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US Securities and Exchange Commission Co-Director of Enforcement Steven Peiken speaks during a news conference announcing their decision to sue Tesla CEO Elon Musk at the US Securities and Exchange Commission Thursday in Washington, DC. — AFP
US regulator sues Musk for fraud, seeks to remove him from Tesla
NEW YORK/SAN FRANCISCO — The US Securities and Exchange Commission accused Tesla Inc Chief Executive Elon Musk on Thursday of fraud and sought to remove him from his role in charge of the electric car company, saying he made a series of "false and misleading" tweets about potentially taking Tesla private last month. In a lawsuit, the regulator described Musk surprising members of his own team and investors with a series of tweets, starting with the Aug. 7 announcement that he was thinking of taking Tesla private. Twelve minutes after the first tweet, Tesla's head of investor relations texted Musk's chief of staff to ask whether Musk's announcement was "legit", the SEC said. Musk, 47, is the public face of Tesla and losing him would be a big blow for the...
September 28, 2018

US regulator sues Musk for fraud, seeks to remove him from Tesla

Belgium-based Ryanair pilots gather at Charleroi Airport during what could be the biggest strike in the airline's history, in Gosselies on Friday. Ryanair canceled scores of European flights as unions staged what they warned could be the biggest strike in the airline's history. The Dublin-based carrier has played down fears of widespread disruption but confirmed it would cancel nearly 250 flights. — AFP
Ryanair strikes disrupt 40,000 passengers across Europe
BRUSSELS/FRANKFURT — A staff walkout at low-cost carrier Ryanair grounded planes in six European countries on Friday, disrupting the plans of more than 40,000 passengers. Europe's largest low-cost carrier has faced multiple strikes since it bowed to pressure to recognize trade unions for the first time in December, with staff stepping up pressure in talks over pay and conditions. The impact on the airline's bookings has forced it even to consider cutting its short-term growth plans. Cabin crews in Germany, Belgium, Portugal, the Netherlands, Spain and Italy, as well as pilots in Germany, began a 24-hour walkout as airspace opened on Friday. "They don't care about us. We are just numbers. We are lemons to be squeezed and thrown away," said Juan Fernandez, a...
September 28, 2018

Ryanair strikes disrupt 40,000 passengers across Europe

Boeing wins $9.2 billion contract for new Air force training jet - US official
WASHINGTON - Boeing Co (BA.N) was selected to build the U.S. Air Force's next training jet in a contract worth up to $9.2 billion over the life of the program, the Air Force said on Thursday.Boeing teamed up with Sweden's Saab AB (SAABb.ST) to develop a new plane for the competition, beating out Lockheed Martin Corp (LMT.N) and Leonardo DRS (LDOF.MI).The Air Force plans to purchase 351 of the jets. The service expects the program to reach full operation in 2034.Boeing did not immediately respond to a request for comment.The win is significant for Boeing, which reorganized its defense business more than a year ago in the hopes of a "franchise level" win such as the trainer.Landing big defense contracts had been difficult for Boeing, but Leanne Caret, the chief executive of...
September 28, 2018

Boeing wins $9.2 billion contract for new Air force training jet - US official

Over 100 global executives, business leaders to address Future Investment Initiative
Saudi Gazette reportRIYADH — More than 100 global investors, CEOs, business leaders and innovators will address the upcoming Future Investment Initiative (FII) 2018, set to be held in Riyadh on Oct. 23 – 25.The Public Investment Fund (PIF) said in a statement on Thursday that the event will focus on three core themes of ‘Investing in Transformation’, ‘Technology as Opportunity’ and ‘Advancing Human Potential.’The speakers will explore a number of subjects, including how leaders from business and government can develop a collective vision for the future, how venture capital is changing the future of innovation, and how immersive technology is changing the way we live, work and create, the Saudi Press Agency (SPA) reported.FII is a global platform focused on identifying...
September 27, 2018

Over 100 global executives, business leaders to address Future Investment Initiative

Amazon opens a new store where everything for sale is rated 4 stars and above, is a top seller, or is new and trending on Amazon.com in SoHo neighborhood of New York on Thursday. — AFP
Amazon opens new concept '4-star' retail store in New York
NEW YORK — Amazon opened a new retail store in New York on Thursday selling a range of products that get top ratings from customers of the online colossus. The brick-and-mortar outlet in New York's trendy Soho neighborhood will sell consumer electronics, kitchen, home, toys, books and games, and "chose only the products that customers have rated 4 stars and above, or are top sellers, or are new and trending," Amazon said in a statement. Amazon has previously opened physical stores that sell books, and has had pop-up outlets in some locations, but Amazon 4-Star is a new concept that offers a variety of goods in different categories. "We created Amazon 4-Star to be a place where customers can discover products they will love," a company statement said....
September 27, 2018

Amazon opens new concept '4-star' retail store in New York

This file photo tshows a view of the elevator test tower of German industrial group ThyssenKrupp in Rottweil, southern Germany. The leadership of the German steel giant Thyssenkrupp, under shareholder pressure for months, announced on Thursday predicting a split in two entities of its historical conglomerate structure. — AFP
Germany's embattled Thyssenkrupp plans to split company in two
FRANKFURT AM MAIN, Germany — The board of German industrial conglomerate Thyssenkrupp hopes to split the historic group into two listed companies, executives said Thursday, sending its shares soaring. "The executive board will suggest to the supervisory board on Sunday... splitting the group into two significantly more focused and effective firms," they said in a statement. "The industrial goods and the raw materials businesses will each become independent, listed companies," they added. Shareholders in the present Thyssenkrupp would receive new shares in both Thyssenkrupp Materials — with 90,000 employees and annual revenues around 16 billion euros ($18.7 billion) —- and Thyssenkrupp Industrials, with 40,000 workers and 18 billion in revenue. Shares in the...
September 27, 2018

Germany's embattled Thyssenkrupp plans to split company in two

Uber agreed on Wednesday to pay a $148 million penalty over a massive 2016 data breach which the company concealed for a year.
Uber pays $148 mn over data breach in latest image-boosting move
SAN FRANCISCO — Uber agreed Wednesday to pay a $148 million penalty over a massive 2016 data breach which the company concealed for a year, in the latest effort by the global ridesharing giant to improve its image and move past its missteps from its early years. The settlement stems from a breach affecting some 57 million Uber riders and drivers, prompting litigation that was eventually joined by officials from the 50 US states and the District of Columbia. The payment, described as the largest in a data breach settlement, is part of Uber's efforts to burnish its reputation after a series of scandals over alleged misconduct and unethical practices. Uber disclosed the breach last year shortly after it hired chief executive Dara Khosrowshahi, who promised a new way of doing business...
September 27, 2018

Uber pays $148 mn over data breach in latest image-boosting move

H&M CEO Karl-Johan Persson poses for a picture at the fashion retailer's headquarters in Stockholm, Sweden, on Thursday. — Reuters
H&M boosts online sales as profits plunge
STOCKHOLM — Swedish ready-to-wear giant H&M on Thursday said it saw a major boost in online sales in the third quarter, even as a cumbersome shift to faster logistics weighed down on profits. Hennes and Mauritz and other global high street chains have been pressing a drive to better integrate online markets, but the transition has faced stiff competition from fast fashion websites popular with millennials, and from behemoths like Amazon. For this year's summer months, H&M reported a 32 percent increase in online sales, even as profits shrank 19.2 percent. In a statement, the company blamed the drop in profits on "problems that arose during the implementation of new logistics systems in the US, France, Italy and Belgium during the spring (that) led to extraordinary...
September 27, 2018

H&M boosts online sales as profits plunge

James Garcia of the Oculus team poses with a new Quest stand-alone virtual reality headset unveiled at the Facebook unit's developer conference on Wednesday in San Jose, California. The new Oculus Quest headset is being aimed at gamers seeking immersion in virtual worlds, with other potential applications likely in the future. The standalone VR headset boasting the same quality experiences as the Oculus Rift but without wires will hit the market early next year at a price of $399. —  AFP
Facebook unveils upgraded wireless Oculus headset in VR push
SAN JOSÉ, United States — Facebook on Wednesday unveiled an upgraded Oculus virtual reality headset with power to handle the intensive graphics of digital worlds in a wire-free experience. The new Oculus Quest headset showcased at the Facebook unit's developer conference is being aimed at gamers seeking immersion in virtual worlds, with other potential applications likely in the future. "This is the wireless virtual reality experience we have been waiting for," Facebook chief executive Mark Zuckerberg said as he unveiled the new hardware and reaffirmed Facebook's commitment to virtual reality. The standalone VR headset boasting the same quality experiences as the Oculus Rift but without wires will hit the market early next year at a price of $399. Oculus vice...
September 27, 2018

Facebook unveils upgraded wireless Oculus headset in VR push

Mozambique President Filipe Nyusi, talks to executives at an event sponsored by The Initiative for Global Development and hosted by Thomson Reuters in New York City, US, on Wednesday. — Reuters
Mozambique consulting IMF on economic reform, no loans on agenda
NEW YORK — Mozambique, cut off from multilateral donors, said on Wednesday it is working with the International Monetary Fund (IMF) to bring economic reforms and transparency in an effort to rebuild credibility after a debt scandal, but no loans are promised. "The IMF is not giving loans but they are helping in programs for macroeconomic stability, those measures that will attract investors to come to the country," President Filipe Nyusi told Reuters in an interview on the sidelines of the UN General Assembly meeting in New York. Nyusi, who took office in 2015, said through a translator his government development program was knocked off course after the heavily indebted nation was cut off from multilateral and foreign donors after the government admitted to $1.4 billion of...
September 27, 2018

Mozambique consulting IMF on economic reform, no loans on agenda

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