HSBC profit slump adds to bank sector coronavirus woes

Author: Tue, 2020-08-04 03:48 LONDON: HSBC on Monday reported a 69-percent slump in net profit, joining a number of major banks whose earnings have been slammed by the coronavirus fallout. HSBC announced earnings of $3.1 billion compared with almost $10 billion in the first 6 months of 2019, as spiraling China-US tensions also hurt the British-based but Asia-focused lender. Alongside HSBC results, top French bank Societe Generale on Monday announced...

Back on track: Europe’s fading night trains win reprieve

Author: Tue, 2020-08-04 01:43 PARIS: It was one of the quintessential European travel experiences. With passengers cradled to sleep by the clank of the wheels on the rails, the network of night trains that spanned the continent inspired travelogues, thrillers and films. But the cost required to keep them running, coupled with the growth of high-speed day trains and the popularity of budget airlines, meant that the era of the...

Chinese artificial intelligence company files $1.4 billion lawsuit against Apple

Author: ReutersID: 1596447339352233900Mon, 2020-08-03 09:33 SHANGHAI: Chinese artificial intelligence company Shanghai Zhizhen Intelligent Network Technology Co., also known as Xiao-i, has filed a lawsuit against Apple, alleging it has infringed on its patents. The company is calling for $1.43 billion in damages and demands that Apple cease “manufacturing, using, promising to sell, selling, and importing” products that infringe on the patent, it said in a social media post. Xiao-i argued...

Spain’s international tourist arrivals drop 98% in June

Author: ReutersID: 1596442363992059400Mon, 2020-08-03 07:52 MADRID: International tourist arrivals to Spain fell 98% year on year in June, official statistics released on Monday showed, as the country continues to reel from the effects of the global coronavirus pandemic. Over the first six months of the year some 10.8 million foreign tourists visited Spain, around 72 percent less than in the same period of 2019, the National Statistics Institute said. Main...

Amid pandemic, mopeds have a moment in car-loving US

Author: Mon, 2020-08-03 02:10 NEW YORK: Long associated with narrow, cobbled streets in Europe and congested Asian megacities, scooters are now becoming a common sight in car-loving America as commuters shun public transport because of the coronavirus pandemic. New Yorkers turned to the turquoise-blue rental mopeds of ride sharing company Revel in huge numbers in recent weeks, while scooter retailers are reporting a big uptick in sales. “I decided...

TikTok sale ‘uncertain’ as Trump ban looms

Mon, 2020-08-03 02:04 SAN FRANCISCO: Negotiations for Microsoft to buy the US operations of Chinese-owned TikTok are on hold after President Donald Trump threatened to bar the social media app and came out against the sale, the Wall Street Journal reported Saturday. Trump has pledged to get tough on the massively popular video-sharing app, which US officials have said could be a tool for Chinese intelligence — a...

Ibiza: Between economic distress and unprecedented calm

Author: Mon, 2020-08-03 02:00 IBIZA TOWN, SPAIN: On the largely empty beach at Figueretas on Ibiza, social distancing isn’t hard to do. Here, bar terraces are sparsely populated and the shutters of apartments overlooking them are mostly closed. With Spanish health authorities struggling to contain rising coronavirus infections, this island fears its tourist season may have been dealt a final blow following UK’s decision to quarantine all arrivals from...

INTERVIEW: The Uber of the trucking world has big plans in Saudi Arabia

Author: Sun, 2020-08-02 00:17 DUBAI: Midway through our Zoom call, Gaurav Biswas threw a big statistic into the mix: “One interesting fact I’ve learned is that Saudi Arabia has the highest per capita number of trucks in the world,” he revealed with a flourish. Biswas is the founder and CEO of TruKKer, the Uber of the trucking business and one of the fastest-growing logistics companies in the Middle East....

WEEKLY ENERGY RECAP: US crude glut caps prices

Author: Sat, 2020-08-01 23:47 Brent crude nudged up to $43.40 per barrel after another steady week. Interestingly, Brent crude rose as futures weakened. That indicates abundant quantities of physical oil or an increased difficulty in placing barrels. The US WTI oil benchmark took a different direction to Brent, falling to $40.27 per barrel. That may have been triggered by the historically large drop in US second-quarter gross domestic product....
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