Business

Former General Electric boss Jeff Immelt was consistently over-optimistic in running the large conglomerate during his 16-year tenure, The Wall Street Journal reported Wednesday. More than a dozen insiders — including both investors and current and former GE executives — told the paper Immelt would project results for the company’s future mismatched with its reality.
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Venezuela’s oil-backed “petro” cryptocurrency raised $735 million in the first day of its pre-sale Wednesday, President Nicolas Maduro has claimed. The Venezuelan president said on Twitter that the petro token raised more than 4.777 billion Chinese yuan, or $735 million, and that the state-backed virtual currency “reaffirms our economic sovereignty.” Tweet Tweet Caracas said that
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After seven years of restructuring that involved cutting thousands of jobs and bank branches, HSBC has turned itself around with profits rising more than 140 percent over the last year. But the job of strengthening the bank is not over, Chairman Mark Tucker said Wednesday, as the ever-changing global environment calls for a more agile
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Mandel Ngan | AFP | Getty Images President Donald Trump speaks during the Public Safety Medal of Valor Awards Ceremony in the East Room of the White House on February 20, 2018 in Washington, DC. President Donald Trump announced Tuesday that he has recommended that “bump stocks” — devices used to make semi-automatic weapons capable
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South Korean President Moon Jae-in said on Monday General Motors Co’s (GM) decision to shut down a factory south of Seoul will hurt that region, and called upon his administration to take measures to boost economic activity there. GM announced last week it will shutter the plant in the city of Gunsan, in South Korea’s
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Tencent also bought a stake in Yonghui Superstores Co Ltd, apparel retailers Vipshop Holdings Ltd and Heilan Home, mall operator Wanda Commercial, and this month snagged a strategic tie-up with grocer Bubugao. In the other corner is Alibaba, which has invested even more heavily in Suning.com>, Intime Retail, Sanjiang Shopping Club, Lianhua Supermarket, Wanda Film
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Japan’s exports grew in January for a 14th straight month led by brisk shipments of China-bound hybrid cars and electronics parts, a sign solid global demand for Japanese goods continued to underpin growth in the world’s third largest economy. Ministry of Finance (MOF) data showed on Monday that exports grew 12.2 percent in January from
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For better or worse, new eateries and the attention they attract have turned the restaurant business into a boom town, restaurateur David Chang told CNBC in a recent interview. Chang, who owns 23 restaurants around the globe in such cities as New York City, Los Angeles, Sydney and Toronto, recalled a time when it wasn’t
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SpaceX is on a collision course with the world’s biggest telecom and satellite manufacturing companies, as it steps up development of its “Starlink” network of satellites. The company will soon test its first satellites, Microsat 2a and 2b, which are headed for orbit aboard SpaceX’s Falcon 9 from Vandenberg Air Force Base, California, according to
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The federal government’s immigration crackdown in California widened Friday with the announcement that a five-day sweep led to the arrest of 212 undocumented immigrants and the targeting of 122 businesses in Southern California. The action comes on the heels of raids in Northern California targeting undocumented immigrant workers. The Trump administration’s clampdown on illegal immigration
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Canadians will have to wait until at least early August or later to legally purchase recreational marijuana. As recently as last week, Prime Minister Justin Trudeau‘s government was insisting it was on track for legalization in July. But given a new Senate timetable to pass the legislation, Health Minister Ginette Petitpas Taylor conceded Thursday it
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U.S. tractor maker Deere said on Friday net sales and revenues rose 23 percent year-on-year to $6.91 billion in the quarter ending Jan. 28. The Moline, Illinois-based company said adjusted net income was $430.0 million, or $1.31 per share, in the quarter. This turned into a net loss of $535.1 million, or $1.66 per share,
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Japan‘s two cryptocurrency industry groups are planning to merge to form a self-regulating body, seeking to better safeguard investors after last month’s $530 million heist of digital money, sources involved in the negotiations said. The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge as early as April, the sources said.
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Airbus on Thursday took a new 1.3 billion euro ($1.6 billion) hit on its A400M military transport plane, lifting charges on Europe’s troubled defense project above 8 billion euros and cloudinghigher-than-expected underlying profits. Europe’s largest aerospace group posted adjusted 2017 operating profit of 4.253 billion euros on revenues of 66.767 billion euros and predicted a
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U.S. business inventories increased a bit more than expected in December, lifted by solid gains in stocks at manufacturers and wholesalers. The Commerce Department said on Wednesday that business inventories rose 0.4 percent after a similar gain in November. Economists polled by Reuters had forecast inventories, a key component of gross domestic product, rising 0.3
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Two songwriters said in a copyright infringement lawsuit filed in federal court in Los Angeles last year that Swift’s song was based on the phrase “players, they gonna play, and haters, they gonna hate,” that they coined for a 2001 song “Playas Gon’ Play” by R&B girl group 3LW. Swift’s lyrics from the chorus of
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You can buy pot-laced jerky, marijuana body oils and Valentine’s themed joints in some states that have legalized cannabis in recent years. But you will not find Marlboro brand marijuana cigarettes, despite online articles suggesting they’re on sale. The false story has circulated for years and the latest iteration says the ‘M’ brand cigarettes are
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The head of a prominent Latino business organization is leaving his job amid allegations of financial impropriety and sexual harassment. Late Monday, directors of the United States Hispanic Chamber of Commerce announced that the group’s president and chief executive, Javier Palomarez, would step aside. “After much deliberation and careful consideration for the future of the
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The DFTZ is just one example of Malaysia’s participation in Belt and Road. Prime Minister Najib Razak has agreed to several rail projects and a deep-sea port that could see his country rival Singapore as a transshipment hub. The Muslim-majority nation was the fourth most attractive destination for Chinese overseas direct investment in 2017, according
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George Waldman | Bloomberg | Getty Images Ford Ranger pickup trucks are seen at a dealership in Detroit, January 20, 2006. Ford and U.S. safety regulators are telling the owners of 33,428 Ranger pickup trucks in North America not to drive them because they have Takata air bag inflators “that are an immediate risk to
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