Tag Archives: Business this week

Business this week

Business this week

Ren Zhengfei, the founder and boss of Huawei, said he was considering selling his company’s 5G technology, which has become a source of tension between America and China. The Chinese maker of telecoms equipment has in effect been locked out of the American roll-out of 5G because of national-security concerns. Mr Zhengfei suggested Huawei would share 5G patents with …

Business this week

Business this week

The Argentine government introduced emergency capital controls, restricting the amount of dollars that people and firms can buy. The measures are meant to stop money gushing out of the country amid a run on the peso, which has tumbled as investors fret that October’s presidential election will be won by a ticket that includes Cristina Fernández …

Business this week

Business this week

A judge in Oklahoma ruled that Johnson & Johnson had broken the state’s “public nuisance” law with its aggressive marketing of opioids and ordered it to pay $572m. It was the first time a drugmaker had stood trial for its part in creating America’s opioid-addiction crisis; others have so far elected to settle rather than face a …

Business this week

Business this week

The Business Roundtable, America’s foremost association of chief executives, caused a stir when it redefined the purpose of a company, ditching the decades-old orthodoxy that increasing shareholder value should be the only objective. Now, the bosses say, companies should also look out for the interests of customers, workers, suppliers and communities, and aim to increase diversity …

Business this week

Business this week

Spooked by concerns over trade, geopolitical tensions and the possibility of recession, stockmarkets had their worst day of the year so far. The s&P 500, Dow Jones Industrial Average and NASDAQ indices all fell by 3% in a day. In Europe the DAX was down by 2.2% and the FTSE 100 by 1.4%. Investors were particularly concerned by the yield on long-term American …

Business this week

Business this week

America officially categorised China as a currency manipulator forthe first time in 25 years, after the yuan weakened past the psychologically significant mark of seven to the dollar, the lowest point for the Chinese currency since the financial crisis. The yuan trades narrowly in China around an exchange rate set by the central bank. It dismissed the …

Business this week

Business this week

The Federal Reserve cut its benchmark interest rate for the first time since the financial crisis, by a quarter of a percentage point to a range of between 2% and 2.25%. After nearly four years of tightening, Jerome Powell, the central bank’s chairman, said the Fed was loosening monetary policy amid uncertainties about trade and the world …

Business this week

Business this week

America’s Justice Department announced a broad antitrust review of the market power of online platforms in search, social media and retailing. That increases the pressure on Amazon, Apple, Facebook and Google to improve their behaviour as the calls from some Democrats to break up those companies grow louder during the election season. Meanwhile, the Federal Trade …

Business this week

Business this week

In a presentation to scientists, Elon Musk said that a startup he backs which is developing technology to integrate artificial intelligence with the brain plans to begin tests on humans by the end of next year. Neuralink is working on a system that will connect the human brain to machines by implanting hundreds of electrode “threads”, …

Business this week

Business this week

Deutsche Bank revealed details of a long-awaited €7.4bn ($8.3bn) restructuring plan. Its investment-banking division will bear the brunt. The troubled lender will close its global equity-trading unit and cut 18,000 people from its 91,500 workforce. It will also create a “bad bank” to house unwanted assets. Christian Sewing, Deutsche Bank’s chief executive, hopes the move will …

Business this week

Business this week

America and China agreed to resume trade talks. At a summit of G20 leaders in Japan, President Donald Trump agreed not to slap new tariffs on $300bn-worth of Chinese goods. He also said he would allow American companies to sell products to Huawei, a Chinese telecoms firm which was blacklisted in May. In exchange, Xi Jinping, China’s president, agreed …

Business this week

Business this week

Tensions in the alliance between Renault and Nissan were on display at the latter’s annual shareholders’ meeting, the first since the arrest on financial-misconduct charges of Carlos Ghosn, who ran the alliance. Nissan’s investors directed most of their ire at Jean-Dominique Senard, Renault’s chairman, who has pushed for a full merger with Nissan and had threatened to scupper changes …