Business

Heat wave in New York: More than 50,000 Con Edison customers lose power

Almost 50,000 customers were without power in New York City and Westchester County on Sunday night as the third day of dangerously hot weather continued to grip the region, officials said. Shortly after 8pm, Mayor Bill de Blasio said on Twitter that 30,000 customers in Brooklyn — in and around the neighbourhoods of Canarsie, Mill Basin and Flatbush — would ...

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Johnson & Johnson faces criminal probe related to baby powder: Bloomberg

The US Justice Department is pursuing a criminal probe into whether Johnson & Johnson lied about potential cancer risks of its talcum powder, Bloomberg reported, citing people with knowledge of the matter. A grand jury in Washington is looking into documents related to what company officials knew about any carcinogens in their products, according to the Bloomberg report. J&J did ...

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Huawei’s US research arm builds separate identity

The US-based research arm of China’s Huawei Technologies Co Ltd – Futurewei Technologies Inc – has moved to separate its operations from its corporate parent since the US government in May put Huawei on a trade blacklist, according to two people familiar with the matter. Futurewei has banned Huawei employees from its offices, moved Futurewei employees to a new IT ...

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US tech companies sidestep a Trump ban to keep selling to Huawei

US chipmakers are still selling millions of dollars of products to Huawei despite a Trump administration ban on the sale of US technology to the Chinese telecommunications giant, according to four people with knowledge of the sales. Industry leaders including Intel and Micron have found ways to take advantage of a provision on labeling US made goods, said the people, ...

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Four reasons to be extremely cautious about Facebook’s new currency

Facebook has unveiled libra, a cryptocurrency that will enable users to make international payments over Messenger and other group platforms like WhatsApp, perhaps from as soon as 2020. Here’s how it looks likely to work: A user would buy libra and keep a balance of the currency in Facebook’s digital wallet, called Calibra. The user could either transfer currency to ...

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6m people living in extreme poverty: Minister

Between five and six million people in Bangladesh are currently affected by extreme poverty, Planning Minister MA Mannan said Sunday, reports UNB. “The number will decrease soon,” he said at the CPD Budget Dialogue at a Gulshan hotel. Mannan said the government’s main goal is to eradicate poverty. “Holistic development by implementing the budget will help everyone,” he said.

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Xi Jinping visits N Korea to boost China’s ties with Kim

China’s President Xi Jinping is in North Korea for a meeting with Kim Jong-un, in the first Chinese state visit to the North since 2005, reports BBC. The two, who have met in China four times, are expected to discuss the stalled talks over the North’s nuclear programme as well as economic issues. China is hugely important to North Korea, ...

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IMF mission concerned over soaring NPLs in banks

IMF’s Article IV Consultation Mission visits its member countries including Bangladesh every year to assess weakness and strength of economies The International Monetary Fund (IMF) mission has expressed grave concern over the rising trend of non-performing loans (NPLs) in the banking sector. The NPLs of banks rose by a staggering Tk16,962crore in a period of three months till March this ...

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FBCCI describes budget as pro-people, business-friendly

Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has hailed the proposed budget for fiscal year 2019-2020 (FY20) describing it as time-befitting and business-friendly, reports BSS. In a press conference at FBCCI conference room today, the apex business body president Sheikh Fazle Fahim said the proposed budget is time-befitting as it has given special emphasis on social safety net, ...

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US retail sector posts healthy gains in May

American consumers spent freely on autos and electronics last month, giving the retail sector a bump even as worries mount that the US economy is slowing, government data showed Friday. News of the upswing in spending came as the picture for April also changed for the better, suggesting retail sales were likely to support GDP growth in the second quarter. ...

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