BUSINESS NEWS MAY 7TH, 2016
U.S. companies slowed the pace of hiring in April while paying workers only slightly more, signaling a softening of the labor market that knocked down economists’ expectations for a Federal Reserve interest-rate increase next month. Nonfarm payrolls rose by a seasonally adjusted 160,000 in April, the weakest gain since September, the Labor Department said Friday. The unemployment rate held steady at 5%, but the share of Americans participating in the labor force dipped after earlier signs of stabilization.
SAUDI PLAN FOR DIVERSIFYING OIL-DEPENDENT ECONOMY
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman unveiled his “Saudi Vision 2030” to reduce the kingdom’s reliance on oil. The 84-page blueprint, approved by King Salman, includes plans to sell less than 5 percent of Saudi Arabian Oil Co., or Aramco, the creation of the world’s largest sovereign wealth fund and raising non-oil revenue. Here’s a guide to the main elements of the plan, announced by Prince Mohammed on Monday during a press conference at the royal court in Riyadh and an interview with Saudi-owned Arabiya television.
TITAN TO ACQUIRE MAJORITY STAKE IN CARAT LANE
Titan is all set to acquire a majority stake in Chennai-based online jewellery portal Caratlane. The acquisition would be completed after the company completes its due diligence. The transaction is expected to be consummated in June, and the exact stake will be revealed by then.While Titan will get a stronghold in the online space, Caratlane gets a backing of Tanishq, a big brand in the jewellery industry.