Economy


Trump Organization CFO Allen Weisselberg reportedly granted immunity Trump Organization CFO Allen Weisselberg reportedly granted immunity
- August 27, 2018

People instantly recognized who was in Conway's sights in this tweet . The effect of their alleged conspiracy against campaign finance laws was to defraud American voters, who were prevented from learning potentially relevant information ahead of Election Day 2016. (more...)
Fed chairman defends rate rise policy after attack by Trump Fed chairman defends rate rise policy after attack by Trump
- August 27, 2018

Where he stands on the pace of interest rate hikes will be scrutinized after minutes from the Fed's most recent policy meeting indicated the central bank would tighten monetary policy soon. Further, Powell believes the Fed policy has gradually moved closer to neutral, meaning the tightening cycle is nearing its end. Next month, the Fed is widely expected to resume raising rates. (more...)
Trump's finance chief Allen Weisselberg is granted immunity from prosecution
- August 26, 2018

Weisselberg's ties to the Trump family date back to the 1970s when he worked as an accountant for the president's father, Fred, according to news reports. Cohen has indicated he may cooperate with that inquiry. He told Fox News on Wednesday that he wasn't aware of the payments made by Cohen until "later on", while maintaining they were not campaign funds. (more...)
Sears store in Hamilton Mall to close Sears store in Hamilton Mall to close
- August 26, 2018

The Jackson Crossing is among those on the list. Liquidation sales are set to begin as early as August 30, according to Sears . Sears will shutter even more stores as it moves to streamline its business. Excluding Sears Canada, the retailer operated 3,530 stores at the beginning of 2009, according to regulatory filings . The company also sold its Craftsman tool brand to Stanley Black & Decker Inc. (more...)
Dollar dented by Trump's Fed comments Dollar dented by Trump's Fed comments
- August 23, 2018

There are a total of seven governors on the Fed Board, all of whom have a vote on setting interest rates, and Trump still has one remaining vacancy to fill should his current slate of nominees win approval from the Senate. Numerous members considered another rate hike likely appropriate soon. Trump followed up those comments with further complaints on Twitter . Without gradual rate interest rate rises, policymakers worry, the economy could overheat, forcing the Fed to raise them ... (more...)
Tesla shares slide as Elon Musk admits to Tesla shares slide as Elon Musk admits to "difficult and painful year"
- August 21, 2018

The interview comes after a very rough couple of weeks for both Musk and his electric vehicle company . Musk told the Times on Thursday that he has been under enormous pressure from his workload. Musk said that he hasn't taken a week-long vacation in close to 20 years. The subpoena signals regulators are investigating if Musk was telling the truth in his tweet about have financing locked up for a deal that analysts have estimated would require $25 billion to $50 billion. (more...)
Gatwick resorts to whiteboards for flight information after IT crash Gatwick resorts to whiteboards for flight information after IT crash
- August 21, 2018

According to the BBC, Gatwick staff had to bring out whiteboards (like the ones you had in school) to notify passengers of their flight statuses due to all the digital screens in the airport being downed by technical issues. Some passengers have missed their flights due to the issue, which the West Sussex airport said was caused by damage to a fibre optic cable. "Tens of thousands" of people departed on time and no flights were cancelled. (more...)
PepsiCo buying SodaStream for $3.2 billion in cash PepsiCo buying SodaStream for $3.2 billion in cash
- August 21, 2018

SodaStream shares have jumped 49 per cent this month after the company boosted its forecast for revenue growth this year to 23 per cent and reported first-half figures that beat estimates. "Daniel and his leadership team have built an extraordinary company that is offering consumers the ability to make great-tasting beverages while reducing the amount of waste generated". (more...)
Trump says Turkey has acted badly in Brunson case Trump says Turkey has acted badly in Brunson case
- August 19, 2018

He is facing terrorism and espionage related charges that US officials say are frivolous. "They made up this phony charge that he's a spy", Trump said. Kemal Kilicdaroglu, head of the Republican People's Party, said Thursday in Ankara , the capital. Erdogan wrote in an op-ed last week for The New York Times: "The Turkish people expected the United States to unequivocally condemn the attack and express solidarity with Turkey's elected leadership. (more...)
Turkey court rejects United States pastor Andrew Brunson release appeal Turkey court rejects United States pastor Andrew Brunson release appeal
- August 18, 2018

The North Carolina native's case has rapidly soured relations between Washington and Ankara , with the two sides trading increasingly heated rhetoric and retaliatory tariffs. The statement said that the two ministers made a decision to work closely to develop cooperation between Turkey and France and agreed to meet in Paris on August 27. (more...)
China, US to Resume Trade Talks This Month China, US to Resume Trade Talks This Month
- August 17, 2018

The last round of talks took place in early June, . when U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He in Beijing . Vice Minister to meet with US Treasury UnderSecretary Malpass. Another $16 billion in levies will be effective later in August. It's unclear if the meeting will take place before or after August 23, which is when the Trump administration will impose 25 percent tariffs on $16 billion worth of Chinese imports. (more...)
US threatens more Turkey sanctions if pastor not freed US threatens more Turkey sanctions if pastor not freed
- August 17, 2018

Qatar pledged on Wednesday 15 billion (Dh 55bn) of direct investment into Turkey, amid a diplomatic spat between Ankara and Washington that has triggered a Turkish currency crisis. But analysts say such measures are artificial stop-gaps and do not deal with the core issues hurting Turkey's economy - especially inflation approaching some 16 percent - which are crying out for a sharp interest rate hike. (more...)
Turkey issues retaliatory tariffs on USA imports Turkey issues retaliatory tariffs on USA imports
- August 16, 2018

On Wednesday, Turkey doubled tariffs on some imports from the USA - such as passenger cars, alcohol and tobacco - in what it said was retaliation for "deliberate attacks" on its economy. Investors are anxious that about Erdogan's control over the central bank and his pressure to keep it from raising interest rates. The cost of insuring Turkey's sovereign debt against default - already higher than Pakistan and Greece - increased as the standoff between Turkey and the USA worsened. (more...)
As rupee sinks to historic low, Modi govt blames 'external factors' As rupee sinks to historic low, Modi govt blames 'external factors'
- August 15, 2018

Importers were seen aggressively buying dollars in the forward market putting further pressure on the rupee", said Abhishek Goenka, chief executive officer (CEO), India Forex Advisors. "On the downside, support is around 69.30 levels", Rushabh Maru-Research Analyst at Anand Rathi Share and Stock Brokers, told Moneycontrol . He said the RBI has spent about $23 billion so far to intervene in the market. (more...)
Tesla's board forms special committee to vet any proposal to go private Tesla's board forms special committee to vet any proposal to go private
- August 15, 2018

Musk has since attempted to calm things down by issuing a blog post Monday in which he expressed confidence that conversations with a Saudi sovereign wealth fund can lead to a deal. Goldman Sachs declined to comment. California-based Tesla has become one of the most valuable automakers on expectations it will disrupt the industry, although it produced only slightly more than 100,000 vehicles a year ago. (more...)
Erdogan warns Trump: Turkey does not respond to threats Erdogan warns Trump: Turkey does not respond to threats
- August 14, 2018

While Turkey and the United States are at odds over a host of issues, the most pressing disagreement for Trump has been the fate of American Christian pastor Andrew Brunson, who is on trial on terrorism charges for allegedly supporting a group that Ankara blames for a failed coup in 2016. (more...)
US stocks closed mixed amid data, earnings US stocks closed mixed amid data, earnings
- August 13, 2018

The S&P 500 was just 1 percent shy of a record it hit on January 26 on Tuesday as an estimated 24 percent jump in earnings from S&P companies underscored the strength of the world's biggest economy and corporate sector. The S&P 500 is up 179.97 points, or 6.7 per cent. Bank shares led the way lower in the U.S.as Bank of America, Goldman Sachs and Morgan Stanley all dropped at least 1 percent. (more...)
Turkey unveils new economic plan Turkey unveils new economic plan
- August 11, 2018

Trump also declared, "Our relations with Turkey are not good at this time!" Mr Trump tweeted that he had authorised the doubling of steel and aluminium tariffs "with respect to Turkey". Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence. At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss. (more...)
Novichok attack: Russian Federation denounces 'draconian' new U.S. sanctions Novichok attack: Russian Federation denounces 'draconian' new U.S. sanctions
- August 10, 2018

A Russia Foreign Ministry spokeswoman said Thursday the restrictions represent a new attempt to " demonize Russia". "And it would be necessary.to react to this war economically, politically, or, if needed, by other means", he said. What was certain, Gudkov said, was that pro-Kremlin media outlets would use the new sanctions as fresh confirmation of a story line about a "Russophobic" West that many Russians buy. (more...)
Doubts grow over Elon Musk’s master plan to take Tesla private Doubts grow over Elon Musk’s master plan to take Tesla private
- August 09, 2018

According to Musk, taking the company private would remove the scrutiny from analysts that, he says, encourages short-term thinking. Shares rocketed up 11 percent after Musk's grand reveal Tuesday, with some expecting they would hit $420 - the price Musk had promised shareholders would receive once the company had finalized its go-private transformation. (more...)
Elon Musk says he's considering taking Tesla private
- August 08, 2018

He did not identify the would-be buyer or buyers. But Musk continued to tweet , adding, "I don't have a controlling vote now & wouldn't expect any shareholder to have one if we go private". Despite its challenges, Tesla has remained a favourite among many investors, partly due to their faith in Musk, who made his initial fortune as a co-founder of PayPal and also is the CEO of a trail-blazing aerospace company, SpaceX, that's already private. (more...)
US Sanctions on Iran to Resume US Sanctions on Iran to Resume
- August 07, 2018

President Donald Trump's administration announced on Monday it would reinstate sanctions Tehran after it withdrew from the Iran deal - and the Islamic Republic has made no shortage of vitriolic threats about what it might do in response. (more...)
Portugal and Spain brace for record-breaking temperatures Portugal and Spain brace for record-breaking temperatures
- August 05, 2018

Spain's current record high is 47.3°C (117.14°F) and Portugal can boast a slightly-higher highest temperature, at 47.4°C. Portuguese authorities have issued a nationwide health warning, including for dust moving up from the Sahara Desert, while warnings have also been issued for 40 of Spain's 50 provinces. (more...)
Turkish lira skids past 5 to dollar on US sanctions move Turkish lira skids past 5 to dollar on US sanctions move
- August 04, 2018

On Friday, the two leaders agreed to work together to resolve tensions between the two countries. The US has imposed sanctions on Turkey's justice and interior ministers over the continued detention of American pastor Andrew Brunson . (more...)
U.S.'s Kudlow Trash Talks China Calling It ‘Lousy Investment’
- August 04, 2018

The latest round of USA tariffs would range between five per cent and 25 per cent and would hit 5,027 products - a variety of agricultural goods such as beef, as well as small planes, chemical components, textiles, liquefied natural gas and condoms. (more...)
Loans to get costlier as RBI hikes repo rate again Loans to get costlier as RBI hikes repo rate again
- August 03, 2018

High volatility in crude oil prices, turbulence in global financial markets, hardening of inflation expectations, and inputs pressures faced by corporations domestically, prompted the Reserve Bank of India to up the repo rate by 25 basis points to 6.50 per cent on Wednesday. (more...)
Apple becomes first company to hit $1 trillion market cap Apple becomes first company to hit $1 trillion market cap
- August 03, 2018

Its operating costs have increased at twice the rate of revenue in the last five years, and the company doesn't detail why. Steve Jobs once said that "innovation has nothing to do with how many R&D dollars you have". A Forrester analyst said of the company, "Whether they stand alone or are acquired, Apple as we know it is cooked". The ad that announced it, "1984", is considered one of the greatest ads of all time. (more...)
Apple Flirts With $1 Trillion Market Cap After Strong Earnings Report Apple Flirts With $1 Trillion Market Cap After Strong Earnings Report
- August 01, 2018

This bucket - which accounts for app purchases, Apple Care and more - surged more than 30 percent year-over-year to $9.55 billion. The firm said its £999 iPhone X - launched past year - remained its most popular iPhone model in the quarter and had driven the higher selling prices. (more...)
Harley-Davidson Bombshell Includes Adventure Bike Harley-Davidson Bombshell Includes Adventure Bike
- August 01, 2018

The American motorcycle company, facing dwindling sales in its home market, said Monday that it will roll out some new products and stores to broaden its audience and invigorate sales. Traditional dealerships will still play an important role, and Harley-Davidson says it will implement a new performance framework to strengthen its dealer network. (more...)
Facebook stock plunges in after-hours trading following earnings report Facebook stock plunges in after-hours trading following earnings report
- July 28, 2018

Overall, Facebook grew its global users by 11 percent from the same time past year . Analysts said the law contributed to the company losing 3 million daily users in the European Union during the second quarter, the first time it has seen such a dip. (more...)
Facebook's slide costs Zuckerberg $17bn Facebook's slide costs Zuckerberg $17bn
- July 27, 2018

If this holds by end of trading on Thursday, Zuckerberg will slip three places down Bloomberg's billionaire index . While the company posted an earnings beat, revenue was below analysts' guidance as the company raked in $13.23 billion in sales, below the $13.23 billion that analysts were calling for. (more...)
Don’t Force Iran to Go to War: Philippines President Don’t Force Iran to Go to War: Philippines President
- July 27, 2018

Following U.S. President Donald Trump's decision to quit the historic Iranian nuclear pact on May 8, Washington vowed to re-impose sanctions against Iran and inflict punishments on countries that have business links with Tehran. The ABC has cited unnamed senior security figures within the federal government as saying they believed the U.S. was eyeing Iran's nuclear facilities. (more...)
US announces billions to help farmers hurt by tariffs US announces billions to help farmers hurt by tariffs
- July 25, 2018

Trump has been talking for months about finding ways to aid farmers as China , in particular, has canceled orders for soybeans and other crops. As I travel across Iowa meeting with farmers, they tell me that they want to see a more thoughtful approach to our trade policies, rather than the tit-for-tat tariffs and retaliations that we have recently seen. (more...)
European Commission President Set to Face Trump and His Tweets European Commission President Set to Face Trump and His Tweets
- July 25, 2018

Mr. Trump declared early Tuesday. At current prices, most farmers lose money on corn, soybeans and pigs. The publication said that - according to two people familiar with the plans - the aid would be announced by the United States Department of Agriculture and would come through direct assistance programs. (more...)
Asian shares dip, drama in Japanese bond market Asian shares dip, drama in Japanese bond market
- July 25, 2018

US officials recently issued a list of a range of Chinese imports Trump wants to impose new tariffs on including many food products as well as tobacco, coal, and chemicals. US gold futures for August delivery were almost unchanged at $1,231 an ounce. Major exporters closed lower, with the electric appliances sector falling 1% and automakers declining 1.2% Uniqlo-owner Fast Retailing dropped 5.7%. (more...)
Trump Blasts Powell’s Rate Hikes, Trespassing on Fed’s Independence Trump Blasts Powell’s Rate Hikes, Trespassing on Fed’s Independence
- July 23, 2018

U.S. President Donald Trump may not be happy about the strength of the U.S. dollar, but the greenback's recent rally may partly be a product of his own making. "The remarks certainly aren't an immediate threat to Fed independence, but they break with the tradition of respectful distance". "As he said he considers the Federal Reserve Board Chair Jerome Powell a very good man and that he is not interfering with Fed policy decisions". (more...)
‘Lahu ka lagaan’ ends: Sanitary products made tax free ‘Lahu ka lagaan’ ends: Sanitary products made tax free
- July 23, 2018

Earlier, sanitary napkins were taxed at 12% which had attracted a lot of criticism. Slabs under Goods and Services Tax ( GST ) can be reduced to three from five at present in coming days for the convenience of consumers and businesses, Bihar Deputy Chief Minister Sushil Kumar Modi. (more...)
Microsoft (MSFT) Tops Q4 Estimates, Intelligent Cloud Revenue Up 23% Microsoft (MSFT) Tops Q4 Estimates, Intelligent Cloud Revenue Up 23%
- July 21, 2018

Its market cap edged above $800 billion for the first time earlier this month. Microsoft's Intelligent Cloud business unit, which consists largely of Azure, Server, and enterprise services, saw revenues grow 23 percent to $9.6 billion. The revenue brought in by Surface products was up 25%, and gaming had a healthy 39% increase. Search revenue was up 17 percent, with, as ever, the twin factors of increased revenue per search and increased search volume to thank. (more...)
Amazon's Prime Day is off to a red hot start, despite glitches Amazon's Prime Day is off to a red hot start, despite glitches
- July 21, 2018

A company spokesperson said: " Amazon has invested over 15 billion Euro across Europe and have created over 65,000 permanent jobs since 2010 and provides a safe and positive workplace with competitive pay and benefits from day one". As it relates to item sales, however, a 5 percent chunk is not insignificant considering the many different categories on Amazon . "And photos of employees' pups successfully mitigated some of the negative sentiment around the online retailer's site ... (more...)
Trump says China, EU "manipulating their currencies" -- and USA dollar hit
- July 21, 2018

Still, President Trump voiced concern that the higher rates and a stronger dollar may put the USA at a disadvantage while Fed counterparts in the Bank of Japan and the European Central Bank keep rates low, maintaining loose monetary policy. (more...)