Yerevan, 19.April.2019,
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Business

Samsung becomes latest firm to launch mobile wallet in China
Samsung has officially launched its mobile wallet service in China, in co-operation with local vendor UnionPay. Instead of using cards, the service allows shoppers to use their smartphones to pay for in-store purchases. Last month, Apple launched its own Apple Pay system in China, also in partnership with UnionPay. China's smartphone market, the largest in the world, presents a huge business opportunity for mobile-payment systems. Samsung Pay and Apple Pay will now compete with Alibaba's Ali...
Tata to decide fate of UK steelworks
Steel giant Tata is holding a board meeting in India which could decide the fate of thousands of UK workers. In January, Tata said it planned to cut more than a thousand jobs at its UK plants - with 750 due to be lost at Port Talbot in south Wales. Unless the board meeting in Mumbai agrees to this turnaround plan, the future of the plant could be in doubt. The UK steel industry has been hit by a combination of factors that have hit its competitiveness. These factors include re...
Playboy empire reportedly exploring sale of itself
Playboy Enterprises is exploring a possible of sale of the US adult entertainment group, reports say. The Playboy empire could fetch more than $500m (£354m), say sources quoted by news outlets including the Wall Street Journal and the Financial Times. The reported move comes after Playboy magazine stopped publishing nude photos saying they had become outdated. Circulation numbers have plummeted to about 800,000 last year from 5.6m copies in 1975. Investment bank Moelis & ...
Credit Suisse to cut another 2,000 jobs
Swiss banking giant, Credit Suisse has announced that 2,000 jobs will go at its global markets business. The latest cuts are in addition to the 4,000 job cuts announced last month and are part of the bank's efforts to reduce annual costs by 800m Swiss francs a year (£580m;$820m). The company blamed a "high and inflexible cost base" and "volatile market conditions". The global markets business trades bonds and other financial products.
Sharp falls as Foxconn deal drags on
Shares in Japanese electronics firm Sharp have fallen by as much as 5% on concerns a delayed takeover deal with Taiwan's Foxconn may fall apart. It has been nearly a month since Sharp accepted Foxconn's more than 600bn yen (£3.7bn; $5.4bn) bailout deal, but no final agreement has been signed. According to reports, Foxconn is looking to reduce the price it pays. In contrast, the benchmark Nikkei, on which Sharp is listed, rose by 2% after Monday's public holiday. The rest of A...
Sony buys out Michael Jackson music venture stake
Sony is paying Michael Jackson's estate $750m (£526m) for the late pop star's share of a joint music publishing venture that it does not already own. Jackson held a 50% stake in Sony ATV Music Publishing as part of a business partnership that began in 1995. The purchase will give Sony the rights to about three million songs, including works by the Beatles, Bob Dylan and Taylor Swift. However, the deal does not include Jackson's master recordings. His estate will maintain its holdings i...
Bangladesh bank boss Atiur Rahman quits over $100m cyber-fraud
The head of Bangladesh's central bank, Atiur Rahman, has resigned after cyber-thieves stole more than $100m from the country's foreign currency reserves. Mr Rahman submitted his resignation to Prime Minister Sheikh Hasina after it emerged that unknown hackers had stolen the money from the bank's account with the Federal Reserve Bank of New York. The theft happened in February, but Mr Rahman did not tell the government. Finance Minister A M A Muhith said he had learnt of it from press reports....
Apple hits back at 'corrosive' claim by US government
Apple has accused the US Justice Department of trying to "smear" the company with "desperate" and "unsubstantiated" claims. It followed the DoJ's latest court filing over its demand Apple create software to unlock an iPhone used by an attacker in a mass shooting last year. The DoJ said Apple's stance was "corrosive" of institutions trying to protect "liberty and rights". It also claims Apple helped the Chinese government with iPhone security. Apple's general counsel Bruce Sewell told reporte...
Volkswagen's US chief leaves troubled German carmaker
Volkswagen's top executive in the US is stepping down nearly six months after the German carmaker became engulfed in the diesel emissions scandal. Michael Horn, president and chief executive officer of Volkswagen (VW) of America since 2014, is leaving "through mutual agreement", the company said. The statement made no mention of the emissions issue, disclosed by US regulators last year. Another US executive, Hinrich Woebcken, takes over on a interim basis. Mr Horn's departure comes as V...
China's ZTE faces restrictions over alleged Iran violations
Chinese firm ZTE has said its US suppliers must now apply for a licence to provide the firm with any materials. The announcement came after the US announced restrictions against ZTE for alleged violations of US export controls on Iran. China said on Tuesday it held "resolute opposition" to the move. ZTE is the second-biggest supplier of telecommunications equipment in China after Huawei. The Shenzhen firm is known for its smartphones, however, it also makes semiconductors, and other pro...
Samsonite bags luxury luggage rival Tumi
The world's biggest luggage maker, Samsonite, has reached a takeover agreement with luxury rival Tumi in a $1.8bn (£1.3bn) deal. Samsonite said it would pay $26.74 per share in an all-cash transaction in a move designed to give it access to the premium end of the luggage market. The deal is expected to bring cost savings in sourcing, logistics, sales and marketing, as well as distribution and product development. The new company will list in Hong Kong. Luxembourg-based Samsonite is alr...
Toshiba shares rally on prospect of new loans
Toshiba shares rallied more than 10% on Thursday on reports the firm was about to secure substantial new loans for its restructuring efforts. The company is in talks with several Japanese lenders over money it needs to reorganise its business in the wake of a massive accounting scandal. The embattled electronics giant is hoping for loans of up to 250bn yen ($2.2bn; £1.6bn), said Nikkei daily. Toshiba confirmed it was in talks but said the details had not been decided. The Nikkei daily ...
Samarco reaches £800m deal over deadly Brazil mudslide
The owners of a Brazilian mine that breached a dam, setting off a deadly mudslide, has agreed to pay 4.4bn reais (£804m) in damages. Samarco - co-owned by Vale and BHP Billiton - will pay 2bn reais in 2016 and 1.2bn each in 2017 and 2018. The Brazilian government originally demanded 20bn reais to address what is considered the country's worst environmental disaster. In November, two Samarco dams ruptured setting off a deadly mudslide. The mudslide destroyed the town of Mariana in south...
BMW tells UK Rolls-Royce car workers of 'benefit' of EU
UK car workers at Rolls-Royce have been sent an email from German parent company BMW, highlighting what it sees as the risks of a vote to leave the EU. While stressing the decision is ultimately a matter for the British public, BMW highlights the "significant benefit" the company derives from the free movement of people within the EU. Without that, it says, the employment base of the company could be affected. Meanwhile, 200 small companies' bosses have signed a letter backing an exit. A ref...
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