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Ailing Air Zimbabwe cuts half its workforce

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Loss-making Air Zimbabwe is cutting half of its 400 jobs as part of a restructuring plan meant to revive the ailing national carrier, Chairwoman Chipo Dyanda said on Wednesday. Like most state-owned companies in the southern African country, Air Zimbabwe has been making losses for years due to mismanagement, high operating costs, old aircraft and equipment. Dyanda told Reuters that ...

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SAP to investigate Gupta corruption allegations

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Enterprise application software provider SAP has initiated an independent investigation into allegations that it agreed to pay 10% “sales commission” to a company controlled by the Guptas to clinch business from Transnet. The New York Stock Exchange listed company is governed by The Foreign Corrupt Practices Act, which prohibits such practices. SAP’s probe will be spearheaded by a multinational law firm and overseen by Executive Board ...

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Taylor Review: UK should end cash-in-hand economy

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The author of a government review into work practices is calling for an end to the “cash-in-hand economy”. Matthew Taylor, whose report is out on Tuesday, said cash jobs such as window cleaning and decorating were worth up to £6bn a year, much of it untaxed. The review also recommends that firms which have a “controlling and supervisory” relationship with ...

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Air India ditches meaty meals to save money

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Air India has introduced an innovative new cost-cutting measure: Meatless meals. The struggling airline announced Monday that it has cut meat out of economy-class meals on domestic flights “to reduce wastage, reduce cost and improve catering service.” Air India has been struggled to compete in the country’s hugely competitive and fast-growing aviation market, needing a $4.5 billion government bailout in ...

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Qatar wants monetary compensation for Arab embargo

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Qatar plans to help citizens and companies claim compensation for their losses from what the country calls a “blockade” by its neighbors. The small Gulf nation on Sunday announced the formation of a special committee with which individuals and firms can file claims for damages. The committee will help legally pursue the claims, according to Qatar’s justice ministry. “We are ...

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U.S: Elliott proposes $18.5 billion Oncor deal to top Buffett

FILE PHOTO - Paul Singer, founder and president of Elliott Management Corporation, speaks at WSJD Live conference in Laguna Beach, California, U.S., October 25, 2016.     REUTERS/Mike Blake

Elliott Management Corp, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, unveiled a plan on Monday to best Berkshire Hathaway Inc’s (BRKa.N) deal for the Texas utility with a bid worth $18.5 billion, including debt. Elliott revealed in documents published on its website it was unhappy with the recovery to some creditors under an $18.1 billion ...

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Elon Musk tweets photos of first Tesla Model 3 to roll off the line

First production model of Tesla Model 3 out the assembly line in Fremont, California , U.S. is seen in this undated handout photo from Tesla Motors obtained by Reuters July 10, 2017.   Tesla Motors/Handout via REUTERS

Tesla Inc (TSLA.O) Chief Executive Elon Musk on Sunday tweeted pictures of the first Model 3 sedan to roll off the assembly line. Tesla board member Ira Ehrenpreis was the first to put down a $1,000 deposit on the Model 3 and gifted the car to Musk for his 46th birthday, Musk said in a tweet. (bit.ly/2v3RyDX) Musk has high ...

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Tokyo: Chief of bitcoin exchange Mt. Gox denies embezzlement as trial opens

Mark Karpeles, chief executive of defunct bitcoin exchange Mt Gox, rides in a car as he arrives at Tokyo District Court for a trial on charges of embezzlement in Tokyo, Japan, July 11, 2017.  REUTERS/Toru Hanai

The 32-year-old chief executive of defunct Mt. Gox pleaded not guilty on Tuesday to charges relating to the loss of hundreds of millions of dollars worth of bitcoins and cash from what was once the world’s biggest bitcoin exchange. French national Mark Karpeles filed the plea in response to charges of embezzlement and data manipulation at the Tokyo District Court, ...

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Amazon wins India’s approval to invest in domestic food retail

FILE PHOTO: Employees of Amazon India are seen behind a glass bearing the company's logo inside its office in Bengaluru, India, August 14, 2015. REUTERS/Abhishek N. Chinnappa/File Photo

Online retail giant Amazon.com Inc has secured approval to stock and sell food and groceries in India, potentially expanding its business in the fast-growing economy where it is in a pitched battle with home-grown rival Flipkart. Amazon confirmed winning government approval for its plan to sell food products, but it declined to provide further details. Separately, a source familiar with ...

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U.S: Snap shares fall below $17 IPO price for first time

The front of the New York Stock Exchange (NYSE) with a Snap Inc. logo hung on the front of it stands shortly before the company's IPO in New York, U.S., March 2, 2017.  REUTERS/Lucas Jackson

Snap Inc (SNAP.N) shares slipped below their initial public offering price of $17 for the first time on Monday, signaling waning investor confidence in the social media company’s growth potential as it faces fierce competition. The stock fell as low as $16.95 in late afternoon trading before closing at $16.99 on the New York Stock Exchange, down 1.1 percent. The ...

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