Finance

Virgin Money's biggest shareholder is Richard Branson's Virgin Group with a holding of nearly 35 per cent. Clydesdale wants to use Sir Richard Branson's "entrepreneurial" brand to take on the UK's biggest banks. The firms said they recognise "that there will be a loss of jobs" as a result of the takeover, likely to number around 1,500. David Duffy, the former CEO of AIB, said the deal will create a lender with the capabilities needed to take on large incumbents.
  • European Central Bank to reduce volume of bonds under asset purchase programme

    European Central Bank to reduce volume of bonds under asset purchase programme

    Finance

    Meanwhile, US retail sales excluding autos and fuel rose 0.8 percent in May, twice the pace expected, although the greenback's gains were tempered by renewed concerns about trade tariffs. Eastern time. The Dow Jones industrial average gained 67, or 0.3 percent, to 25,268, and the Nasdaq composite rose 41, or 0.5 percent, to 7,736. The U.S.
  • Bhp Approves South Flank Development

    Bhp Approves South Flank Development

    Finance

    It is expected to begin production in 2021 and will have a mine life of about 25 years. South Flank iron ore will help increase BHP's average iron grade in WA from 61 per cent to 62 per cent, and the overall proportion of lump ore - which allows for more efficient steelmaking than smaller fine ore - from 25 per cent to approximately 35 per cent.
  • China trade tensions escalate as Trump approves $50bn of tariffs

    Finance

    The second wave - affecting $16 billion of Chinese goods focused on semiconductors and electronics - is subject to a review and comment period as well as a public hearing. The 28 members of the European Union agreed Thursday that retaliatory tariffs would go into effect in the coming days. The Trump-led tariffs apply to almost 1,100 Chinese exports ranging from automobile and manufacturing hardware to aerospace and robotics.
  • N Brown mulls shuttering all stores | Apparel Industry News | just-style

    N Brown mulls shuttering all stores | Apparel Industry News | just-style

    Finance

    In the North West, it has a Jacamo and Simply Be store at Liverpool ONE; an outlet in the Arndale Centre in Manchester; and a Jacamo and Simply Be shop at The Rock in Bury. N Brown's financial services revenue was up 9%, and group revenue edged up 0.4%. N Brown, which targets women over 30 and specializes in larger sizes, said it was considering closing its last 20 stores, due to a disappointing number of shoppers.
  • Tesla Eliminates 9% of Workforce As It Searches for Profit

    Tesla Eliminates 9% of Workforce As It Searches for Profit

    Finance

    Tesla Motors, Inc. was covered by a number of analysts recently, 5 rated the stock as Buy, 10 rated Hold, 3 rated sell and 5 gave an Underperform. The Return on Equity ratio of Tesla Motors, Inc. Sequoia Finance Advisors Limited Liability Company accumulated 980 shares or 0.03% of the stock. During the same quarter in the previous year, the firm earned ($1.33) EPS.
  • Fuel prices being kept ‘unreasonably’ high, says RAC

    Fuel prices being kept ‘unreasonably’ high, says RAC

    Finance

    But speculation around Organization of the Petroleum Exporting Countries (OPEC) states agreeing to halt their squeeze on oil supply, which is now inflating prices, has made prices fall at wholesalers in preparation for a larger dip. Petrol prices continued to rise in May, largely as a result of the oil price peaking at $80 and a weakening of sterling against the dollar. 'We are now well into June, and drivers are still waiting for some relief to rising prices.
  • China CK Infrastructure Offers $7.8B For Australian Gas Pipeline Operator

    China CK Infrastructure Offers $7.8B For Australian Gas Pipeline Operator

    Finance

    CK Infrastructure, leading a consortium with CK Asset Holdings and Power Assets Holdings, offered $11 cash per stapled security, well above APA's last close of $8.27 and its record high of $9.90 hit a year ago. The CKI-led consortium welcomed APA's decision to enter talks, saying the all-cash proposal provided a "compelling opportunity" for security holders to realize value.
  • Australia Jobless Rate Eases To 5.4% In May

    Finance

    Markets looked through the UE rate drop as participation fell to the softer jobs growth. Today's report showed underemployment climbed 0.1 percentage point to 8.5 percent and the underutilization rate - the sum of unemployment and underemployment - holding at 13.9 percent.
  • Rolls Royce confirms plans to cut 4600 jobs

    Rolls Royce confirms plans to cut 4600 jobs

    Finance

    News of the job cuts come as Rolls-Royce races to provide a fix for its Trent 1000 engines . A spokesperson from the Department for Business said: "The government is in regular contact with Rolls-Royce on its plans to reduce its back office and support functions workforce as a result of its restructuring programme".
  • Trump announces tariffs on $50 billion in Chinese imports

    Trump announces tariffs on $50 billion in Chinese imports

    Finance

    Trump, whose hardline stance on trade has seen him wrangle with allies, said in a statement that a 25 percent tariff would be imposed on a list of strategically important imports from China. Press officials at the U.S. Commerce Department and U.S. Trade Representative's office declined to comment on the tariff list plans. The tariffs will go into effect July 6.
  • A little light reading? Facebook uses 454 pages to answer Congress’ questions

    A little light reading? Facebook uses 454 pages to answer Congress’ questions

    Finance

    Shortly afterward, the company revealed that a software bug caused the posts of about 14 million users to be shared publicly even if they didn't intend to share the information beyond a small circle. However, the most important question and the one Zuckerberg was most evasive about in his testimonies is "Does Facebook have shadow profiles?" We are taking a position on the importance of having the right to use the data and for it to have been sourced responsibly.
  • Kansas sheriff's deputy killed, another wounded in shooting near courthouse

    Kansas sheriff's deputy killed, another wounded in shooting near courthouse

    Finance

    Authorities will need to rely heavily on witnesses as the Kansas City Police Department does not use body cameras. Authorities are not looking for any other suspects in connection to the incident. Kelli Bailiff said during a news conference at the University of Kansas Hospital. Police Capt. Lionel Colon said he wasn't sure whether the woman actually had a sword at the time she was killed and wasn't sure if the woman exited the shed or was still inside it during the shooting.
  • Amazon's Hometown Seattle Repeals Tax on Large Corporations in Divided Vote

    Amazon's Hometown Seattle Repeals Tax on Large Corporations in Divided Vote

    Finance

    A tax on expansive organizations, for example, Amazon that was meant to fight a developing vagrancy emergency got moved back amid a boisterous SeattleCity Council meeting that uncovered divisions over how much organizations that have powered blasting economies should assist pay with alleviating the drawbacks of achievement.
  • Pimlico Plumbers - The final chapter?

    Pimlico Plumbers - The final chapter?

    Finance

    He said the terms enabled Pimlico to exercise "tight administrative control", impose "fierce conditions" on when and how much it paid him and restricted his ability to compete with it for plumbing work after he terminated their relationship.
  • Elizabeth Holmes, Theranos founder, charged

    Elizabeth Holmes, Theranos founder, charged

    Finance

    Holmes and Ramesh "Sunny" Balwani , the former president and COO of Theranos , were both charged with two counts of conspiracy to commit wire fraud and nine counts of wire fraud. Elizabeth Holmes, CEO of Theranos, attends a panel discussion during the Clinton Global Initiative's annual meeting in New York, September 29, 2015.
  • Trump approves $50 billion of new tariffs on China

    Trump approves $50 billion of new tariffs on China

    Finance

    The president has been threatening tariffs against China since USA officials concluded that Beijing abuses American intellectual-property rights. "This situation is no longer sustainable". When we lose hundreds of billions of dollars in intellectual property theft, not only China but others, we have to stop it. "But it's not enough to derail the strong growth in the U.S.
  • Regional American Airlines carrier cancels 100s of flights

    Regional American Airlines carrier cancels 100s of flights

    Finance

    Thousands of airline passengers were stranded overnight in North Carolina's Charlotte-Douglas International Airport after technical troubles caused a regional carrier to abruptly cancel hundreds of flights. Passengers said they saw frustrated people spending the night at the airport, including a school group, while local auto rental companies told the channel they were sending in extra vehicles.
  • Kellogg's announce cereal recall due to potential presence of Salmonella

    Kellogg's announce cereal recall due to potential presence of Salmonella

    Finance

    Based on epidemiological evidence, Kellogg's Honey Smacks cereal is likely the source of the outbreak, the CDC said. NBC reports the USA health regulator also said it is inspecting the third-party manufacturer that produces the cereal immediately after being contacted by the FDA and Centers for Disease Control and Prevention (CDC).
  • McDonald's set to ditch plastic straws

    Finance

    The straw switchover will start in September and be fully in place by 2019. It comes after McDonald's moved all its plastic straws behind the counter to "put the decision for use in the hands of the customer". The company, which has also been testing alternatives in Belgium, will begin trials in select restaurants in the US, France, Sweden and Norway later this year as it seeks to source more of its packaging across the globe from recycled sources.
  • Wetherspoon is Selling More UK Drinks in Run Up to Brexit

    Wetherspoon is Selling More UK Drinks in Run Up to Brexit

    Finance

    Similarly the company is planning to swap its current offering of beers from Germany with beers brewed in the United Kingdom, with Martin saying that its new selection of non-EU alcohols would be cheaper. The drinks boss said it makes sense to invest in United Kingdom drinks products now because of the EU's "protectionist" tariff systems, which he claims are "widely misunderstood".
  • Trump to approve tariffs on US$50 billion in Chinese goods

    Trump to approve tariffs on US$50 billion in Chinese goods

    Finance

    People familiar with the revisions said the list would be slightly smaller than the original, with some goods removed and others added, particularly in the technology sector. China has published its own list of threatened tariffs on $50 billion in US goods, including soybeans, aircraft, and autos, and has said it would hit back if Washington followed up with further measures.
  • Microsoft takes aim at Amazon's retail checkout tech

    Microsoft takes aim at Amazon's retail checkout tech

    Finance

    The Amazon Go convenience stores utilize a complex network of sensors on shelves, cameras, and A.I.to track what people pick up and place in their bag. One source revealed that making the technology cheap enough to interest retailers is a "major challenge" for Microsoft. The team has tested things like attaching cameras to shopping carts and using smartphones to pay in various ways.
  • Sprint's crazy-low $15 unlimited plan is going away on Friday

    Sprint's crazy-low $15 unlimited plan is going away on Friday

    Finance

    Joining Go Unlimited and Beyond Unlimited is the freshly-announced Above Unlimited , which Verizon will allow subscribers to mix-and-match with the other tariffs on their family plan . You will also get the standard unlimited talk and text to the United States, Mexico, and Canada. All three plans also offer discounts if customers pay for more than one line.
  • Trump approves tariffs on $50 billion worth of Chinese goods

    Trump approves tariffs on $50 billion worth of Chinese goods

    Finance

    If Washington adopts tariffs, Beijing is expected to hit back with its own duties on US imports, including soybeans, cars, chemicals and planes, according to a list it released in early April. The administration on Friday is planning to publish a final list of Chinese goods that will take the hit. "That's what has gotten us to the situation today where the Chinese are actually at the table", Bannon said.
  • The SEC says Ethereum's cryptocurrency isn't a security

    The SEC says Ethereum's cryptocurrency isn't a security

    Finance

    Ether investors got a reprieve Thursday when a top USA regulator said transactions involving the token aren't subject to federal securities rules, ending months of speculation that had weighed on the second-most valuable digital currency.
  • OPEC sees 'considerable uncertainty' in global oil market

    OPEC sees 'considerable uncertainty' in global oil market

    Finance

    But, with Brent prices up by around 180 percent from their 2016 low, global crude inventories falling, Venezuelan production plummeting and imminent sanctions against Iran, the group may soon end their supply cuts. Even as OPEC trims output, production from non-OPEC members, including the United States and Russian Federation, is rising. Brent crude futures were trading at US$76.55 a barrel at 0547 GMT, up 9 cents, or 0.1%, on their last close.
  • Trump Declares Oil Prices 'Too High,' Blames OPEC

    Trump Declares Oil Prices 'Too High,' Blames OPEC

    Finance

    The ministers are gathering on June 20 as they debate an exit plan for the 2016 production cut deal, one of the key factors for pushing up oil prices. "Not good!" Trump wrote in a post on Twitter on Wednesday after last raising the issue in April. This would make it harder to respond to a supply shock, such as in Venezuela, where output has declined to a 33-year-low due to an economic crisis.
  • Russian Federation vs. Saudi Arabia - Football Match Report

    Russian Federation vs. Saudi Arabia - Football Match Report

    Finance

    But Morocco , bidding for a fifth time, had closed the gap on "United 2026" to the point that nobody in Moscow wanted to make a public prediction ahead of the vote at the FIFA Congress, where 207 member associations, minus the four bidding nations, cast ballots.
  • Rents pricing out minimum-wage workers across the US, report says

    Rents pricing out minimum-wage workers across the US, report says

    Finance

    A new study published by the National Low Income Housing Coalition shows that OH workers would need to make nearly double the minimum wage to rent a two-bedroom apartment. According to the Joint Center for Housing Studies (2017), the number of homes renting for $2,000 or more per month increased by 97% between 2005 and 2015 with the new development of high-end apartments and rising rents of existing apartments.
  • Elon Musk’s Boring Company will build high-speed Chicago train

    Elon Musk’s Boring Company will build high-speed Chicago train

    Finance

    The plan for the "Chicago Express Loop, " announced early Thursday by Chicago Mayor Rahm Emanuel and Musk's tunneling firm, calls for the construction of an underground tunnel with concrete tracks on which "skates" - individual vehicles built on a modified Tesla X chassis - would carry 8 to 16 passengers at between 125 to 150 miles per hour from one of the world's busiest airports underneath some of the country's most congested roads.
  • New Tesla software to offer 'full' autonomy, Musk says

    New Tesla software to offer 'full' autonomy, Musk says

    Finance

    On Saturday, Musk said the package will include around 10 small rocket thrusters that will improve the vehicle's acceleration, maximum speed, braking, and handling. The rocket boosters take the form of a "sophisticated bottle" that fires bursts of high-pressure air out the back of the sports vehicle, the electric-transport news site adds.
  • Retail inflation shoots up to 4.87 per cent in May

    Finance

    The NBS said average 12-month annual rate of change of the index was 11.83 per cent for the 12-month period ending May 2018; this is 0.19 percent points lower than 12.02 percent recorded in April. The average annual rate of change of the food sub-index for the 12-month period ending May 2018 over the previous 12-month average was 18.36 per cent, 0.53 per cent points from the average annual rate of change recorded in April by 18.89 per cent.
  • Volkswagen Fined 1 Billion Euros For Diesel Emission Scandal

    Volkswagen Fined 1 Billion Euros For Diesel Emission Scandal

    Finance

    Volkswagen's diesel emission scandal started back in September 2015, and it's still ongoing today. VW said that it accepted the fine, and would not appeal. Analysts at Evercore ISI said this fine would likely help end all criminal investigations against VW in Europe , but would not settle shareholder lawsuits.
  • Trump slams OPEC as IEA anticipates near-term oil price relief

    Finance

    Crude oil output was nonetheless down 610,000 bpd on 2017 due to Venezuela's sharp decline. Then there was a report that a day before President Trump pulled the United States out of the Iran deal, a senior official of the Trump Administration phoned Saudi Arabia to ask it to help keep oil prices stable should the us decision on Iran disrupt oil supply, Reuters reported last week.
  • Apple iPhones likely to be cheaper than iPhone X

    Apple iPhones likely to be cheaper than iPhone X

    Finance

    It happened with the removal of headphone jack and introduction of dual cameras in the 2016 iPhones, and 2017 saw the birth of the NOTCH, which now every other manufacturer seems to be mindlessly replicating. Apple is supposed to follow a similar setup, however, Apple can also go with some new triple camera setup feature. It'll feature the iPhone X's Face ID 1.0 and a single-sensor camera.
  • Fed raises interest rates as unemployment nears record lows

    Fed raises interest rates as unemployment nears record lows

    Finance

    The central bank raised its key short-term rate by a modest quarter-point to a still-low range of 1.75 percent to 2 percent. Most Federal Reserve officials now expect at least four rate increases this year , up from a previous projection in March of three rate increases, according to the Wall Street Journal .
  • Ottawa soccer fans rejoice at World Cup news

    Finance

    This is going to another level. Al Jazeera's Gabriel Elizondo, reporting from NY, said: "While the official name of the bid is United 2026, the three potential host nations are right now anything but united". Other cities on the list are Atlanta, Baltimore, Boston, Cincinnati, Dallas, Denver, Edmonton, Guadalajara, Houston, Kansas City, Los Angeles, Mexico City, Monterrey, Montreal, Nashville, New York/NewJersey, Philadelphia, San Francisco, Toronto and Washington, DC.
  • Italy threatens to CANCEL Macron meeting as tensions SOAR in immigration clash

    Finance

    Far-right Interior Minister Matteo Salvini further raised the stakes suggesting a planned meeting between the two countries should be cancelled if France did not issue an "official apology". A migrant receives clothes from a staff member on the MV Aquarius, a search and rescue ship run in partnership between SOS Mediterranee and Medecins Sans Frontieres on their way to Spain, June 13, 2018.
  • Uber patents a system that tells if the rider is drunk

    Uber patents a system that tells if the rider is drunk

    Finance

    The ride-sharing company said in a recent patent application that it was developed a way to tell " the state of the user ". Many of us are guilty of jumping into an Uber after having one too many drinks. For many city-dwellers, ride-hailing service Uber is a lifeline after a night out, when public transport is out of service or simply unappealing. In the patent, Uber wrote: "A travel coordination system identifies uncharacteristic user activity and may take an action to reduce ...