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HTC’s June sales slump 68 percent, biggest drop in over two years

TAIPEI: Taiwanese smartphone maker HTC said its sales fell nearly 68 percent in June, its biggest slump in more than two years, as the struggling firm continues to lose customers amid intensifying competition with nimbler manufacturing rivals. Once a favorite with consumers and investors, HTC’s popularity has dwindled with the emergence of rivals such as Apple, Samsung Electronics Co Ltd, and more recently China’s Xiaomi Corp. HTC said its June sales fell to T$2.2 billion ($72 million), from T$6.9 billion a year ago…

Jaguar Land Rover to cut output and jobs due to Brexit, diesel slump: source

LONDON: Britain’s biggest carmaker Jaguar Land Rover will cut around 1,000 jobs and production at two of its English factories due to a fall in sales caused by uncertainty around Brexit and confusion over diesel policy, a source told Reuters. Output will be cut at its central English Solihull and Castle Bromwich plants, affecting some 1,000 agency workers, the source said. A spokesman at Jaguar Land Rover (JLR) declined to comment on the number of jobs which would be lost but the firm said it would be making changes to…

Bitcoin falls below $9,000 in latest slump

WASHINGTON: Bitcoin fell below $9,000 Friday afternoon to a daily low of $8,587, according to CoinDesk's Bitcoin Price Index. The latest fall is said to triggered by regulation fears. On Thursday, the US Securities and Exchange Commission warned of “potentially unlawful” systems that trade crypto-currencies, which investors may use with an unearned sense of safety. The world's biggest and best-known digital currency BTC=BTSP was last down 7.53 percent at $9,924.03 on the Luxembourg-based Bitstamp exchange yesterday. It…

Bitcoin rises 10 percent, recovers from last week’s massive slump

SINGAPORE/TOKYO: Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 percent to be up more than a third from last week’s lows of below $12,000. Bitcoin, the world’s biggest and best-known cryptocurrency, fell nearly 30 percent at one stage on Friday to $11,159.93 and, despite a late recovery, had its worst week since 2013. At 0445 GMT on Tuesday, it was quoted around $15,049 on the Luxembourg-based Bitstamp exchange. The digital currency had risen around twentyfold since the start of the…

Turkey tourism income slumps after attacks, coup

ANKARA: Turkey tourism revenues fell almost 30 percent in 2016, the country's statistics office said Tuesday, after visitors stayed away following multiple terror attacks and a failed coup. In 2016 income from tourism fell by 29.7 percent compared to the previous year, falling to $22.1 billion (19.7 billion euros), the Turkish Statistics Institute (TUIK) said on its website. The country has been hit by a spate of attacks blamed on Islamic extremists and Kurdish militants while tourists were further spooked by the…

World stocks resume slump as oil hits new low

LONDON: Global stocks suffered another rout Wednesday as oil prices slid to fresh 12-year lows under $28, heaping further pressure on financial markets from London and Paris to Russia and Shanghai. 

When will the oil slump end?

NEW YORK: As oil traders have learned time and again, picking a bottom in today's glutted global market can be a fool's game: just when prices start to rebound, as they have three times this year, a wave of renewed bearishness smacks them back down.