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Bridging The Gap
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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BP backs Opec production cuts BP backs Opec production cuts
Opec’s production curbs should succeed in reducing global oil inventories over the second half of the year, Spencer Dale, BP’s chief economist, believes. He said that the cartel’s actions made “perfect sense”. Global oil supply and demand were “broadly back in balance” by the middle of last year, but prices “continued to be depressed by the large overhang of built-up inventories”, Mr Dale said....
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Apple to invest $200 million in U.S. glass maker Corning Apple to invest $200 million in U.S. glass maker Corning
Glass manufacturer Corning is the first to receive an investment from Apple's new $1 billion U.S. manufacturing fund. Apple (AAPL, Tech30) on Friday said Corning (GLW) will receive $200 million from the fund. Last week, Apple CEO Tim Cook said the tech giant would put $1 billion into a fund aimed at bringing advanced manufacturing jobs to the United States. The investment will go toward Corning'...
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Nokia to cut up to 200 jobs more in Finland on weaker demand Nokia to cut up to 200 jobs more in Finland on weaker demand
Helsinki: Nokia plans to cut up to 200 more jobs in Finland because of weak demand for its telecom network equipment. The Finnish company said on Thursday that the cuts are part of a 1.2 billion euro ($1.3 billion) global cost-savings plan which was announced after its 2016 acquisition of Franco-American rival Alcatel-Lucent. "In order to succeed in this market environment we must continue t...
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Credit Suisse plans £3bn fundraising to boost capital Credit Suisse plans £3bn fundraising to boost capital
Credit Suisse says it plans to raise 4bn Swiss francs (£3.14bn) from shareholders in an effort to strengthen its capital base. The Swiss lender put on hold a plan to sell shares in its domestic banking business and posted a first quarter profit of 596m Swiss francs. That compares with a 302m Swiss franc loss a year ago. Swiss banks are under pressure from regulators to boost capital to protect ...
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Unilever sales rise on higher prices Unilever sales rise on higher prices
Soft growth in North America, Europe and Brazil hurt sales at Unilever and Nestle, two of the world's major consumer companies. But both firms said they expected to meet sales goals stated previously. Nestle reported organic growth of 2.3% in the first three months of the year, boosted by Asia and Africa. At Unilever, owner of Dove, Ben & Jerry's and other household brands, underlying sales inc...
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China's first quarter growth beats expectations at 6.9% China's first quarter growth beats expectations at 6.9%
China's economy grew by 6.9% in the first quarter of 2017, according to official figures. The growth rate, which compares expansion with the same three months in the previous year, was slightly higher than many economists had forecast. State-led infrastructure spending and demand for new property helped drive the world's second-largest economy. Last month China cut its growth target for this ...
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