Economy


Whirlpool says Sears bankruptcy will have 'very limited' impact Whirlpool says Sears bankruptcy will have 'very limited' impact
- October 16, 2018

Sears then tweaked those plans and said it would shut down "only" 63 locations, including 48 Sears store closures and 15 Kmart store closures . Wells Fargo & Co., Citigroup Inc. Its management tried to compete by closing stores and cutting costs. Whirlpool, which had started in business more than a century ago selling its appliances at Sears, pulled its various brands out of Sears and Kmart stores previous year. (more...)
Saudi Arabia preparing to admit Khashoggi was killed Saudi Arabia preparing to admit Khashoggi was killed
- October 16, 2018

More major players in global finance and industry are pulling out of a high-profile business conference in Saudi Arabia in the wake of reports that a Saudi writer critical of the government disappeared and is feared dead after entering a Saudi consulate in Turkey. (more...)
Sears is hammering out deal to stay open in bankruptcy Sears is hammering out deal to stay open in bankruptcy
- October 15, 2018

Since a year ago alone, Sears has closed more than 380 of its 894 stores , down from 2,200 stores in the USA and Canada in 2005. "I don't understand the point of Sears, I just buy everything online", said 23-year-old Lyft driver Shannon Dickey as we pull up to the abandoned storefront of Sears that sits at the top of Ross Park Mall, nine miles north of downtown Pittsburgh "I think their old catalogs are cool, but I just don't understand the point of Sears". (more...)
Elon Musk commits to SEC settlement despite mocking tweets Elon Musk commits to SEC settlement despite mocking tweets
- October 15, 2018

CEO Musk must also stand down as chairman of the USA electric auto maker. The son of Fox mogul Rupert Murdoch , he joined Tesla's board in July 2017 after years of work with media companies. With Tesla's Q3 earnings report coming in less than four weeks, T. Rowe Price's increased stake in the electric auto maker could prove to be a strategic investment for the financial firm. (more...)
Turkey, Saudi Arabia discuss missing journalist case Turkey, Saudi Arabia discuss missing journalist case
- October 15, 2018

What did the Europeans say? "We encourage joint Saudi-Turkish efforts in that regard, and expect the Saudi government to provide a complete and detailed response", they added. US markets have been rattled by rising interest rates, signs of a slowdown in the global economy and the U.S. However, Turkish officials said Sunday that Saudi Arabia appears to be using delay tactics and is interested only in presenting a facade of cooperation. (more...)
Trump blames stock market drop on Federal Reserve Trump blames stock market drop on Federal Reserve
- October 14, 2018

The benchmark USA 10-year Treasury bond usually offers a lower return, or yield, than a typical index fund that tracks the S&P 500 . The S&P 500 index closed lower for a sixth straight day. Simply put, stocks are sinking as Treasury rates spike. Higher rates generally hurt stock prices for a few reasons. Economists generally view the recent rate increases as a natural response to improved growth. (more...)
Natural gas output stranded after B.C. pipeline explosion Natural gas output stranded after B.C. pipeline explosion
- October 14, 2018

This line was shut down as a precautionary measure following the October 9 incident on its 36-inch gas line near Prince George. FortisBC continues to ask customers to avoid all non-essential use of natural gas until the situation has been completely resolved. (more...)
Wall Street dives, setting the ASX up for heavy losses at open Wall Street dives, setting the ASX up for heavy losses at open
- October 12, 2018

Technology and internet-based companies are known for their high profit margins, and many have reported explosive growth in recent years, with corresponding gains in their stock prices. Delta Air Lines shares rose 3.8 percent after the airline beat profit expectations. The Nasdaq composite rose 15 points, or 0.2 percent, to 7,436. The CBOE Volatility Index, or VIX, a market barometer often dubbed Wall Street's fear gauge, surged almost 40%. (more...)
U.S. ramps up pressure on Saudis over missing journalist U.S. ramps up pressure on Saudis over missing journalist
- October 12, 2018

He warned that the Saudis could instead buy from Russian Federation or China. Reports about the USA appointing investigator over the disappearance of Saudi journalist Jamal Khashoggi are untrue, said Turkish diplomatic sources on Thursday. (more...)
USA actively considering waivers on Iran oil sanctions USA actively considering waivers on Iran oil sanctions
- October 11, 2018

Other images revealed a black van later travelling from the Saudi consulate to the consul's home. Earlier this week, Indian officials said that they hoped India could secure a waiver from the United States, because it has significantly reduced purchases of Iranian oil . (more...)
International Monetary Fund chief defends Beijing from currency manipulation claims International Monetary Fund chief defends Beijing from currency manipulation claims
- October 11, 2018

Last month, the Swiss government, raised its GDP forecast for 2018 to 2.9% from 2.4% and, earlier this year, it was announced that Swiss exports had matched and surpassed their recent growth. The IMF had recently termed the exchange rate as "overvalued". The financial outlook, combined with global uncertainty over trade tensions between Washington and trading partners like China, has created "a bit of an unprecedented situation" for the world economy, said Lagarde . (more...)
Brexit: EU's Tusk tells May to 'get down to business' Brexit: EU's Tusk tells May to 'get down to business'
- October 07, 2018

Yes, it took us a few goes before we could think about anything else. "Our mission as Conservatives must be to show them that we can build an economy that does". and secondly, to seek a good trading and security relationship with our neighbours after we have left". She also clocked up more uses of the words "freedom" (15 compared with three for Corbyn), "security" (13 compared to six) and "opportunity" (eight compared to two). (more...)
Fuel Prices: Center Finally Responds To Common Man’s Plight Fuel Prices: Center Finally Responds To Common Man’s Plight
- October 07, 2018

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 . "In general, what's driving emerging market weakness is a stronger United States economy ... there is a lack of clarity on the effectiveness of rate hikes as a currency defence", said Sunil Sharma, chief investment officer with Sanctum Wealth Management. (more...)
State elections prompt reduction in oil prices State elections prompt reduction in oil prices
- October 05, 2018

AAP government in New Delhi is also unlikely to cut the fuel prices. Additionally, the union minister was generous enough to urge the state governments to follow the Center's footsteps and cut down the rates of petrol and diesel. In. Jaitley said the move followed Brent crude oil touching four-year high of Dollars 86 a barrel Wednesday and interest rates in U.S. reaching seven-year high. (more...)
I told Saudi king he wouldn't last without USA support: Donald Trump I told Saudi king he wouldn't last without USA support: Donald Trump
- October 04, 2018

Brent crude oil was trading at $84.65 (£65.09) per barrel this afternoon, having dropped from a high of $85.33 earlier in the day and near the four-year high it reached on Monday. This is predicted to show that weekly crude inventories rose by 1,985,000 barrels after the previous week's 1,852,000 increase. Not good. We want them to stop raising prices. (more...)
Amazon 'Listens To Critics' With Huge Pay Increase For UK Workers Amazon 'Listens To Critics' With Huge Pay Increase For UK Workers
- October 03, 2018

The people who sort, pack, ship and deliver orders for Amazon shoppers are crucial to Bezos's desire to make Amazon the one-stop shop for every purchase people might desire. Sanders said he looks forward to working with Bezos on federal minimum wage legislation. Amazon, like other retailers, may also have concluded that it needs to raise wages to reduce turnover and attract better job applicants at the company's crucial network of package warehouses and for positions in Amazon's growing ... (more...)
Tesla ramps up production in Shanghai to offset Chinese import tariffs Tesla ramps up production in Shanghai to offset Chinese import tariffs
- October 03, 2018

The company delivered 83,500 vehicles during the third quarter, a strong performance that should calm investor fears about logistical problems and a looming cash crunch. Tesla's third-quarter production report was positive in some ways, but the details were a little hazy. Production was a bit below that number: Tesla said it built about 53,000 Model 3s. (more...)
Tesla is 'very close' to profitability, Musk says in staff email Tesla is 'very close' to profitability, Musk says in staff email
- October 02, 2018

Billionaire businessman Elon Musk has stepped down as the Chairman of Tesla following a tweet where he claimed he has the funding and investor support to buy the publicly-traded company. As part of the settlement, both the company and Musk have been fined US$ 20 million each. Amidst reports that Musk reportedly rejected a settlement from the government agency, Friday's trading ultimately ended at $264.77 per share. (more...)
United States and Canada agree free trade deal United States and Canada agree free trade deal
- October 02, 2018

The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain to protect its lumber industry and other sectors from USA anti-dumping tariffs, Canadian sources said. Dairy farmers around Canada were not so convinced. That is more than the 2 million units now exported. He tweeted: "It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our farmers and manufacturers, reduces trade barriers to ... (more...)
NAFTA negotiations: Canada and Trump administration at impasse NAFTA negotiations: Canada and Trump administration at impasse
- October 01, 2018

Several Democrats questioned whether the Trump administration has the legal authority to proceed with a Mexico-only deal when prior notifications under the "fast-track" trade negotiating authority law were for a trilateral deal including both Mexico and Canada. (more...)
Ripple Has Grown By More Than 100% In 4 Days Ripple Has Grown By More Than 100% In 4 Days
- September 30, 2018

In addition to that, there were also good tidings relating to content creators. The listing of XRP sees the digital asset become the fifth virtual currency to gain listing on Remitano after Bitcoin (BTC ), Ethereum (ETH ), Tether (USDT) and very recently Bitcoin Cash (BCH). (more...)
Trump interrupted by laughter while praising USA administration's
- September 27, 2018

U.S. crude inventories rose by 1.9 million barrels in the week to September 21, according to U.S. Energy Information Administration (EIA) data. Iranian Minister of Petroleum has welcomed OPECs decision effectively rebuffing President Donald Trump's calls for a hike in oil output, saying United States empty dream to zero Irans oil exports would not realize. (more...)
Brent crude falls to $82 per barrel Brent crude falls to $82 per barrel
- September 27, 2018

JPMorgan said U.S. sanctions on Iran could lead to a loss of 1.5 million barrels per day (bpd), while Mercuria warned that as much as 2 million bpd could be knocked out of the market. He said: "My information is that the markets are adequately supplied". " OPEC gave a clear answer to Trump , who criticized the group for pushing for higher prices - they obviously refused to submit", said Satoru Yoshida, a commodity analyst at Rakuten Securities Inc.in Tokyo. (more...)
Instagram's co-founders are leaving Facebook Instagram's co-founders are leaving Facebook
- September 26, 2018

The co-founders of Instagram are stepping away from the company in a move that's seen as the latest in a series of difficulties for parent company Facebook. One of the names being touted as the next boss of Instagram is Adam Mosseri . The two were inspired to create the Instagram app - originally launched just for iPhones in 2010 - by old Polaroid pictures. (more...)
ABC staff are rounding on ousted boss Michelle Guthrie ABC staff are rounding on ousted boss Michelle Guthrie
- September 25, 2018

I am considering my legal options ", she said. ABC managing director Michelle Guthrie has been sacked from the national broadcaster. David Anderson , a 30-year veteran of the ABC , will be acting managing director while a formal search process involving internal and external candidates begins. (more...)
Trump says OPEC 'monopoly' must get prices down Trump says OPEC 'monopoly' must get prices down
- September 24, 2018

Opec and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies. Trump wrote on Twitter . Prices were supported by sanctions on Iranian supplies and pressured by the potential that Chinese demand could wane. Trump has been consistent in his demands and belief that oil prices are too high. (more...)
Porsche confirms it will no longer offer diesel engines
- September 24, 2018

Recent court rulings in Germany stipulating that older diesel cars should be banned from certain areas have caused uncertainty among auto buyers. Volkswagen's (VOWG_p.DE) Porsche will stop offering diesel versions of its cars, the unit said on Sunday, sharpening its focus on hybrid and battery-powered vehicles instead. (more...)
Airplane passengers left bleeding from ears and nose after cabin pressure mistake Airplane passengers left bleeding from ears and nose after cabin pressure mistake
- September 21, 2018

Lalit Gupta , a senior official of India's aviation regulator, the Directorate General of Civil Aviation (DGCA), told the Hindustan Times newspaper that the crew had forgotten to select a switch to maintain cabin pressure, BBC News reports . (more...)
China raises tariffs on $60B of U.S. goods in technology fight
- September 19, 2018

Officials said they wanted to shield consumer goods from the taxes as much as possible. "The new tariffs are bad news for the retail sector", said Neil Saunders, managing director at GlobalData Retail, a consulting firm. Mr. Trump has also complained about America's gaping trade deficit $336 billion a year ago with China, its biggest trading partner. The administration earlier this month floated the idea of talks led by Mnuchin, with Liu He expected to lead the Beijing delegation. (more...)
Trump slaps additional 10% tariffs on $200bn in Chinese goods Trump slaps additional 10% tariffs on $200bn in Chinese goods
- September 19, 2018

US President Donald Trump was poised to ratchet up his trade dispute with China, with a major announcement promised later Monday that could see hundreds of billions in goods subjected to fresh import duties. "There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!" China slapped $60bn worth of tariffs on American goods on Tuesday in retaliation for new tariffs announced by the United States. (more...)
$100k reward to catch those spiking strawberries with needles in Australia
- September 16, 2018

Police are also investigating contamination of fruit sold by Delightful Strawberries , Love Berries and Oasis in NSW, Queensland , Victoria, and the ACT stores. "Whereas we would normally be selling 30 tonnes a day of locally grown strawberries to WA markets, it has dropped to 20 tonnes". "With strawberries you need to continue picking them", he told ABC . (more...)
FDA cracking down on e-cigarettes FDA cracking down on e-cigarettes
- September 16, 2018

In April, JUUL sent thousands of pages of records to be reviewed by the FDA - but apparently, it didn't bode well for the nicotine king. It reserved its strongest action for the manufacturers themselves. The burgeoning popularity of e-cigarettes among young smokers has caused traditional cigarette industry players a great deal of trouble by eating into their market share . (more...)
Canada's Freeland to hold NAFTA talks in Washington on Tuesday Canada's Freeland to hold NAFTA talks in Washington on Tuesday
- September 14, 2018

The prime minister Justin Trudeau has been clear about its intentions: we do not assign the management of the offer. U.S. President Donald Trump has threatened to push ahead with a bilateral deal with Mexico, effectively killing the nearly 25-year-old three-country NAFTA pact, which covers $1.2 trillion in trade. (more...)
White House adviser admits Trump got his facts wrong in economy tweet White House adviser admits Trump got his facts wrong in economy tweet
- September 12, 2018

In the end, Sanders backed down, with evidence that the black employment rate was 3.2 million under the Obama presidency and just 700,000 under Trump . But it plays directly into one of his biggest vulnerabilities, the questions of character that are exacerbated by the constant White House meltdowns. (more...)
Alibaba's Jack Ma to Step Down in a Year Alibaba's Jack Ma to Step Down in a Year
- September 11, 2018

Zhang, a former accountant, has worked at Alibaba Group for 11 years and is credited with establishing the e-commerce giant's Singles' Day event and for being one of the key driver's behind Alibaba's new retail strategy. Other members include Eric Jing, chief of Alibaba payment affiliate Ant Financial [ANTFIN.UL], Joe Tsai, executive vice chairman of Alibaba, Simon Hu, chief of Alibaba Cloud, and Lucy Peng, who heads Alibaba's Southeast Asia business. (more...)
Economy adds 201000 jobs in August Economy adds 201000 jobs in August
- September 10, 2018

When it comes to the USA jobs report , for years now it hasn't been the number of jobs created or the headline unemployment rate that's been in focus, but the mystery of the American paycheck. The jobless rate came in under 4 percent for the fourth time this year. Notably, the manufacturing sector lost about 3,000 jobs in August. That was the first drop since July 2017 and followed an increase of 18,000 in July. (more...)
Bernie Sanders introduces 'Stop BEZOS Act' in the Senate Bernie Sanders introduces 'Stop BEZOS Act' in the Senate
- September 09, 2018

Anecdotes shared by current and former Amazon employees corroborate these findings. Bernie says, "Bezos is paying his employees so low that these workers are depending on food stamps, subsidized housing and Medicaid to survive". Amazon , aware of the Vermont senator's plans to launch such a bill, pre-empted the announcement in an August blog post . In video interviews posted on Sanders' Facebook page, workers at several levels of Amazon described highly surveilled work environments, ... (more...)
Tesla's chief accountant quits after one month on the job (TSLA) Tesla's chief accountant quits after one month on the job (TSLA)
- September 09, 2018

The departures came after CEO Elon Musk gave a wide-ranging, almost three-hour interview to podcast host Joe Rogan and addressed topics ranging from his job at Tesla to the the end of the world. However, during an interview for The New York Times , Mr. Musk criticized the use of the drug while denying it had anything to do with attempting to take Tesla private. (more...)
Trudeau Threatens Relationship With The U.S. Trudeau Threatens Relationship With The U.S.
- September 08, 2018

Trump has notified Congress that he intends to sign the trade deal reached last week with Mexico by the end of November, and officials said the text would be published by around October 1. "I think that it's not necessarily a disaster", she said. However, U.S. President Donald Trump wants Chapter 19 scrapped. Some of the United States' 40,000 dairy farmers say they have also been hurt this year by tariffs imposed by China and Mexico in retaliation to those imposed by President ... (more...)
Obama issues scathing critique of Trump, 'politics of fear' Obama issues scathing critique of Trump, 'politics of fear'
- September 08, 2018

When most Republican elites who are skeptical of Trump use the word "normal", they have in mind the policy agenda supported by Paul Ryan and Mitch McConnell. This post has been updated with additional comments from Obama's speech . Obama's campaign activity will continue through October and will include fundraising appearances, according to an Obama adviser. (more...)