Markets
Autonomy finance chief gets five years
Mr Hussain is also being sued in the United Kingdom by HP along with Autonomy's founder Mike Lynch for $5bn over claims they "committed a deliberate fraud over a sustained period of time" to artificially inflate the firm's value. Both sides agreed on the fine. Autonomy was the linchpin of former Hewlett-Packard chief executive Léo Apotheker's strategy to integrate his company's computer and prin... [Full Article...]
'We Are Right Where We Want to Be With China'
Cellphones and laptops would be included in that list but pharmaceuticals would be excluded, the office said. "This should lead to further slowing in the economy". "China hopes the US will get back to the right track of bilateral trade and economic consultations and meet with China halfway". The S&P 500 on Friday racked up its worst weekly decline since December, as Washington raised tariffs o... [Full Article...]
WestJet sold to Canadian company for $5B
Canada's second-biggest carrier, WestJet Airlines Ltd, on Monday accepted a C$3.5 billion ($2.6 billion) cash buyout offer from private equity group Onex Corp, sending the carrier's shares surging 63% in Toronto trading. "We're thrilled to be partnering with WestJetters and continuing this remarkable Canadian success story". "Onex' aerospace experience, history of positive employee relations... [Full Article...]
Elon Musk shows off SpaceX’s Starlink internet satellites before launch
In April, US regulator the Federal Communications Commission (FCC) approved SpaceX's plan to launch 4,409 Starlink satellites with 1,584 orbiting at an altitude of 550km rather than the previous request of 1,150km. If successful, not only will the Starlink constellation bypass complicated ground-based infrastructure and deliver internet to remote areas of the world, but it could become a cash c... [Full Article...]
'Sabotaged' vessels are Saudi, Emirati, and Norwegian: Correspondent
Oil has bucked worries about global growth because tensions in the Middle East are rising. The presence of a United States warship in the Bab al Mandab, the arrival of B-52H Stratofortress bombers at Qatar's Al Udeid Air Base, the USS Abraham Lincoln aircraft carrier strike group's deployment to the Persian Gulf, new economic sanctions on Iran, the USA embassy in Iraq issuing a warning, ... [Full Article...]
Bitcoin holds above $7000 after hitting nine-month high
And that's aside from the volatility - Bitcoin peaked above $19,000 in December 2017 before crashing back to earth in the succeeding months. As often happens, bitcoin's rise is part of a broader cryptocurrency boom. The surge came only a few days after the asset broke through US$6,000 and is drawing investor focus to conferences in NY on the technology underlying the biggest crypto asset. [Full Article...]
China to increase tariffs on certain United States products
The sell-off that sank USA stocks and global commodities is set to spill into Asia after China retaliated with higher tariffs on a range of American goods. S&P 500 futures fell 0.1 per cent. As the trade dispute extends, investors expect tariffs to increase corporate costs, lower profit margins and hinder the ability of companies to plan or make capital expenditures. [Full Article...]
Facebook to raise minimum hourly wage for contract workers
Facebook plans to raise the minimum hourly wage it pays thousands of contract workers around the United States, acknowledging that its current $15 minimum wage isn't in line with rising cost of living in many of markets where its offices are located. [Full Article...]