Economy


Trump calls on GM to ‘bring jobs home’ after Ohio plant closing Trump calls on GM to ‘bring jobs home’ after Ohio plant closing
- March 19, 2019

After General Motors announced last November that it would "unallocate" and idle four US manufacturing plants, it put the company squarely in President Trump's crosshairs. He also blasted GM for letting down the US and asserted "much better" automakers are coming to the country. Toyota is investing $13.5 Billion in US, others likewise. (more...)
Top Facebook, WhatsApp executives quit: Mark Zuckerberg Top Facebook, WhatsApp executives quit: Mark Zuckerberg
- March 17, 2019

Citing six sources, The Times reported that Cox "disagreed with some of Mr. Zuckerberg's product ideas and changes, including the "unified messaging" project meant to connect the apps". He's joined on his way out the door by Chris Daniels , Vice President of WhatsApp. With Facebook's culture supposedly changing to focus on privacy, the company is already going through a ton of changes internally and with the head of product leaving at this time, things are going to be quite challenging. (more...)
Nvidia to acquire Mellanox for US$6.9bn - General Business Nvidia to acquire Mellanox for US$6.9bn - General Business
- March 12, 2019

Nvidia and Mellanox, meanwhile, have worked together in the past but the acquisition creates new opportunities for the company in terms of datacenter-caliber computing tech . Mellanox specializes in datacenter connectivity, paratactically high-bandwidth Ethernet and InfiniBand products, for use in high-performance systems. (more...)
Tesla will raise prices and backtrack on closing most of its stores Tesla will raise prices and backtrack on closing most of its stores
- March 12, 2019

The company will be sticking with some tried-and-tested elements of physical auto sales: cars will still be available for test drives at stores, and the shops will also carry a small number of cars in inventory for customers who wish to drive away a Tesla immediately. (more...)
Turbulance injures at least 25 on flight into NY Turbulance injures at least 25 on flight into NY
- March 11, 2019

An emergency was declared after the Boeing 777 landed, with a dozen ambulances waiting at Terminal 1, but the Fire Department of NY said none of the injuries were life-threatening. "Then seeing blood all over". Others were said to have suffered bumps, bruises and cuts. One had a broken leg. "We keep closely monitoring the health status of these passengers and our team", the airline said in a statement. (more...)
Facebook Wants To Make Social Networks More Private Facebook Wants To Make Social Networks More Private
- March 10, 2019

Facebook makes occasional nods to granting users greater control over their privacy , but at the end of the day, data about users is what makes Mark Zuckerberg's company tick. He says: "People want to be able to choose which service they use to communicate with people". "People should be able to use any of our apps to reach their friends, and they should be able to communicate across networks easily and securely". (more...)
China trade talks doing good China trade talks doing good
- March 09, 2019

The tariffs are a major factor in the ongoing trade war between Washington and Beijing. He has made reducing the gap a primary component of his economic and foreign policy, launching a multi-billion dollar trade war with China while adding new tariffs to imports from allies in Europe, North America and other countries. (more...)
Huawei is suing the USA government Huawei is suing the USA government
- March 08, 2019

China has dismissed the allegations against Huawei, saying USA actions are based on fear of facing a formidable industrial competitor. He said that the section is punitive and in doing so is harming Huawei's reputation. "I think the chance that Huawei would win this case is tiny, if not nearly zero", Natkin said. The lawsuit marks the latest confrontation between China and the United States, which spent most of 2018 slapping import tariffs on billions of dollars worth of each other's ... (more...)
Tesla's V3 Supercharger cuts down charging times by half Tesla's V3 Supercharger cuts down charging times by half
- March 08, 2019

Supercharger V3 supports peak rates of up to 250 kW per vehicle , allowing a auto like the Long Range Model 3 to replenish 75 miles of its range in just 5 minutes. Owners of Models S and X will have to wait for software updates in the coming months before being able to benefit from these 250kW stations. The electric vehicle firm's V3 Supercharger system is built on an entirely new architecture, with a 1MW power cabinet that can charge at up to 250kW per auto. (more...)
South Korea conservatives: Canceled joint drills 'worst' for security South Korea conservatives: Canceled joint drills 'worst' for security
- March 05, 2019

He argued that Trump's policies "gave him [Kim] stature for him to walk in and do what he did" during the summit last week. House Minority Leader Kevin McCarthy, R-Calif., maintained on ABC News' "This Week" that the North Korean leader was aware of Warmbier's condition and responsible for his death."I think Kim knew", McCarthy said. (more...)
Lyft races ahead of Uber to Wall Street listing Lyft races ahead of Uber to Wall Street listing
- March 04, 2019

Lyft has filed for an initial public offering that would raise $100 million, according to securities filings. Lyft is now valued at $15bn, just seven years after it was founded by technology entrepreneurs John Zimmer and Logan Green. "We are singularly focused on revolutionizing transportation", Lyft wrote in its IPO document. Uber is also unprofitable, and in 2018 lost US$1.8-billion before taxes, depreciation and other expenses. (more...)
Tesla Model 3 vs Polestar 2: performance, features, batteries, and price Tesla Model 3 vs Polestar 2: performance, features, batteries, and price
- March 04, 2019

Rather than flying in journalists from around the world to show off a zero-emissions electric auto, Polestar stuck with its image as a "digital brand" and Polestar CEO Thomas Ingenlath unveiled the Polestar 2 online , which was streamed live on the company's website. (more...)
L Brands Stock Tumbles as Earnings Show the Worst Isn’t Over L Brands Stock Tumbles as Earnings Show the Worst Isn’t Over
- March 03, 2019

Its parent company L Brands reported fourth-quarter earnings after market close on Wednesday . To add it on, Victoria's Secret has a new competitor, Target , who is on the move to take up a portion of the lingerie and sleepwear industry. (more...)
TikTok app fined in US for illegally gathering children's data TikTok app fined in US for illegally gathering children's data
- March 02, 2019

Of course, app installs are a very different metric than monthly or daily active users, as not every person who downloads an app goes on to become a regular user. The company has agreed to delete data it collected on children. Democratic Commissioners Rohit Chopra and Rebecca Slaughter - called the fine a "big win" to protect children online - said in a statement, "As we continue to pursue violations of law, we should prioritize uncovering the role of corporate officers and directors and ... (more...)
Elon Musk in trouble with SEC over another tweet Elon Musk in trouble with SEC over another tweet
- February 27, 2019

It was down as much as 5% during extended trading Monday. The SEC seized on the initial tweet, and within days investigators were asking Tesla whether the tweet had been pre-approved. When pressed how Tesla officials could know whether his tweets might be violating the SEC settlement if they were not readying them before they were posted, Mr Musk replied: "Well, I guess we might make some mistakes". (more...)
Microsoft workers demand it drop USD 480 million US Army contract Microsoft workers demand it drop USD 480 million US Army contract
- February 25, 2019

The letter was addressed to Microsoft CEO Satya Nadella and President Brad Smith. The Microsoft workers said they are alarmed that their company is working to provide weapons technology to the USA military, "helping one country's government "increase lethality" using tools we built". (more...)
Dollar inches up after Fed minutes, trade issues back in view Dollar inches up after Fed minutes, trade issues back in view
- February 24, 2019

Headline indices of the Australian financial market were higher after recouping initial losses on Friday, 22 February 2019, on reports that U. In mid-morning trading, the dollar fell 0.2 percent against the yen to 110.63 yen, sliding for the first time in five days. (more...)
USA crude stocks rise by 3.7 mln barrels USA crude stocks rise by 3.7 mln barrels
- February 24, 2019

U.S. commercial crude oil inventories increased by 3.7 million barrels from the previous week to 454.5 million barrels, the U.S. Energy Information Administration said Thursday, which marked the highest level since October 2017. "While a glut is taking hold in USA crude stocks, product stockpiles inched lower thanks to robust domestic demand", Mr. Brennock added. OPEC and some non-affiliated producers such as Russian Federation agreed late a year ago to cut output by 1.2 million bpd to ... (more...)
Venezuela closes border with Colombia Venezuela closes border with Colombia
- February 24, 2019

Thousands of people had traveled to the bridges to form human chains and to start passing aid packages to the other side of the border, the German DPA news agency reported. 23, sending plumes of dark smoke into the air, as footage from a Venezuelan television channel showed. UN Secretary-General Antonio Guterres has urged that violence be avoided in Venezuela, according to his spokesman, Stephane Dujarric. (more...)
Latest CR survey sees Tesla Model 3 lose its ‘Recommended’ rating Latest CR survey sees Tesla Model 3 lose its ‘Recommended’ rating
- February 23, 2019

Following a Consumer Reports survey, more issues were uncovered. Some respondents reported unexplained cracks in the rear window-a problem that Consumer Reports observed with one of its own test vehicles. "Not only are our cars the safest and best performing vehicles available today, but we take feedback from our customers very seriously and quickly implement improvements any time we hear about issues". (more...)
Brexit: May heads back to Brussels but European Union not budging Brexit: May heads back to Brussels but European Union not budging
- February 22, 2019

Prime Minister Theresa May heads back to Brussels on Wednesday to renew her quest to reopen the terms of Britain's Brexit divorce, but appears headed for disappointment. A second diplomat, briefed on the May-Juncker talks, confirmed the European Union would only signal this was the direction of travel, rather than offering a precise text, before May faces another vote in parliament. (more...)
United Kingdom throws drowning Huawei a European lifeline United Kingdom throws drowning Huawei a European lifeline
- February 20, 2019

According to the BBC , the United Kingdom government is set to decide in March or April whether United Kingdom networks such as Three, Vodafone, and EE, will be permitted to use Huawei technologies in the future. Huawei has always denied it is in collusion with its government. European officials, including a vice-president of the European Union, have expressed concern about Chinese regulations issued past year that require companies to co-operate with intelligence agencies. (more...)
Amazon cancels New York City HQ2 plans Amazon cancels New York City HQ2 plans
- February 15, 2019

The e-commerce giant can always select another host city if it is deemed necessary in the future. New York State, for instance, said it would grant $1.525 billion in incentives contingent on the company creating 25,000 new jobs with an average salary of $150,000. (more...)
New York Is Having Second Thoughts About Amazon’s Second Headquarters New York Is Having Second Thoughts About Amazon’s Second Headquarters
- February 11, 2019

But it's not for nothing that Amazon wants to be in NY. At the outset of its search previous year, Amazon said it was looking for a business-friendly environment. This week, Virginia officials passed an incentive package that includes up to $750 million in state subsidies for the proposed National Landing campus. (more...)
Amazon founder, Jeff Bezos, accuses United States gossip magazine of blackmail Amazon founder, Jeff Bezos, accuses United States gossip magazine of blackmail
- February 09, 2019

AMI has denied the charges of blackmail and said the company acted "lawfully," according to the statement provided to Fox News. He alleged that its parent company, American Media Inc., threatened to publish text messages and intimate images if Bezos did not stop his investigation into the company. (more...)
Monetary Policy: RBI cuts key policy rate to 6.25% Monetary Policy: RBI cuts key policy rate to 6.25%
- February 08, 2019

The RBI concluded that India needs some higher monetary policy intervention, and reduced the benchmark policy rate by 25 basis points (bps) on Thursday. Policymakers predict inflation will rise this year but remain within the RBI's target range. Most polled respondents expected the central bank to only change the stance, to neutral. (more...)
Oil rises 1 percent on signs of tightening global oil supply Oil rises 1 percent on signs of tightening global oil supply
- February 08, 2019

Both U.S. crude oil imports and exports increased during the week ending February 1, the U.S. Energy Information Administration (EIA) said on Wednesday. Market participants are also watching for developments surrounding the U.S. The oil price is showing a 20 percent gain so far this year. "Moreover, lower oil prices - prices were between 14% and 18% lower in January than their 2018 average - are likely to stimulate economic activity and oil demand, particularly in emerging markets", said ... (more...)
Venezuela's Guaido challenging Maduro through humanitarian aid Venezuela's Guaido challenging Maduro through humanitarian aid
- February 07, 2019

US Secretary of State Mike Pompeo on Wednesday demanded that Venezuela's military let in US-backed humanitarian aid, which President Nicolas Maduro has alleged is a cover for invasion. "We need more and more pressure on the top of the army corps, and in the top of the political dictatorship", Viera-Blanco said. In a statement, Bulgaria's Ministry of Foreign Affairs said that it was convinced that the Venezuelan people should be given the right to determine their own future based on the ... (more...)
Oil falls 1 percent as supply concerns fade Oil falls 1 percent as supply concerns fade
- February 07, 2019

US crude futures were down 50 cents, or 0.9 percent, at $54.06 a barrel by 1400 GMT. As per the American Petroleum Institute, the WTI stockpile stock increased by 2.5 million barrels last week. The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran past year, experts said after examining details posted by the Treasury Department. (more...)
Alphabet stock slips despite revenue increase of 23% in 2018 Alphabet stock slips despite revenue increase of 23% in 2018
- February 06, 2019

Alphabet said its Q4 results slightly surpassed analyst expectations. The company has authorized a plan to buy back an additional $12.5 billion worth of its shares, Porat said. Revenues from its cloud business, hardware sales and Play, its music and media service, were $6.4bn. Excluding traffic acquisition costs, the revenue consensus was $31.3 billion, up 21 percent. (more...)
Donald Trump's SOTU guests include boy bullied for having president's last name Donald Trump's SOTU guests include boy bullied for having president's last name
- February 06, 2019

Many Senate Republicans are deeply opposed to President Donald Trump declaring a national emergency to build his border wall, with enough resistance that the president might ultimately be forced to veto a measure meant to block him. He will also appeal to Democrats for a bipartisan effort on healthcare, lowering prescription drug costs and renewing infrastructure. Trump will likely repeat that Mexico will pay for the wall through a renegotiated NAFTA agreement. (more...)
No US-China Trade Deal until I Meet with Xi Jinping No US-China Trade Deal until I Meet with Xi Jinping
- February 01, 2019

Trump said in his tweets negotiators are working to complete a deal, leaving "NOTHING unresolved on the table" before the March 1 deadline agreed by both sides. One possibility would be for the two sides to issue a memorandum of understanding, raising questions over how enduring such a deal would be and whether it would last into another administration. (more...)
Wall St Ends up Sharply after Fed Signals Patience Wall St Ends up Sharply after Fed Signals Patience
- February 01, 2019

With the Fed decision out of the way, investors focused their attention on a pivotal round of high-level U.S. The Federal Reserve held interest rates steady on Wednesday but said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the USA economic outlook. (more...)
US hits Venezuela's state-owned oil company with sanctions US hits Venezuela's state-owned oil company with sanctions
- January 31, 2019

The sanctions, announced by Treasury Secretary Steven Mnuchin and national security adviser John Bolton , include a freeze on any assets that Petroleos De Venezuela SA (PDVSA) has in USA jurisdictions and bar Americans from doing business with the company. (more...)
Apple iPhone revenue, once unflappable, is officially in retreat with 15% shortfall Apple iPhone revenue, once unflappable, is officially in retreat with 15% shortfall
- January 30, 2019

Sales of the Apple iPhone have fallen hitting the tech giant's financial performance. "This is the defining moment for Cook", said Wedbush Securities analyst Daniel Ives. However, most analysts remain anxious that the iPhone sales slump will continue into 2020. Apple said sales for its fiscal second quarter would most likely be lower than Wall Street expected, a signal that it continues to face weak demand for its iPhone, especially in China, the world's biggest smartphone market, but ... (more...)
USA charges Huawei with violating sanctions and stealing trade secrets USA charges Huawei with violating sanctions and stealing trade secrets
- January 29, 2019

The charges come at a volatile moment for the USA and China, which are still locked in trade tensions. Skycom is said to be a Huawei affiliate that was doing business in Iran, though the United States government accuses Huawei of covering up this fact with lying and committing bank and wire fraud to cover its tracks. (more...)
Venezuela's Guaido expresses concern over Greek position Venezuela's Guaido expresses concern over Greek position
- January 29, 2019

Even though the Venezuelan military has shown no sign of abandoning Maduro, Bolton said: "Our assessment based on numerous contacts on the ground is that the rank and file of the Venezuelan military is acutely aware of the desperate economic conditions in the country and we think they look for ways to support the National Assembly government". (more...)
What a Venezuelan oil embargo could mean for US What a Venezuelan oil embargo could mean for US
- January 28, 2019

The threat to reduce supplies supported futures prices. Trump's recognition of Guaido as Venezuela's leader appears to be a starting point, says Risa Grais-Targow, director for Latin America at risk consultancy Eurasia Group. At the same time, a scarcity of heavy crude is making it more expensive and less lucrative to process. That could mean designating the Guaido government as the legitimate steward of Venezuela's assets, including USA refineries owned by Citgo, the refining subsidiary ... (more...)
FLIGHT DELAYS: Seething Travelers Report 'Utter Hell' At Newark Airport FLIGHT DELAYS: Seething Travelers Report 'Utter Hell' At Newark Airport
- January 26, 2019

There were also gate hold and taxi delays between 15 minutes and 29 minutes in length at the airport. Maria Valdes had to wait at JAX for her high school classmate, who she hadn't seen in 37 years, to arrive. That strike, however, set a rough precedent for any inkling of one today: Reagan fired 11,500 controllers and banned them from federal employment for life, citing a law that prohibits strikes by federal workers. (more...)
Venezuela Is Stuck In A Tug-Of-War Between Two Presidents (HBO) Venezuela Is Stuck In A Tug-Of-War Between Two Presidents (HBO)
- January 26, 2019

The US response, which to some harkened back to dark episodes of heavy-handed US interventions in Latin America during the Cold War, saw Maduro respond by swiftly cutting off diplomatic relations with the US, giving American diplomats 72 hours to leave the country. (more...)
U.S. sounds alarm about China’s military and economic inroads in Indo-Pacific U.S. sounds alarm about China’s military and economic inroads in Indo-Pacific
- January 18, 2019

The senior U.S. defense intelligence official, who spoke to reporters on condition of anonymity, did not predict that China's military, known as the People's Liberation Army (PLA), would take such a step but said such a possibility was the top worry as China expands and modernizes its military capabilities. (more...)
Is UK heading for NORWAY deal? What is the Norway model? Is UK heading for NORWAY deal? What is the Norway model?
- January 17, 2019

The defeat was the biggest government loss in a parliamentary vote in more than 100 years, according to the think tank Institute for Government . "I don't think the European Union is in any mood to change the Withdrawal Agreement significantly at all". "The key thing to be watching is what Parliament does next and what Labour does next", Ford said. (more...)
Alexandria Ocasio-Cortez to Serve on House Financial Services Committee Alexandria Ocasio-Cortez to Serve on House Financial Services Committee
- January 17, 2019

Even if it didn't, Oscasio-Cortez's ensuing comment about Trump's income could strike a nerve: Trump has long claimed to be a self-made billionaire, although a landmark New York Times report in October claimed $413 million of his empire was from his father. (more...)
How Government Shutdown Impact on Operations at Orlando International Airport? How Government Shutdown Impact on Operations at Orlando International Airport?
- January 17, 2019

There have been a number of staffing issues at airports including Miami International and George Bush International. Officials ascribed the closure to staffing issues associated with the partial shutdown. "The longer it goes on, the harder it is on these employees". Officials say there have been no major delays, and no impact on national security. TSA concluded it didn't have enough screeners to keep the security checkpoint operating there amid a spike in unpaid workers not showing up ... (more...)
China warns citizens about 'risks' of visiting Canada amid escalating tensions China warns citizens about 'risks' of visiting Canada amid escalating tensions
- January 17, 2019

Chinese businessmen who travel overseas for the government-run firms are being instructed to only travel with secure, company-issued laptops and should safeguard all important files on secure USB flash drives, reports Bloomberg. Speaking at a daily news briefing, Chinese Foreign Ministry spokeswoman Hua Chunying said Canada's "so-called allies could be counted on ten fingers" and did not represent the views of the wider global community. (more...)
Brexit: MPs vote down Theresa May's deal Brexit: MPs vote down Theresa May's deal
- January 16, 2019

The MP for Esher and Walton told talkRADIO's Julia Hartley-Brewer: "I think the scale of the defeat will affect what the Prime Minister chooses to do next". "The PM and the government will listen to colleagues as we right seek to secure a majority to deliver the democratic will of the British public in the further votes expected next week". (more...)
May says lawmakers opposing her deal may kill Brexit altogether May says lawmakers opposing her deal may kill Brexit altogether
- January 16, 2019

Many opponents of Brexit hope May's defeat will ultimately lead to another referendum on European Union membership, though Brexiteers say that thwarting the will of the 17.4 million who voted for Brexit could radicalize much of the electorate. (more...)
California’s Largest Utility Plans Bankruptcy As CEO Makes For The Exit California’s Largest Utility Plans Bankruptcy As CEO Makes For The Exit
- January 15, 2019

Veteran New York bankruptcy lawyer H. Jeffrey Schwartz said Chapter 11 will allow the company to operate without being burdened by its liabilities. Simon said that a court-supervised bankruptcy "will best enable PG&E to resolve its potential liabilities in an orderly, fair and expeditious fashion". (more...)
Turkey says will not be ‘intimidated’ by Trump threats Turkey says will not be ‘intimidated’ by Trump threats
- January 15, 2019

Tensions have been high between the United States and Turkey over the fate of Washington's Syrian Kurdish allies in the fight against the Islamic State group. A picture shows a Turkish military convoy at Kirikhan on January 12, 2019. Speaking in the United Arab Emirates, Mr Pompeo said he thought it would be possible to reach an agreement which would allow the Turks to defend themselves from terror threats while protecting Kurds - who have been fighting alongside U.S. (more...)
New criminal charge made against Ghosn New criminal charge made against Ghosn
- January 14, 2019

If the bail application is rejected , Ghosn will spend at least another two months in jail, a detention period that can then be extended by the court for a month at a time. But Ghosn's close aide Kelly, 62, who was arrested along with the former chairman for allegedly understating remuneration, has been released on bail, while denying the allegations. (more...)

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