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Wednesday 28 June 2017
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Category: Business

China court ‘jails 24 people over $1.5bn financial scam’

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A court in China has sentenced 24 people to jail for raising more than 9.9bn yuan ($1.5bn; £1.07bn) through a scam, according to state media. The scam saw hundreds of thousands of elderly people...

Fitch downgrades Sri Lanka’s credit rating in fresh blow

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Fitch Ratings today cut Sri Lanka’s credit rating by one notch to B+ with a negative outlook, weeks after it asked for a bailout from the International Monetary Fund, the AFP reported . The...

VW sued by US justice department

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The US justice department is suing Volkswagen over the emissions scandal that saw the German car giant fit software in millions of cars to cheat emissions tests. In September last year, following an...

Google self-driving car hits a bus

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One of Google’s self-driving cars crashed into a bus in California last month. There were no injuries. It is not the first time one of Google’s famed self-driving cars has been involved...

US raises growth estimate for the last quarter of 2015

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The US economy grew at a faster pace than previously thought in the fourth quarter of 2015, according to the latest official figures. The US economy grew at an annualised pace of 1% in the quarter,...

‘New crisis without reform’ warns ex-Bank of England boss

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The former Bank of England boss has warned in a new book that another financial crisis is “certain”, and may come “sooner rather than later”. Mervyn King, who stood down in...

Hacker breached accounts of 700,000 US taxpayer

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The US tax authorities (IRS) said on Friday that the personal information of a further 390,000 individuals may have been accessed by cyber criminals. In May, the IRS said it discovered the data of...

China seeks to assure G20 over its economy

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China has sought to assure global finance ministers about the state of its slowing economy, as the G20 meeting gets under way in Shanghai. Chinese finance minister Lou Jiwei said the country could...

Australia’s Woolworths sees 33% fall in profits

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Australia’s biggest supermarket chain Woolworths has posted a 33.1% fall in profits for the six months to December. The firm, which has interests spanning hotels, petrol and discount liquor,...

IMF warns the global economy is “highly vulnerable”

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The International Monetary Fund (IMF) has said the global economy has weakened further and warned it was “highly vulnerable to adverse shocks”. It said the weakening had come “amid...

Apple boss Tim Cook hits back at FBI investigation

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Apple boss Tim Cook has hit back at the FBI over the handling of a court order to help unlock the iPhone of San Bernardino killer Syed Rizwan Farook. Mr Cook told ABC his company first learned of...

Aston Martin creates 750 jobs in St Athan

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Aston Martin is to build its new luxury car in south Wales, creating 750 highly-skilled jobs. The DBX Concept car will be hand-made in the super hangar at St Athan in the Vale of Glamorgan. It is a...

BHP Billiton sinks to $5.67bn loss

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Mining giant BHP Billiton has posted a huge half-year net loss of $5.67bn (£4bn) and warned that weak commodity prices will continue. The figure for the six months to December compared with a...

Zuckerberg is ‘sympathetic’ to Apple in its clash with FBI

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Facebook’s chief executive has said he is sympathetic to Apple’s position in its clash with the FBI. The FBI has ordered Apple to disable the security software on a dead murderer’s...

MWC 2016, Samsung Galaxy S7 restores expandable storage

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Samsung’s latest flagship phones restore a couple of popular features dropped from the previous generation. The Galaxy S7 and Galaxy S7 Edge both accept MicroSD cards, allowing their storage...

MWC 2016, LG G5 smartphone has modules to add functions

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LG has announced a modular Android smartphone that can gain extra functions via add-on parts. Components are plugged in by pulling off the base of the G5 phone and swapping it for an alternative...

Apple apologises for iPhone ‘error 53’ and issues fix

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Apple has said sorry to iPhone customers whose phones were disabled after third-party repairs, and issued a fix for the problem. Some users found that their iPhone stopped working following...

Bangkok airport safety issues ‘must be addressed’

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The airline industry has called on the Thai government to address problems at the country’s main airport in Bangkok. The International Air Transport Association (Iata) says Suvarnabhumi...

Japan’s exports fall for fourth consecutive month

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Japan’s latest trade figures have shown exports falling for a fourth straight month, according to official numbers. The country’s value of exports fell by 12.9% in January from a year...

HSBC to keep headquarters in London

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UK banking giant HSBC has announced it is to keep its headquarters in London. Concerns about stricter UK regulations led Europe’s biggest bank to launch a review into whether to move...

China bank chief says ‘speculators’ caused yuan fall

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Chinese central bank governor Zhou Xiaochuan has accused “speculative forces” of targeting the country’s currency, the yuan. He said there was no reason for the yuan to keep...

Japan’s economy contracts in fourth quarter

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Japan’s economy contracted in the final three months of 2015, adding to a string of setbacks for the government’s economic reform policy. Between October and December, it shrank by 0.4%...

Oil prices soar on hopes of Opec production cut

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Oil prices surged as much as 12% on Friday after new suggestions that Opec nations were set to cut oil production. The United Arab Emirates’ energy minister said that Opec members were ready to...

Steel imports from China investigated by European Commission

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The European Commission is opening three investigations into steel products made in China as cheap imports add to the woes of the UK industry. It said it would not allow “unfair...

Eurozone economy grows 1.5% in 2015

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The economies of the 19 countries that use the euro expanded by 1.5% in 2015. In the last three months of the year, they grew 0.3%, compared with the previous three months, according to the...

Google’s UK chief has defended the search giant’s tax arrangements

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Google’s UK chief has defended the search giant’s tax arrangements in a hearing before MPs on the Commons Public Accounts Committee. Matt Brittin said he understood public anger about the...

Japanese shares plunge amid global economic worries

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apan’s markets were trading sharply lower on Friday amid concerns over the global economy and following steep falls in Europe and the US. The benchmark Nikkei 225 opened down more than 3.5%...

Japan stocks tumble into bear market territory

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Japanese shares have continued their slide, falling almost 7% in two days and entering bear market territory. Tokyo’s Nikkei 225 dropped sharply by another 2.3% to close at 15,713.39, adding...

Train ticket sales jump 3.8% to 1.7 billion in 2015

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The number of train tickets sold last year rose 3.8%, according to the Rail Delivery Group (RDG). The organisation that represents train operators and Network Rail said there were 1.7 billion...

Fiat Chrysler shares fall as safety investigation widens

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Shares of Fiat Chrysler fell more than 7% on Monday as an investigation into its vehicles widened. The US National Highway Traffic Safety Administration (NHTSA) doubled its investigation to cover...

China’s currency reserves plunged in January

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China’s foreign currency reserves plunged by $99.5bn in January, the People’s Bank of China reported. China has been running down its vast foreign currency reserves in an attempt to...

Japan’s markets lower after disappointing US job numbers

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Tokyo’s Nikkei 225 opened lower on Monday, following falls on Friday in the US after disappointing labour market numbers. The benchmark index was down 1.36% at 16,602.06 in mid-morning...

Volkswagen delays publishing results

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Volkswagen says it will not release its results nor hold its shareholders’ meeting on time, as it needs more time to work out its accounts as a result of last year’s emissions crisis. The...

HSBC pays $470m for mortgage misconduct

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HSBC has reached a $470m (£325m) settlement with the US government and states related to dubious mortgage lending and foreclosure practices that contributed to the financial crisis....

US economy adds 151,000 jobs in January

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The US economy added 151,000 jobs in January, helping to push the country’s unemployment rate down to 4.9%. The number was lower than expected and is a sharp slowdown from December, when...

President Obama to propose a new levy on oil firms

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S oil firms would have to pay a fee of $10 (£6.85) on every barrel of oil they produce, under a White House budget proposal to be announced next week. The funds raised would be spent on green...

Credit Suisse announces 4,000 job cuts

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Credit Suisse has announced that it is going to cut 4,000 jobs. The announcement came with the release of results for 2015. The bank made a pre-tax loss for the year of 2.4bn Swiss francs ($2.4bn;...

LinkedIn shares fall 26% on lower profit forecast

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LinkedIn shares dropped 26% after the company projected lower than expected profits for the first quarter of 2016. The social media site forecast earnings of $0.55 per share – far below...

Wells Fargo has agreed to pay US authorities

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Wells Fargo has agreed to pay US authorities $1.2bn (£822m) to settle claims it improperly approved loans for federal mortgage insurance. The US bank was accused of improperly certifying...

LVMH’s shares are in lead

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LVMH’s shares rose 4.5% on Wednesday after it posted record sales last year despite weakness in China, although profits were less than expected. The world’s biggest luxury goods group...

Exxon Mobil quarterly profits drop 58%

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US oil giant Exxon Mobil has said its profits fell 58% to $2.78bn (£1.93bn) in the three months to the end of December, compared with $6.57bn for the same period a year earlier. It saw annual...

BT apologises after nationwide broadband failures

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BT has apologised after “several hundred thousand” UK customers had their broadband services cut off. Down detector, a website that monitors internet failures, reported thousands of cases...

Microsoft ‘buys UK AI firm SwiftKey’

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UK-based artificial intelligence firm SwiftKey is to be acquired by Microsoft, according to reports. The Financial Times said the deal was worth $250m (£174m). SwiftKey is known for its predictive...

Yahoo to cut its workforce by 15%

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Yahoo is cutting 15% of its workforce as the company pursues an “aggressive strategic plan” to return to profitability. The job cuts will reduce the number of its employees to about...

US economic growth slows sharply

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The US economy grew at an annualised rate of 0.7% in the fourth quarter of 2015 compared with the same quarter a year ago, official figures show. The rate of growth marks a sharp slowdown from the...

Microsoft shares boosted by growth in cloud services

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Microsoft shares rose in after-hours trading as it reported strong growth in its cloud computing and mobile applications divisions. Chief executive Satya Nadella has been focusing on cloud services...

Airbus signs $25bn deal to sell 118 planes to Iran

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Iran has signed a deal to buy 118 Airbus planes worth $25bn (€22bn; £17.4bn) at list prices in one of the biggest deals signed since Western sanctions against Tehran were lifted. The agreement...

A Google artificial intelligence program has beaten the European champion of the board game Go

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A Google artificial intelligence program has beaten the European champion of the board game Go. The Chinese game is viewed as a much tougher challenge than chess for computers because there are many...

Netflix blocked by Indonesia in censorship row

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Netflix has been blocked by Indonesia’s biggest internet service provider, upsetting its move into the country. The state-owned telecoms firm said it had concerns about the content Netflix was...

Walmart ordered to reinstate workers

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Walmart must offer to give jobs back to 16 workers it fired for missing shifts to take part in a strike, a judge has said. Administrative Law Judge Geoffrey Carter found the workers had suffered...