August, 2019

• 17 August

  The Federal Reserve needs a radical new approach

  

  In the past couple of months, the flaws in the Federal Reserve’s management of the economy have become hard to ignore. The central bank’s current way of doing things is increasingly self-defeating. To its credit, the Fed seems to realise this and is conducting a broad review of its goals and methods. It would be a pity if this process ...

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• 17 August

  Facebook paying to transcribe users’ audio chats

  

  Bloomberg Facebook Inc has been paying hundreds of outside contractors to transcribe clips of audio from users of its services, according to people with knowledge of the work. The work has rattled the contract employees, who are not told where the audio was recorded or how it was obtained — only to transcribe it, said the people, who requested anonymity ...

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• 17 August

  India’s HPCL plans pilot run for EV ‘battery swapping’

  

  Bloomberg Bracing for a future with less-polluting fuels, Indian oil refiner Hindustan Petroleum Corp (HPCL) is planning a pilot programme for swapping batteries of electric two- and three-wheelers at its outlets by December, according to people familiar with the matter. The initiative is aimed at helping the company maintain its grip on a segment of the mobility market that’s rapidly ...

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• 17 August

  Nvidia sales, profit results top estimates

  Bloomberg Nvidia Corp’s second-quarter sales and profit topped analysts’ estimates, suggesting that a slump in orders may be easing amid a revival in demand for graphics chips. Revenue in the quarter that ended in July was $2.58 billion, and profit excluding certain costs was $1.24 a share, the Santa Clara, California-based company said. Analysts, on average, had estimated adjusted earnings ...

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• 17 August

  Apple seeks to shut down Corellium’s ‘perfect replicas’ of iOS

  

  Bloomberg Apple Inc accused upstart Corellium LLC of illegally selling virtual copies of the iPhone and iPad operating systems under the guise of helping discover security flaws. In a copyright-infringement lawsuit filed in West Palm Beach, Florida, Apple said the software company Corellium has copied the operating system, graphical user interface and other aspects of the devices without permission, and ...

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• 17 August

  PBOC to cut borrowing costs with revamped rate system

  

  Bloomberg China’s central bank said it’ll start releasing a new reference rate for bank loans, a further step in a long-awaited reform to interest rates that’s set to bring lower borrowing costs to the economy. The People’s Bank of China will announce the new loan prime rate, (LPR), at 9:30 am on the 20th of every month, starting this month, ...

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• 17 August

  Goldman slashes growth forecasts for ‘Asian Tigers’

  

  Bloomberg Goldman Sachs Group Inc. slashed growth forecasts for the “Asian Tigers” as their exposure to the world economy — once one of their greatest strengths — is now backfiring as global growth slows amid trade tensions. “Besides their own domestic reforms, they all benefited enormously from the broader context of globalisation and the rapid economic development of the Asia-Pacific ...

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• 17 August

  Swiss lender adopts tireless robots in cost-cutting drive

  

  Bloomberg A 151-year-old Swiss bank is among the first wave of smaller lenders deploying robots for basic tasks to drive down costs and is considering expanding its use of the technology. After a successful test run, St. Galler Kantonalbank AG decided to employ three bots for jobs such as compiling information and using it to fill out forms. The company ...

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• 17 August

  Banks slashed over 50,000 jobs this year, led by Europe

  Bloomberg Banks across the globe have announced more than 48,500 job cuts this year as the outlook for the economy weakens. Nowhere was that more pronounced than in Europe, where lenders are bracing for a continuation of the negative interest rates that have eaten into their profits for the past five years. Germany’s troubled Deutsche Bank AG tops the list ...

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• 17 August

  Norway central bank throwing doubt on September rate hike

  

  Bloomberg Norway’s central bank is growing increasingly uncertain about raising interest rates next month as global risks mount and monetary policy makers around the world unleash more stimulus. Norges Bank left its key rate unchanged at 1.25%, as anticipated, and said its June rate outlook, which indicated a rate increase next month, was “little changed” even as it highlighted global ...

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