Yerevan, 21.January.2018,
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Business

Shares and pound plunge on Leave vote
The London stock market has plunged more than 8% in the wake of the UK's vote to leave the EU. In the opening minutes of trade, the FTSE 100 index fell more than 500 points before regaining some ground. Banks were especially hard hit, with Barclays and RBS falling about 30%. Earlier, the value of the pound fell dramatically as the referendum outcome emerged. At one stage, it hit $1.3236, a fall of more than 10% and a low not seen since 1985. The Bank of England said it was "mo...
Tesla makes offer to buy SolarCity
US electric carmaker Tesla has offered to buy solar panel company SolarCity in a bid to expand its clean energy business. The company has made an all-stock deal worth as much as $2.8bn (£1.9bn). Tesla shares fell 10% in extended trading after the announcement while SolarCity jumped 23%. California-based Tesla is known as a pioneer in electric cars but since last year has also been selling batteries that can power homes and businesses. Tesla chief executive Elon Musk...
EU referendum: Soros warns of Brexit threat to pound and jobs
Legendary investor George Soros has warned of "serious consequences" for British jobs and finances if the country leaves the EU. Writing in the Guardian, he said sterling would "decline precipitously" if the Leave camp won Thursday's vote. Meanwhile, former retail bosses of the UK's biggest chains warned the price of essentials such as food and clothing would rise in the event of a Brexit. But Vote Leave said the UK would be more prosperous outside the EU. "The EU is costly, bureaucratic and...
Microsoft to help track legalised marijuana sales
Microsoft has teamed up with California-based technology start-up Kind Financial, which helps businesses and government agencies track sales of legalised marijuana "from seed to sale". It is the first-ever partnership of its kind for Microsoft. Kind has been selling its marijuana tracking software to businesses and governments for some three years. The start-up will now be able work on Microsoft's government cloud. Kind's software, which is called Agrisoft Seed to Sale, "closes the loop betw...
Euro 2016: Fans warned over illegal tickets
Unofficial websites illegally selling Euro 2016 tickets could leave fans being refused entry, Which? has warned. Rules by the European football body Uefa mean ticket-holders are likely to need photo ID to get into grounds, which won't match the name on the ticket if it is an unofficial one. The investigation by the consumer group found tickets on unofficial secondary sites selling for up to £5,000. Tickets can only be bought legally through Uefa itself. Which? has also warned of scam s...
VW profit tumbles 20% in wake of emissions scandal
Volkswagen profit has tumbled 20% in the first three months of 2016 as it continues to grapple with fallout from the diesel emissions scandal. Pre-tax profit fell to €3.2bn (£2.4bn) in the first quarter, down from €3.97bn in the same period a year ago. Chief executive Matthias Mueller said he was "satisfied" with the start of "what will undoubtedly be a demanding" 2016. VW admitted last year that it installed software to cheat US emissions tests. It has already set aside...
Oil hits $50 a barrel for first time this year
The price of oil has gone above $50 a barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery. The benchmark Brent crude price hit $50.07 a barrel in Asian trade. The rise followed US data on Thursday showing that oil inventories had fallen, largely due to supply disruptions following fires in Canada. Brent crude has now risen 80% since it hit 13-year lows of below $28 a barrel at the start of the year. US crude oil inventorie...
Sugar shortage cuts Coca-Cola production in Venezuela
A sugar shortage has forced Coca-Cola to stop producing soft drinks in Venezuela amid an escalating food and energy shortage. Coke said that suppliers in Venezuela will "temporarily cease operations due to a lack of raw materials". The announcement comes after the country's biggest brewer, Empresas Polar, closed plants due to a barley shortage. Venezuela's economy has contracted sharply as oil prices plunge. A Coca-Cola spokesperson said the company would continue producing sugarless drinks ...
Bayer's Monsanto bid to create biggest agricultural supplier
German drugs giant Bayer has made a $62bn (£43bn) offer for Monsanto, in a deal that would create the world's biggest agricultural supplier. Bayer said the bid was an "extraordinary opportunity to create a global agriculture leader." Monsanto is primarily known for genetically modified crops, often leading to vocal activist criticism. Last week, news of the deal angered Bayer investors, with one describing it as "arrogant empire-building". Bayer's farm business produces seeds as w...
Eurostar travellers 'remain cautious' after Brussels attacks
Eurostar has reported a fall in passengers using the high-speed rail service, saying travellers "remain cautious" in the wake of the Brussels terror attacks. Passenger numbers fell to 2.2 million in the three months to the end of March from 2.3 million a year earlier. Eurostar said "demand is dampened" and there had been a particular slowdown in travellers from the US and Asia. Revenues also fell to £201m, down 6% from a year earlier. However, Eurostar said it had seen a surge in ticke...
US slaps China steel imports with fivefold tax increase
The US has raised its import duties on Chinese steelmakers by more than fivefold after accusing them of selling their products below market prices. The taxes of 522% specifically apply to Chinese-made cold-rolled flat steel, which is used in car manufacturing, shipping containers and construction. The US Commerce Department ruling comes amid heightened trade tensions between the two sides over several products, including chicken parts. Steel is an especially sensitive issue. US and European ...
Volkswagen to be sued by Norway fund over emissions scandal
Norway's sovereign wealth fund, the world's largest, plans legal action against Volkswagen over the firm's emissions scandal. It said had been advised by its lawyers that the company's conduct "gives rise to legal claims under German law". Volkswagen admitted last year that it had installed secret software to cheat US emissions tests. The move, from one of VW's biggest investors, is the latest in a flood of legal actions over the scandal. It faces action from US Department of Justice, the Fe...
Apple invests in Chinese Uber rival Didi Chuxing
Apple has invested $1bn (£693m) in Didi Chuxing, the car-hailing app that has a greater market share than US rival Uber in China. Tim Cook, chief executive, said that the move would help Apple to better understand the Chinese market. Didi Chuxing, previously known as Didi Kuaidi, said it represented the single largest investment in its history. The firm said it provided more than 11 million rides a day and claimed to have 87% of the Chinese market share. The company is also backed by C...
News Corp reports $149m quarterly loss
Media giant News Corp has reported a net loss of $149m (£102.6m) for the three months to March. That compares with a profit of $23m in the same quarter last year. The group suffered as a result of a one off legal charge of $280m at its News America Marketing business. Revenue also fell - by 7.3% to $1.89bn. News Corp, controlled by Rupert Murdoch, gets over half its revenue from outside the US and it blamed "currency headwinds" for the drop. The one off charge at News America, an in-st...
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