American Apparel filed for bankruptcy protection; restructures $300M debt
American Apparel will restructure its debts upon filing for bankruptcy protection. CEO Paula Schneider said they plan the restructure for the next six months.
Oct 06, 2015 1:21 AM EDT
Shell assures investors: Dividends will be protected
Shell's CEO announce that the company will not cut its dividend payment this year even though the oil price continues to go low. The announcement was made in an email statement by Ben Van Beurden himself.
World Bank sees global poverty to slip below 10% for first time
The poverty percentage in the world population is poised to drop below 10 percent in 2015 for the first time, forecasts World Bank, which has raised the benchmark of international poverty line to $1.90per day from $1.25 a day in 2005 after taking Purchasing Power Parity (PPP) into consideration.
Volkswagen calls for an extraordinary board meeting over emission tests issue; will appoint Poetsch as the new head
Volkswagen board will have an extraordinary meeting on Wednesday. Along with that, Hans Dieter Poetsch will be appointed as the new head of the supervisory board.
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Breakthrough in Trans Pacific trade talks
12 countries including the US, Australia, Japan, New Zealand seem to have reached an agreement on Trans Pacific Partnership (TPP) after the prolonged negotiations over five years. It's learnt that agreeing on monopoly on new heathcare drugs is a major breakthrough in arriving the deal. Australis inistited on five year protection on new healthcare drugs, while the US is keen on longer term of monopoly. Sources say that they arrived on a balancing act by adopting a two-way track in drug pricing mechanism.
Oct 05, 2015 9:29 PM EDT
Will China impose a punitive tax on forex trades?
A senior Chinese official in an official magazine China Finance suggest the Chinese government to impose punitive leve or Tobin tax on forex transactions in Yuan. This suggestion has been made to reduce trading in the Chinese currency thus arresting the fall in forex reserves. Chinese government is offloading huge amounts of US dollars to supprt the falling Yuan ever since its devaluation on 11 August.
Oct 05, 2015 7:10 PM EDT
Global regulators hike capital requirement for big insurers by 10%
The International Association of Insurance Supervisors had agreed to introduce new regulation for insurance company. The regulation will see major insurance companies need to increase their average capital to almost 10 percent.
Oct 05, 2015 8:38 AM EDT
What is wrong with Peeple: New app faces strong resistance
The people-rating app, Peeple, is about to be launched in November 1. But a lot of people wanted to halt its launching because they found it damaging to people's privacy.
Oct 05, 2015 4:36 AM EDT
Falling shares will close Dunkin’ Donuts 100 U.S. stores
Who would not love a steaming hot coffee partnered with donuts in the morning? Surely everyone knows and loves Dunkin’ Donuts. Unfortunately, it has to close 100 of its U.S. stores due to collapsing shares.
Oct 05, 2015 2:37 AM EDT
Boeing 777 propels Emirates Airlines' growth
Dubai-based Emirates Airlines is banking on wide-body aircraft for long-haul flight operations enabling it to become a global hub in the Middle East Region. Emirates is the world's biggest operator of Boeing 777 and Airbus A380 aircraft. The total aircraft fleet of Emirates includes 50 Airbus A380s and 100 Boeing 777 aircraft, which are playing a vital role in the success of the Dubai-based airline.
Oct 05, 2015 2:27 AM EDT
Rolls-Royce is planning to cut more jobs in the Marine Division
Rolls-Royce is expected to cut around 400 jobs in its Scandinavian marine division. The company is expected to cut jobs in the management sector only.
Oct 05, 2015 2:12 AM EDT
HP split approved by the board, will reduce 30,000 jobs
HP will be separated into two firms, the Hewlet Packard Enterprise and HP Inc. Prior to the reorganization, the company is set to cut 30, 000 jobs.
Oct 04, 2015 10:12 PM EDT
No role of nationality in antitrust probe: EU antitrust chief
European Competition Commissioner (ECC) Margrethe Vestager has become a target of the US media for ongoing cases against Google, Apple, Amazon and Starbucks. European antitrust chief Vestager clarifies that there's no role of nationality of companies in antitrust cases. Not only Amercian companies, but also several frims from different nations are facing charges in anticompetition, cartelling cases, etc.
Oct 04, 2015 10:03 PM EDT
Air France negotiation over pilot unions failed; 2,900 jobs at stake
Air France will cut nearly 3,000 jobs starting Monday. Reports say this is due to the airline's proposal that was rejected by the pilot unions.
Oct 04, 2015 9:55 PM EDT
Major French telecom groups are applying for 4G mobile spectrum auction
Four major French telecom groups had submitted their application to enter the low-spectrum airwaves bidding set to be held this November. The auction will see the government raising a substantial amount from the tangible assets.
Oct 04, 2015 9:34 PM EDT
Amazon bans sale of Apple, Google streaming devices
Amazon will no longer sell Apple TV and Google Chromecast by the end of the month. While the online retailer says it is meant to avoid customer confusion, analysts see it as an attempt to favor its own products.
Oct 04, 2015 9:08 PM EDT
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