Cuba’s new entrepreneurs are longing for level playing field

Without raw material for her fashion designs, Idania del Rio had to find a creative solution, resorting to using hand-me-down shirts, cutting them up and re-styling them to create her own clothing outlet. She is part of Cuba's new generation of entrepreneurs, who have to use ingenuity to get [...]


JPMorgan’s Dimon warns pace of Fed rate hikes could surprise

JPMorgan's Dimon warns pace of Fed rate hikes could surprise JPMorgan Chase's chief warned Thursday that markets have underestimated the chance the Federal Reserve will need to accelerate interest rate hikes. The Fed and other central banks "may have to take more drastic action than they currently anticipate — reacting [...]


US private equity firm buys Australia’s biggest wine producer

US private equity firm buys Australia's biggest wine producer US-based investor the Carlyle Group has bought Australia's biggest wine producer Accolade Wines for Aus$1 billion (US$770 million) as it seeks out growth opportunities in the Asian region, the firm said Thursday. (more…)


Advertiser WPP probes CEO Sorrell over ‘financial misconduct’

British advertising giant WPP on Wednesday revealed it had launched an independent investigation into allegations of misconduct by its chief executive Martin Sorrell, reportedly of a financial and personal nature. The statement came after The Wall Street Journal, citing people familiar with the matter, reported that WPP was looking [...]


Telecom Italia urges probe into Mediaset-Sky deal

Telecom Italia (TIM) called Wednesday for regulators to look into a tie-up between Silvio Berlusconi's Mediaset TV group and Rupert Murdoch's Sky Italia in order to prevent further concentration in the Italian media. The deal could complicate efforts for Telecom Italia's main shareholder, Vivendi, to revive the fortunes of [...]


New York Fed selects San Francico’s John Williams as new chief

The New York Federal Reserve Bank said Tuesday it had selected John Williams to take the helm of the institution that is key to monitoring financial markets and implementing central bank policy. Williams, who currently heads the San Francisco Fed and previously served as Janet Yellen's deputy there, will [...]


Fox says Disney may buy Sky News in fresh takeover twist

Rupert Murdoch's 21st Century Fox on Tuesday proposed selling rolling TV channel Sky News to Disney in order to finally seal control of pan-European satellite broadcaster Sky. Fox -- which for a long time has sought to buy the 61 percent of British pay TV giant Sky that it [...]


Eyes on Spotify as music innovator debuts on stock market

Spotify on Tuesday makes its long-awaited debut on the stock market as the streaming platform that has shaken up the music industry hopes to strike a chord with investors. The Swedish company will begin trading later Tuesday as SPOT on the New York Stock Exchange, bringing a fresh new [...]


Spotify aims to strike chord in stock market debut

Spotify on Tuesday debuts as a publicly traded company, hoping that its streaming music model will be a hit with investors and a boon to artists. In an unusual move, Spotify will list existing shares directly on the New York Stock Exchange rather than issuing new stock, allowing its [...]


Intel shares dive on report Apple making own Mac chips

Intel shares dove on Monday after Bloomberg reported that Apple intends to switch to chips of its own for Mac computers in two years. Intel shares were down more than 7.5 percent to $48.12 in late afternoon trading on the Nasdaq exchange in New York. Apple declined to comment [...]


Ukraine’s top bank files $3 bln lawsuit against PwC

Ukraine's largest lender PrivatBank said Monday it had filed a $3 billion lawsuit against PwC, claiming the auditor failed to call attention to "the huge fraud" plaguing the bank for years. PrivatBank was nationalised in 2016 after authorities blamed billionaire Igor Kolomoyskiy and other bank owners for issuing bad [...]


Facebook needs ‘a few years’ to fix problems: Zuckerberg

Facebook will likely need "a few years" to fix the problems uncovered by the revelations on the hijacking of private user data, chief executive Mark Zuckerberg said in an interview released Monday. Speaking to the news site Vox, Zuckerberg defended the company's business model and shot back at criticism [...]


Saks Fifth Avenue data breached: parent firm

A hack at Saks and Lord & Taylor stores in North America has compromised customer payment data, their parent company announced on Sunday. Canadian-based Hudson's Bay Company did not say how many credit and debit cards were affected by the breach at upscale retailer Saks Fifth Avenue, Saks OFF [...]


Bahrain makes largest oil discovery in its history

Bahrain on Sunday announced it has discovered the largest oil and gas field in the history of the small kingdom, which unlike its Gulf neighbours is not energy-rich. Authorities estimate the newfound reserves at "many times" the volume of Bahrain's only other known oil field, the state-run BNA news [...]


China slaps retaliatory tariffs on 128 US imports

China on Monday imposed new tariffs on 128 US imports worth $3 billion, including fruits and pork, in retaliation to US duties on steel and aluminium, fuelling fears of a trade war. Beijing's move, which the Xinhua news agency said was decided by the custom tariffs commission of the [...]


Facebook ‘ugly truth’ memo triggers new firestorm over ethics

Was a leaked internal Facebook memo aimed at justifying the social network's growth-at-any-cost strategy? Or simply a way to open debate on difficult questions over new technologies? The extraordinarily blunt memo by a high-ranking executive -- leaked this week and quickly repudiated by the author and by Facebook -- [...]


China’s Huawei sees profit rebound despite US setbacks

Chinese telecom giant Huawei saw it profits rebound in 2017, helped by strong smartphone sales as it ramps up R&D spending despite suffering setbacks in its US ambitions. The third-biggest smartphone manufacturer in the world behind Samsung and Apple, Huawei Friday announced net profit climbed 28 percent last year [...]


Singapore says Uber-Grab deal may flout competition rules

The sale of Uber's Southeast Asian business to Singapore-based rival Grab may have infringed competition rules, a Singapore watchdog said Friday, imposing restrictions on the deal while it carries out an investigation. The sale announced on Monday ended a bruising battle between the ride-hailing behemoths and marked the US [...]


A bridge so far: China’s controversial megaproject

Touted as an engineering wonder, the world's longest sea bridge, which connects Hong Kong, Macau and mainland China, includes a snaking road crossing and an underwater tunnel and reportedly uses enough steel to build 60 Eiffel Towers. Nine years after construction began on the 55-kilometre (34-mile) crossing, a preview [...]


20 years after Viagra, Pfizer seeks another miracle drug

It has been 20 years since Viagra was introduced, and Pfizer is still searching for another drug with as much earning power as the revolutionary blue erection pill. If anything, the chances for another miracle drug may be waning as the pharmaceutical giant constrains its research and development budget [...]


Regulation and apathy hit bitcoin market

Wild fluctuations within the bitcoin market have once again sparked debate between investors who believe it is merely undergoing a "correction" and those who see it as a costly fad. After a buying fever at the end of 2017 that sent the price of a token to nearly $20,000 [...]

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