Economy

Economy Wells Fargo reports profit decline due to legal costs
Author: 0 Wells Fargo reports profit decline due to legal costs

The stock increased 2.06% or $0.46 on October 12, reaching $22.54. Wells Fargo & shares last traded at $53.69, with a volume of 35,308,653 shares changing hands. The firm earned "Buy" rating on Wednesday, August 30 by RBC Capital Markets. Capital Research Global Investors raised its holdings in shares of Wells Fargo & by 19.7% in the second quarter.

Economy Samsung Electronics Co CEO resigns
Author: 0 Samsung Electronics Co CEO resigns

Oh-Hyun Kwon will leave not only that post but also his positions as CEO of Samsung Display, head of the company's components arm, and Vice Chairman. But Samsung did not celebrate the news for long, following up the rosy earnings guidance by announcing the resignation of a top executive. "It has not been an easy decision, but I feel I can no longer put it off", Kwon said in his letter.

Economy Chicago's soda tax repealed, in blow to 'nanny-state crusade'
Author: 0 Chicago's soda tax repealed, in blow to 'nanny-state crusade'

Chicago and many suburban areas - board committee voted 15-2 to repeal the tax, which charged individuals a penny per ounce of pop. Healthy Food America's executive director Dr. "Today's events also underscore the fact that the beverage industry, with its virtually unlimited financial resources, will stop at nothing to halt or overturn beverage taxes that threaten its profits and its ability to market sugar-sweetened drinks to the communities it claims to care about".

Economy India's Renewable Energy Capacity to Double by 2022
Author: 0 India's Renewable Energy Capacity to Double by 2022

The IEA addressed the proposed tax plan, saying "the current uncertainty over proposed federal tax reforms, global trade, and energy policies could have implications for the relative economics of renewables and alter their expansion over the forecast period".

Economy Tesco unveils first dividend since accounting crisis
Author: 0 Tesco unveils first dividend since accounting crisis

Shareholders will be cheered by news that the supermarket giant has re-introduced a 1p per share interim dividend payment, the first time since 2014/15, equating to around a 3p dividend for the whole year. ETX Capital analyst Neil Wilson said Tesco's drive to keep down prices was giving the company "an edge over the other big players in terms of coping with discounters", such as growing German players in the United Kingdom market, Aldi and Lidl.

Economy Ford in strategic switch away from traditional vehicles
Author: 0 Ford in strategic switch away from traditional vehicles

Ford plans to boost its strength in electric vehicles , after recently announcing a dedicated electrification team within the company. Marakby said Team Edison will be "cross-functional", handling everything from marketing to engineering to determining Ford's overall electric-vehicle strategy.

Economy Kent's Henry Bolton becomes latest Ukip leader
Author: 0 Kent's Henry Bolton becomes latest Ukip leader

Based in Folkestone, the former soldier and police officer was considered to be a front-runner in the contest and had seen the odds on him winning fall dramatically in recent weeks. Bolton distanced himself from the anti-Islam direction advocated by Waters and to a lesser extent by the early favourite, Peter Whittle, who finished a surprise fifth in the contest.

Economy Jumbo jet makes emergency landing after engine blowout
Author: 0 Jumbo jet makes emergency landing after engine blowout

Air France flight AF66 from Paris to Los Angeles declared a mayday while flying over the Atlantic, and landed safely at Goose Bay Airport in Labrador a short while ago. They said one of the engines had been "seriously damaged". The re-routing has taken place so that the flight passed over Greenland, the aircraft landed at Goose Bay at 17h42 gmt, said the spokesman.

Economy Theresa May threatens U.S. with trade war over Bombardier row
Author: 0 Theresa May threatens U.S. with trade war over Bombardier row

But Boeing conceded no ground, accusing Bombardier of illegally dumping its products in the US single-aisle airplane market out of desperation. "The magnitude of the proposed duty is absurd and divorced from the reality about the financing of a multibillion-dollar aircraft program", Bombardier said .

Economy Unilever to Buy Cosmetics Firm Carver Korea in a $2.71 Billion Deal
Author: 0 Unilever to Buy Cosmetics Firm Carver Korea in a $2.71 Billion Deal

Political tensions between Korea and China, however, have had an adverse effect on some Korean brands - retailer Lotte, for example, has announced it will sell a number of its Chinese stores with the possibility of withdrawing from the country completely - and analysts appear divided on how this will play out in the beauty sector.

Economy Budget airline Ryanair cancels 2000 flights, CEO admits issue was badly handled
Author: 0 Budget airline Ryanair cancels 2000 flights, CEO admits issue was badly handled

O'Leary told Ryanair's Annual General Meeting that it did not have sufficient spare pilots for September, October and November to ensure smooth operations and was considering forcing some pilots to change their annual leave plans. "We would like to advise that with immediate effect, the pilot workforce at the bases [airports] listed below rescind the goodwill that has been extended toward the company for many years, including working days off and turning up early".

Economy Oil prices rise toward $56 as demand outlook brightens
Author: 0 Oil prices rise toward $56 as demand outlook brightens

Futures jumped 1.2 per cent in NY, and closed just 11 cents shy of the US$50 mark. OPEC and a number of other producers including Russian Federation agreed a year ago on production cuts to ease a global supply glut, but prices haven't risen much above $50 per barrel as compliance has been a problem.

Economy China plans to completely ban petrol and diesel cars
Author: 0 China plans to completely ban petrol and diesel cars

China's Ministry of Industry and Information Technology will work out the timetable for the ban. Both countries have aimed to outlaw the sale of conventional petrol and diesel cars and vans by 2040 - though hybrids will still be permitted.

Economy Google Appeals Against 2.4-billion Euro Fine by European Union
Author: 0 Google Appeals Against 2.4-billion Euro Fine by European Union

Google has already submitted a rough draft to regulators over changes it must make by September 28 to avoid further fines, which should include giving equal treatment to rivals. It is anticipated to take years before the Luxembourg-based General Court rules on the case. It denied other companies the chance to compete on the merits and to innovate.

Economy US House sends self-driving auto bill to the Senate
Author: 0 US House sends self-driving auto bill to the Senate

The newly passed bill is created to accelerate the timeframe for allowing self-driving vehicles to be on the roads for testing without humans behind the wheel. A 2014 report from the administration says traffic crashes account for $836 billion in economic loss, with human error responsible for 94 percent of crashes.

Economy Number two at US Federal Reserve to step down
Author: 0 Number two at US Federal Reserve to step down

His unexpected departure adds to a leadership vacuum at the top of the Fed as it navigates a hard path. Yellen and Director of the National Economic Council Gary Cohn are among contenders to lead the central bank next year, according to US media.

Economy California governor declares state of emergency for wildfire
Author: 0 California governor declares state of emergency for wildfire

Though mandatory evacuation orders were imposed, many Lumpkin Road residents elected to shelter in place, Chavez said. Thousands of people have been driven from their homes in OR and hundreds in California, where a blaze burned 10 homes and threatened 500 more near a hard-hit community and another kept a popular road to Yosemite National Park closed.

Economy USA economy creates fewer jobs than expected in August
Author: 0 USA economy creates fewer jobs than expected in August

Over the past year, wage growth has increased at a rate of 2.5%, which is a solid number. "Hurricane Harvey had no discernable effect on the employment and unemployment data for August", the report stated. Pay raises typically average 3.5% to 4% when the unemployment rate is this low. Lewis Alexander, chief USA economist at Nomura, said low productivity growth and other structural factors will hold down overall economic growth in a Friday research note.

Economy Apple joins $18bn bid for Toshiba chip unit
Author: 0 Apple joins $18bn bid for Toshiba chip unit

This would beat the $17 billion proposal offered by the Western Digital-led consortium, which includes United States private equity firm KKR. But the deal stalled after Western Digital , Toshiba's joint partner at their chip plant in Mie Prefecture, claimed Toshiba's sale of the memory business without its consent would breach their joint venture contract.

Economy Pacemaker patch passes probe by Food and Drug Administration
Author: 0 Pacemaker patch passes probe by Food and Drug Administration

In what may be a first, patients with heart conditions that are using particular pacemaker brands will have to visit their doctors for firmware updates to keep their embedded devices safe from tampering. Abbott spokesperson Candace Steele Flippin says, "Abbott is resolving all old St. Jude Medical issues ". The risks, which include reloading previous firmware due to an incomplete installation, loss of now programmed settings and loss of device functionality all occur at rates well below 1%.

Economy Second Quarter GDP Upwardly Revised from 2.6% to 3.0%
Author: 0 Second Quarter GDP Upwardly Revised from 2.6% to 3.0%

Corporate pretax earnings rose 7 percent year to year; up 1.3 percent quarter to quarter. That's better than the department's initial estimate of 2.6 percent and the 2.8 percent economists surveyed by MarketWatch were predicting for the revision.

Economy Uber finally confirms Dara Khosrowshahi as Chief Executive Officer
Author: 0 Uber finally confirms Dara Khosrowshahi as Chief Executive Officer

Ousted C.E.O. Travis Kalanick expressed his support for Khosrowshahi too. He is also driven but in a different way. During the softball conversation Khosrowshahi revealed that the experience of his family fleeing Iran for the United States at the age of nine and "losing everything" shaped him.

Economy Domino's teams up with Ford to test self-driving pizza delivery cars
Author: 0 Domino's teams up with Ford to test self-driving pizza delivery cars

Domino's is continuing in the same autonomous vein by partnering with Ford to deliver pizzas using the Fusion Hybrid . A Ford engineer and researchers will be onboard to ensure safety and monitor the test . The project, which will be run in Domino's hometown of Ann Arbor , Michigan, is aimed at gaining insight into how hungry customers will react when a delivery truck shows up without a driver behind the wheel.

Economy Expedia Chief Dara Khosrowshahi to take charge as new Uber CEO
Author: 0 Expedia Chief Dara Khosrowshahi to take charge as new Uber CEO

As the embattled transportation company's eight-person board deliberated for hours each day since Friday, members closed in on Whitman, 61, who had previously taken herself out of the running. Some on the board favored Immelt to quickly bring stability to the company. The company had reportedly faced a string of revolts from the shareholders, few of which demanded Kalanick's resignation.

Economy Apple's next data center will be in Iowa
Author: 0 Apple's next data center will be in Iowa

The California-based company is due to meet with Iowa's Economic Development Authority today, the schedule for which was published and reported on yesterday by The Des Moines Register . Apple has been awarded $19.65m in investment tax credits. "Waukee is proud to welcome Apple", said Waukee Mayor Bill Peard. "If we want to grow this economy and provide more revenue then we should be doing what we can to bring jobs and businesses to the state of Iowa", Reynolds said to reporters following ...

Economy Trump's son-in-law meets Netanyahu on Middle East peace trip
Author: 0 Trump's son-in-law meets Netanyahu on Middle East peace trip

The last round of peace talks between the two sides collapsed in 2014. There was deadly violence connected to tensions at a religious site in Jerusalem. On Thursday they held meetings with Netanyahu and are scheduled to meet as well with PA leadership. Worry over Iran is something that Israel has in common with Sunni Arab states in the Gulf.

Economy Salesforce (CRM) Posts Earnings and Revenue Beats, Solid Guidance
Author: 0 Salesforce (CRM) Posts Earnings and Revenue Beats, Solid Guidance

We believe this is the strongest reflection of the firm's efforts to verticalize its product portfolio, and management echoed this sentiment by calling out numerous wins in the financial services and healthcare industries, two verticals where Salesforce has introduced industry-specific products.

Economy Oil prices slip on bets for bearish United States supply data
Author: 0 Oil prices slip on bets for bearish United States supply data

USA gasoline futures RBc1 also led the complex higher for most of the session and settled up 0.4 percent at $1.5908 a gallon as forecasts for heavy rain associated with the remnants of former tropical storm Harvey threatened to cause refinery flooding, traders said .

Economy Love triangle ruled out as Oxford University employee charged over Chicago death
Author: 0 Love triangle ruled out as Oxford University employee charged over Chicago death

An Illinois state prosecutor told an initial court hearing Sunday in Chicago that the plan was to kill someone and then for the two men to kill themselves. Lathem's attorney, Kenneth Wine, said earlier this month that the alleged crime is "totally contrary to the way (Lathem) has lived his entire life" and urged the ex-professor's supporters to "be patient".

Economy Terror crime probe on Finnish knife attack
Author: 0 Terror crime probe on Finnish knife attack

He was injured while being apprehended by authorities, police said . One man and five women - one pushing a baby in a pram - were injured in the attack. "We have a heightened awareness level of terrorism now but we did not have any specific threats to act upon", Turku Superintendent Stephan Sundqvist told CNN .

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