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Bridging The Gap
Alibaba surges while Walmart stalls. Alibaba surges while Walmart stalls.
Online retail giant Alibaba has again reported strong earnings, posting a 56% rise in quarterly revenue. Net income grew by 94% to 14.7bn yuan ($2.2bn; 1.7bn;) for the three months ending June 30, compared to the same period last year. The performance is in sharp contrast to US big box retailer Walmart, which posted a 23% drop in net income. Analysts say the two results reflect both a gl...
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US second-quarter growth accelerates to 2.6%. US second-quarter growth accelerates to 2.6%.
The US economy gathered speed in the second quarter of the year, growing at an annualised pace of 2.6%. The pick-up was helped by consumer spending in the quarter expanding at a pace of 2.8%, and businesses stepping up spending on equipment. The growth rate for the first quarter was cut to 1.2%, compared with the previous estimate of 1.4%. Earlier this week, the IMF revised down its US gr...
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Bitcoin swings as civil war looms. Bitcoin swings as civil war looms.
The value of the virtual currency Bitcoin has always been volatile. Even so, there has been particular turbulence in recent days as fears of a "civil war" among its adherents first grew and then subsided, although they have not gone away altogether. On Sunday, the value of one bitcoin dropped to about $1,863 (1,430) before bouncing back to $2,402 on Wednesday, according to data from the new...
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US jobs growth faster than expected US jobs growth faster than expected
US employment rose by more than expected last month, but wage growth remained subdued, latest figures show. The economy added 222,000 jobs in June, the US Department of Labor said, and job creation in April and May was higher than previously estimated. However, despite the job gains and a low 4.4% unemployment rate, wage growth remained tepid. Average wages rose 2.5% year-on-year, which a...
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Tesco to axe 1,200 head office jobs Tesco to axe 1,200 head office jobs
Tesco plans to cut 1,200 jobs at its head office as part of a major cost-cutting drive. The UK's biggest supermarket told staff on Wednesday morning about the cull, which amounts to a quarter of its workforce in Welwyn Garden City and Hatfield. Tesco is implementing a turnaround plan that aims to reduce costs by 1.5bn. The cuts come after the retailer said last week it would close a call...
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Sterling stabilises as May prepares minority government Sterling stabilises as May prepares minority government
The British pound has stabilised on Asian markets, remaining at its low after last week's shock election results in the UK. The currency traded at $1.2740 early on Monday after Friday's $1.2743 close. Analysts suggest the likelihood of a minority Conservative government might stave off further falls in the currency. Prime Minister Theresa May is in talks with the Democratic Unionist Party...
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Paris climate deal: US firms criticise Trump move Paris climate deal: US firms criticise Trump move
Some of the biggest firms in the US have reacted with dismay to President Donald Trump's decision to pull out of the Paris climate deal. General Electric, Facebook, Goldman Sachs and Walt Disney were among corporate giants to condemn the move. Critics say the withdrawal, part of Mr Trump's "America first" policy, will hurt US companies' ability to work abroad and inhibit innovation. US co...
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US stocks continue recoveryv US stocks continue recoveryv
Shares in US machinery-maker Deere & Co rose 7% after it forecast strong sales, helped by demand for tractors in South America. The rosy outlook was part of an upbeat start to trading on Friday, as US stocks opened higher after ceding ground earlier in the week. The S&P 500 was up 0.5%, topping 2,376, while the Dow Jones climbed 0.3% to 20,732.02 The Nasdaq gained 0.4% in early trade, hov...
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US jobs growth accelerates in April US jobs growth accelerates in April
US jobs growth staged a bigger recovery than expected in April as businesses added 211,000 posts. Figures from the US Department of Labour also showed the unemployment rate dropped slightly to 4.4%, compared with 4.5% in March. The rebound in the jobs market could pave the way for the US central bank to raise interest rates in June. The economy needs to create 75,000 to 100,000 jobs a mon...
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Trump seeks tax windfall for business Trump seeks tax windfall for business
President Donald Trump is to propose slashing the rate of corporation tax when he announces his tax plan later. White House officials say the centrepiece of Wednesday's announcement will be a sharp reduction in the business tax rate, from 35% to 15%. Economists say the tax cuts will add trillions of dollars to the deficit over the next decade. But Treasury Secretary Steven Mnuchin has sai...
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