TUI Group – largest travel company in the world, associating 1,600 travel agencies, reported a sharp deterioration in economic results. Its loss increased to 83.6 million euros ($ 94.34 million) in the last quarter of the year (the first fiscal…
Should California bail out Pacific Gas & Electric?
It’s a big dilemma because PG&E is seen as TBTF (too big to fail). It provides natural gas and electricity for 16 million people — 40% of the California state. But the utility’s poorly maintained equipment has caused numerous devastating…
Driverless delivery startup Nuro raises almost $1 billion from SoftBank
Nuro is already testing fully driverless grocery deliveries in the Phoenix area on public roads. The autonomous delivery startup Nuro has raised $940 million from The Softbank Vision Fund, making it one of the most generously funded startups in the driverless…
The Great Japanese Gold Trade Of 1859
The price of gold is $1,314 per ounce right now. But imagine if there was one place in the world – say Japan – where you could buy an ounce of gold for a fraction of that, $400. By exporting…
Free-Falling Freight Rates Spell Trouble For Shipping
In the alternative media false articles were made about “Dry Baltic Index” as “container ship rent rate” etc. These are the creations of half-educated new generation journalists. The Baltic Dry Index is not about container ships, it is about bulk…
Tata Steel Q3 profit surges 53% YoY and Tata Motors shares plunge most in 26 years after record loss
Tata Steel Q3 profit surges 53% YoY to Rs 1,751 crore, India business revenue up 10%. The revenue has risen 23% to Rs 41,219 crore vs. Rs 33,446.6 crore last year. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 18% to…
The results of the Finnish experiment with unconditional basic income
In Finland, at the beginning of 2017, they decided to carry out a long-term experiment with unconditional basic income. Approximately 2000 people received 560 euros each month, no-strings-attached and tax-free. An experiment with unconditional basic income would be part of…
More than half of US coal mines have closed since 2008
Declining coal demand in the US and rising demand for fracked natural gas and renewables have hit coal production and the number of active coal mines in the United States has dropped by more than half since peak coal production…
The South African President has promised to save the Eskom and divide it into 3 entities
South African power plants Eskom, which produce 95% of electricity in South Africa, are facing $ 30 billion in debt. South African President Cyril Ramaphos announced that Eskom will be divided into three entities. Utility holding Eskom consists of 3…
German government and EU on collision course
Berlin fury over bid to crush big industry. Germany is on a collision course with the European Union as eurocrats reject a landmark merger between Franco-German rail firms Alstom and Siemens. Peter Altmaier, Berlin’s economy minister, has hit back at Brussels…
Energy bills to rise by £117 for 15m households as price cap lifted
Around 15m households will see their energy bills increase by £117 a year from April after the regulator Ofgem said it was lifting two price caps because of rising wholesale costs. Big energy suppliers are expected to increase their prices…
ArcelorMittal profit up, launches negligible buyback
ArcelorMittal (symbol: MT) said Thursday that its net profit rose in the Q4 and launched a $113.4 million share buyback. The Luxemburg-based steelmaker reported a quarterly net profit of $1.19 billion, up from $1.04 billion a year earlier, due in part…
Siemens-Alstom Merger Killed By EU Competition Officials
A merger that was supposed to create a “European champion” with the strength to counter the growing economic clout of China has been killed by the European Union’s top competition official, Margrethe Vestager. On Wednesday, Brussels blocked the proposed merger between Siemens…
Toyota warn on profits as car challenges mount
Toyota, whose net profit last month fell 81%, cut its annual profit expectations for the 12 months to March by 19% to ¥1.87 Trillion. Toyota’s operating profit flatlined in the latest quarter as cost increases and lackluster sales offset a…
Outrage as Once-Free Drug Now Costs $375,000
Sen. Bernie Sanders (I-Vt.) is demanding to know why a pharmaceutical company has slapped a $375,000 list price on a drug that patients used to get for free. Sanders accused Patrick McEnany, president and CEO of Catalyst Pharmaceuticals Inc., of…