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Zuckerberg nixes new Facebook share class after shareholder lawsuit

Zuckerberg nixes new Facebook share class after shareholder lawsuit

Zuckerberg said that over about the next 18 months he planned to sell 35 million to 75 million shares of Facebook, which at Friday’s closing price would raise US$13 billion. WILMINGTON: Facebook Inc Chairman Mark Zuckerberg abandoned plans on Friday to create a new class of company stock with no voting power, which was meant […]

September 23, 2017 | By | Reply More
BMW to build new 8 series at German Dingolfing plant from 2018

BMW to build new 8 series at German Dingolfing plant from 2018

The plant currently makes BMW’s 3 to 7 series models and expects to beat its record annual output of 369,000 vehicles this year. BERLIN: Carmaker BMW plans to build its new 8 series model at its plant in the southern German town of Dingolfing from 2018, strengthening the site’s role in the production of premium […]

September 23, 2017 | By | Reply More
OPEC says winning battle to end oil glut

OPEC says winning battle to end oil glut

Benchmark Brent crude LCOc1 is now trading at more than US$56 a barrel, although it is still half the level it was in mid-2014. VIENNA: OPEC and other oil producers are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output […]

September 22, 2017 | By | Reply More
VW moves to secure cobalt supplies in shift to electric cars

VW moves to secure cobalt supplies in shift to electric cars

Volkswagen, which decided on the strategic shift to electric vehicles (EVs) after it was engulfed in the “dieselgate” scandal, plans to invest more than 20 billion euros (US$24 billion) in zero-emission vehicles by 2030. LONDON: Germany’s Volkswagen is moving to secure long-term supplies of cobalt, a vital component of rechargeable batteries, as the group accelerates […]

September 22, 2017 | By | Reply More
Uber loses licence to operate in London

Uber loses licence to operate in London

It said Uber’s “approach and conduct demonstrate a lack of corporate responsibility in relation to a number of issues which have potential public safety and security implications”. UPDATED LONDON: London transport authorities said Friday they would not renew Uber’s licence to operate in the city when it expires, due to public safety concerns, although the […]

September 22, 2017 | By | Reply More
Boeing: Budget airlines to drive plane demand in next 20 years

Boeing: Budget airlines to drive plane demand in next 20 years

Boeing said it has hiked its forecast for the number of new aircraft to be delivered in Southeast Asia in the next two decades to 4,210 — up 460 on last year’s prediction. SINGAPORE: Smaller planes will dominate aviation orders worldwide in the next 20 years, driven by the needs of budget airlines in emerging […]

September 22, 2017 | By | Reply More
China’s Baidu launches US$1.5 billion autonomous driving fund

China’s Baidu launches US$1.5 billion autonomous driving fund

Baidu in April decided to open its autonomous driving technology to third parties, a move it hopes will accelerate development and help it compete with US firms Tesla Inc and Google project Waymo. BEIJING: Chinese search engine Baidu Inc announced a 10 billion yuan (US$1.52 billion) autonomous driving fund on Thursday as part of a […]

September 22, 2017 | By | Reply More
Bloomberg: HPE plans 5,000 job cuts

Bloomberg: HPE plans 5,000 job cuts

The cuts are likely to affect workers in the United States and abroad, including managers, Bloomberg added. NEW YORK: Hewlett Packard Enterprise Co is planning to cut at least 5,000 workers as part of a broader effort to reduce costs amid mounting competition, Bloomberg reported on Thursday, citing people familiar with the matter. The reductions […]

September 21, 2017 | By | Reply More
China’s central bank tells banks to stop doing business with North Korea

China’s central bank tells banks to stop doing business with North Korea

The sources said banks were told to stop providing financial services to new North Korean customers and to wind down loans with existing customers, following tighter sanctions against Pyongyang by the United Nations. BEIJING/HONG KONG: China’s central bank has told banks to strictly implement United Nations sanctions against North Korea, four sources told Reuters, amid […]

September 21, 2017 | By | Reply More
Mnuchin: Banks won’t be allowed to do business with both US and North Korea

Mnuchin: Banks won’t be allowed to do business with both US and North Korea

Foreign financial institutions are now on notice that going forward they can choose to do business with the United States or with North Korea, but not both. NEW YORK: US Treasury Secretary Steven Mnuchin said on Thursday that banks doing business in North Korea would not be allowed to also operate in the United States […]

September 21, 2017 | By | Reply More