Business
Here's how money is working
Malaysia cuts interest rate to the lowest level in history
The Central Bank of Malaysia on Tuesday cut its key interest rate for a fourth straight meeting to a historic low, as the country's economy grapples with the coronavirus pandemic and faltering demand for its exports. Bank Negara Malaysia (BNM) eased its overnight policy rate by 25 basis points to 1.75%. A slim majority of economists in a Reuters poll had expected a rate reduction of at least 25 bps
malaysia coronavirus rate interest
Bangkokpost
New York City tops the list of most valuable real estate cities in the US
New York is the city with the top real estate value in the US, valued at $2.8 trillion, Lending Tree research shows. In New York City, typical homes are valued at $501,000, Coming in second is Los Angeles at $2.3 trillion, while homes are even pricier at $668,000. Meanwhile in third place is San Francisco, where homes are collectively worth $1.3 trillion and individually an eye-watering $959,000
value property list newyorkcity
Propertywire
India's $48 billion trade deficit with China
A border clash with China in the Himalayas left 20 Indian soldiers dead, with many in India, calling for a boycott of Chinese products. Government data showed India imported more than $65 billion worth of goods from China between April 2019 and March this year and exported only around $16.6 billion worth of products. That left New Delhi with a more than $48 billion trade deficit with Beijing
india china trade deficit
CNBC
Berkshire Hathaway buys Dominion energy’s natural gas assets in $10 billion deal
Warren Buffett’s Berkshire Hathaway is spending $4 billion to buy the natural gas transmission and storage assets of Dominion Energy. Including the assumption of debt, the deal totals almost $10 billion. It’s the first major purchase from Berkshire since the coronavirus pandemic and subsequent market collapse in March. At his annual shareholder meeting in May, Buffett revealed that Berkshire had built up a record $137 billion cash hoard
energy berkshire buffet dominion
CNBC
Indian start-ups unable to access Chinese funding after political tensions
The Indian food delivery start-up Zomato with a valuation of $3 billion has been unable to access its biggest Chinese investment in the first major example of how Delhi’s new foreign investment laws have hit funding. In January, Zomato announced it had secured $150m in fresh funding from Ant Financial, the Chinese digital payments giant. But it has been unable to access $100m of that total
india startups zomato antfinancials
FT
Elon Musk celebrates Tesla’s performance by trolling SEC and short-sellers
Tesla recently crossed Toyota’s market cap to become the world’s most valuable automaker, The shares of Tesla gained almost 200% this year and Elon Musk celebrated the performance of his company by trolling SEC and some short-sellers. "Tesla will make fabulous short shorts in radiant red satin with gold trim," Musk tweeted. "SEC, three-letter acronym, the middle word is Elon's," Musk said in a separate tweet
tesla sec short sellers
Bangkokpost
Apartment rents in San Francisco dropped significantly as companies embrace remote work
Apartment rental platform Zumper released monthly data and the numbers show that San Francisco rents were down nearly 12% year-over- year in June, making the city’s decline the largest in the nation, and a record slide for San Francisco mainly due to companies encouraging remote work. The median rental price for a one-bedroom apartment in San Francisco fell 11.8% year over year, from $3,720 to $3,280, beating May’s 9% drop
rent san francisco zumper
CNBC
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
CNBC
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
CNBC
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
BBC
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
CNN
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
CNA
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
CNBC
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
AA
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
CNBC
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
CNBC
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
CNBC
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
BBC
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
BBC
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
Nbcnews
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
Theverge
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
Cnn
Dow futures dropped
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
Cnbc
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
Salon
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
Bbc