Bitcoin sinks to new 13-month low

Bitcoin and other lesser coins, including ethereum and XRP, endured a sell-off last week. (AFP)
Updated 19 November 2018
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Bitcoin sinks to new 13-month low

LONDON: Bitcoin slumped to a new 13-month low on Monday, with the biggest cryptocurrency touching $5173.23 on the Bitstamp platform.
Bitcoin was last down 5.2 percent at $5270. The cryptocurrency, and other lesser coins including ethereum and XRP, endured a sell-off last week, with some blaming fears that a “hard fork” in bitcoin cash, where the smaller coin that split into two separate currencies, could destabilize others.


Fiat Chrysler proposes merger with French carmaker Renault

Updated 2 min 45 sec ago
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Fiat Chrysler proposes merger with French carmaker Renault

  • The merged company would be 50 percent owned by FCA shareholders and 50 percent by Renault shareholders
  • But the French government is cautious about the new merger idea

PARIS: Fiat Chrysler is proposing a merger with French carmaker Renault aimed at saving billions of dollars for both companies.
Fiat Chrysler Automobiles said in a statement Monday that the merged company would be 50 percent owned by FCA shareholders and 50 percent by Renault shareholders.
Renault’s board is meeting outside Paris on Monday morning about the possible merger.
The companies have been in discussions for weeks, as major world carmakers seek ways to save money amid the huge costs of pivoting the industry to electric and autonomous cars.
Renault is already in an alliance with Japan’s Nissan and Mitsubishi, but the partnership has been troubled since the November arrest of joint chief Carlos Ghosn.
The French government, which owns 15 percent of Renault, is cautious about the new merger idea.