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Saudi king: Aramco IPO will bring investments, jobs

Saudi Arabia’s King Salman said Wednesday that oil giant Aramco’s planned IPO will attract investment and create thousands of jobs, in his first comments on the blockbuster stock market listing. Riyadh on Sunday put a value of up to $1.71 trillion on Aramco as it said it would sell 1.5 percent of the company in…

No timeline on Boeing MAX return to skies: US regulator

The United States aviation regulator is under no time pressure to give permission for the troubled Boeing 737 MAX to return to the skies, its chief said Wednesday. The plane has been grounded since March following two crashes, of Lion Air and Ethiopian Airlines flights, that left a total of 346 people dead. Boeing has…

Aston Martin unveils first SUV, eyes luxury buyers in China

British carmaker Aston Martin unveiled its first-ever sports utility vehicle (SUV) Wednesday at events in Beijing and Los Angeles, signalling it was banking on China’s growing appetite for luxury to prop up sales. Dubbed the DBX, the new vehicle is the biggest expansion in Aston Martin’s range in the brand’s history, CEO Andy Palmer said…

CommSec Daily Report Thursday

Latest news Aussie shares are slumping by almost 1 per cent at lunch, adding to Wednesday’s 1.35 per cent slide. Due to concerns relating to the U.S. – China dispute, the market has had its two worst performances in seven weeks back-to-back, after getting to within 1 per cent of record highs on Tuesday. One…

China cuts new benchmark rate to boost economy

China on Wednesday cut interest rates in a bid to shore up the world’s number two economy as cooling domestic demand and a bruising trade spat with the United States hit growth. The reduction in the loan prime rate (LPR) — one of the preferential rates commercial banks impose on their best customers and which…

US probe faults Uber, human error in self-driving car crash

A US investigation into the death of a pedestrian struck by a self-driving Uber car faulted driver inattention along with “inadequate” safety measures implemented by the company. The National Transportation Safety Board said the “immediate cause” of the March 2018 accident was that the driver — able to take the controls from the autonomous car…

French media launch copyright case against Google

French media organisations lodged a complaint against Google to the country’s competition authority Wednesday over the US internet giant’s refusal to pay for displaying their content. The move sets up a legal fight with Google over a new EU copyright law that could have huge repercussions for the future of the press. Earlier this year…

Tata Steel to cut up to 3,000 jobs in Europe

Indian group Tata Steel said Monday it would slash up to 3,000 jobs in Europe as it restructures European operations following the collapse of a planned merger. The announcement came after weeks of speculation that the steel giant, which employs 11,000 workers in the Netherlands, would cut thousands of jobs to tackle structural challenges and…

French hotels protest ‘outrageous’ Airbnb-Olympics deal

French hotel owners assailed Airbnb on Wednesday over its new partnership with the International Olympics Committee, warning they would stop working on the planning for the Paris 2024 summer Games to protest against what they call an unfair competitor. “Airbnb doesn’t play by the rules, and must be disqualified,” the GNI association of independent hotels…

Britain’s Lib Dems unveil ‘stop Brexit’ manifesto

Britain’s Liberal Democrats launched their election manifesto on Wednesday, pledging to scrap Brexit and spend a so-called £50 billion “Remain bonus” on public services and narrowing inequality. The pro-European party, which has vowed to halt Britain’s departure from the EU if it wins a majority, also outlined policies to tackle climate change, expand free childcare…