Following the Wednesday announcement of sweeping corporate changes that are set to go into effect over the next few years, Australian telecommunications company Telstra’s stock fell to 7-year lows. Speaking with CNBC’s “Capital Connection,” the company’s CEO, Andrew Penn, said the changes — which will include 8,000 job cuts — were needed because the company […]
Read moreCurrency, United States Finance
European stocks seen higher amid rising trade war fears; OPEC in focus
European markets are set to open higher Wednesday morning, despite heightened fears of a full-blown Sino-U.S. trade war. The FTSE 100 is seen 52 points higher at 7,655; the CAC is expected to open up around 33 points at 5,424 while the DAX is poised to start 53 points higher at 12,742, according to IG. […]
Read moreThe Trump administration ratcheted up its criticism of China in a report released by the White House on Tuesday detailing its claims of “economic aggression” by the Asian giant. The 35-page report titled “How China’s Economic Aggression Threatens the Technologies and Intellectual Property of the United States and the World” came a day after President […]
Read moreJack Ma may be seen today as an e-commerce visionary, but the billionaire businessman has revealed that he was first inspired to build his empire by the dreams of another Asian icon: Malaysia’s current prime minister. The Alibaba founder told reporters on Monday of how Prime Minister Mahathir Mohamad’s plans to turn Malaysia’s capital into […]
Read moreMicrosoft chief Satya Nadella condemned the Trump administration’s new zero-tolerance policy on illegal border crossings and called the separation of immigrant children from their families “abhorrent.” The CEO, who is himself an immigrant from India, shared an email that he said he sent to all Microsoft employees. In that message, Nadella said the new policy […]
Read moreSouth Korea-based cryptocurrency exchange Bithumb said Wednesday it was temporarily suspending deposit and withdrawal services after about $30 million worth of cryptocurrency was stolen. The Seoul-based operator said on Twitter that the stolen coins would be covered from Bithumb’s own reserves and that all users’ assets are being transferred to safer “cold wallet.” Tweet 1: […]
Read moreCanada’s upper house of parliament on Tuesday approved a revised bill to legalize recreational marijuana, setting the stage for the country to become the first Group of Seven nation to legalize cannabis. The Senate voted 52-29 in favor of the revised bill from the elected House of Commons, paving the way for a fully legal […]
Read moreA $2 billion fraud at India’s Punjab National Bank (PNB) may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank’s own internal probe has found. PNB, India’s second-biggest state-controlled lender, has previously alleged that a handful of […]
Read moreAustralia’s largest telecom firm Telstra Corp Ltd said it would cut a quarter of its workforce and flagged asset sales on Wednesday, as competition and new technology crush its mainstay fixed-line businesses and force a strategic reset. It will shed 8,000 employees and contractors from a workforce of 32,000 to save A$1 billion ($738 million), […]
Read moreA sophisticated hacking campaign launched from computers in China burrowed deeply into satellite operators, defense contractors and telecommunications companies in the United States and southeast Asia, security researchers at Symantec Corp said on Tuesday. Symantec said the effort appeared to be driven by national espionage goals, such as the interception of military and civilian communications. […]
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