The latest food scandal emanating from China revolves on the usage of poppy powder is a banned item by the Food and Drug Administration of China. Five restaurants have been prosecuted and another 30 more are under probe for using ingredients like morphine and heroine in restaurant food. This latest scandal is one in the many high-profile food scandals that has been hitting China in the recent years.
Sectors
Canadian imports turn costlier as oil price drops
The falling oil price below $30 per barrel is impacting Canadian economy, which mostly depends upon commodities. Along with oil price, Canadian currency Loonie too declined against the US dollar. The weaker Loonie has eroded the purchasing power of Canada and is making imports costlier. Canada imports vegetables from the US. The surging US dollar made vegetables prices expensive by three folds for Canadian consumers.
Royal Dutch Shell to slash 10,000 jobs to trim costs
Royal Dutch Shell is slashing the headcount as part of the cost cutting exercise. Anglo-Dutch company has decided to cut down 10,000 jobs in the wake of continuous drop in oil prices. The global energy major aims at reduction of costs by $3 billion in 2016 and it already reduced operating costs by $4 billion in 2015. Shell is also banking on synergy advantages from the BG Group Plc merger, which is expected to be completed in few weeks.
Prevalent Networks Raised $8 Million in Series B Funding
Leading risk management software developer, Prevalent Inc. received its first Series B funding last week. Led by Spring Mountain Capital Invest, joined by its existing investor, Fulcrum Equity Partners.
‘History of NYTimes.com’: The New York Times Introduced Time Capsule Marking 20th Anniversary
The New York Times has published its first online edition on Jan 22, 1996. Marking the 20th founding anniversary, the news conglomerate has launched ‘History of NYTimes.com’, narrating chronology of the news website’s evolution and further development. The capsule offers video and audio contents including interviews with people related to the evolution.
Latest News
Two of Fiat 500L used by Pope Francis during his visit in U.S. will be auctioned next week in Philadelphia Auto Show. Pope used the car during his historic visit to U.S. last September.
GM with its main Chinese partner have opened a Cadillac plant in Shanghai on Thursday, 21 Jan 2016 to take advantage of the potential growth in the overcrowded luxury market of China. Cadillac plant has capacity to produce 160,000 vehicles annually. Cadillac believe the luxury car market offer a lot margin opportunity notwithstanding pressure in pricing. Shares of GM have been reported trading on NYSE higher by more than 1 percent on Thursday.
Capital outflows from developing markets were higher than it was anticipated last year, according to a report by Institute of International Finance. The reason behind this oceanic change in emerging markets cash flow is China, which dragged out 676 billion US dollar.
In an Oracle court proceedings against Google, it was revealed that the search engine company could be paying Apple at least $1 billion in revenue-shares. The payment was made to keep Google's search bar on Apple devices. A source named the sharing percentage for Apple to be 34 percent, but it's yet to be officially confirmed nor denied.
The French foie gras industry is forced to pause production of the delicacy until all farms are cleaned and disinfected. The new safety measures come from the discovery of the H5N1 virus found in a farm in southwest France.
Pennsylvanian small-animal dealer Holmes Chinchilla Ranch and Other Small Animals Inc is being investigated by the U.S. Department of Agriculture over substandard conditions of facilities.
Tesla Motors Inc. sued German parts supplier Hoerbiger Automotive Comfort Systems for failing to deliver the promised falcon door for the Model X based on the carmaker’s standard.
The media research firm Nielsen will enhance its methods for measuring people’s TV watching activities using the new “Social Content Ranking,” which will use Facebook and Twitter for their surveys.
McDonald's Japan will start serving on January 26 the McChoco Potato, which is a unique order of French fries smothered in white chocolate and cacao-flavored dips.
