World Business

 

Adidas tees up golf business for sale

TaylorMade was acquired by Adidas in 1997. Its clubs are carried by professional golfers including Jason Day.

CHAD BRAY 9:54 AM   Adidas says it will actively seek a buyer for its TaylorMade, Adams and Ashworth brands and will instead focus on golf footwear and apparel sales.

Tesla speeds up 500,000 unit production plan

The company said on Wednesday that it had advanced the plan due to strong demand for the Model 3.

Kshitiz Goliya 7:42 AM   Tesla Motors says its production is on track this year and it will produce half a million cars in 2018.

UBS posts 64% slide in profit

The investment banking giant's first-quarter profit missed analysts' estimates, hurt by weak dealmaking and trading revenue.

Jeffrey Voegeli and Donal Griffin   The investment banking giant's first-quarter profit missed analysts' estimates, hurt by weak dealmaking and trading revenue.

'American Idol' maker goes bankrupt

In its later years, the show relied more on its celebrity judges such as Keith Urban, Jennifer Lopez and Harry Connick ...

Christopher Mele   Weeks after its final show, the company behind the former blockbuster franchise has filed for bankruptcy protection.

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CEO's wealth jumps $8b on Amazon results

Jeff Bezos passed Carlos Slim for the first time in November 2015 and ceded the position to him again in February.

Tom Metcalf   Jeff Bezos' net worth rose to $78 billion, making him the world's 4th richest person, as the online retailer's shares jumped.

Google CEO sees the end of computers

Stuck all day in front of a screen? It's not the future, says Google.

Alistair Barr   Forget personal computer doldrums and waning smartphone demand. Google thinks computers will one day cease being physical devices.

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Priceline CEO stumbles over affair

Darren Huston had been CEO of Priceline for more than two years. having joined the company five years ago from Microsoft.

Gerrit De Vynck   The online travel giant's boss Darren Huston quits after a relationship with an employee. Now the former CEO is back in charge.

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Zuckerberg's $16m security budget

Mark Zuckerberg holds a pair of virtual reality handsets during the keynote address F8.

Anders Melin   Watching his back around the clock, the Facebook CEO's bodyguards are overseen by Barack Obama's former US Secret Service agent.

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$195m pay day for world's best-paid CEO

The world's richest doctor: NantKwest chief executive Patrick Soon-Shiong.

Anders Melin   He finished school at 16 and was a doctor at 23. Today, biotech entrepreneur Patrick Soon-Shiong is making a killing.

Why Facebook is delivering when other big techs aren't

"We've made it easier for small and medium businesses to use the same targeting tools an ad formats that our larger ...

Hayley Tsukayama   In this season of great earnings expectations, all the big tech names so far have disappointed -­­ save one.

Chobani churns out new millionaires

Soon it may not just be the yoghurt that's rich: Chobani employees were told this week that they are given shares in the ...

Stephanie Strom   He's been called the "Steve Jobs of yoghurt". Having turned an old factory into global dairy business, it's now not just his yoghurt that's rich.

Brexit: Australian businesses in UK could lose EU passporting rights, OECD warns

OECD Secretary-General Angel Gurria delivers his speech at the London School of Economics on Wednesday.

Latika Bourke   The cost to Britain if it leaves the EU "would be a pure deadweight loss ... with no economic benefit , OECD head says.

What big sugar can learn from big tobacco

Big food should behave less like big supermarkets and more like big tobacco.

Andrea Felsted   Pariah status and a punitive tax might be just what big sugar needs.

Saudi Arabia announces plan to end its 'addiction' to oil

Despite billions in arms sales from Washington to Riyadh, the sun appears to be setting on what was once a pivotal ...

Adam Taylor   Saudi Arabia is a country near-synonymous with the oil industry, but now the kingdom is moving to end what it calls its "addiction to oil" with a new plan.

Mitsubishi admits it has been cheating fuel efficiency data for 25 years

Mitsubishi admitted it overstated the fuel economy of four domestic mini-vehicle models.

Naomi Tajitsu   Improper testing goes as far back as 1991, deepening a crisis that has already wiped out half of the company's market value.

Australian branded in cattle cartel sting

Indonesian importers have been stung for fixing prices.

Jewel Topsfield   Massive fines for Indonesian importers could 'kill' export industry.

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Interactive map shows how Australia relies on shipping routes

Ships transport more than three-quarters of all our exports.

Michaela Whitbourn   Pirates, power plays and boatloads of carbon emissions: a new interactive map of global shipping routes offers a fascinating glimpse of Australia's reliance on shipping for imports and exports and the political ties forged through trade.

Aramco value to exceed $2.6 trillion: Saudi prince

"In 2020, I think we will be able to live without oil," Prince Mohammed said. "We will need it, but we can live without it."

Glen Carey, Wael Mahdi and Rakteem Katakey   Saudi Arabia's Deputy Crown Prince said he expects the value of Aramco to exceed $2.6 trillion as the kingdom prepares to float a small stake.

$1b offer for Tribune Publishing

Tribune Publishing's stock has tumbled as its  newspapers have struggled with declining circulation and dwindling print ...

Leslie Picker and Sydney Ember   The Gannett Co has offered to acquire the owner of The Los Angeles Times and The Chicago Tribune newspapers for about $US815 million ($1.06 billion).

Innovation

Theranos highlights the founder gamble

Elizabeth Holmes, founder of blood-testing company Theranos, which has been under intense scrutiny over claims its blood ...

Reed Abelson   The situation at Theranos offers a stark reminder of the perils of investing in Silicon Valley.

Jeep, Chrysler in worldwide recall

The 2015 Jeep Grand Cherokee is among several models recalled by manufacturer Fiat Chrysler over an issue with the cars' ...

Melissa Singer and David Shepardson   Fiat Chrysler is recalling more than 1 million vehicles over a fault that can cause cars to roll away after the driver gets out.

The $50m CEO who out-earned his company last year

Under Scott Scherr, Ultimate's shares are up more than 1000 per cent since the end of 2008.

Caleb Melby and Alicia Ritcey   By almost any measure, Scott Scherr makes a lot of money. But is he worth it?

Opinion

VW diesel crisis now a global threat

The emissions problem is now more than just a VW scandal.

Edward Niedermeyer   The emissions scandal is only going to grow, destroying the capital and credibility of car makers in the US, Europe and Asia.

Angela Merkel says trade deal good for beer

German beer sales could benefit from a free trade deal between the US and the EU, according to Angela Merkel.

German Chancellor Angela Merkel has a plan to convince sceptical Germans to back a trade deal with the US - and it involves beer.

Halliburton takes $US2.1b charge on job cuts, assets

Halliburton announced the takeover of Baker Hughes in November 2014.

David Wethe   Halliburton said it's booking a $US2.1 billion expense in the first quarter for cutting jobs and writing off assets.

Uber to pay up to $130m in driver-status suits

The settlement brings to a close what employment experts believe was the biggest existential threat to the fast-growing ...

Tracey Lien   Uber will pay up to $130 million to drivers who had sought to be classified as employees.

VW reports record $8b loss

VW is winning back in market capitalisation whatever it stands to lose in cash terms from the settlement.

Jack Ewing   ​Volkswagen reported a record loss for 2015 as it set aside more than $23 billion to cover the cost of fines, legal claims and recalls related to diesel emissions cheating.

How the US election is changing the global economic debate

A man walks on Wall Street near the New York Stock Exchange.

Chris Zappone   These are the economic debates the US election is changing, or will likely change in the years ahead.

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Opinion

Hubris behind Volkswagen's US deal

VW is winning back in market capitalisation whatever it stands to lose in cash terms from the settlement.

Leonid Bershidsky   The $13 billion VW is apparently setting aside to settle all US claims is a high price to pay to maintain a presence in a relatively unimportant market.

Greek PM rejects more austerity after surplus

Greece's Prime Minister Alexis Tsipras: "Greece, in this last turn, needs a push forward not backwards."

Alexis Tsipras has called for debt relief after the European Commission said Greece's fiscal performance was better than expected last year.