Finance

General Motors Autonomous Startup 'Cruise' Gets $2.25 Billion Investment

General Motors Autonomous Startup 'Cruise' Gets $2.25 Billion Investment In a media briefing early Thursday at GM headquarters in Detroit , President Dan Ammann said the investment by SoftBank's $100 billion Vision Fund will enable GM to deploy self-driving vehicles "at massive scale." Softbank's investment , made from its Vision Fund, will give the company (sftby) a 19.6% stake in Cruise, which has been operating as a separate unit from GM. [Full Article...]

UK's Financial Conduct Authority Publishes Outcome Of High-Cost Credit Review

UK's Financial Conduct Authority Publishes Outcome Of High-Cost Credit Review The watchdog said costs for the 400,000 customers that use rent-to-own, a form of hire purchase for obtaining goods like fridges and washing machines, can be exceptionally high. The FCA believes the harm identified in this market is sufficient in principle to consider a cap on rent-to-own prices. The FCA is announcing a package of reforms in the home-collected credit sector. [Full Article...]

Waymo will purchase up to 62,000 self-driving minivans from Chrysler

Waymo will purchase up to 62,000 self-driving minivans from Chrysler Waymo already had about 600 Pacificas in use in several cities, where they're being tested with non-paying passengers. Fiat Chrysler Automobiles has been supplying Pacifica Hybrids for Waymo's fleet since 2016, initially with a 100-vehicle order and 500 more added since then. [Full Article...]

Trade war fears rise as countries hit by Trump steel tariffs retaliate

Trade war fears rise as countries hit by Trump steel tariffs retaliate The British government said it was "deeply disappointed" and the United Kingdom and other European Union countries "should be permanently and fully exempted" from the tariffs . The U.S. tariffs coincide with - and could complicate - the Trump administration's separate fight over Beijing's strong-arm tactics to overtake U.S. [Full Article...]

Fiat Chrysler CEO lays out grand plan before he retires

Fiat Chrysler CEO lays out grand plan before he retires Italian-American automaker Fiat Chrysler Automobiles said Friday at an investor conference in Italy that the automaker's namesake division will survive and will add at least one more product to its portfolio. In his presentation Mike Manley, head of the Jeep brand, confirmed the SUV marque will begin offering vehicle subscription services, use-based insurance, and fleet management services i... [Full Article...]

HKEX to roll out MSCI Asia Ex Japan Index futures

HKEX to roll out MSCI Asia Ex Japan Index futures China's benchmark Shanghai Composite Index was down 0.5% by midday, following a 1.8% gain the previous day, while Hong Kong's Hang Seng Index was largely flat after Thursday's 1.4% jump. The feature has helped investors minimise counterparty risk in A-share settlement, as well as maintain compliance with asset segregation and safe keeping requirements for institutional funds. [Full Article...]

Google reportedly won’t renew its controversial military AI contract

The company's contract with the military will not be renewed after it runs out in 2019, said Google Cloud CEO Diane Greene at a meeting with employees. Google didn't immediately respond to a request for comment. Later, about a dozen Google staffers resigned in protest . "The technology is being built for the military", the letter read. [Full Article...]

The Economic Risks of Trump's Premature Tweeting

The Economic Risks of Trump's Premature Tweeting Austan Goolsbee , who served on the Council of Economic Advisers during the Obama administration, suggested President Trump's tweet may have been illegal. "I just want to interject this radical notion: The jobs report was really good, the economy is doing really well". "And if this tweet is conveying inside information about a particularly good jobs number you should never get them in advance from... [Full Article...]

Singapore Airlines to Resume World's Longest Flight

Singapore Airlines to Resume World's Longest Flight The carrier's CEO Mr Goh Choon Phong said that the new direct Singapore-New-York route will offer customers the fastest way to travel between the two cities, complete with "SIA's legendary services". The first A350-900ULR is due for delivery in September, with all seven due for delivery by the end of the year. Singapore Airlines' current routes to the USA operate via fifth freedom routes from ... [Full Article...]

Aussie Shoppers Blocked From Using Amazon's US Website

Aussie Shoppers Blocked From Using Amazon's US Website At issue is the Australian government's long-held (and long-criticised ) desire to levy GST on all purchases made from overseas vendors, replacing a policy of taxing only imports priced at more than AU$1,000. Labor's digital economy spokesman Ed Husic said the treasurer should have sat down with Amazon and other retailers earlier to talk through the changes. [Full Article...]

Spanish Prime Minister Mariano Rajoy loses no-confidence vote

Spanish Prime Minister Mariano Rajoy loses no-confidence vote There were 169 no votes and one lawmaker abstained. The no-confidence vote came as Rajoy's conservative People's Party (PP) is enmired in a funding scandal that last week saw 29 people linked to the party, including elected officials, receive heavy sentences while the party itself was fined for operating hidden accounts. [Full Article...]

Vermont will offer $10K to remote workers who move there

Vermont will offer $10K to remote workers who move there Now, it's the state that will pay you up to $10,000 in moving and business expenses to move there. Another state program , Stay to Stay Weekends , aims to convert tourists into full-time Vermont residents. The grants, which the law caps at $125,000 for 2019, will be available on a first-come, first-served basis. It turns out there are at least 19 of them , in a state with only 625,000 peopl... [Full Article...]

US trade tariffs: May disappointed at 'unjustified' move

US trade tariffs: May disappointed at 'unjustified' move The EU had said it wouldn't make trade concessions to gain a permanent exemption, and vowed to respond firmly to the imposition of tariffs . Europe, along with Canada and Mexico had been granted a temporary reprieve since President Trump first announced the tariffs in March. [Full Article...]

Trade tensions, oil price seen as threat to global growth

Trade tensions, oil price seen as threat to global growth Surely, they can't all be wrong. In terms of investment, the global body said that, after four years of decrease, it will return to growth for 4.5 percent in 2018. Using OECD best practices, it will support countries in areas relating to economic competitiveness, entrepreneurship, trade, public administration, innovation, activating human capital, improving infrastructure and connectivity, incre... [Full Article...]

USA job growth accelerates, unemployment rate drops to 3.8%

Moreover, the job market is also starting to include a wider range of Americans, as the unemployment rate for high school students has dropped to 3.9 percent, which is a 17-year low. FILE PHOTO: Job seekers line up to apply during "Amazon Jobs Day", a job fair being held at 10 fulfillment centers across the United States aimed at filling more than 50,000 jobs, at the Amazon.com Fulfillment Cente... [Full Article...]

Euro recovers on the back of strong eurozone inflation figures

Euro recovers on the back of strong eurozone inflation figures After months of stalemate followed an inconclusive parliamentary election in March, the Italian political landscape has shifted into overdrive. The two-year Italian government bond yield fell to 1.75 per cent on Wednesday from 2.71 per cent the previous day. [Full Article...]

Uber and Google's Waymo in Talks About Partnership

Uber and Google's Waymo in Talks About Partnership Buffett was proposing similarly favorable terms for an investment in Uber. New reports indicate that the famed investor, who's one of the wealthiest men in history, offered the colossal deal to Uber Technologies, Inc . Soon after the news broke, Khosrowshahi and Buffett confirmed that the talks did take place. Khosrowshahi has since his August appointment been trying to improve the image of U... [Full Article...]

Giuseppe Conte sworn in as Italian prime minister

Giuseppe Conte sworn in as Italian prime minister The government will be formally handed over later on Friday and will face a confidence vote later this week, which given the makeup of Parliament is likely to pass. "With the new government, we'll see how to make them respect the rights and dignity of 60 million Italians who want co-operation from Europe, not insults", he said. [Full Article...]

Spanish PM Rajoy ousted by absolute majority, replaced by Socialist leader

Spanish PM Rajoy ousted by absolute majority, replaced by Socialist leader Mr Rajoy admitted defeat ahead of a no-confidence vote today saying it had been "an honour" to serve the country. If the parties vote as they say they will, only a last-minute resignation can prevent Rajoy from becoming the first Spanish prime minister to be ousted in a motion of no confidence. [Full Article...]

National Donut Day 2018: Where to Get Free Donuts and Sweet Deals

National Donut Day 2018: Where to Get Free Donuts and Sweet Deals The retail giant will hand out more than a million doughnuts at its bakeries all over the country. Papa John's Pizza: The pizza joint is offering free donut holes with all online orders. The cinnamon sugar-coated desserts are bursting with caramel creme and $4.99 for 10 when you use the promo code: DONUT. This Friday's is National Donut Day and it's the biggest donut selling day of the... [Full Article...]


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