Category: US
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White House urges ban on non-compete agreements for many workers
The Obama administration on Tuesday called on U.S. states to ban agreements prohibiting many workers from moving to their employers’ rivals, saying it would lead to a more competitive labor market and faster wage growth. The administration said so-called non-compete agreements interfere with worker mobility and states should consider barring companies from requiring low-wage workers…
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Twitter plans to cut about 300 more jobs: Bloomberg
Twitter Inc (TWTR.N) may cut 8 percent of its workforce or about 300 people, Bloomberg reported on Monday, citing people it said were familiar with the matter. The job cuts could be announced before the company reports third-quarter earnings on Thursday, and the number of jobs affected could change, Bloomberg said. (bloom.bg/2dErHcF) A company spokeswoman…
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Major banks mark first-ever international trade using blockchain tech
The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States. Australian cotton trader Brighann Cotton Marketing bought the shipment bound for the port city Qingdao from U.S. division…
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Oil prices drop as Iraq says doesn’t want to join OPEC cut
Oil prices fell early on Monday as Iraq said it wanted to be exempt from any deal by producer cartel OPEC to cut production to prop up the market, and as U.S. drillers stepped up work. Brent crude futures LCOc1 were trading at $51.59 per barrel at 0133 GMT, down 19 cents, or 0.4 percent,…
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Samsung ‘blocks’ exploding Note 7 parody videos
Samsung appears to have filed copyright claims against YouTube videos mocking its recalled Galaxy Note 7 handset. Many gamers have showcased a modification to video game Grand Theft Auto V, in which sticky bombs were switched with exploding Samsung phones. But some have reported that their videos have been blocked on YouTube following a copyright…
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Oil prices stable as strong dollar weighs, but market tightens
Oil prices were stable on Friday, weighed by a stronger dollar, but supported by signs that physical fuel markets were tightening after two years of ballooning oversupply. The dollar rose to its highest level since March against a basket of other leading currencies .DXY on Friday, potentially crimping demand as fuel becomes more expensive for…
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Tesla says it will roll out Uber-style ride services program
Tesla Motors Inc (TSLA.O) is planning to roll out a ride services program and will announce details next year, the luxury electric vehicle maker said on its website, a service first outlined by Chief Executive Elon Musk in his master plan in July. News of the Tesla Network was in a disclaimer about the self-driving…
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BAT offers to buy U.S. tobacco firm Reynolds in $47 billion deal
British American Tobacco (BATS.L) has offered to buy U.S. tobacco company Reynolds American Inc (RAI.N) in a $47 billion deal that would bring together Newport, Kent and Pall Mall cigarettes in the world’s biggest listed tobacco company. The British group, which has a 42 percent stake in Reynolds, said its offer valued the company’s shares…
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US to work with private firms on Mars plan
President Barack Obama says the US will work with private companies on its plan to send humans to Mars in the 2030s. President Obama announced his proposals for a crewed mission to the Red Planet in 2010. But Nasa’s plan to realise this presidential vision has been broadly criticised, particularly by Congress. In an article,…
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Wells Fargo faces costly overhaul of bankrupt sales culture
Embroiled in a scandal over unauthorized customer accounts, Wells Fargo & Co (WFC.N) faces a steep challenge in overhauling its hard-charging sales culture without gutting profits. Until recently, Wells staffers labored under ambitious quotas while executives boasted to Wall Street about “cross-selling” each customer multiple accounts. That system collapsed with revelations that thousands of employees…