WASHINGTON: U.S. consumer spending increased for a second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID-19 cases and the end of expanded unemployment benefits. The Commerce Department said on Friday that consumer spending, […]
Business
France’s Alstom SA clinched EU antitrust approval on Friday to acquire Canadian rival Bombardier Inc’s rail business in a deal that will elevate it to the world’s second-largest rail maker after China’s CRRC Corp . BRUSSELS: France’s Alstom SA clinched EU antitrust approval on Friday to acquire Canadian rival Bombardier […]
The European Commission said on Friday it had signed a contract for SAP and Deutsche Telekom to build a software platform that would enable coronavirus contact tracing apps to exchange information. BERLIN: The European Commission said on Friday it had signed a contract for SAP and Deutsche Telekom to build […]
LONDON: British Prime Minister Boris Johnson said that a recent uptick in infections was a “warning light” which means he has to hit the brakes on the easing of lockdown as he postponed the re-opening of close-contact services for at least two weeks. “I’ve said throughout the pandemic that there […]
Finnish telecom network equipment maker Nokia reported an unexpected rise in its second-quarter underlying profit on Friday, amid the COVID-19 pandemic as its new chief executive Pekka Lundmark takes over on Saturday. HELSINKI/STOCKHOLM: Finnish telecom network equipment maker Nokia reported an unexpected rise in second-quarter underlying profit on Friday as […]
Australia unveiled a draft law Friday to force Google and Facebook to pay news media for their content in a “world-leading” initiative sure to prompt a confrontation with the digital giants. SYDNEY: Australia unveiled a draft law Friday (Jul 31) to force Google and Facebook to pay news media for […]
REUTERS: Warren Buffett’s Berkshire Hathaway Inc said on Thursday (Jul 30) it has bought another US$522 million of stock in Bank of America Corp , boosting its already large stake in the second-largest US bank by assets. Berkshire bought about 21.2 million Bank of America shares from Jul 28 to […]
SEOUL: North Korea’s sanctions-hit economy defied the impact of international restrictions to grow for the first time in three years in 2019, the South’s central bank said Friday (Jul 31). Nuclear-armed Pyongyang is highly secretive and refuses to publish growth statistics of its own, leaving outsiders reliant on estimates drawn […]
THE HAGUE: Dutch airline KLM said Friday (Jul 31) it would shed up to 5,000 jobs due to a “crisis of unprecedented magnitude” caused by the coronavirus pandemic. The carrier, part of the Air France KLM group, said the cuts through the end of 2021 were necessary as it had […]
Google’s ad sales have recovered since plummeting in March during the coronavirus pandemic, parent Alphabet Inc said on Thursday, easing concerns about its first quarterly sales slide in its 16 years as a public company. OAKLAND, Calif./BENGALURU: Google’s ad sales have recovered since plummeting in March during the coronavirus pandemic, […]