Economy


Ford is cutting 7000 white-collar jobs Ford is cutting 7000 white-collar jobs
- May 20, 2019

Daniel Barbossa with Ford tells us 900 cuts will be happening globally this week, with 500 of those happening in the United States, largely in and around the company's headquarters in Dearborn, Michigan, just outside Detroit . A spokesperson tells 7 Action News that about 1,500 people took buyouts a year ago, which will bring the total eliminations in the United States to around 2,300. (more...)
Mobile pledges to sell Boost Mobile after Sprint merger Mobile pledges to sell Boost Mobile after Sprint merger
- May 20, 2019

T-Mobile and Sprint also promised the FCC they won't raise prices for three years, Pai said. Lyft, Uber, Snapchat, Tinder, Venmo, Square, Instagram...these are companies that simply do not exist without 4G. In a filing with the FCC on Monday, the companies pledged to sell Boost Mobile , a prepaid wireless provider. Pai released a statement saying that because T-Mobile and Sprint have committed to covering nearly the entire country with 5G over the next three years (97% of the population), ... (more...)
What Trump’s Huawei blacklisting means for you What Trump’s Huawei blacklisting means for you
- May 20, 2019

The exact details are still being discussed internally at Google, according to a source that spoke with Reuters . Customers with Huawei phones will still be able to use Android on their phones and update apps as normal. Suffice to say the next few days will be interesting for Huawei and any news is likely to send shock waves through the mobile world on a global scale. (more...)
Saudi Arabia says oil facilities outside Riyadh attacked Saudi Arabia says oil facilities outside Riyadh attacked
- May 16, 2019

However, an official familiar with American intelligence said that Iran was a leading candidate for having carried out the attacks but that the United States did not have conclusive proof to confirm this. The oil tankers were visible in satellite images provided Tuesday to the AP by Colorado-based Maxar Technologies. It quoted the Cabinet as saying that it was the global community's shared responsibility "to preserve maritime safety and oil tankers' security in anticipation of any ... (more...)
Donald Trump sets up U.S. ban on Huawei with emergency declaration Donald Trump sets up U.S. ban on Huawei with emergency declaration
- May 16, 2019

James Andrew Lewis, director of the Technology Policy Program at the Center for Strategic and International Studies, told Al Jazeera that "most of the espionage cases in the United States involve China, and Huawei is a tool of the Chinese government". (more...)
Asian stock markets fall as Trump hardens stance against China Asian stock markets fall as Trump hardens stance against China
- May 16, 2019

A wave of selling swept through Wall Street Monday after China announced retaliatory tariffs on USA goods with the Dow Jones Industrial Average tanking more than 600 points or 2.4 percent lower, and with more blood on the horizon set for the rest of the week. (more...)
US SC deals blow to Apple in anti-trust case US SC deals blow to Apple in anti-trust case
- May 16, 2019

Today's 5-4 Supreme Court ruling is just the beginning of the Apple antitrust lawsuit , as the Apple v Pepper Supreme Court case could also have major implications for other electronic marketplaces like Google Play and Facebook. Apple had argued that app buyers are not entitled to sue under a 1977 Supreme Court decision, Illinois Brick Co. v. Illinois . "The vast majority of apps on the App Store are free and Apple gets nothing from them". (more...)
Monsanto must pay couple $2bn in largest verdict yet over cancer claims Monsanto must pay couple $2bn in largest verdict yet over cancer claims
- May 16, 2019

Bayer's value has fallen roughly 45 percent since its $63 billion acquisition of Monsanto, the maker of Roundup, was completed a year ago. It called the jury's decision " excessive and unjustifiable " adding that both Alva and Alberta Pilliod had histories of illnesses that were known risk factors for non-Hodgkin's lymphoma. (more...)
China will China will "never surrender" in trade row
- May 15, 2019

The move comes in retaliation to the decision by President Donald Trump last week to more than double levies on $200bn worth of Chinese imports to 25%. While American officials argue that they have the upper hand in the year-long clash, China struck back amid reports it could raise the temperature even higher by boycotting U.S. (more...)
Trump dismisses report of plan to send 120K troops to Middle East Trump dismisses report of plan to send 120K troops to Middle East
- May 15, 2019

Speaking with reporters in New Delhi after meeting with his Indian counterpart, Zarif said , "We discussed the regional issues and dangers that the policies of extremist individuals in the USA administration are trying to impose on the region, as well as concerns about the suspicious and sabotage acts that happen in our region", according to Iran's state news service, Fars . (more...)
Zuckerberg-Hughes Argument; Millennials Overspend Because Of Social Zuckerberg-Hughes Argument; Millennials Overspend Because Of Social
- May 14, 2019

He writes: " Mark is a good, kind person". I am disappointed in myself and the early Facebook team because I have not thought about how the news feeds algorithm could change our culture, influence elections and strengthen nationalist leaders. (more...)
China to impose tariffs on $60bn worth of United States goods China to impose tariffs on $60bn worth of United States goods
- May 13, 2019

The tariffs will take effect on June 1, according to a statement on the Ministry of Finance's website on Monday. The Shanghai Composite index fell 1.2% to 2,903.71. The president said Monday that that's not inevitable. But actually it's American businesses that will pay the tariffs, and in many cases, pass the expense on to their American customers. (more...)
China could target Wisconsin with trade retaliation says Georgetown University expert China could target Wisconsin with trade retaliation says Georgetown University expert
- May 12, 2019

Three issues lie in the way of an agreement between China and the United States, which will have to be ironed out in upcoming talks in Beijing , said China's chief trade negotiator as the U.S. "The fact that the two sides have agreed to continue negotiations on Friday is offering a glimmer of hope that the relationship between the two powers hasn't deteriorated beyond fix". (more...)
USA stocks slide as modest rally fades ahead of trade talks USA stocks slide as modest rally fades ahead of trade talks
- May 11, 2019

On May 8, President Donald Trump unleashed a fresh Twitter attack on China and the US Democrats. The two countries are sparring over USA allegations that China steals technology and pressures American companies into handing over trade secrets, part of an aggressive campaign to turn Chinese companies into world leaders in robotics, electric cars and other advanced industries. (more...)
Trade War Could 'Push the Global Economy into Recession': Bank of America Trade War Could 'Push the Global Economy into Recession': Bank of America
- May 11, 2019

Economists have sought to counter Trump's oft-repeated claim that his trade war with the Chinese benefits the US economy, noting that tariffs are essentially a tax that will raise the price of consumer goods. This has led to a total cost to USA consumers of 1.5 billion US dollars a year. "I'm different than a lot of people". The US is set to increase tariffs on $200bn (£153.7bn) worth of Chinese products on Friday, in a sharp escalation of their damaging trade war. (more...)
China to retaliate if United States raises tariffs as planned -commerce ministry China to retaliate if United States raises tariffs as planned -commerce ministry
- May 10, 2019

The market volatility has been ignited by weekend tweets from President Trump that shook up trade negotiations with China . In response to the president's tweets, a national campaign of US trade organizations called Tariffs Hurt the Heartland said in a statement , "For 10 months, Americans have been paying the full cost of the trade war, not China". (more...)
Oil jumps 1 percent after surprise fall in US crude inventories Oil jumps 1 percent after surprise fall in US crude inventories
- May 10, 2019

If the trade talks fail, investors fear that it could pave the way for a global economic slowdown, lowering oil demand around the world, while putting a downward pressure on oil prices. officials. Takahiko Yamamoto, a Fuji Oil director, told Reuters after the press conference that the refiner had already secured most of its supplies for June, mainly through the spot market. (more...)
Hackers steal $40 million of Bitcoin from crypto exchange Binance Hackers steal $40 million of Bitcoin from crypto exchange Binance
- May 10, 2019

One of the easiest ways for users to lower their risks of falling victim to a hack is to hold the majority of their cryptocurrency offline where they control the private keys and thus their money, rather than delegating their private keys to an exchange. (more...)
Uber and Lyft drivers launch strike to protest pay and job security Uber and Lyft drivers launch strike to protest pay and job security
- May 09, 2019

Simmering tensions between drivers and ride-hailing companies are flaring again, as drivers in major cities across the US and the United Kingdom threatened strikes on Wednesday over low wages and unstable working conditions. "This week, Pinterest, the digital pin board company that also is losing money , set a price range for its public offering that values it below that of its last private market peg". (more...)
Deals you can score during National Nurses Week Deals you can score during National Nurses Week
- May 07, 2019

When nurses finish their basic educational programs, they must pass a comprehensive test, the NCLEX, which is a national test. National Nurses Week is May 6-12 and there will be many opportunities throughout the week to #ThankaNurse for the many different clinical and specialty roles served. (more...)
Trump ratchets up pressure on China, threatens tariff hikes Trump ratchets up pressure on China, threatens tariff hikes
- May 07, 2019

Trump's comments in tweets came as a Chinese delegation was due to resume talks in Washington aimed at resolving a tariffs battle that has rattled world markets. The discussions remain focused toward making substantial progress on important structural issues and rebalancing the U.S. There was no immediate reaction from China about Trump's announcement. (more...)
President Trump: China Tariffs Will Jump to 25% This Week President Trump: China Tariffs Will Jump to 25% This Week
- May 06, 2019

Aides set up platforms before a group photo with members of US and Chinese trade negotiation delegations at the Diaoyutai State Guesthouse in Beijing, China, February 15, 2019. The U.S. has sought a number of reforms from China, including some that demand fundamental changes to the way the Chinese government manages its economy, such as the end of subsidies to Chinese "national champions" and ending the requirements that U.S. (more...)
My firm has bought 1st Amazon shares, says Buffett My firm has bought 1st Amazon shares, says Buffett
- May 05, 2019

GEICO, the USA auto insurer known for its mascot, a green, British-accented gecko, was one of Buffett's first big moves. The news led to Amazon shares surge 2.3 per cent in the pre-market trade on Friday. Although Buffett has always been a fan of Amazon , he has never bought shares of Amazon . One exception was International Business Machines Corp. Approaching $1 trillion valuation once more, Apple stock is up more than 32% this year. (more...)
Dow Jones drops 163 points after Fed signals no interest rate cuts Dow Jones drops 163 points after Fed signals no interest rate cuts
- May 03, 2019

Palladium gained 0.1 percent to $1,353.60, having touched its lowest since January 25 at $1,309.67 in the previous session. The Fed will keep rates at 2.25 percent to 2.5 percent, stating the economy rose at a solid rate, but that inflation fell below its 2 percent target. (more...)
Google parent's shares dive as YouTube changes, competition hurt revenue Google parent's shares dive as YouTube changes, competition hurt revenue
- May 02, 2019

Excluding the EC fine, Alphabet said earnings were $11.90 per share. Alphabet Chief Financial Officer Ruth Porat told analysts the company was experimenting with its ad products as users grow reliant on mobile devices and that it was seeing revenue volatility as a result. (more...)
Oil tops $73 on Venezuela turmoil, Saudi support for OPEC cuts Oil tops $73 on Venezuela turmoil, Saudi support for OPEC cuts
- May 01, 2019

The Saudis face a tricky task to balance the market and help revive their economy while fielding U.S. President Donald Trump's public jibes to accelerate output and help lower gasoline prices. Last week the Trump administration announced that it will not be renewing six-month waivers granted to eight countries to continue buying limited quantities of Iranian oil, a move that shocked experts and sent the global oil market up for a bumpy week. (more...)
Video Shows Venezuelan Government Forces Slamming Armored Vehicles Into Protesters Video Shows Venezuelan Government Forces Slamming Armored Vehicles Into Protesters
- May 01, 2019

The Trump administration was quick to boost Guaido and the opposition, issuing statements of support. In a video posted to Twitter early Tuesday morning, the 35-year-old head of the National Assembly announced the "start of the end of usurpation", as he was flanked by military personnel and fellow opposition leaders at an airbase in Venezuela. (more...)
IPO price values money-losing Uber at $91bn IPO price values money-losing Uber at $91bn
- April 29, 2019

One advantage Uber will likely seek to play up to investors is that it is the largest player in numerous markets in which it operates. The entrance sign to the Uber Greenlight Hub is seen in the Brooklyn borough of New York, US. exchange since Alibaba Group Holding Ltd.'s US$25 billion global record holder in 2014. Reuters reported earlier this month that the combined value of Uber shares sold in the IPO could be around $10 billion. (more...)
Russia won't immediately raise oil output after Iran waivers end Russia won't immediately raise oil output after Iran waivers end
- April 29, 2019

All this is to say that the loss of Iranian oil due to sanctions would be a major blow to the fast-developing subcontinent. Two Trump administration officials said on Friday that neither a wind-down period nor a short-term waiver on China's oil purchases from Iran are being contemplated after Washington surprised Iran's customers on Monday by demanding they halt the purchases by May 1 or face sanctions. (more...)
Air India server crashes, services hit Air India server crashes, services hit
- April 28, 2019

Many passengers complained on social media about delayed flights, sharing pictures and videos of crowded airports. My Air India flight to Bangalore was at 610 AM. On June 23, 2018, Air India faced a similar technical glitch in the check-in software leading to a delay of 25 flights across India. Our priority remains, as always, to ensure a stable system where customers can conduct business efficiently and effectively, and we are undertaking a full investigation to understand the root cause ... (more...)
Amazon plans to make Prime shipping one-day by default Amazon plans to make Prime shipping one-day by default
- April 27, 2019

Olsavsky said the company expects the speedier shipping will provide convenience and "open up a lot of potential purchases" to customers, encouraging them to buy more stuff on Amazon that they need right away. Net sales increased 17% to $59.7 billion in the quarter, just beating expectations, compared to $51.0 billion in the year-ago period. Olsavsky didn't specify when this option would be standard for all Prime customers, but he said Amazon expects to "make steady progress quickly and ... (more...)
Trump meets Twitter’s Jack Dorsey Trump meets Twitter’s Jack Dorsey
- April 25, 2019

In an administration that has not exactly been known for consistent communication, his often-daily tweets have become one of the most reliable ways this White House shares information. Republicans, though he has not provided evidence to back up the claim. Trump wrote of the Oval Office confab. When he testified on Capitol Hill previous year, Dorsey said Twitter "does not use political ideology to make any decisions, whether related to ranking content on our service or how we enforce ... (more...)
Ford accelerates drive into electric cars with $500m Rivian deal Ford accelerates drive into electric cars with $500m Rivian deal
- April 25, 2019

The investment from the Dearborn, Michigan-based automaker comes a couple of months after Amazon confirmed it would lead an investment round of $700 million into Rivian. Those vehicles include a battery-powered F-150 pickup and a crossover that Ford says is inspired by its Mustang sports auto. As for Rivian, the company plans to launch at least six vehicles by 2025, including the R1T and R1S. (more...)
Elizabeth Warren proposes wiping out student loan debt Elizabeth Warren proposes wiping out student loan debt
- April 24, 2019

Student debt, he said , is a highly racialized problem that reflects differential access to high-quality institutions and reflects discrimination in labor and credit markets. Speaking at a CNN town hall event in New Hampshire, the Vermont senator said the report by Special Counsel Robert Mueller shows that Trump is "the most risky president in the modern history of our country, " but added that the most important goal is making sure he's not re-elected. (more...)
Musk Makes Bold Promise On Robotaxis Musk Makes Bold Promise On Robotaxis
- April 24, 2019

Owners of Teslas with the company's self-driving computer could plug into an app-based network to pick up fare-paying passengers when they didn't need to use their vehicle. "And anyone relying on Lidar is doomed", said Musk, who has been vocal about the technology's limitations. "A year from now, we'll have over a million cars with full self-driving, software. (more...)
Oil prices gain as U.S. ends waivers for Iranian crude Oil prices gain as U.S. ends waivers for Iranian crude
- April 23, 2019

Instead, said two USA officials who spoke only to the condition of anonymity to criticize the Administration's Iran policy, the Administration has not given much thought to the likely effects of its Iran policy on oil markets or on the nations, especially China, India , Turkey and Iraq, that now will be sanctioned if they continue to import oil from Iran. (more...)
Tesla dispatches team to probe video of Model S exploding in China Tesla dispatches team to probe video of Model S exploding in China
- April 23, 2019

The video taken from a closed-circuit camera in the parking lot of a residential building showed a white sedan bearing Tesla's logo emitting smoke from both sides of the auto before catching fire Sunday evening. Another Weibo user registered under the name Your Dad, added: "One thing I've learned from this incident: from now on, don't ever park next to a Tesla". (more...)
Urbana Easter Egg Hunt is noon on Saturday Urbana Easter Egg Hunt is noon on Saturday
- April 22, 2019

From 12 to 5 p.m., enjoy a fancy Easter tea with Easter egg tarts and a chick cookie served with tea and scones. Kids up to 10 years of age are welcomed to Courthouse Park Saturday morning, for the annual event. And for the first time, Historic O'Keefe Ranch will be hosting an Easter Egg hunt. Among the hidden eggs were special golden eggs, which if found allowed the holder to walk away with a large Easter basket full of chocolate goodies, toys and more. (more...)
First Aid Squad hosts Easter Egg hunt First Aid Squad hosts Easter Egg hunt
- April 20, 2019

Over 200 children were preregistered to participate. After five happy children found one of the victor eggs, they then received either a huge sports or art basket. With more than 100 eggs from shoppers most-loved brands, the retailer's 2019 Easter egg haul offers Northern Irish customers unbeatable value with its most extensive range yet, with prices starting at just £4. (more...)
Netflix subscribers' Growth Disappoints Investors, Streaming Video Wars Escalate Netflix subscribers' Growth Disappoints Investors, Streaming Video Wars Escalate
- April 18, 2019

Netflix says it is not anxious about Apple or Walt Disney as they prepare rival direct-to-consumer video services, likening the competition to cable TV in the 1980s-there's room for everyone. That is less costly than Netflix, which costs $13 per month because of its popular program that is streaming. "I think Disney is going to come out with an extremely compelling product because of those huge beloved franchises", Hill said. (more...)
Oil rises as supply constraints outweigh China slowdown fears Oil rises as supply constraints outweigh China slowdown fears
- April 15, 2019

Output declines in OPEC because of the supply pact, plus the sanctions on Venezuela and Iran , have exceeded expectations. Current oil demand stands around 100 million bpd. However, the IEA warned that demand fell in developed OECD countries by 0.3 million barrels per day (bpd) in the last three months of 2018 - "the first such fall for any quarter since the end of 2014". (more...)
Criticism mounts of Trump pick for U.S. Federal Reserve Criticism mounts of Trump pick for U.S. Federal Reserve
- April 15, 2019

Elected officials and interest groups on both sides of the political aisle voiced support for Powell, and for the need to keep the Fed at arms length from the influence of politicians in its interest rate decisions. Controversy over Cain's possible nomination, as well as that of economic commentator and Trump supporter Stephen Moore , continued on Thursday. Cain formerly served on the board of the Fed's Kansas City regional bank. (more...)
Tesla's Poor 1st Quarter Gives Battery Supplier Cold Feet Tesla's Poor 1st Quarter Gives Battery Supplier Cold Feet
- April 14, 2019

The two companies were responding to a report by Japan's Nikkei that said they had frozen previous plans to raise the capacity of the plant, which supplies battery packs for Tesla cars. Nikkei also reported that Panasonic will suspend planned investment at Tesla's new Shanghai plant and will instead provide technical support to the project. (more...)
Uber Reveals Strong Growth, Huge Losses Ahead of IPO Uber Reveals Strong Growth, Huge Losses Ahead of IPO
- April 14, 2019

That would make it the largest IPO since Alibaba Group went public in 2014 with a staring valuation of $169 billion. Uber Technologies Inc may face a cooler reception from investors than expected when it prices its initial public offering next month since smaller USA ride-hailing rival Lyft Inc's aggressive stock launch and subsequent fall. (more...)
Oil rallies as U.S. gasoline inventory draw offsets crude build Oil rallies as U.S. gasoline inventory draw offsets crude build
- April 12, 2019

OPEC, Russia and other non-member oil producers agreed to cut output by 1.2 million bpd from January 1 for six months and are set to meet on June 25-26 to decide whether to extend the pact. "Declines from these two exempt countries account for nearly 47 percent of the reduction seen from OPEC", ING said. Meanwhile, the latest EIA report showed that the USA crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their highest since November 2017. (more...)
It's deadline day for Trump's tax returns It's deadline day for Trump's tax returns
- April 11, 2019

Mnuchin had not previously revealed that the White House was playing any official role in the Treasury Department's decision on releasing Trump's tax returns. But tax experts say the state returns won't contain the "bombshell" information Trump critics might hope to find. He said the department would likely respond by Neal's deadline but didn't say whether he would provide the returns as demanded. (more...)
Chief negotiator says European Union is open to further Brexit delay Chief negotiator says European Union is open to further Brexit delay
- April 10, 2019

The EU's chief Brexit negotiator, Michel Barnier, also said the length of any delay will depend on the rationale May presents in Brussels on Wednesday . "The public will not forgive the government if an extension is sought and agreed under the pretence of efforts to secure cross-party compromise", he said. (more...)
Brexit: Talks with Corbyn and short delay - Theresa May's next steps Brexit: Talks with Corbyn and short delay - Theresa May's next steps
- April 08, 2019

He said he would make the move if the government "proves it is incapable of commanding a majority in the House of Commons". Mrs May directed her college to "remarks I made about what I think a Labour government would do with regards to the economy" and said she still does "not think that the Labour party should be in Government". (more...)
Amazon's Jeff Bezos, wife MacKenzie finalise divorce Amazon's Jeff Bezos, wife MacKenzie finalise divorce
- April 07, 2019

Also, Jeff's adviser Gavin De Becker said in a separate statement that Saudi Arabian officials, disappointed with the coverage of the tragedy surrounding Jamal Khashoggi , got "access to Bezos' phone" as retaliation. Meanwhile Bezos posted a gushing tweet, saying she had "been an extraordinary partner, ally and mother ". That would make MacKenzie the third-richest woman in the world, behind L'Oréal's Francoise Bettencourt Meyers , who is worth an estimated $52.9 billion, and ... (more...)
Herman Cain is a gold bug and advocated for the gold standard Herman Cain is a gold bug and advocated for the gold standard
- April 07, 2019

Cain, who served as chairman of the Federal Reserve Bank of Kansas City , ran unsuccessfully for president during the 2012 election cycle. In a 2012 Wall Street Journal column, Cain said that the Fed's policies manipulated the value of the dollar. (more...)

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