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Business

British prime minister Theresa May appealed for her bickering party on Wednesday to unite at the "toughest phase" of negotiations aimed at averting economic chaos once Britain leaves the European Union in six months. She said that "leaving without a deal - introducing tariffs and costly checks at the border - would be a bad outcome for the United Kingdom and the EU" - though she refused to rule it out.
  • Elon Musk calls SEC the 'Shortseller Enrichment Commission' in tweet

    Elon Musk calls SEC the 'Shortseller Enrichment Commission' in tweet

    Business

    The electric carmaker's shares plunged last week after the SEC accused Musk, 47, of fraud over "false and misleading" tweets on August 7 that promised to take Tesla private and said funding had been secured. The company also accepted a $20 million fine, despite not being charged with fraud . BlackRock declined to comment on Musk's tweet. The lawsuit threatened to pull Tesla and Musk into a long drawn-out fight that could have undermined the company's operations and ability to ...
  • Pompeo to travel to North Korea

    Pompeo to travel to North Korea

    Business

    Pompeo had previously said last month's inter-Korean summit marked a shift in talks between the United States and North Korea "through the process of rapid denuclearisation of North Korea, to be completed by January 2021, as committed by Chairman Kim, and to construct a lasting and stable peace regime on the Korean Peninsula".
  • Rupee sinks to historic low, Centre anxious

    Rupee sinks to historic low, Centre anxious

    Business

    The rupee has depreciated almost 15 percent this year, becoming the worst-performing currency in Asia apart Indonesia and the Philippines. The bank are predicted to act to tackle rising U.S. First of all, the heavy selling in markets is based on macro factors like weakening Indian rupee against the USA dollar and it is showing no inclination to strengthen.
  • U.S. and Canada agree free trade deal

    U.S. and Canada agree free trade deal

    Business

    The U.S. and Canada squeezed out a last-minute deal to revamp the North American Free Trade Agreement with a pact expected to affect prices on cars and dairy products across North America and allowing President Trump to deliver on one of his go-to campaign promises.
  • How the new USMCA deal will affect you

    How the new USMCA deal will affect you

    Business

    The president said his administration had not yet agreed to lift tariffs on steel and aluminum imports from Canada, a contentious issue between the two neighbors. Section 31.10 of the USMCA requires all signatories to give three-month's notice before starting free trade talks with a non-market country, provide the text of a trade deal with that country in advance, and gives the USMCA signatories the option to bow out of the USMCA if they don't like what they see in the separate deal.
  • Donald Trump, Saudi king discuss oil supply

    Donald Trump, Saudi king discuss oil supply

    Business

    Both crude benchmarks closed almost 3% higher Monday, with the US benchmark settling at a four-year closing high of $75.30 a barrel. WTI has risen around 18 percent since mid-August. More fundamentally, oil markets have been pushed up by looming US sanctions against Iran's oil industry, which at its most recent peak this year supplied nearly 3 percent of the world's nearly 100 million barrels of daily consumption.
  • Amazon raises starting wage for its workers to $15 an hour

    Amazon raises starting wage for its workers to $15 an hour

    Business

    By way of comparison, Walmart's minimum wage is $11 an hour and Target is aiming to achieve $15 an hour by 2020. It's unclear how the minimum wage increase will bolster Amazon's median compensation for its workforce, but it's safe to say it's headed up.
  • General Electric replaces CEO with outsider, shares soar

    General Electric replaces CEO with outsider, shares soar

    Business

    The once mighty conglomerate, long a standard-bearer of USA industrial preeminence, is still working to right the ship following the global financial crisis of a decade ago, which blew a hole in GE's once-massive lending business. GE's board, meeting in the last few days, unanimously picked H. Lawrence Culp Jr as its new CEO. A year into Flannery's tenure, investors were reportedly concerned he was not working fast enough to restructure the company.
  • Elon Musk to step down as Tesla chairman

    Elon Musk to step down as Tesla chairman

    Business

    Along with leaving, Musk has to pay a $20 million fine for a tweet he fired off saying he planned on a massive buyout of Tesla . It was these two last words that got him into trouble, with the SEC laying charges of securities fraud , and alleging that he had not had any serious discussions about funding at all.
  • Amazon increases its minimum wage to $15

    Business

    Amazon , which just became the second company to have a $1 trillion market cap, said it plans to push the federal government to increase the minimum wage. This minimum wage will apply to all Whole Foods employees as well. One of its harshest critics is U.S. Senator Bernie Sanders . That's the fastest annual gain since the Great Recession ended.
  • NAFTA 2.0 is just a warmup to Trump’s bout with China

    NAFTA 2.0 is just a warmup to Trump’s bout with China

    Business

    Even more noteworthy, negotiators agreed to a new requirement that 40 percent to 45 percent of a vehicle's components be made by workers earning at least US$16 per hour, which is about three times more than the average wage now earned by Mexican autoworkers.
  • Fuel price hike: Petrol prices cross Rs 91 per liter in Mumbai

    Fuel price hike: Petrol prices cross Rs 91 per liter in Mumbai

    Business

    Diesel costs Rs 79.72 in Mumbai at Indian Oil Corp outlets, while LPG prices soared at an all-time high of over Rs 500 due to a four-year high in oil prices. Accordingly, the subsidy transfer in customers bank account has been increased to Rs 257.74 per cylinder in July 2018 as against Rs 204.95 per cylinder in June 2018.
  • Trump Hails 'Terrific' Trade Deal with Canada, Mexico

    Trump Hails 'Terrific' Trade Deal with Canada, Mexico

    Business

    That agreement included a dozen nations in the Americas, Southeast Asia, Japan and Australia, reducing trade barriers and increasing environmental and labor standards. The replacement for NAFTA includes new provisions on digital trade and intellectual property. The measures will have a "dramatic impact" on dairy farmers and cause the industry to shrink, said Pierre Lampron, president of Dairy Farmers Canada, in a statement .
  • GE shares soar after CEO John Flannery ousted; Larry Culp takes helm

    GE shares soar after CEO John Flannery ousted; Larry Culp takes helm

    Business

    Flannery will be replaced by H. Lawrence Culp, a current GE board member who served as chief executive of the Washington, D.C. -based conglomerate Danaher Corp . GE doubled down on fossil fuels in 2015 under Immelt with the $10.3-billion purchase of French group Alstom SA's (ALSO.PA) power business. GE also said it will take an impairment charge constituting almost all of the $23 billion of goodwill associated with its power segment, which has struggled with a downturn in the gas-turbine ...
  • California Governor Jerry Brown signs net neutrality into law; Trump administration sues

    California Governor Jerry Brown signs net neutrality into law; Trump administration sues

    Business

    The FCC has said instead that other agencies, such as the Federal Trade Commission, should take a more active role in protecting the public from violations of net neutrality. California's law seeks to reinstate those rules. "Courts have consistently held that when the federal government lacks authority to regulate, it can not preempt states from regulating", said Andrew Schwartzman, a lecturer in public interest law at Georgetown University.
  • Tesla Stock Is Going Nowhere Fast Despite Elon Musk’s SEC Settlement

    Tesla Stock Is Going Nowhere Fast Despite Elon Musk’s SEC Settlement

    Business

    Tesla will now be appointing two new independent directors to its board. However, according to the latest reports, the CEO of Tesla , the well-known auto manufacturing company, of course, Elon Musk resigns as chairman of Telsa. Musk is giving up the chairperson's role under a settlement announced Saturday with the Securities and Exchange Commission. So they sued him, dropping the company's stock by 14% (that's more than $7B in shareholder value) - Musk himself reportedly lost $1.6B ...
  • A Facebook Breach Let Hackers Access Tinder, Instagram And Spotify

    A Facebook Breach Let Hackers Access Tinder, Instagram And Spotify

    Business

    It's the largest breach in the company's history. Facebook has faced a lot of scrutiny over various aspects of its business and its capability to protect its users' information from any hack or breach. Schneier also recommends turning on two-factor authentication. Whenever you try to login, you have to enter a code which is sent to your number or email.
  • Elon Musk to Resign as Chair of Tesla Board but Remain CEO

    Elon Musk to Resign as Chair of Tesla Board but Remain CEO

    Business

    The row began in August when Musk (47) tweeted that he was considering taking Tesla private at $420 a share and had secured funding. Tesla was hit with a $20 million fine of their own. Tesla is required to appoint two new independent directors to its board. Tesla's shares plummeted around 14 percent on Friday over concerns about the company's future after the announcement of the fraud charges against Musk, which were a fresh blow to the mercurial Silicon Valley entrepreneur and his ...
  • Pilot strike brings more Ryanair cancellations

    Pilot strike brings more Ryanair cancellations

    Business

    The action in some of Ryanair's largest markets will be its second biggest one-day strike after some 55,000 customers were affected in August when pilots in five European countries walked out at the height of the summer holiday season. Ryanair is behaving inconsistently in negotiations to resolve a long-standing labor dispute with staff and will hence trigger a further escalation of the conflict unless it starts to offer "constructive solutions", the German pilot trade union "Vereinigung ...
  • Canada and U.S. agree last-minute trade deal

    Canada and U.S. agree last-minute trade deal

    Business

    Canada also wanted to keep a NAFTA dispute-resolution process that the U.S. wanted to jettison. U.S. Congress declared midnight Sunday as the deadline for Canada to join the existing agreement between the U.S. "It's a great win for the president and a validation of his strategy in the area of global trade". PMO officials say there will be another cabinet meeting in the morning and a news conference likely as well.
  • Microsoft in deal to connect entire VW fleet to the cloud

    Microsoft in deal to connect entire VW fleet to the cloud

    Business

    Volkswagen has chosen Microsoft's Azure platform as the base for its cloud and connected auto development plans, a step in the company's plan to transform into a "mobility provider" rather than a mere automaker. "Together we will reimagine the driving experience for people everywhere". The office is expected to employ almost 300 engineers in the near future. The German giant announced Friday that it will be teaming up with Microsoft for connected vehicle and cloud services despite a ...
  • Amazon opens new concept '4-star' retail store in NY

    Amazon opens new concept '4-star' retail store in NY

    Business

    Online retailing giant Amazon is opening a store in NY that will only sell products that receive a high rating on its website. We're not sure how sellers should think of the new Amazon 4-Star store; we've sent an inquiry asking if Amazon will include items from third-party and/or FBA sellers in the new store.
  • Trump says he rejected Trudeau, again threatens Canadian-built auto tariffs

    Trump says he rejected Trudeau, again threatens Canadian-built auto tariffs

    Business

    NAFTA , a trilateral trade pact comprising the U.S., Canada and Mexico, has been in force since 1994. And despite the fact that dairy remains a popular talking point for people like U.S. The U.S. exported more goods to Canada previous year than to China, Japan and Germany combined. "A deal is not necessarily going to happen", said the source, who requested anonymity given the sensitivity of the situation.
  • SurveyMonkey raises $180M in upsized IPO

    SurveyMonkey raises $180M in upsized IPO

    Business

    In addition, the company has granted the underwriters a 30-day option to purchase up to 2,250,000 additional shares of its common stock at the initial public offering price less the underwriting discount. Sandberg, the chief operating officer of Facebook , pledged earlier this year to donate the proceeds from the IPO of SurveyMonkey's parent company, SVMK.
  • Senior Chinese diplomat says China, U.S. must avoid Cold War mentality

    Senior Chinese diplomat says China, U.S. must avoid Cold War mentality

    Business

    USA administrations have been trying to do this for decades, often preferring a multilateral approach. According to the minister, over 40 years of diplomatic relations between China and the United States , the two sides have made an important conclusion - cooperation will bring benefits to all, but confrontation will bring only harm.
  • McDonald's says most burgers now free from artificial preservatives, flavors, colors

    McDonald's says most burgers now free from artificial preservatives, flavors, colors

    Business

    McDonald's will be removing preservatives from their buns and sauces, however, their pickles still have some preservatives (you can request your burger without pickles if it's a concern for you). Marking the next major milestone in the fast food restaurants journey to building a better restaurant. McDonald's isn't the only restaurant chain putting their menu on a diet.
  • Jeff Bezos owned Blue Origin to supply Engines for Vulcan Rocket

    Jeff Bezos owned Blue Origin to supply Engines for Vulcan Rocket

    Business

    Blue Origin has garnered a major rocket deal that proves Amazon (NASDAQ: AMZN ) CEO Jeff Bezos entrepreneurial capacities go beyond excelling in the e-commerce and artificial intelligence industries. Following completion of a competitive procurement, ULA has selected Blue Origin's BE-4 engine for Vulcan Centaur's booster stage. A spokesman for Blue Origin did not immediately respond to requests for comment.
  • Expect another massive fuel price increase this October

    Expect another massive fuel price increase this October

    Business

    Officials in public sector oil marketing companies said in the absence of any intervention to tame prices, petrol could cross Rs 100 per litre mark in most parts of the country by January 2019. Traders said oil markets were tightening ahead of the US' planned sanctions on Iran's petroleum industry from November, Reuters reported. While some states like West Bengal and Karnataka have slashed the excise/taxes on fuels to provide temporary relief to motorists, Maharashtra is yet to take any ...
  • Elon Musk is being sued by the SEC over 'Tesla 420' tweet

    Elon Musk is being sued by the SEC over 'Tesla 420' tweet

    Business

    The SEC lawsuit is seeking to remove Musk as the head of Tesla and bar him from serving as a director or executive of a publicly traded company in the future. Tesla confirmed that the DOJ asked the company for documents and that it was complying with the request. Tesla CEO Elon Musk tweeted last month that funding was secured to take the company private.
  • Google to Lift Partially Cryptocurrency Ban in The US, Japan

    Google to Lift Partially Cryptocurrency Ban in The US, Japan

    Business

    In March , Google announced a ban on cryptocurrency-related ads on its platform, with the initiative finalized by June. Exchanges and cryptocurrency companies looking to advertise with the search engine will first need to apply for certification to serve ads in each country individually, with exchanges starting registration by next month .
  • Boeing/Saab joint T-X design wins Air Force’s jet trainer competition

    Boeing/Saab joint T-X design wins Air Force’s jet trainer competition

    Business

    This is a so-called "indefinite-delivery/indefinite-quantity" contract and under the existing terms, the Air Force could potentially order as many as 475 planes and 120 simulators. For Boeing, the deal appears to remain a lucrative opportunity, not only to become a key provider of jet trainers to the Air Force, but also to leverage the baked-in mechanisms in the contract to begin making inroads in selling the aircraft elsewhere.
  • Here’s why Justin Trudeau says the Americans are finding NAFTA talks ‘tough’

    Business

    President Donald Trump to impose steel and aluminum tariffs on Canadian imports on the grounds of national security. The text of the Trump administration's trade agreement with Mexico is due to be released on Friday, launching a contentious USA approval process as pressure mounts on Canada to join its partners in revamping the North American Free Trade Agreement.
  • US will not tap oil reserve as Iran sanctions loom: Perry

    US will not tap oil reserve as Iran sanctions loom: Perry

    Business

    US officials, including President Donald Trump , are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed OPEC to raise output. But then such a demand destruction (theoretically triggered by the emerging market oil consumers) won't come into play before Brent crude hits $120 a barrel.
  • Tesla without Musk at the wheel? That's what the SEC wants

    Tesla without Musk at the wheel? That's what the SEC wants

    Business

    Adding fuel to the fire, Merrill Lynch analyst John Murphy reiterates an Underperform rating on Tesla shares, with a price target of $200, which represents a potential downside of 26% from where the stock is now trading. The SEC's lawsuit , filed in Manhattan federal court, caps a tumultuous two months set in motion on August 7 when Musk told his more than 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".
  • Trump admits friendship with China's Xi could be over

    Trump admits friendship with China's Xi could be over

    Business

    Security Council meeting, "and we are winning on trade - we are winning on every level". Chinese Foreign Minister Wang Yi rejected what he termed "unwarranted accusations". 'He was saying that China has total respect for Donald Trump and for Donald Trump's very, very large brain. Xi appears to have seized on his government's limited options, with China Daily running a story on Thursday about his visit to a farm where he stressed the importance of "self-reliance" in food security ...
  • Facebook: Security flaw affected nearly 50 million accounts

    Facebook: Security flaw affected nearly 50 million accounts

    Business

    The company said attackers were able to exploit a vulnerability in a feature known as " View As " to gain control of people's accounts. 'We do not yet know whether these accounts were misused but we are continuing to look into this and will update when we learn more'.
  • Elon Musk reportedly backed out of SEC deal at the last second

    Business

    Musk published his infamous tweet about taking Tesla private on August 7, briefly sending the company's stock price to a 52-week high before falling after it became clear the board had no information about his plans or funding sources and that the "funding secured" statement was unfounded.