WOW Air has wowed the masses with its expansion into United States' South West at an unbelievable cost of $199. This carrier will fly passengers from California to Europe at this no-frills cost. A #WowinCali contest on social media has added to the hype, where the contest winners can win free tickets on this new route.
Industry
Retailing Giants Shut Hundreds of Stores Down In US & Elsewhere, Job Cutting Feared
Walmart and Macy’s have announced shutting hundreds of stores on Friday and thus lingers the list with other retailing giants like Sears and Target. Surprising growth of ecommerce has reduced growth of the departmental stores and shopping malls. With the announcement of the World’s largest retailer, traditional stores have been started to witness the blink of extinction.
BHP Billinton Writes Down US Shale Assets Worth $7.2 billion, No Surprise For The Investors
Oil and gas market have been tattering due to existing sharp downtrend in price. Many oil companies have been writing down the value of shale assets over the past 20 months since prices started crashing. BHP Billinton Ltd. has also become dependent on bank debts to maintain soaring expenses and plans to cut dividends for the first time in 25 years. Finally, following the industry trend, BHP has announced for writing down US energy assets worth $7.2 billion.
Tesco Sales Improved: Rise in Sales Attributed with Christmas 2015
The news came as a surprise because previously the grocer had faced significant drop in sales and shares. Tesco also reported its lowest-ever sales last year on April. Other grocers also reported better sales than predicted.
Sainsbury’s and Wesfarmers show keen interest to buy out Home Retail Group companies
Two big names, Wesfarmers and Sainsbury's, are vying for the Home Retail deal, despite warnings sent out by the seller itself regarding low profit expectations. While the deal seems to be in favor of Wesfarmers, Sainsbury's is not out of the picture yet.
Latest News
Japan’s Mitsubishi UFJ Financial Group is said to have agreed to buy a 20 percent stock in Philippines' lender Security Bank Corp for $773 million (36.9 billion pesos), as an effort to strengthen its growth in Southeast Asia.
Technology startups in Africa may get $10 million funding in early 2016 as Silvertree Capital sees the rosy picture. Silvertree Internet Holdings is keen on scaling technology and commerce companies and has already invested $5 million in business building operations and acquisitions. South Africa, Nigeria and Kenya are favored the most among African countries.
The Kenyan government is hoping to control inflation rate with the support from lower oil prices. Lower oil prices are supporting the Kenya's economy as the growth rate is expected to be six percent in 2016 from 4.5 percent in 2015. Inflation rate breached the government's target band of 2.5 percent to 7.5 percent as it reached to eight percent.
American Energy Partners and Argentina state-run energy company YPF have signed a partnership deal on developing the shale resources in the South American country. Argentina government is providing subsidies to attract investments in the energy sector and to enhance business climate in the country.
Amazon is planning to enter into ocean freight shipping industry as the company has been awarded with a clearance from the Federal Maritime Commission. The license will entitle Amazon to act as Ocean Transportation Intermediary.
European car sales rose to 9.2% in 2015. Demand in December is recorded as the strongest one in the entire year. However, Volkswagen is excluded from the strong gain.
Hong Kong dollar dropped to four-year low against US dollar and continue to dive. Its continuous plunge lead to the biggest weekly loss for more than a decade.
The Fed may hold its next interest rate hike, following a current plunge in oil market that affectsthe stock market. This will give market a breather.
The California Public Utilities Commission has fined Uber $7.6 million for failing to follow requirements that would protect passengers from discrimination. The company will pay the fine, but appeal the decision.
