Tuesday, 19 June 2018
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CEO of Samsonite resigns after doctorate drama


In filings to the Hong Kong exchange, the world's largest luggage maker by sales volume said CEO Ramesh Tainwala resigned Thursday due to " personal reasons " and separation arrangements are being worked out. Samsonite's Chief Financial Officer Kyle Gendreau will takeover as chief executive officer and managing director. "The conclusions drawn in the report about the company and its financial results are incorrect", it said. Read More »

B.C.’s minimum wage increasing to $12.65/hour on June 1st


The move affects about 2.3 million employees, or 20 per cent of Australia's workforce, and was opposed by business groups who argued that higher pay awards would kill jobs. "It is a step forward towards a living wage but it's not a living wage", McManus said. The Fair Work Commission announced a 3.5 per cent increase from July 1 to $719.20 a week, or $18.93 per hour, in a bid to improve the living standards of the country's lowest paid workers. Read More »

Brent premium over WTI hits new 3-year high


Oil prices retreated on Friday, after U.S. President Donald Trump's remarks on trade boosted the dollar, weakening greenback-denominated commodities, including crude. Global benchmark Brent fell 51 cents to $77.05 a barrel, a 0.7 percent loss. It was made clear that adjustments to the 2016 oil output cuts, amounting to as much as 1 million bpd of additional crude supply, are under "active" discussion ahead of the June "OPEC Plus" meeting in Vienna. Read More »

FCA calls for 'fundamental reform' to bank overdrafts


High cost credit also covers unarranged bank overdrafts and the watchdog said it was consulting publicly on mandatory rules to make it easier for customers to manage their bank accounts and avoid punitive charges for unarranged overdrafts. More than three million people have dipped into an unauthorised overdraft in the course of a year, exceeding their agreed limit. The FCA will carry out a "detailed assessment" of the impact of a cap and introduce any changes in April 2019. Read More »

ANZ & Group Treasurer Facing Criminal Cartel Prosecution


ANZ is facing action by the Commonwealth Director of Public Prosecutions over alleged cartel conduct related to a $2.5 billion share placement in 2015. ANZ does not intend to provide further comment at this time. ANZ said it believed that it had acted in accordance with the law and meant to defend itself. Read More »

Air New Zealand & Qantas to codeshare


Proposed Qantas codeshare routes in New Zealand. The tie up also marks a shift in airline alliances as both Qantas and Air New Zealand have dropped or redrawn deals with Gulf carriers in recent months. The new agreement with Qantas effectively ends the prospect that Air New Zealand and Virgin could have codeshared in domestic markets after their joint venture partnership concludes. Read More »

Australia's Fair Work Commission raises minimum wage by 3.5 percent


In February, an intense phone call study conducted by Meyers Norris Penny, MNP, the Canadian Accounting and Business Advisory, surveyed 200 businesses around Vernon. Ontario ranks 1 with a minimum wage of $14.00/hour, though Alberta - the current home of Canada's second-highest minimum wage - will see an increase to $15.00/hour on October 1. Read More »

Pilot forced to make an emergency landing due to a stinky passenger!


Though it may sound like the opening scene of an apocalyptic pandemic movie, the emergency landing was actually forced by a passenger who smelled as if he hadn't washed for several weeks, Dutch newspaper De Telegraaf reported. " The aeroplane diverted because of medical reasons, but it is indeed right that he smelled quite a bit ", a spokesperson said. A smelly passenger forced an emergency landing of a Transavia plane in Faro on Tuesday. Read More »

Macron talks to Trump, says tariffs illegal and a mistake


What happens next? The EU will discuss its list of potential retaliatory tariffs with its 28 member states before deciding on whether to enact them. The EU earlier threatened to counterpunch by targeting US products, including Kentucky bourbon, blue jeans and motorcycles. The EU Commission, the bloc's executive, said the measures could enter into force on June 20 at the earliest. Read More »

Sears to close another 72 stores as sales plunge


Shares closed down another 40 cents apiece, or almost 13 percent, on Thursday. But the company has closed some North Carolina stores already. After the just-announced closings, that number will shrink to roughly 820. Sears reported a net loss of $424 million for the first quarter of 2018. The Wall Street Journal reported that Sears is considering selling off its Kenmore appliance brand, as well as other units of its business. Read More »

Fiat, Chrysler brands looking at major changes but not dead yet


Regarding media speculation that there would be discussion of ending the Chrysler brand , Marchionne dismissed it as "talking nonsense". Notably, the last five-year strategy update, announced in 2014, had a grand vision for Chrysler. The Renegade small SUV has given its presence in new segments. Jeep brand chief Mike Manley did not provide a target for 2022 sales, which are now around 1.9 million vehicles a year. Read More »

Malaysia's Petronas to take 25 pct stake in LNG Canada


The Dutch supermajor has committed to cutting its carbon footprint in half by 2050 and said it would invest about $2 billion per year on alternative energy solutions until the end of the decade. Petronas, meanwhile, is one of the largest natural gas explorers in the North Montney region of northeastern B.C. But costs will be a major concern for the project, Kakaraparthi noted. Read More »

HKEX to roll out MSCI Asia Ex Japan Index futures


Any funds that track the affected MSCI indices will have to buy A-shares to stay in line with the index's performance. The firms are predominantly blue chips such as SAIC Motor Corp and liquor maker Kweichow Moutai Co Ltd. MSCI Inc ., one of the largest providers of indexes for use by issuers of exchange traded funds, is considering capping the weights of two of the largest emerging markets in its major global equity indexes. Read More »

Airline profits unlikely to reach forecast, says IATA chief READ MORE


The airline industry is in its ninth consecutive year of profitability. Shares have risen six-fold since late 2013. The company, which has resisted an approach by British Airways owner IAG SA , is "reluctant" to hedge at levels of above US$80 per barrel of oil, said Tore Ostby, executive in charge of strategic development. Read More »

Google says it will not renew controversial Pentagon contract

Google plans to honor what is left of its subcontract on Project Maven , the person said . Google would not choose to pursue Maven today because the backlash has been awful for the company, Greene said, adding that the decision was made at a time when Google was more aggressively pursuing military work. Read More »

Trump flouts federal rule with tweet touting job numbers


And late a year ago, responding to criticism that he had been silent about the deaths of four US Special Forces members in Niger, the president referred the 2010 death of White House Chief of Staff John Kelly's son in Afghanistan, publicly revealing what Kelly had shared privately with him - that then-President Barack Obama did not call Kelly after his son's death. Read More »

'Handsome One' Pedro Sanchez Is New Spanish PM


Among them were the party's former treasurer, Mr. Bárcenas, who was sentenced to 33 years in prison and fined about $51.3 million. Spain's King Felipe VI speaks with the Speaker of the Spanish Parliament , Ana Pastor, at the Zarzuela Palace on Friday. Read More »

Ticketfly, Major Venues Offline Hours After Hack, Ransom Demand [UPDATE 3]


In the same statement , Ticketfly suggests going to specific venues' or promoters' social media pages to find out more about status for upcoming events while the website is down. Eventbrite boasted that Ticketfly sells about 60 million tickets a year. The issue has affected the entirety of Ticketfly affiliated organizations. Read More »

Google backs off from Pentagon project after uproar

Wow. Kudos to all the Google employees who forced the company's hand on this. Known as Project Maven , the controversial pilot program involves Google providing artificial intelligence capabilities to the DoD for the analysis of drone footage. Read More »

Deadline expires, no bids for airline

Prime Minister Narendra Modi's government announced a plan in March to divest a 76 percent stake in Air India and offload about $5.1 billion of its debt. Jet Airways chairman and promoter Naresh Goyal, however, was quoted recently in the media stating that Air India is very much on his radar. Kapil Kaul, chief executive, India and Middle East, Centre for Asia Pacific Aviation, said it may be desirable to modify the terms of disinvestment to align them with the expectations of investors. Read More »

Fiat Chrysler Bets Against Fiat, Chrysler

The namesake Fiat and Chrysler brands of automaker FCA will be undergoing some major changes between now and 2022, but are assuredly far from dead in the water, CEO Sergio Marchionne said today during a presentation on the company's five-year plan. Read More »

Italy establishes populist government led by Giuseppe Conte


Mr Conte's first attempt to form a government was blocked by Italian President Sergio Mattarella on account of 81-year-old eurosceptic economist Paolo Savona being put forward as Finance Minister. "Italians have to take care of the poor regions of Italy". Salvini has a long history of making controversial statements, particularly about immigrants in his native Milan, and has called the euro a "crime against humanity". Read More »

Passenger Smoking in Toilet Forces Southwest Flight To Make Emergency Landing


Southwest Airlines Flight #1250 landed in San Jose around 4:10 p.m. after pilots thought there was an in-air emergency, due to the smell of smoke in the plane's cockpit. The crew reportedly told the female passenger to tell a supervisor, who then gave her a voucher good for one free dinner. "Our employees in San Jose are working to accommodate the remaining 32 customers on other aircraft to continue their journeys". Read More »

Economy beats job growth estimates in May as unemployment continues to fall


When the report was released it showed the unemployment rate had fallen to 3.8 percent, the lowest in 18 years, as the economy continued to add jobs at a rapid pace . Treasury official Tony Fratto . But there are still many working-age people on the sidelines of the job market; more people joined the workforce in the first quarter of 2018 than 2017. Read More »

Warren Buffett sought US$3bn investment in Uber, but talks broke down


The now-dead Uber transaction is reminiscent of the winning bet Buffett's Berkshire Hathaway Inc. made on Goldman Sachs Group Inc . during the financial crisis. Khosrowshahi has since his August appointment been trying to improve the image of Uber, which has been rocked by management turmoil and tarnished by revelations about an alleged sexist workplace culture tolerant of chauvinism. Read More »

Thameslink compares poor service to Poundland chocolate


In his full blooded response, Mr Cooke insisted that the commitment of the Welshpool staff showed good customer service and that train company had no right to use Poundland's name to describe poor service. In fact, our Welshpool store flooded and our store colleagues stood at the entrance to help customers get their shopping, so we stayed open. Thameslink made the comment on Twitter, in a reply to a passenger who was angry over train cancellations. Read More »

Trudeau, Macron, Europe deplore 'illegal' Trump tariff decision


Pence called Trudeau back on Tuesday "to discuss ongoing negotiations". One of several Republicans to voice opposition, Ryan said the administration should not be targeting "America's allies when we should be working with them to address the unfair trading practices of countries like China". Read More »

Trump Says He Was 'Looking Forward' to Jobs Report

President Trump in remarks to the U.S. Coast Guard said the numbers are a sign of the "exciting times" in America, and more good news is on the way. A CNN political commentator reminded his followers that this is not the first time that President Donald Trump violated the directive . President Donald Trump talks to reporters as he boards Air Force One to depart for a trip to Houston and Dallas, Texas, from Joint Base Andrews in Maryland, May 31, 2018. Read More »

Canada central bank holds key lending rate at 1.25%


Bank of Canada Governor Stephen Poloz generally does not broadcast future rate moves with explicit forward guidance. "This is a clear warning shot that a July rate hike is solid possibility", he said. The August gold contract ended up US$2.40 to US$1,306.50 an ounce and the July copper contract rose one cent to close at US$3.07 a pound. The Bank of Canada has raised its overnight rate three times since last June, each time by a quarter of a percentage point. Read More »

Canada's Trudeau: NAFTA Talks Stalled After Pence Ultimatum

The two countries have been in talks since August 2017 to update the North American Free Trade Agreement (NAFTA), a three-way pact that has always been criticized by Trump. "There is no longer a very precise date when they may be concluded" so they were added to the tariff list, he said. Those days are over. The White House fired back at Trudeau in a Thursday statement. Read More »

Trump tariffs are about national security: Peter Navarro


The tariffs have been justified on the basis of Section 232 rules which allow trade protection from foreign imports that threaten national security. Negotiations with Europe had "made some progress" but not enough for additional exemptions, the commerce secretary said in a conference call from Paris . Read More »