Money


Trump holds news conference amidst start of impeachment inquiry
- September 26, 2019

He cited the "incompetent performance" by Mueller on Capitol Hill and complained about CrowdStrike, the cybersecurity firm that determined Moscow had hacked Democrats' computers during the 2016 campaign. As he has elsewhere, Trump used the sit-down with Zelensky to claim that while Obama sent his country "pillows and sheets" to help fend off Russian aggression, he is sending antitank weaponry. (more...)
China slams Trump 'lies' on Hong Kong, treatment of Muslims China slams Trump 'lies' on Hong Kong, treatment of Muslims
- September 26, 2019

China 's top diplomat, Foreign Minister and State Councilor Wang Yi, hit back at tough criticisms from the United States on Tuesday and said the world's two biggest economies should respect each others' interests and cooperate for their mutual benefit and for that of rest of the world. (more...)
India to subsidize development projects in Pacific Islands India to subsidize development projects in Pacific Islands
- September 26, 2019

This is not the first time that Congress has been left red-faced with Pakistan's actions over Kashmir. "People of India are standing with a government that doesn't hesitate in taking tough decisions to improve the business environment", he said. (more...)
Jeff Bezos Laughs in Trump's Face as Rivian Topples Chrysler and Jaguar Jeff Bezos Laughs in Trump's Face as Rivian Topples Chrysler and Jaguar
- September 25, 2019

Bezos stressed that under the plan , Amazon is scheduled to reach its goal ten years ahead of the timeline the Paris climate agreement put forward for world governments in 2015-but Amazon workers noted that the Paris accord's originally stated goals are insufficient to avert climate catastrophe and called on their company to put forward a more aggressive plan. (more...)
Juul CEO steps down Juul CEO steps down
- September 25, 2019

Separately, Altria Chief Strategy and Growth Officer K.C. Crosthwaite stepped down from the company to become CEO of Altria-backed vaping company Juul Labs Inc., replacing Kevin Burns, who is leaving. The makers of Marlboro cigarettes said last month that they were in discussions to become a single company, more than a decade after splitting into two as lawsuits mounted. (more...)
Softbank supports ousting WeWork CEO Adam Neumann Softbank supports ousting WeWork CEO Adam Neumann
- September 25, 2019

The company earlier this month amended its IPO filing to make it more palatable to investors who have voiced concerns about Neumann's outsize power at the company. Anger from potential investors caused WeWork to change all of these policies, cutting his voting rights to 10 times those of other investors, removing his wife's role from succession planning, and adding Frances Frei, an academic at Harvard Business School, to its board. (more...)
Trump calls on world to stand up to 'Iran's bloodlust' Trump calls on world to stand up to 'Iran's bloodlust'
- September 25, 2019

You put your own false sense of virtue before the lives and well-being of countless innocent people. The president will assert America's leadership role in the "rules-based worldwide system and the need to work collectively within the global community to address global challenges", a senior administration official said. (more...)
WeWork CEO stepping aside amid questions about company WeWork CEO stepping aside amid questions about company
- September 24, 2019

WeWork had sold shares privately in January under a valuation of $47 billion, but it was forced to reduce its valuation to as low as $15 billion as the IPO approached. In a statement the two executives said it is "an incredible honor to lead WeWork during this important moment in the company's history". Adam Neumann , WeWork's embattled co-founder and CEO, is stepping down. (more...)
2nd vaping death reported in Kansas 2nd vaping death reported in Kansas
- September 24, 2019

The CDC has received complete sex and age data on 373 of the 530 cases, and 72 percent are male, with 67 percent of the victims ranging from 18 to 34 years old. Baker on Tuesday declared a public health emergency, and announced the temporary ban, which will affect all devices and all flavored and non-flavored vaping products, made with both nicotine and marijuana. (more...)
Kik shuts down messaging app in fight with SEC Kik shuts down messaging app in fight with SEC
- September 24, 2019

Instant messaging app Kik is a service similar to Whatsapp. Livingston has chosen the latter, and in turn, will shut down Kik and double down on Kin as it goes to court with the SEC. The company stated that in addition to shutting down the Kik app, it would also be reducing its staff to just 19 - with 70 employees working on the Kin blockchain project in Tel Aviv, Israel, handed layoff notices yesterday, per media outlet Calcalist Tech. (more...)
RBI bars PMC Bank from doing business for six months RBI bars PMC Bank from doing business for six months
- September 24, 2019

According to the Directions, depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI Directions. (more...)
Starbucks court ruling deals blow to EU tax break fight Starbucks court ruling deals blow to EU tax break fight
- September 24, 2019

Both the Netherlands and Luxembourg challenged the decision in court. Europe's second-highest court on Tuesday backed an European Union order to Fiat Chrysler Automobiles to pay up to 30 million euros ($32.9 million) in back taxes to Luxembourg, as part of a crackdown against illegal tax breaks given to multinationals. (more...)
Travel firm collapses with 600,000 tourists stranded abroad Travel firm collapses with 600,000 tourists stranded abroad
- September 24, 2019

The firm runs hotels, resorts and airlines for 19 million people a year in 16 countries. The dramatic collapse of Thomas Cook left 600,000 customers of all nationalities stranded in popular tourist destinations dotted around the globe, including Cancun, Kos, Las Vegas and Lanzarote. (more...)
US SEC charges Nissan, ex-CEO Ghosn with hiding $140m from investors US SEC charges Nissan, ex-CEO Ghosn with hiding $140m from investors
- September 24, 2019

The former chairman who was to get the undisclosed compensation package, Carlos Ghosn , agreed to pay a $1 million penalty. To settle the charges, Ghosn and Kelly agreed to be permanently enjoined from violating or aiding and abetting violations of the anti-fraud provisions. (more...)
UK, France Germany blame Iran for Saudi oil attacks UK, France Germany blame Iran for Saudi oil attacks
- September 24, 2019

During his second appearance, Keane added , "The administration should do what they're now doing, and that is setting the conditions by going to the United Nations , identifying to the global community with declassified evidence that Iranians are the culprits - they are attacking not just Saudi Arabia , they are attacking a world economy to destabilize and push it into recession and every single member of the United Nations has a stake in that and let's put that out there so they understand ... (more...)
Petrol, Diesel Prices Up For Seventh Straight Day: 10 Things To Know Petrol, Diesel Prices Up For Seventh Straight Day: 10 Things To Know
- September 24, 2019

It may be noted that oil prices surged more than 15 per cent to their highest level in almost four months after an attack on Saudi Arabia's oil facilities that knocked out more than five per cent of global oil supply. Crude oil prices impact India severely as the country imports over 80% of its requirements. Global oil prices shot up the most since the Gulf war in the immediate aftermath of the unprecedented drone missile strikes on key oil facilities in Saudi Arabia that disabled 5 percent ... (more...)
Bitcoin dips below $10,000 amid uninspiring Bakkt futures launch Bitcoin dips below $10,000 amid uninspiring Bakkt futures launch
- September 24, 2019

The sentiment behind the launch of Bakkt Futures is clearly positive, in fact, a lot of people believe that Bakkt is the ultimate solution to attract big institutional investors . Due to the few transactions that the Bitcoin can process per second and the controversies affecting it, it is not well-received as a mode of payment. (more...)
Apple will build new Mac Pros in Texas amid tariffs Apple will build new Mac Pros in Texas amid tariffs
- September 23, 2019

This is the same Flex facility that has been making Mac Pros since 2013, making the computer something of a rarity among Apple's product lineup, as most of its other devices are made in China. Cook also said in a statement that Apple "thank [s] the administration for their support in enabling this opportunity". "We believe deeply in the power of American innovation". (more...)
Modi rally in Texas, Morrison event in Ohio — Trump's Sunday Modi rally in Texas, Morrison event in Ohio — Trump's Sunday
- September 23, 2019

President Trump says OH is open for business and new jobs. In order to emphasize the success of PM Morrison, as he sees it, on the issue of job creation, Pratt compared the Australian Prime Minister with the biggest sporting icon his country has produced - Sir Donald Bradman. (more...)
WeWork Directors Want to Oust CEO Adam Neumann WeWork Directors Want to Oust CEO Adam Neumann
- September 23, 2019

Directors at office-sharing company WeWork are considering kicking eccentric co-founder Adam Neumann out of the CEO's office, insiders say. Read all of BI's WeWork coverage here . They also expressed doubts about WeWork's spending and whether it would become profitable, and how its business would hold up during a downturn. Among concerns that investors have voiced are Neumann's controversial style and his control of the company. (more...)

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