March 26th, 2019

Business

Correction: Financial Markets story

By The Associated Press on March 26th, 2019

In a story March 22 about the financial markets, The Associated Press misspelled the name of asset management company Schroders. A corrected version of the story is below: Stocks, bond yields fall sharply as growth worries spread New signs the global economic growth is slowing roiled Wall Street Friday, triggering a sell-off in stocks that ... Read More »

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Ethics body questions ex-EPA chief’s $50-a-night condo deal

By Ellen Knickmeyer, The Associated Press on March 26th, 2019

WASHINGTON – Federal ethics officials are balking at a $50-a-night Washington condo deal by former Environmental Protection Agency chief Scott Pruitt. The Office of Government Ethics said in a finding posted Tuesday that it would not approve one of Pruitt’s last financial disclosure reports after his resignation amid ethics scandals last July. Pruitt rented a ... Read More »

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Cronos Group reports fourth-quarter loss, revenue grows to $5.6 million

By The Canadian Press on March 26th, 2019

TORONTO – Cronos Group Inc. reported a net loss of $11.6 million in its fourth quarter compared with a profit in the same quarter a year ago, as revenue more than tripled with the legalization of recreational marijuana in Canada. The company says the loss amounted to six cents per share for the quarter ended ... Read More »

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China ex-internet czar sentenced to 14 years for corruption

By The Associated Press on March 26th, 2019

BEIJING – China’s former internet censor, who once held high-profile meetings with industry leaders such as Apple CEO Tim Cook and Facebook founder Mark Zuckerberg, has been sentenced to 14 years in prison on corruption charges. The Intermediate People’s Court in the eastern city of Ningbo said Lu Wei had confessed to accepting 32 million ... Read More »

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Uber acquires Mideast competitor Careem for $3.1 billion

By Aya Batrawy And Fay Abuelgasim, The Associated Press on March 26th, 2019

DUBAI, United Arab Emirates – Ride-hailing service Uber announced on Tuesday it has acquired Mideast competitor Careem for $3.1 billion, giving the San Francisco-based firm the commanding edge in a region with a large young, tech-savvy population. Uber said the $3.1 billion purchase consists of $1.7 billion in convertible notes and $1.4 billion in cash. ... Read More »

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Nova Scotia Liberal government to table fourth consecutive balanced budget

By The Canadian Press on March 26th, 2019

HALIFAX – Nova Scotia’s Liberal government is expected to table its fourth consecutive balanced budget today. Finance Minister Karen Casey says past fiscal prudence means the budget will contain increased funding for priority areas such as health care and education. Casey says the capital plan announced earlier this month shows the province is committed to ... Read More »

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Uber acquires Mideast competitor Careem for $3.1B

By The Associated Press on March 26th, 2019

DUBAI, United Arab Emirates – Ride-hailing service Uber says it has acquired its Mideast competitor Careem for $3.1 billion, making it the largest-ever technology purchase in the region. Uber said in a prepared statement on Tuesday that the $3.1 billion consists of $1.7 billion in convertible notes and $1.4 billion in cash. The deal will ... Read More »

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Apple belatedly jumps into the streaming TV business

By Michael Liedtke And Tali Arbel, The Associated Press on March 25th, 2019

CUPERTINO, Calif. – Jumping belatedly into a business dominated by Netflix and Amazon, Apple announced its own TV and movie streaming service Monday, enlisting such superstars as Oprah Winfrey, Jennifer Aniston and Steven Spielberg to try to overcome its rivals’ head start. Apple didn’t disclose the price or the launch date except to say that ... Read More »

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UK lawmakers seize Brexit agenda in bid to break deadlock

By Jill Lawless And Lorne Cook, The Associated Press on March 25th, 2019

LONDON – British lawmakers seized a measure of control over the stalled Brexit process from Prime Minister Theresa May’s foundering government Monday, setting up a series of votes that could dramatically alter the course of the U.K.’s departure from the European Union. The move came after May conceded that Parliament would defeat her twice-rejected divorce ... Read More »

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Hong Kong businessman gets 3 years in prison for bribery

By Larry Neumeister, The Associated Press on March 25th, 2019

NEW YORK – A prominent Hong Kong businessman earned leniency with a three-year prison sentence dispensed Monday by a judge who said bribes paid to the presidents of two African countries were serious crimes but kindness including playing violin for fellow inmates was extraordinary. U.S. District Judge Loretta A. Preska sentenced Dr. Chi Ping Patrick ... Read More »

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