Lyft reveals big growth but no profits as IPO looms

New York: Lyft is growing quickly ahead of its initial public offering but continues to bleed money and may struggle to turn a profit as it tries to catch up to Uber in the booming ride-hailing market, according to a federal filing. The company released its financial details for the first time on Friday, giving […]

US economy cooled to 2.6% GDP growth in fourth quarter

The American economy slowed at the end of 2018 — and there could be a further slowdown to come. Gross domestic product — the broadest measure of goods and services produced in the United States — grew at a 2.6 per cent annual rate in the final three months of last year, the Commerce Department […]

Monaco announces plans for Expo 2020

Monte Carlo: At an the event last week in Monaco attended by Prince Albert II, the Principality revealed its theme Expo 2020 would be ‘Monaco 360°, a world of opportunities.’ The pavilion, which has a budget of €9 million (Dh37.6 million), will offer visitors interactive experiences and aims to showcase the various attributes of the […]

Gap to split into 2 companies, to close 230 stores

New York: Gap Inc. on Thursday announced plans to split into two companies and shutter 230 stores in a makeover that showcases its hot “Old Navy” chain and deemphasizes its slumping namesake brand. Shares surged around 20 per cent in aftermarket trading following the announcement of the division into “Old Navy” and the unnamed “NewCo,” […]