Thursday, 28 May 2020

Business

Starbucks, Alibaba’s forge coffee delivery tie-up in China

BEIJING: Starbucks Corp on Thursday launched a partnership with Alibaba Group’s Chinese food delivery platform Ele.me, in a move to shore up sales in its second-largest market and to battle aggressive competition from local coffee start-ups. Starbucks flagged in June that it was pursuing such a tie-up after reporting a ...

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BMW to build 1bn euro car factory in Hungary

FRANKFURT/REUTERS: BMW said it is investing 1 billion euros ($1.17 bln) in a new car factory in eastern Hungary, a project that could contribute to the country’s growth and strengthen its position as a centre for premium car manufacturing in the region. The new plant, to be built near the ...

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Bitcoin ends winning July on a sour note

REUTERS: Bitcoin fell 5 percent on Tuesday, briefly hitting a one-week low below $7,700, and marking a poor finish to a strong July when the digital currency increased more than 20 percent. Tuesday’s decline stemmed partly from disappointment over the U.S. Securities and Exchange Commission last week reaffirming an earlier ...

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Trump ‘looking into’ rules on 3D-printed guns

WASHINGTON: US President Donald Trump said Tuesday he was mulling whether Americans should be able to make their own 3D-printed guns amid an uproar over his government’s settlement with a Texas entrepreneur who wants to provide free blueprints for the firearms. The tweet comes one day before Cody Wilson, a ...

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Robot hand learns human skills

SAN FRANCISCO:T hat’s how much virtual computing time it took researchers at OpenAI, the non-profit artificial intelligence lab funded by Elon Musk and others, to train its disembodied hand. The team paid Google $3,500 to run its software on thousands of computers simultaneously, crunching the actual time to 48 hours. ...

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Indian tycoon Vijay Mallya makes assets ‘offer’ to Indian court

LONDON: Indian tycoon Vijay Mallya said on Tuesday he had made an “unconditional offer” to an Indian court in a bid to settle fraud charges, as he continues to fight extradition from Britain. Mallya, chairman of the UB Group drinks conglomerate and chief executive of the financially ailing Force India ...

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Euro-Area Economy Gets Higher Inflation But Weaker Growth

Bloomberg: A bumper day of euro-area economic releases showed the region’s vital signs remain good, if not great. The region’s economic expansion entered a sixth year but growth slowed to just 0.3 percent, the weakest in two years. Inflation accelerated further above the European Central Bank’s goal, though that was ...

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Taxi strike targeting Uber brings chaos to Spanish cities

MADRID: A strike by Spanish taxi drivers is set to continue after talks with government officials failed yesterday. Spanish taxi drivers blocked major city streets including Barcelona’s Gran Via and Madrid’s Castellana in a protest to pressure the government to curb licences to online ride-hailing services such as Uber. El ...

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Beijing to shut 1,000 manufacturing firms by 2020

SHANGHAI: China’s capital Beijing will shut around 1,000 manufacturing firms by 2020 as part of a program aimed at curbing smog and boosting income in neighboring regions, state media said on Monday. Beijing will focus on dynamic, high-tech industries and withdraw from “ordinary” manufacturing, the Communist Party paper People’s Daily ...

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Iran’s rial hits record-low 100,000 to the dollar

TEHRAN: Iran’s currency hit a record low on Sunday of 100,000 rials to the dollar amid a deepening economic crisis and the imminent return of full US sanctions. The unofficial rate stood at 102,000 rials by midday, according to Bonbast, one of the most reliable sites for tracking the Iranian ...

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