Business


Tesla says it got SEC subpoena about Model 3 production numbers Tesla says it got SEC subpoena about Model 3 production numbers
- November 03, 2018

Tesla said that none of the government agencies within the current probes have found any wrongdoing. Taking a short break from working Boring Company's Hyperloop test tunnel and turning Tesla's into remote control cars , Elon Musk sat down with Recode's Kara Swisher for an hour-long interview. (more...)
India protests China-Pakistan bus via PoK India protests China-Pakistan bus via PoK
- November 03, 2018

Pakistan is expected to receive United States dollars 6 billion economic package from China during the visit, Pakistan's Geo TV reported. The creation of the China-Pakistan Economic Corridor (CPEC) has no relevance to the Indian-Pakistani territorial dispute and will not influence China's stance on Kashmir, the Chinese Foreign Ministry spokesman, Lu Kang, said on Thursday. (more...)
Crude futures fall as traders get in position for inventory build-up Crude futures fall as traders get in position for inventory build-up
- November 02, 2018

Brent and USA futures have dropped on growing concern over a possible slowdown in global growth as the U.S-China trade dispute remains unresolved, and is starting to hit emerging market economies in particular. Brent crude futures LCOc1 settled down $2.15, or 2.9 percent, at $72.89 a barrel, while USA crude CLc1 lost $1.62, or 2.5 percent, at $63.69, its lowest close since April 9. (more...)
UK, EU close to Brexit deal on financial services: UK official - International UK, EU close to Brexit deal on financial services: UK official - International
- November 02, 2018

It is not known whether the purported deal is on equivalence, or if it is on so-called "equivalence-plus", which would go further. The Pound is nearly exclusively focussed on Brexit negotiations at present with a drip-feeding of rumours triggering the recent recovery move and further advances will require further good news ensuring the currency will remain volatile on a day-to-day basis. (more...)
Japan Airlines pilot admits being nearly 10 times over alcohol limit Japan Airlines pilot admits being nearly 10 times over alcohol limit
- November 02, 2018

JAL said the co-pilot was arrested Sunday for violating British aviation law. Katsutoshi Jitsukawa, 42, a first officer, was arrested after failing a breath test 50 minutes before the Japan Airlines flight to Tokyo was due to depart. It apologised Thursday for the incident. The transport ministry on Thursday issued a document directing all Japanese airlines to report by month-end measures being taken to control drinking by flight staff. (more...)
Starbucks Just Revealed Its 2018 Holiday Drinks and We Want Them All Starbucks Just Revealed Its 2018 Holiday Drinks and We Want Them All
- November 02, 2018

Are you excited for Starbucks' holiday items? Customers said they 'loved the tradition of Christmas, ' she added. Brewer said employees asked customers for feedback in person and the company gathered data through its app. between this Saturday and January 7, USA Today reports . "We started (this season) by looking to the past", Kristy Cameron from the Starbucks Creative Studio said in a statement. (more...)
India hopes for USA waiver on Iran India hopes for USA waiver on Iran
- November 02, 2018

Saudi Arabia increased output by 150,000 barrels to 10.68 million a day last month, the highest in Bloomberg data going back to 1962, while Iran's production slipped by 10,000 barrels a day to 3.42 million, the lowest since March 2016. The global benchmark crude traded at $9.33 premium to WTI for the same month. Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter the planned sanctions. (more...)
Asian markets soar on hopes of end to US-China trade war Asian markets soar on hopes of end to US-China trade war
- November 02, 2018

Xi on Thursday said he looks forward to meeting with Trump in Argentina and hopes the two sides build stable relations, according to China's state media. 'We're going way up, and China has been hurt over the last number of months. "We have a new deal", he said adding that the U.S. is now negotiating with the European Union, which "has absolutely hurt" the United States. (more...)
Google employees worldwide walk out of offices against sexual harassment cases Google employees worldwide walk out of offices against sexual harassment cases
- November 02, 2018

The walkout at Google's Fremont offices were part of a companywide protest at offices from Tokyo and Singapore to London and NY, reflecting a growing #MeToo-style backlash among women against frat-house misbehavior in heavily male-dominated Silicon Valley. (more...)
U.S. limits tech exports to Chinese firm on security grounds U.S. limits tech exports to Chinese firm on security grounds
- November 02, 2018

Trump said that there is national security concerns and a statement released by the U.S. Department of Commerce (DoC), officials said the Chinese chipmaker posed "a significant risk of being or becoming involved, in activities contrary to the national security or foreign policy interests of the United States". (more...)
Oil prices fall more than 1 percent on rising supply, trade war Oil prices fall more than 1 percent on rising supply, trade war
- November 01, 2018

Brent crude fell 2.7 percent last week and is down 10.5 percent from its October 3 high of $86.74. The plan of supplying crude oil in stock market has frequently been raised in the past years but it doomed to failure. Moreover, the fallout for Iran remains clear. Some 280,000 barrels of crude oil were traded on Sunday, the first day of offering crude oil for export on Iran Energy Exchange (IRENEX), just few days before new round of USA sanctions on petroleum sector take effect, Shana ... (more...)
Ease of doing business Index 2019 Ease of doing business Index 2019
- November 01, 2018

Zimbabwe is ranked among countries that managed to reduce regulatory complexity and cost or strengthened legal institutions in 2017 /18. "Turkey carried out a record number of business reforms in the past year, earning the country a spot in this year's top 10 global improvers", the bank said in a statement. (more...)
Britain to target online giants with new ‘Digital Services Tax’ Britain to target online giants with new ‘Digital Services Tax’
- October 31, 2018

The budget , which was delivered by chancellor Philip Hammond on 29 October, details that the tax only applies to businesses with annual revenues of £500 million or more, and will come into effect in April 2020. He added: "Google and Amazon have been avoiding tax payments which has given them an unfair edge over the competition [but] online retailers' financial advantage over bricks and mortar competitors is not the reason for the struggle and failure of traditional high street names". (more...)
US Planning More China Tariffs If Meeting With Xi Fails US Planning More China Tariffs If Meeting With Xi Fails
- October 31, 2018

The US has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of goods going the other way. But Chinese officials are unwilling to engage in a one-sided negotiation, and they worry that Trump could undermine any potential deal with as little as a single tweet, according to the Journal . (more...)
Rupee Drops on Speculation of Worsening RBI-Government Tension Rupee Drops on Speculation of Worsening RBI-Government Tension
- October 31, 2018

Reports add that the Central government has invoked some powers mentioned under the RBI Act in order to issue directions to the RBI Governor Urijit Patel. This temporarily takes away the RBI's independence and autonomy. Unlike in the past, all four RBI deputy governors attended the FSDC meeting along with Dr. (more...)
Tesla under U.S. 'criminal probe' for Model 3 comments Tesla under U.S. 'criminal probe' for Model 3 comments
- October 30, 2018

The Journal reported that the FBI is investigating whether the company made production estimates that it knew would be impossible to meet. The FBI agents will reportedly interview Tesla employees in order to establish if the company was intentionally misleading its investors, over-projecting the upcoming production figures. (more...)
U.S. economy grows 3.5% in 3Q as consumers, government spending boosts GDP U.S. economy grows 3.5% in 3Q as consumers, government spending boosts GDP
- October 29, 2018

As the chart below shows, the Congressional Budget Office estimated the USA economy would grow 3.3 percent this year. In the second quarter of 2018, real GDP increased 4.2 per cent, the Bureau of Economic Analysis said . "The latest health check-up revealed an ageing but still robust USA economy", Oxford Economics said in an analytical note. "We expect stronger growth in the first half of 2019 to give way to a gradual softening in the second half of the year as government spending, ... (more...)
IBM to gobble Red Hat for $34bn - yes, the enterprise Linux biz IBM to gobble Red Hat for $34bn - yes, the enterprise Linux biz
- October 29, 2018

In its latest quarter reported last month, it reported disappointing earnings , causing its shares to fall. The game plan revolves around the hybrid cloud and managing multiple environments. "In doing so, IBM will support open source technology wherever it runs, allowing it to scale significantly within commercial settings around the world". (more...)
Royal Mint’s Digital Gold Cryptocurrency Project Launch Gets Vetoed After CME Departure Royal Mint’s Digital Gold Cryptocurrency Project Launch Gets Vetoed After CME Departure
- October 29, 2018

According to Reuters , UK-based Royal Mint has ended its plans to launch a crypto asset that represents physical gold holdings. The RMG proposal was regarded as something of a boon among crypto aficionados eager to see the sector's reputation rehabilitated enough for crypto to push into a much-anticipated "mainstream adoption phase", something many think is needed to usher in the next crypto bull market. (more...)
China tells state-owned giants to halt Iran oil buying China tells state-owned giants to halt Iran oil buying
- October 28, 2018

Not only did you have Saudi Arabia backtrack from their "pump all you can" policy, you also had great earnings from energy companies and as of right now that does not even matter. Distillate stockpiles decreased by 2.26 million barrels in the week. Oil has become unglued from strong demand and tight supply figures as global stock markets shake with fear. (more...)
Oil heads for third weekly decline as equities resume slide Oil heads for third weekly decline as equities resume slide
- October 28, 2018

But, given the bullish outlook for crude after the Iran oil export sanctions become effective, auto fuel will again jump higher in price, which for 9 consecutive days has seen a fall in some of the major Indian cities. Russian Federation is already pumping 10.8 million barrels a day of crude, a level unseen since the Soviet Union. Oil tumbled toward a third weekly drop as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth. (more...)
Text leads to Mega Millions win for Virginia woman Text leads to Mega Millions win for Virginia woman
- October 27, 2018

Virgin Islands. If someone wins the Powerball on Saturday they will have the option of an immediate cash payment of $428.6 million, or the $750 million prize paid out over 29 years, according to the lottery. Some of the Wake County winners will pay off mortgages and student loans, others will travel, according to the news release. " One of my family members wouldn't leave me alone until I checked my ticket", the mother said. (more...)
Tesla Model 3 production reportedly being investigated by the Federal Bureau of Investigation Tesla Model 3 production reportedly being investigated by the Federal Bureau of Investigation
- October 27, 2018

It also surprised Wall Street, whose analysts predicted Tesla would have a small loss. According to MarketWatch, amid reports of profit, the company shares grew by 9.74% and was trading at a price of $316 per piece. In the presentation, Musk mentioned that Tesla would definitely be offering the service in future, which will likely be competing with Lyft and Uber. (more...)
Number of billionaires rises rapidly Number of billionaires rises rapidly
- October 27, 2018

UBS, whose wealth management arm manages around $2.5 trillion in assets, and PwC said there were already more billionaires in Asia than in the United States and they were on course to be wealthier than their US peers within three years. There are fewer billionaires in Britain but their accumulated wealth has soared to more than £200 billion. Total billionaire wealth in Singapore grew by 9 per cent to reach US$64.5 billion. (more...)
9.4 million customers affected by Cathay Pacific security breach 9.4 million customers affected by Cathay Pacific security breach
- October 27, 2018

Cathay Pacific , the primary airline of Hong Kong , was hit with a major data breach , affecting up to 9.4 million passengers. Cathay Pacific is also reportedly working with the Hong Kong police on the investigation. Cathay Pacific flies from Sydney, Melbourne, Perth, Brisbane, Adelaide and Cairns. It said the breach was discovered during "ongoing security processes". (more...)
USA revokes 21 Saudi visas over Khashoggi death USA revokes 21 Saudi visas over Khashoggi death
- October 27, 2018

The stakes could not be higher given the role Saudi Arabia plays in supporting U.S. foreign policy against Iran as well as USA and United Kingdom policy towards the conflict in Syria and the wider fight against Islamist terrorism. As one of our loyal readers, we ask you to be our partner. Trump has reiterated that he views Saudi Arabia as a great ally and an important purchaser of US tanks, bombs and planes. (more...)
5 things to know about Trump's war (of words) on the Fed 5 things to know about Trump's war (of words) on the Fed
- October 27, 2018

He further added that every time the administration does something great, Powell increases the interest rates. And he said the Fed will make its decisions without regard to President Donald Trump's repeated attacks on the central bank . The Fed has raised interest rates three times this year and is expected to do so again before the year ends and three more times in 2019. But, in the event that Trump actually managed to put a lid on rate hikes, we would probably see asset price inflation, ... (more...)
Bound Volkswagen T-Cross (Creta Rival) Revealed FINALLY! Bound Volkswagen T-Cross (Creta Rival) Revealed FINALLY!
- October 27, 2018

The new model rides on the same platform as the sixth generation VW Polo and the VW Virtus - MQB A0. In the United Kingdom, two 1.0-litre TSI petrol engines will be offered at launch, with 94bhp or 113bhp, powered through five- or six-speed manuals, or a seven-speed DSG automatic. (more...)
Lexus leads Consumer Reports auto reliability survey, Volvo bottom Lexus leads Consumer Reports auto reliability survey, Volvo bottom
- October 27, 2018

Kia drops two spots but remained in the top-ten as its all-new Stinger hatchback rates "Average" for reliability, as was the Sportage. Other U.S. automakers also fared poorly, all scoring in the bottom half of the 29 brands assessed in the annual ranking, which the magazine released Wednesday. (more...)
Wall Street rebounds after upbeat earnings, bargain hunting Wall Street rebounds after upbeat earnings, bargain hunting
- October 27, 2018

Microsoft , Intel, Alphabet and Amazon, all due to report this week, were down between 0.2 percent and 2.4 percent. "It's a little bit of an oversold bounce". As such, "the end result is likely to be lower imports and lower exports, with little or no improvement in the trade deficit". Tesla Motors surged 12.7 per cent after Citron Research reversed course and endorsed the electric auto maker after years of betting shares would falter, a stunning and enthusiastic vindication of the firm's ... (more...)

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