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Top News: Business

Japan's airbag giant Takata files for bankruptcy

Toukyo - Japan's crisis-hit car parts maker Takata filed for bankruptcy protection Monday and said its chief executive would quit after a deadly airbag crisis that triggered the auto industry's biggest ever safety recall.

Glencore makes new bid for Rio's Australia coal assets

Sydney - Rio Tinto said on Monday that Swiss commodities giant Glencore has upped its offer for the firm's Australian coal assets, raising the stakes in a bidding war with China-backed Yancoal.

Italy to pay up to 17 bln euros to deal with two troubled banks: govt

Rome - Italy will pay up to 17 billion euros ($19 billion) to break up two insolvent Venetian banks, which have posed a threat to country's banking system, the government announced Sunday.

Soweto's urban entrepreneurs take on the world

Soweto - At the back of Mandisa Zwane's typical yellow plaster-clad Soweto house is a bustling hive of activity set to a soundtrack of gospel music and crying babies that emanates from nearby.

Rome out to rescue two troubled banks

Rome - At the 11th hour, the Italian government has vowed to rescue two troubled Venetian banks with the aid of a retail bank, plus billions of taxpayer's cash.

Macron stumbles at EU summit over Chinese investments

Brussels - EU leaders on Friday poured cold water on a proposal by French President Emmanuel Macron to hand Brussels more powers to control Chinese investments in strategic European industries.

Tesla eyes manufacturing in China

New York - Tesla said Thursday it was considering the possibility of manufacturing in China as it ramps up for expansion of its line of electric-powered cars.

Sears Canada files for creditor protection

Montr - Sears Canada filed for court protection from creditors Thursday as the onetime retail giant seeks to adapt to a changed landscape and tougher online competition.

IBM's CEO on how blockchain will change the world

IBM has received more patents than any other company for the past 24 years. First it was cloud computing, then artificial intelligence. Now, the software giant wants to stay on top for a 25th year with blockchain.

Global stocks mostly fall on oil price slump

New York - Global stocks mostly tumbled on Wednesday, with the energy sector taking a beating as worries about excess supply and ineffectual OPEC policy hit oil prices.

Startup CEOs agree: Don’t do it like Uber Special

Brooklyn - Corporations may give generously to charities to burnish their reputations, but only as long their profits aren’t at risk. But three startups are proving that philanthropy can be good business too.

Embattled Uber CEO Kalanick steps down

San Francisco - Uber said Wednesday that its embattled chief executive Travis Kalanick had agreed to step down from his job, as the company tries to clean up a corporate culture that has sparked charges of harassment and discrimination.

Embattled Uber CEO Kalanick steps down: NYT

New York - Uber chief executive Travis Kalanick has stepped down from his job after a shareholder revolt made it untenable for him to stay, the New York Times reported on Wednesday.

Gulf states prepare for VAT in time of crisis

Dibai - Oil-rich Gulf countries, which for decades have attracted millions of foreign workers thanks to their reputation as tax-free havens, aim to introduce value-added tax in 2018 to plug budget gaps.

Your Ford Focus to be built in China starting in 2019

Ford Motor Company will begin importing its Ford Focus compact car from China beginning in the middle of 2019, after scrapping plans to build the small car in Mexico.

Leading US-based index to include Chinese stocks for 1st time

New York - Chinese stocks will be included for the first time in a leading US-based index of emerging market shares after three previous rejections, New York-based MSCI announced Tuesday.

Coal India still planning to shut 37 coal mines by end of year

Coal workers unions at Coal India and Singareni Collieries have postponed a three-day strike that was to have started today after the government agreed there would be no merger of retirement funds. However, Coal India is still closing 37 mines by 2018.

Fed interest rate hike will have only modest effect on consumers

Washington - The US Federal Reserve increased short-term interest rates by a quarter point on Wednesday to an upper limit of 1.25 percent. The increase will have a quite modest impact on consumer's borrowing costs.

Libya's oil production could reach one million barrels a day soon

Speaking to U.K. ambassador, Peter Millett, Libyan National Oil Corporation (NOC) chair Mustafa Sanalla claimed that Libya was on course to produce one million barrels per day by the end of July.
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Top News: Business