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UAW head says seeks to discuss small car output with Fiat Chrysler CEO

UAW head says seeks to discuss small car output with Fiat Chrysler CEO

February 6, 2016 DETROIT: The head of the United Auto Workers said on Friday he has asked Fiat Chrysler Chief Executive Sergio Marchionne for a meeting to discuss the company’s plan to stop making two low-profit car models. UAW President Dennis Williams said at a press conference at the union’s Detroit headquarters that he had […]

February 6, 2016 | By | Reply More
New Jersey sues Volkswagen over excess diesel emissions

New Jersey sues Volkswagen over excess diesel emissions

MANHATTAN: New Jersey on Friday filed a lawsuit against Volkswagen AG (VOWG_p.DE) and its luxury units over the German automaker’s excess diesel emissions, becoming the fourth U.S. state to take legal action. New Jersey’s acting attorney general, John J. Hoffman, accused VW and its Porsche and Audi units of perpetrating a massive fraud on consumers […]

February 6, 2016 | By | Reply More
Business services firms’ shares bleed as LinkedIn, Tableau crash

Business services firms’ shares bleed as LinkedIn, Tableau crash

NEW YORK: Dismal sales outlooks from marquee technology names sent shares in the enterprise sector crashing on Friday as investors questioned whether information-technology managers would keep spending on their products. The uncertainty spread into the broader industry, sending the tech-heavy Nasdaq Composite Index down 3.25 percent to 4363.144. Meanwhile, the Dow Jones Industrial Average fell […]

February 6, 2016 | By | Reply More
U.S. labor market on solid ground as jobless rate hits eight-year low

U.S. labor market on solid ground as jobless rate hits eight-year low

WASHINGTON: U.S. employment gains slowed more than expected in January as the boost to hiring from unseasonably mild weather faded, but rising wages and an unemployment rate at an eight-year low suggested the labor market recovery remains firm. Non-farm payrolls increased by 151,000 jobs and the unemployment rate slipped one-tenth of a percentage point to […]

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Technology rout pushes Nasdaq to lowest close since 2014

Technology rout pushes Nasdaq to lowest close since 2014

NEW YORK: The Nasdaq Composite that includes large-cap technology names like Alphabet, Microsoft and Facebook led another broad rout on Wall Street Friday, closing at its lowest level since October 2014. Many stocks that had led on the way up in 2015 led the way down this week. Recent earnings and economic reports, including a […]

February 6, 2016 | By | Reply More
LinkedIn shares drop 35 per cent on weak forecast

LinkedIn shares drop 35 per cent on weak forecast

Investors are spooked as the professional social network site clocked its sharpest decline since its 2011 listing. BENGALARU: LinkedIn Corp’s shares plunged about 35 per cent on Friday, wiping out nearly US$9 billion of market value, after the social network for professionals shocked Wall Street with a revenue forecast that fell far short of expectations. […]

February 5, 2016 | By | Reply More
IKEA loses right to use its own name in Indonesia

IKEA loses right to use its own name in Indonesia

Swedish furniture giant mulls next steps in Jakarta intellectual property battle. JAKARTA: Swedish furniture giant IKEA has lost the right to use its own brand name in Indonesia after a legal battle with a local company that claimed the trademark, court documents released earlier this week showed. The court decision could make foreign companies even […]

February 5, 2016 | By | Reply More
Indonesian economy grows at slowest rate in six years

Indonesian economy grows at slowest rate in six years

February 5, 2016 JAKARTA: Indonesia’s economy grew at its slowest pace for six years in 2015, data showed Friday, as it was hit by plunging commodity prices and falling exports to key markets including China. Southeast Asia’s largest economy grew 4.79 percent last year, the first time it has fallen below five percent since 2009 […]

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Lagarde: No ‘draconian measures’ for Greece

Lagarde: No ‘draconian measures’ for Greece

WASHINGTON: The International Monetary Fund does not wish to slap “draconian measures” on hard-up Greece but wants more government progress on pension reform, IMF chief Christine Lagarde said Thursday. Lagarde spoke as Greece was hit by a general strike that brought tens of thousands of people into the streets in protest over pension reforms, a […]

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Airbnb hands over 1.2m euros to Paris city coffers

Airbnb hands over 1.2m euros to Paris city coffers

February 5, 2016 PARIS: The home rental web platform Airbnb — which last year agreed to start charging users in Paris a tourist tax — handed over nearly 1.2 million euros to city authorities in the last quarter of 2015, the municipality said. Airbnb reached an agreement with the Paris authorities last year and from […]

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