Friday, 16 November 2018

Business

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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UK retail sales win Black Friday boost

SHOPPING-UK

LONDON: British retail sales surged in November from the previous month, official data showed Thursday, boosted by Black Friday price reductions in the run-up to Christmas. Sales rose 1.1 percent compared to October, the Office for National Statistics calculated, beating analysts’ consensus forecast for a 0.4 percent increase. The data ...

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Starbucks customer laptops hacked to mine cryptocurrency

LONDON: Coffee chain Starbucks says it has taken action to stop customer laptops being used to generate the cryptocurrency Monero. On December 2, a Twitter user called Noah Dinkin posted a screenshot that showed that the public Wi-Fi available in a Starbucks store in Buenos Aires, Argentina, had been hacked ...

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Bank of England keeps interest rates on hold

LONDON: The Bank of England has kept its main interest rate unchanged at 0.50 percent, a month after increasing borrowing costs for the first time in a decade to contain a rise inflation stoked by last year’s Brexit vote. Thursday’s decision was unanimous in the bank’s nine-strong policy committee. It ...

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