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Walt Disney names creative heads of animation studios

(Reuters) - Walt Disney Co on Tuesday split the role of its outgoing creative head John Lasseter and appointed two Academy award winners to spearhead its two animation studios.

Source: Reuters: Business News | 20 Jun 2018 | 9:17 am(NZT)

Oracle's quarterly results beat estimates on cloud growth

(Reuters) - Business software maker Oracle Corp reported a better-than-expected quarterly profit and revenue on Tuesday as more customers move toward its high-margin cloud business.

Source: Reuters: Business News | 20 Jun 2018 | 9:11 am(NZT)

Trade fears rattle Wall Street, Dow gives up 2018 gains

NEW YORK (Reuters) - U.S. stocks fell on Tuesday as a sharp escalation in the trade dispute between the United States and China rattled markets and put the Dow Jones Industrial Average back in negative territory for the year.

Source: Reuters: Business News | 20 Jun 2018 | 9:07 am(NZT)

Commerce Secretary Shorted Stock as Negative Coverage Loomed

Wilbur L. Ross Jr. says his bet against the stock in a Kremlin-linked shipping firm was an effort to divest, not to profit from forthcoming news articles.

Source: NYT > Business Day | 20 Jun 2018 | 8:57 am(NZT)

Starbucks forecasts same-store sales below estimates

(Reuters) - Starbucks Corp on Tuesday forecast global comparable store sales for the current quarter below estimates and said it would close more cafes as the coffee chain continues to face increased competition from upscale coffee houses and fast-food chains.

Source: Reuters: Business News | 20 Jun 2018 | 8:53 am(NZT)

Entertainers in Murdoch’s Media Empire Speak Out Against Fox News

Steve Levitan, the creator of “Modern Family,” and the film director Paul Feig each expressed disgust with the news network’s coverage of the Trump administration’s border security policy.

Source: NYT > Business Day | 20 Jun 2018 | 8:52 am(NZT)

Stocks Fall as Wall St. Turns Its Focus to Escalating U.S.-China Trade War

Investors are worried that worsening relations between the world’s two biggest economies will affect global growth.

Source: NYT > Business Day | 20 Jun 2018 | 8:44 am(NZT)

ZTE, U.S. suppliers shares tank after Senate puts Trump reprieve in doubt

HONG KONG (Reuters) - Shares of ZTE Corp and its American business partners took a hit on Tuesday after the U.S. Senate's passage of a defense bill set up a potential battle with the White House over whether the Chinese telecoms firm can resume business with U.S. suppliers.

Source: Reuters: Business News | 20 Jun 2018 | 8:31 am(NZT)

Trump tariffs: Markets fall as trade war fears mount

Stocks continue to slide as investors are rattled by the escalation of the US-China trade dispute.

Source: BBC News - Business | 20 Jun 2018 | 8:23 am(NZT)

ZTE and U.S. still working on escrow agreement: U.S. official

(Reuters) - ZTE Corp and the U.S. government are still working on an escrow agreement that must be completed and funded with $400 million before a ban on the Chinese company can be lifted, a U.S. official told Reuters on Tuesday.

Source: Reuters: Business News | 20 Jun 2018 | 8:16 am(NZT)

White House Says China Has More to Lose in Trade War

Threatening tariffs on as much as $450 billion worth of goods, the Trump administration is betting Beijing will blink first. Companies, investors and markets are increasingly worried.

Source: NYT > Business Day | 20 Jun 2018 | 8:00 am(NZT)

Ford to redevelop symbol of Detroit decline to house tech workers

DETROIT (Reuters) - Ford Motor Co executives on Tuesday said the automaker will renovate and revamp Michigan Central Station, Detroit's infamous blighted landmark, turning it into offices for up to 5,000 tech workers and software engineers focused on self-driving vehicles and ancillary technologies and services.

Source: Reuters: Business News | 20 Jun 2018 | 7:16 am(NZT)

Huawei’s New Front in the Global Technology Cold War: Australia

The Chinese telecom giant fears U.S. skepticism over the security of its products will spread to countries that have long been dependable customers.

Source: NYT > Business Day | 20 Jun 2018 | 6:17 am(NZT)

Amazon Urged Not to Sell Facial Recognition Technology to Police

Some Amazon shareholders say the technology raises privacy concerns. The company joins other big tech firms coming under increasing scrutiny for their government work.

Source: NYT > Business Day | 20 Jun 2018 | 6:11 am(NZT)

IBM Unveils System That ‘Debates’ With Humans

Under development for six years, IBM Debater reflects a push toward machines that talk like humans. But it may have to work on getting to the point.

Source: NYT > Business Day | 20 Jun 2018 | 6:08 am(NZT)

Pure Gym boss calls for VAT-free memberships

The head of Britain's biggest gym chain says the 20% tax on memberships is bad for people's health.

Source: BBC News - Business | 20 Jun 2018 | 12:16 am(NZT)

Asos to ban silk, cashmere and mohair from its website

The fashion retailer updates its animal welfare policy to say its site will be free of the materials by 2019.

Source: BBC News - Business | 19 Jun 2018 | 11:41 pm(NZT)

Poundworld cuts 98 head office staff in Normanton

The discount retailer, which started in Wakefield in 1974, collapsed into administration last week.

Source: BBC News - Business | 19 Jun 2018 | 11:36 pm(NZT)

Marriott checks in Alexa for room service

Marriott says digital assistant Alexa will be installed in some of its US properties.

Source: BBC News - Business | 19 Jun 2018 | 11:29 pm(NZT)

Northern Rail: Guards row sparks fresh strikes

The RMT union says imposing driver-only services is a risk to public safety.

Source: BBC News - Business | 19 Jun 2018 | 11:13 pm(NZT)

E.On announces 4.8% dual fuel price rise

Customers using both electricity and gas will pay an average of £55 more a year from August.

Source: BBC News - Business | 19 Jun 2018 | 11:05 pm(NZT)

China shows faster pace of economic restructuring, analysts say

China’s economic restructuring is picking up pace, with its manufacturing sector showing signs of a shift to higher value-added areas – a credit positive, according to analysts. China has been cutting excess capacity in heavy industry in recent years to revive profitability in the sector and reduce high debt levels, while encouraging factories to shift to higher-value production such as robotics and aerospace under its “Made in China 2025” initiative. “If such...

Source: South China Morning Post - Economy feed | 5 Jun 2018 | 6:19 pm(NZT)

China should seize the day and push on with tough economic reforms, says IMF

Now is the right time for Beijing to make important economic reforms – including shutting state-owned “zombie enterprises” and cleaning up local government budgets – the International Monetary Fund’s chief China representative has said. Alfred Schipke argued that the authorities were well-placed to act because the rebalancing of the economy was well on track and the government had adequate protections against external shocks. In its annual check of China’s...

Source: South China Morning Post - Economy feed | 5 Jun 2018 | 12:30 pm(NZT)

Is it time Beijing ditched ‘Made in China 2025’ and stopped upsetting the rest of the world?

Beijing should stop touting “Made in China 2025” as a development strategy and instead present it as simply a guideline for upgrading its manufacturing sector if it wants to ease growing concerns about its global ambitions, a Chinese academic said. Zhong Wei, a professor at Beijing Normal University, said the government should, in public at least, play down the significance of the scheme, which is seen in the United States and Europe as indisputable evidence of China’s aim to...

Source: South China Morning Post - Economy feed | 5 Jun 2018 | 1:30 am(NZT)

Cutting corporate debt will drag China’s economic growth down to 4.5 per cent, says Fitch

Beijing’s campaign to tackle the scourge of corporate debt will reduce China’s economic growth by more than one percentage point annually in the medium term, according to Fitch Ratings. The global ratings agency said measures taken by the government to bring down borrowing levels will inevitably dent business investment and take annual GDP growth down to about 4.5 per cent, well below the official target of 6.5 per cent. “China’s corporate debt challenges remain a key...

Source: South China Morning Post - Economy feed | 4 Jun 2018 | 9:31 pm(NZT)

China ‘regrets’ EU’s allegation of intellectual property theft lodged with World Trade Organisation

China voiced regret over the European Union’s decision to lodge an intellectual property rights complaint at the World Trade Organisation, just as Beijing is embroiled in a similar dispute with Washington. The EU brought the challenge to the WTO on Friday, accusing Beijing of unfairly requiring foreign firms to hand over their technology to Chinese companies to do business in China. US ignored Beijing’s gains in intellectual property protection, Chinese watchdog says “China...

Source: South China Morning Post - Economy feed | 4 Jun 2018 | 8:01 pm(NZT)

Property stocks climb after China’s central bank tweaks monetary policy

Shares of Chinese property firms climbed on Monday after the People’s Bank of China (PBOC) said it would broaden the range of collateral it accepts as part of its medium-term lending facility (MLF), making another slight tweak to its monetary policy. Introduced to PBOC’s monetary policy toolkit in September 2014, MLFs are loans given by the central bank to commercial lenders in exchange for collateral. The loans come in three tenors: three, six and 12 months. In addition to the use...

Source: South China Morning Post - Economy feed | 4 Jun 2018 | 6:58 pm(NZT)

Curbing China’s corporate debt could hit economic growth, report warns

China’s annual economic growth rate could fall by one percentage point over the medium term if business investment is hit by a sharp slowdown in debt growth as the government cracks down on lending risks, Fitch Ratings said. In a report published on Sunday, Fitch described the risks to growth that emerge from a scenario in which corporate debt growth slows significantly. “It is hard to put a precise time frame on when China will start to see the deleveraging of the real...

Source: South China Morning Post - Economy feed | 4 Jun 2018 | 4:15 pm(NZT)

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