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Bridging The Gap
Kobe says 500 firms affected in steel scandal Kobe says 500 firms affected in steel scandal
Japan's Kobe Steel has increased the number of firms it says have been affected by its data fabrication scandal from 200 to 500. It also said it had found "inappropriate actions" relating to nine more products, including falsifying data. Earlier this week, Kobe admitted falsifying quality data on some of its products for up to a decade. The news has wiped out about $1.8bn off Kobe Steel's...
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Farm incomes may halve after Brexit Farm incomes may halve after Brexit
The profitability of the average UK farm could fall by as much as half after Brexit, new research suggests. The report, by the Agriculture & Horticulture Development Board (AHDB), says the "worst-case scenario" would cut average farm profits from 38,000 a year to just 15,000. The analysis tries to model the effects of cheaper imported food, reduced subsidies and more expensive labour. A...
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Bombardier-Boeing row: Coveney warns on peace process Bombardier-Boeing row: Coveney warns on peace process
The Irish foreign minister has raised concerns with the US Commerce Secretary over the potential impact the Bombardier-Boeing trade dispute could have on Northern Ireland. Simon Coveney met with Wilbur Ross in the US on Wednesday afternoon. He told Mr Ross that the security of the economy in Northern Ireland is essential to the peace process. Last week, the US Department of Commerce propo...
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Google offers to treat shopping service rivals equally Google offers to treat shopping service rivals equally
Google says it will treat its shopping service the same as rivals to prevent further European Commission fines. And it said it would split Google Shopping from the main Google business. The shift comes after Google was hit by a record antitrust fine of 2.4bn euros ($2.7bn; 2.2bn) in June for unfairly favouring its own service over those of its rivals. The company said Google Shopping and...
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Tech billionaire Michael Dell pledges $36 million to Harvey relief efforts Tech billionaire Michael Dell pledges $36 million to Harvey relief efforts
Tech billionaire and Houston native Michael Dell has committed $36 million to Hurricane Harvey relief efforts. The pledge from the Michael & Susan Dell Foundation is the largest contribution to date. It follows a long list of corporate donations to help the storm's victims and aid with recovery. The founder and CEO of Dell and his wife Susan on Friday also announced the launch of the Reb...
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WeWork wins $4.4bn injection from Japan's SoftBank WeWork wins $4.4bn injection from Japan's SoftBank
WeWork, the New York start-up that helped pioneer the concept of shared office space, has won a $4.4bn (3.4bn) vote of confidence from two huge investment groups. SoftBank, the Japanese telecoms and technology giant, is buying a stake worth $3bn in the US firm. The investment follows a previously announced $1.4bn injection by SoftBank to fund WeWork's Asian expansion. Some of the investment is...
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Apple sales boosted by apps and music Apple sales boosted by apps and music
Technology giant Apple said newer lines of business such as Apple Pay, the App Store and Apple Music helped to drive growth in its third quarter. The services unit was what one analyst described as a "shining light", while sales were robust for Apple's hardware, including iPhones and iPads. Quarterly profit rose 12% to $8.7bn (6.6bn). Revenues grew by 7% year-on-year to $45.4bn. The news sent ...
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China wants to build a $150 billion AI industry China wants to build a $150 billion AI industry
In China, cutting-edge innovation often comes with orderly, numbers-heavy government mandates. Artificial intelligence is no exception. Beijing laid out a timeline on Friday for when it expects the country to become a global leader in the frontier technology. By 2020, China's AI technologies and research facilities will match other leading countries, said Li Meng, the vice minister of science an...
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Samsung sees record quarterly profit on chip demand Samsung sees record quarterly profit on chip demand
Samsung Electronics has reported a record quarterly profit thanks to surging global demand for memory chips. The South Korean tech giant reported an operating profit of 14 trillion won ($12bn; 9.3bn) in the three months to June, up 72% on a year earlier. Sales climbed 18% to 60 trillion won, buoyed by strong sales of smartphones including the new flagship Galaxy S8. Analysts say the results in...
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Iran to sign gas deal with France's Total and China's CNPC Iran to sign gas deal with France's Total and China's CNPC
Iran says French energy giant Total is to sign a contract worth close to $5bn (3.8bn) to develop an offshore gas field in the Gulf. It is the biggest foreign deal since most economic sanctions against the country were lifted in 2016. Oil ministry officials said the deal to develop the South Pars gas field would be signed on Monday in Tehran, with Total getting a 50.1% stake. China's CNPC would...
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