Friday, 10 April 2020
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Business

Fears for Toys R Us future grow as PPF balks at rescue plan

The future of Toys R Us’s British operations looked increasingly precarious on Monday as the UK’s pensions lifeboat demanded a £9m injection into its pension scheme in exchange for backing a rescue plan this week. Sky News has learnt that the Pension Protection Fund (PPF) and the scheme’s trustees want ...

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Exchange giant CME’s bitcoin futures get tepid take-up in debut

NEW YORK/LONDON/SYDNEY: Bitcoin futures got a muted reception after their debut on CME Group late on Sunday, with volumes in the tens of millions of dollars in the first 12 hours of trading, as warnings about the risks of bitcoin sounded ever louder. The launch of futures by the world’s ...

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Britvic confirms Norwich closure

LONDON: Britvic has confirmed it will close its Norwich plant, according to workers’ union Unite, who dubbed the move a “hammer blow” for the region. The company first revealed plans to transfer production of Robinsons squash and Fruit Shoot to elsewhere in the country in October, putting 240 jobs at ...

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Chinese Electric-Car Startup NIO Undercuts Tesla With Debut Model

LONDON: Chinese electric-car maker NIO has launched sales of its first vehicle three years after the company was founded, undercutting the price of a rival model from Tesla Inc. Chinese customers can buy the ES8 sports utility vehicle, with a range of 500 kilometers (311 miles) on a single charge, ...

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Hype over bitcoin borders on weird

LONDON: In the long history of money, there have been essentially two kinds. The first is a tangible commodity – usually, gold. The second is a “fiat currency,” created by a ruler with the power to compel use. The proposition underlying this year’s extraordinary bitcoin surge is that we are ...

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Bitcoin to consume all of the worlds energy by 2020

Bitcoin transactions are the new consumers of electricity. The amount of energy consumed in a single transaction can power up one house for a month. The cryptocurrency, Bitcoin uses electricity to make verification trades expensive. This makes transactions costly and free from frauds. In order to make the verification process ...

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Michael Kors pledges to go fur-free in 2018

LONDON: Fashion giant Micheal Kors has vowed that he will no longer be displaying big fur coats on the runway. In fact, starting in 2018, no fur items will be part of the designer’s collection, unless they’re of the faux variety. After a recent meeting with People for the Ethical ...

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Uber hacked trade secrets, bribed foreign officials, court letter says

WASHINGTON: A former Uber employee has alleged that a special division within the global ride-hailing app was responsible for acts of corporate espionage, the theft of trade secrets, the bribery of foreign officials and several means of unlawful surveillance. The allegations against Uber were part of a latter dubbed as ...

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Vietnam Coffee Trade Slows as Buyers Bet on Bigger Discounts

HANOI: Coffee trading is slowing in Vietnam, the top robusta producer, on expectations that a larger harvest and changes to the London futures contract next year will give buyers bigger discounts. Roasters and traders are delaying purchases on bets that a bigger crop currently being gathered will push prices lower, ...

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Ryanair Recognizes Unions To Stop Strikes

LONDON: Ryanair has made a dramatic U-turn and agreed to recognise pilots’ unions for the first time in its history, after it was threatened with a potentially-crippling strike just days before Christmas. The low-cost carrier sent the offer to representative bodies in the UK, Ireland, Germany, Spain, Italy and Portugal ...

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