Monday, 18 June 2018

Business

IMF warns US fiscal, trade policies create risks to global economy

Pedestrians walk past the International Monetary Fund headquarters' complex in Washington Sunday, May 2, 2010. A senior International Monetary Fund official says the IMF's executive board is meeting in Washington to consider how much aid to grant Athens under a massive rescue loan package. (AP Photo/Cliff Owen)

WASHINGTON: President Donald Trump’s aggressive trade policies, and expansive tax cut at a time when the US economy is growing, are creating risks that could damage the domestic and global economies, the International Monetary Fund has warned. The tax cuts will generate a near-term boost to growth but also “will ...

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ZTE has few cards left to play to avoid ‘death penalty’

NEW YORK: It’s not every day you see a company that employs 75,000 and once had a market cap of $20 billion facing instant doom on an hour-by-hour basis. But that’s the situation that Chinese telecom firm ZTE finds itself in right now. Following revelations that the company sold equipment ...

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Elon Musk buys 72K of Tesla shares

LONDON: Tesla Chief Executive Officer Elon Musk bought 72,500 shares of the company’s common stock, a regulatory filing showed on Wednesday. Musk bought the shares at between $342.44 and $347.44 per share in multiple transactions on Tuesday and Wednesday. He is already the electric car maker’s largest shareholder and now ...

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Guess co-founder quits after sex assault probe

NEW YORK: Paul Marciano, co-founder of the Guess fashion brand, resigned Tuesday in the wake of an investigation into sexual assault claims. Marciano “exercised poor judgment in his communications with models and photographers and in placing himself in situations in which plausible allegations of improper conduct could, and did, arise,” ...

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Christian Louboutin wins EU court battle over red-soled shoes

PARIS: French luxury shoe designer Christian Louboutin won a lengthy EU legal battle over trademarking his signature red-soled high-heeled shoes, the court and the company said on Tuesday. Louboutin took Dutch shoemaker Van Haren to court in the Netherlands in 2012 after Van Haren sold similar shoes, with the Parisian ...

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Tesla has laid off about nine percent of its employees

NEW YORK: Tesla has laid off about nine percent of its employees, Electrek first reported. This is part of the reorganization Musk talked about in May on the company’s quarterly earnings call. The layoffs reportedly started on Monday and will be made official at some point today. Tesla, which also operates ...

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Billionaire Modi flees to UK, claiming political asylum

NEW DELHI: Nirav Modi, the billionaire jeweller at the heart of a more than $2 billion fraud case in India, has fled to the UK, where he is claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials. Britain’s Home Office said it does not provide ...

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Netflix becomes world’s most valuable media company

LONDON: Netflix’s share price has surged by 33,000 per cent since the company went public back in 2002 however recently the company’s shares hit $153 billion and overtook Disney to claim the spot as world most valuable media company, currently valued at $152.8 billion Earlier in May, the streaming giant ...

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Apple to make 20% fewer new model iPhones this year

Apple Inc expects to ship 80 million new model iPhones this year, down 20 percent from what it had planned at the same time last year, Japanese financial daily Nikkei reported, citing industry sources. The California-based firm has asked suppliers to make about 20 percent fewer components for the three ...

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Pakistan mulls over taking Etisalat to London court

LONDON/ISLAMABAD: After remaining unable to resolve the matter amicably, Pakistan is considering taking Etisalat to the London Court of International Arbitration over non-settlement of $800 million worth of outstanding privatisation proceeds of Pakistan Telecommunication Company Limited (PTCL). “The Ministry of Privatisation and the office of Attorney General of Pakistan have ...

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