Category Archives: Business

China’s faltering economy gives US stronger hand in trade talks, Trump says

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As US officials fly to Beijing for negotiations, the president says the Chinese ‘sort of have to’ make a deal on tariffs

Donald Trump has said China’s weakening economic growth puts the United States in a strong position as negotiators from the world’s two largest economies prepare for trade talks on Monday.

US officials are heading to Beijing this weekend for the first face-to-face talks since Trump and China’s president, Xi Jinping, agreed in December to a 90-day truce in the trade war as they sought to strike a deal.

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No-deal Brexit: plan to use airfield as lorry park to get live test

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Up to 150 lorries to be used in Kent test of government plans to cope with border disruption

Preparations for the possibility of a no-deal Brexit will include up to 150 lorries queuing up near Dover during rush hour to test plans to deal with any disruption caused by new border customs checks, the government has confirmed.

Hauliers in the area will be asked to take part in Monday’s live test of a mass “HGV holding facility” that is designed to deal with any backlog after the UK leaves the EU in March.

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Ex-Credit Suisse bankers arrested in $2bn fraud investigation

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Trio arrested in London on US charges as calls grow for debt claim against Mozambique to be dropped

Three former Credit Suisse bankers have been arrested in London on US charges of alleged involvement in a fraud involving $2bn (£1.6bn) in loans to state-owned companies in Mozambique.

Mozambique’s former finance minister, Manuel Chang, and a senior executive from the shipbuilder Privinvest Group, Jean Boustani, have also been arrested in South Africa and New York, respectively, in recent days.

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iPhone slump: the rivals taking a bite out of Apple

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As firm’s stock falls over sales warnings, it has competition in bid to be the best smartphone

As Apple’s shares tumble after its cut in forecasts, the company is laying the blame squarely on the economic slowdown in China. But that is only part of the problem.

Never before has Apple faced such fierce competition from a multitude of rivals from around the globe, all vying for a slice of the lucrative premium smartphone market. Matching or exceeding Apple’s iPhone on hardware quality, these phones are arguably more capable, often cheaper and, perhaps crucially for China, made by local firms, not only those from the US and South Korea.

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Apple’s shock profit warning sends Wall Street shares sliding

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Firms with exposure to China hit over fears the Silicon Valley giant’s slowdown could spread

Apple’s shock downgrade has sent shares in European and US-listed companies with exposure to China – from Burberry and the Gucci owner, Kering, to chipmakers and miners – tumbling over fears the slowdown that has hit the Silicon Valley giant is set to spread.

In New York the Dow Industrial Average fell over 2% in morning trading and all the major markets suffered sharp losses as investors reacted to the Apple news, reports of a slowdown in US factory activity and an ongoing government shutdown over the funding of Donald Trump’s proposed border wall with Mexico.

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Apple stocks tumble after company cuts forecasts for key quarter

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Tim Cook cited unforeseen ‘magnitude’ of economic slowdown in China in a letter to shareholders explaining the change

Apple cut its revenue forecasts for the key end of year holiday quarter late Wednesday, citing the unforeseen “magnitude” of the economic slowdown in China.

Related: US markets start 2019 with a whimper as Trump blames 'glitch' for 2018 losses

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US markets start 2019 with a whimper as Trump blames ‘glitch’ for 2018 losses

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Trump claims ‘We’re the talk of the world’ as weak data in Asia and Europe confirmed fears of a global economic slowdown

After their worst year in close to a decade US stocks started the new year with a more than 1% decline on Wednesday before inching their way back into the black as Donald Trump blamed a “glitch” for last year’s losses.

Markets wobbled between gains and losses all day on Wednesday as weak data in Asia and Europe confirmed fears of a global economic slowdown while the US government shutdown dragged on.

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Cathay Pacific error sees $16,000 flights sold for $675

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Airline says it will honour huge accidental discounts on business and first-class fares

It was the New Year’s Eve travel sale that appeared to be too good to be true: business and first-class flights on Cathay Pacific from Vietnam to New York for $675 (£534), rather than the standard $16,000.

It turned out to be a ticketing error, but the airline promised to honour the sale. “Happy 2019 all, and to those who bought our good – VERY good surprise ‘special’ on New Year’s Day,” the Hong Kong-based carrier tweeted on Wednesday. “Yes – we made a mistake, but we look forward to welcoming you onboard with your ticket issued. Hope this will make your 2019 ‘special’ too!”

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Plane crash deaths jump sharply in 2018 – but fatalities ‘still rare’

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Analysis shows that 500 people died in major accidents last year compared with none in 2017

The number of people killed in plane crashes jumped sharply in 2018, according to new analysis.

There were more than 500 deaths stemming from passenger airline crashes in 2018, according to Dutch aviation consulting firm To70 and the Aviation Safety Network, but both groups emphasised that fatal crashes remain rare.

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Turning air into drinking water: Africa’s inspired inventors

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Finalists for the Royal Academy of Engineering Africa prize reveal their designs, from gloves that translate sign language into speech to smart lockers that dispense medicines

The Royal Academy of Engineering Africa prize, now in its fifth year, has shortlisted 16 African inventors from six countries to receive funding, training and mentoring for projects intended to revolutionise sectors from agriculture and science to women’s health. The winner will be awarded £25,000 and the three runners up will receive £10,000 each.

From smart gloves that turn sign language into audio speech, to water harvesting systems that change air into drinking water, five inventors on course to transform the continent for the better spoke to the Guardian about their innovations.

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