Economy


Trump sees 'very strong signals' that China is ready to deal Trump sees 'very strong signals' that China is ready to deal
- December 07, 2018

Failure would raise the specter of a major escalation in the trade battle, with fresh U.S. tariff action and Chinese retaliation possibly as early as March. cars. While at the conclusion of Saturday's working dinner, both the US and Chinese delegations said that what amounted to a trade war "truce" between the leaders had been reached, the messaging from the White House that followed seemed to only muddy the waters. (more...)
Donald Trump says he'll terminate Nafta Donald Trump says he'll terminate Nafta
- December 05, 2018

Kester says the agreement brings the trading relationship with USA neighbors into the 21st-century. Crawford said the agreement should be for at least 10 years. Kevin Kester, President of the National Cattlemen's Beef Association, says "U.S. beef producers are one step closer to "unrestricted, science-based trade continuing in North America". (more...)
Qualcomm says no plans to revisit NXP takeover Qualcomm says no plans to revisit NXP takeover
- December 05, 2018

In July, Qualcomm, which is based in California, confirmed that the company is terminating its proposed takeover of its rival NXP which is based in The Netherlands. Qualcomm scrapped its proposed $44 billion (R 602 bn) bid for rival chip-maker NXP in July after an nearly two-year wait for approval, as tensions between the USA and China escalated. (more...)
Trump says China agrees to ‘reduce and remove’ tariffs on U.S. cars Trump says China agrees to ‘reduce and remove’ tariffs on U.S. cars
- December 03, 2018

Duties of 10% now on most of those goods are set to rise on January 1, 2019 to a whopping 25% if a deal isn't reached. The White House said China would buy a not-yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other products from the US. (more...)
Qatar to quit OPEC oil group to focus on gas exports Qatar to quit OPEC oil group to focus on gas exports
- December 03, 2018

But losing a long-standing member undermines a bid to show a united front before a meeting that is expected to back a supply cut to shore up crude prices that have lost nearly 30 percent since an October peak. They also launched an economic boycott, stopping Qatar Airways flights from using their airspace, closing the country's sole land border with Saudi Arabia and blocking its ships from using their ports. (more...)
Ohio Senators speak up in wake of GM plant closings Ohio Senators speak up in wake of GM plant closings
- December 01, 2018

Shares of GM rose 0.7 percent to $36.95. GM will eliminate roughly 14,000 jobs between five plants in the US and Canada next year. "They underscored their concerns for the workers, for the communities and for the families that are affected by this decision", a senior Canadian official told reporters. (more...)
Oil tumbles below $50 first time in year on Russian Federation output stance Oil tumbles below $50 first time in year on Russian Federation output stance
- December 01, 2018

While Saudi Arabia and its Energy Minister Khalid al-Falih have been airing the idea of a new production cut, Russian Federation has been less convinced that it could take part in another reduction, or at least so it lets the market to believe. (more...)
Kudlow: Trump ‘Positive’ Going Into Meeting With Chinese Leader Xi Kudlow: Trump ‘Positive’ Going Into Meeting With Chinese Leader Xi
- November 30, 2018

US and Chinese officials have been working for weeks on the contours of a possible deal for the two leaders to be announced following their dinner on Saturday on the sidelines of the Group of 20 summit in Buenos Aires and a road map for talks to follow. (more...)
Union clings to GM plant in area where Trump promised jobs Union clings to GM plant in area where Trump promised jobs
- November 28, 2018

Some of the affected factories could resume production, depending on the outcome of the company's contract negotiations with the United Auto Workers union next year. The company said those moves, along with another at a Canada-based factory, are aimed at cutting costs. GM will also prioritize electric vehicle development and concentrate on five models that account for three-quarters of the automaker's sales. (more...)
Ukraine says two navy vessels hit by Russian fire Ukraine says two navy vessels hit by Russian fire
- November 28, 2018

President Poroshenko's office described the Russian action against the Ukrainian navy ships as "an act of aggression aimed at deliberately escalating the situation in the waters of the Sea of Azov and the Kerch Strait ", and called for global condemnation of Moscow and the imposition of new sanctions. (more...)
GM to slash up to 14,000 jobs in North America GM to slash up to 14,000 jobs in North America
- November 27, 2018

GM also plans to close an assembly plant and a transmission plant in OH, along with an assembly plant in Canada. The plant closure is part of a global restructuring of GM as it shifts focus to lower emitting hybrid vehicles, which is not the focus of the Oshawa plant. (more...)
Black Friday brings out shoppers looking for deals Black Friday brings out shoppers looking for deals
- November 26, 2018

In Ohio, a group of women was so determined, they booked a hotel room for Thursday night to be closer to the stores. Black Friday is expected to be the busiest shopping day of the year, according to ShopperTrak, a technology company. "This suggests that, while Black Friday is clearly encouraging shoppers to buy, consumers are more likely to be purchasing smaller "treat" products, rather than splashing out on high-end items". (more...)
Dolce & Gabbana China Blunder Rages as Shopping Sites Pull Brand Dolce & Gabbana China Blunder Rages as Shopping Sites Pull Brand
- November 24, 2018

The designer apparently made the comments in response to the controversy that emerged after D&G posted a series of promotional clips for the show, which featured an Asian model using chopsticks to eat Italian dishes like pizza, spaghetti, and pastry. (more...)
Here Are the Biggest Stores Open on Thanksgiving 2018, and Their Hours Here Are the Biggest Stores Open on Thanksgiving 2018, and Their Hours
- November 22, 2018

The following stores will also open on Thanksgiving: Hannafords , Stop & Shop, Wegmans , Whole Foods and WinnDixie . "People love the hype, it gets them into the holiday spirit and also allows them to get some really great deals on gifts or items for themselves". (more...)
Spanish PM repeats threat to vote no to Brexit over Gibraltar Spanish PM repeats threat to vote no to Brexit over Gibraltar
- November 22, 2018

While Britain and the European Union are expected to rubber-stamp the Brexit deal Sunday, the pact faces significant opposition in the British parliament, which could yet vote it down, with uncertain consequences. But spokesman Margaritis Schinas did confirm that "work is continuing" to resolve differences between London and Madrid over Gibraltar, the tiny territory at the tip of the Iberian Peninsula that was ceded to Britain in 1713 but is still claimed by Spain . (more...)
DON'T EAT ROMAINE LETTUCE: Canadians, Americans warned of E. coli DON'T EAT ROMAINE LETTUCE: Canadians, Americans warned of E. coli
- November 22, 2018

Acting on the CDC's recommendation, grocers nationwide are pulling suspect romaine lettuce product from store shelves. Stores and restaurants should not sell or serve it. The strain of E. coli bacteria is the same one that caused a similar outbreak previous year. Despite those possible financial implications, several national grocery chains released statements late Wednesday afternoon saying they were in the process of removing romaine lettuce from store shelves. (more...)
No Proof Of Fraud By Carlos Ghosn In France: Government No Proof Of Fraud By Carlos Ghosn In France: Government
- November 21, 2018

The French state has a 15 percent stake in Renault and the country's finance minister, Bruno Le Maire , has stated that Ghosn is "no longer in a position" to lead the company. A second Nissan executive, Greg Kelly , was also suspected of collaborating with him. In 2010, Japan began requiring listed firms to disclose how much they were paying board members if their remuneration exceeded 100 million yen. (more...)
Oil prices drop as broad market sell-off outweighs supply concerns Oil prices drop as broad market sell-off outweighs supply concerns
- November 21, 2018

IEA's Birol also continued to warn OPEC and its partners against the impact of resuming supply cuts. The boom and bust in oil prices was all about Iran sanctions, which turned out to be a bit of a joke after its customers were given waivers. (more...)
US May Not Impose More Tariffs on China US May Not Impose More Tariffs on China
- November 17, 2018

The US president has repeatedly railed against Beijing over intellectual property theft, industrial subsidies, Chinese entry barriers to American businesses and the US trade deficit with China. Some analysts and officials have raised the possibility that the two presidents could agree to a ceasefire of sorts at the G-20. The tariff rate on US$200 billion worth of Chinese goods is set to increase to 25 per cent from 10 per cent on January 1. (more...)
Theresa May facing chaos after Brexit Secretary resigns Theresa May facing chaos after Brexit Secretary resigns
- November 16, 2018

She said the government had faced a choice between "this deal, which delivers on the vote of the referendum , which brings back control of our money, laws, and borders, ends free movement, protects jobs, security, and our union, or leave with no deal or no Brexit at all". (more...)
Crude mood: Oil enters bear market, plunging most since 2015 Crude mood: Oil enters bear market, plunging most since 2015
- November 16, 2018

Despite this, oil prices have lost around a quarter of their value since early October as supply soars just as demand is expected to slow down along with an economic downturn. Oil rose on Thursday, steadying after losing almost 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message that it may cut crude output. (more...)
Amazon chooses New York City and Northern Virginia as HQ2 sites Amazon chooses New York City and Northern Virginia as HQ2 sites
- November 14, 2018

Amazon said it in a blog post it will receive incentives of about $1.5 billion based on job creation in Long Island City , and incentives of $573 million for Arlington . The company said it will receive "performance-based direct incentives" of $1.525 billion based on its promise to create 25,000 high-paying jobs in the NY area. (more...)
Alibaba's Singles Day beats Amazon Prime Day Alibaba's Singles Day beats Amazon Prime Day
- November 12, 2018

This year's tally breaks from gloomy forecasts about the world's second-largest economy, which is struggling with a tariff war with the United States, a stock market slump and slowing overall growth. What is Alibaba's Singles' Day sale? . Alibaba kicked off this year's sales with a gala event that featured USA singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance. (more...)
Google changes sex harassment policies after worker protests Google changes sex harassment policies after worker protests
- November 10, 2018

While the policy changes Pichai outlined met numerous protesters' requirements, they do not include adding an employee representative to Alphabet's board or elevating the chief diversity officer to report directly to the CEO, it said . The company also said it would publicly release its harassment, discrimination and retaliation policies. The protest came a week after a New York Times story detailed allegations of sexual misconduct about creator of its Android software, Andy Rubin. (more...)
Oil slips after US output hits record, crude stocks rise Oil slips after US output hits record, crude stocks rise
- November 09, 2018

These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now. The group's average price is below Saudi Arabia's fiscal breakeven price which is just under $80/bbl this year. US West Texas Intermediate ( WTI) crude oil futures were at $61.63 per barrel at 0125 GMT, down 4 cents from their last settlement. The increasingly well supplied market has turned sentiment, which until early October was largely bullish, pushing Brent to four-year highs of ... (more...)
Voters in Michigan, Missouri, Utah approve marijuana legalization Voters in Michigan, Missouri, Utah approve marijuana legalization
- November 08, 2018

MI voters approved a measure permitting people over age 21 to smoke pot recreationally. With Michigan voting to legalize adult use, neighbors like OH and IL could soon follow suit to help build a market in that region. It allows for the possession of up to 2.5 ounces of marijuana and cultivation of up to 12 plants for personal use, while also establishing a legal framework for the licensing and regulation of marijuana businesses and products. (more...)
Google employees walkout over handling of sexual misconduct Google employees walkout over handling of sexual misconduct
- November 04, 2018

Time is up". "There are cracks, though, and this is why we're here", she said. The first walkout happened in Singapore, and then swept around the globe all the way to Google's headquarters in California . The huge payouts have been raising questions over whether Google has been taking workplace sexual harassment seriously. Twitter account Google Walkout For Real Change is documenting the various protests around the world and offering words of support. (more...)
Donald Trump Plans Aggressive Campaign for Mid-term Elections Donald Trump Plans Aggressive Campaign for Mid-term Elections
- October 31, 2018

According to a YouGov polls released at the Hoover Institution, a conservative think tank in California, the Democrats lead the Republicans nationwide by 54 percent to 46 percent. Republicans are trying to maintain a narrow 51-49 Senate majority. On Saturday 11 people were shot dead in a mass shooting inside a Pittsburg synagogue. (more...)
Trump to visit Pittsburgh after synagogue shooting Trump to visit Pittsburgh after synagogue shooting
- October 31, 2018

The family said it objected to a statement Trump made about the shooting. People pay their respects at a makeshift memorial outside the Tree of Life synagogue following Saturday's shooting at the synagogue in Pittsburgh , Pennsylvania, US. (more...)
Khashoggi fiancee hits at Trump response, warns of Khashoggi fiancee hits at Trump response, warns of "money" influence
- October 30, 2018

He was a critic of Saudi Crown Prince Mohammed bin Salman, the de facto Saudi ruler, who has purged rivals and consolidated power. Top Saudi and Turkish prosecutors on Monday discussed the investigation into the killing of Saudi writer Jamal Khashoggi , a show of cooperation despite differences over which country should try 18 suspects who were detained in Saudi Arabia . (more...)
Wall Street savaged by tech sell-off Wall Street savaged by tech sell-off
- October 30, 2018

Results from S&P 500 companies have pushed up third-quarter profit growth estimates to 23.6 percent from 21.8 percent in the last 10 days. Meanwhile, today's data from the U.S. lost 2 percent. The French CAC 40 jumped 1.6 percent and Germany's DAX added 1 percent. The Nasdaq composite gave up 9 points, or 0.1 percent, to 7,427. (more...)
Angela Merkel steps down as CDU party leader
- October 30, 2018

What does Ms. Merkel's decision to give up the party leadership mean? Often referred to by her initials "AKK", her Catholic views overlap more with the conservative wing of the CDU than Merkel on social questions like abortion or gay marriage. (more...)
Tesla (TSLA) Releases Quarterly Earnings Results Tesla (TSLA) Releases Quarterly Earnings Results
- October 28, 2018

The electric auto maker also said its Q3 revenues climbed 70.5% to hit $6.82 billion, up from $4 billion in the second quarter and more than double the $2.98 billion reported in the same period a year earlier. Musk seemed to express frustration about The Journal's story via Twitter Friday afternoon, replying to a Twitter user who suggested the story was motivated by a desire to lower Tesla's stock price. (more...)
City in South Carolina's 'Golden Strip' sells winning lottery ticket City in South Carolina's 'Golden Strip' sells winning lottery ticket
- October 26, 2018

That person matched all five numbers, but not the Powerball . The jackpot was the second largest in the history of Mega Millions drawings. The largest Powerball jackpot was a $1.586 billion prize split among three winners in California, Florida, and Tennessee after the drawing on January 13, 2016. (more...)
Italian watchdog hits Apple, Samsung with fines over planned obsolescence Italian watchdog hits Apple, Samsung with fines over planned obsolescence
- October 26, 2018

They said the updates 'caused serious malfunctions and significantly reduced performance, ' which, in turn, prompted users to update to the latest devices. Apple was handed a fine of €10 million, while Samsung will have to pay €5 million. Both companies are also requested to publish a declaration on their Italian websites containing a link to the Authority's decision. (more...)
Tesla gets a lift as critic changes tune Tesla gets a lift as critic changes tune
- October 24, 2018

Yet in a U-turn, Mr Left said Tesla's Model 3 had been a "proven hit" while numerous warning signs at the firm "have proven..." Tesla ( TSLA ) reports third-quarter earnings Wednesday, after the market close, and even a bearish analyst admits it will likely be a good quarter. (more...)
$3M winning ticket for Tuesday night's Mega Millions sold in SA $3M winning ticket for Tuesday night's Mega Millions sold in SA
- October 24, 2018

Mega Millions bumped up the record jackpot by a cool $600,000,000 after nobody claimed the $1 billion prize on Friday. California has revealed that there have been eight nearly winning tickets which have matched five of the six numbers. The winning numbers will be revealed at 11 p.m. If he won, Taylor Roethle, 23, planned to invest the money in real estate. You then have 180 days to claim your prize in Tallahassee at the lottery office. (more...)
Canopy Growth (CGC) Stock Rating Lowered by Zacks Investment Research Canopy Growth (CGC) Stock Rating Lowered by Zacks Investment Research
- October 22, 2018

The transaction requires regulatory approval, including that of the Toronto Stock Exchange and the New York Stock Exchange. Market cap is just a fancy name for a straightforward concept: it is the market value of a company's outstanding shares. (more...)
East TN Powerball player wins $2 million, jackpot rises to $620 million East TN Powerball player wins $2 million, jackpot rises to $620 million
- October 22, 2018

No information about the Knoxville victor is available until the prize is claimed. Because no Mega Millions winners emerged, the next scheduled drawing on Tuesday was projected to be worth a record $1.6 billion. No one has won the Mega Millions jackpot since July 24, when a group of 11 workers in California split $543 million. The lucky player matched all five white numbers drawn but was just one number shy of the jackpot. (more...)
Mega Millions numbers for $1B jackpot announced Mega Millions numbers for $1B jackpot announced
- October 22, 2018

The jackpot has rolled over to $1.6 billion , making it the largest lottery jackpot in United States history. According to the official list of largest Mega Millions jackpots, three of the six top jackpot amounts have been awarded since the rules were changed a year ago. (more...)
Congressional Leaders Reject Saudi Story on Jamal Khashoggi Congressional Leaders Reject Saudi Story on Jamal Khashoggi
- October 22, 2018

In addition to the arrests, two senior officials have been sacked over the affair - deputy intelligence chief Ahmad al-Assiri and Saud al-Qahtani, senior aide to Crown Prince Mohammed Bin Salman . He also said that they did not know the details of killing, and "where the body is". Unnamed officials speaking to Reuters news agency and the New York Times say the Saudis did not know the whereabouts of the body after it was handed to a "local collaborator" to dispose of. (more...)
Tesla now sells Model 3 with 260-mile range, $45,000 sticker Tesla now sells Model 3 with 260-mile range, $45,000 sticker
- October 20, 2018

We like the Tesla Model 3 , and while we've enjoyed it in its rear-wheel-drive Long Range trim and its dual-motor Performance trim , what we've really been wanting to see is a Model 3 that gets closer in price to that fabled $35,000 mark that Elon Musk promised the world way back in 2016. (more...)
Federal Reserve policymakers in favour of ‘restrictive’ policy Federal Reserve policymakers in favour of ‘restrictive’ policy
- October 20, 2018

Rising interest rates may reach a level that matches U.S. President Donald Trump's relationship with the media. Unusually for a USA president, Mr. Trump himself has increased criticism of the Fed's rate increases, calling them "crazy" and warning they would hurt the economy. (more...)
Istanbul police search Saudi consul’s residence in Khashoggi probe Istanbul police search Saudi consul’s residence in Khashoggi probe
- October 18, 2018

There's no independent judiciary and, in fact, the crown prince over the past 16 months has consolidated all five sectors of power: economic, military, and the royal court. Pompeo continued on Wednesday to Turkey, where investigators were still waiting for access to the Saudi consul general's home. Speaking to journalists in Geneva amid news reports that details of Khashoggi's death may surface soon, indicating that it was an accident, United Nations human rights office (OHCHR) ... (more...)
Audio recording emerges of 'murder' of Saudi journalist Audio recording emerges of 'murder' of Saudi journalist
- October 18, 2018

Trump then said that the Saudi government's denial "could not have been stronger". The president of Turkey said this issue is under his personal control. Saudi Arabia initially called the allegation "baseless", but reportedly may acknowledge Khashoggi's slaying, perhaps as part of a botched interrogation . (more...)
Bearish Sentiment Returns To Oil Markets Bearish Sentiment Returns To Oil Markets
- October 16, 2018

The IEA warned that recent peaks in supply and demand have put a strain on spare capacity. In the group's updated oil supply and demand forecasts released Thursday, they cut their demand estimates due to expectations for lower economic growth while supplies should increase from non-OPEC producers, writes Reuters . (more...)
Sears craters after filing for bankruptcy (SHLD) Sears craters after filing for bankruptcy (SHLD)
- October 15, 2018

The company added a new director who is familiar with bankruptcies and restructuring. He said previously the situation did not have the "sense of urgency" that exists now. Sears said it has received a $300m financing package to fund its operations during the bankruptcy proceedings and was negotiating an additional $300m. (more...)
James Murdoch could take chairman role at Tesla James Murdoch could take chairman role at Tesla
- October 15, 2018

SEC settlements haven't met much resistance from courts since a judge's decision to reject a settlement between the SEC and Citigroup Inc. Tesla paid another $20 million to the SEC, despite not being charged with fraud. The company would also appoint two new independent directors to its board. Musk's August 7 tweets caused the company's stock price to spike over 6 percent. (more...)
Khashoggi's fiancée says those responsible for disappearance must be held fully accountable Khashoggi's fiancée says those responsible for disappearance must be held fully accountable
- October 15, 2018

He spoke on condition of anonymity in line with government regulations. "We think what is happening now is Saudi Arabia is trying to buy time". The official said Riyadh would "respond to any action with a bigger one", pointing out that the oil superpower "plays an effective and vital role in the world economy". (more...)
Facebook reveals more details about recent hack that affected 30 million accounts Facebook reveals more details about recent hack that affected 30 million accounts
- October 14, 2018

Last month, when it first disclosed the breach, Facebook said 50 million accounts could have been affected , but the company didn't know if they had been misused. That feature allows users to check privacy settings by glimpsing what their profile looks like to others. Regardless of whether your account was affected, you might also want to consider deleting or deactivating your Facebook account, especially if you don't use it often. (more...)