Money


Germany Fines Volkswagen $1.2 Billion Over Diesel Scandal Germany Fines Volkswagen $1.2 Billion Over Diesel Scandal
- June 14, 2018

The fine comes two days after prosecutors in Munich widened their emissions cheating probe into Volkswagen's luxury carmaker Audi , to include the brand's chief executive Rupert Stadler among the suspects accused of fraud and false advertising. (more...)
Saudi Arabia raises oil output amid fears of supply crunch
- June 14, 2018

But infrastructure and logistics could constrain growth and the IEA only sees supply growth of 1.7 million bpd in 2019. For 2019, IEA's estimate of demand anticipates growth of 1.4 million barrels of oil per day, amid a boost from the petrochemicals sector, where some projects are coming on stream earlier than previously thought. (more...)
Tesla cuts 9 percent of workforce in bid to post profit Tesla cuts 9 percent of workforce in bid to post profit
- June 14, 2018

This news was qualified in a statement made by Musk, who clarified that the cuts would be targeting salaried employees, and not factory jobs, ensuring that the company's production of the Model 3 would go unaffected. Musk also announced that the company's solar panel unit has made a decision to end its agreement to sell via Home Depot stores so it can focus on sales in Tesla's company stores and online. (more...)
US Federal Reserve raises interest rates US Federal Reserve raises interest rates
- June 14, 2018

More increases are expected this year but the Fed noted "readings on financial and global developments" would factor into its decisions on future increases. Unemployment is 3.8%, the lowest since 2000, and inflation is creeping higher. Even so, raising rates too quickly could prevent vulnerable Americans and pockets of the country still struggling from reaping the benefits of a strong economy. (more...)
Seen through 2018 lens, 'NAFTA World Cup' in 2026 is, well, awkward
- June 14, 2018

The joint North American bid defeated the bid of Morocco 134-65 , with one vote for "None of the bids ". "Thank you for entrusting us with this privilege, the privilege of hosting the FIFA World Cup in 2026", an emotional US Soccer president Carlos Cordeiro said on stage after the vote. (more...)
"Shameful" handling of migrant ship shows need for European Union asylum reform
- June 14, 2018

Italy's Foreign Ministry in Rome, where the French ambassador was summoned after a diplomatic spat over a stranded migrant ship. He also said that between January and May, France had sent back to Italy 10,249 migrants who had crossed their common border. (more...)
Uber Will Notify You If You're Drunk Before You Get In Vehicle Uber Will Notify You If You're Drunk Before You Get In Vehicle
- June 14, 2018

Being drunk is perhaps the most common instance in which a passenger may be in an altered state that results in "uncharacteristic" behaviors, but the patent also points toward tiredness as another possible issue. Uber plans to make flying taxis reality by 2020 Drivers may be warned about the sobriety of their passengers. If there are no drivers with expertise in such matters available, the drunk passengers could be denied service. (more...)
Wetherspoon to stop selling champagne ahead of Brexit Wetherspoon to stop selling champagne ahead of Brexit
- June 14, 2018

The EU's customs union is a protectionist system which is widely misunderstood. He said that tariffs were imposed on wine from Australia, New Zealand and the U.S., and also on coffee, oranges, rice and more than 12,000 other products. It will also sell fewer wheat beers from France and Germany, replacing them with those made by both United Kingdom and non-EU producers across its 880 pubs from Monday 9 July. (more...)
Trump Kim summit: U.S. president lauds deal despite scepticism Trump Kim summit: U.S. president lauds deal despite scepticism
- June 13, 2018

Japan's defence chief said on Wednesday that the USA military presence in South Korea and joint military exercises were "vital" for East Asian security. "Sanctions are not an end in themselves", he said, "the Security Council, through its actions, should support the current diplomatic negotiations". (more...)
Federal Reserve raises interest rates Federal Reserve raises interest rates
- June 13, 2018

The central bank raised the federal funds rate to a 1.75-2 percent target range, the second increase under Fed Chairman Jerome Powell. Negative for gold though is that the central bank also forecasts tame inflation pressures throughout year. (more...)
Tether Manipulation Pushed Up Bitcoin's Price, Researchers Find Tether Manipulation Pushed Up Bitcoin's Price, Researchers Find
- June 13, 2018

The algorithms the two developed were able to "cluster groups of related bitcoin wallets", according to the study. John Griffin and Amin Shams, of the University of Texas at Austin's Department of Finance, published a study Wednesday linking the stablecoin with bitcoin's prices during the 2017 price increases. (more...)
White House Adviser: 'There's a Special Place in Hell' for Justin Trudeau White House Adviser: 'There's a Special Place in Hell' for Justin Trudeau
- June 13, 2018

But many soon pointed out that the hotel also served as a brothel ( Donald Trump had claimed it was never a brothel, though historians disagree), and the Washington Examiner noted that Justin Trudeau seemed to barely contain his laughter as he gave it to Trump. (more...)
Petrol prices sustain inflation pressures
- June 13, 2018

Ruth Gregory, senior United Kingdom economist at Capital Economics said oil prices are expected to fall later this year and overall "the inflation figures have not altered our view that the [Bank of England's] MPC will probably press ahead and raise interest rates in August". (more...)
Trump accuses OPEC of driving up oil prices
- June 13, 2018

Benchmark Brent crude oil was down 35 cents at $75.53 a barrel by 0730 GMT. Some countries have already increased production, and analysts have said the outlook for the oil market for the rest of 2018 is uncertain as OPEC countries prepare to meet June 22-23 in Vienna to discuss output. (more...)
Killeen In-N-Out Burger closed due to bun quality Killeen In-N-Out Burger closed due to bun quality
- June 13, 2018

Texas fans of In-N-Out Burger will have to wait a little bit to get their burger fix. Bob Lang, Jr., the Executive Vice President of the fast-food restaurant company, sent out a statement regarding the closures. said in a statement. In-N-Out is hoping to open today, but if the problem is not resolved they will not open. In-N-Out Burger restaurants remain closed while waiting for a new shipment of buns to be delivered and are expected to reopen on Wednesday. (more...)
Dixons Carphone hit with major data breach Dixons Carphone hit with major data breach
- June 13, 2018

About 5.8 million cards affected had chip-and-PIN protection, the company said, and the data accessed for these cards do not include the personal identification codes or other authentication data enabling cardholders to be identified or purchases to be made. (more...)
Toyota investing $1 billion in Grab Toyota investing $1 billion in Grab
- June 13, 2018

It invested an undisclosed sum in the United States company in 2016. The US$1 billion sum is the largest-ever investment globally by an automaker in the ride-hailing sector. Grab will collaborate with Toyota on how connected auto services on the Toyota Mobility Service Platform (MSPF) - such as user-based insurance, financing program and predictive maintenance - could enrich the Grab experience for drivers on the Grab platform. (more...)
Shoemaker Louboutin wins EU court battle over red soles Shoemaker Louboutin wins EU court battle over red soles
- June 13, 2018

Initially played out in a court in the Netherlands, the French designer attempted to block Van Haran from selling its own versions of the red-soled shoes. The ECJ's advocate general, who provides legal advice to the court, had found against Louboutin, but the judges rejected this advice. Under EU law, shapes can not be registered as trademarks and Van Haren argued that the soles of shoes are therefore not trademarked. (more...)
Merc in #dieselgate dogbox as Germany orders big recall Merc in #dieselgate dogbox as Germany orders big recall
- June 13, 2018

The Kraftfahrt-Bundesamt said 238,000 vehicles in the country have unauthorised software fitted and has demanded that they are fixed immediately by the auto maker. Vehicles kept to legal emissions limits for harmful substances like nitrogen oxides (NOx) during lab tests, only to exceed them as much as 40 times in on-road driving. (more...)
Seattle City Council repeals controversial head tax Seattle City Council repeals controversial head tax
- June 13, 2018

The No Tax on Jobs campaign, led by Saul Spady (the grandson of Dick's Drive-In co-founder Dick Spady), Pushpay's James Maiocco, and accountant Philip Llloyd, had raised $350,000 in pledges to overturn the head tax, according to recent campaign disclosures. (more...)

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