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Uber likely to shut down temporarily in California over new driver ruling: CNBC

Uber Technologies Inc would likely shut down temporarily in California for several months if a court does not overturn a recent ruling requiring it to classify its drivers as full-time employees, CNBC reported on Wednesday.

Markets

US treasury secretary declines to say if COVID-19 aid deal can be reached

WASHINGTON: US Treasury Secretary Steven Mnuchin said on Wednesday (Aug 12) that the White House and top Democrats in Congress may not be able to reach a deal on coronavirus aid, in the fifth day without talks on the stalemate blocking relief to tens of millions of Americans. Mnuchin, who...

Markets

Three of ten Americans laid off in coronavirus crisis worried about food, shelter: Reuters/Ipsos poll

Three of 10 Americans who lost work during the coronavirus pandemic said they may have trouble paying for food or housing after a US$600-per-week enhanced unemployment payment expired last month, according to a Reuters/Ipsos poll released on Wednesday.

Markets

Goldman Sachs, Barclays among bidders for GM’s credit card business: WSJ

Goldman Sachs Group Inc is looking to buy General Motors Co's credit card unit, which has about US$3 billion in outstanding balances, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Markets

Microsoft prices its dual-screen Android phone at US$1,399, will arrive Sep 10

SEATTLE: Microsoft on Wednesday (Aug 12) said the Surface Duo, its dual-screen smartphone powered by Alphabet Inc's Android operating system, will start at a price of US$1,399 and arrive in stores beginning Sep 10. The Surface Duo folds closed like a book. Unlike devices such as Samsung ...

Markets

Fed’s Rosengren says slowdown in economic activity likely to continue

The slowdown in economic activity is likely to continue as states put more restrictions in place to control the virus, and the momentum to return to full employment could fade as consumers remain cautious, Boston Federal Reserve President Eric Rosengren said Wednesday.

Markets

US consumer prices accelerate in July; inflation remains under control

U.S. consumer prices increased more than expected in July, but high unemployment is likely to keep inflation under control, allowing the Federal Reserve to continue pumping money into the economy to aid the recovery from the COVID-19 recession.

Markets

Tencent says US executive order only affects WeChat, not its other businesses

Tencent's chief financial officer said on Wednesday that the firm understood that the U.S. executive order was focused on its WeChat app in the United States and not on its other businesses in the country.

Markets

Saudi Aramco plans further spending cuts to pay for dividend: FT

Saudi Aramco plans to cut its capital spending to a range of US$20 billion to US$25 billion this year to pay a US$75 billion dividend it pledged to investors during its initial public offering last year, the Financial Times reported on Wednesday, citing people familiar with the matter.

Markets

Tesla woos retail investors with stock split, shares rise

Wall Street analysts praised Tesla Inc's move to split its richly valued stock into smaller chunks, saying it had the potential to extend a 200per cent rally in its shares this year by making it easier for retail investors to hold the stock.

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