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BERLIN, Germany (AFP) — Deutsche Bank announced Thursday plans to cut 3,000 jobs and almost 200 bank branches throughout Germany, part of a vast overhaul following big losses and scandals at Germany’s biggest lender. “It is a painful decision to reduce jobs. Unfortunately, this step cannot be avoided if Deutsche Bank is to remain competitive in the long term,” board member Christian Sewing said in a statement. Almost 3,000 jobs will be cut in the […]
HONG KONG, China (AFP) — Investors trod a cautious line Wednesday, a day before Britain’s high-stakes referendum on its future in the European Union, with the head of the Federal Reserve warning a vote to leave could hammer world markets. After a three-day rally fuelled by hopes the country will stay in the economic bloc, analysts said traders were taking a step back to see what happens in Thursday’s poll. While bookmakers say there is […]
NEW YORK — United States (AFP) — Facebook said Tuesday it has signed a series of deals to pay celebrities and media companies to produce content for its new live video streaming service. The test program calls for “a relatively small number partners that includes a broad range of content types from regions around the world” receiving “temporary financial support to encourage experimentation with this new format,” Facebook said in a statement. The Wall Street […]
BRUSSELS, Belgium (AFP) – The European Union agreed a raft of anti-tax evasion measures Tuesday that would make it harder for multinationals to shift profits to countries with lower taxes, but critics said they were too watered down. The proposals were agreed on provisionally by the EU’s 28 finance ministers on Friday, following major revelations in the Panama Papers and LuxLeaks scandals of tax schemes enjoyed by big banks, companies and wealthy individuals. Final holdouts […]
HONG KONG, China (AFP) – Chinese Internet giant Tencent on Tuesday announced it had agreed to buy Finnish game-maker Supercell Oy, creator of “Clash of Clans”, from Japanese mobile giant SoftBank for $8.6 billion. “The board is pleased to announce that on 21 June 2016, the consortium…has agreed to acquire a majority equity interest in Supercell,” a Tencent statement filed to the Hong Kong stock exchange said. Supercell is the creator of hugely popular mobile games […]
NEW YORK, United States (AFP) — Nestle-owned Nespresso announced Monday it will reintroduce Cuban coffee to the US for the first time in more than 50 years following the easing of United States sanctions on Cuba. The Swiss food giant’s company plans to sell Cuban coffee under its individual-capsule Nespresso brand, initially as a limited edition, starting in several months. “Nespresso is thrilled to be the first to bring this rare coffee to the US, […]
WASHINGTON, United States (AFP) — Twitter said Monday it was acquiring British-based artificial intelligence startup Magic Pony to bolster its capacity for analysis of visual content. Magic Pony’s technology, based on research to create algorithms that can understand the features of imagery “will be used to enhance our strength in live and video and opens up a whole lot of exciting creative possibilities for Twitter,” said Twitter co-founder and chief executive Jack Dorsey in a […]
Asian stocks gained early on Monday (June 20) as rising expectations of Britain voting to remain in the European Union lifted risk sentiment and the pound jumped against its peers. Japan’s benchmark Nikkei climbed 1.5 percent, helped by a retreat in the recently bullish yen. The benchmark Nikkei gained 239.4 points to 15839.06 and the broader Topix rose 18.98 points to 1269.81. The safe-haven yen, which had soared to a 22-month high of 103.555 per […]
(REUTERS) California is now the sixth largest economy in the world, surpassing France thanks to a robust state economy and the strength of the U.S. dollar. California was the world’s eighth-largest economy as of last year, according to Irena Asmundson, chief economist of the California Department of Finance. “California did exceptionally well in 2015,” said Asmundson. “Lots of sectors did well.” California is home to diverse strong economies, including Silicon Valley and Hollywood. Manufacturing has […]
(REUTERS) Elderly Japanese, among the world’s richest retirees, are flocking to inheritance advisers, tackling historical taboos on discussing death and providing a rare avenue of growth for the country’s brokerages and banks. Trillions of dollars parked in savings accounts are set to be released in the coming years as Japan’s death rate climbs and new, more onerous inheritance tax rules kick in. The shift is attracting investment from companies such as Nomura Holdings, Daiwa Securities […]
SEOUL, South Korea (AFP) — Samsung Electronics said Thursday it had agreed to buy US cloud computing company Joyent — the latest in a series of start-up acquisitions aimed at strengthening the South Korean giant’s software capacity. The purchase of the San Francisco-based firm would provide Samsung with its own cloud platform to support its main mobile business and connect with Samsung household appliances such as TVs, refrigerators and air conditioners, a company statement said. […]
HELSINKI, Finland (AFP) — Finnish telecom equipment giant Nokia announced Thursday a plan to complete the acquisition of its former rival, French-American Alcatel-Lucent during the third quarter. The world’s former top mobile phone maker had gained control of 80 percent of Alcatel-Lucent’s shares by January but has struggled to mop up the remaining shareholders to gain full control of the company. Nokia said Thursday it was settling the ownership issue “through privately negotiated transactions”. “Nokia […]
