Economy


French watchdog slaps Google with $57M fine under new European Union law French watchdog slaps Google with $57M fine under new European Union law
- January 22, 2019

They said Google had made it too hard for users to understand and manage preferences on how their personal information is used, in particular with regards to targeted advertising. The first complaint under the EU's new general data protection regulation (GDPR ) was filed on 25 May 2018, the day the legislation took effect. However, the GDPR provides that the consent is " specific " only if it is given distinctly for each objective. (more...)
Musk Backslides on Profit Every Quarter Pledge, Will Cut 7% of Workforce Musk Backslides on Profit Every Quarter Pledge, Will Cut 7% of Workforce
- January 19, 2019

Given the margin of error that could come from "phantom accounts", or from contract/non-full time employees who state that they work for Tesla, Musk is reasonably truthful in stating that Tesla grew by about 30% over the past year. Meanwhile, the U.S. federal government is phasing out subsidies for the Model 3. For one thing, the federal Investment Tax Credit available for Tesla vehicles has already been cut by half and will drop again this summer. (more...)
Taiwan stages live-fire military exercises after China threats Taiwan stages live-fire military exercises after China threats
- January 18, 2019

That has led to Beijing ratcheting up economic, military and diplomatic pressure on the island of 23 million. General Li Zuocheng, a member of the Central Military Commission, told Chief of Naval Operations Adm. An OH-58 Kiowa helicopter fires during an anti-invasion drill. The ministry reiterated that Taiwan is an independent, sovereign nation, a fact that would not be changed by China's actions, saying that such acts of bullying would only further "widen the rift between the two sides ... (more...)
Bipartisan Bill Introduced to Ban Sale of US Tech to Chinese Companies Bipartisan Bill Introduced to Ban Sale of US Tech to Chinese Companies
- January 18, 2019

Establishing that it is USA policy to enforce denial orders banning the export of US parts and components to Chinese telecommunications companies that have violated USA export control laws or sanctions. Senators from the United States introduced the Telecommunications Denial Order Enforcement Act, which prohibits the export of parts of U.S. technology to Chinese telecommunications companies. (more...)
China Not Worried About Other States' Criticism of Death Penalty for Canadian China Not Worried About Other States' Criticism of Death Penalty for Canadian
- January 17, 2019

Meng's case was also raised by Freeland and Wanzhou, with the U.S. State Department saying they " noted their continued commitment to Canada's conduct of a fair, unbiased, and transparent legal proceeding". "I won't comment specifically, because I may have a role down the road, but I will say that we are a rule of law country, and it's one of our most important principles and as minister of justice and attorney general for Canada I will always act to protect the rule of law", he told CBC ... (more...)
Crash-out Brexit looms larger for scientists after deal rejected Crash-out Brexit looms larger for scientists after deal rejected
- January 17, 2019

There's "zero chance" of May renegotiating her present deal with Brussels, said Nile Gardiner, former aide to Prime Minister Margaret Thatcher. U.K. (1900GMT, 2 p.m. EST). Labour wants a permanent customs union with the EU, a close relationship with its single market, and greater protections for workers and consumers. (more...)
PG&E Talking to Banks on Multibillion Dollar Bankruptcy Financing PG&E Talking to Banks on Multibillion Dollar Bankruptcy Financing
- January 17, 2019

Kelly, PG&E's chairman. PG&E said in a company filing Monday that it has only about $1.5 billion in cash and cash equivalents on hand. Shares of PG&E Corp. Today's action confirms reports from Sunday that the company was set to notify its staff of a bankruptcy filing. "I have directed the San Francisco Public Utilities Commission to study any near and long-term impacts this bankruptcy will have on our city and to identify any and all options we have to ensure that everyone in San ... (more...)
Shares lifted by Fed's patience on interest rates Shares lifted by Fed's patience on interest rates
- January 13, 2019

At the same time, Fed officials don't want to give the impression they think the USA economy is vulnerable. Federal Reserve Chairman Jerome Powell said he doesn't see a US recession in the near future, despite the rising likelihood of slowing growth elsewhere around the globe. (more...)
Apple planning to release three new iPhones in 2019 Apple planning to release three new iPhones in 2019
- January 12, 2019

Also, rivals, including Samsung and Huawei , continue to tweak the rear-camera setups on their flagships, putting triple- or quadruple-camera systems in some of the newest models. Retailers like Suning and JD.com are slashing prices by up to $118 on the iPhone XR , according to Reuters and Yahoo Finance . China's "economy began to slow there for the second half", Tim Cook said. (more...)
China pledges to buy 'substantial amount' of U.S. goods: USTR China pledges to buy 'substantial amount' of U.S. goods: USTR
- January 11, 2019

Lighthizer's stance was clearly evident in the USTR press release, which emphasized both structural issues and the need for "complete implementation subject to ongoing verification and effective enforcement" of any eventual agreement. -China Business Council. "That is very positive". The USTR statement emphasised American insistence on "structural changes" in Chinese technology policy, market access, protection of foreign patents and copyrights and cyber theft of trade secrets. (more...)
Halifax demonstrators rally in support of B.C. First Nations pipeline blockade Halifax demonstrators rally in support of B.C. First Nations pipeline blockade
- January 10, 2019

A sign for a blockade check point by the Gidimt'en clan of the Wet'suwet'en First Nation. UNDRIP's Article 10 clearly states "Indigenous peoples shall not be forcibly removed from their land or territories". "We are bound by the rule of law in this country", he said. "I want to say to Prime Minister Trudeau: Welcome to battle ground British Columbia". "The big thing is we've got to be able to support our communities that said yes to this (project) because it's their community that needs that ... (more...)
11th-hour deal allows Sears to remain open - for now 11th-hour deal allows Sears to remain open - for now
- January 09, 2019

Sears' bankruptcy attorney said on Tuesday the retailer will move forward with its planned auction, set for January 14, averting liquidation plans that were supposed to be announced earlier in the day. Lampert had put forward a $4.4 billion bid to save Sears by buying it out of bankruptcy through his hedge fund ESL Investments, but he could not reach an agreement with Sears' advisors, who believe the chairman's offer is insufficient, according to CNBC sources. (more...)
Alexandria Ocasio-Cortez's very slippery slope on 'facts' Alexandria Ocasio-Cortez's very slippery slope on 'facts'
- January 08, 2019

Steve Scalise (R-La.) shot back at Ocasio-Cortez, and things got ugly. In addition to these examples, I also saw at least two right-leaning sites, including Reason, which wrote stories chiding the right for attacking AOC's dancing . Ocasio-Cortez went on to attend and graduate from Boston University's College of Arts & Sciences in 2011, with a degree in economics and global relations. (more...)
Stocks bounce back on US-China hopes; eyes on US jobs data Stocks bounce back on US-China hopes; eyes on US jobs data
- January 07, 2019

Apple surprised Wall Street on Wednesday afternoon after the market closed by issuing revised guidance for its fourth quarter in a letter from CEO Tim Cook to investors. After Asian markets tumbled overnight and European exchanges stumbled, US futures were trading lower on Thursday morning, dragged down by Apple's stunning announcement Wednesday. (more...)
Stocks bounce back on U.S.-China hopes; eyes on U.S Stocks bounce back on U.S.-China hopes; eyes on U.S
- January 05, 2019

Bhansali has argued that consumers are no longer seeing the value for new models of Apple products, like the iPhone XS and MAX, which were more expensive than the iPhoneX, which she says itself was a disappointment. Analysts also highlighted that Apple was vulnerable to the effects of the US-China trade spat, in part due to risk that the tensions could cause Chinese buyers to sour towards US brands. (more...)
Jackpot Winning Mega Millions Ticket Sold in NY Jackpot Winning Mega Millions Ticket Sold in NY
- January 03, 2019

The winning ticket was sold in New York at Brookville Auto Service on Northern Boulevard in Glen Head, according to the New York Lottery website. The Gold Mega Ball was 21, and the Megaplier Multiplier was 02. The New Year's Day lottery drawing came and went, and for just the second time in Mega Millions history, someone won the grand prize on January 1. (more...)
Dow Surges 1000+ Points, Largest Single-Day Gain Ever Dow Surges 1000+ Points, Largest Single-Day Gain Ever
- December 29, 2018

To be exact, the Dow gained 1086.25 points Wednesday. Asked on Wednesday if Mr. Powell's job was safe, White House economic adviser Kevin Hassett told reporters: "Yes, of course, 100 per cent". "They have record kinds of numbers. Investors will likely go for low (valuation) names because they could get into the market that way without getting into trouble". (more...)
"Federal Reserve" is the only problem in United States economy, says Trump
- December 29, 2018

Earlier this year, White House press secretary Sarah Huckabee Sanders denied reports Trump would remove H.R. McMaster one week before he was ousted. Trump defended Mnuchin, telling reporters on Tuesday that the Treasury chief is a "very talented, very smart person". (more...)
Sears to close at Mall of America in March 2019 Sears to close at Mall of America in March 2019
- December 29, 2018

If he doesn't and Sears receives no other bids, the company could extend the deadline or liquidate its assets. At that time, ESL could participate in the auction against liquidation bidders on January 14. Representatives for Sears, based in Hoffman Estates , Illinois, and for Bank of America declined to comment. In Mississippi, Kmart's website also lists a store in Columbus. (more...)
Stocks rebound after pre-holiday thumping Stocks rebound after pre-holiday thumping
- December 28, 2018

Late Friday, there was a report that President Donald Trump was discussing the possibility of firing Federal Reserve Chair Jerome Powell , a move that could undermine confidence in the USA financial system. The stock market was only open for half a day Monday, and that was more than enough time for the Dow Jones Industrial Average to drop 2.9 percent to 21,792.20. (more...)
What's open and closed on Christmas Eve, Christmas Day and Boxing Day What's open and closed on Christmas Eve, Christmas Day and Boxing Day
- December 26, 2018

But that doesn't mean that all businesses and stores are closed today. Snacks including pigs in blankets or Christmas pudding are also available throughout the day while you settle down to watch your favourite Christmas films. If there are a few supplies that you still need to get before tomorrow then it is worth planning your journey to make sure that your local store is open when you plan to go there. (more...)
Stocks set fall after Steven Mnuchin’s odd statement fails to calm markets Stocks set fall after Steven Mnuchin’s odd statement fails to calm markets
- December 26, 2018

Asian stocks were mixed on Monday after Mnuchin's calls to the bankers, but analysts expressed both surprise and alarm at the Secretary's Sunday statement, saying it might do the opposite of calming current jitters. Mnuchin said on Sunday that he conducted a series of calls with CEOs of the country's six largest banks, namely Brian Moynihan, Bank of America; Michael Corbat, Citi; David Solomon, Goldman Sachs; Jamie Dimon, JP Morgan Chase; James Gorman, Morgan Stanley and Tim Sloan, Wells ... (more...)
Some windstorm outages could take days to fix, BC Hydro warns Some windstorm outages could take days to fix, BC Hydro warns
- December 25, 2018

Environment Canada said gusts hit 128 km/h across Metro Vancouver, Vancouver Island and the Fraser Valley on Thursday. Vancouver was in clean-up mode Friday morning after Thursday's wind storm that battered the Lower Mainland, Vancouver Island and the Fraser Valley downing trees and powerlines across the region. (more...)
Amazon sent over 1,000 private Alexa recordings to random person Amazon sent over 1,000 private Alexa recordings to random person
- December 23, 2018

Amazon sent him a download link to tracked searches on the website - and 1,700 audio recordings by Alexa that were generated by another person. And Thanks to Amazon's Echo range of smart speakers and other third-party devices, it's presence in our homes is growing by the minute. (more...)
Prosecutors re-arrest Carlos Ghosn on new allegations Prosecutors re-arrest Carlos Ghosn on new allegations
- December 23, 2018

Mr Ghosn, 64, and Greg Kelly , an American lawyer and former Nissan executive, have been charged with conspiring to hide from regulators ¥5 billion (£35 million) of pay agreed for the Nissan chairman between 2010 and... Just hours before his new arrest, he had vowed to restore his good name in court and hold a press conference once he was released. The 10-day detention period for the second crime ran out on Thursday. (more...)
Fed Raises Benchmark Rate from 2.25% to 2.5% Fed Raises Benchmark Rate from 2.25% to 2.5%
- December 22, 2018

In doing so the Fed seems to have ignored weeks of market volatility and calls by President Donald Trump to stop raising interest rates by the USA central bank. This will allow him to explain any abrupt policy changes. Treasury Secretary Steven Mnuchin said Thursday that financial markets are overreacting too the Fed's rate hike this week. (more...)
Canada says third national detained in China Canada says third national detained in China
- December 21, 2018

O'Toole said a fellow Conservative lawmaker relayed the information to Canada's foreign minister. China, however, has said that Canada and the United States overstepped their authority and that Meng, who was arrested while changing planes in Vancouver , broke no laws. (more...)
US Stocks Dive Again, Worst December Since Great Depression Projected US Stocks Dive Again, Worst December Since Great Depression Projected
- December 21, 2018

The blue-chip barometer is notching its worst month in more than three years. The S&P 500 index fell 8 points, or 0.3 percent, to 2,591. The Nasdaq composite index was up 16.16 points to 6800.07. Oil prices dropped $3.66 to $46.22 USA a barrel. Trump administration economic adviser Peter Navarro said on CNBC Monday morning that the Fed is the source of volatility and the stock slide. (more...)
Vladimir Putin's chilling warning on nuclear threat Vladimir Putin's chilling warning on nuclear threat
- December 21, 2018

Russian President Vladimir Putin is warning about the rising threat of a nuclear war. Putin also pointed out the Japanese government is building an alternative base for the US air station Futenma, now located in central Okinawa, in the Henoko district of Nago, further north, despite strong opposition from local residents and Okinawa Gov. (more...)
Investigation reveals Facebook gave Netflix and Spotify access to user's private messages Investigation reveals Facebook gave Netflix and Spotify access to user's private messages
- December 20, 2018

Facebook also allowed Microsoft's Bing search engine, to collect the names of "virtually all Facebook users' friends" without their consent. The deals were made over the years, dating back to as early as 2010. The report marked yet another potential embarrassment for Facebook, which has been roiled by a series of scandals on data protection and privacy and has been scrutinised over the hijacking of user data in the 2016 USA election campaign. (more...)
Inventor Engineers Brilliant Package That Hilariously Targets Thieves Inventor Engineers Brilliant Package That Hilariously Targets Thieves
- December 19, 2018

Rober, a self-described former NASA engineer , said the prank was a tribute to his "childhood hero", Kevin McCallister , the irrepressible young hero, played by actor Macaulay Culkin, in John Hughes' 1990 comedy that was filmed in Winnetka. (more...)
Trump advises Fed not to consider interest rate hike Trump advises Fed not to consider interest rate hike
- December 19, 2018

In fact, Fed Chairman Jerome Powell in recent statements has indicated the central bank is considering suspending its rate increases while it takes time to view more economic data. "True central bank independence is the freedom to do the right thing independent of the whims of the executive", Low said. Zero interest rates were introduced during the recession. (more...)
China Confirms Detention of Second Canadian China Confirms Detention of Second Canadian
- December 15, 2018

Hu Xijin, editor of the state-backed Global Times , a nationalistic tabloid, said on the Weibo social media platform the Chinese government would never concede that the Canadians' detentions were related to Meng's case. Canadian foreign ministry spokesman Guillaume Bérubé confirmed that Mr Spavor had contacted it earlier in the week because "he was being asked questions by Chinese authorities". (more...)
RBI governor Shaktikanta Das vows to uphold central bank's autonomy and values RBI governor Shaktikanta Das vows to uphold central bank's autonomy and values
- December 14, 2018

PCA banks are expected to further push for a relaxation at the meeting. "Subsequently at some stage, I will have an interaction with the private sector banks also to understand the issues relating to them", he added. He said that he would like to focus on the banking sector immediately. He said that as the new RBI chief he will try and uphold professionalism, core values, credibility and autonomy of this institution. (more...)
Apple to open small campus in San Diego with 1,000 jobs Apple to open small campus in San Diego with 1,000 jobs
- December 14, 2018

The company says it added 6,000 jobs to its USA workforce in 2018 and now employs 90,000 people across all 50 states. The 133-acre campus in Austin will be less than a mile from Apple's existing facilities and initially have 5,000 employees. (more...)
Trump promised China would buy more soybeans. American farmers are still waiting Trump promised China would buy more soybeans. American farmers are still waiting
- December 14, 2018

He is also facing pressure from financial markets, which have been roiled in recent weeks by concerns over the effects a worsening trade war between the world's two largest economies would have on global growth. The US president agreed to postpone for 90 days a January 1 increase in tariffs on Chinese goods while the two sides negotiated over increased Chinese purchases of American farm and energy commodities, an end to forced technology transfers and stronger protections for US intellectual ... (more...)
Google CEO has to tell Congressman who makes the iPhone Google CEO has to tell Congressman who makes the iPhone
- December 13, 2018

The Texas Republican also pressed Pichai on whether Google had ever punished any of its employees for manipulating search results . However, Chief Executive Sundar Pichai said that while the company was studying the idea, it had no plans to do so. (more...)
Kotex tampons recalled after reports of unraveling, pieces left in body Kotex tampons recalled after reports of unraveling, pieces left in body
- December 13, 2018

Kimberly-Clark has announced a voluntary recall of one of their tampon brands due to a defect across the United States and Canada. Some users have needed to seek medical attention after pieces remained in the body. The Wisconsin-based company said it received reports of tampons "unravelling and/or coming apart upon removal". Consumers experiencing vaginal injury or symptoms like hot flashes, nausea or vomiting after using the product should seek medical attention immediately. (more...)
Canadian court grants bail to Huawei CFO Meng Wanzhou Canadian court grants bail to Huawei CFO Meng Wanzhou
- December 13, 2018

This TV image provided by CTV to AFP shows Huawei Technologies Chief Financial Officer Meng Wanzhou as she exits the court registry following the bail hearing at British Columbia Superior Courts in Vancouver, British Columbia, Dec. Meng was arrested in Vancouver during a flight transfer while traveling from Hong Kong to Mexico. Martin said, arguing the evidence against her was not overwhelming. (more...)
May heads to Netherlands, Germany in bid to save Brexit deal May heads to Netherlands, Germany in bid to save Brexit deal
- December 13, 2018

May needs to win a simple majority of votes from her party's parliamentarians to keep her job. Britain's ruling Conservatives have been divided for years over the European Union question, with younger MPs being largely in favour of leaving it, while older ones tended to be more supportive of it. (more...)