Saturday, 15 August 2020

Business

Debit Card Glitch Makes Thousands in UK Pay Twice

LONDON: A debit card error made customers pay double and covered around 5% of payments made on machines on the 29th of August. Customers paid twice due to a problem with card terminals run by Cardnet – a payment system run by Lloyds Bank and card processor First Data, which handles 1,1 billion transactions ...

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Amazon hits trillion-dollar milestone with focus on the long game

NEW YORK: Amazon’s market value hit $1 trillion on Tuesday, the second company after Apple to hit the milestone, following an incredible journey for the internet giant which has kept a long-term focus since launching as an online bookseller two decades ago. Early gains lifted Amazon’s value to $1 trillion ...

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UK water companies promise less leakage, tighter pricing

LONDON: Thames Water and three other top UK water companies announced business plans on Monday aimed at reducing leakages and improving service while controlling prices after their performance was questioned during the country’s hottest summer in decades. The utilities have faced a series of fines and a summer marked by ...

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Google’s Journey Completes 20 Years

LONDON: Google that came into existence 20 years back with its first product Search engine from a garage today has seven products that are used by more than a billion people every month. The exact date of the company’s founding is up for debate — even for those who are ...

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Japan to halt Iran oil imports under US pressure

AFP TOKYO: Japan’s major oil wholesalers are preparing to suspend crude oil imports from Iran in October, amid fears Washington will sanction countries importing Iranian crude, local media reported. US President Donald Trump in May pulled out of a 2015 nuclear deal with Iran and last month began reimposing sanctions ...

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Iranian rial hits all-time low against US dollar

TEHRAN: The Iranian rial hit another all-time low against the US dollar in spite of central bank efforts to stem the decline. The rial has lost around 15 percent of its value on the open market in the past three days, bottoming at 128,500 to the dollar, according to Bonbast, ...

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China’s trade with Belt and Road countries reaches $5t

BEIJING: China sees growing ties with Belt and Road countries in trade and economy over the past five years, as by June 2018, merchandise trade between China and countries along the route has exceeded $5 trillion. In the past five years, China’s total investment in economic and trade cooperation zones in these countries amounted ...

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Digital revolution has only small impact on inflation: ECB’s Weidmann

Reuters FRANKFURT: Rapid technological advances cut inflation only marginally and temporarily, Bundesbank President Jens Weidmann said, weighing in on one of the biggest debates in modern central banking. With much of the industrialised world struggling with anaemic inflation levels, some economists argue that rapid technological development keeps a lid on ...

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Japan central bank chief says no rate hike for ‘long time’

AFP TOKYO: The Bank of Japan will not raise interest rates “for quite a long time”, its chief said in an interview published Saturday even as its US and European peers tighten monetary policy. Haruhiko Kuroda dismissed speculation that the central bank was planning to adjust its super-loose policy, aimed ...

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Italy seeks to reassure markets over budget

ROME: Italy’s new anti-establishment government sought to reassure financial markets about its upcoming budget on Sunday amid increasing concern Rome could breach EU spending limits as it comes under pressure to fulfil its anti-austerity electoral promises. With Italy’s debt currently standing at a whopping 132 percent of output, financial markets ...

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