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Tesla beats Toyota to become the world’s most valuable automaker
Business
Tesla beats Toyota to become the world’s most valuable automaker

American electric automaker Tesla became the world’s most valuable automaker on Wednesday when the electric vehicle company’s market capitalization surpassed Toyota’s for the first time. Shares of Tesla gained 5% to hit a new all-time high of $1,135, giving the company a valuation of roughly $206.5 billion, compared with Toyota’s valuation of about $202 billion

tesla car toyota automake

Wed Jul 01 - CNBC
Oil had the best quarter in the last 30 years
Business
Oil had the best quarter in the last 30 years

After crashing to the lowest level in history earlier this year, oil prices made a huge comeback. Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June. Brent crude futures skyrocketed more than 80% in the second quarter. It was the international benchmark’s best quarterly performance since the third quarter of 1990 during the first Gulf War

business oil prices q2

Wed Jul 01 - CNBC
British economy contracted 2.2%, worse than expected
Business
British economy contracted 2.2%, worse than expected

UK Prime Minister Boris Johnson set for a major speech on the economy soon but the overall situation looks worse than expected. The UK economy shrank more than first thought between January and March, contracting 2.2% in the joint largest fall since 1979, official figures show. The Office for National Statistics (ONS) revised down its previous estimate of a 2% contraction, with all the main economic sectors dropping

uk economy business

Tue Jun 30 - BBC
Cash crunch in the UK because of Wirecard’s collapse
Business
Cash crunch in the UK because of Wirecard’s collapse

Millions of people and businesses in the UK have been locked out of accounts linked to Wirecard after Britain's financial watchdog ordered the collapsed digital payments company to suspend UK operations. The Financial Conduct Authority on Friday suspended the operations of Wirecard Card Solutions after its parent company filed for insolvency in Germany following the discovery of a $2 billion hole in its accounts

uk cash crunch wirecard

Mon Jun 29 - CNN
Malaysia’s exports fall to the lowest level in 11 years
Business
Malaysia’s exports fall to the lowest level in 11 years

Malaysian exports in May fell more than 25%, the lowest level in 11 years amid a global slowdown caused by the COVID-19 pandemic, government data showed on Monday (Jun 29). The contraction was sharper than the 19.9 % drop forecast by analysts surveyed by Reuters and the lowest since May 2009

economy malaysia exports

Mon Jun 29 - CNA
Starbucks to stop advertising across social media platforms
Business
Starbucks to stop advertising across social media platforms

Starbucks joined Coca-Cola, Unilever and Verizon to stop advertising campaigns on social media platforms and promises to have discussions internally and with media partners and civil rights organizations to stop the spread of hate speech. “We believe in bringing communities together, both in-person and online, and we stand against hate speech,” the company said in a statement Sunday

verizon starbucks unilever

Sun Jun 28 - CNBC
British expats leaving UAE amid economic crisis
Business
British expats leaving UAE amid economic crisis

British expatriates in the UAE are trying to sell their properties as they try to gather some money before returning to the UK, according to a report by British daily The Telegraph. Thousands of expats have been made redundant due to the pandemic’s devastating impact on the UAE economy. UAE expected to lose up to 900,000 jobs, and British expats seem to be among the most affected group

uae dubai british expats

Sun Jun 28 - AA
Coca-Cola halts social media advertising campaign
Business
Coca-Cola halts social media advertising campaign

“There is no place for racism in the world and there is no place for racism on social media,” Coca-Cola CEO and Chairman, James Quincey, said in a statement as the company announced that it will be pausing advertising on all social media platforms globally. The company clarified it was not joining the official boycott, but said “we are pausing” advertising

media cocacola social advertising

Sat Jun 27 - CNBC
Xiaomi is safe from anti-China sentiment in India
Business
Xiaomi is safe from anti-China sentiment in India

Growing anti-China sentiment in India has not had any material impact on Chinese smartphone maker, Xiaomi, the company’s India boss Manu Kumar said on Thursday. “Till now, we are not seeing any major impact on our business, with respect to sales or demand,” he added. Xiaomi is India’s top smartphone maker and owns about 30% of the market currently, according to data from Counterpoint Research

india china xiaomi

Fri Jun 26 - CNBC
1.48 million Americans filed for unemployment benefits last week
Business
1.48 million Americans filed for unemployment benefits last week

Jobless claims totaled 1.48 million last week as unemployment related to the coronavirus pandemic remained stubbornly high. Economists surveyed by Dow Jones had been expecting 1.35 million claims. While the weekly numbers remained high and were worse than expectations for the second straight week, the total of those receiving benefits continued to fall

america economy claims jobless

Thu Jun 25 - CNBC
70% of India’s drug intermediary needs are fulfilled by China
Business
70% of India’s drug intermediary needs are fulfilled by China

Indians are boycotting Chinese products as anti-China sentiment in India is on the rise after the deadly clash at the border but the two nations can’t afford to simply boycott each other. China is India’s second-largest trading partner after the US and it accounts for nearly 12% of India’s imports across sectors, on the other side, at least 70% of India’s drug intermediary needs are fulfilled by China,”

india china border clash

Thu Jun 25 - BBC
Qantas to cut 6,000 jobs due to coronavirus pandemic
Business
Qantas to cut 6,000 jobs due to coronavirus pandemic

Australia’s national carrier Qantas announced that the airline will cut 6,000 jobs to survive the pandemic period. The cuts equate to about a fifth of the airline's workforce before the Covid-19 crisis. In March, it furloughed more than 80% of its staff. Qantas said the collapse in global air travel had devastated revenues. Last week, the Australian government said its border would most likely remain closed into next year

australia airline qantas

Thu Jun 25 - BBC
Walmart will stop putting 'multicultural' products in locked cases
Business
Walmart will stop putting 'multicultural' products in locked cases

Walmart will no longer place "multicultural hair care and beauty products" in locked cases in any of its stores, the company confirmed Wednesday. Walmart confirmed to NBC News that the decision to place certain hair and beauty products in cases was based on theft data, and that it varied by market.

stop cases putting

Thu Jun 11 - Nbcnews
Grubhub spurns Uber and will merge with Europe’s Just Eat Takeaway
Business
Grubhub spurns Uber and will merge with Europe’s Just Eat Takeaway

After nearly a month of back-and-forth, Grubhub has walked away from a potential acquisition from Uber and will instead merge with European company Just Eat Takeaway. Uber was looking to buy Grubhub because the combined food ordering and delivery service would have rivaled, or maybe even surpassed, market leader DoorDash. That said, Uber still apparently believes that its food delivery business needs to get bigger in order to turn aprofit.

restaurants takeaway eat

Thu Jun 11 - Theverge
Days before resigning, CrossFit CEO Greg Glassman told gym owners he doesn't mourn George Floyd
Business
Days before resigning, CrossFit CEO Greg Glassman told gym owners he doesn't mourn George Floyd

Hours before tweeting controversial statements about George Floyd on Saturday, former CrossFit CEO Greg Glassman made insensitive comments about race on a video call with affiliate gym owners. When asked on the call about CrossFit's response to the protests, Glassman said: "I love the rebuilding, I love the helping, but I'm not mourning"

business greg

Thu Jun 11 - Cnn
Business
Dow futures dropped
Thu Jun 11
Dow futures drop more than 450 points after two days of losses
Business
Dow futures dropped

Stock futures fell in early morning trading on Thursday as investors evaluate the pace of economic recovery and the coronavirus developments. S&P 500 and the Nasdaq 100 futures also pointed to losses at the Thursday open for the two indexes. The moves in futures followed two straight days of losses for the 30-stock Dow and S&P 500 as investors ditched reopening trades for the megacap tech names.

business dowjones wallstreet

Thu Jun 11 - Cnbc
Human trials for a coronavirus vaccine are starting in late July
Business
Human trials for a coronavirus vaccine are starting in late July

The pharmaceutical company Johnson & Johnson announced Wednesday that it is going to begin its human trial phase of developing a potential coronavirus vaccine in the second half of July, rather than September as originally planned. Johnson & Johnson is not the first pharmaceutical company to establish a goal of developing a coronavirus vaccine at an accelerated rate.

company going potential

Thu Jun 11 - Salon
George Floyd: Amazon bans police use of facial recognition tech
Business
Amazon bans police use of facial recognition technology

Amazon said the suspension of law enforcement use of its Rekognition software was to give US lawmakers the opportunity to enact legislation to regulate how the technology is employed. In recent months Congress has been weighing possible legislation of the technology as lawmakers, companies and civil liberties activists have called for stronger regulation of surveillance software.

amazon congress surveillance

Thu Jun 11 - Bbc
World’s largest fashion group reports heavy losses
Business
World’s largest fashion group reports heavy losses

Inditex, the company which owns Zara, reported a net loss of 409 million euros ($465 million) for February through April, in comparison with a net profit of 734 million euros over the same period in 2019. The loss came despite a 50% increase in online sales in the first quarter and a 95% jump in online sales in April. Inditex expects online sales to grow substantially

fashion losses inditex zara

Wed Jun 10 - CNBC
Business
China's job market issue
Mon Jun 08
China's joblessness appears worse than data shows
Business
China's job market issue

Millions of laborers who lost their jobs weren't counted in China's headline unemployment rate because of quirks in the way the data are gathered -- and many still haven't returned to work. It is assumed that most of the country's roughly 174 million migrant laborers who work away from home have farms they can fall back on if they lose their city jobs

china economy market jobs

Mon Jun 08 - Marketwatch
CrossFit CEO's George Floyd Tweet Causes Reebok, Athletes, and Gyms to Drop Partnerships
Business
CrossFit CEO's George Floyd Tweet causes outrage

Brands, gyms, and athletes are ending their affiliations with CrossFit after CEO Greg Glassman tweeted an insensitive remark about George Floyd and the current Black Lives Matter protests happening around the country. In an Instagram video statement, CrossFit pro and CrossFit Games four-time champion Froning said he doesn’t “condone or support” Glassman’s comments, but is still invested in a CrossFit community that is “inclusive and up-lifting.”

instagram web able

Mon Jun 08 - Menshealth
China’s crude oil imports surge to near-record high
Business
China’s crude oil imports surge to near-record high

China’s crude oil imports jumped by 13 percent from April to near record-highs of 11.11 million bpd in May, the surge was mainly due to an increase in demand after the coronavirus pandemic. China’s imports from Saudi Arabia jumped by 800,000 bpd, following declines in the two previous months, while imports from Iraq surged by more than 400,000 bpd, OilX data showed

china oil imports

Fri Jun 05 - Oilprice
Rising unemployment in the Eurozone area
Business
Rising unemployment in the Eurozone area

According to the latest data released by Eurostat, Unemployment in the eurozone rose to 7.3% in April, reflecting job losses as coronavirus lockdowns were in full-swing across the single currency region. The jobless rate rose from 7.1% in March, revised lower from a previous figure when European countries first implemented lockdown strategies. Young people, under 25, are the hardest hit, data shows

economy eurozone eurostat

Wed Jun 03 - CNBC
Tesla (TSLA) soars as market see SpaceX’s success as credibility boost for Elon Musk
Business
Tesla stock soars as market see SpaceX’s success as credibility boost for Elon Musk

Tesla’s stock (TSLA) is soaring today and significantly outpacing the market despite the lack of significant news about the automaker, but some analysts attribute the jump to SpaceX’s successful launch of two astronauts, which they see as a credibility boost for Elon Musk.

musk despite spacexs

Tue Jun 02 - Electrek
Target temporarily closes 23 Southern California stores amid protests
Business
Target temporarily closes 23 Southern California stores amid protests

Local closures will take place in such communities as Azusa, Baldwin Park, Long Beach, Los Angeles, Santa Ana, Rosemead and West Hollywood. A Target at Seventh and Figueroa streets in downtown Los Angeles was among the locations looted over the weekend as protesters took to the streets, attacking police vehicles, breaking store windows and setting multiple fires.

closes target 23

Tue Jun 02 - Dailynews