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Dropbox tops private value on IPO day

Dropbox Inc exceeded its private valuation in its market debut, as shares soared after pricing above their marketed range in the biggest technology initial public offering (IPO) of the year. Shares closed at US$28.48 apiece in New York on Friday, giving the file-sharing company a marketFULL STORY

S&P raises Spain rating, assigns positive outlook

Standard & Poor’s (S&P) Global Ratings has lifted Spain’s rating to “A-” from “BBB+” and assigned the country a positive outlook, citing its “overall economic and budgetary performance,” which has not been hampered by political tensions in Catalonia. “We expect Spain’s GDP will expand faster thanFULL STORY

Indigenous women call on Ecuador not to drill for oil

Indigenous women from the Amazon rainforest have called on Ecuadoran President Lenin Moreno to end oil and mining projects on their ancestral lands, as the nation pushes to open up more of its rainforest to drillers. Their meeting late on Thursday with Moreno at the presidentialFULL STORY

Indian apps team up as Spotify looms

Indian conglomerate Reliance Industries Ltd on Friday said it is integrating its music application with sector leader Saavn in a US$1 billion deal that shows the high hopes for streaming in the billion-plus Indian market. Reliance, a company with holdings from oil to telecoms run byFULL STORY

Bank of America settles masking scheme charges

Bank of America Corp’s corporate and investment banking division agreed to pay US$42 million to settle a New York state probe into a masking scheme in which it misled clients about who was seeing and filling their orders, and who was trading in its darkFULL STORY

Alstom, Siemens tie up rail units to form railway giant

Alstom SA, the maker of France’s iconic Train a Grande Vitesse high-speed trains, and German industrial leader Siemens AG on Friday signed an agreement on creating a global leader in the rail industry. The business combination agreement (BCA) sets the terms of combining Alstom with Siemens’FULL STORY

World Business Quick Take

UNITED STATES Durable goods rebound Led by a surge in demand for commercial aircraft, orders for long-lasting manufactured goods rebounded last month, reversing a January drop, to rise at the fastest pace since June last year. The Department of Commerce on Friday said that orders for durableFULL STORY

Facebook crisis prompts Silicon Valley soul-searching


With Facebook Inc mired in its worst-ever crisis, the rest of Silicon Valley is looking to come to terms with the dark side of its data-driven business model, through which tech titans have mined fortunes from what people reveal online. There are signs the crisis couldFULL STORY

Big Short for malls still yet to come

By Stephen Gandel

A little more than a year ago, a relatively small hedge fund, Alder Hill Management LP, went public with its relatively big bet — reportedly half of its US$200 million fund — against retailers and malls. It was dubbed the new Big Short — aFULL STORY

Deadly Uber collision highlights odd job: autonomous vehicle safety driver

By Dana Hull, Mark Bergen, and Gabrielle Coppola

Last week’s fatal crash involving a self-driving Uber Technologies Inc sports utility vehicle in Arizona drew attention to a new employment category that barely existed a few years ago: the autonomous vehicle safety driver. In Arizona alone, more than 600 autonomous vehicles are being tested onFULL STORY

Wall St caps worst week in two years

Wall Street tumbled on Friday with more than 1,000 points knocked off the Dow Jones Industrial Average in two days as investors, increasingly nervous about a potential US trade war with China, shied away from risk ahead of the weekend and sought shelter from furtherFULL STORY

China, Hong Kong stocks slump most in six weeks

Fears of a trade war between the world’s two largest economies on Friday jolted China’s markets, with the country’s main stock indices tumbling the most in six weeks, while Japanese shares were the biggest losers in the region. Chinese shares fell sharply after Beijing unveiled plansFULL STORY

STOXX 600 hits one-year low amid trade war fears

European shares fell on Friday, with cars and basic resources stocks bearing the brunt of a wide sell-off triggered by mounting worries that US tariffs on up to US$60 billion of imports from China could escalate. Most sectors were trading in negative territory, sending the pan-regionalFULL STORY

Gold soars as US-China tension ignites haven demand

Gold futures posted the biggest weekly advance in almost two years, extending gains on Friday and pushing up producer stocks, as mounting economic and geopolitical tensions fueled demand for the metal as a haven. Bullion rose midweek as the US Federal Reserve stuck with plans toFULL STORY

Crude jumps on Trump’s hawkish appointee Bolton

Crude posted its biggest weekly gain since July last year as the appointment of a hardliner for US national security adviser fueled speculation sanctions on Iran will be reimposed. Futures in New York climbed 5.7 percent this week. US President Donald Trump is taking a hawkishFULL STORY

Greenback near one-month low on trade war worries

The US dollar on Friday hovered near a one-month low against a basket of major currencies and posted its biggest weekly drop in five as investors worried that escalating trade tensions could hurt global growth. The US dollar index, which measures the greenback against a basketFULL STORY

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