Bangladesh plans to curb ‘digital opium’ of social media

Bangladesh wants to limit the amount of time its young people spend on social media, an official said Thursday, flagging plans to curb access to apps it considers "digital opium". The telecoms regulator blamed excessive use of Facebook and other popular social media platforms for distracting tens of millions...

Tesla recalls 123,000 cars for power steering fix

Tesla on Thursday issued a voluntary recall of 123,000 Model S cars to replace a power steering bolt that could corrode due to salt used on winter roads. No accidents or injuries have been caused by a flaw that prompted the decision to replace the part in all Model...

Bank of China back in black, CCB profit also picks up

Bank of China swung back into the black last year while China Construction Bank also joined the country's state-owned lenders in posting a profit pick-up on the back of an accelerating domestic economy. Bank of China, the country's main foreign exchange bank, swung from a near three percent net...

Walmart in talks to buy insurer Humana: report

US retail behemoth Walmart is in preliminary talks to acquire health insurer Humana, the Wall Street Journal reported, the latest in the recent wave of health care mergers. The terms of the possible deal were not clear and there is no guarantee an agreement would be reached, the newspaper...

No escape for Mozambique as debt troubles mount

Mozambique's renewed efforts to solve its spiralling "secret debt" crisis have again collapsed, leaving the country struggling to recover its reputation as one of Africa's potential growth hotspots. Last week, Finance Minister Adriano Maleiane flew to London to present creditors with a long-awaited restructuring plan for the $2.2-billion (1.77...

Microsoft shakes up ranks to shoot for the cloud

Microsoft on Thursday announced a big managerial shakeup including the departure of the head of its Windows group as the technology pushes deeper into a future in the cloud. Restructuring moves laid out in a memo from chief executive Satya Nadella included the departure of longtime Microsoft executive and...

Barclays to pay $2 bn fine for crisis-era fraud: US authorities

British banking giant Barclays has agreed to pay a $2 billion fine to resolve a fraud case involving mortgage derivatives sold in the run-up to the 2008 global financial crisis, the US Justice Department said Thursday. Authorities said the loans underlying the investment vehicles "were significantly less creditworthy than...

Trump assails Amazon on taxes, retail competition

US President Donald Trump took aim Thursday at Amazon, claiming the US online giant pays too little in taxes and hurts other retailers. "I have stated my concerns with Amazon long before the Election," Trump tweeted. "Unlike others, they pay little or no taxes to state & local governments,...

Cryptocurrency boom breathes life into Alpine village

Up until a century ago, the southern Swiss village of Gondo was famous for gold mining, but the industry closed and Gondo fell on harder times. Now the miners are back and helping revitalise the tiny village on the Italian border, only they are no longer looking for gold....

CMB eyes asset offshoot

Bank's proposed wholly-owned wealth management arm to help counter risk China Merchants Bank (CMB) is looking to set up a wholly-owned asset management arm, the first commercial bank to do so if it is approved, in response to regulators' ramping up efforts to counter risks linked to a vast...

Trump Sets His Sights On Amazon And Jeff Bezos

‘He's wondered aloud' Source: Trump Sets His Sights On Amazon And Jeff Bezos Via @dailycaller President Donald Trump has developed a deep animus towards Amazon and its billionaire founder Jeff Bezos, Axios' Jonathan Swan reports. Trump reportedly has floated the idea of taxing Amazon at a higher level in...

Slippery start for Venezuela’s petro crypto coin

The government of crisis-torn Venezuela, struggling to overcome chronic liquidity shortages and burdened by US sanctions, launched the first government-backed cryptocurrency, the petro, earlier this year. But while Nicolas Maduro's administration hopes a currency backed by the country's vast oil reserves can lead the nation out of the financial...

Volcanic growth for bitcoin in chilly Iceland

At a secret location in the midst of one of Iceland's breathtaking lava fields stands a warehouse whose non-descript siding belies the fact it is ground zero in a digital gold rush for cryptocurrencies that is burning through more electricity than Icelanders' homes. Iceland's combination of fire and ice...

Indian billionaire proposes funding Facebook rival

An Indian billionaire who promised to help fund a rival to Facebook said Wednesday he had been "overwhelmed" with the response as the world grapples with concerns about data privacy. Anand Mahindra, whose Mahindra Group business empire spans everything from cars to real estate, sparked a flurry of brainstorming...

EBRD urged to stay on to help Greece

The Greek government has asked the European Bank for Reconstruction and Development to extend its mandate beyond 2020 as the country builds on a recovery, the multilateral investment institution said Tuesday. The announcement followed a meeting in the Greek capital between the bank's president Suma Chakrabarti and Greek Prime...

Rio Tinto sells Australian coal mine for $2.3 bln

Anglo-Australian resources giant Rio Tinto has agreed to sell its majority holding in a coal mine in northeastern Australia for almost $2.3 billion to private equity manager EMR and Indonesian coal group Adaro. The huge divestment, equivalent to 1.8 billion euros, is part of the company's strategy of strengthening...

China’s big banks escape profit doldrums

Two of China's big state-owned banks said Tuesday their profits rebounded in 2017 after a pair of moribund years thanks to an accelerating domestic economy, and analysts expect further gains as a government credit clampdown favours big lenders. The Industrial and Commercial Bank of China (ICBC), the world's biggest...

China at a Quandary With US Tech Firms Amid Trade Dispute

While China and the United States seem to be negotiating in an effort to avert a trade war, Washington is unlikely to relent in its determination to stop advanced technology from leaving America for China. "I think there is a growing consensus in the United States that Chinese firms...

Saudi Aramco chief says IPO on track for 2018

The head of Saudi oil giant Aramco has said a much-anticipated IPO is on track for 2018, but declined to give a fixed date -- or venue. "We should be ready for listing in the second half of 2018," CEO Amin Nasser told Bloomberg Television on Monday, conceding that...

Oracle’s big-money case against Google gets new life

An appeals court on Tuesday gave Oracle another shot at wringing billions of dollars from Google in a keenly watched legal battle over the use of freely available Java software code. A federal appellate court revived Oracle's case, ruling that the application programming interface (API) code at issue is...

Taxis paralyse Brussels to protest against Uber

Hundreds of taxis brought traffic to a standstill in Brussels on Tuesday to protest proposed government reforms said to favour ride-hailing competitors like Uber. Police said as many as 650 taxis taking part in the protest let off fireworks and blocked traffic on major roads in and around the...

Deutsche Bank stock gains on reports of new CEO search

Shares in Germany's biggest lender Deutsche Bank gained Tuesday after a newspaper reported that the troubled financial giant was seeking a new chief executive as it struggles to right itself. The stock added 1.0 percent to trade at 11.30 euros ($14.06) by 0830 GMT, after British newspaper The Times...

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