World Business

 

A billionaire's $20 million garage sale

red wine pouring into a glass. for Life and Leisure, 18 March 2016

James Tarmy 3:41 PM   Realizing he could never get through all his wine, William Koch is putting 20,000 bottes on the block.

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Tata Steel puts entire UK business up for sale

High manufacturing costs, domestic market weakness and increased imports into Europe from countries like China have ...

Promit Mukherjee 3:39 PM   Britain's largest steelmaker is considering the sale of its entire business to stem heavy losses, ending its foray into Britain's steel industry.

Google's Pichai pockets $US100.5m

Pichai received $US99.8 million in restricted stock that will vest in full by 2017.

Brandon Kochkodin and Anders Melin 10:45 AM   Google chief executive officer Sundar Pichai received a $US100.5 million pay package in 2015, according to a filing from parent company Alphabet.

Uber can't live up to Uber hype

Alleged shooter and Uber driver Jason Dalton told police he was controlled by the app.

Megan McArdle 9:13 AM   Has the ride-sharing app triggered a revolution - or just enjoyed a golden moment? As wear and tear of cars is rising, reality sets in.

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Brazil's false hope rally

Despite this show of popular support, President Dilma Rousseff looks set to be removed.

Vesna Poljak   The Brazilian economy will not be rescued by a change in leadership and its staggering equity market recovery is probably overdone.

US corporate profits fall to lowest since the GFC

While US President Barack Obama has presided over what he calls a strong economic recovery of the world's largest ...

Will Willitts   Headline US news late last week was that economic growth was revised higher to 1.4 per cent. Less reported was US corporate earnings falling to their lowest since the GFC.

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Chinese companies hit the brakes

China's businesses continue to pare back investment.

Capital expenditure by Chinese companies fell to the lowest in at least five years in the first quarter.

Innovation

Japan plans fintech revolution

Japan's economy is sitting on trillions in savings.

Japan is set to ease investment restrictions that could free up the flow of capital in an economy sitting on an estimated $US9 trillion in individuals' cash deposits.

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Womenomics struggles in Japan

Shinzo Abe is seeking to draw a broader range of the population into work -- including women and the elderly.

Isabel Reynolds, Kyoko Shimodoi and Takako Taniguchi   Women fill just 6.2 per cent of junior management jobs in Japan's bureaucracy.

Why Neverland Ranch still isn't sold

A view of Neverland from above.

Lisa Selin Davis   Almost a year ago, Michael Jackson's former home hit the market. Though no one has sealed the deal, the asking price hasn;t changed.

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Busting the boiler room

The boiler room scam operated like the Wolf of Wall Street.

Nick Miller   Seven behind bars and one murdered but two with strong Australian links have walked free as a global scam fell over.

Feared by workers, robots may be welcomed in Japan

Robots in the workplace at Glory Ltd in Japan.

Chris Zappone   One of the minds behind Japan's Abenomics says robots may help solve some of Japan's most troubling problems.

Sony's VR set to change the world

Sony PlayStation's virtual reality is not only set to change gaming but home entertainment in general, including sport ...

Jared Lynch and Thomas Hounslow   A Sony executive says the company's new virtual reality headset is more than a toy for video gamers.

Why Trump has Wall Street worried

Trump's relationship with Wall Street is complicated by decades of name-calling, lawsuits and big debts.

Renae Merle   Just because he's a billionaire, doesn't mean Donald Trump is part of the team.

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The 'bikini' airline and the billionaire

VietJet is known for its young and attractive flight attendants who wear bikinis on inaugural flights to beach locations.

Nguyen Dieu Tu Uyen, K Oanh Ha and Sterling Wong   She made her first million at 21. Now the woman known for putting bikini-clad models on her VietJet planes is poised to become South-East Asia's first self-made female billionaire.

British 'Flash Crash' trader may be extradited to US, judge rules

Navinder Singh Sarao, a British trader charged over his role in the 2010 US flash crash, left, leaves court on Wednesday.

Kaja Whitehouse   Navinder Sarao, the 36-year-old trader whose allegedly bogus trades contributed to the 2010 'flash crash', can be extradited to the US to stand trial, a British judge has ruled.

COMMENT

The Uber model doesn't translate

Many on-demand apps offer convenience, but convenience is a very old sales pitch.

Farhad Manjoo   Here is what we are witnessing: the end of the on-demand dream.

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Hermès sees 'complicated' year after terror attacks

Hermès makes luxury goods such as its signature Birkin bags that sell from around $14,000.

Andrew Roberts, Thomas Mulier and Corinne Gretler   The luxury goods maker warns of subdued growth as terrorism saps tourist spending, which accounts for a third of the industry's sales.

Col Allan denies rumour of Trump campaign job

Col Allan, editor of The New York Post in Manhattan in 2003.

Dominic White   Rupert Murdoch's ultimate editor is the subject of one of the more extraordinary rumours in an already extraordinary race for the White House.

RBNZ investigates interest rate leak claim

RBNZ governor Graeme Wheeler.

Hamish Rutherford   An investigation is underway in New Zealand into whether news of a surprise official interest rate cut on March 10 was leaked.

Ex-Vale chief dies in plane crash

'A Brazilian of extraordinary entrepreneurial vision.": Roger Angelli was 56.

Roger Agnelli, the Brazilian banker who turned Vale SA into the world's No. 1 iron ore producer, died on Saturday in a plane crash. He was 56.

Why you shouldn't buy that Picasso

Engagement ring demand is still "rock solid", but the anti-extravagance movement in China has had a "strong effect on ...

Rani Molla and Andrea Felsted   You'd have thought negative interest rates would fuel a boom in diamonds, antiques and fine wine. But you'd be wrong.

The toxic sex affair rocking Silicon Valley

Michael Goguen and his then wife Joanna Goguen with actress Marla Maples, and musician Won-G at a gala event in Beverly ...

Selina Wang and Olivia Zaleski   Michael Goguen, partner at a venture capital firm backing Apple and Google, and exotic dancer Amber Baptiste met at a Dallas strip club in the early 2000s and started spending time together. That's about all they agree on.

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'Apple helped me crack iPhones like clockwork'

A New York judge has set a precedent in the US government's pursuit of iPhone encryption details from Apple.

Christie Smythe   For years, cops who wanted to break into iPhones knew the drill. What's different in Apple's standoff with the US government this time?

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BOJ's Kuroda holds fire on stimulus

"You can see from the statement the agony for the BOJ in the gap between their hopes and the realities in the economy ...

Toru Fujioka and Masahiro Hidaka   The Bank of Japan refrained from bolstering its record monetary stimulus as policy makers gauge the impact of the negative interest-rate strategy they adopted in January.

Ex-employee accuses VW of destroying evidence

VW has said previously it was considering buybacks as part of a settlement, a move that could cost it billions.

A fired Volkswagen Group of America employee has filed a whistleblower lawsuit against the German automaker, accusing it of deleting documents and obstructing justice in the ongoing diesel emissions investigations.

Radical economic theory winning friends

MMT has advocates on Bernie Sanders' presidential campaign team.

Michelle Jamrisko   In an American election season that's turned into a bonfire of the orthodoxies, one taboo survives pretty much intact.

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How Google is banking on Artificial Intelligence

Alphabet Inc replaced Google as the publicly-traded entity as part of the company's restructure last year.

Madhumita Murgia   Alphabet chairman Eric Schmidt says he's been waiting for the magic of artificial intelligence since the 1970s. "Now there's a sense that AI has finally arrived," he says.

GM buys self-driving car startup

GM initially planned an investment in the company but moved within five weeks to buy Cruise outright

​General Motors Co announced Friday it is buying Cruise Automation, a San Francisco self-driving vehicle startup, the latest move by the auto company as it competes with Silicon Valley to develop self-driving cars that could be used in ride-sharing fleets.

Meet the megabillionaire in hand-me-downs

Billionaire and penny-pincher: Ikea founder Ingvar Kamprad, who started the global furniture giant in 1958.

Peter Holley   He's one of ten richest people on the planet - and one of its most frugal, buying his clothes at flea markets and recycling tea bags.

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