Lebanon’s political leaders named diplomat Mustafa Adib as the disaster-stricken country’s new prime minister on Monday, starting the formation of a new government tasked with implementing urgent reforms after the previous leadership quit en masse. But for many Lebanese citizens, hundreds of thousands of whom saw their homes destroyed in the devastating August 4 blast […] Read more
Apple is planning to launch four new iPhone models with fifth generation cellular technology in October, according to a Bloomberg report Tuesday that cites sources familiar with the matter. The Cupertino-headquartered firm has reportedly asked suppliers to make between 75 million and 80 million new iPhones, which is in line with what it has asked for in […] Read more
London’s reputation as one of the world’s major tech hubs is in jeopardy as a result of the coronavirus pandemic. At the start of the last decade, a cluster of start-ups began to form around East London’s Old Street roundabout (technically a gyratory system), leading the area to be nicknamed “Silicon Roundabout.” Then-British Prime Minister David […] Read more
Soft commodities such as coffee, sugar and cocoa have broadly rallied over the past few weeks, steadying after a period of sharp volatility at the height of the coronavirus crisis. Coffee futures for December delivery trading on New York’s Intercontinental Exchange (ICE) are up almost 15% so far this quarter, having begun a steep incline […] Read more
The Japanese yen and Swiss franc remain relatively safe bets, Morgan Stanley said Tuesday, but the investment bank picked the U.S. dollar as the best safe-haven currency in what’s left of turbulent 2020. The greenback fell to a 27-month low on Tuesday against a basket of its peers, where the dollar index reached 92.477 — a level not seen since […] Read more
Amazon is being investigated by German authorities for allegedly abusing its market position during the coronavirus pandemic. The investigation, being led by the German Federal Cartel Office, is looking at Amazon’s relationship with third-party sellers on its platform. It began around April and comes after the Cartel Office received a number of complaints. A spokesperson […] Read more
Russia has effectively been working on its coronavirus vaccine for the past six years, according to the head of the country’s sovereign wealth fund, with a rollout expected before the end of the year. On Tuesday, Russia announced that it had registered a coronavirus vaccine, making it the first country to do so. There are doubts […] Read more
British financial technology firm Revolut said its losses more than tripled in 2019, despite a surge in revenues and customer numbers. The London-based start-up, which offers banking and trading services through an app, posted a total loss of £106.5 million ($139.6 million) for the year ending December 31, up from £32.9 million in 2018. That […] Read more
Investors are dismissing the risk of an inflation spike. Morgan Stanley says that could be a mistake
There is one big difference between the current coronavirus-led economic downturn and the 2008 global financial crisis and it could drive up consumer prices in a way that most investors are not expecting, according to analysts at Morgan Stanley. Advanced economies have grappled with subdued inflation over the last decade. This means a gradual increase in prices, […] Read more
Most U.S. coronavirus tests are a “complete waste” because it takes so long to get results in time for people to self-isolate once they find out they have the virus, billionaire philanthropist Bill Gates. President Donald Trump has touted the increase in U.S. testing capacity, even calling the country the “envy of the world” for how many […] Read more
