Business

World's richest woman and L'Oreal heiress Liliane Bettencourt dies

World's richest woman and L'Oreal heiress Liliane Bettencourt dies

Bettencourt's daughter Francoise ruled out the possibility of her family distancing away from L'Oreal in wake of her mother's demise. With an estimated 2017 net worth of 33bn euros (£30bn; $40bn), she was the world's richest woman. "My mother left peacefully", Mrs Bettencourt-Meyers said in a statement. While private to the last, she maintained close ties to three French presidents during her lifetime and was never far from the society pages, which pored over her family relations minutely.



China's Credit Rating Slashed

Chinese authorities have started to crack down on heavy borrowing by companies this year, but S&P says it expects that "credit growth in the next two to three years will remain at levels that will increase financial risks gradually". "The increases have often been above the rate of income growth", S&P said in a statement. China's stock markets had closed Thursday before the downgrade, and there was little reaction in the yuan currency.



Fed to start selling bonds, keeps interest rates steady

The announcement marks a milestone in the long recovery from 2008. US Federal Reserve chair Janet Yellen has confirmed that the central bank will begin winding down its purchases of US Treasury and mortgage-backed securities in October.



Global stocks, dollar flat as investors brace for Fed statement

The average is on a six-day streak of new highs. Woodside Petroleum and Santos surged around 2% after oil prices settled 2% higher overnight. While the Nasdaq is down 19.90 points or 0.3% at 6,441.43, the Dow is up 16.92 points or 0.1% at 22,387.72 and the S&P 500 is up 0.23 points or less than a tenth of a % at 2,506.88.



Theresa May chairs Cabinet meeting ahead of Brexit speech

According to the Financial Times, Mrs May will reveal the UK Government is prepared to pay €20bn (£17.7bn) to meet its financial obligations to the European Union after 2019. She may also offer to make financial contributions to Brussels during a transition period , in order to plug a hole in the so-called divorce bill. "I am waiting for a proposal on the legal rights of European Union citizens in Britain", said Barnier, who was speaking in French through an Italian translator.


Holiday Hiring 2017: Walmart to Give Existing Employees More Hours Instead

Holiday Hiring 2017: Walmart to Give Existing Employees More Hours Instead

Walmart rival Target has already announced plans to bring on 2,500 temporary holiday workers in Colorado and 100,000 nationwide. Walmart's move comes as a tightening labor market makes it hard to fill open positions. Walmart's "holiday helpers" are part of their regular workforce and aim to enhance customer service by getting customers checked out faster, having more available registers, and adding another level of shopping support for shoppers in lines that may have forgotten items.