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10381 - 10390 from 16567 . In "BUSINESS"
Lehman Brothers headquarters in New York.
Economists should have predicted Lehman collapse: OECD chief
PARIS — The head of the OECD said Friday that he regretted the rich nations club's failure to predict the crisis triggered by the collapse of Lehman Brothers a decade ago, saying economic forecasts needed to better reflect reality. "At the end of my first year in office, in June 2007, the OECD economic outlook stated 'the current economic situation is in many ways better than what we have experienced in years'," Angel Gurria said. He told a meeting in Paris on lessons from the financial crisis that reading these words today feels "like stabbing myself". "We were equally optimistic regarding the growing concern about the US mortgage industry," Gurria added. "When one is so happy to be professionally optimistic, then of course you...
September 14, 2018

Economists should have predicted Lehman collapse: OECD chief

Mark Carney, governor of the Bank of England, attends an event in Dublin, Ireland, on Friday. — Reuters
Bank of England prepared for wide range of Brexit outcomes — Carney
DUBLIN — The Bank of England and Britain's largest banks are well prepared for a disorderly Brexit, the central bank's governor Mark Carney said on Friday, amid reports he had warned it could trigger a house price crash. British media had reported late on Thursday that Carney had told senior ministers earlier in the day that a chaotic Brexit could lead to house price falls of up to 35 percent over three years as well as spiraling interest rates. Carney did not address this prospect directly in his speech at Ireland's central bank, though these projections are similar to scenarios the BoE told banks last year to ensure they had guarded against. "The Bank of England is well-prepared for whatever path the economy takes, including a wide range of potential Brexit...
September 14, 2018

Bank of England prepared for wide range of Brexit outcomes — Carney

Ryanair workers are demanding better working conditions and want their contracts to be based on the law in their country of residence rather than in Ireland.
Ryanair announces preliminary deal with Italian staff
DUBLIN — Budget airline Ryanair announced on Friday that it has reached an agreement with flight crew unions in Italy to provide employment contracts under Italian law. In a press release, Ryanair said agreements had been signed "in principle" with unions FIT-CISL, ANPAC and ANPAV in Rome on Thursday. Also on Thursday, Italian crews, alongside their Belgian, Dutch, Spanish and Portugese counterparts announced a 24-hour stoppage on Sept. 28 that unions said would be the biggest strike in the Irish carrier's history. With confirmation of the agreement between Ryanair and the Italian crews — set to come into effect on Oct. 1 for a period of three years — their participation in the forthcoming strike is unclear, with union leaders currently leading consultation on the...
September 14, 2018

Ryanair announces preliminary deal with Italian staff

The headquarters of the European Medicines Agency (EMA), is seen in London, in this file photo. — Reuters
Regulators flag second impurity in China-made heart drug
FRANKFURT — European and North American regulators have said they are examining a second potentially cancer-causing substance in a commonly-used blood pressure drug made by Chinese firm Zhejiang Huahai Pharmaceuticals . Statements from health regulators in the EU, United States and Canada add to concerns flagged earlier this year when the drug, valsartan, was found to contain traces of N-nitrosodimethylamine (NDMA), a probable human carcinogen, due to a production change in 2012. The findings have already prompted recalls in more than 50 countries, affecting several Chinese and Indian companies. On Thursday, the European Medicines Agency (EMA) said a similar impurity had been detected in products produced before 2012. "In addition to NDMA, EMA is assessing the impact of a...
September 14, 2018

Regulators flag second impurity in China-made heart drug

In this file photo, Chief Executive Officer of Amazon, Jeff Bezos, tours the facility at the grand opening of the Amazon Spheres, in Seattle, Washington. Bezos announced thursday he was launching a philanthropic fund with a $2 billion initial commitment to help homeless families and launch preschools in low-income communities. — AFP
Amazon's Jeff Bezos unveils $2bn philanthropic fund
WASHINGTON — Amazon founder Jeff Bezos announced Thursday he was creating a philanthropic fund with a $2 billion initial commitment to help homeless families and launch preschools in low-income communities. The world's richest individual made the announcement on Twitter a year after asking for ideas on how he could use his personal fortune — now estimated at some $163 billion — for charitable efforts. The "Bezos Day One Fund" created by Bezos and his wife MacKenzie will focus on two areas — helping "existing nonprofits that help homeless families" and funding "a network of new, nonprofit, tier-one preschools in low-income communities," he wrote. For the homeless, grants will be given to organizations "doing compassionate, needle-moving work...
September 13, 2018

Amazon's Jeff Bezos unveils $2bn philanthropic fund

The logo of Airbus is pictured at the company's headquarters in Colomiers near Toulouse, France, in this file photo. — Reuters
Airbus appoints ATR boss as sales chief after Schulz quits
PARIS — Airbus named its second new sales chief in less than a year on Thursday after chief commercial officer Eric Schulz resigned nine months after being poached from Rolls-Royce to lead the battle for jet sales against Boeing.The European planemaker said Christian Scherer, head of turboprop maker ATR, an Airbus veteran who had been beaten to the job by Schulz in November last year, would take over the position immediately, reporting to Chief Executive Tom Enders.Reuters earlier exclusively reported that Schulz was expected to resign. Airbus said his decision had been taken for personal reasons.The switch comes as Airbus faces a slowdown in sales and delays and reliability problems with engines that have soured relations with several customers and left the Frenchman increasingly...
September 13, 2018

Airbus appoints ATR boss as sales chief after Schulz quits

A shopper descends an escalator as she enters a John Lewis department store on Oxford Street in London on Thursday.  John Lewis announced on Thursday that half-year profits had dropped 98.8 percent, as they posted pre-tax profits of GBP 1.2 million for the six months leading up to July 28. – AFP
John Lewis profits evaporate as struggling rivals slash prices
LONDON — Profits at John Lewis Partnership were wiped out in the first half of its financial year as Britain's biggest department store chain was forced to match discounting by struggling rivals. Britain's department stores have been hit by a squeeze in consumers' disposable incomes, higher property taxes and a rise in online shopping, with Debenhams issuing a string of profit warnings and House of Fraser rescued last month by a deal with Sports Direct. John Lewis also pointed to uncertainty caused by Britain's departure from the European Union, drawing fire from British Brexit minister Dominic Raab, who told BBC Radio 4: "It is rather easy for a business to blame Brexit and the politicians rather than to take responsibility for their own situation." The...
September 13, 2018

John Lewis profits evaporate as struggling rivals slash prices

Tesla Motors Inc Chief Executive Elon Musk pauses during a news conference in Tokyo, Japan, in this file photo. — Reuters
Another Tesla executive heads for exit
SAN FRANCISCO — Tesla confirmed on Wednesday that finance executive Justin McAnear is leaving the electric car maker as it strives to become profitable by the end of the year. Word that McAnear was heading for the off-ramp followed chief accounting officer Dave Morton's departure after just a month on the job, citing the company's frenetic pace. "Several weeks ago, I announced to my team that I would be leaving Tesla because I had the chance to take a (chief financial officer) role at another company," McAnear said in a statement. "This was simply an opportunity I couldn't pass up." McAnear added that he is working with the Tesla team to smooth the road for his departure in early October. The company said last week in a blog post human resources chief...
September 13, 2018

Another Tesla executive heads for exit

Phil Schiller, senior vice president of worldwide marketing at Apple Inc., speaks at an Apple event at the Steve Jobs Theater at Apple Park on Wednesday in Cupertino, California. Apple released three new versions of the iPhone and an updated Apple Watch. — AFP
Apple iPhones get bigger and pricier, Watch turns to health
CUPERTINO, Calif., — Apple Inc introduced its largest-ever iPhone and a watch that detects heart problems on Wednesday in an attempt to get customers to upgrade to more expensive devices in the face of stagnant global demand for smartphones. The relatively small changes to its lineup, following last year's overhauled iPhone X, were widely expected by investors and the company's shares ended down 1.2 percent at $221.07. The strategy has been successful, helping Apple's stock to rise more than 30 percent this year and making it the first publicly traded US company to hit a market value of more than $1 trillion. Apple's new iPhone XS, pronounced "ten S," has a 5.8-inch (14.7-cm) screen, and will be sold at a starting price of $999. The XS Max, the largest iPhone...
September 13, 2018

Apple iPhones get bigger and pricier, Watch turns to health

Top White House economic adviser Larry Kudlow speaks to reporters at the White House in Washington, in this file photo. — Reuters
China welcomes US invite for trade talks, Asian markets relieved
WASHINGTON/BEIJING — China said on Thursday that it welcomed an invitation by the United States to hold a new round of trade talks, as Washington prepares to further escalate the US-China trade war with tariffs on $200 billion worth of Chinese goods. The Trump administration had invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, news that gave a lift to Asian stocks, including Chinese shares and the yuan currency. Chinese Foreign Ministry spokesman Geng Shuang told reporters that China welcomed the invitation, and the two countries were discussing the details. "China has always held that an escalation of the trade conflict is not in anyone's interests. In fact, from last month's preliminary talks in Washington,...
September 13, 2018

China welcomes US invite for trade talks, Asian markets relieved

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