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Bridging The Gap
U.S. consumer spending up a solid 0.4% in December; savings fall to 10-year low. U.S. consumer spending up a solid 0.4% in December; savings fall to 10-year low.
WASHINGTON — Americans increased their spending 0.4% in December, a solid pace but slower than the big spending burst seen in November. The Commerce Department said Monday the spending gain followed a 0.8% surge in November. Incomes were up 0.4%, helped by a healthy rise in wages that reflects the fact that unemployment is at a 17-year low of 4.1%. A key inflation gauge tracked by the Federa...
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UAE ranks 13th Most Promising Economy for Investment in 2017-19: UNCTAD. UAE ranks 13th Most Promising Economy for Investment in 2017-19: UNCTAD.
The UAE has been named the 13th Most Promising Home Economy for Investment in 2017-19 according to a survey conducted by the United Nations Council for Trade and Development (UNCTAD) and Investment Promotion Agency (IPA) Observer. The ranking, published in the UNCTAD’s recently released annual World Investment Report (WIR) 2017, reflects the UAE’s liberal and investment-friendly business polici...
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UAE Businesses Start Embracing Cryptocurrency Payments. UAE Businesses Start Embracing Cryptocurrency Payments.
UAE’s Star Business Centre, offering state of the art fully furnished offices for new investors, business people and those international companies seeking suitable ready-made fully furnished plug-and-play workplaces, has announced that it is now accepting cryptocurrencies – especially Bitcoin – as a mode of payment for its services. The cryptocurrency is a digital currency or virtual payment t...
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HSBC to pay $101.5m to settle currency rigging probe. HSBC to pay $101.5m to settle currency rigging probe.
HSBC Holdings has its roots in Hong Kong and is Europe's biggest bank HSBC has agreed to pay $101.1m (£72.7m) to settle a US criminal investigation into rigged currency transactions. The bank has admitted its traders twice misused confidential information provided to them by clients for its own profit. HSBC, which is Europe's biggest bank, saw one its former bankers convicted last year in...
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Oil prices rise to hit four-year high of $70 a barrel. Oil prices rise to hit four-year high of $70 a barrel.
The price of oil has hit $70 a barrel for the first time since December 2014. Brent crude climbed after members of Opec, the cartel of 14 oil-producing nations that accounts for 40% of the world's output, said it would continue to limit supplies. The RAC, the motoring group, has warned that rising oil prices could lead to higher forecourt costs for motorists. However, the AA said that dri...
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100+ Kmart, Sears stores to close this spring. 100+ Kmart, Sears stores to close this spring.
More than 100 Sears and Kmart stores will close in March and April, Sears Holdings announced Thursday. The list of unprofitable stores is comprised of 39 Sears locations in 22 states and 64 Kmart sites in 29 states. Liquidation sales at the stores will begin as soon as Jan. 12, according to Hoffman Estates, Ill.-based Sears Holdings. Store employees will receive severance pay and may app...
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Trump hails 'largest tax cut' in US history. Trump hails 'largest tax cut' in US history.
US President Donald Trump has hailed sweeping tax reforms after they were given final approval by Congress, despite fierce criticism by Democrats. "We are making America great again," a jubilant Mr Trump said. He is expected to sign his first major legislative achievement - the biggest rewrite of the US tax code in a generation - in the coming days. The bill slashes taxes for corporations...
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Bitcoin crosses through $17,000 as concerns mount. Bitcoin crosses through $17,000 as concerns mount.
Bitcoin briefly crossed through the $17,000 (£12,615) mark in volatile Asian trading, extending its record breaking run. The cryptocurrency has soared around 70% this week according to Coindesk.com, despite fresh warnings of a dangerous bubble. Its dramatic rise has been likened to a "charging train with no brakes". As concerns mount, an industry group has warned plans to start bitcoin fu...
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Amazon's arrival set to shake up Australia's retail sector. Amazon's arrival set to shake up Australia's retail sector.
Amazon has made its long-awaited entry into Australia, in a move that could have ramifications for the country's A$300bn (£171bn) retail sector. Online shopping makes up a relatively small - but growing - proportion of retail sales in Australia. Geography, poor infrastructure and firms slow to adapt to e-commerce have held the sector back. Australia's retail industry association said Amaz...
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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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