MONEY

GM to announce $300 million investment in Orion EV/AV plant

General Motors Co will announce on Friday plans to invest $300 million in a suburban Detroit plant that builds electric and self-driving vehicles for Chevrolet and the automaker’s self-driving Cruise unit, two people familiar with the plans said on Thursday.

Mar 23 2019

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Volkswagen charges ahead with EU battery alliance

German car giant Volkswagen said on Thursday it would work with Swedish cell startup Northvolt and other firms to develop batteries for electric cars in the European Union.

Mar 23 2019

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Swedbank board backs CEO after external money-laundering report

Swedbank’s board backed its chief executive on Friday after seeing the results of an external report into the Swedish bank’s alleged involvement in money-laundering in the Baltics.

Mar 23 2019

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Biogen shares plunge as it halts key Alzheimer’s trials

Shares of Biogen were in free-fall on Thursday after it halted clinical trials for a medication once thought to offer promise for treating Alzheimer’s disease. Near 1435 GMT, shares of Biogen were down more than 28 percent at $230.49.

Mar 23 2019

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Apple’s iPhone struggles unravel ambitions of Japan Display

When Japan Display Inc broke ground on a new factory in central Japan in 2015, the future looked bright for one of the world’s top vendors of liquid crystal display (LCD) panels.

REUTERS, Mar 23 2019

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Export slump deepens for American whiskey producers

American whiskey producers are suffering a worsening hangover from the Trump administration’s trade disputes.

ASSOCIATED PRESS, Mar 23 2019

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Footwear imports double as domestic exports stagnate

The import bill on footwear surged over two fold to Rs5.33 billion during the mid-July to mid-February period, mainly with a notable rise in imports from China.

KRISHANA PRASAIN, Mar 23 2019

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Nike’s North America sales fail to impress

Nike Inc reported quarterly revenue that failed to beat Wall Street estimates for the first time in over a year, as sales fell short of expectations in its biggest market of North America, sending its shares tumbling 5 percent on Thursday.

Mar 23 2019

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WOW Air back in talks with Icelandair

US private equity firm Indigo Partners has withdrawn its offer to buy a stake in Iceland’s loss-making carrier WOW Air, and Icelandair is now back in talks to buy the no-frills airline, the carriers said.

Mar 23 2019

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Australia’s Myer to stop selling Apple products

Australia’s largest department store operator Myer will stop selling “unprofitable” Apple Inc products as part of its drive to focus on higher-margin items, Myer Holdings said on Friday.

Mar 23 2019

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Traffic-choked Jakarta battles epic gridlock with new MRT

Jakarta commuter Irnawati can spend up to four hours daily in her car, but now she and millions of others may get some relief as the traffic-clogged Southeast Asian city opens its first mass rapid-transit system.

AGENCE FRANCE-PRESSE, Mar 23 2019

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EU falling far short in trade talks: US ambassador

The European Union’s plans for trade negotiations with the United States fall far short of what is required and any idea of delaying formal talks would not work, the US ambassador to the EU said on Thursday.

REUTERS, Mar 23 2019

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Sri Lanka says Oman Oil still keen on refinery project

The Sri Lankan government said on Thursday that Oman’s government-controlled Oman Oil Co has made clear that it is interested in taking a 30 percent stake in a new oil refinery project on Sri Lanka’s south coast.

REUTERS, Mar 23 2019

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Strong outlook for US economic growth, says IMF

The International Monetary Fund on Thursday said the US economic outlook remained “strong,” a day after the Federal Reserve trimmed its median growth forecasts for the year.

AGENCE FRANCE-PRESSE, Mar 23 2019

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Thomas Cook to shut 21 stores in its UK retail network

British travel company Thomas Cook plans to axe 320 jobs and close 21 stores in its UK retail network to cut costs as consumers increasingly shop online, it said on Friday.

Mar 23 2019

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Oil-rich Angola gripped by fuel shortage

Long queues formed at petrol stations in the capital Luanda on Thursday as Angola, a major oil producer, struggled with a fuel shortage that is now in its second week.

Mar 23 2019

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Beneath Fed’s positive spin, an embrace of a tepid future

Federal Reserve policymakers see a US economy that is rapidly losing momentum. They predict inflation will miss their 2 percent target for yet another year, despite rising wages, and they expect unemployment to increase.

REUTERS, Mar 23 2019

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Oil declines from 2019 highs; set for third straight weekly gain amid supply cuts

Oil fell further from 2019 highs on Friday, but was set for a third straight week of gains due to supply cuts led by producer club OPEC and by US sanctions on Iran and Venezuela.

REUTERS, Mar 23 2019

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Economist Dahal passes away

Economist Madan Kumar Dahal passed away on Friday morning. He was 72. For the past nine days, Dahal had been undergoing treatment for Bronchitis and ailment of Pancreas. He breathed his last at Kathmandu Medical College Teaching Hospital, Sinamangal.

Post Report, Mar 23 2019

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Tesla chief Musk calls on workers to help deliver cars

Tesla chief Elon Musk on Thursday urged workers to make helping with the “biggest wave” of deliveries in the electric car maker’s history their top priority, Business Insider reported.

AGENCE FRANCE-PRESSE, Mar 23 2019

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German politicians split over bankrolling Deutsche Bank merger

A political rift has emerged in Berlin over whether Germany should put its financial muscle behind a merger of Deutsche Bank and Commerzbank, politicians and officials said, complicating a bid to create Europe’s third-largest bank and fund it.

REUTERS, Mar 23 2019

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Levi’s soars in return to public markets

Levi Strauss & Co’s return to the public markets got an enthusiastic reception from investors who believe the iconic brand is ready for a comeback—and still has a lot more room to grow.

ASSOCIATED PRESS, Mar 23 2019

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Oil majors rush to dominate US shale

In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles.

REUTERS, Mar 23 2019

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Indonesia’s Garuda will cancel Boeing 737 Max deal

Indonesia’s national carrier Garuda has told Boeing it will cancel a multi-billion-dollar order for 49 Boeing 737 Max 8 jets after the model was involved in two fatal crashes.

AGENCE FRANCE-PRESSE, Mar 23 2019

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Capital spending low despite simplified procurement process

The government has been working to simplify the public procurement process in a bid to boost spending on development projects, but it has not been able to achieve the desired result mainly because local units are not connected to the e-government procurement system and an effective oversight agency is lacking.

RAJESH KHANAL, Mar 23 2019

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