Business

Saudi Arabia, Russia in secret pact to lower oil prices?

Reuters reported on Wednesday that Russian Federation and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers. At the end of September, Trump reportedly called the Saudi King, and although the nature of that conversation was not disclosed, most oil watchers believed that the call was an attempt to pressure the Saudis into increasing oil supply.

Business

Tesco launches discounter brand

The new brand will offer customers the "lowest possible prices" with 8 out of 10 products sourced in the UK. Articles appear on euronews.com for a limited time. Aldi and Lidl have steadily grown market share in Britain since the 2008 financial crisis, chipping away at Tesco and its three biggest rivals Sainsbury's ( SBRY.L ), Asda ( WMT.N ) and Morrisons ( MRW.L ).

Business

Amazon raises minimum wage to $15 for U.S. employees

Amazon has faced political and economic pressure to raise pay for thousands of employees. " Jeff Bezos has become much more wealthy over the past decade, but his workers haven't", she said. More than 37,000 employees, including seasonal workers, will be affected by the change. In a brief news conference this morning, Sanders said he wanted to "offer credit where credit is due".

Business

Tesla ramps up production in Shanghai to offset Chinese import tariffs

The Palo Alto, California-based company said Tuesday it built 80,142 vehicles in the third quarter, a 50 percent increase over the same period a year earlier. He settled fraud charges brought by the Securities and Exchange Commission last week by agreeing to pay US$20 million and step down as chairman. The electric vehicle maker said it was speeding up construction of its Shanghai factory as it seeks to combat a huge competitive disadvantage against other producers and even other ...

Business

Facebook hit with class-action lawsuit in Canada after massive security breach

If you suddenly had to log back into your Facebook account on Friday you may have been one of almost 50 million people who were impacted by a hack that may have accessed other social media accounts connected to the account. Following the revelation that up to 50 million Facebook accounts may have been accessed in an attack due to a weakness in the platform's code, many questions remain about the breach.

Business

GE Abruptly Fires CEO John Flannery, Appoints Lawrence Culp as Chief Executive

We have a lot of work ahead of us to unlock the value of GE. General Electric shares had declined almost 56 percent since Flannery took over as CEO with a mandate to cut costs and refocus the company on its profitable segments. GE also announced its cash-flow and earnings per share would be less than previously indicated, because of problems at its GE Power division. GE traces its roots to Thomas Edison and the invention of the light bulb, and the company grew with the American economy.


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