Walmart is rolling out a new technology in its stores that enables shoppers to scan and pay for their items without checkout lanes, registers, or cashiers. This works by shoppers downloading Walmart's "Scan & Go" app, then scan the barcodes of the items they wish to purchase. Once they are finished shopping, they click a button to pay for their goods and show their digital receipt to a store greeter on their way out the door, no need to wait in line for a cashier to cash you out. Amazon revealed plans in December to introduce a similar technology to its own brick-and-mortar grocery concept, called Amazon Go, which is still in the planning phases. But Walmart is leaping ahead of Amazon and already rolling it out to more than a dozen stores in Texas, Florida, South Dakota, Ar
If there is a run on the bank, any bank in the EU, you better be among the first to get your money out. Although it’s your money, the EU wants to Freeze Accounts to Prevent Runs at Failing Banks. European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed. Read More: A bank run (also known as a run on the bank) occurs when in a fractional-reserve bankingsystem (where banks normally only keep a small proportion of their assets as cash), a large number of customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial
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The Philippines and China are at odds as to which of the country has rights to Reed Bank, an 8,866 square-kilometer table mount 80 kilometers from the Philippine island of Palawan. The Philippines is ready to let drilling restart there, after it has been halted two years ago when the disagreement had began publicly. China believes more than 90% of the sea including Reed Bank to be its own – despite the July 2016 arbitration verdict saying otherwise. Thusly, they would not appreciate the drilling from Philippines. Therein lies a question, will China allow the Philippines to continue drilling to sustain their friendship, which keeps China’s chief rival the United States at bay, or start an altercation. Strong push-back would risk letting the United States tighten its grip on the Philippin
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Volvo Cars, the premium car maker, has announced that every Volvo it launches from 2019 will have an electric motor, marking the historic end of cars that only have an internal combustion engine (ICE) and placing electrification at the core of its future business. The announcement represents one of the most significant moves by any car maker to embrace electrification and highlights how over a century after the invention of the internal combustion engine electrification is paving the way for a new chapter in automotive history. “This is about the customer,” said Håkan Samuelsson, president and chief executive. “People increasingly demand electrified cars and we want to respond to our customers’ current and future needs. You can now pick and choose whichever electrified Volvo you wish.”
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The government is to end an arrangement that allows other countries to fish in UK waters, it has been announced. The convention allows Irish, Dutch, French, German and Belgian vessels to fish within six and 12 nautical miles of UK coastline. Environment Secretary Michael Gove said the move would help take back control of fishing access to UK waters. The European Commission said it "took note" but felt the convention had been superseded by EU law. Ireland's minister for agriculture, food and the marine, Michael Creed, however, said it was "unwelcome and unhelpful". "Brexit poses very serious challenges to the seafood sector and this announcement will form part of the negotiations," he said. The Scottish government backed the idea, saying it had been pressing for it "for some
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A Venezuelan police helicopter strafed the Supreme Court and a government ministry on Tuesday, escalating the OPEC nation's political crisis in what President Nicolas Maduro called an attack by "terrorists" seeking a coup. The aircraft fired 15 shots at the Interior Ministry, where scores of people were at a social event, and dropped four grenades on the court, where judges were meeting, officials said. However, there were no reports of injuries. "Sooner rather than later, we are going to capture the helicopter and those behind this armed terrorist attack against the institutions of the country," Maduro said. "They could have caused dozens of deaths," he said. The 54-year-old socialist leader has faced three months of protests from opposition leaders who decry him as a dicta...
The Federal Reserve Board on Tuesday announced a $3 million fine against Bank of New York Mellon Corporation (BNY Mellon) for unsafe and unsound practices after the firm improperly assigned a lower risk weighting to a portfolio of assets, reducing the firm's risk-based capital ratios. In 2010, following a change in the relevant accounting rules, BNY Mellon consolidated a portfolio of collateralized loan obligations onto its balance sheet. BNY Mellon incorrectly assigned the assets a zero-risk weighting, which was improper under the rules in place at the time. As a result of its improper treatment of the portfolio BNY Mellon understated its reported risk-weighted assets and overstated its risk-based capital ratios for nearly 14 quarters. BNY Mellon took action to correct its risk-weighting...
Puerto Rico’s government is banking on a push for statehood to solve the structural issues that led to its financial crisis. Puerto Ricans will vote Sunday to decide the territory’s status. If statehood wins, as expected, the island will enact what’s known as the Tennessee Plan, an avenue to accession by which U.S. territories send a congressional delegation to demand to be seated in Washington. Puerto Rico will send two senators and five representatives, chosen by Gov. Ricardo Rosselló (D), later this year, once the plan is put into action. Statehood remains a long shot as many Republicans are wary of adding a 51st state that could add two Democratic senators and seven Democratic electors to the Electoral College. Others, noting the examples of Alaska and Hawaii, both added t
Ohio is suing five of the world's biggest drug manufacturers for their role in causing the state’s unprecedented addictions crisis, and accusing them of intentionally misleading patients about the dangers of painkillers and claiming drug benefits not backed by science. State Attorney General Mike DeWine, who announced the lawsuit on Wednesday, said the state was awash in opioids and engulfed in a public health crisis. DeWine said the drug companies had created a “deadly mess in Ohio that they now need to pay to clean up.” The five companies being sued were Purdue Pharma LP, Johnson & Johnson’s Janssen Pharmaceuticals Inc unit, a unit of Endo International Plc, Teva Pharmaceutical Industries Ltd’s Cephalon unit and Allergan Plc. The lawsuit claims that brand-name drugs such a
With Memorial Day and the start of the summer driving season, Purdue University energy economist Wally Tyner believes reduced demand and higher inventories will help keep the brakes on oil prices. “This week, OPEC agreed to extend their production cuts through March of 2018,” said Tyner, James & Lois Ackerman professor of Agricultural Economics. “However, all their production cuts have done so far is keep crude oil prices from falling. The big reason the cuts have had little impact on crude oil prices is that U.S. shale oil production has been growing rapidly. In fact, US shale oil production has grown 600,000 barrels per day since the OPEC cuts were first announced.” By the end of this year, it is likely that U.S. shale oil production will have grown 1.2 million barrels per day,