Economy

Telstra to axe 8000 jobs over four years

Telstra to axe 8000 jobs over four years Mr Penn highlighted that the strategy was not about cutting jobs, but fundamentally transforming the nature of telecommunications services for customers in Australia. "This means that some roles will no longer be required, some will change and there will also be new ones created". Federal Labor frontbencher Richard Marles described Telstra's decision to slash 8000 jobs as a "huge shock". [Full Article...]

Cost of some United States goods to rise by 25% on Friday

They range from agricultural produce such as rice and orange juice to jeans, whiskey, motorbikes and various steel products. The firms called for all tariffs to end, on both the European Union and U.S. Ms Malmstrom insisted the EU's measures were "measured, proportionate" and in line with World Trade Organisation rules. The EU announced its response on Wednesday as the USA and China were locke... [Full Article...]

Major cryptocurrency exchange Bithumb halts trading after more than $31 million hack

Major cryptocurrency exchange Bithumb halts trading after more than $31 million hack Last week, Bithumb tweeted that a database and security upgrade was being carried out, and that part of the process involved transferring assets to a cold wallet (one not directly connected to the internet). "It can weather the storm on these negative reports ". In January, South Korea banned the use of anonymous bank accounts for virtual coin trading to stop cryptocurrencies being used in mo... [Full Article...]

American Airlines cancels PSA flights through Monday

American Airlines cancels PSA flights through Monday According to PSA Airlines, an American Airlines regional carrier, the issue did not affect any of its other regional carriers or mainline flights. PSA Airlines, which is owned and operated by American, canceled around 70 flights out of Charlotte Douglas International Airport on Sunday evening, again blaming a " technical issue ". [Full Article...]

Amazon Launches Alexa for Hospitality on Echo Smart Speakers, Marriot Signs Up

Amazon Launches Alexa for Hospitality on Echo Smart Speakers, Marriot Signs Up Regis Hotels & Resorts, Aloft Hotels and Autograph Collection Hotels starting this summer. The version for the hospitality industry lets guests ask questions about where they're staying, control music, and connect with services offered in the hotel-including, one hopes, room service. [Full Article...]

Starbucks to Close 150 Underperforming Stores, Hike Dividend

Starbucks to Close 150 Underperforming Stores, Hike Dividend The company said global comparable store sales were on pace to rise 1% in the current third fiscal quarter, far below the 3% jump Wall Street was expecting. The company said that so far in 2018, Frappucino sales have fallen by 3 percent. The iconic coffee chain, which typically shuts down about 50 stores per year, said in a statement that the closures will occur mostly in "densely penetrated... [Full Article...]

Walt Disney raises bid for Fox assets to $38 per share

Walt Disney raises bid for Fox assets to $38 per share According to the trade the new offer is approximately $19 billion larger than the one Fox accepted a year ago, and almost 10% higher than the $65 billion offer Comcast put on the table last week. Rupert Murdoch's 21st Century Fox Inc.is leaning toward starting negotiations with Comcast Corp., paving the way for a bidding war over its entertainment assets, people with knowledge of the matter sa... [Full Article...]

'Canadians smuggle scuffed shoes out of United States to avoid tariffs'

By noon (Tuesday, US time), it had regained some ground to a 1.1 per cent loss. In announcing the possibility of new $200 billion in tariffs , Trump mentioned that he still has an "excellent relationship" with Chinese president Xi Jinping. [Full Article...]

Microsoft slammed for ICE contract, amid child separations

Microsoft slammed for ICE contract, amid child separations The contract includes providing software processing and artificial intelligence for ICE, and Microsoft has insisted it has nothing to do with implementing a recent policy that has seen around 2,000 children being removed from their migrant parents. [Full Article...]

Trump says Canadians smuggling USA goods, assails tariffs

Trump says Canadians smuggling USA goods, assails tariffs They make them sound old or look old so they can get them past border guards". Trump has been taking potshots at Prime Minister Justin Trudeau and Canada since the end of the G7 summit earlier this month after the prime minister said at a press conference that he told the US president that his steel and aluminum tariffs were "kind of insulting", and that Canada "will not be pushed around" and ... [Full Article...]

Baltimore Dunkin’ Donuts removes sign discouraging foreign language

Baltimore Dunkin’ Donuts removes sign discouraging foreign language Dunkin' Donuts told the Sun in a statement that the store's general manager put it up "based on her own personal judgment" to deal with a "customer service and satisfaction issue". When reporters from WBAL-TV called the number, the man who answered said the sign was old and that he was no longer the general manager at that specific Dunkin' Donuts location. [Full Article...]

McDonald's Will Test Plastic Straw Alternatives in the US

McDonald's Will Test Plastic Straw Alternatives in the US In addition to tests that began earlier this year in the U.K., McDonald's has announced it is also to begin tests to offer straws upon request only. The restaurant chain uses 1.8 million straws a day in the UK. " Plastic straws are generally used only once, making them a prime target for environmentalists who point to the enormous amount of plastic that ends up in the world's oceans -... [Full Article...]

In tit-for-tat, Trump threatens more tariffs against China

Trump's proposed new tariffs would amount to the latest round of punitive steps in an escalating dispute between the world's two largest economies. On Friday, Mr Trump said he was pushing ahead with a 25% tariff on $50 billion worth of Chinese products, prompting Beijing to respond in kind. [Full Article...]

Tesla employee accused of sabotaging production systems

Tesla employee accused of sabotaging production systems In a leaked email, Musk says a member of staff made "direct code changes to the Tesla Manufacturing Operating System" under false usernames. Although the company declined to comment on the email officially, several employees confirmed they had received it and shared its full text with the news outlet. [Full Article...]

Trump escalates China trade war with extra tariffs

Trump escalates China trade war with extra tariffs US President Donald Trump threatened on Monday (June 18) to impose a 10 per cent tariff on US$200 billion (S$270 billion) of Chinese goods, escalating a tit-for-tat trade war with Beijing. "It is very unfortunate that instead of eliminating these unfair trading practices, China said that it intends to impose unjustified tariffs targeting US workers, farmers, ranchers and businesses". [Full Article...]

Actress Mary McCormack Posts Video Of Her Husband's Tesla On Fire

Actress Mary McCormack Posts Video Of Her Husband's Tesla On Fire Fortunately, a couple flagged her husband down and asked him to pull over and there were no injuries. Firefighters were quick to the scene and managed to contain the incident before it got more serious. "Our initial investigation shows that the cabin of the vehicle was totally unaffected by the fire due to our battery architecture, which is created to protect the cabin in the very rare event that ... [Full Article...]

Donald Trump readies $200 billion in China tariffs, citing 'unacceptable' policies

Donald Trump readies $200 billion in China tariffs, citing 'unacceptable' policies The White House said Monday evening that if China goes through with its promise to retaliate against the USA tariffs announced last week, the United States will impose tariffs on an additional $200 billion worth of Chinese goods. The Trump tariffs, which the USA government says are punishment for intellectual property theft, will be enacted in two waves. Retail groups also weighed in. [Full Article...]

Trump taps Kathy Kraninger to head Consumer Financial Protection Bureau

Trump taps Kathy Kraninger to head Consumer Financial Protection Bureau In a statement Saturday, the White House said Kraninger would continue the efforts of the current CFPB chief, Mick Mulvaney , to scale back the agency's regulatory ambitions while continuing efforts to keep financial fraud in check. In another move that particularly upset some staffers, the new boss also dropped a lawsuit against an alleged online loan shark called Golden Valley Lending. [Full Article...]

ICICI Bank may send MD & CEO Chanda Kochhar on indefinite leave

ICICI Bank may send MD & CEO Chanda Kochhar on indefinite leave Bakhshi will be responsible for handling all the businesses and corporate centre functions at the bank", the lender said. "In line with the highest levels of governance and corporate standards, Ms. Bakhshi cut his teeth in development banking with the erstwhile ICICI Ltd in 1986. The Videocon promoter allegedly loaned Kochhar Rs 64 crore through his company Supreme Energy and then transferred it... [Full Article...]

President Trump doubles down on immigration amid backlash

President Trump doubles down on immigration amid backlash German Interior Minister and leader of the Christian Social Union Party Horst Seehofer arrives at his party's headquarters in Munich on Monday, to attend a party leadership meeting to discuss the next steps in a deepening conflict with its sister party, the German Chancellor's CDU, centred on toughening immigration rules. [Full Article...]


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