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Amazon profit jumps while shares slip

The US tech giant said profit jumped 63% from a year ago to $3 billion in the fourth quarter

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US created 200,000 new jobs in January

Washington: US job creation accelerated in January, as labor markets continued to absorb workers at a robust pace, unemployment clung to a record low and wages moved higher, the government reported Friday. The world’s largest economy added 200,000 net new positions in the month, more than expected, driven by gains in construction, retail, restaurants and…

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Black Friday sales kick off US shopping season

NEW YORK: American consumers arrived en masse in stores – and online – for the annual Black Friday shopping extravaganza that opens the US holiday shopping season. Held the day after Thanksgiving, a period when schools are out and many offices are closed, Black Friday has evolved over the years into a massive shopping occasion…

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Five e-bargains on China’s version of ‘Black Friday’

SHANGHAI: Hundreds of millions of Chinese used their smartphones to snap up online bargains Saturday on “Double 11”, the country’s annual e-commerce shopping spree. Also known as “Singles Day”, China’s version of “Black Friday” saw billions of dollars in orders for the usual items such as food, furniture and electronics. But if a new pair…

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Top Trump aide faces probe after Ivanka brand plug

WASHINGTON: A key aide to Donald Trump was facing possible investigation Thursday after pitching the clothing line of the president’s daughter Ivanka on television, with top lawmakers from both camps denouncing a major ethics breach and urging “disciplinary action.” Speaking with the White House seal clearly visible over her shoulder, Kellyanne Conway gave Ivanka Trump’s…

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Marks and Spencer says to shut 100 stores in overhaul

LONDON: British retailer Marks and Spencer said Tuesday it will shut more than 100 stores, among them many foreign shops including its Champs Elysees branch in Paris, in order to cut costs after posting a first-half loss. M&S, regarded as a barometer of UK consumer demand, said it would close around 60 food and home…

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Bang & Olufsen outsources TV manufacturing to LG

COPENHAGEN: Bang & Olufsen, the Danish maker of upmarket sound systems and televisions, said on Friday it had entered a partnership with LG Electronics to outsource its production of televisions. The struggling Danish firm, which said in November it was in talks with a potential buyer, said the deal “will address Bang & Olufsen’s key…

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Instant gratification: the fast fashion revolution

NEW YORK: New York Fashion Week this season has put “click and buy” on the map, revolutionizing the antiquated global fashion calendar with clothes that now can be ordered straight from the catwalk. For more than 100 years, the world of high fashion has been divided up into four seasons — spring/summer, autumn/winter. Designers debut…

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Friendly robot Pepper makes European debut in France

LAGUNA BEACH: A humanoid robot name Pepper designed as an upbeat companion made its European debut on Tuesday helping shoppers with wine, and more, in a major shop in France. The test run involves seven robots stationed in different parts of a Claye-Souilly region Carrefour store, where they are programmed to do things such as…

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Engro Corp issues two-tranche retail sukuk

KARACHI: Pakistani conglomerate Engro Corp , a former unit of Exxon Mobil Corp, has raised 1 billion rupees ($10 million) from an issue of Islamic bonds in the retail market, the company said in a regulatory filing. The transaction is part of a 4 billion rupee programme set up earlier this year by Engro and…

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Dollar hits 2-week low vs euro on weak U.S. retail sales data

NEW YORK: The dollar fell on Thursday to a two-week low against the euro and slid against other major currencies, weakened by an unexpected fall in U.S. retail sales which helped sow concerns that economic growth could be slowing.Following the release of the weaker-than-forecast retail sales, the euro rallied to about 1.3694 against the dollar,…

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France's Total snaps up Chevron's Pakistan retail network

DUBAI/PARIS: Total and its joint venture partner have agreed to buy Chevron Corp's retail distribution business in Pakistan, following a similar move by the French energy giant to buy the U.S. firm's Egyptian retail business in August.TOTAL PARCO Pakistan Limited, a joint venture between Total and Pak Arab Refinery Limited (PARCO), will acquire Chevron's fuel…

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UK government to consider retail offer in future Lloyds share sales

LONDON: The government will consider offering shares to private retail investors when it offloads more of its stake in Lloyds Banking Group, Chancellor George Osborne said on Tuesday.”This is the first in a multi-staged sale programme. I will consider all options for later sales of our shareholding in Lloyds, including a retail offering to the…

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Disney's 'Infinity' video game sees brisk retail sales

SAN FRANCISCO: Walt Disney Co's recently launched video game “Infinity” is selling strongly and major retailers report they are replenishing stock to meet demand, an encouraging start for the media giant's plans to turn around its loss-making game division.GameStop, Toys”R”Us and Wal-Mart Stores said they are restocking to stay ahead of demand for the game,…

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Dollar climbs as U.S. slowdown fears abate on retail sales

NEW YORK: The dollar rallied session against the yen and euro for a third straight on Monday as U.S. retail sales data assuaged fears about an economic slowdown in the world's largest economy.The dollar, which pierced the 100-yen mark last week, continued to add to gains, hitting its highest level against the yen since October…

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UK March retail sales weakest since August – CBI

LONDON: British retail sales were flat this month compared with a year ago, a survey by the Confederation of British Industry showed on Tuesday.The sales balance in the CBI's monthly distributive trades survey fell to zero in March from +8 in February. Analysts had forecast a reading of +11. The expected sales balance for April…

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British budget deficit and retail data offer rare positive news

LONDON: Britain had a far smaller-than-expected deficit in February and retail sales got a boost, data showed on Thursday, a fillip for Chancellor George Osborne a day after he released dismal economic forecasts.Deficit reduction is the central economic policy of Britain's Conservative-led coalition government, which came to power in May 2010 when Britain's budget deficit…

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Indian rupee gains; retail inflation dampens rate cut hopes

MUMBAI: The rupee rose on Tuesday helped by foreign fund inflows, but gains were kept in check as some traders scaled back hopes of a rate cut by the RBI after consumer price inflation showed a spike and factory output rose more than expected.India's annual consumer price inflation inched up to 10.91 percent in February…

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Brent rises towards $111 on US retail sales

SINGAPORE: Brent crude rose towards $111 a barrel on Wednesday on hopes of a revival in demand growth in the world's top oil consuming nation after U.S. retail sales beat forecasts and oil inventories there rose far less than what was expected.The solid 0.5 percent rise in December retail sales, compared with expectations of only…

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Mayawati to rescue govt in retail reform vote

NEW DELHI: Mayawati, the president of the Bahujan Samaj Party, said on Thursday she would back the government on the FDI-in-retail vote in the Rajya Sabha, virtually ensuring that an opposition motion against the reform will be defeated.”Our party will vote in favour of the government tomorrow,” Mayawati said during a debate on a policy…

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Government wins vote on retail FDI in Lok Sabha

NEW DELHI: The fragile ruling UPA coalition won a vote on allowing foreign supermarkets to operate in Asia's third-largest economy on Wednesday, in a key test of support for Prime Minister Manmohan Singh and his flagship economic reform.It was a much-needed boost for Singh at a time when he is trying to drive a second…

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