Economy


Trump 'disappointed' in Fed chair Jerome Powell as global stocks tumble Trump 'disappointed' in Fed chair Jerome Powell as global stocks tumble
- October 14, 2018

Trump has repeatedly touted the spate of Wall Street records as proof of the success of his economic program, including his confrontational trade strategy, and criticized the Fed for raising the benchmark interest rate - three times this year - saying it would undermine his efforts. (more...)
Trump says American investigators are in Turkey Trump says American investigators are in Turkey
- October 12, 2018

He says that stepping back from arms sales to the Saudis "a very, very tough pill to swallow for our country". The US State Department has said it has no information about Mr Khashoggi's whereabouts. state of Virginia, where he resided, and detain him. Turkish President Tayyip Erdogan said his country was anxious about Khashoggi's disappearance and can not remain silent, in comments quoted by Hurriyet newspaper on Thursday. (more...)
Dow Falls 1300 Points In 48 Hours As Market Rout Continues (DJIA)(SPX) Dow Falls 1300 Points In 48 Hours As Market Rout Continues (DJIA)(SPX)
- October 12, 2018

The yield was just 2.82 percent in last August. The stock fell 15 per cent to 50 cents. Kinahan said investors want to know if Corporate America is anxious about the Trump administration's tariffs on Chinese imports and if it sees signs of slower economic growth. (more...)
Brexit to be threat to world economy, says International Monetary Fund Brexit to be threat to world economy, says International Monetary Fund
- October 11, 2018

The Fund said that revenue gains from non-financial public corporations and government financial assets alone could be as high as 3 per cent of GDP a year, equivalent to the annual corporate tax collections across advanced economies. "Owing to these changes, our global growth projections for both this year and next are downgraded to 3.7 per cent, 0.2 percentage point below our last assessments and the same rate achieved in 2017", the report said. (more...)
May to hold Brexit War Cabinet to agree backstop plan May to hold Brexit War Cabinet to agree backstop plan
- October 11, 2018

On Wednesday night, DUP MPs abstained on a piece of agricultural legislation on which they had been expected to back the government , in a message to Prime Minister May that they are not bluffing. Just minutes before the news broke that the DUP is considering voting down the budget, a Downing Street source was asked if Mrs May felt she could rely on DUP votes in parliament. (more...)
U.S. job growth slows but unemployment rate falls to 3.7% U.S. job growth slows but unemployment rate falls to 3.7%
- October 08, 2018

Job growth increased in the household survey (different from the survey of employers) by a large 420,000 in September, while the labor force grew by 150,000. The employment rate for people with disabilities has also jumped sharply over the past two months. The FOMC will continue to gradually raise the fed funds rate in 2019 as the job market continues to tighten. (more...)
India Introduces Fuel Relief On Rising Prices At The Pump India Introduces Fuel Relief On Rising Prices At The Pump
- October 07, 2018

Price cut in states like Gujarat and Maharashtra would be Rs 5 after they matched the announcement with a similar reduction in local sales tax or VAT rates. The effective reduction would be Rs 4.06 per litre. Several states on Thursday slashed fuel prices after the Narendra Modi-led Union Government announced a Rs 2.50 a litre cut in petrol and diesel prices . (more...)
Apple, Amazon deny reports of a massive Chinese hardware attack Apple, Amazon deny reports of a massive Chinese hardware attack
- October 05, 2018

Bloomberg's sources said an initial probe turned up "troubling issues", leading the Amazon Web Services team to more closely examine Elemental's server products. The story says Amazon found the chips while investigating a potential partnership with a startup and alerted the government, though Amazon also disputes the account. (more...)
Maharashtra, Gujarat cut fuel prices by Rs 2.50; Kerala, Karnataka refuse Maharashtra, Gujarat cut fuel prices by Rs 2.50; Kerala, Karnataka refuse
- October 05, 2018

Acting quickly on the orders of the BJP president, the party-ruled governments in Maharashtra, Uttar Pradesh , Gujarat, Madhya Pradesh , Himachal Pradesh, Jharkhand, Chhattisgarh, Uttarakhand, Haryana, Assam, Arunachal Pradesh, Goa and Tripura announced a Rs 2.50 cut in Value-Added Tax on the fuels. (more...)
Bernie Sanders praises Jeff Bezos on Amazon $15 minimum wage Bernie Sanders praises Jeff Bezos on Amazon $15 minimum wage
- October 03, 2018

Amazon , which has been under fire over its pay for low-ranking workers, is increasing its minimum wage to $15 an hour. Sen. Bernie Sanders , who has previously criticized Amazon's treatment of its workers, praised CEO Jeff Bezos Tuesday for his company's new $ 15 an hour minimum wage for USA employees. (more...)
Elon Musk Got $1.7 Billion Richer Today Elon Musk Got $1.7 Billion Richer Today
- October 02, 2018

Facing securities fraud charges, Musk agreed to a settlement with the SEC last Saturday that requires him to pay a $20 million fine and step down as company chairman for a period of three years . Evan Niu, CFA owns shares of Tesla . Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit, which alleged Mr. (more...)
US, Canada, Mexico trade deal, USMCA, NAFTA details: dairy, auto, dispute resolution US, Canada, Mexico trade deal, USMCA, NAFTA details: dairy, auto, dispute resolution
- October 02, 2018

Ford says he is anxious about the impact of Canada's reported concessions on Class 7 milk and access to Ontario's dairy market could have on our agriculture sector. The United States and Mexico want to push a deal they separately negotiated through their respective legislatures before Mexican President-elect Andres Manuel Lopez Obrador takes office on December 1. (more...)
Tesla shares jump after Musk settles with SEC Tesla shares jump after Musk settles with SEC
- October 01, 2018

The SEC's lawsuit had sought to bar Musk from serving as an officer or director of a public company, a prospect that rattled investors. That's according to Gene Munster, a managing partner at the venture capital firm Loup Ventures and prominent Tesla bull, who is already talking up replacements for Musk with his seat on the board not-yet cold. (more...)
Musk defends 'funding secured' tweet as he fights SEC lawsuit Musk defends 'funding secured' tweet as he fights SEC lawsuit
- September 30, 2018

In the court filing , the SEC claims that "Musk knew or was reckless in not knowing that each of these statements was false and/or misleading because he did not have an adequate basis in fact for his assertions". Steven Peikin, co-director of the SEC's enforcement division, said "corporate officers hold positions of trust in our markets and have important responsibilities to shareholders". (more...)
Brent oil trades steady near four-year high while USA crude retreats
- September 27, 2018

Ben Luckock, who is the co-head of oil trading at fellow merchant Trafigura also said that crude oil prices could hike up to $90 per barrel by Christmas and $100 by the start of New Year as the markets tighten. " Trump blames Opec for what he has created and caused: the rise of the price of oil and disturbance in the market ". Several big buyers, such as a number of Indian refiners, have signaled they will wind down purchases of Iranian crude but the impact on global markets is not yet ... (more...)
OPEC raises forecast based on U.S. oil production OPEC raises forecast based on U.S. oil production
- September 27, 2018

But speaking to NBC News on Monday, Iranian President Hassan Rouhani said the U.S. didn't have the capability to bring the Islamic Republic's oil exports down to zero . Oil prices could rise towards $100 per barrel towards the end of the year or by early 2019 as sanctions against Iran bite, commodity merchants Trafigura and Mercuria said on Monday at the Asia Pacific Petroleum Conference (APPEC) in Singapore . (more...)
Instagram departures hit Facebook shares Instagram departures hit Facebook shares
- September 26, 2018

It's hard not to worry that the sudden departures of Kevin and Mike means the app is going to slowly become a new version of the overstuffed, clunky, hamburger menu-laden Facebook app you're probably barely using now, if that. One distinction is that the WhatsApp disputes centered on the debate over whether to allow ads within the messaging service, which the co-founders had long opposed, whereas Instagram embraced ads early on. (more...)
Trump urges OPEC to lower the price of oil Trump urges OPEC to lower the price of oil
- September 24, 2018

But with Trump keeping up the pressure ahead of the November mid-term elections, "what should stop the Saudis and Russians producing more?" Brent is close to four-year highs, trading just below $80 a barrel, as investors bet that Opec will be unable to compensate fully for the loss of oil from Iran, Opec's third-biggest producer. (more...)
Porsche ditches diesel for good amid VW fallout
- September 24, 2018

In fact, the upcoming Porsche Taycan , which is set to make its debut in 2019, will be the carmaker's first fully-electric sports auto. "We as a sports vehicle manufacturer, however, for whom diesel has always played a secondary role, have come to the conclusion that we would like our future to be diesel-free", he said. (more...)
Indian flight turns back after 30 passengers report sick Indian flight turns back after 30 passengers report sick
- September 22, 2018

Mr Sharma said , "I was sitting on an aisle seat when suddenly air pressure in the cabin dropped and oxygen masks came down". Oxygen masks were deployed during the emergency aboard the Boeing 737 , said Darshak Hathi, a passenger who filmed the incident and posted it on his Twitter page. (more...)
Bank of Baroda, Vijaya stocks end in red, Dena Bank up 20% Bank of Baroda, Vijaya stocks end in red, Dena Bank up 20%
- September 19, 2018

The plan to merge the three banks was taken by a ministerial panel, led by Finance Minister Arun Jaitley Monday. The government will then prepare an amalgamation scheme for the banks, which will need to be approved by the cabinet and Parliament, Jaitley said. (more...)
United States ‘to spare some Apple goods’ from latest China tariffs
- September 18, 2018

China's "counterattack strategy needs to restrict exports to the United States as well as (imports of) US goods", Lou was paraphrased as saying. The US is imposing new tariffs on $200bn (£150bn) worth of Chinese goods as it escalates its trade war with Beijing. (more...)
Oil mixed as China tariff talk scotches early rally Oil mixed as China tariff talk scotches early rally
- September 18, 2018

Iran , a founding member of the cartel, had been against the move which came as the country faces renewed USA sanctions after Washington's decision to leave the 2015 nuclear deal between Tehran and world powers. Traders said an early rally on Friday was sparked by reports U.S. Secretary of State Michael Pompeo was going to announce new sanctions on Iran . While oil prices strengthened in recent weeks on the lower supply outlook out of Iran , investors should keep in mind that OPEC ... (more...)
Regional Pot Workers Could Face Lifetime Ban From US News Centre News Regional Pot Workers Could Face Lifetime Ban From US News Centre News
- September 17, 2018

Todd Owen, executive assistant commissioner for the Office of Field Operations told Politico that "f$3 acilitating the proliferation of the legal marijuana industry in USA states where it is deemed legal or Canada may affect an individual's admissibility to the U.S.". (more...)
Top White House Economist Says Trump's GDP Claim Was Wrong Top White House Economist Says Trump's GDP Claim Was Wrong
- September 12, 2018

Such a relationship between GDP and the unemployment rate has occurred many times, most recently in the first quarter of 2006, before the financial crisis pushed the unemployment rate high and economic growth slowed markedly. Many small-business people felt Obama was dismissive toward their efforts, particularly after his "You didn't build that" comment in July 2012. (more...)
CBS CEO Moonves resigns after sexual misconduct claims CBS CEO Moonves resigns after sexual misconduct claims
- September 11, 2018

Six additional women have come forward to accuse Moonves of harassment or assault, with the claims stretching back decades, the New Yorker reported on Sunday. Leslie Moonves, former president and chief executive officer of CBS Corporation, is at the centre of sexual misconduct allegations . Moonves acknowledged relations with three of the women but said they were consensual, adding he had never used his position to hurt the careers of women. (more...)
China Threatens Retaliation if President Trump's New $200 Billion Tariffs Go Ahead
- September 08, 2018

Trump initiated the trade war to punish Beijing for what it says are China's predatory tactics to try to supplant U.S. technological supremacy. The tariffs would potentially hurt U.S. The Nasdaq 100 Index capped its worst week since March as Apple slumped on its warning that the Trump administration's musing over levying virtually everything imported from China would hit a broad range of its products. (more...)
Ayanna Pressley's Surprise Upset Shows Women Of Color's Power In Democratic Politics Ayanna Pressley's Surprise Upset Shows Women Of Color's Power In Democratic Politics
- September 05, 2018

The Washington Post reported that Rep. Michael Capuano (D-MA) conceded to Boston City Councilwoman Ayanna Pressley after polls closed in the state. According to her bio, Ayanna Pressley is an advocate, a policy-maker, an activist, and survivor. But, she added, "When the challenges we are confronted with are this big, this deep, and growing, I can't and I won't wait my turn". (more...)
Amazon Hits $1 Trillion Valuation Amazon Hits $1 Trillion Valuation
- September 05, 2018

The company's market cap hit $1 trillion just a few moments ago after its share price hit $2050.50. Amazon shares hit $2,050.49 shortly before noon on Tuesday, bringing the company's value above $1 trillion before declining slightly. Apple started trading in December 1980 but its stock did not truly start to take flight for another 25 years, spurred by the iPhone, the breakthrough device that left competitors in the dust. (more...)
Energy department intervenes to keep petrol price increase down Energy department intervenes to keep petrol price increase down
- September 04, 2018

After the hike on Tuesday, the total increase in petrol prices is around Rs 2.50 per litre, while for diesel it has crossed Rs 3 per litre in last one month. There is a pressure on oil prices due to a decrease in production. The graph of petrol and diesel prices is continuing its upward movement since last week. (more...)
Lawyer: We're 'finalizing' a libel lawsuit against Elon Musk over 'pedo' tweet Lawyer: We're 'finalizing' a libel lawsuit against Elon Musk over 'pedo' tweet
- August 30, 2018

The letter, dated August 6, said the possible lawsuit would cover "false and defamatory statements " made by Musk against Unsworth. He had criticised Musk's proposal for the use of a mini-submarine in the operation, calling it a " PR stunt " and said that the prototype had "absolutely no chance of working" . (more...)
Preliminary U.S.-Mexico trade deal leaves trail of uncertainty Preliminary U.S.-Mexico trade deal leaves trail of uncertainty
- August 29, 2018

Of the new trade deal, Lighthizer told reporters, "I think it's going to set the rules for the future at the highest standards in any agreement yet negotiated by any two nations for things like intellectual property and digital trade and financial services trade and all of the things that we think of as the modernizing, cutting-edge places that our economy is going". (more...)
One suspect dead, multiple fatalities confirmed after Jacksonville mass shooting One suspect dead, multiple fatalities confirmed after Jacksonville mass shooting
- August 27, 2018

Williams said people trampled each other trying to get away. Federal Bureau of Investigation spokesperson Dave Fitz confirmed that the agency had searched Katz's father's home in Baltimore, but declined to release further details, The Associated Press reports . (more...)
Trump threatens to Trump threatens to "get involved" if Federal Bureau of Investigation doesn’t investigate Hillary Clinton
- August 27, 2018

Cohen said under oath that Trump directed him to violate campaign-finance laws just before the 2016 presidential election in order to boost his candidacy. He told Fox News in an interview aired Thursday that he knew about payments "later on". Trump conversely praised Manafort for going to trial - where the president's former campaign chief was found guilty of eight counts of financial fraud. (more...)
Trump says he thinks stock market would crash if he's impeached Trump says he thinks stock market would crash if he's impeached
- August 24, 2018

Trump says Cohen "makes a better deal when he uses me". "You know", he said, "people make up stories". When asked about the possibility of being impeached, the president dismissed what the Constitution says about the issue and said the only criteria for impeachment should be whether he's doing his job well or not. (more...)
Australian prime minister could quit Friday Australian prime minister could quit Friday
- August 24, 2018

The ministers, who supported Mr Turnbull in a leadership ballot on Tuesday against former home affairs minister Peter Dutton , said they had changed their position and now backed Mr Dutton. If a three-way vote is held, whoever comes last in the first round of voting will be eliminated, and then a second round of voting will decide who becomes the prime minister. (more...)
Putin deplores US sanctions, but lauds Trump meeting Putin deplores US sanctions, but lauds Trump meeting
- August 24, 2018

President Donald Trump as positive, but blamed Trump's administration for continuing to hit Russian Federation with sanctions. He said the Trump administration's' policy of imposing restrictions on the Kremlin is ill-informed and won't bring the results the U.S.is hoping for. (more...)
Google Employees Protest Secretive Plans for a Censored Chinese Search Engine Google Employees Protest Secretive Plans for a Censored Chinese Search Engine
- August 19, 2018

At least 1,400 Google employees signed a letter to company leaders demanding more transparency over a project the tech giant is working on that could be accepted by the Chinese government. Pichai said Google's stated mission is "to organize the world's information", Bloomberg News reported , quoting a transcript of the employee meeting. (more...)
US Threatens More Turkey Sanctions if Pastor Not Released US Threatens More Turkey Sanctions if Pastor Not Released
- August 17, 2018

Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency. Turkey has responded defiantly to the US's threats by implementing retaliatory tariffs on a raft of United States imports, including passenger cars, tobacco and alcohol. (more...)
China-US to resume trade talks after tit-for-tat tariff battle China-US to resume trade talks after tit-for-tat tariff battle
- August 17, 2018

There also remains a wide gap between the two sides over Washington's demands that Beijing improve market access and intellectual property protections for USA companies, and slash a $375 billion trade deficit with China. Mexico's incoming president-elect has expressed his willingness to negotiate a more free and fair deal with the U.S. Chinese stocks also reversed losses Thursday morning after the announcement of further trade talks. (more...)
Tesla board forms a committee to weigh Musk’s proposal of going private Tesla board forms a committee to weigh Musk’s proposal of going private
- August 15, 2018

Goldman Sachs has always been a key adviser to Tesla, but the apparent involvement of Silver Lake, best known as a private-equity firm specializing in tech investments, is striking. Anything is possible from pulling something together to nothing. Last Tuesday, Musk tweeted that he was "considering taking Tesla private at $420", adding, "Funding secured". (more...)
Rupee Crosses 70 Per Dollar! Indian Currency Hits All-Time Record Low Rupee Crosses 70 Per Dollar! Indian Currency Hits All-Time Record Low
- August 15, 2018

At 1.15 pm, the rupee was trading at 69.90 per dollar. It had ended at 68.84 to the dollar on Friday. The euro hovered near one-year lows against the dollar and the Swiss franc as the Turkish lira wobbled, on worries economic troubles in Turkey could hit European banks and spread to other emerging economies. (more...)
Emotional scenes as Monsanto ordered to pay $289m damages in cancer trial Emotional scenes as Monsanto ordered to pay $289m damages in cancer trial
- August 14, 2018

Jurors found on Friday that the company had acted with "malice" and that its weedkillers contributed "substantially" to Johnson's terminal illness. After three days of deliberations this week, the jury at the Superior Court of California in San Francisco awarded Johnson $250 million in punitive damages and about $39 million in compensatory damages. (more...)
Iran's Khamenei rejects talks with Trump Iran's Khamenei rejects talks with Trump
- August 14, 2018

Khamenei reportedly said Monday that the withdrawal from the nuclear pact "is a clear proof that American can not be trusted". In May, the United States pulled out of a 2015 deal between world powers and Tehran under which global sanctions on Iran were lifted in return for curbs on its nuclear program. (more...)
Employee steals plane from Seattle airport, crashes it shortly Employee steals plane from Seattle airport, crashes it shortly
- August 14, 2018

Earlier Alaska Airlines reported an "unauthorized take-off" of an airplane and witnesses reported a jet being chased by military planes near Sea-Tac International Airport in Washington state. Officials said Saturday that the man was a 3.5-year Horizon Airlines employee and had clearance to be among aircraft, but that to their knowledge, he wasn't a licensed pilot. (more...)
Trump authorizes doubling of steel, aluminum tariffs on Turkey Trump authorizes doubling of steel, aluminum tariffs on Turkey
- August 14, 2018

The lira tumbled about 10 percent on Friday to another record low as investors worry about Erdogan's unorthodox economic policies and US sanctions. The White House said Mr Trump had authorised them under a section of United States trade law that allows for tariffs on national security grounds. (more...)
'Turkey's partnership with U.S. 'in jeopardy' 'Turkey's partnership with U.S. 'in jeopardy'
- August 13, 2018

Erdogan blamed his country's economic downturn on the USA and other nations that he claims are waging "war" against his country. On Friday, the lira sank to a fresh record low, falling as much as 17 percent at one point, prompting calls from investors for central bank action to shore up the lira . (more...)
Premier Doug Ford announces buck-a-beer launching in Ontario this month Premier Doug Ford announces buck-a-beer launching in Ontario this month
- August 10, 2018

Going into effect on August 27, the new price floor will challenge Ontario's 260 breweries to lower prices to $1.00 for any beer with an alcohol volume below 5.6% in time for Labour Day. Lakeport, the brewery that adopted and popularized "buck-a-beer" in the past before being purchased by Labatt, also still sells for just $1.60 a can. (more...)
Tesla Inc: Elon Musk says he's considering taking car-maker private Tesla Inc: Elon Musk says he's considering taking car-maker private
- August 08, 2018

And if the information in the tweet isn't true, Musk could be looking at some stock price manipulation allegations. The email was published on Tesla's corporate blog . Should Tesla decide to go down this route, it will need to be approved by a shareholder vote. In the post , Musk said that he feels a forward-looking company such as Tesla is better off being private and avoiding the short-term thinking involved with public markets. (more...)
Trade War: Trump says tariffs are working Trade War: Trump says tariffs are working
- August 06, 2018

In response to Donald Trump's indication that he would raise tariffs on over $200 billion of Chinese imports from 10% to 25%, Beijing in return stated that it is preparing retaliatory measures for tariffs on 5,207 different USA imports to China at variable tariff rates ranging from 5% to 25%. (more...)