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Trump said to approve $50 billion tariffs as China plans payback

Trump said to approve $50 billion tariffs as China plans payback

China has pledged a tit-for-tat response, stating that it would levy 25% tariffs on imports of 106 US products including soybeans, automobiles, chemicals and aircraft, in response to proposed American duties. Trump frequently cites America’s “massive” trade deficit with China as a problem. (Bloomberg pic) WASHINGTON: President Donald Trump has approved tariffs on Chinese goods […]

June 15, 2018 | By | Reply More
After cobalt-free pledge, Panasonic to triple consumption for auto batteries

After cobalt-free pledge, Panasonic to triple consumption for auto batteries

Panasonic Corp expects to more than triple its cobalt consumption in five years’ time, industry sources said, even as the company aims to develop cobalt-free automotive batteries in the near future. An artisanal miner works at Tilwizembe, a former industrial copper-cobalt mine, outside of Kolwezi, the capital city of Lualaba Province in the south of […]

June 15, 2018 | By | Reply More
Xiaomi logs $1 billion Q1 loss but record overseas revenue ahead of IPO

Xiaomi logs $1 billion Q1 loss but record overseas revenue ahead of IPO

Revenue from overseas rose to a record high of 12.5 billion yuan in the quarter, with its phones topping the Indian market, it said in the filing. A “MI” logo stands outside the main entrance of the Xiaomi Corp. headquarters in Beijing, China. (Bloomberg pic) HONG KONG: Chinese smartphone maker Xiaomi booked a quarterly net […]

June 15, 2018 | By | Reply More
German central bank slashes growth forecast

German central bank slashes growth forecast

Like other European economies, Germany’s expansion slowed at the start of 2018, adding 0.3% between January and March compared with 0.6% in the previous quarter. European Union flags flutter outside the European Central Bank (ECB) headquarters. (Reuters pic) FRANKFURT AM MAIN: Germany’s central bank said Friday it had sharply downgraded its economic growth forecast for […]

June 15, 2018 | By | Reply More
Tesco ramps up pressure on rivals as turnaround progresses

Tesco ramps up pressure on rivals as turnaround progresses

Tesco’s grocery home-shopping business performed strongly, with transactions and basket sizes growing during the quarter, the company said. CEO Lewis has stabilized Tesco core business. (Bloomberg pic) LONDON: Tesco Plc racked up its 10th consecutive quarter of growth, escalating pressure on rivals as they seek to challenge its role as the UK’s largest retailer. Excluding […]

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Tiny Japan shipping shares jump on North Korea detente hopes

Tiny Japan shipping shares jump on North Korea detente hopes

Japanese retail investors are snatching up shares of the firms that may benefit from a potential thaw between Tokyo and Pyongyang. Shares of small Japanese shippers jumped this week after the US-North Korea summit sparked hopes of news business ties with the reclusive country. (Reuters pic) TOKYO: Shares of small Japanese shippers jumped this week […]

June 15, 2018 | By | Reply More
McDonald’s taps paper straws in UK to trim down plastic waste

McDonald’s taps paper straws in UK to trim down plastic waste

The move by McDonald’s comes as plastic waste has come under fire globally, particularly for contributing to ocean pollution and harming birds and sea mammals. The company seeks to source more of its packaging from recycled sources. (AFP pic) NEW YORK: The world’s largest restaurant chain will begin to phase out plastic straws in some European markets […]

June 15, 2018 | By | Reply More
Rolls-Royce set to exceed 2020 cash flow target of $1.3 billion

Rolls-Royce set to exceed 2020 cash flow target of $1.3 billion

Rolls has set a “mid-term” ambition of achieving more than 1 pound per share in free cash, the London-based company said in a statement Friday. Rolls-Royce’ CEO, Torsten Muller-Otvos sits in a Rolls-Royce Dawn convertible in Vancouver on June 5. (Bloomberg pic) LONDON: Rolls-Royce Holdings Plc said it’s set to exceed a target of 1 […]

June 15, 2018 | By | Reply More
Trump prepares China tariff target list as confrontation escalates

Trump prepares China tariff target list as confrontation escalates

WASHINGTON: President Donald Trump on Friday was due to unveil a final list of Chinese imports that would face punishing tariffs but it remained uncertain whether he would hold fire as part of a negotiating strategy. Imposing the tariffs would escalate the trade confrontation with Beijing, and potentially set off a round of tit-for-tat retaliation, […]

June 15, 2018 | By | Reply More
Zara looks to technology to keep up with faster fashion

Zara looks to technology to keep up with faster fashion

In an attempt to keep its edge, the Spanish company is developing new technologies, hooking up with tech firms and hiring talent from start-ups. People walk in front of an advertisement for an Inditex owned Zara store in Milan, Italy. (Reuters pic) MADRID: The pioneer of fast fashion isn’t looking so fast anymore. Inditex, the […]

June 15, 2018 | By | Reply More