ECONOMY AND FINANCE


Fed Officials Contemplate Thresholds for Rate Cuts


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 04/20/2019 - 13:02 - [CET]
Federal Reserve officials are starting to talk about the conditions under which they would cut interest rates, including a scenario where inflation drifts lower even if the economic growth doesn’t falter.
Newsitem placed in category: ECONOMY AND FINANCE

Uber's Greater Clarity on Costs Not Reassuring


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 04/20/2019 - 13:00 - [CET]
Uber’s public documents differ from rival Lyft by being more explicit about the incentives it gives drivers—if only that were comforting.
Newsitem placed in category: ECONOMY AND FINANCE

Jet Airways employees seek President’s intervention for salary dues, emergency funds to airline


Reported to us by: The Hindu Biz. - Sat, 04/20/2019 - 12:19 - [CET]
The unions highlighted that a section of employees have not been paid their salaries on time for the last seven months and that the distressing situation was also brought to the notice of the Ministry of Labour and Employment in March.
Newsitem placed in category: ECONOMY AND FINANCE

Chocolate fix: resurrecting Koko Black


Reported to us by: Sydney Morning Herald - Business - Sat, 04/20/2019 - 09:00 - [CET]
Luxury chocolate chain Koko Black was in bad shape when Simon Crowe bought the business out of administration three years ago.
Newsitem placed in category: ECONOMY AND FINANCE

Tesla board shakeup seen as ‘important Step’ in governance


Reported to us by: MONEYWEB - Sat, 04/20/2019 - 07:54 - [CET]
Director terms to be cut from three to two.
Newsitem placed in category: ECONOMY AND FINANCE

IMF gives Mozambique $118m for Cyclone Idai rebuilding


Reported to us by: MONEYWEB - Sat, 04/20/2019 - 07:50 - [CET]
The World Bank estimates the affected countries will need over $2b to recover.
Newsitem placed in category: ECONOMY AND FINANCE

US intelligence says Huawei funded by Chinese state security: report


Reported to us by: ARAB ECONOMY - Sat, 04/20/2019 - 07:05 - [CET]
Author: ReutersID: 1555736050170800400Sat, 2019-04-20 04:27

US intelligence has accused Huawei Technologies of being funded by Chinese state security, The Times said on Saturday, adding to the list of allegations faced by the Chinese technology company in the West.
The CIA accused Huawei of receiving funding from China’s National Security Commission, the People’s Liberation Army and a third branch of the Chinese state intelligence network, the British newspaper reported, citing a source.
Earlier this year, US intelligence shared its claims with other members of the Five Eyes intelligence-sharing group, which includes Britain, Australia, Canada and New Zealand, according to the report.
Huawei dismissed the allegations in a statement cited by the newspaper.
“Huawei does not comment on unsubstantiated allegations backed up by zero evidence from anonymous sources,” a Huawei representative told The Times.
The company, the CIA and Chinese state security agencies did not respond immediately to requests for comment.
The accusation comes at a time of trade tensions between Washington and Beijing and amid concerns in the United States that Huawei’s equipment could be used for espionage. The company has said the concerns are unfounded.
Authorities in the United States are probing Huawei for alleged sanctions violations.
Meng Wanzhou, Huawei’s chief financial officer and daughter of its founder, Ren Zhengfei, was arrested in Canada in December at the request of the United States on charges of bank and wire fraud in violation of US sanctions against Iran.
She denies wrongdoing and her father has previously said the arrest was “politically motivated.”
Amid such charges, top educational institutions in the West have recently severed ties with Huawei to avoid losing federal funding.
Another Chinese technology company, ZTE Corp. , has also been at the center of similar controversies in the United States.
US sanctions forced ZTE to stop most business between April and July last year after Commerce Department officials said it broke a pact and was caught illegally shipping US-origin goods to Iran and North Korea. The sanctions were lifted after ZTE paid $1.4 billion in penalties.
Reuters reported earlier this week that the United States will push its allies at a meeting in Prague next month to adopt shared security and policy measures that will make it more difficult for Huawei to dominate 5G telecommunications networks.

Main category: Business & EconomyTags: Saudi Arabia Huawei vows to ‘shake off’ pressure as network business takes a hitBritain rebukes Huawei over security failings, discloses more flaws
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The Black Hole Image Is a Bias-Testing Masterpiece


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 04/20/2019 - 06:00 - [CET]
In pursuit of an astronomical breakthrough, a global team of scientists used conflict, dissent and relentless bias-testing to produce the first-ever image of a black hole.
Newsitem placed in category: ECONOMY AND FINANCE

Driving? The Kids Are So Over It


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 04/20/2019 - 06:00 - [CET]
In a challenge for Detroit, teens put off getting their licenses and buying cars. About a quarter of 16-year-olds had a driver’s license in 2017, a sharp decline from nearly half in 1983.
Newsitem placed in category: ECONOMY AND FINANCE

Victoria’s Secret’s biggest problem may be L Brands leadership


Reported to us by: NEW YORK POST -BUSINESS - Sat, 04/20/2019 - 04:08 - [CET]
L Brands, the owner behind the struggling Victoria’s Secret brand, needs to do more than reshuffle a few board seats to convince investors it’s ready for a comeback, critics say. L Brands said late Thursday that it will add two new “independent” directors to the company’s board following criticisms that the previous 12-person board had...
Newsitem placed in category: ECONOMY AND FINANCE

Working 9 to 9: Alibaba boss's remarks spark debate over China working hours


Reported to us by: Sydney Morning Herald - Business - Sat, 04/20/2019 - 01:14 - [CET]
Billionaire Jack Ma recently said young people should be prepared to work 12-hour days, six days a week, prompting a public debate over work-life balance in the country.
Newsitem placed in category: ECONOMY AND FINANCE

Can SA learn lessons from the mega mistakes of Eskom’s mega projects?


Reported to us by: MONEYWEB - Sat, 04/20/2019 - 00:48 - [CET]
By conservative estimation, Kusile and Medupi debt costs amount to R300bn.
Newsitem placed in category: ECONOMY AND FINANCE

China will keep supporting economy as 'pressure' lingers: politburo


Reported to us by: Sydney Morning Herald - Business - Sat, 04/20/2019 - 00:41 - [CET]
China will maintain policy support for the economy, which still faces "downward pressure" and difficulties after better than expected first-quarter growth, the Communist Party's top decision-making body said on Friday.
Newsitem placed in category: ECONOMY AND FINANCE

WarnerMedia Quits OpenAP Coalition for TV Ad Targeting


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 04/20/2019 - 00:38 - [CET]
WarnerMedia is withdrawing from a coalition of rival TV networks that it helped form to foster more precise commercial targeting.
Newsitem placed in category: ECONOMY AND FINANCE

How portrayal of protest in South Africa denigrates poor people


Reported to us by: MONEYWEB - Sat, 04/20/2019 - 00:15 - [CET]
The number of protests across SA have not increased, they have just become more noticed.
Newsitem placed in category: ECONOMY AND FINANCE

Tesla to Shrink Board


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 04/20/2019 - 00:13 - [CET]
Tesla plans to shrink its board from 11 to seven directors over this year and next, with three longtime allies of CEO Elon Musk planning to step down along with one of the auto maker’s newer independent members.
Newsitem placed in category: ECONOMY AND FINANCE

Capitalising on the stupendously Chinese ‘nation’


Reported to us by: MONEYWEB - Sat, 04/20/2019 - 00:12 - [CET]
Much innovation and tech-related manufacturing takes place in this super-region.
Newsitem placed in category: ECONOMY AND FINANCE

Tesla is dramatically changing its board


Reported to us by: MARKETWATCH - Fri, 04/19/2019 - 23:55 - [CET]

Tesla Inc. disclosed Friday afternoon that several directors will leave its board, which has been criticized for failing to rein in actions by Chief Executive Elon Musk. Brad Buss, Antonio Gracias, Stephen Jurvetson and Linda Johnson Rice are expected to leave the board over the next two years. Buss and Rice will not stand for re-election at the 2019 shareholders meeting, which will be held in June, while Jurvetson -- who has officially been on leave since allegations of misconduct at his venture-capital firm in 2017 -- will remain until the 2020 meeting. Tesla shareholders will vote to reduce director terms from three years to two at the 2019 shareholder meeting; if the Tesla-introduced resolution passes, Gracias will also not stand for re-election at the 2020 meeting, Otherwise, he will leave in 2021. Tesla recently added Oracle Corp. founder Larry Ellison and new Chairwoman Kathleen Wilson-Thompson to its board as a result of a settlement with the Securities and Exchange Commission, giving the board 11 members currently.

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Business Highlights


Reported to us by: ABC Business - Fri, 04/19/2019 - 23:32 - [CET]
Business Highlights
Newsitem placed in category: ECONOMY AND FINANCE

Retailer Torrid cancels plans for initial public offering


Reported to us by: MARKETWATCH - Fri, 04/19/2019 - 23:22 - [CET]

Plus-sized women's apparel retailer Torrid Inc. pulled its plans for an initial public offering late Friday, according to a filing with the Securities and Exchange Commission. Torrid, which filed for an IPO in July 2017, had planned to raise up to $100 million and list on the New York Stock Exchange. "The company believes that the withdrawal of the registration statement would be consistent with the public interest and the protection of investors," Torrid said in its Friday filing. The retailer was spun off in 2015 from Hot Topic, which was taken private by Sycamore Partners back in 2013.

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Newsitem placed in category: ECONOMY AND FINANCE

Visa board elects CEO Kelly as chairman


Reported to us by: MARKETWATCH - Fri, 04/19/2019 - 22:18 - [CET]

Visa Inc. said late Friday its board elected Chief Executive Alfred Kelly as chairman. Kelly's chairmanship was effective on Tuesday, Visa said. Kelly succeeds Robert Matschullat as chairman, and Matschullat will continue to serve as the board's finance committee chair. Kelly has been Visa's CEO since December 2016.

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Newsitem placed in category: ECONOMY AND FINANCE

ADM Grain-Trading Executive Leaves


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Fri, 04/19/2019 - 22:13 - [CET]
Archer Daniels Midland Co.’s top grain-trading executive is departing as the agricultural giant restructures its operations and confronts a challenging farm economy.
Newsitem placed in category: ECONOMY AND FINANCE

BP and SOCAR sign new Azeri oil deal


Reported to us by: ARAB ECONOMY - Fri, 04/19/2019 - 22:04 - [CET]
Author: ReutersID: 1555703806307163300Fri, 2019-04-19 22:57

BAKU: Oil major BP and Azerbaijan’s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation’s three major oilfields, BP-Azerbaijan said in a statement.
The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day and cost $6 billion to build, the company said.
The project is one of the biggest upstream investment decisions to have been signed in Azerbaijan so far this year.
The ACG fields, which to date have produced around 3.5 billion barrels of oil, are estimated to have the potential to yield another 3 billion barrels.
BP’s main aim now would be to maximize the extraction of remaining reserves, Robert Morris, senior analyst at Wood Mackenzie, said in a statement.
“ACE is central to those plans, adding 100,000 barrels per day of production at peak in the mid-2020s,” he said.
BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017.
Separately, SOCAR and its partners at the BP-led ACG consortium plan to participate in a tender to acquire stakes being sold by two of its members, ExxonMobil and Chevron.
SOCAR President Rovnag Abdullayev made the announcement to reporters following a meeting of senior SOCAR figures on Friday.

Main category: Business & EconomyTags: BPSOCARAzerbaijan BP chief likens US oil sector to ‘market without brain’Crude oil touted as health cure in Azerbaijan
Newsitem placed in category: ECONOMY AND FINANCE

Panel to review approval of Boeing 737 Max flight controls


Reported to us by: ABC Business - Fri, 04/19/2019 - 21:48 - [CET]
A team of experts next week will begin reviewing how the Boeing 737 Max flight control system was approved by the U.S. Federal Aviation Administration
Newsitem placed in category: ECONOMY AND FINANCE

Oil market ‘well balanced’ in 2019, says Saudi adviser


Reported to us by: ARAB ECONOMY - Fri, 04/19/2019 - 21:30 - [CET]
Fri, 2019-04-19 22:30

PARIS/MOSCOW: Ibrahim Al-Muhanna, an adviser to the Saudi energy minister, said on Friday he expected the oil market to be “well balanced” this year.
“This year, we have seen the implementation of the OPEC Plus decision. It is possible to extend the cut until the end of the year depending on market conditions,” Al-Muhanna told an oil summit in Paris.
The OPEC+ group agreed last year to cut production, partly in response to increased US shale output.
Meanwhile, it emerged on Friday that Russia expects to use about 210 billion roubles ($3.3 billion) from its National Wealth Fund this year to pay back oil as part of a deal to keep down domestic gasoline and diesel prices.
The government and oil firms agreed to cut wholesale domestic fuel prices last year to keep a lid on petrol and diesel costs, a politically sensitive issue.
Under the deal, which runs from Nov. 1 until June 30, oil companies are allowed only to slowly increase petrol and diesel costs, which started to rise due to stronger global oil prices.
Russia is part of a global agreement to cut oil production aimed at propping up crude prices, a major source of state revenues. But that is hitting it back at home as the cost of gasoline is one of the key factors affecting inflation — and the central bank’s main policy rate.
Alexei Sazanov, head of the nance ministry’s tax department, told reporters that in February alone the state paid oil companies back 20-30 billion roubles for keeping fuel prices under control.
Russia is using the National Wealth Fund (NWF) as a buffer against potential external shocks and to pay out pensions or support some important large projects at home. The spending rules are strict as the state wants to preserve the fund.
Sazanov said that for 2019 as a whole, the payout from the NWF to the oil firms was estimated at 210 billion roubles.
“If we are paying the cash, we want to get a quality service in return. This service should result in the fact that the consumer should see prices at the fuel filling stations based on levels we pay back to the oil companies,” Sazanov said.
Under a “fiscal rule,” any revenue from oil prices higher than $40 per barrel goes into the NWF, which is part of Russia’s gold and foreign exchange reserves, held by the central bank.
The NWF currently stands at $59 billion and is expected to quadruple to over $200 billion, or 12 percent of gross domestic product, in 2021.

Main category: Business & Economy Russia and OPEC output in focus as oil extends lossesRussia committed to OPEC+ oil cuts: UAE energy minister
Newsitem placed in category: ECONOMY AND FINANCE

Eni signs oil deal with Ras Al Khaimah


Reported to us by: ARAB ECONOMY - Fri, 04/19/2019 - 21:29 - [CET]
Author: ReutersID: 1555701910937055800Fri, 2019-04-19 22:26

MILAN: Eni has signed an exploration and production sharing agreement with the emirate of Ras Al Khaimah, the Italian oil company’s latest expansion in the Middle East.
The agreement covers Block A offshore Ras Al Khaimah, one of the seven United Arab Emirates (UAE). It was signed between Eni and the emirate’s RAK Petroleum Authority, Eni said in a statement.
Block A is an area of 2,412 sq km. Eni will be the block’s operator, with a 90 percent participating interest, while RAK GAS will hold the remaining 10 percent.
Earlier this year, Eni pledged $3.3 billion to buy part of the world’s fourth-biggest refinery in the UAE, increasing its own refining capacity by more than a third. 

In January, the oil company of Sharjah, another emirate, awarded Eni concessions in three areas. 

That same month Eni also signed an exploration and production agreement in neighboring Oman.

Main category: Business & EconomyTags: EniRas Al Khaimah Pakistan welcomes UAE’s continued interest in petroleum sectorRussia committed to OPEC+ oil cuts: UAE energy minister
Newsitem placed in category: ECONOMY AND FINANCE

BP, Partners to Invest $6 Billion in Offshore Azerbaijan Project


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Fri, 04/19/2019 - 21:05 - [CET]
BP and its partners plan to lead a $6 billion development of the Azeri-Chirag-Deepwater Gunashli oil-field complex offshore Azerbaijan. The project includes facilities designed to process up to 100,000 barrels of oil a day.
Newsitem placed in category: ECONOMY AND FINANCE

Brands are rolling with 4/20 as pot legalization grows


Reported to us by: NEW YORK POST -BUSINESS - Fri, 04/19/2019 - 20:39 - [CET]
LOS ANGELES — Potheads have for decades celebrated their love of marijuana on April 20, but the once counter-culture celebration that was all about getting stoned now is so mainstream Corporate America is starting to embrace it. No, Hallmark doesn’t yet have a card to mark “420.” But many other businesses inside and outside the...
Newsitem placed in category: ECONOMY AND FINANCE

Tech, Industrial Giants Highlight Busy Earnings Week


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Fri, 04/19/2019 - 20:39 - [CET]
Monday kicks off a busy week of earnings, with some of the biggest names in the technology, consumer-products and industrial sectors reporting.
Newsitem placed in category: ECONOMY AND FINANCE

FTC eyes personal punishment for Mark Zuckerberg over privacy


Reported to us by: NEW YORK POST -BUSINESS - Fri, 04/19/2019 - 19:57 - [CET]
The Federal Trade Commission is mulling ways to hold Mark Zuckerberg personally responsible for Facebook’s privacy lapses, including fines that would ding the CEO’s own wallet, according to a new report. The watchdog, which started probing Facebook last year over data breaches tied to the 2016 presidential election, is looking at the 34-year-old billionaire’s past...
Newsitem placed in category: ECONOMY AND FINANCE

Jet Airways loses staff, planes to rivals


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 19:15 - [CET]
Idea of reviving debt-laden airline may be a pie in the sky
Newsitem placed in category: ECONOMY AND FINANCE

‘Homebuyers’ voting rights need clarity’


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 19:08 - [CET]
NCLT orders notices to Centre, IBBI on deadlock during a creditors’ meet concerning Jaypee Infratech
Newsitem placed in category: ECONOMY AND FINANCE

‘Top IT firms under threat of cyberattack’


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 19:05 - [CET]
Criminals may be targeting Infosys and Cognizant, after Wipro, says security website KrebsOnSecurity
Newsitem placed in category: ECONOMY AND FINANCE

China’s FutureMove, Tata Tech to develop mobility solutions


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 19:02 - [CET]
Firms to fuse technologies, products
Newsitem placed in category: ECONOMY AND FINANCE

Teva Gets Approval to Sell Generic Nasal Spray for Opioid Overdoses


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Fri, 04/19/2019 - 19:02 - [CET]
The U.S. Food and Drug Administration gave Teva Pharmaceutical the go-ahead to market a generic naloxone nasal spray to treat opioid overdoses.
Newsitem placed in category: ECONOMY AND FINANCE

Asian Tea Alliance launched in China


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 19:01 - [CET]
The Asian Tea Alliance (ATA), a union of five tea-growing and consuming countries, was launched on Friday in Guizhou in China, according to industry
Newsitem placed in category: ECONOMY AND FINANCE

AIBEA urges government to take over Jet, help employees


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 19:01 - [CET]
Expresses concern over non-payment of salaries
Newsitem placed in category: ECONOMY AND FINANCE

Volkswagen India rolls out one-millionth car


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 19:00 - [CET]
Volkswagen India Pvt. Ltd. rolled out the one-millionth car from its Pune assembly line on Friday. The celebratory car, the made-for-India Volkswagen
Newsitem placed in category: ECONOMY AND FINANCE

Royal Enfield sets up first store in Seoul


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 18:59 - [CET]
Royal Enfield announced its entry into South Korea by appointing Vintage Motors (Kiheung International) as its official distributor-partner in the cou
Newsitem placed in category: ECONOMY AND FINANCE

Tata Sponge Iron to change name, shift base


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 18:58 - [CET]
West Bengal to host registered office
Newsitem placed in category: ECONOMY AND FINANCE

ADIA, NIIF to invest in GVK arm


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 18:56 - [CET]
Sign pact for buying 49% stake in airport holding firm
Newsitem placed in category: ECONOMY AND FINANCE

Hamied elected Honorary Fellow of Royal Society


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 18:56 - [CET]
Cipla chairman honoured for his contribution to science
Newsitem placed in category: ECONOMY AND FINANCE

Trump deregulations coming for frozen cherry pies


Reported to us by: NEW YORK POST -BUSINESS - Fri, 04/19/2019 - 18:38 - [CET]
President Donald Trump may soon be able to claim a sweet victory for his deregulation push, with officials preparing to get rid of the decades-old rules for frozen cherry pies. Emails show the Food and Drug Administration planned to start the process for revoking the standard for frozen cherry pies this week, followed by a...
Newsitem placed in category: ECONOMY AND FINANCE

Samsung Galaxy Fold Non-Review: We Are Not Your Beta Testers


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Fri, 04/19/2019 - 18:37 - [CET]
When Samsung first announced a $2,000 folding-screen phone, it seemed destined to be considered a luxury product, a status symbol. Then we discovered its plastic screen can be easily damaged by the removal of a sticker.
Newsitem placed in category: ECONOMY AND FINANCE

FDA approves first generic naloxone nasal spray to treat opioid overdose


Reported to us by: MARKETWATCH - Fri, 04/19/2019 - 18:04 - [CET]

The Food and Drug Administration has given Israeli drugmaker Teva Pharmaceuticals Inc. final approval to market the first generic naloxone nasal spray to treat opioid overdose, the agency announced Friday. The spray, currently sold under the brand name Narcan by Emergent BioSolutions Inc. subsidiary Adapt Pharma, is a life-saving medication that can stop or reverse the effects of an opioid overdose. Shares of Teva have lost 6.9% so far this year, while the S&P 500 has gained 15.9%. Shares of Emergent BioSolutions have fallen 10.6%. This marks the first time a generic naloxone nasal spray has been approved for use by people without medical training, though generic injectable naloxone products have been available for years. "In the wake of the opioid crisis, a number of efforts are underway to make this emergency overdose reversal treatment more readily available and more accessible. In addition to this approval of the first generic naloxone nasal spray, moving forward we will prioritize our review of generic drug applications for naloxone," said Douglas Throckmorton, deputy center director for regulatory programs in the FDA's Center for Drug Evaluation and Research, in a statement. The U.S. in the midst of a deadly opioid epidemic. Almost 400,000 people died from opioid overdose between 1999 and 2017, according to the Centers for Disease Control and Prevention.

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JPM exec shuffle, U.S. Bank’s 1st digital chief, CFPB and debt collection: Top stories of the week


Reported to us by: AMERICAN BANKER - Fri, 04/19/2019 - 17:59 - [CET]
Whether JPMorgan tipped its hand on a succession plan; U.S. Bank hires its first chief digital officer; all eyes on CFPB as it modernizes its debt collection rules; and more from this week’s most-read stories.
Newsitem placed in category: ECONOMY AND FINANCE

Need New Workers? Start With the Ones You Already Have


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Fri, 04/19/2019 - 17:59 - [CET]
In a tight labor market, companies from Amazon to JPMorgan are trying to get better at retraining the workers they have. ‘We need a Waze for your career,’ says one labor expert.
Newsitem placed in category: ECONOMY AND FINANCE

Peer-to-peer lender Prosper to pay $3 million to settle fraud charges


Reported to us by: MARKETWATCH - Fri, 04/19/2019 - 17:11 - [CET]

The Securities and Exchange Commission said Friday that peer-to-peer lender Prosper Funding LLC will pay a $3 million penalty for miscalculating and materially overstating annualized net returns to investors. The SEC said that Prosper excluded certain non-performing charged off loans from its calculation of annualized net returns that it reported to investors from about July 2015 until May 2017. As a result, Prosper reported overstated annualized net returns to more than 30,000 investors on individual account pages on Prosper's website and in emails soliciting additional investments, according to the agency. Without admitting or denying the agency's findings, Prosper consented to the entry of an SEC order finding that it violated the antifraud provision.

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SpiceJet hires 500 Jet Airways employees, including 100 pilots


Reported to us by: The Hindu Biz. - Fri, 04/19/2019 - 17:04 - [CET]
The airline has already announced an induction of 27 more planes -22 Boeing 737s and five turboprop Bombardier Q400s - in the fleet to help overcome to an extent the capacity deficit due to Jet Airways temporarily withdrawing its domestic and international services
Newsitem placed in category: ECONOMY AND FINANCE

Ship Orders Fall to Lowest Level in 15 Years


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Fri, 04/19/2019 - 17:04 - [CET]
Ship orders world-wide have shrunk to the lowest level in 15 years as vessel owners struggle with excess capacity that has kept freight rates well below break-even levels.
Newsitem placed in category: ECONOMY AND FINANCE

Under Armour's North American president steps down


Reported to us by: MARKETWATCH - Fri, 04/19/2019 - 16:14 - [CET]

Under Armour Inc.'s North American president, Jason LaRose, will step down from his role effective April 30, 2019, the athletic company announced in a filing. Patrik Frisk, Under Armour's chief operating officer, will head up the North American business on an interim basis. Under Armour is scheduled to announce first-quarter earnings on May 2 before the opening bell. Under Armour shares have gained 8.2% over the last three months roughly in line with the S&P 500 index , which is up 8.8% for the period.

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Zimbabwean tycoon pushes for prices in rand as bread costs soar


Reported to us by: MONEYWEB - Fri, 04/19/2019 - 16:13 - [CET]
Zimbabwean businessman Strive Masiyiwa says the move to rand could introduce some price stability.
Newsitem placed in category: ECONOMY AND FINANCE

MedMen says its COO and General Counsel have resigned


Reported to us by: MARKETWATCH - Fri, 04/19/2019 - 16:13 - [CET]

Cannabis retailer MedMen Enterprises Inc. said Friday it has accepted the resignations of two senior officials. The company said Chief Operating Officer Ben Cook and General Counsel Lisa Sergi who is also a board member, have both resigned from the company. It said it named Ryan Lissak as chief technology officer during its fiscal quarter ended March 30. "The leaders of the operations group will now report directly to the CEO," the company said in a statement. "The leaders of the legal team include Dan Edwards, who will continue in his role of Senior Vice President of Legal Affairs, and report directly to the CEO." MedMen is currently the subject of a lawsuit from its former finance head James Parker, alleging that he was exposed to racial, homophobic and misogynistic epithets and slurs, drug and alcohol abuse and personal humiliation, while at the company.The company has denied all wrongdoing. In March, it was expelled from the New York Medical Cannabis Association over the allegations. Shares have gained 7% in the year to date, while the S&P 500 has gained 16%.

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Alaska Air had worst on-time performance in February, Hawaiian had the best--DOT


Reported to us by: MARKETWATCH - Fri, 04/19/2019 - 16:10 - [CET]

Alaska Air Group Inc. had the worst one-time performance in February among reporting marketing carriers, while Hawaiian Holdings Inc. had the best, according to the Department of Transportation's "Air Travel Consumer Report" (ATCR). The average on-time arrival rate for the month was 73.8%, while Alaska Air came in at 66.9%, and JetBlue Airways Group Corp. was second worst at 70.0%. Hawaiian came in at 81.7% and Delta Air Lines Inc. came in second at 77.9%. Alaska also had the highest flight cancellation rate at 5.8%, well above the average rate of 3.1%, and at least the 3 longest tarmac delays for domestic flights, the ATCR said. Southwest Airlines Co. had teh second-highest cancellation rate at 4.6%, while Hawaiian had the lowest cancellation rate at 0.6% and Frontier Airlines was second lowest at 1.2%. Alaska Air's stock has edged up 1.4% year to date through Thursday, while Hawaiian shares have rallied 15.3%, the NYSE Arca Airline Index has gained 14.3% and the S&P 500 has climbed 15.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

Thirteen dead in KZN after church wall collapses


Reported to us by: MONEYWEB - Fri, 04/19/2019 - 16:08 - [CET]
At least 29 people with injuries ranging from serious to minor were taken to hospital for treatment.
Newsitem placed in category: ECONOMY AND FINANCE

Presidential panel member rejects final report on land reform


Reported to us by: MONEYWEB - Fri, 04/19/2019 - 16:01 - [CET]
Head of AgriSA says an alternative report has been released on 'proven agricultural practice and sustainable economic growth.'
Newsitem placed in category: ECONOMY AND FINANCE

Record result but still no breathing space for Lynas


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
It should have been a great week for Lynas Corp. Record quarterly production numbers released on Tuesday proved, once again, the rare earths group's performance is beyond reproach when it comes to the factors within its control. 
Newsitem placed in category: ECONOMY AND FINANCE

Australia's Cattle King knew how to make a buck out of a terrible climate


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
Sir Sidney Kidman, once known as Australia’s Cattle King, can teach us how to adapt to climate change.
Newsitem placed in category: ECONOMY AND FINANCE

How a short-selling King chooses his prey


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
In the cut-throat world of investing, short sellers can get a bad rap. Phil King, the founder of one of the most successful short-selling funds in the market, takes issue with this.
Newsitem placed in category: ECONOMY AND FINANCE

All shook up: Behind the rise of Atlassian, Australia's $35b tech giant


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
The origins and rise of Atlassian have been well covered. But what does the company actually do? And what is the strategy behind its success?
Newsitem placed in category: ECONOMY AND FINANCE

Torn between two cinemas, looking for a reel deal


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
Cinema entrepreneur Eddie Tamir is giving up his plans to develop a new cinema complex opposite Barkly Square shopping centre in Brunswick.
Newsitem placed in category: ECONOMY AND FINANCE

The only way is up for retailing in the city fringe


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
The limited space for sprawling retail sites in Sydney's fringe suburbs has led developers to offer vertical retailing alternatives.
Newsitem placed in category: ECONOMY AND FINANCE

New performing arts centre showcases student talent


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
Presbyterian Ladies College (PLC) in Burwood Road, Burwood, has established a reputation in the academic field.
Newsitem placed in category: ECONOMY AND FINANCE

Last mile delivery changing industrial market dynamics


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
As any gridlocked peak hour motorist would appreciate, it’s not the distance to the destination that counts, but the time.
Newsitem placed in category: ECONOMY AND FINANCE

Embracing disability and diversity in the workplace


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
Senator Jordon Steele-John and Rachel Mead are at the forefront in the battle against discrimination based on physical ability and sexual orientation.
Newsitem placed in category: ECONOMY AND FINANCE

Inflated record is not a good look


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
Jim Bright explores the importance of authenticity when it comes to résumés.
Newsitem placed in category: ECONOMY AND FINANCE

Sydney hailstorms put a dent in industrial property supply


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
Market Wrap covers all the commercial property action in and around Sydney.
Newsitem placed in category: ECONOMY AND FINANCE

Barefoot billionaire: Sridhar Vembu built a tech giant you've never heard of


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
Zoho's founder, Sridhar Vembu, has boot-strapped tech giant Zoho - in bare feet to boot.
Newsitem placed in category: ECONOMY AND FINANCE

'Ship has turned': Slater and Gordon boss sets law firm on new course


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
Slater and Gordon boss John Somerville says while he believes the once-troubled law firm has turned a corner, the group still has balance sheet issues.
Newsitem placed in category: ECONOMY AND FINANCE

Growth of online shopping has made logistics property a winner


Reported to us by: Sydney Morning Herald - Business - Fri, 04/19/2019 - 16:00 - [CET]
Strong demand for high-quality distribution centres has led investors to re-weight their portfolios away from retail centres and into industrial property.
Newsitem placed in category: ECONOMY AND FINANCE

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