“China might prefer to wait out the current U.S. administration, rather than embarking on potentially futile negotiations,” said one analyst. China cannot hold talks with Washington on ending their escalating trade dispute while the United States “holds a knife” to Beijing’s neck by imposing tariff hikes, a Chinese official said Tuesday. The warning followed the […]

Rockville, MD  – Instagram on Monday said co-founders Kevin Systrom and Mike Krieger have resigned as chief executive officer and chief technical officer of the photo-sharing app owned by Facebook Inc, giving scant explanation for the move. The departures at Facebook’s fastest-growing revenue generator come just months after the exit of Jan Koum, co-founder of […]

LONDON  – U.S. fashion group Michael Kors Holdings Ltd (KORS.N) has agreed to take control of Italy’s Versace, three sources familiar with the matter said on Monday, adding that an official announcement would be made this week. Michael Kors has made no secret of its ambition to grow its portfolio of high-end brands after swooping […]

FRANKFURT  – Volkswagen’s (VOWG_p.DE) Porsche will stop offering diesel versions of its cars, the unit said on Sunday, sharpening its focus on hybrid and battery-powered vehicles instead. Volkswagen has admitted to deliberately cheating diesel emissions tests, sending shockwaves through the automotive industries and causing a sector-wide crackdown on polluting diesel engines. As a result, carmakers […]

LONDON  – Comcast (CMCSA.O) and Twenty-First Century Fox (FOXA.O) face a quick-fire auction for British broadcaster Sky (SKYB.L) on Saturday after neither side backed down in a drawn-out $34 billion battle. A deadline for U.S. cable giant Comcast and Rupert Murdoch’s Fox to declare that their all-cash offers for Sky would not be increased passed […]

The troubled US bank Wells Fargo is planning a steep reduction of staff that could affect more than 26,000 people. The firm said it expects headcount to decline by 5% to 10% over the next three years, through a combination of cuts and regular attrition. The move is part of an effort to make the […]

Simpson Strong-Tie has introduced the new H1.81Z hurricane tie, designed to provide stronger connections between heavy engineered wood rafters and wall top plates. Developed and tested to provide lateral resistance during seismic events, the H1.81Z is also ideal for roofs with heavy snow loads or connections where there are higher load demands on the structure. The […]

Louisiana-Pacific Corporation (LP) reported today that its engineered wood products operations in Wilmington, N.C. have been temporarily shut down due to the impact of Hurricane Florence. The Wilmington mill suffered damage in the storm and LP response team has begun assessing the situation. About 149 people are employed at the mill. “Our thoughts and prayers […]

WASHINGTON/SAN FRANCISCO – Alphabet Inc’s Google defended how it polices third-party add-ons for Gmail in a letter to U.S. senators made public on Thursday, saying that upfront review catches the “majority” of bad actors. Google said it uses automated scans and reports from security researchers to monitor third parties with access to Gmail data, but […]

BRUSSELS – McDonald’s (MCD.N) avoided having to repay millions of euros in back taxes after EU antitrust regulators said that its tax deal with Luxembourg was not illegal, citing quirks in the Grand Duchy’s bilateral tax treaty with the United States. The decision by the European Commission came after a three-year long investigation, part of […]