The UK government and Office for National Statistics (ONS) have decided to enhance data quality. Taking central bank Governor Charlie Bean's suggestions into consideration, the British government has earmarked GBP 17 million ($24 million) investment for creating new centers of excellence.
Regions
Chile keeps key rate unchanged amid slowest growth in 6 years
Central bank of Chile has not changed its key interest rate for three months in a row even though it recorded the slowest economy growth rate in six years in January 2016. The inflation rate is alarmingly at 4.7 percent above the two percent target of Chile government.
UK's first potash mine unveils £2.5-bln investment plan amid concerns
Sirius Minerals has decided to execute a potash mine, Britain's first potash mine in 40 years, at an investment of £2.5-billion. Sirius is planning to raise funds from investors and banks. Environmentalists are raising concerns , however, about the project as it would have underground network of tunnels underneath North York Moors National Park.
Family Profiles: Customer Feedback Induced New Feature For Uber App
Uber has announced another new feather of its app, Family Profiles which enables customers to pay for the rides of their family members. The person, organizing the' Family Profiles' will be served a detailed report of the rides they are paying for. The feature is primarily available in select cities of the US.
Coherent To Acquire Rofin-Sinar Eyeing Global Dominance Over Laser and Photonics Technology
Coherent has announced acquiring Rofin-Sinar through a deal for $942 million. The deal is expected to close by the coming six to nine months. Through the acquisition, Coherent eyes to represent itself as a global leader in the area of laser and photonics technology.
Latest News
Citing drop in revenues, Moody's Investors Service has lowered Houston's $3 billion of general obligation debt by one level to Aa4. Lower oil prices and restrictions on raising taxes are keeping further pressure on Houston's economy.
LivingSocial, partly owned by Amazon, has represented itself as a foe in ecommerce business. Gautam Thakar, the new CEO has gone through a massive workforce reduction since his inception 18 months back. Beside job cuts, Thakar has transformed its business focus from daily deals to card linked discount business which is now being tested in three US cities and seems to be popular.
Executives of all pioneer manufacturers have called for promulgation of uniform federal law ahead of a hearing of the Senate Commerce Committee on Tuesday. Several states in the US have enacted own law prohibiting the driverless cars which has been cited as the reason for their advocacy. However, lawmakers and analysts prefer more scrutiny before initiating a uniform law.
Shareholders of two U.S. prominent banks will vote later this year regarding the breakup plans for the banks. However shareholders are predicted to decline the plan submitted by liberal lobby activist.
Optus at last revealed on how Aussie football fans will be able to watch their favorite game via live stream. It will team up with SBS to broadcast live streaming of their favorite team and players from around the world provided that the viewers are Optus subscribers.
In fear of Brexit, economists predicted British central bank will keep its interest rate low. While Bank of England Governor Mark Carney warned that Brexit will damage British financial stability.
Series of bankruptcy decisions indicates the decaying market stake of coal industry and Peabody appears as the latest to file chapter 11 with the New York Stock Exchange. Many coal mining companies are still operating with profits. So warning of bankruptcy by the world’s largest private coal miner doesn’t indicate possible extinction of the coal industry.
Two of the most prominent European stock exchange, Frankfurt and London has agreed to merge on Wednesday. The merger between them will create a new European trading powerhouse.
Federally backed $2.2 billion solar plant in California may be forced to close. The solar plant failed to supply electricity to Pacific Gas and Electric Co as promised.
