Monday, 17 December 2018

Business

Alibaba’s co-founder Jack Ma, decided to step down

BEIJING: Jack Ma, Alibaba’s co-founder and executive chairman has decided to step down from the Chinese e-commerce giant on Monday to pursue philanthropy in education, a changing of the guard for the $420 billion internet company. The Chinese billionaire will remain on Alibaba’s board of directors and continue to mentor the company’s management. He ...

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EU, US seek to clear trade talks confusion

BRUSSELS: Top officials from the US and EU meet in Brussels on Monday in an effort to iron out differences on trade talks announced to great fanfare this summer. US President Donald Trump and European Commission head Jean-Claude Juncker in July pledged to hold off from further tit-for-tat tariffs and ...

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Trump tells Apple to make products in US to avoid China tariffs

WASHINGTON: US President Trump tweeted that Apple Inc should make products inside the United States if it wants to avoid tariffs on Chinese imports, Reuters reported. The company told trade officials in a letter on Friday that the proposed tariffs would affect prices for a “wide range” of Apple products, including ...

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China vows response if US imposes tariffs

BEIJING: China is ready to retaliate if US President Donald Trump goes ahead with a tariff hike on $200b worth of Chinese goods and is confident it can maintain “steady and healthy” economic growth. The Trump administration is poised to impose 25 percent penalties on Chinese goods in a new ...

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US military investing $2b in artificial intelligence

WASHINGTON: The Pentagon’s research wing said it was investing $2 billion to develop a new generation of artificial intelligence with “human-like communication” skills. The Defense Advanced Research Projects Agency, or DARPA, will use the money to fund around 20 existing and new projects that will push for a new level ...

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British Airways hacked with details of 380,000 bank cards stolen

LONDON: British Airways said that the personal and financial details of customers making bookings between August 21 and September 5 had been stolen in a data breach involving 380,000 bank cards. The almost two week long hack did not involve travel or passport details, the airline said, adding that it ...

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Credit Suisse CEO Thiam rules out political career

ZURICH: Credit Suisse Chief Executive Tidjane Thiam has ruled himself out as a candidate for political office in his native Ivory Coast and intends to stay at the helm of Switzerland’s second-biggest bank for some time, he told a Swiss newspaper. Asked about calls in Ivory Coast for him to ...

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Volkswagen floods German market ahead of tougher emissions rules

Volkswagen

FRANKFURT: Volkswagen hiked the number of passenger cars registered for road use with the authorities by 46.2 percent in Germany last month, lifting German passenger car registrations by 24.7 percent in August, statistics from the KBA German vehicle authority showed. Of the 316,405 vehicles registered in Germany last month, only ...

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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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