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Bridging The Gap
Alibaba buys stake in Chinese hypermarket chain Sun Art Alibaba buys stake in Chinese hypermarket chain Sun Art
Chinese e-commerce giant Alibaba is pushing further into bricks and mortar retailing by buying a 36% stake in China's largest hypermarket operator. A unit of Alibaba will pay $2.9bn (2.2bn) for both direct and indirect holdings in Sun Art, which operates more than 400 stores across China. The purchase gives Alibaba a leg up in the lucrative grocery sector. US rival Amazon paid nearly $14...
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BMW recalls a million cars in North America BMW recalls a million cars in North America
BMW has issued recalls for about one million vehicles in North America over two separate problems it said raised the risk of fire. One recall affects BMW 3 series models from 2006 to 2011, which it says contain wiring that could cause the luxury sedans to overheat. The other recall involves a faulty valve heater installed in some 2007-2011 models. BMW said dealers will replace the faulty ...
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Business leaders call for swift transition deal. Business leaders call for swift transition deal.
Britain's five biggest business lobby groups are calling for an urgent Brexit transition deal, or they warn the UK risks losing jobs and investment. In a joint letter being sent to Brexit Secretary David Davis, the groups, including the Institute of Directors and CBI, will say time is running out. Sources told the BBC the letter is still in draft form, but will be sent in the next day or two...
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Trump threat to NFL over 'massive' tax breaks Trump threat to NFL over 'massive' tax breaks
US President Donald Trump has called for the National Football League (NFL) to be stripped of tax advantages. In a tweet he complained the league had received "massive" tax breaks, while some of its players had been "disrespecting" the national anthem. The teams pay tax, but have often received public support to build stadiums. The NFL league office, which oversees rules, referees and the...
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Trump to outline major tax cut plans. Trump to outline major tax cut plans.
US President Donald Trump will call for major tax cuts for business in a speech later, as a longstanding Republican effort to overhaul the US tax code takes centre stage. Top Republicans released a framework for the tax overhaul earlier. They are looking for a policy win, after repeated failure to reform the US healthcare system. Among the planned changes is a cut in the corporation tax r...
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EasyJet lets passengers book partner flights EasyJet lets passengers book partner flights
UK budget airline EasyJet is to let customers use its website to book long-haul flights with other carriers. It says it is the first global airline connections service by a European low fares carrier. EasyJet is teaming up with Norwegian and WestJet to offer flights to North and South America, as well as Singapore, from Gatwick. However, passengers will still need to transfer baggage betw...
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Equifax shares plunge on cyberattack news. Equifax shares plunge on cyberattack news.
Shares of Equifax shed more than 13% of their value in Friday trading, one day after the credit reporting company revealed that personal data on nearly half of all U.S. consumers potentially had been compromised. The Atlanta-based company said Thursday that about 143 million U.S. consumers could be affected by a cybersecurity attack carried out by suspected criminal hackers. That's about 44% o...
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US petrol prices rise as key pipeline shut US petrol prices rise as key pipeline shut
US petrol prices have risen after a key network of pipelines was shut in the wake of Hurricane Harvey, sparking fears of a squeeze on fuel supplies to major US cities. The hurricane has already forced the closure of nearly a quarter of US oil refining capacity. Colonial Pipeline said it was closing its pipelines delivering diesel, petrol and aviation fuel along the East Coast. It later sa...
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RBS accused of mistreating businesses in leaked report. RBS accused of mistreating businesses in leaked report.
The RBS department set up to help companies in trouble mistreated many of its clients, a leaked report for the Financial Conduct Authority says. It found some "inappropriate action" - such as interest charges being raised or unnecessary fees added - was experienced by 92% of viable firms seen by RBS's Global Restructuring Group. GRG operated from 2005 to 2013 and at its peak handled 16,000 c...
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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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