MONEY

Market turmoil hits Citigroup revenues

Market turmoil hits Citigroup revenues

US bank Citigroup has blamed the recent turmoil on global markets for a surprise drop in revenue. Fourth quarter revenue slipped 2% to $17.1bn (£13.3bn), falling short of analyst estimates of $17.5bn. The bank said income on its bond trading desks had slumped by a fifth following the fluctuations on financial markets in December. But […]

Vijay Mallya can be extradited to India, London court rules

Vijay Mallya can be extradited to India, London court rules

Indian business tycoon Vijay Mallya can be extradited from the UK to India where he faces fraud charges, a London court has ruled. The extradition ruling will be passed to the Home Secretary for approval. Mr Mallya, whose business empire once included Kingfisher beer, left India in March 2016 after defaulting on debts of more […]

Global shares jump on US-China trade ‘truce’

Global shares jump on US-China trade ‘truce’

  Global stock markets have jumped following the truce in the US-China trade war. US indexes rose about 1% on Monday, following gains in Europe and Asia. The increases come after the US and China said they had agreed to not increase tariffs for 90 days to allow for talks. It remains uncertain how the two sides […]

Shanghai Composite: surges on hopes of market support

Shanghai Composite: surges on hopes of market support

One of China’s leading stock indexes has seen its highest daily spike in more than two years following signs that the government will step in to support battered equity markets. The Shanghai Composite closed up 4.1%, its biggest one-day rise since March 2016. The moves extend a rally that began on Friday and after investor […]

Jamal Khashoggi: Branson halts $1bn Saudi investment talks

Jamal Khashoggi: Branson halts $1bn Saudi investment talks

Sir Richard Branson has halted talks over $1bn Saudi investment in Virgin space firms after the disappearance of Saudi journalist Jamal Khashoggi. Sir Richard has also suspended directorships in two tourism projects. Mr Khashoggi, a noted critic of the Saudi government, disappeared when visiting the Saudi consulate in Istanbul last week. Turkish police told US […]

Elon Musk sued for libel by British Thai cave rescuer

Elon Musk sued for libel by British Thai cave rescuer

A British cave diver is suing tech billionaire Elon Musk for defamation after his repeated claims the diver is a child abuser. Vernon Unsworth helped with the rescue of 12 Thai teenagers from a flooded cave in July. Mr Musk has made several accusations against Mr Unsworth without evidence, including that he was a “child […]

Argentina imposes austerity measures in bid to stabilise peso

Argentina imposes austerity measures in bid to stabilise peso

Argentina has announced austerity measures in a bid to tackle the “emergency” created by the country’s currency crisis. In a televised address, President Mauricio Macri said Argentina could not keep spending more than it earned. Taxes on exports of some grains and other products will rise and “about half” of the nation’s government ministries will […]

US-China trade war: China to respond ‘resolutely’

US-China trade war: China to respond ‘resolutely’

China will continue to hit back against the US if more tariffs are imposed, the country’s finance minster has said. In an interview with Reuters, Liu Kun said China would respond “resolutely” to the “unreasonable” US measures. On Thursday, the US imposed a second wave of tariffs on Chinese goodsworth $16bn (£12.4bn), and China immediately responded […]

PepsiCo buys Sodastream for $3.2bn

PepsiCo buys Sodastream for $3.2bn

PepsiCo has announced it is buying Sodastream for $3.2bn (£2.5bn). Israel-based Sodastream makes a machine and refillable cylinders allowing users to make their own carbonated drinks. The deal gives Pepsi a new way of reaching customers in their homes at a time when its signature sugary drinks are becoming less popular. It is also the […]

Why is Samsung’s Galaxy S9 flagship struggling?

Why is Samsung’s Galaxy S9 flagship struggling?

It wasn’t what Samsung or its investors were hoping for. The company’s electronics division has just posted a drop in its latest net profit – and it says “lower-than-expected sales” of its flagship Galaxy S9 smartphone were to blame. The handset launched in February to a mixed reception. Critics praised some of its new camera tricks, […]

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