 Taiwan says it won't bow to pressure amid China tension

US-China relations have become increasingly frayed on the military and economic fronts over the past year. "Furthermore, China sees itself as an emerging major power that will be able to gain influence as long as it can maintain a stable periphery".

Economy China's global trade surplus fell in 2018: Customs
Author: 0 China's global trade surplus fell in 2018: Customs

The on-going conflict between the United States and China over trade, together with a slowdown in China's domestic economy , has already begun to affect some USA companies that rely on China for parts and labour. China's export growth is expected to have eased for a second straight month in December as global demand weakened, raising pressure on Beijing as it tries to reach a trade deal with Washington .

Economy Strike Forces Lufthansa to Cancel 800 Flights
Author: 0 Strike Forces Lufthansa to Cancel 800 Flights

Some of Germany's largest and busiest airports are facing a possible strike by security staff on Tuesday. However, it added that some flights to and from airports affected by the walkout would be cancelled. "Verdi is unjustifiably carrying out these strikes on the backs of travellers, airlines and airports", ADV head Ralph Beisel said in a statement. The union is calling for aviation security personnel across the country to be paid 20 euros (23 dollars) an hour.

Economy Oil Markets on Track to Balance
Author: 0 Oil Markets on Track to Balance

The Organisation of the Petroleum Exporting Countries ( OPEC ), and other leading global oil producers led by Russian Federation, agreed in December to cut their combined oil output by 1.2 million barrels per day starting from January to prevent a supply glut and boost sagging prices.

Author: 0 DOJ pursuing criminal charges against Huawei for theft of tech

T-Mobile alleged in a 2014 lawsuit that Huawei employees stole technology relating to a smartphone-testing robot T-Mobile had in a lab in Bellevue, Washington. Similar cases might also come to light during the investigation and the DOJ is reportedly already close to indicting Huawei. Huawei CFO Meng Wanzhou was arrested in the Canadian city of Vancouver on 1 December 2018, reportedly, for failing to comply with the USA sanctions against Iran, and now faces extradition to the United States.