The closure of the US Export-Import Bank (EXIM) charter is forcing the US companies to explore business options overseas. Major aerospace companies, which have been benefiting from export financing and other encouraging schemes from EXIM, are in favor of shifting out of the US. General Electric (GE) has already firmed up to its plan to set up $400-million turboprop engine in Europe. Aerospace Industries Association (AIA), the largest US aerospace trade group, expresses concerns that many aviation companies are losing their competitiveness in the absence of support from EXIM. However, conservative Republicans are against EXIM charter as it's confined to only three major companies.
United States
Chinese firms sign L.A-Las Vegas high-speed rail project
Marking a major development in US-China business relations, a group of firms from the world's second largest economy signed a deal with the US partner XpressWest to build a high-speed rail link between Los Angeles and Las Vegas.
Google to unveil two new products on 29th September
Google is sending media invitation for its event this coming 29th September. The event "a Morning Conversation about Some New Treats from Google" is expected to unveil new hardware produced by the company. News has been circulating that the company will unveil new Chromecast and new Nexus phone at the event.
Jessica Alba's The Honest Company grants a 16-week paid maternity leave to its employees
Jessica Alba's The Honest Company will offer paid parental leave starting next year. Mothers would be entitled to 16 weeks maternity leave and fathers could access leave for 8 weeks. Paternity leave also comes with another 8-week extension without pay.
Diageo Plc to Raise Stake in Guinness Nigeria Plc of up to 70%, or $200M
British Multinational Beverage Company Diageo Plc is planning to increase its majority stake in the Lagos, Nigeria-based brewer Guinness Nigeria Plc to 70 percent, which is worth $200 million. Diageo, the biggest distiller in the world and maker of Johnnie Walker, plans to offer 175 naira a share to raise its shareholdings in Guinness Nigeria to 70% from 54.3%. According to the report published at Bloomberg, that deal would cost about 41.38 billion naira, or $208 million. Guinness shares spiked 5 percent to 131.48 naira Wednesday after it announced Diageo's plans. This valued the Nigerian brewery at 198 billion naira.
Latest News
Snapchat just released the latest update of their product today. According to the announcement, the four years old company releases its first in-app purchase feature for their 'Replays' along with a new face effect lenses. The 'Replays' feature is only available for US users for the time being.
The federal court ordered Samsung to halt older version of its smartphones for breaching Apple's patent. It was found that Samsung was guilty of copyright infringement filed by Apple. But the features included in the case were no longer used by Samsung.
US tech giant Google may not be paying taxes to Britain, but according to its latest report, it is contributing a great deal to UK's economy through the digital revenue made by local businesses in that nation through the search engine.
Right after Apple announced its new Apple TV, Amazon unleashed on September 17 its new Fire TV set-top box version, along with its Fire TV Stick HDMI dongle, and its new Fire TV Gaming Edition.
Falling in lines of Bank of America (BoA) and Citigroup Inc, the US banking major JPMogran Chase & Co has also indicated the possible drop in the revenues for the third quarter ending September. The high volatile trading during August shrunk the trading volume of the investment banking arm of JPMorgan Chase. Since the bank's strategy of not to lose money restricted the bank from speculative trading during the August crash. JPMorgan Chase also sees China's economic slowdown as a speed breaker, but not a devastating thing if the world's second largest economy is growing at five percent. JPMorgan has decided to implement an expansion plan for strengthening retail operations.
Japanese automobile major Mitsubishi Motors Corp has begun the process of closing down operations in the US. Mitsubishi had put on its sole US manufacturing unit on the block, but couldn't find a suitable buyer and decided to close the shop.
The American investment bank, Goldman Sachs, has placed ads to Snapchat targeting to hire millennials. The bank shared a short video in Snapchat Campus Stories.
Most financial markets in Asia ended the week higher after the US Federal Reserve decided to keep interest rates unchanged. China's Shanghai Composite Index was up 0.4% Friday. Despite that, the bourse was still down 3.2% for the week as investors worried over the Fed decision as well as weakness in economic data.
New York photographers, Santiago and Mauricio, collaborate with AY Collective, the Society Management and Fauxgraph 3D technology to come up with a 3D-printed doll version of the American supermodel Lindsey Wixson.
