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‘I don’t understand any economic logic,’ India says after United States puts it on monitoring list

India does not see logic in the United States putting it on a monitoring list of currency manipulators “I don’t understand any economic logic,” Anup Wadhawan, India’s commerce secretary told reporters. The Reserve Bank of India is following a policy that allows currency movements based on market forces, he added. Last week, the US Treasury […]

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Business

Netflix shares plunge after subscriber growth slows

Netflix reported a slowdown in subscriber growth sending its stock on a downward spiral. The company got 3.98 million subscriptions between January and March, well short of the projected 6 million. The company said a lack of new shows may have contributed to the fall, adding that it expected this to recover as sequels to […]

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Business World

China’s economy grows by 18.3% in the first quarter of 2021

China’s economy grew by 18.3% in the first quarter of 2021 compared to the same quarter last year. This is the biggest quarterly jump since 1992. In the first quarter of 2020, China’s economy shrank 6.8% due to nationwide lockdowns at the peak of its Covid-19 outbreak. “The national economy made a good start,” said […]

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Business World

Turkey bans use of crypto currencies and crypto assets, Bitcoin tumbles

Bitcoin tumbled more than four percent on Friday after Turkey’s central bank banned the use of crypto currencies and crypto assets for purchases, citing possible “irreparable” damage and transaction risks. In legislation published in the Official Gazette, the central bank said cryptocurrencies and other digital assets based on distributed ledger technology could not be used, […]

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Business World

Ant Group: Chinese regulators force Jack Ma to restructure company

China has forced the Ant Group to restructure so the financial technology firm acts more like a bank. The company’s $37 billion share market launch was derailed by regulators in November over concerns about its finance model. The latest move is part of a wider crackdown by China to reign in the country’s fast-growing tech […]

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Business World

China fines Jack Ma’s Alibaba $2.75 billion for abusing it’s dominant position

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan (approximately $2.75 billion) for violating anti-monopoly rules and abusing its dominant market position, marking the highest ever antitrust fine to be imposed in the country. The penalty, equivalent to around 4% of Alibaba’s revenues in 2019, comes amid an unprecedented regulatory crackdown on the […]

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Business Tech World

LG Electronics to shutdown loss making smartphone business

South Korean multinational electronics company, LG Electronics said on Monday it would close down its loss-making smartphone business. The electronics giant said it was looking at all options for the division after almost six years of losses totalling around $4.5 billion. LG had made many innovations including ultra-wide angle cameras, rising to third largest smartphone […]

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Business

Chinese smartphone maker Xiaomi gets into electric cars race, plans $10 billion investment

Smartphone maker Xiaomi is getting into electric cars. The Chinese company on Tuesday said it will invest $10 billion over the next decade in a subsidiary focused on the “smart electric vehicle business.” The company said in a stock market filing that the new unit will be led by billionaire CEO Lei Jun. The initial […]

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Business World

Oil prices slide amid fresh coronavirus curbs globally

Oil prices fell more than 1% as fresh coronavirus lockdowns revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. Brent crude futures slid 1.4%, to $63.54 a barrel after jumping 6% overnight. U.S. West Texas Intermediate crude futures […]

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Business World

Virtuoso: Luxury travel agency drops Trump Hotels from its network

Global travel agency, Virtuoso has dropped all Trump Hotels from its exclusive listings. “Trump Hotels are no longer part of the Virtuoso network,” the company said. The luxury travel agency declined to elaborate on why it made the decision, saying they “consider many variables when reviewing both existing and new network participation. Out of respect […]

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Business

Tesla stocks jump after asset management company predict $3,000 stock price by 2025

The share price of Tesla jumped over 6 percent on Monday, getting a lift from a bullish report from Ark Invest, an influential shareholder in the electric car maker. Ark Invest said in a report on Friday that it expects Tesla’s stock price to more than quadruple to $3,000 by 2025. Tesla was last trading […]

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Business World

Turkish lira plunges 15% after Erdogan fires central bank governor

Turkey’s currency fell up to 15% after President Recep Tayyip Erdogan sacked the country’s central bank governor over the weekend. Naci Agbal had been credited as a key force in pulling the lira back from historic lows. Mr Erdogan replaced him in a surprise move on Saturday, the third central bank governor exit in under […]