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World Bank to reduce lending to China

The bank, which is led by former US Treasury official David Malpass, defended its approach in a brief statement. "World Bank lending to China has fallen sharply and will continue to reduce as part of our agreement with all our shareholders including the United States. "We eliminate lending as countries get richer," it said.

Ericsson to pay over $1 billion to resolve U.S. corruption probes

The bribery took place over many years in countries including China, Vietnam and Djibouti, the department said. The total charges include a criminal penalty of more than $520 million, plus $540 million to be paid to the U.S. Securities and Exchange Commission (SEC) in a related matter.

Cambridge Analytica deceived users: US FTC

The US FTC said it also found that Cambridge Analytica engaged in deceptive practices relating to its participation in the EU-US Privacy Shield framework - a pact which allows companies to transfer consumer data legally from EU countries to the US. The ruling has come after Facebook in July agreed to pay record-breaking $5 bn to the FTC as fine.

Paris billionaire rivalry fuels pursuit of Tiffany, Moncler

The rivalry, more than two decades in the making, has defined the modern luxury industry and shows no signs of ending. Since 2001, when Kering founder Francois Pinault beat out LVMH Chief Executive Officer Bernard Arnault for control of Gucci, the companies have increased their hold over the sector through dozens of deals.

China to waive tariffs on some US soybeans, pork in goodwill gesture

China had imposed the levies in response to tariffs launched by Washington over allegations that China steals and forces the transfer of American intellectual property to Chinese firms, known as Section 301. That includes tariffs of 25% on both US soybeans and pork in July 2018 and a further 10% on pork and 5% on soybeans in September this year.

Facebook sues Chinese company over ad fraud

Facebook blamed ILikeAd Media International Company and two individuals associated with the company — Chen Xiao Cong and Huang Tao — for the fraud. The defendants deceived people into installing malware available on the Internet. This malware then enabled the defendants to compromise people’s Facebook accounts and run deceptive ads promoting items.

France rejects 'optional' US digital tax proposal

France has been at the forefront of efforts to tighten taxation of digital giants and parliament infuriated the administration of President Donald Trump in July by adopting a law taxing digital firms like Google, Apple, Facebook and Amazon for revenues earned inside the country.

US-China trade pact 'still close': White House

"The deal is still close," National Economic Council Director Larry Kudlow told CNBC. "It is probably even a wee bit closer than when I first made that statement in November." He described the talks underway with Beijing as "intense," adding that they occur almost daily. Wall Street has moved up and down with officials' commentary on the chances of sealing a deal.

US gains a robust 266,000 jobs; unemployment falls to 3.5%

The healthy job gain runs against a widespread view that businesses are struggling to find workers with unemployment so low. Persistent hiring should help keep consumers spending - a key engine of growth as businesses have cut their investment spending and exports have stalled.

How hackers stole $1mn fund meant for Israeli start-up

The Chinese venture capital firm was alerted by their bank earlier this year that there was an issue with one of their recent wire transactions. A few days later, the Israeli start-up realised they have not received their funding. Both sides got on the phone and quickly found out that their money was stolen.

25 billion reasons: Why Saudi is listing its crown jewel

25 billion reasons: Why Saudi is listing its crown jewel

​ Despite its almost unimaginable oil wealth, Saudi Arabia's finances have sagged along with the price of crude, causing its budget deficit to balloon. It still has around $500 billion in fiscal reserves run by the country's central bank and some $250 billion managed by the public investment fund (PIF), the kingdom's main investment vehicle.

Pakistan's ailing economy gets USD 1.3 billion infusion from ADB

Pakistan's ailing economy gets USD 1.3 billion infusion from ADB

The ADB's quick dispersing special policy-based loan is part of a multi-donor economic reform programme led by the IMF to stabilise Pakistan's economy after a major deterioration in its fiscal position in 2018, according to a statement by the Manila-based regional lender.

Major US, global cities slowing amid worldwide slump: Report

Major US, global cities slowing amid worldwide slump: Report

Nine of the top 10 biggest global cities will slow next year, Oxford Economics researchers found in a report.

Banks gave USD 745 billion to groups planning new coal power plants: NGOs

Banks gave USD 745 billion to groups planning new coal power plants: NGOs

The report's release comes as world leaders met this week in Madrid for a 12-day UN climate summit, where they are expected to hammer out some of the details of the 2015 Paris agreement. But the report released by environmental groups on Thursday cites more than 1,000 new coal power stations or units in the pipeline.

How Google’s founders slowly stepped away from their company

How Google’s founders slowly stepped away from their company

On Tuesday, Page and Sergey Brin stepped down from day-to-day executive roles at Alphabet.

General Motors, LG Chem to announce EV battery joint venture in Ohio

General Motors, LG Chem to announce EV battery joint venture in Ohio

One source familiar with the matter told Reuters earlier that the facility, expected to be located in the Lordstown area of Ohio, would see investment of more than $2 billion, with GM and LG Chem expected to invest more than $1 billion each.

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