Category: Business

  • Fed to be ‘patient’ with rate changes

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    The Federal Reserve has said it will be “patient” about changing interest rates, marking a shift from earlier statements that suggested further gradual hikes. US central bank officials cited muted inflation and recent economic “cross currents” to explain the shift. They issued the statement after the Fed’s January meeting, where they held interest rates unchanged, […]

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  • Barclays boss was ‘up at 2am’ over bonus

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    A senior banker at Barclays panicked at 02:00 at the peak of the 2008 banking crisis that, if the bank was nationalised, his bonus would be jeopardised, a court has heard. Barclays was among banks needing extra funding during the crisis. Roger Jenkins discussed with colleagues a plan to raise money privately, to avoid having […]

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  • US shutdown: Four reasons why Trump blinked

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    President Donald Trump’s decision to endorse a deal to reopen the federal government for three weeks on Friday came amid mounting pressure to end the impasse. Here are four reasons from the business world why the White House blinked. 1. The travel industry was stressed. Delays at major airports on Friday brought to a head […]

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  • Renault and Nissan usher in new era

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    Renault and Nissan have pledged to continue their alliance as its architect, Carlos Ghosn, resigned from the French carmaker. Mr Ghosn’s resignation came as he remained incarcerated in Japan where he is accused of financial misconduct at Nissan. Renault said Michelin’s Jean-Dominique Senard had been appointed chairman, and Thierry Bolloré chief executive. Mr Ghosn was […]

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  • Huawei chairman warns of end to global ‘partnerships’

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    The chairman of Chinese tech giant Huawei has warned that his company could shift away from Western countries if it continues to face restrictions. Huawei has been under scrutiny by Western governments, which fear its products could be used for spying. Speaking at the World Economic Forum, in Davos, Mr Liang Hua said his firm […]

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  • IMF warns trade tensions could hit growth

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    The International Monetary Fund has warned that escalating trade tensions could undermine global economic growth. In a new report on the world economic outlook, the IMF also warns of risks from a no-deal Brexit. For the world economy, the IMF is now predicting growth of 3.5% in 2019. In October, it forecast 3.7%. For the […]

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  • Trump says deal ‘could very well happen’ with China

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    U.S. President Donald Trump said on Saturday there has been progress toward a trade deal with China, but denied that he was considering lifting tariffs on Chinese imports. “Things are going very well with China and with trade,” he told reporters at the White House, adding that he had seen some “false reports” indicating that […]

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  • Nissan says Ghosn received $9m in improper payments

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    Nissan and Mitsubishi have said Carlos Ghosn received “improper payments” totalling €7.8m ($8.9m; £6.9m) from a joint venture between the carmakers. The claim follows a joint investigation by the companies into misconduct carried out by Mr Ghosn. Mr Ghosn, former chairman of both firms, has been detained since November on charges involving financial crimes. Both companies sacked […]

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  • Elon Musk Cuts Tesla Costs by Scrapping Customer Referral Program

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    Tesla CEO Elon Musk has announced the early conclusion of the Tesla referral program citing the bloated cost as an unsustainable expense that is “adding too much” to the price of the carmaker’s vehicles. Initially scheduled to end on March 11, the end date has now been brought forward to February 1 as the electric […]

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  • Goldman boss apologises for 1MDB scandal

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    Goldman Sachs new boss has apologised to Malaysia for the role an ex-partner played in the corruption scandal at one of the country’s wealth funds. However, chief executive David Solomon also distanced the bank from the scheme, which saw billions embezzled from the state development fund, 1MDB. He said Goldman, which had helped to raise […]

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