Economy

Tesla to Roll Out Battery Update in Wake of Fires

Tesla to Roll Out Battery Update in Wake of Fires

But let's unpack, briefly, what might be going on with these Teslas-and why there isn't necessarily cause to worry just yet. A Tesla Model S suddenly caught fire in a parking lot at San Po Kong P...

by · Economy
Aussie dollar dips as jobless rate rises

Aussie dollar dips as jobless rate rises

Earlier today, the Wespac-Melbourne Institute Index of Consumer Sentiment rose 0.6% to 101.3 in May from 100.7 in April. Better than expected USA economic data helped the greenback to rally against ...

by · Economy
Easyjet makes loss amid rising fuel costs and gatwick drone incident

Easyjet makes loss amid rising fuel costs and gatwick drone incident

Other European airlines have painted a similarly gloomy picture, with Lufthansa recently announcing it was halting capacity expansion at its low-priced carrier Eurowings. Reflecting the increase in ...

by · Economy
Metro Bank shares jump after capital increase, BoE backing

Metro Bank shares jump after capital increase, BoE backing

LGIM, which manages more than 1 trillion pounds in assets, is the 11th biggest investor in Metro Bank, data from Refinitiv showed. Metro Bank is profitable and continues to have adequate capital and l...

by · Economy
Landmark in Thomas Cook slump

Landmark in Thomas Cook slump

The loss after tax, after a writedown of £1.1 billion, compared with a net loss of £254 million in the first half of its 2017/18 financial year. Thomas Cook is slashing costs further in the second...

by · Economy
Huawei Founder Sees Little Effect From US Sanctions

Huawei Founder Sees Little Effect From US Sanctions

It's worth noting that the two other big players in this space- Ericsson and Nokia - aren't American companies. Shares in other U.S. chipmakers that supply to Huawei - including Qorvo, Skyworks Solu...

by · Economy
China's benchmark iron ore scales record peak on brisk demand

China's benchmark iron ore scales record peak on brisk demand

Iron ore prices across the Chinese markets rose on Thursday, bolstered by robust demand, as decent profit margins drove steelmakers to swing into high gear. Brazil's Vale's warning that a tailings da...

by · Economy
Baidu posts first quarterly loss since IPO, top exec quits

Baidu posts first quarterly loss since IPO, top exec quits

Given the current macro conditions, tighter government scrutiny on content, cutbacks from the (venture capital) community, and so forth, we are taking a cautious view that online marketing in the near...

by · Economy
Starbucks' China challenger Luckin raises $561 million in U.S. IPO

Starbucks' China challenger Luckin raises $561 million in U.S. IPO

The stock opened at $25, well above its IPO price of $17. The stock finished its first day at $20.38. It is a true coffee shop where people can gather. Luckin counts Centurium Capital, founded by form...

by · Economy
Flying auto company Lilium completes first unmanned test flight

Flying auto company Lilium completes first unmanned test flight

The taxi is powered by 36 electric motors that allow it to take-off and land vertically. "Today we are taking another huge step towards making urban air mobility a reality", Lilium co-founder and CE...

by · Economy
Citigroup, Barclays among big banks fined $1.2 billion for currency rigging

Citigroup, Barclays among big banks fined $1.2 billion for currency rigging

The commission said the banks colluded on trading strategies to rig the spot foreign exchange market for 11 currencies . A spokesperson for MUFG Bank said: "The European Commission has found that t...

by · Economy
William Hill advert linked betting to sexual success

William Hill advert linked betting to sexual success

An ad for betting firm William Hill seen on the dating app Tinder has been banned for linking gambling to sexual success. The complainant raised the issue that William Hill's message was in ...

by · Economy
Musk to review all of Tesla's expenses in new cost cutting plan

Musk to review all of Tesla's expenses in new cost cutting plan

Tesla shares closed at the lowest level in nearly 2 1/2 years after Elon Musk called for a " hardcore " review of all the electric-car maker's expenses and an analyst warned of potentially severe f...

by · Economy
Tesla Driver in Fatal March Crash Was Using Autopilot, NTSB Says

Tesla Driver in Fatal March Crash Was Using Autopilot, NTSB Says

Years of research show that it's nearly impossible for drivers to always leap into action in an emergency if their car is automating the main driving tasks, such as steering and speed control, said Ke...

by · Economy
Shocking video shows woman try to snatch toddler from a McDonald's

Shocking video shows woman try to snatch toddler from a McDonald's

Around 3:15 p.m. Tuesday, the same woman is suspected of carrying a 4- year-old boy out of the McDonald's at 1310 E. Olympic Blvd.in downtown Los Angeles , according to the LAPD. Detectives are worki...

by · Economy
US, Canada lift steel, aluminum tariffs pressuring China

US, Canada lift steel, aluminum tariffs pressuring China

The administration blamed Chinese overproduction for depressing global steel and aluminum prices, driving many USA mills out of business. Chief Cabinet Secretary Yoshihide Suga noted Thursday that w...

by · Economy
Tariffs with China will cause Walmart to raise prices, company says

Tariffs with China will cause Walmart to raise prices, company says

Around half of Walmart's sales are groceries, which are not expected to see price impacts due to the fact that most are domestically sourced. The nonpartisan Tax Foundation says that if all tari...

by · Economy
There’s a Taco Bell Resort Coming to California This Summer

There’s a Taco Bell Resort Coming to California This Summer

Taco Bell, a Southern California-based brand founded by Glen Bell in 1962, chose iconic Palm Springs as the ideal resort destination for its next hospitality venture. The city's attempt to get more in...

by · Economy
Tattoo ink recalled because of bacteria 'harmful to human health'

Tattoo ink recalled because of bacteria 'harmful to human health'

Food and Drug Administration officials recalled several types of tattoo ink this week over worries that they could be contaminated with risky bacteria. Anyone who has gotten or plans to get a tatto...

by · Economy
Amazon leads $789 m investment in Deliveroo, wading into food delivery battle

Amazon leads $789 m investment in Deliveroo, wading into food delivery battle

Rowe Price, Fidelity Management, and Greenoaks in its latest round of fundraising. The retail giant had faced tough competition from Just Eat and Deliveroo as well as taxi firm Uber, which launched ...

by · Economy
Female unemployment rate lowest since 1971

Female unemployment rate lowest since 1971

According to the Office for National Statistics , unemployment in the United Kingdom as a whole fell by 65,000 during the latest quarter to 1.3 million, continuing a general trend which started in ea...

by · Economy
Walmart to launch free next-day delivery in Phoenix, Las Vegas

Walmart to launch free next-day delivery in Phoenix, Las Vegas

NextDay delivery service now is available first to Walmart customers in Phoenix and Las Vegas, and there are plans to expand to southern California in coming days. Cut-off times vary by location. Th...

by · Economy
Tesla's solar factory is exporting most of its cells - document

Tesla's solar factory is exporting most of its cells - document

But that product has been far slower to reach the market than promised, and Panasonic is shipping most of the cells originally intended for the Solar Roof to customers overseas. By that time, Tesla ...

by · Economy
Hyundai & Kia Make An €80 Million Investment In Rimac

Hyundai & Kia Make An €80 Million Investment In Rimac

Its prowess has already attracted a 10% ownership stake from Porsche , which just happens to be part of the Volkswagen Group. Hyundai Motor Group will leverage the partnership to build on its exi...

by · Economy
Uber offers ‘Quiet Mode’ option for passengers to discourage chatty drivers

Uber offers ‘Quiet Mode’ option for passengers to discourage chatty drivers

The company has launched a new preference in the app that allows you to specify what level of chattiness you desire during an Uber ride. "If you need to respond to emails or are in the mood for ...

by · Economy
Fed's George says low inflation does not require policy response

Fed's George says low inflation does not require policy response

But the question was ducked by Powell in a news conference. "The current outlook for inflation appears to be benign", she said. President Donald Trump called on the Federal Reserve to "match" what...

by · Economy

Arriva sues in fight for East Midlands rail franchise

Arriva, owned by Germany's state-backed Deutsche Bahn, is suing the government after it lost its bid to run the franchise , which was awarded to Abellio in April, and has demanded more information on...

by · Economy
Onex signs agreement to buy WestJet in $5B deal

Onex signs agreement to buy WestJet in $5B deal

Up to Friday's close, WestJet shares had fallen 5.5% in the last 12 months while Air Canada shares gained 58%. WestJet was founded in 1996 as a low-priced carrier that now flies about 180 planes to ...

by · Economy
China to Emerge Victorious From Trade War With US - Foreign Ministry

China to Emerge Victorious From Trade War With US - Foreign Ministry

Trump on Monday said that his administration was planning to provide about $15 billion in aid to help US farmers whose products were targeted by Chinese retaliatory tariffs. On Wall Street, futures f...

by · Economy
China's nuclear option in trade war: Selling US Treasuries

China's nuclear option in trade war: Selling US Treasuries

This could occur if traders interpret the data with the perspective that the Chinese economy may not have a sense of urgency to land a deal with the US. So, when it wants to manipulate it can devalue ...

by · Economy
Jet Airways CFO Amit Agarwal quits

Jet Airways CFO Amit Agarwal quits

The departure of Chief Executive Vinay Dube comes hard on the heels of the resignation of Chief Financial Officer Amit Agarwal , announced earlier in the day. Having run out of cash, Jet Airways susp...

by · Economy

Consumer goods in crosshairs as Trump considers additional China tariffs

Rob Portman, who served as the nation's top trade negotiator during George W. Bush's presidential administration, warned Tuesday that the tariff war President Donald Trump is waging against China ...

by · Economy
USA targets $300B of Chinese goods for new tariff hikes

USA targets $300B of Chinese goods for new tariff hikes

Beijing said its response was targeting "U.S. unilateralism and trade protectionism". Tariff increases already in place have disrupted trade in American soybeans and Chinese medical equipment. The U...

by · Economy
Elon Musk Faces Trial Over 'Pedo Guy' Tweet

Elon Musk Faces Trial Over 'Pedo Guy' Tweet

A hot potato: Following the daring rescue of 12 boys and their soccer coach from a Thai cave, Elon Musk called one of the cave divers " pedo guy " after his own plan to help was branded a "PR stunt...

by · Economy
Trade War Rattles Wall Street as USA and China Raise Tariffs

Trade War Rattles Wall Street as USA and China Raise Tariffs

As negotiations towards resolving the U.S. Trump believes he can force China to bend first because the Chinese economy has slowed in recent years. Diversifying into USA stocks, foreign stocks, and b...

by · Economy