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Economy

Versace is reportedly set to be snapped up by USA fashion group Michael Kors in a $2bn (£1.5bn) deal. The Versace family will continue to have a role in the company under any agreement, they said. "I can't tell you whether he is going to sell dresses for $100 or $300, but I can tell you he is going to find a way to reach a lot more customers by broadening its playing field", Weber says.
  • Amazon joins $1 trillion club, on pace to overtake Apple

    Amazon joins $1 trillion club, on pace to overtake Apple

    Economy

    Congratulations on the $1,000,000,000,000, Jeff Bezos. Amazon touched a market value of $1 trillion Tuesday, becoming just the second publicly traded company to reach the milestone. But of that massive revenue, retail is slowly beginning to take a back seat to other higher-margin services. Amazon's stock has gained over 70% in 2018, according to CNBC .
  • Petrol price hits a record high in Mumbai

    Petrol price hits a record high in Mumbai

    Economy

    The revised petrol price in the city was Rs 82.22/litre and Rs 74.19/litre, respectively. "The prices of petrol and diesel are shooting up steeply and very soon, the price of petrol might touch Rs 100 per litre", said Andhra Pradesh chief minister N Chandrababu Naidu on Monday.
  • Canada, US break up NAFTA talks, Trump´s comment sours mood

    Canada, US break up NAFTA talks, Trump´s comment sours mood

    Economy

    Earlier this week , Trump announced the USA and Mexico had reached a preliminary trade deal as part of an overhaul of the North America Free Trade Agreement (NAFTA). "It's somewhat puzzling to understand that the USA has been so adamant that chapter 19 must go", said Dattu. "There have been no concessions by Canada on agriculture", he said.
  • Elon Musk Revives Thailand Diver

    Elon Musk Revives Thailand Diver "Pedo" Controversy With New Tweets

    Economy

    To which Musk replied: "You don't think it's odd he hasn't sued me?" Nearly as if Elon was implying "don't you think if the things I wrote weren't true, he would have brought a legal challenge against me?" Unsworth told Sky News on Wednesday that he could not comment on Musk's latest tweets, but added: " It's all being dealt with, that's all I can say ".
  • Iran asks United Nations to act against ‘economic strangulation’ by U.S.

    Iran asks United Nations to act against ‘economic strangulation’ by U.S.

    Economy

    Why did the United States abandon the nuclear deal? In a phone call with French President Emmanuel Macron on Monday, Mr Rouhani said Tehran expected the remaining partners to act quickly to preserve the agreement. The other parties to the deal - the UK, France, Germany, China and Russian Federation - have criticised Mr Trump's decision and pledged to abide by their commitments under the existing deal.
  • U.S. hits Russian firms, ships with sanctions-INSIDE

    U.S. hits Russian firms, ships with sanctions-INSIDE

    Economy

    The European Union is unlikely to heed London's call for it to match the latest US sanctions against Moscow over an attack on a former Russian spy in Britain earlier this year, diplomats in Brussels said. US lawmakers are now pushing for yet more aggressive steps against Russian Federation, although Donald Trump's administration insists current sanctions are already having an effect.
  • PepsiCo puts fizz into healthy drinks with $3.2 billion SodaStream deal

    PepsiCo puts fizz into healthy drinks with $3.2 billion SodaStream deal

    Economy

    PepsiCo and arch-rival Coca-Cola have been diversifying away from their mainstay sodas in part to counter the onset of anti-obesity sugar taxes around the world. SodaStream has been a target of the Boycott Divest and Sanction Movement;that allegedly added to the company's decision to move its factory from Maale Adumim in the West Bank to the southern Israeli city of Rahat, resulting in hundreds of Palestinians losing their jobs.
  • First crack at Musk could give top Tesla funds an edge

    First crack at Musk could give top Tesla funds an edge

    Economy

    In an unusually personal and emotional interview, the electric auto maker's chairman and chief executive said he is exhausted after a year of controversy. To add to Musk's troubles, his rash tweets - that even surprised the company's board and made stocks go insane before they were frozen - landed him in hot water with the U.S.
  • Turkey's Erdogan says to challenge 'games' on the economy

    Turkey's Erdogan says to challenge 'games' on the economy

    Economy

    Foreign Ministry spokesperson Lu Yi said China believes that Turkey has the "ability to overcome temporary economic difficulties", according to a translated statement placed on the ministry's website Friday. But he suggested Turkish "policymakers only really seem to have done the minimum needed". On Friday, ratings agencies Standard & Poor and Moody's downgraded Turkey's credit rating further to "junk" status, pointing to currency volatility and concerns over central bank independence.
  • Qatar Rescues Turkey With $15 Billion

    Qatar Rescues Turkey With $15 Billion

    Economy

    Treasury Secretary Steven Mnuchin on Thursday evening said that the U.S. could look to impose fresh sanctions on Turkey if President Erdogan doesn't release imprisoned American pastor Andrew Brunson. Though Turkey's financial troubles did not originate with the battle over Brunson's release, the moves have sped up the Turkish economy's decline. Around the same time as Mnuchin's comments, President Trump intervened on Tweeted that Turkey has "taken advantage of the United States for many ...
  • Trump defends tariffs, says USA 'was built' on taxing imports

    Trump defends tariffs, says USA 'was built' on taxing imports

    Economy

    Washington announced in January the imposition of what it called safeguard tariffs for four years: a tariff of 30 percent in the first year, which would be reduced gradually to 15 percent in the fourth year. China filed a complaint with the WTO to help determine the legality of the US policies, saying they not only harm China's rights but also undermine the WTO's authority, according to Reuters.
  • More US sanctions for Turkey if they don't obey

    More US sanctions for Turkey if they don't obey

    Economy

    US stocks and emerging market currencies rebounded on Thursday after China said it will hold trade talks with the United States later in August and Turkey's lira continued its recovery. In return, President Recep Tayyip Erdogan signed a decree to raise tariffs on American imports including cars, alcohol and tobacco. "He's a very innocent man", Trump said.
  • U.S. can not see who its true friend is: Turkish FM

    U.S. can not see who its true friend is: Turkish FM

    Economy

    Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan , addressed hundreds of foreign investors from the United States, Europe and Asia via a conference call in a bid to soothe the markets. Kalin said the German and French leaders told Erdogan that "they were also suffering and that they were also complaining about" U.S. President Donald Trump's administration's tendency to "use trade, dollars, taxes as weapons".
  • China to send delegation for USA talks to avert trade war

    China to send delegation for USA talks to avert trade war

    Economy

    USA futures also gained, as Dow e-minis gained 0.45 per cent on the news. The delegation led by a deputy commerce minister will visit in late August to discuss "issues of mutual concern", the Commerce Ministry announced Thursday. Under Secretary of Treasury for International Affairs David Malpass. U.S. Treasury officials declined to comment on the talks, referring Reuters to Kudlow's remarks on CNBC.
  • Chinese oil importers shun USA crude despite tariff reversal

    Chinese oil importers shun USA crude despite tariff reversal

    Economy

    The US benchmark crude has declined more than 4percent this month as global trade disputes threatened to deflate energy demand growth. Meanwhile the market is worrying about supply from Venezuela and preparing for the last round of USA sanctions against Iran , which will target its oil industry specifically.
  • Rescuers in Italy comb concrete and steel after bridge collapse

    Rescuers in Italy comb concrete and steel after bridge collapse

    Economy

    Luigi D'Angelo, an official for the civil protection agency, said there were 30 cars and between five to 10 trucks on the road when the middle section came down. Davida Di Giorgio shot the video on his cell phone which captured the moment of the collapse. Vehicles on the bridge plummeted as far as 90 metres.