Yerevan, 17.July.2018,
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Business

Oil rallies after Opec ministers announce output cut
The oil producers cartel Opec has agreed a preliminary deal to cut production for the first time in eight years, sending crude prices surging. The major oil exporting nations struck the deal at talks in Algeria on Wednesday to ease fears of oversupply. "Opec made an exceptional decision today," Iran's Oil Minister Bijan Zanganeh said. Brent crude, the international benchmark for oil, rose almost 6% to nearly $49 a barrel on the news. While oil saw only small gains in early Asian trade, energ...
Wells Fargo chief forfeits $41m amid corruption probe
Wells Fargo chief executive John Stumpf will forfeit $41m (£31.5m) in bonuses as the bank tries to stem a scandal over its sales practices. The bank has launched an investigation into how more than two million deposit and credit card accounts were opened without customers' permission. The bank said Mr Stumpf would not receive a salary during the inquiry. The former head of retail operations, Carrie Tolstedt, will forfeit $19m of bonuses and left without a payoff. The announcement ...
Wanda steps up rivalry against Disney in China with second park
China's Dalian Wanda has stepped up competition with Walt Disney, opening its second theme park in the country. On Saturday, the company welcomed the first visitors to the new 34bn yuan ($5.1bn; £3.9bn) park in Hefei which also has hotels and a shopping mall. The firm plans to build as many as 20 more such parks across China by 2020. Dalian Wanda has been outspoken about its rivalry with US firm Walt Disney which opened its first theme park in mainland China in June. In May, Wanda laun...
BHS brand to be revived online in the UK
The collapsed retailer BHS is to re-launch as an online shop, selling some of the most popular items previously available on its website. BHS.com will employ just 84 people, a fraction of the 11,000 who lost their jobs after efforts to find a buyer for the high-street business failed. The last of BHS's 163 department stores was closed last month. The new website, which is owned by the Qatari Al Mana Group, will go live in the UK on Thursday. "We are nimble and efficient, but with a great bra...
Finance job vacancies in England 'fall after Brexit vote'
Job vacancies in England's financial sector dropped more than 10% after the Brexit vote over passporting and single market concerns, a think tank has said. Passporting rights let firms trade across the European Union without the need for separate licences. New finance jobs fell in every English region in July and August, the Institute of Public Policy Research (IPPR) said. Eurosceptics have said the UK would not be harmed by leaving the single market. The fall in vacancies after the Brexit v...
Samsung in Note 7 row in China after reports of devices catching fire
Samsung has found itself in a row with Chinese consumers, with some accusing the firm of being biased against them. The South Korean firm has not issued a recall of its Galaxy Note 7 in China, despite local media reports of two devices catching fire. Samsung said it had concluded that the damage was caused by "external heating" so a recall was not necessary. The vast majority of Note 7s sold in China were equipped with batteries made by a local supplier. The callbacks elsewhere have been lin...
GlaxoSmithKline names Emma Walmsley as chief executive
GlaxoSmithKline has chosen Emma Walmsley, its current head of consumer healthcare, as its new chief executive. Ms Walmsley, who joined the UK's biggest drugmaker in 2010 from L'Oreal, will replace Andrew Witty next year. Mr Witty had previously announced he would retire in March 2017. GSK chairman Philip Hampton said there had been "a very thorough and rigorous global selection process" for the role, adding that Ms Walmsley was "an outstanding leader". Ms Walmsley will be the drugs giant's f...
US regulators order recall of 1m Samsung Note 7 phones
US safety regulators have announced a formal recall of the Samsung Galaxy Note 7 after reports of fires caused by faulty batteries. The South Korean tech giant had already launched a voluntary recall after user complaints about 'exploding' phones. According to Samsung, the problem affects 2.5 million devices globally, including 1 million in the US. The recall comes at a crucial time as rival Apple has just released its new iPhone 7 flagship model. "Because this product presents suc...
US asks Deutsche Bank for $14bn to settle mortgage investigation
The US Department of Justice is asking Deutsche Bank to pay $14bn (£10.6bn) to settle an investigation into mortgage-backed securities, the bank has said. Deutsche Bank said it "has no intention to settle these potential civil claims anywhere near the figure cited". The claim against Deutsche, which is likely to be the subject of negotiations for several months, was much bigger than expected. The bank's shares fell nearly 7% in early trading. "The negotiations are only just beginn...
Galaxy Note 7: Owners advised not to use on planes
Airline passengers have been warned by US authorities not to switch on or charge their Samsung Galaxy Note 7 phones when on board the plane. The Federal Aviation Administration (FAA) also advised against packing the phones into any checked-in luggage. Samsung recalled the phone last week after reports emerged of the device exploding during or after charging. Qantas and Virgin Australia have also told customers not to charge or use the phone during flights.
US media firm Liberty Media to buy Formula 1
US firm Liberty Media has confirmed it is buying the racing business Formula 1 for $4.4bn (£3.3bn). The move ends years of speculation about the ownership of the company. Bernie Ecclestone will remain as chief executive but Chase Carey, vice-chairman of 21st Century Fox, will become the new chairman. Liberty Media has stakes in several sports and entertainment businesses, including the Atlanta Braves Major League Baseball club. Owned by the billionaire John Malone, Liberty will in...
Bayer offers $65bn to win control of Monsanto
Germany's Bayer has raised its offer for Monsanto to $65bn (£49bn), or $127.50 a share, in a bid to create a global seeds and pesticides giant. Bayer said it was in advanced talks with Monsanto, but warned there was no guarantee a deal would result. Its initial offer of $122 a share in May was rejected by the US firm for being "financially inadequate". The record all-cash offer valued Monsanto at $62bn (£43bn at the time). Bayer raised its offer to $125 a share in July ...
$8.5bn Formula 1 sale set to cross the finish line
The owner of Virgin Media is set to take control of Formula 1 in an $8.5bn (£6.5bn) deal. John Malone's Liberty Media is expected to make the first of two payments on Tuesday, according to a German magazine. Auto Motor und Sport said the deal had been confirmed by F1 chief executive Bernie Ecclestone. The sale would allow US private equity firm CVC Capital Partners, which has a 35% stake, to exit F1. CVC has held a stake for the past decade but sold some of its holding in 2012. A sale...
Samsung recalls Note 7 flagship over explosive batteries
Samsung Electronics is recalling its flagship Galaxy Note 7 smartphone and said that battery problems were behind phones catching fire. The decision follows reports in the US and South Korea of the phone "exploding" during or after charging. The South Korean company said customers who already bought the phone will be able to swap it for a new one. The recall comes just one week ahead of an expected presentation of a new iPhone model from its main rival Apple. "We have rec...
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