Business

Google 'fined $5bn' by EU over Android

Speaking in Brussels, Vestager said preinstallation was an advantage that could create a "status quo" bias, in which people are far more likely to use search apps and browsers already present on their devices and are unlikely to download competing apps.

5 things to know about Tesla’s China plans

In November, Mr Musk said Tesla was about three years away from starting production in the world's biggest auto market. But Tesla faces growing competition from Chinese and foreign brands that are developing dozens of electric models. The company's $5 billion Nevada battery factory was financed with help from a $1.6 billion investment by battery maker Panasonic Corp. Tesla says an agreement signed recently with a Shanghai city government agency calls for construction to start in the near ...

Oil slips as United States crude stockpiles show surprise build

U.S. West Texas Intermediate (WTI) crude futures were down 37 cents, or 0.5 percent, at $73.77 per barrel. Trump has lashed out at OPEC producers to reduce prices, making a claim - later backtracked by the White House - in a tweet on Saturday that Saudi Arabia had agreed to increase oil output by up to 2 million barrels.

Halting Iranian oil export is an illusion: Jahangiri

Paradoxically, U.S. President Donald Trump, with one eye on the U.S. driving season ahead of the U.S. 4 of July holiday, has been grumbling about high oil prices and on Jun.30 tweeted that he had directly asked Saudis to open the taps to make up for the shortfall.

Amazon buys online pharmacy PillPack

Inc. (AMZN.O) agreed to buy the online pharmacy startup PillPack , jumping into the health-care business with a deal that will give the retail giant an immediate nationwide drug network. Watch Walgreens , CVS , and Rite Aid trade here. Drugs are sorted by day and time, rather than medication. With its user-friendly packaging and design, PillPack has shaken up the pharmacy business, generating more than $100 million in revenue past year.

Donald Trump Warns Harley-Davidson, Says 'We Won't Forget'

But now, Trump has attacked Harley-Davidson saying that the motorcycle manufacturer is using the tax row as a cover to move production overseas, warning to "fix it". "Hence, they were just using Tariffs/Trade War as an excuse", he said. The EU's tariffs on motorcycles were put in place as a response to Trump's steel and aluminum tariffs.

Harley Davidson Motorcycles Shifts Production Overseas In Response To EU Tariffs

The company's move is one of the most visible consequences of the trade disputes triggered by Mr Trump's decision to levy tariffs on steel and aluminium imports. But Trump appears to believe Harley-Davidson will manufacture products for the USA market overseas, which it so far has not indicated it plans to do with this move.

OPEC and allies agree to share oil production increase

In an interview with Bloomberg Hossein Kazempour Ardebili confirmed yesterday that the three OPEC founders would oppose the proposal: "If the Kingdom of Saudi Arabia and Russian Federation want to increase production this requires unanimity".

Fed Raises Interest Rates, Signals 2 More Hikes This Year

Federal Reserve Chair Jerome "Jay" Powell said job gains are boosting income and confidence, while foreign expansion and tax cuts support additional growth. "Higher rates and higher payments will squeeze the buying power of households without a compensating increase in wages". It is not until the stimulus starts to fade in late 2019 to mid-2020 that a recession is likely, according to half of the respondents to a National Association of Business Economics survey.

Pizza company asking for town nominations for pot hole repairs

The pizza maker says that cracks, bumps, potholes and other road conditions can put good pizzas at risk after they leave the store, so Domino's is hoping to help smooth the ride home for its pizzas. Just go to pavingforpizza.com and enter your zip code. Bartonville town administrator Michael Montgomery praised the company's input. The company has repaired potholes in cities across the country, including 40 potholes in Milford, Delaware.

China suggests North Korea sanctions relief as Trump, Kim meet

China is North Korea's most important economic and diplomatic backer, despite its anger at Pyongyang's saber rattling. US President Donald Trump speaks while North Korea's leader Kim Jong Un looks at the signed document that acknowledge the progress of the talks and pledge to keep momentum going, after their summit at the Capella Hotel on Sentosa island in Singapore .

Bitcoin plummets after small crypto exchange hacked

A South Korean cryptocurrency exchange said it suffered a "cyberintrusion", prompting bitcoin prices to fall sharply toward year lows. That's a drop of more than 60 percent since bitcoin's all-time high of almost $20,000, which it reached last December.

Porsche's Electric Mission E Becomes the Taycan

Besides confirming the name, Porsche CEO Oliver Blume revealed the Taycan will be powered by two electric motors that produce a combined output of more than 592 hp (441 kW / 600 PS). The Taycan is now tested in prototype form and shouldn't be much different from the Mission E concept , at least performance-wise. Porsche's got a history with names that are a bit, shall we say, different.

ZTE signs preliminary agreement to lift USA ban

The company relies on US -made components for many of its products, and also sells many of those products to USA customers. What might "happen" is that ZTE will pay a US$1 billion fine, plus $400 million in escrow, an asset held by a third-party, to cover any future violations, according to a Reuters report .

Tesla rallies with Model Y in the mix

The decision represented a major show of confidence in Musk , who has drawn criticism in recent months amid stock pressure, concerns about Tesla's ability to meet production benchmarks and his treatment of media figures and analysts. Kimbal Musk - who now sits on Tesla's board - would lie to his older brother about the time, telling the future billionaire that the bus would be arriving, several minutes ahead of schedule.

Petrol prices start to fall after hitting four-year high in Australia

Diesel will increase by 85 cents a litre, while the price of illuminating paraffin will rise by 82 cents a litre. In what seems to be another day of relief for citizens and commuters in the country, petrol and diesel prices were cut for the seventh consecutive day on Tuesday .

Starbucks is sliding after Howard Schultz steps down as chairman

Howard Schultz speaks during a media event in Beijing in 2012, when he was chairman and CEO of Starbucks Corp. Starbucks said Myron E. "Mike" Ullman will take over as chairman of the board, and Mellody Hobson will become vice chair (Disclosure: Mellody Hobson is a regular contributor to CBS News).

Merkel's plans for the European Union: joint military force, common migrant asylum standards

Merkel said the initiative "needs to fit into the structure of defense cooperation", which she said should bring down the number of different European Union weapon systems from 180 to "about 30". More must be done to strengthen to the architecture of the eurozone, German Chancellor Angela Merkel said, giving a new push for reforms to the currency union ahead of an EU summit this month.

Sears to close another 72 stores as sales plunge

This includes exploring third-party partnerships involving several of our businesses - such as Sears Home Services, Innovel, Kenmore and DieHard - and gaining further momentum around our new smaller store formats that blend brick and mortar and online experiences.

Amazon to block Australians from global websites due to tax

Amazon will block Australians from buying from its global e-commerce websites and restrict them to a smaller local platform from July in response to new tax rules that consumer advocates fear will reduce the range of choice for customers in Australia .