In a battle with German's budget stores, Aldi and Lidl, Iceland introduces its food warehouse concept. The concept is an advancement of its old style format with cash-and-carry style.
Sectors
HTC Revealed Flagship Phone HTC 10 Ahead of Tuesday Launching
The Taiwanese company unveiled its new smartphone prior to launching. The smartphone is available in three colors.
PetroChina Reported $162 Billion Liability As Oil Price Continues to Plunge
China's oil giant reported a 67% drop in profit. PetroChina reported its worst profit in 15 years which brought liability to $162 billion.
European Stock Extended Last Week's Gain Led by Banking and Commodity Sectors
Stoxx Europe 600 Index continued last week's gain. The index sets a new course for the first back-to-back advance in two weeks.
Dollar Touched the Lowest Point Against Yen in 17 Months on Monday
Japanese yen surged against dollar on Monday. Speculation from non-Japanese short-term currency players pushed the currency to the highest point against dollar.
Latest News
Investments in Chinese tech companies had a 50% surge in the first quarter of 2016. Nevertheless, many of the investments were spent in the big startups.
LNG supporters are worried about the continuous fall in the industry amid oil price recovery. Liquefied natural gas prices continue its downhill slide despite a 50% surge in Brent oil prices.
Italy faces a €4.95 billion ($5.65 billion) bailout after bad loans in its banks accumulated to an alarming rate.
The bank shares have lost close to half of its value in the last 12 months.
India is using its wide biometric ID system, the Aadhar database, to bring banking services access to more of its people. An Indian bank already introduced an ATM where people can use their Aadhar ID number or ID card to make transactions instead of a PIN.
The steel industry of China is expected to shrink rapidly, stopping global price fall. The steel industry across the world is fighting the problem of over production as demand weakens in China.
Due to extreme dry weather conditions, African farmers are seriously affected by their crops failure with little or no more money to replenish their lands or support their families. With the mobile drought insurance, farmers are protected from such harsh conditions by paying a small surcharge fee upon purchase of seeds and fertilizers registered with an insurance company.
As settlement for hiding bad loans and house desolation, Wells Fargo will pay $1.2 billion. The bank lender admitted of cheating the government by insuring thousands of risky mortgages although they are not eligible.
A US Court has rejected $12.25-million legal case between Lyft and its drivers. Lyft and attorney of drivers need to sit back again on further discussions after the latest judgment.
European banking regulators have begun probing links between banks and tax havens in the wake of leakage of Panama Papers. Switzerland's financial watchdog FINMA has cautioned banks to crack down on money laundering. Geneva has also commenced a criminal enquiry into banks dealing with tax havens in the wake of Panama Papers.
