Business
Saudi Arabia informs US and European customers of oil supply cuts from January
Saudi Arabia is said to have told its customers across the US and Europe that it will be cutting down on its crude shipments from January. The world's second largest oil country in terms of proven reserves, has reportedly said that the move was in line with the outcome of the Organization of the Petroleum Exporting...
Big business leaders urge Trump to abandon mass deportation promises
A group funded by billionaires like Rupert Murdoch and Michael Bloomberg is calling for President-elect Donald Trump to scale back calls he made for the mass deportation of immigrants on the 2016 campaign trail. "This election clearly showed that Americans are wildly frustrated with our broken immigration system,"...
Tata Steel needs to overcome major hurdles to save Port Talbot plant, warns Pensions Regulator
While Tata Steel's decision to invest £1bn ($1.26bn) in its UK business could save the Port Talbot plant from closing down, it still faces some major hurdles, The Pensions Regulator (TPR) has warned. The UK non-departmental public body said these hurdles were related to Tata Steel's UK pension scheme. The...
Rolls Royce to slash 800 jobs in marine division in bid to cut costs
Rolls Royce has unveiled plans to cut approximately 800 jobs in its marine business, in a bid to save around £50m a year, as demand from energy and shipping customers continues to decline. The British engineering group has been cutting costs since 2013 as it seeks to improve the competitiveness of its marine unit and the...
Martin Shkreli mocked a group of high school students who recreated his $750-drug Daraprim for $2
Sydney (AFP) — "Bad boy" pharmaceutical chief Martin Shkreli, who raised the cost of an HIV drug by 5,000 percent, has mocked a group of Sydney school students who recreated the life-saving medicine on the cheap. The teenagers said they were spurred to try recreate the drug after Shkreli became a global figure...
UK banks looking into ‘next generation’ of digital cards to help combat online fraud
A new form of digitally-enhanced bank card featuring an unpredictable three-digit security code is currently being analysed by UK banks and financial institutions as a way of combating increasing levels of fraud, according to security firm Gemalto. The technology, which has been dubbed the "next generation" of payment...
IFS warns of biggest squeeze on pay for 70 years over Brexit
Workers in Britain face the longest squeeze on their pay for 70 years as Brexit knocks wage growth and stokes inflation, a leading thinktank has said. Picking over Philip Hammond’s first autumn statement, the Institute for Fiscal Studies said that by 2021, real wages in the UK – pay adjusted for inflation –...
South Korea’s presidential office has explained why it bought 360 Viagra tablets
The office of South Korean President Park Geun-hye has confirmed revelations by an opposition lawmaker that it purchased about 360 erectile dysfunction Viagra pills and the generic version of the drug in December. While the report has created a frenzy on the internet, Park's office said the pills were bought to...
President-Elect Donald Trump meets with UFC owner Ari Emanuel to ‘discuss some concerns’
This past Sunday, the great state of New Jersey (lol) played host to three of the biggest names in media and entertainment. President-Elect Donald Trump, WME head cheese and new owner of UFC Ari Emanuel, and Nostradumbass himself. Though I didn’t have much choice, since I already live here. Why Trump was talking shop with...
The collapse of the pound since Brexit has cost £1,200,000,000,000
The cost of Brexit to UK households has been put at $1.5trillion – that’s £1.2trillion – by an independent report from Credit Suisse. According to the Global Wealth Report, since the vote on June 23, sterling lost 20 per cent of its value. It also means that 400,000 people lost their millionaire status....
JPMorgan paying £264m to settle Chinese hiring of ‘princelings’ probe
US bank JPMorgan Chase has agreed to pay $264m (£212m) to regulators to settle claims it hired the children of well-connected top Chinese officials to win business. The Securities and Exchange Commission (SEC) and the Justice Department launched an investigation in 2013, into the employment of what has been called...
People are bidding more than £500 for Jeremy Corbyn’s old shoes
Roll up, roll up… Jeremy Corbyn is auctioning off a pair of his shoes for charity. Yes, really. A grandma accidentally text a teen with her thanksgiving plans and now they’re mates And depending on how much you want to get your hands on the pair of brown leather lace ups, you can bid online. Currently, the highest...