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Tesla to Raise Prices, Close Fewer Stores Than Flagged

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Musk on February 19 tweeted to his more than 24 million Twitter followers that Tesla would make around 500,000 cars in 2019. Tesla said it would close the stores in order to be able sell its EVs more cheaply, but the WSJ pointed out that Tesla would still be on the hook for $1.6 billion worth of leases. Read More »

Philadelphia bans cashless stores

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The bill, effective from July 1, represents the first time a major U.S. city is introducing a law mandating businesses to accept cash, Mashable reported . In New York and San Francisco , initiatives are working their way through legislative channels, but no city council votes are scheduled for now. Read More »

Tesla gets $520 mn funding for first Chinese plant

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A Chinese government official said Wednesday that the factory is expected to be completed in May, Reuters reported . The Shanghai factory will be the first auto plant in China that's entirely owned by a foreign company. In a 2018 tweet, Musk had talked about having secured a funding for a plan to make Tesla private, and then in February 2019 he had tweeted about Tesla possibly producing half a million vehicles this year alone, both of which proved to be "misstatements" when Tesla ... Read More »

Job Growth Stalls In February

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The average workweek was 34.4 hours in February, down from 34.5 a month earlier. December's jobs numbers reflected growth at 222,000 jobs. Those factors have led many analysts to forecast anemic growth in the first three months of this year. Read More »

World’s biggest wealth fund is dumping oil and gas stocks

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The country's Parliament will have the final say on the move later this spring, but if it goes ahead the decision to divest oil and gas assets from the world's largest sovereign wealth fund - a fund that was itself built through fossil fuel revenues - could send shockwaves across global markets and pile pressure on large oil companies to step up preparations for a low carbon transition. Read More »

‘Brexit in peril’ as PM May faces heavy defeat

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With no changes to offer parliament, May looks set to lose her second attempt on Tuesday to get lawmakers' approval of her deal and smooth Britain's exit from the European Union , the country's biggest shift in trade and foreign policy in more than 40 years. Read More »

Canada gained 56000 jobs in February, unemployment rate unchanged

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The much-stronger-than-expected labor market is the only thing giving policy makers comfort amid a run of bleak data in recent months. For the third month in a row it was Ontario (+36.9k) and Quebec (+14.9k) that drove the overall gains, with little notable movement in the other provinces. Read More »

Ex-wife reacts after husband won $273m from lottery after their divorce

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But Weirsky, who said he spends $20 a week on quick-pick lottery tickets, said he did not realize he had the winning ticket until two days later, as a snowstorm swirled outside. "I couldn't believe I was the victor of more than $2 after playing after all these years", he said. " He's not appealing to me all of a sudden because he has this money ", she said in the article. Read More »

Turbulance injures at least 25 on flight into NY

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The injuries were "mostly bumps, bruises and cuts", Coleman said, though one person suffered a possible broken leg. Then seeing blood all over. At least 32 people on an worldwide flight coming into Kennedy Airport were injured when the flight experienced severe turbulence before landing, according to the Port Authority. Read More »

Bank of Canada keeps rates unchanged on weaker economic outlook

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The Bank of Canada kept its overnight rate unchanged at 1.75% this morning, as was widely expected. Not only has the slowdown been deeper than expected, but Statistics Canada's downward revisions to growth in the first half of past year suggest there may have been more excess capacity going into the slump than previously thought. Read More »

European Central Bank cuts growth, inflation forecasts

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E-Mini futures for the S&P 500 eased 0.1 percent. Officials said they'll freeze the interest rate this year while also offering banks cheaper loans to prompt more lending to businesses. The dollar weakened after seven days of gains and Treasuries were steady. The news saw the euro slip against the USA dollar and the Swiss Franc. There was also a chance the jobless rate could fall by more than forecast given the recent strength in employment. Read More »

Venezuela plunges into darkness amidst widespread outage

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Al Jazeera's Teresa Bo has more on the people affected by the power cuts in the capital, Caracas. But the relief was short-lived as the lights went off again, extending the blackout beyond 24 hours. "The night was bad". Another health advocacy group, CODEVIDA, reported that thousands of dialysis patients were going without treatment as a result of the outage. Read More »

Airbnb acquires hotel booking app, HotelTonight for an undisclosed sum

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It will allow users. CEO Sam Shank explained to Bloomberg in October , "hotels are catering to this idea of providing experiences , Instagram-able moments for Millennials, and we help people get this for a great price". "Working with the incredible team at HotelTonight , we will offer guests an unparalleled last-minute travel experience that provides unique, memorable hospitality on every trip, on any schedule, at any time", he added. Read More »

Five things Canada learned at the justice committee from Butts, Drouin

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A second member of Trudeau's Cabinet resigned on Monday , saying she had lost confidence in how the government had dealt with allegations that officials inappropriately pressured former Justice Minister Jody Wilson-Raybould a year ago to try to help construction company SNC-Lavalin Group Inc avoid a trial on charges of bribing Libyan officials. Read More »

Quadriga Exchange: The Plot Thickens

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Millions of dollars were missing when the CEO of a crypto exchange died without sharing the passwords to his accounts. While Amazon has been forthcoming, a court order was required to address Cotten's personal account, since it wasn't created with the business named. Read More »

Elizabeth Warren says it's time to break up Big Tech

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Sen. Elizabeth Warren today proposed breaking up big tech companies, which she says have "too much power over our economy, our society, and our democracy". In her statement, Warren promised users would still be able to "go on Google and search like you do today" or "go on Amazon and find 30 different coffee machines". Read More »

OECD lowers global growth forecast over trade tensions

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The cut represents a 0.6 percentage-point revision from the most recent calculations in November and a drop from last year's anticipated growth rate of 1.8 per cent. Italy's economy is expected to contract this year. Argentina's economy, the third largest in Latin America after Brazil and Mexico, had a volatile year in 2018, with inflation running at close to 50 percent and its currency diving against the USA dollar. Read More »

Amazon Planning New Grocery-Store Business

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Amazon has already signed leases for at least two other grocery locations with openings planned for early next year, this person said, without saying where those stores would be. Amazon rival Walmart, the largest grocer in the country, has not been caught off guard as it has been preparing for competition to heat up for almost two years, according to a source with knowledge of the company's business plans. Read More »

Facebook Wants To Make Social Networks More Private

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In short, he's offering privacy on Facebook, but not necessarily privacy from Facebook. Facebook has encouraged messaging conversations between businesses and consumers since at least 2016 but has not disclosed its revenue from the efforts. Read More »

Barron's: Top Tesla Holder Says Musk 'Doesn't Need to Be CEO'

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Chen Mingbo made the comments on the sidelines of an annual parliamentary meeting in Beijing. Deliveries of Model 3 outside the United States will be a crucial development for Tesla, whose chief executive Elon Musk has said that he wasn't anxious about Model 3 setbacks because of the drop in the US tax credit, as he expected deliveries to Europe and China to take off. Read More »

Venezuela crisis: Maduro vows to defeat 'crazed minority'

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He returned to Venezuela Monday after a trip overseas to rally support from the global community. Several countries, including the United States, Lima Group members (excluding Mexico), Australia, Albania, Georgia and Israel, as well as the Organization of American States, recognized him. Read More »

Trump's FDA chief resigns as admin pushes forward on drug pricing plan

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During his tenure, the FDA broke annual records for generic drug approvals, cracked down on unproven stem cell treatments, and took new steps to curb youth e-cigarette use. Tobacco in particular had a tough time, as investors anxious about the implications of his initiatives to lower the nicotine content in cigarettes and contain the epidemic of young people vaping , such as calling for an end to flavoring, including menthol , in tobacco products. Read More »

Nearly 400 Family Dollar stores set to close nationwide

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The Family Dollar location in Bronson closed in 2016. According to CNN Business , Dollar Tree has been under pressure from an investor to upgrade and charge more for its merchandize. The company announced the plans as it wrote off $2.7 billion, or almost a third of the value of the struggling discount chain it bought for $9 billion four years ago. Read More »

All Charlotte Russe stores closing, 'Going Out Of Business' sale underway

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Monday, the store announced it was filing for Chapter 11 bankruptcy. The abrupt announcement came a day after struggling big-box discounters Family Dollar said it was closing 390 stores, but didn't make a list available of which sites. The company also established Peek Kids in 2016, specializing in children's clothing. That includes all of the brand's online retail inventory, which will be shipped to physical locations for sale. Read More »

Two New Zealanders feature on Forbes richest list

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By Forbes' calculations, billionaires across the world are worth $8.7 trillion. Bezos, who holds 16 percent of Amazon and whose wealth now makes him a target of the left wing of the US Democratic Party, has widened the money gap between himself and Gates, the philanthropist and co-founder of Microsoft. Read More »

FDA: Asbestos found in Claire's cosmetics

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Testing was conducted on behalf of FDA by the Occupational Safety and Health Administration and AMA Analytical Services, Inc. Asbestos, which is a known carcinogen, is a naturally-occurring mineral that is often found near talc, which is used frequently in cosmetic products. Read More »

Bilateral Trade Talks To End Trade War Between China And The US

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The announcement is a sign that the trade deadlock may be approaching an end, as the deadline for negotiators was set for Friday, March 1, according to CNN. The United States is working to hammer out a detailed trade agreement with China that will include specific structural commitments, U.S. Treasury Secretary Steven Mnuchin told CNBC on Thursday. Read More »

Huawei sues US govt over ban on using its products

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Huawei said it filed a lawsuit asking a federal court in Plano, Texas, to throw out a portion of this year's US military appropriations act that bars the government and its contractors from using Huawei equipment. "PRISM, PRISM, on the wall, who is the most trustworthy of them all", he said, referring to the US National Security Agency's internet surveillance programme PRISM, which collected data from major internet companies. Read More »

Indian-Origin Dentist Chopped and Stuffed in Suitcase in Australia

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The police have confirmed that Preethi was stabbed several times. Dr Reddy was attending a dental conference in St Leonards over the weekend, last speaking to her family at around 11:00am on Sunday. The dentist's remains had been stuffed in a suitcase in the boot of her late-model Volkswagen Golf abandoned on a Kingsford street. "Words can not capture the pain we are feeling with the passing of my handsome big sister". Read More »

More woe for Trudeau as top minister quits

Embattled Canadian Prime Minister Justin Trudeau - who has been implicated in a corruption scandal as well as a #MeToo accusation from two decades ago - appeared at a climate change ralley on Monday, and the scene quickly got ugly. Critics say that would be improper political meddling in a case. What Wilson-Raybould said: Trudeau "cited potential loss of jobs and SNC moving" and reminded Wilson-Raybould that there was an upcoming election in Quebec. Read More »

Former Nissan chief Ghosn leaves jail after posting bail

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Helicopters carrying cameramen from Japanese television stations followed his small van through the city as he travelled to the office of his lawyer. Ghosn says he is "innocent and totally committed to vigorously defending myself in a fair trial against these meritless and unsubstantiated accusations". Read More »