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The US economy grew at its fastest pace in nearly four years in the second quarter, expanding at an annualised rate of 4.1%, official figures show. The gains were driven by strong consumer spending and a surge in exports as firms rushed to beat new trade tariffs. US President Donald Trump described the acceleration as […]
Article by Romain Dillet In what could be the biggest one-day drop of all time, Facebook shares opened at $174.89, down 19.6 percent compared to yesterday’s closing price of $217.50 (NASDAQ:FB). When it comes to market capitalization, Facebook was worth $629.6 billion yesterday. The company is now worth $506.2. In other words, Facebook has lost $123.4 billion in value […]
The European Commission is right to tackle the tech titans, but its remedies are wanting HOW high can they go? On July 18th the European Commission hit Google with a record fine of €4.3bn ($5bn) for entrenching its dominance in internet search by illegally tying together this service and other mobile apps with Android, the […]
The Amazon.com Inc. founder’s net worth broke $150 billion in New York on Monday morning, according to theBloomberg Billionaires Index. That’s about $55 billion more than Microsoft Corp. co-founderBill Gates, the world’s second-richest person. Bezos, 54, has now topped Gates in inflation-adjusted terms. The $100 billion mark that Gates hit briefly in 1999 at the height of […]
Aliko Dangote has made a fortune out of cement and food processing. Now, Africa’s richest person is embarking on a bigger challenge: a $15 billion investment in oil, gas and petrochemicals that could, if he pulls it off, transform Nigeria’s economy. The 61-year-old is building one of the world’s biggest oil refineries near Lagos, the commercial capital. He’s […]
In an unexpected move, the Australian Greens party have attempted to push an amendment to the highly popular instant asset write-off for small businesses through the House of Representatives, seeking an additional write-off scheme with a higher expenditure limit for clean energy assets. As part of debate last week on the Treasury Laws Amendment Accelerated Depreciation […]
Australian shares advanced for just the third time in ten sessions as modest gains by the big bank stocks offset losses among the major miners following a retreat in base metals prices. The S&P/ASX 200 index lifted 32.1 points, or 0.5 per cent, to 6215.5, following a quiet overnight trading session as Wall Street which […]
The United States authorities have demanded the US arm of Glencore Plc to hand over documents relating to its business in Nigeria, the Democratic Republic of Congo (DRC) and Venezuela. The Swiss-based commodities trader and miner said yesterday, that it received a subpoena from the US Department of Justice requesting documents and records on compliance […]
This article was prepared by Economic times-India correspondents – Swansy Afonso and Bhuma Shrivastava Indian companies are bracing for a possible flood of steel imports should the U.S. and China follow through on their threats about a trade war. Duties imposed by the U.S. would trigger “trade diversion” from other steel makers, who would then […]
Russian President Vladimir Putin will be hoping that the soccer World Cup, which starts last Thursday and puts his country in the international spotlight, will bring an economic boost – but experts are downbeat about any long-term benefit. Russia his host the largest event on the footballing calendar from June 14 to July 15, with […]
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