Economy


Global Oil Production Raises As Saudi Arabia Pumps More Global Oil Production Raises As Saudi Arabia Pumps More
- August 06, 2018

Futures fell for the third day in NY, losing as much as 1.1 per cent to hit their lowest level since June 22, but US government's data showed a surprise gain in nationwide stockpiles on Wednesday. Tensions between the US and Iran are also supporting the market, Barratt said. "A clear definition around the macros is what the market is looking for and until we get that, it is likely to be volatile in the range", said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney. (more...)
Race is on for second place after Apple's $1 trillion valuation Race is on for second place after Apple's $1 trillion valuation
- August 05, 2018

Apple flooded news headlines everywhere yesterday as its market value crossed $1 trillion for the first time after reporting handsome quarterly earnings. Apple , the world's most valuable publicly traded company, may be seriously undervalued, said longtime tech investor Eric Jackson, founder and president at EMJ Capital. (more...)
Europe swelters in record heatwave Europe swelters in record heatwave
- August 05, 2018

Sweden's Civil Contingencies Agency is warning of "a high risk" for wildfires in central and southern Sweden this weekend because of the dry and warm weather . With Europe facing a wide-ranging heatwave, some areas of Spain and Portugal are bracing for potentially record-breaking temperatures. Love Island might be over, but it looks like we're still in for a long, hot summer. (more...)
China Plans Tariffs on $60 Billion of U.S. Goods China Plans Tariffs on $60 Billion of U.S. Goods
- August 04, 2018

Beijing responded by imposing similar charges on the same amount of USA products. The White House has responded by saying Beijing's threats are weak and that the Chinese economy is in trouble. "The US side has repeatedly escalated the situation against the interests of both enterprises and consumers". The State Council outlined the plan just days after the USA said it was considering higher tariffs on $200bn of Chinese goods than initially planned. (more...)
Turkey, US agree to work together to resolve issues Turkey, US agree to work together to resolve issues
- August 04, 2018

They said his recent transfer from prison to house arrest was not enough and on Wednesday, the Treasury Department hit Turkey's Justice Minister, Abdulhamit Gul, and Interior Minister, Suleyman Soylu, with sanctions that block any assets they may have in USA jurisdictions and bar Americans from doing business with them. (more...)
Bank of England raises key rate to 0.75% in surprise unanimous vote Bank of England raises key rate to 0.75% in surprise unanimous vote
- August 03, 2018

Rohit Poddar, managing director, Poddar Housing and Development Ltd, said, "I personally believe that the home buyers should not worry as it will be hard for many banks to increase the interest rate". It is thought the Bank's latest set of forecasts in the accompanying inflation report will reinforce the case for a rise, with many economists expecting growth to have recovered to 0.4% in the second quarter after slowing to 0.2% in the previous three months. (more...)
Apple becomes first $1 trillion publicly listed USA firm Apple becomes first $1 trillion publicly listed USA firm
- August 03, 2018

Apple Inc ( AAPL .O) Chief Executive Tim Cook said on Thursday that the iPhone maker's $1 trillion market capitalization was "not the most important measure" of the company's success but was instead a result of its focus on its products, customers and company values. (more...)
White House Sanctions Turkey Officials Over Detention of US Pastor White House Sanctions Turkey Officials Over Detention of US Pastor
- August 02, 2018

State Department spokesperson Heather Nauert said the United States. has grown exhausted of waiting for Turkish action on the matter. US State Department spokeswoman Heather Nauert has also called the detention "unjust", adding, "Turkey knows our position well". (more...)
Trump follows through on farm trade aid Trump follows through on farm trade aid
- August 01, 2018

U.S. President Donald Trump and European Commission President Jean-Claude Juncker met with reporters at the White House this week to announce they had reached an agreement to work towards zero tariffs, eliminate trade barriers, stop paying subsidies for non-automotive products, and strengthen energy cooperation. (more...)
Apple in touching distance of $US1 trillion mark after profits jump Apple in touching distance of $US1 trillion mark after profits jump
- August 01, 2018

Many Americans have at least one piece of Apple tech in their household, and the same can be said for residents of European and Asian countries. Apple said the average selling price of the iPhone had risen to more than $US700 in the quarter, showing that each customer is paying more for the company's gadgets. (more...)
Facebook to spend $10M for Zuckerberg's private jet and security Facebook to spend $10M for Zuckerberg's private jet and security
- August 01, 2018

Facebook shares were down as much as 19.6 percent at $174.78 in early trading, a decline that would wipe about $124 billion off the company's value - or almost four times the entire market capitalization of Twitter Inc. Facebook's legal storm seems endless, considering it has already faced dozens of lawsuits following its mishandling of user data. Currently, its stocks are at US$174.89 down 0.78 per cent. (more...)
How to Get a Free Big Mac at McDonald’s How to Get a Free Big Mac at McDonald’s
- July 31, 2018

McDonalds has said that more than 6.2 million MacCoins will be available across U.S. restaurants from Thursday, with the offer running all the way to the end of 2018, or until the MacCoins run out. 14,000 McDonald's locations in the USA will be taking part in the proportional event. The Rubik's cube, the Blarney stone, the Leaning Tower of Pisa and the Big Mac. (more...)
China being 'vicious' on trade - US President China being 'vicious' on trade - US President
- July 30, 2018

But some of those issues seemed to be resolved during Wednesday's meeting. Appearing alongside Mr Trump at a news conference, Mr Juncker said as long as US-EU negotiations are ongoing the EU will "hold off further tariffs" on American goods. (more...)
This is Why Amazon Shares Are Soaring This Morning This is Why Amazon Shares Are Soaring This Morning
- July 30, 2018

The Amazon .com, Inc. exchanged hands with 3531307 shares compared to its average daily volume of 4.02M shares. Meanwhile, the Seattle-based company reported adjusted earnings of $5.07 per share, crushing our $2.49 per share estimate. Amazon launched Prime member savings at Whole Foods Market stores nationwide, offering Prime members 10% off hundreds of sale items and discounts on popular products. (more...)
Trump hails growth as one-offs and consumers boost economy Trump hails growth as one-offs and consumers boost economy
- July 28, 2018

The figures released on Friday by the US Department of Commerce showed the economy grew at the fastest pace since 2014 during from April to June. "We've accomplished an economic turnaround of historic proportions", Mr Trump told reporters during hastily arranged remarks on the South Lawn of the White House, where he was joined by Vice President Mike Pence and flanked by members of his economic team. (more...)
Juncker to Trump: US, EU are 'close partners, not enemies' Juncker to Trump: US, EU are 'close partners, not enemies'
- July 28, 2018

Firstly, the new Market Facilitation Program will provide payments to producers of soybeans, sorghum, corn, wheat, cotton, dairy and hogs, which the USDA says "will help farmers manage disrupted markets, deal with surplus commodities, and expand and develop new markets at home and overseas". (more...)
Focus on Trump's meeting with European Commission President Juncker - Deutsche Bank Focus on Trump's meeting with European Commission President Juncker - Deutsche Bank
- July 28, 2018

Qualcomm had said on Wednesday it was dropping the bid. At a meeting in Washington on Wednesday, Juncker and Trump agreed the United States would hold back on threats to apply tariffs on the auto sector as the two sides conduct negotiations . (more...)
Facebook plans to enter China by setting up local subsidiary Facebook plans to enter China by setting up local subsidiary
- July 28, 2018

The filing, which is no longer accessible, noted that the company is owned by Facebook Hong Kong Ltd. Known for being the headquarters of Chinese e-commerce giant Alibaba and many other tech groups, the capital of Zhejiang, Hangzhou will be the center of Facebook's new hub. (more...)
Twitter stocks dive 20% as users drop by a million Twitter stocks dive 20% as users drop by a million
- July 28, 2018

Shares in Twitter slumped 16 percent in pre-opening trades in a market jittery following a weak outlook from social network leader Facebook . A Washington Post report put the total number of suspended accounts in May and June at 70 million. (more...)
FACEBOOK FAIL: Zuckerberg Loses $16 BILLION in FIVE MINUTES as Shares PLUNGE FACEBOOK FAIL: Zuckerberg Loses $16 BILLION in FIVE MINUTES as Shares PLUNGE
- July 27, 2018

Zuckerberg's paper fortune fell by $14.5bn from $86.5bn Wednesday to $72bn on Thursday, sending him tumbling from the third-richest person on the planet to sixth. Amazon's stock is already up almost 72 per cent in the previous year and Amazon is getting closer to surpassing iPhone maker Apple as the world's most valuable company. (more...)
Iran Vows to Respond to US Threats with ‘Equal Countermeasures’ Iran Vows to Respond to US Threats with ‘Equal Countermeasures’
- July 27, 2018

Soleimani called Trump a "gambler" and said his language belongs in "nightclubs". The comments by Major-General Qassem Soleimani, who heads the Quds Force of Iran's powerful Revolutionary Guards Corps, were the latest salvo in a war of words between the two countries which has reached a new level of bellicosity. (more...)
Alphabet Earnings: What to Watch Alphabet Earnings: What to Watch
- July 25, 2018

Nowak today lifted his Alphabet price target to $1,325 from $1,250 while maintaining an Overweight rating. Google also appears to be emerging from a period of doubt surrounding the transition to mobile, where advertising revenue is harder to come by. (more...)
Agriculture Department to send $12 billion to farmers hurt by tariffs Agriculture Department to send $12 billion to farmers hurt by tariffs
- July 25, 2018

John Kennedy, R-La. "You've got to treat everybody the same". "This trade war is cutting the legs out from under farmers and White House's "plan" is to spend $ 12 billion on gold crutches". Soybean futures 0#S: , driven to a 10-year low in part by China's retaliatory tariffs, rose 1.2 percent and hit their highest in two weeks as traders bet farm aid would improve demand, reducing a current surplus supply. (more...)
President Trump on EU Trade Negotiations: Better Late Than Never President Trump on EU Trade Negotiations: Better Late Than Never
- July 25, 2018

I don't fault the President for trying to get a better deal for Americans, but it's not fair to expect farmers to bear the brunt of retaliation for the entire country in the meantime. "It can be a positive thing to help with the short-term pain", he said. Sasse said he doubted Trump's trade policies will Make America Great Again as promised, but instead "Mak [e] America 1929 Again". (more...)
Trump heightens China tariff threat with no deal in sight Trump heightens China tariff threat with no deal in sight
- July 25, 2018

The White House has also itemized $200 billion of additional Chinese imports that it said may be subject to tariffs. Around $505 billion of Chinese goods were imported to the United States in 2017, leading to a trade deficit of almost $376 billion, US government data shows. (more...)
Trump criticizes Federal Reserve over interest rate hikes Trump criticizes Federal Reserve over interest rate hikes
- July 23, 2018

But Trump - in a tit-for-tat tariff war with the EU, China, Mexico and Canada - said he was anxious that the timing put the U.S. at a "disadvantage" while the European Central Bank and the Bank of Japan maintain loose monetary policy, the network reported. (more...)
Finally, sanitary napkins to be exempted from GST Finally, sanitary napkins to be exempted from GST
- July 23, 2018

The new rates will kick off from July 26. Every state wanted that the rates on these items be lowered for the benefit of middle-income households... Finance Minister Piyush Goyal will chair the 28th meeting of the Council. Goyal asserted on the importance of reducing the tax on ethanol, as not only is it used for blending with petrol and diesel, it is also vital for the sugar industry, and will thus be very beneficial for the sugarcane farmers. (more...)
"Fanatical" pro-Brexit lawmakers pushing United Kingdom towards new…
- July 21, 2018

The Prime Minister will be grilled by senior MPs on the Commons liaison committee on her Brexit plans and will then appear before the 1922 Committee of Tory backbenchers with the task of rallying their spirits. "It is time for all of us - at this critical moment in our constitutional development - to believe in ourselves, to believe in the British people and what they can do, and in our democracy", he wrote. (more...)
Microsoft revenue exceeds $100bn boosted by cloud services Microsoft revenue exceeds $100bn boosted by cloud services
- July 21, 2018

In a press release accompanying the news, Nadella said: "We had an incredible year, surpassing $100 billion in revenue as a result of our teams' relentless focus on customer success and the trust customers are placing in Microsoft [.] Our early investments in the intelligent cloud and intelligent edge are paying off, and we will continue to expand our reach in large and growing markets with differentiated innovation". (more...)
Target is unleashing its own super-sale to battle Prime Day Target is unleashing its own super-sale to battle Prime Day
- July 21, 2018

The world's largest online retailer said it recorded the largest daily sales for its Echo range of smart speakers, helped by heavy discounts. Amazon ( AMZN ) said Tuesday that prime members were continuing to shop on Prime Day . The unions behind the strikes have called on customers to back them by not spending with Amazon during its sales promotion from July 16 to 17. Among the deals you can get is saving 25% off select digital retro games for New Nintendo 3DS/2DS. (more...)
Trump rips Fed again for hiking interest rates
- July 21, 2018

President Donald Trump complaining about the strength of the greenback and the rise in U.S. interest rates squashed a rally that took it to a one-year high the previous session. St. Louis Federal Reserve Bank President James Bullard said on Friday the Federal Reserve would remain unaffected by Trump's comments on U.S. monetary policy. (more...)
Tesla to build huge Shanghai factory - local government Tesla to build huge Shanghai factory - local government
- July 11, 2018

Tesla can start to produce and provide its vehicles for the Chinese market while Shanghai will benefit from thousands of new jobs, local companies receiving new orders from Tesla , and a general boost to the local economy any major business investment brings. (more...)
Trade war erupts as China fights back against USA tariffs Trade war erupts as China fights back against USA tariffs
- July 09, 2018

Even though neither Lu nor the Chinese Commerce ministry gave details about the scales of tariffs , Beijing has plans to slap punishing levies 545 United States products worth $34 billion a year that range from soybeans and lobsters to sport utility vehicles and whiskey. (more...)
Oil holds near $74 as Trump lambasts OPEC to temper price surge Oil holds near $74 as Trump lambasts OPEC to temper price surge
- July 09, 2018

Brent crude oil edged up Wednesday after a second consecutive drop in US crude inventories, driven by an outage at the Syncrude Canada oil sands facility, which usually supplies the U.S. The price went up when OPEC chose to cut production a year ago. As well as declines in nationwide stockpiles, inventories in the key US storage hub of Cushing, Oklahoma, shrank by 2.6 million barrels, the API was said to report. (more...)
Lopez Obrador elected Mexico’s new president with 53 per cent of vote Lopez Obrador elected Mexico’s new president with 53 per cent of vote
- July 05, 2018

Lopez Obrador - popularly known as AMLO - published a book past year that was sharply critical of Trump , fueling concern he might prove more combative with Mexico's largest trading partner. "We have to be very responsible and try to resolve the situation in Mexico", said Urzua, who describes himself, and Lopez Obrador, as fiscal conservatives. (more...)
Halting Iranian oil export is an illusion: Jahangiri
- July 05, 2018

US crude oil production stagnated for the first week in many months, reaching 10.9 million bpd in the week ending June 22, holding steady for three weeks in a row, according to the EIA. Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia. And he confirmed that USA secondary sanctions on firms dealing with Iran would "snap back" on August 6 for trade in cars and metals and on November 4 for oil and banking transactions. (more...)
Trump blasts OPEC, warns European companies against business with Iran Trump blasts OPEC, warns European companies against business with Iran
- July 03, 2018

WASHINGTON-The Trump administration will consider requests for waivers from economic sanctions against Iran on a "case-by-case" basis, a senior State Department official said Monday, a step back from threats to insist on zero imports by a November 4 deadline. (more...)
Elon Musk hails Tesla reaching goal of 5000 Model 3s a week Elon Musk hails Tesla reaching goal of 5000 Model 3s a week
- July 03, 2018

To date, Tesla has sent out 28,386 copies of the Model 3 to customers, but it still has 420,000 net reservations in the queue. Explaining the cause behind a string of delays, Musk earlier this year took the blame and said that the company, at his insistence, relied too heavily upon automation. (more...)
Canada strikes back at US with tariffs Canada strikes back at US with tariffs
- July 02, 2018

The duties will be 25 percent on steel and 10 percent on everything else. Trump and Trudeau have clashed recently, with the president warning Canada will pay for it. Trump", Toronto-based trade lawyer Lawrence Herman said in a phone interview. "I think that prediction has been borne out", she said. Canada and the US are among the world's two largest trading partners with an estimated $ 673.9 billion worth of goods and services exchanged in 2017, with the US scoring a small surplus ($ 8.4 ... (more...)
Saudi King made no promises on oil production despite Trump's request Saudi King made no promises on oil production despite Trump's request
- July 02, 2018

Brent crude stood at United States dollars 79.42 a barrel, while USA benchmark crude was at USD 74.15. "It's certainly easy to imagine a scenario at this point where oil prices hit $100 again this year", said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University. (more...)
More Than 400 Flights Cancelled As Volcano Forces Bali Shutdown More Than 400 Flights Cancelled As Volcano Forces Bali Shutdown
- June 30, 2018

Bali's Government Tourism Office said at 7am local time on Friday (12am BST) people living 60 to 70 kilometres away from the summit in South Bali faced no immediate threat. The Volcano Observatory Notice for Aviation continues to place the level of activity at Mount Agung at Orange, or Level III, signaling an intense increase in activity but no eruption. (more...)
United States sanctions just the beginning United States sanctions just the beginning
- June 28, 2018

But the official said that Trump administration officials have been visiting European and Asian countries to say that the USA expects their imports to be zeroed out by the time the grace period ends. This mean that the Trump administration will not allow countries to gradually phase out Iran's oil exports over the duration of many months like the Obama White House did. (more...)
Beijing Hopes US Will Treat Chinese Investments Fairly Beijing Hopes US Will Treat Chinese Investments Fairly
- June 28, 2018

The Pentagon has also protested what it says are cases of US pilots being injured by lasers, a claim that has been denied by China's foreign ministry. "China has no intention or ambition to challenge U.S. global influence". China and the European Union will exchange offers related to market access at an upcoming summit in July, Liu said Monday. (more...)
OPEC's Increased Output Helps U.S. Shale Companies OPEC's Increased Output Helps U.S. Shale Companies
- June 24, 2018

Questions over the future of OPEC production, in light of OECD crude oil stockpiles falling below the Cartel's targeted five-year averages, now lingers over the market. Up to April 2018, while oil prices increased by almost 25% compared to the same period a year ago, investment in oil industry has not picked up in a commensurate manner. (more...)
Trump threatens 20% tariffs on all European cars coming into US Trump threatens 20% tariffs on all European cars coming into US
- June 24, 2018

Earlier in the week, news reports emerged that Daimler , which produces Mercedes-Benz autos, and other German automakers were pitching a reciprocal elimination of tariffs . "By linking the threatened imposition of US tariffs to European Union tariffs imposed on USA autos, the President has both short-circuited the 232 process and conclusively undercut the stated national security rationale of that investigation", said Daniel Price, a former senior economic adviser to President George W. (more...)
Supreme Court ruling lets states collect sales tax from online purchases Supreme Court ruling lets states collect sales tax from online purchases
- June 24, 2018

IN lawmakers anticipated the ruling in 2017 when they passed a law that imposed sales tax on companies that did at least $100,000 worth of business or more than 200 separate transactions in the state in a year. The estimate tied to that bill said the state would gain between 30 and 40 million dollars a year. With the courts ruling, internet companies can now be required to collect states sales tax in states where they don't have a physical presence . (more...)
Markets Right Now: Stocks fall on fresh worries over trade Markets Right Now: Stocks fall on fresh worries over trade
- June 22, 2018

The Chinese government responded with same coin. He also stressed that the White House's broader plan to curtail President Xi Jinping's high-tech "Made in China 2025" policy could only be achieved after a long and bitter trade war . -Chinese dispute but share the complaints of their American counterparts about market barriers and unfair regulation. A rush to beat the tariffs imposed by the USA and China in the latest trade spat could spark a change in freight movements and rates. (more...)
The question marks over Trump's trade policies The question marks over Trump's trade policies
- June 20, 2018

Now, Trump has said if China does not change its "unfair practices related to the acquisition of American intellectual property and technology" new tariffs on another US$200 billion worth of Chinese goods will follow. On Wall Street, the Dow Jones Industrial Average closed down 1.1% on Tuesday. "It was a trade war that put the Great in the Great Depression". USA stocks started Tuesday's session in a sea of red after President Donald Trump threatened to place tariffs on an ... (more...)
Audi chief Rupert Stadler arrested over 'dieselgate' Audi chief Rupert Stadler arrested over 'dieselgate'
- June 19, 2018

But Dudenhoeffer said VW's supervisory board may want to reconsider its stance when it meets today. Stadler was arrested earlier today after prosecutors in Munich suggested there was a risk he might try to suppress evidence and hinder their investigation. (more...)
DOJ: Comey's handling of Clinton email investigation unconventional but not biased DOJ: Comey's handling of Clinton email investigation unconventional but not biased
- June 18, 2018

In a tweet , the president lashed out at Comey, as well as FBI agent Peter Strzok and lawyer Lisa Page, who were removed from Robert MuellerRobert Swan MuellerSasse: "US should applaud choice of Mueller to lead Russian Federation probe MORE's special counsel investigation last summer over concerns of anti-Trump bias". (more...)