Business

Barclays Africa reports decline in first-half income

Barclays Africa reports decline in first-half income

Barclays Africa Group Limited on Thursday reported a notable decline in total first-half income, delivering further evidence that the economy of South Africa is not going to climb out of the financial doldrums anytime soon.

It is the first interim contraction reported by Barclays Africa Group since Maria Ramos took charge as chief executive officer of the Johannesburg-based lender in 2009.

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Michael Kors to acquire Jimmy Choo for $1.2 billion

Michael Kors to acquire Jimmy Choo for $1.2 billion

Seeking to restore lost luster by adding “Sex & the City” stilettos, Michael Kors Holdings Limited has agreed to acquire Jimmy Choo Plc. for $1.2 billion.

The acquisition of Jimmy Choo will give the New York-based fashion and accessories giant a presence in higher-end luxury market.

Luca Solca, an analyst with Exane BNP Paribas, said, “Again, Michael Kors follows the path of Coach -- and again, on steroids. After a meteoric rise and spectacular crash, it is now the time to recycle cash into other brands.”

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Strong Jobs Data Pushes Dow Jones Towards All-Time High

Strong Jobs Data Pushes Dow Jones Towards All-Time High

The U.S. Stock markets jumped on Friday as strong jobs data increased risk appetite among long term investors. Investors are confident that the U.S. economy will report strong growth, backed by strong jobs market. As the U.S. economy depends on consumer spending, strong job market would ensure higher consumer spending in the coming quarters. In June, the U.S. economy added 222,000 jobs. The biggest gains were witnessed in healthcare, professional services, restaurants and government departments, the Labor department report informed.

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German Retail Chain LIDL Plans U.S. Expansion

German Retail Chain LIDL Plans U.S. Expansion

German retail chain LIDL is planning to expand its operations in the United States. The market is highly competitive but LIDL management is confident that they will be able to grab sizable chunk of the U.S. retail market. As per a recent analysis conducted by Jefferies on 20 popular retail items, LIDL stores offered nearly 9 percent discount compared to Wal-Mart.

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Authorities Expect Shipping Volumes to Increase after the Expanded Panama Canal’s Inauguration on Sunday Tag:US

Authorities Expect Shipping Volumes to Increase after the Expanded Panama Canal’

The expanded Panama Canal will open during the weekend and that means larger vessels can enter through the route more frequently tapping into the rapidly growing Asia-Pacific consumer markets. Larger ships not only mean higher capacity of goods but also more jobs and larger paydays for the various commodity producers.

As the Panama Canal Authority estimates, the expanded Panama Canal will lessen sailing times between the ports on Atlantic Ocean and Asia by as much as sixteen days for those vessels that could not earlier pass through the canal.

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Paraguay’s Petropar get Ten Days Deadline to Pay Back Debt from Venezuelan Oil Company PDVSA

Paraguay’s Petropar get Ten Days Deadline to Pay Back Debt from Venezuelan Oil C

On Saturday, Petropar, the state-run oil firm of Paraguay said that Venezuelan state oil producer PDVSA has given the Paraguay company a deadline of ten days to pay back a debt of $287 million that dates back to 2009.

The demand follows the incident when last week Paraguay asked to arrange a meeting of foreign ministers of the regional South American bloc, the Mercosur trade group to scrutinize whether Venezuela failed to fulfill with democratic standards that is laid out in the charter of the organization.

Aliso Canyon Storage Facility Reports a New Oil and Gas Leak; Leaked Methane from Storage Facilities add to Global Warming

Aliso Canyon Storage Facility Reports a New Oil and Gas Leak; Leaked Methane fro

An extensive environmental study shows that the oil and gas industry is adding large amount of methane to the atmosphere. The odorless, colorless methane gas keeps seeping out of the storage wells at a large number of natural gas facilities in the United States.

Environmental Defense Fund, nonprofit organizations researchers used infrared cameras that scanned for methane leaks at more than 8,000 U.S locations.

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Solar Powered Flight, Solar Impulse 2 will Resume Its Round the World Journey from Hawaii

Solar Powered Flight, Solar Impulse 2 will Resume Its Round the World Journey fr

At a time when Hawaii is shifting its focus from fossil-fuel to a clean energy future, the Solar Impulse gears up to continue its journey from Hawaii to more mainland U.S destinations including for Phoenix, San Francisco, Los Angeles and then to Vancouver.

The Solar Impulse 2 team will resume their round the world solar-powered flight with technology partner ABB. The flight is set out to prove that renewables are an equally reliable power source and is cleaner.

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Panama Papers impact: Iceland PM Sigmundur David Gunnlaugsson resigns

Panama Papers impact: Iceland PM Sigmundur David Gunnlaugsson resigns

In a development which underscores an apparent impact of the so-called Panama Papers, Iceland Prime Minister Sigmundur David Gunnlaugsson stepped down from his post on Tuesday.

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Reportedly Alaska Air Close to a $2 billion Acquisition Deal for Virgin America

Reportedly Alaska Air Close to a $2 billion Acquisition Deal for Virgin America

On Saturday, reports said that Alaska Air Group Inc is close to settling a deal to buy Virgin America Inc. Virgin is the ninth biggest airline in the United States by passenger traffic. The deal is expected to be for greater than $2 billion. The bid surpassed the offer from JetBlue Airways Corp.

The acquisition would ushering the first commercial airline merger in the United States after US Airways and American Airlines merged in 2013. It formed the largest carrier in the world.

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