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Trump refuses to endorse G-7 communique, threatens Canada with more tariffs

The noise of Trump's helicopter landing was so loud they had to stop talking for a while, in a scene one official compared to the opening from the USA television series MASH. European Council President Donald Tusk, who will attend the meeting of EU leaders, said in the New York Times this week "Europe must now do everything in its power to protect the trans-Atlantic bond, in spite of today's mood".

Business

‘All systems go’ for Trump-Kim summit, Singapore diplomat says

A Chinese private jet that discreetly landed in North Korea has departed Sunday en route to Singapore about an hour after its arrival in the communist state, a flight route-tracking website showed . The U.S. president, who prides himself on his deal-making prowess, said he will know "within the first minute" of meeting Kim whether the North Korean leader is serious about the nuclear negotiations.

Business

Jamie Dimon, Warren Buffett urge CEOs to end quarterly earnings forecasts

As a result, corporations "frequently hold back on technology spending, hiring, and research and development" that would improve businesses' future growth, Buffett and Dimon say. Neither Buffett and Dimon nor the Business Roundtable is arguing against quarterly or annual reports from public companies. Without company guidance, analysts' estimates are likely to vary more, making share prices more volatile at the same time that estimates become less valuable to investors and, horror, not ...

Business

Porsche Taycan name confirmed for production version of Mission E

The name, confirmed by the firm's CEO Oliver Blume as part of Porsche's 70th anniversary celebrations , is said to translate loosely as "lively, young horse" from a Eurasian dialect- a nod to the firm's crest, which has featured a leaping horse since 1952.

Business

Verizon taps Hans Vestberg as chief executive

McAdam, 64, will serve as executive chairman through his retirement at the end of the year, at which time he will become non-executive chairman. Vestberg, who joined Verizon (VZ) in April 2017 after a seven-year stint as the CEO Ericsson ( ERIC ), will take over for current Verizon CEO Lowell McAdam on August 1.

Business

China’s ZTE will live, thanks to a deal with the U.S. government

In addition, ZTE will make changes to management, and put a further $400 million in escrow to cover possible future fines. Resolution of the ZTE case may clear the way for progress in those trade talks . "ZTE made false statements to the U.S. Government when they were originally caught and put on the Entity List, made false statements during the reprieve it was given, and made false statements again during its probation", said Secretary Ross at the time.

Business

Apple drops in Europe trading after report on iPhone order cut

The report does also point out that Apple was probably overly optimistic about the sales of its iPhone X when it placed orders previous year. Apple may be anxious that its next iPhones won't be as popular as its last. Apple usually launches its new iPhone lineup during the second half of the year. If accurate, the report could simply suggest that Apple plans to avoid a repeat of the 2017-2018 iPhone X, iPhone 8 , and iPhone 8 Plus scenario, where phones became abundantly ...

Business

Google co-founder's flying vehicle company is taking pre-orders

Kitty Hawk has not yet set a release date for its Flyer, but it has already set up a training facility on Lake Las Vegas to give people a taste of flying its baby. The start-up teased the Flyer in a demo video previous year, and is now nearing public roll out. At 15m away, Kitty Hawk said it sounded about as loud as a lawnmower, while from 75m away, the volume was like a loud conversation.

Business

Group photo masks underlying tension at G-7 summit

Trump's presidency has been clouded by a federal investigation into Russian meddling into the 2016 USA election and possible coordination by people in Trump's campaign. The EU is also attending the summit. President Donald Trump told reporters on Friday that he thought Russian Federation should be reinstated as a member of the G8.

Business

Harvey Weinstein pleads not guilty to sexual assault charges in NY

Weinstein appeared before a judge in Manhattan Tuesday after a grand jury charged him last week with raping a woman in a hotel room and forcing another to perform oral sex in his office. "Everything that's come out makes him the most despicable of these people who have been exposed for their sexual misconduct", he said. Weinstein has reportedly spent months in treatment for sex addiction.

Business

Donald Trump exhausted of Theresa May's 'school mistress' tone

This year's G7 summit comes at a time, when leaders of seven major economies view the current worldwide order as a historic division between Washington and its major allies in North America, Europe and Asia. The raid, made in revenge for the American burning of York - present-day Toronto - the previous year, saw the British briefly capture and set fire to the US capital.

Business

Poundworld in race to avoid collapse as it struggles to secure buyer

Sky News , which revealed Alteri's move, said United States firm Flacks, which expressed interest in Poundland, was no longer considered a contender. Several retailers have shown significant financial distress this year, with both Maplin and Toys R Us disappearing from the high street. Read about the House of Fraser and its Carlisle store here .

Business

Google Promises Its A.I. Will Not Be Used for Weapons

In the post , Pichai spells out the principles that should be considered when creating AI as well as applications of AI that Google will not pursue. Google's principles say it will not pursue AI applications meant to cause physical injury, that tie into surveillance "violating internationally accepted norms of human rights", or that present greater "material risk of harm" than countervailing benefits.

Business

US Reportedly Sought Saudi Backing Before Trump Quit Iran Nuke Deal

Brent crude , the global benchmark, added $1.96, or 2.6%, to $77.32 a barrel. " Oil prices are being clobbered by a surprise build to crude stocks as total imports jumped higher, blunting the impact of higher refinery runs", said Matthew Smith, director of commodity research at ClipperData in Louisville, Kentucky.

Business

US Exports Rose in April, Imports Fell

The Commerce Department said the trade gap narrowed 2.1 percent to $46.2 billion, the smallest since September. The consensus is a $49 billion deficit, the same is March. Statistics Canada said that past year the export value of aluminum products subject to the new tariffs was about $9.2 billion, while the value of the steel products was about $7.2 billion.

Business

Trump to leave G-7 summit early, travel directly to Singapore

French President Emmanuel Macron warned Trump in a rare rebuke on Thursday that the other six members of the G7 might form their own group, adding that "no leader was forever". Media reports of late have suggested Trump will be a reluctant visitor to Canada, given the summit's proximity on the schedule to next week's meeting with the North Korean leader.

Business

Ghana Football Association dissolved amid corruption allegations

The Ministry say they have been forced to act "as a result of the pervasive nature of the rot within the GFA" and that they have "taken immediate steps to have the GFA dissolved". Ghana risks being suspended from the 2026 World Cup hosting vote next week, when it had been expected to vote for fellow African country Morocco against the joint bid of the United States, Canada and Mexico.

Business

Heinz Salad Cream to be renamed after 104-years of production

In 1999 , Heinz revealed plans to discontinue Salad Cream, but the condiment was saved from the chop following vocal protests from horrified fans. "Its name has been ever-present in fridges and cupboards across the United Kingdom for over 100 years and we want to make sure it stays that way".

Business

Italian Senate approves new populist government

In his inaugural policy address ahead of the Senate vote, Premier Giuseppe Conte readily acknowledged that the 5-Star-League partnership marks a radical shift from the Italian status quo. A political novice, Conte leads the euroskeptic coalition of the 5-Star Movement, which considers itself anti-establishment, and the right-wing, north-based League party.

Business

Ex-Cambridge Analytica boss admits getting Facebook data from researcher

Facebook, in its response, had said that the data of over 5.6 lakh users in India may have been accessed without their consent. Kogan had told lawmakers he did give Cambridge Analytica the data. A spokesperson said: "All Mr Nix's comments carried in our reports were used in context, including any caveats". Christopher Wylie , the whistleblower who exposed the relations between Cambridge Analytica and the data firms was, he warned, spreading a damaging and misleading conspiracy theory.

Business

NTSB releases preliminary report on fatal Model X crash

According to the Associated Press, Tesla says it's vehicles and systems are not to blame; the drivers are. S3 said. "FANG short sellers have performed especially poorly, down $7.6 billion in mark-to-market losses for the year". The two Model Y photos now in the wild are far too vague to give much away - other than the fact that the vehicle doesn't look to have any exterior wing mirrors.

Business

Social Security says system's costs will exceed income this year

That's because, according to the report , the government will collect less in income taxes, meaning less money will flow into the Medicare trust fund. SSA had previously estimated that the Protecting and Preserving Social Security Act would strengthen the program by covering these costs and benefits for an additional 25 years, until 2059-further strengthening the basic safety net for millions of Americans, including many of those who have worked hard for their entire lives.

Business

Trump, Trudeau tension over trade, tariffs at G7 meeting in Canada

Trump was referring to the war of 1812 between the British and the Americans that resulted in the burning of Washington in 1814, at a time when Canada was still part of the British Empire. "Hog, apple, potato and dairy farmers are among those suddenly facing a 10 or 20 percent tax hike on the exports they depend of for their livelihoods", she said in a statement .

Business

Hudson’s Bay to Close Lord & Taylor Flagship

To better balance the brand's brick and mortar presence with its online channels and increase profitability , the company expects to close up to 10 Lord & Taylor stores through 2019. However, its performance on the continent has been lacklustre, with comparable sales at HBC Europe falling for several quarters. In May, Reuters reported that Hudson's Bay had hired an advisor to revive, or possibly sell, the ailing luxury department store chain.

Business

ZTE will reportedly pay over $1 billion to lift United States ban

That penalty was assessed following an investigation showing that ZTE had violated USA sanctions and had provided technology to Iran and North Korea. Mr. ZTE has reportedly not yet signed the amended deal, but that seems like it's only a matter of time. This means that they could be fined up to $1.7 billion in total.

Business

Massive Breaches: 92 Million Users’ Details Leaked by DNA Testing Site

The website now has 96 million users from around the world with 1.4 million of them who have taken the DNA test. The post went on to explain that the company does not store user passwords, only a one-way hash of each password, and the hash key, known as salt, differs for each user.

Business

Trump tariffs: Mexico retaliates against USA products

The U.S. announced tariffs on Canadian and Mexican steel and aluminum after talks stalled on a renegotiation of the North American Free Trade Agreement (NAFTA). "This is devastating to my family and pork producing families across the United States". Larry Kudlow, director of the US president's National Economic Council, said Trump is now "very seriously contemplating a shift in NAFTA negotiations".

Business

Mexico Hits US With Retaliatory Tariffs

What is a trade war? Kudlow explained that the new bilateral approach would be a way to address significant differences between the countries. Washington exports apples valued at $200 million to $250 million to Mexico every year, representing 10 percent of its total market, Todd Fryhover, president of the Wenatchee-based Washington Apple Commission, said Tuesday morning.

Business

Musk keeps firm grip on Tesla as shareholders get behind boss

Musk appeared on stage visibly shaken with a quiver in his voice. Musk's success wil come as an encouraging vote of confidence as he seeks to accelerate the production of the Model 3. FBN's Gerri Willis on Tesla CEO Elon Musk's Los Angeles tunnel and the Boring Company's flamethrower. "Although the current leadership structure, in which the positions of Chairman and CEO are held by one person, could provide an effective leadership for Tesla at the early stage, now in this much more ...

Business

Google not to renew contract with Pentagon

In a decision some have called "troubling", Google will not renew a contract helping the US military battle terrorism with analysis of aerial drone imagery, a person familiar with the matter said on Friday. If Google is indeed ending its involvement in the military drone project , it could as a result of the staff letter, and the fact that at least a dozen people reportedly resigned over the issue.

Business

Two more people killed in Nicaraguan protests

The statement follows an AI report [text, PDF] published the day before that detailed the Nicaraguan government's tactics to suppress protesters. The government scrapped those plans, but the rallies only grew and evolved into protests against Ortega's leadership.

Business

Crude oil eases for 2nd day on prospects of higher supplies

Later in the session, the American Petroleum Institute will publish its weekly report on United States crude oil supplies during last week, ahead of the DoE's official report on Wednesday and the USA oil rig count by driller Baker Hughes .

Business

Sky takeover: United Kingdom clears way for deal to proceed

The CMA report sets out some draft terms for such a divestment, and Fox has written to me to offer undertakings on effectively the same terms. Culture Secretary Matt Hancock said Fox's final proposal made to divest Sky News to Disney , or to an alternative suitable buyer, with funding secured for at least 10 years, was likely to be the best remedy for the public interest concerns that had been identified.

Business

Qatar Airways Chief Says a Woman Couldn't Run His Airline

Akbar Al Baker made the comments moments after becoming chairman of the aviation industry body's board of governors for a one-year term, Bloomberg News reported . "If we're leaving out nearly 50 percent of the population in our search for the next generation of 640,000 pilots, we're clearly not tapping into all of the talent that's available", Alan Joyce, the airline's chief executive, said in a statement previous year.

Business

Motorists hit by 'hellish' petrol price rise in May

The RAC said a "punitive combination" of higher crude oil prices and a weaker pound was to blame for the increases. Brent crude futures lost United States dollars $1.50 per barrel to settle at $75.29 per barrel. Venezuela's crude oil production fell almost 13 per cent a year ago due to intense internal conflict and Iran is staring at a fresh sanction from the US.


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