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'Free money' for banks as investors pile into fractured gold market

Banks are making vast profits from gold as investors flood into a market fractured by the coronavirus crisis, reports Reuters.The world's largest 50 investment banks are on track to double their income from precious metals this year to around $2.5 billion, most of it from gold, Coalition, a banking consultancy,...

Tesla warns on challenges of scaling up production

FRANKFURT, Sept 22 (Reuters): Tesla Chief Executive Elon Musk warned on Tuesday about the difficulties of speeding up production as an expert cautioned the carmaker's increased reliance on large-scale aluminium parts could bring new manufacturing challenges.While carmakers such as Mercedes-Benz have said automation has limitations, Musk has pressed on with...

TikTok's promise of 25,000 new US jobs sets lofty goal

WASHINGTON, Sept 22 (Reuters): Even as dealmakers bicker over who will actually own TikTok Global, another question emerged after President Donald Trump agreed over the weekend to keep the wildly popular video-sharing app running in the United States for another week: how can they possibly create 25,000 new jobs in...

Trump to meet attorneys to discuss key US tech liability shield

WASHINGTON, Sept 22 (Reuters): US President Donald Trump plans will meet today (Wednesday) with a group of Republican state attorneys general about revising a key law that shields social media companies from liability for content posted by their users and allows them to remove lawful but objectionable posts."Online censorship goes...

Deutsche Bank to close 20pc of domestic branches

FRANKFURT, Sept 22 (Reuters): Deutsche Bank plans to shutter one in five branches in its home market in Germany as it seeks to save costs and capitalise on the changing habits of customers during the coronavirus pandemic, an executive said.Philipp Gossow, who oversees the retail banking business in Germany, told...

EU court backs crackdown on short-term home rentals

BRUSSELS, Sept 22 (Reuters): Europe's top court on Tuesday gave its backing to European cities cracking down on short-term rentals of private homes to solve a housing crunch, dealing a setback to homesharing site Airbnb.From Amsterdam to New York and Paris, authorities have blamed Airbnb for worsening housing shortages in...

German economy to shrink by 5.2pc

BERLIN, Sept 22 (Arab News): Germany's Ifo institute on Tuesday said Europe's largest economy would likely shrink by 5.2 per cent this year, raising its previous estimate for a 6.7 per cent drop, in the latest sign the damage caused by the Covid-19 pandemic could be smaller than initially feared."The...

Oil rises on expectations demand can survive new lockdowns

LONDON, Sept 22 (Reuters): Oil prices rose on Tuesday as analysts took the view renewed lockdown restrictions would have only a limited impact on fuel demand, partly reversing a steep drop in prices the previous day.Brent crude LCOc1 was up 54 cents, or 1.3 per cent, to $41.98 per barrel...

Lufthansa to cut more jobs as it loses 500m a month

Cap: Aircraft of German airline Lufthansa at the airport in Munich -- AFPFRANKFURT, Sept 22 (AN): Lufthansa said Monday it will slash more jobs on top of 22,000 previously announced cuts and put more planes out of service with current losses running at some €500 million ($590 million) a month.With...

Gold price falls as dollar jumps to six-week high

BENGALURU, Sept 22 (Reuters): Gold fell on Tuesday as the dollar climbed to its highest in over a month, while investors remained doubtful over additional stimulus measures to aid the coronavirus-hit economy ahead of speeches from Federal Reserve officials this week.Spot gold had fallen 0.45 per cent to $1,904.00 per...

Egypt signs lucrative gas deals

CAIRO, Sept 22 (AN): The Egyptian Natural Gas Holding Company (EGAS) has signed eight research and exploration agreements with investments of $934 million. Five agreements were signed during the last fiscal year and three others during the first quarter of this fiscal year.Minister of Petroleum and Mineral Resources Tarek El-Molla...