• Boeing loses $6bn order to Airbus

      Boeing loses $6bn order to Airbus

      Saudi Arabia’s flyadeal is terminating a prior order for Boeing’s 737 Max jet and is switching to European rival Airbus, in what is seen as the latest blow to the American manufacturer as it seeks to return the beleaguered fleet to flight after two fatal crashes. The budget airline, which in December said it would purchase 50 Max jets, announced on Monday that it will instead purchase 50 Airbus A320neo narrow-body jets, a direct rival to Boeing’s update to the popular 737 airliner.

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    • British Airways faces $230m fine over data breach

      British Airways faces $230m fine over data breach

      The UK’s data watchdog has issued a "notice of intent" that it plans to fine the airline British Airways a record $230m after last year website failure compromised the personal details of roughly 500,000 customers, violating EU's General Data Protection Regulation (GDPR). According to the Information Commissioner’s Office (ICO) it was company's '“poor security arrangements” that lead to the breach of credit card information, names, addresses, travel booking details, and logins of its customers.

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    • New US law forces big tech to disclose value of data

      New US law forces big tech to disclose value of data

      A new bill, that would force tech giants like Google, Amazon, and Facebook to tell users how much their data is worth was introduced by American lawmakers on Monday. In an age where data is exploited as one of the world’s most valuable resources, the law would put a spotlight on what’s otherwise been a hidden side to the tech economy.

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    • Amazon launches a credit card for the ‘underbanked’

      Amazon launches a credit card for the ‘underbanked’

      Amazon has a brand new product that ties into its Amazon Prime membership program, but caters to a specific segment of the market - those who might not have good enough credit to get a credit card. The new Amazon Credit Builder tool lets users build their own secured credit card. That means they’ll have to put down a refundable security deposit of anywhere $100 to $1,000 to qualify for the card, and the credit limit will match it.

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    • Fiat Chrysler to merge with Renault

      Fiat Chrysler to merge with Renault

      Fiat Chrysler and Renault, are considering a merge of vast swaths of their businesses - a move that demonstrates the growing desire among automakers to consolidate in an environment of increased regulatory pressure, sales declines and rising costs aimed at bringing next-generation technologies like self-driving cars to market. 

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    • Ford layoffs hit 7,000 jobs worldwide

      Ford layoffs hit 7,000 jobs worldwide

      Ford Motor Company announced on Monday that it will cut about 7,000 salaried workers, or roughly 10 percent of its global global workforce, in the coming months in a cost-cutting measure that officials said would save about $600m per year. According to the company's statement, the first wave of layoffs will begin tomorrow, 21 May and include 500 employees in the US only. In an email to employees, Ford CEO Jim Hackett added that job cuts in North America would be completed by the end of the week, with layoffs in international markets to conclude by the end of August.

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    • VW postpones decision on Eastern European plant

      VW postpones decision on Eastern European plant

      The German manufacturer Volkswagen announced this Monday that it has postponed its decision on where to build its new multibrand assembly factory in Eastern Europe, where some of the German group’s car models would be produced. Still, the group, has been given the greenlight by the Board of Supervisors of the project and its management to start final talks with the contenders for the investment, which is being estimated at approximately €1bn.

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    • Facebook expects to be hit with $3-5bn fine by the FTC

      Facebook expects to be hit with $3-5bn fine by the FTC

      In its quarterly results reported to investors, Facebook said on Wednesday that for now it was setting aside $3bn to pay in potential penalties to the Federal Trade Commission, but that the eventual number could be much higher by the time the FTC’s investigation is over. The possible FTC penalty “is not expected to be tax-deductible,” the company added in a footnote.

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    • US files first criminal charges against major drug distributor

      US files first criminal charges against major drug distributor

      In an unprecedented case, the US government on Tuesday filed its first criminal indictments against a major drug distributor and company executives over their alleged roles in fueling the nation’s opioid epidemic by putting profits ahead of patients’ safety. The US Attorney’s Office in Manhattan charged Rochester Drug Cooperative (RDC), the sixth-largest pharmaceutical distributor in the country, with conspiring to distribute drugs (such as oxycodone, fentanyl and others), defrauding the federal government, and failing to file suspicious order reports.

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