Markets
Google appeals against EU fine for anti-trust breach
Google's business model is largely reliant on selling adverts, which generated revenue of 30.7 billion dollars (£23.7 billion) in its last quarterly results, up 17% on the same period past year. The €1.49 billion fine was imposed by the EC in March, with the Commission alleging Google had abused its market dominance by imposing a number of restrictive clauses in contracts with third-party websit... [Full Article...]
U.S. private sector adds fewest jobs in May since 2010 -ADP
The reading was well below the consensus forecast calling for 185,000 new payrolls. About 100,000 additional jobs a month are needed for the economy to keep up with population growth. The ADP report stoked a buying frenzy in the gold market, as traders snatched up bullion in large numbers. Gold for August settlement peaked at $1,348.90 a troy ounce on Wednesday, having gained about 1.5%. [Full Article...]
Toys ‘R’ Us returns to Australia following licensing deal by Hobby Warehouse
The news comes after Toys" R " Us Australia entered voluntary administration mid previous year, after its parent company collapsed in the United States - closing all 44 stores, and axing 700 jobs. Instead, an online focus will be the way forward, which will be supported by "small and fewer physical " experience centres " that allow children and their families and friends" to see and touch the toys... [Full Article...]
China fines Changan Ford for vertical monopoly agreements
The joint venture is a 50/50 split between the U.S. vehicle producer and the Chinese state-owned Changan Automobile Group. The company's practices deprived the downstream dealers of pricing autonomy, excluded and restricted the competition within the brand and in effect weakened the competition among brands, according to the statement. [Full Article...]
Aussie economic growth hits decade low READ MORE
Despite the modest acceleration in the economy to start the year, growth over the year still slowed to 1.8%, the weakest expansion since the September quarter of 2009, the tail-end of the GFC. Dwelling investment fell 2.5 percent and home ownership transfer costs slumped 13 percent amid the property downturn, collectively shaving 0.3 percentage points from economic growth. [Full Article...]
S Jaishankar To Visit Bhutan, His First Overseas Trip As Foreign Minister
Jaishankar on Thursday said a big country like India has a "strong tradition of independent foreign policy" and it will follow the same approach now. "If you look at why BIMSTEC leaders were invited for PM's swearing-in, because we see energy, mindset and possibility in BIMSTEC", he said. He said that he will continue with his predecessor Swaraj's social media outreach to help Indians overseas. [Full Article...]
China Grants 5G Licenses to 4 Telecom Operators
HONG KONG:China approved four operating licenses for 5G networks, setting the stage for the super-fast telecommunications system amid simmering tensions with the United States over technology and trade. The country ranks among the top echelon worldwide in 5G medium frequency band equipment, terminal chips and smartphones, according to Gong Daning, a senior engineer with the CAICT. [Full Article...]
Lynas touts its independence from China in push for rare earths growth
The development comes amid reports that Chinese authorities may move to restrict rare earths sales to the United States in retaliation for Washington's increased tariffs on Chinese goods. While the US imported about $395 million, including $257 million from China, that masks the potential economic hurt to downstream industries as magnets used in miniature motors perform essential functions in auto... [Full Article...]