Business

Facebook market value plunges $119 billion

Facebook market value plunges $119 billion

After falling overnight on Wednesday, Facebook shares were down as much as 19.6pc at $174.78 each in early trading yesterday in the U.S., a decline that would wipe about $124bn off the company's value - or almost four times the entire market capitalisation of Twitter .


Saudi Arabia suspends oil exports through Red Sea lane after Houthi attack

Saudi Arabia suspends oil exports through Red Sea lane after Houthi attack

The Bab al-Mandeb Strait between Yemen and Djibouti is just 20km wide, making shipping vulnerable to attack from the Houthi's in war-torn Yemen. The Houthis, who are fighting a Saudi-led coalition backing Yemen's internationally recognised government, attacked the 2-million-barrel capacity Saudi tankers on Wednesday, causing minimal damage to one.


Facebook opens China 'innovation hub' despite being blocked

Facebook opens China 'innovation hub' despite being blocked

Facebook has created similar hubs in France, Brazil, India and Korea to focus on training and workshops, the spokesperson said. Initial capital is $30 million. "China has wanted to control what gets into the public hands which has made Google and Facebook's entry hard there", Elazar Advisors analyst Chaim Siegel said.


Trump, EU Chief Agree to Pursue Trade Peace Pact

Trump, EU Chief Agree to Pursue Trade Peace Pact

That deal was twofold: to face down Trump by waving a threat of Europe's own, to curb access to the world's biggest market; and to present mostly old and effectively cost-free European Union offers as something Trump could sell to voters ahead of November elections - new talks on lowering European Union tariffs for US industrial goods, outlets for USA gas and soybeans and potential European Union backing in trade rows with China .


EU Announce a Truce in Trade War

EU Announce a Truce in Trade War

President Donald Trump proclaimed that "Tariffs are the greatest!" in warning USA trade partners that he'll impose more sanctions unless they negotiate a "fair deal" as negotiations with European officials are to get underway at the White House .