Economy


Startup Aurora gets $530 mln boost to build self-driving cars Startup Aurora gets $530 mln boost to build self-driving cars
- February 12, 2019

Additional investors included Lightspeed Venture Partners, Geodesic, Shell Ventures and Reinvent Capital. The Series B financing raises Aurora's valuation to almost $2.5 billion according to TechCrunch. Most recently, the company invested in Balyo, a French-based autonomous vehicle navigation company which is able to turn forklifts into self-driving vehicles- meaning the warehouses can operate with fewer manual workers. (more...)
RBI's policy review refreshingly straightforward and pragmatic, says Mirae Asset's Mahendra Jajoo RBI's policy review refreshingly straightforward and pragmatic, says Mirae Asset's Mahendra Jajoo
- February 08, 2019

The RBI cut its estimates on headline inflation which cooled off to a 18-month low of 2.2 per cent in December for the next year, and expects the number to come at 2.8 per cent in March quarter, 3.2-3.4 per cent in first half of next fiscal and 3.9 per cent in third quarter of FY20. (more...)
Crude oil prices lower for a third day in early trading Crude oil prices lower for a third day in early trading
- February 08, 2019

Oil steadied near $54 a barrel as a decline in American fuel inventories signaled that demand remains healthy despite ongoing concerns about the global economy . Following a USA decision to impose sanctions on Venezuela's oil industry last week, Guaido and the Trump administration have sought to appoint a new board of directors for Citgo. (more...)
Donald Tusk: Special place in hell for clueless Brexit campaigners Donald Tusk: Special place in hell for clueless Brexit campaigners
- February 07, 2019

Although it is the outcome that all parties involved in the negotiations say they wish to most avoid, the intransigence of the European negotiating team has the inevitable impact of pushing the United Kingdom closer to a so called no-deal Brexit - a full and clean break from the European Union . (more...)
Venezuelan opposition wants to send a delegation to Italy Venezuelan opposition wants to send a delegation to Italy
- February 07, 2019

This image taken from video, shows a fuel tanker, cargo trailers and makeshift fencing, blocking the Tienditas International Bridge in an attempt to stop humanitarian aid entering from Colombia, as seen from the outskirts of Cucuta, on Colombia's border with Venezuela, Wednesday, Feb. (more...)
Trump's State of the Union Expected to Underscore Political Rancor Trump's State of the Union Expected to Underscore Political Rancor
- February 06, 2019

Yet, a senior administration official told reporters to expect a "traditional" address from a president who is anything but traditional. Trump's speech also will offer an olive branch to opponents as he looks toward the 2020 election, targeting areas he sees for potential bipartisan agreement, such as infrastructure improvements, lowering prescription drug costs and healthcare. (more...)
U.S. employment up and wages down in latest employment report U.S. employment up and wages down in latest employment report
- February 04, 2019

The new numbers were welcome news for President Donald Trump, whose already-low public approval rating suffered in the wake of the longest government shutdown in United States history. The US economy added 304,000 jobs in January, a surprisingly strong month of hiring as employers continue to bring in new workers. The furloughed employees, though, were not counted as unemployed even if they did receive unemployment benefits during the shutdown. (more...)
Amazon wage hike pays off as it reveals record profits Amazon wage hike pays off as it reveals record profits
- February 02, 2019

If there was any qualm about the health of Amazon's cloud business, it was a slight decline in the whopping 32 percent margins posted in the previous quarter. Amazon founder and chief executive Jeff Bezos pointed to sales of Echo Dot devices in 2018 and said "Alexa was very busy during her holiday season". (more...)
Polar vortex shuts down 11 GM auto plants in MI Polar vortex shuts down 11 GM auto plants in MI
- February 01, 2019

A man runs by the Chicago River during subzero temperatures carried by the polar vortex , in Chicago, Illinois, U.S., January 30, 2019. Fiat Chrysler Automobiles NV also said it had canceled a shift on Thursday at both its Warren Truck and Sterling Heights Assembly plants and was considering whether it would need to cancel additional shifts. (more...)
U.S. wants Russian Federation out to take control of Venezuelan oil U.S. wants Russian Federation out to take control of Venezuelan oil
- January 31, 2019

The 35-year-old opposition lawmaker, who is president of the National Assembly, says Maduro fraudulently won a second term last year and is offering an amnesty to military officials. "It would be very good to conduct parliamentary elections at an earlier stage". Although in opposition hands since 2015, parliament has been sidelined since 2016 as the regime-loyalist dominated Supreme Court annuls its every decision. (more...)
Venezuelan opposition leader Juan Guaidó's one-on-one interview on FBN's 'Trish Regan Primetime' Venezuelan opposition leader Juan Guaidó's one-on-one interview on FBN's 'Trish Regan Primetime'
- January 31, 2019

The White House has said Maduro lost legitimacy after an election previous year condemned as rigged by the United States and many other governments around the world. A lack of export pipeline capacity means Canada will not be able to boost shipments to take advantage of us sanctions against Venezuela's national oil company, analysts say. (more...)
China, Russia opposes unilateral sanctions against Venezuela China, Russia opposes unilateral sanctions against Venezuela
- January 30, 2019

On Monday evening, White House National Security Adviser John Bolton walked into a press briefing about new sanctions on Venezuela with a yellow legal pad that was, accidentally or not, turned to face the press pack. The UN spokesman Rupert Colville said on Tuesday that 696 people were detained on 23 January alone. PDSVA is the acronym for the state-owned oil company. (more...)
European Union rules out renegotiation of Brexit withdrawal agreement European Union rules out renegotiation of Brexit withdrawal agreement
- January 30, 2019

She is hoping that if she can show Brussels that the Commons would back her deal without the backstop, they might think again. Labour leader Jeremy Corbyn , who has refused to join talks with May to find a way out of the impasse, asked which of the red lines she had changed since the deal was defeated two weeks ago: "She is refusing to accept the clearly stated will of this House". (more...)
'Venezuela to survive this coup attempt,' says Maduro 'Venezuela to survive this coup attempt,' says Maduro
- January 29, 2019

Guaido's bid was swiftly endorsed by Canada, the United States and many Latin American countries. "Venezuelan soldier, I'm talking to you". Venezuela has sunk into turmoil under President Nicolas Maduro , with ongoing food shortages and daily protests amid an economic and political crisis. (more...)
US to announce criminal charges related to Huawei, sources say US to announce criminal charges related to Huawei, sources say
- January 29, 2019

Prosecutors also allege that Huawei stole trade secrets, including the technology behind a robotic device T-Mobile used to test smartphones, prosecutors said. In addition, Huawei and Huawei USA are accused of conspiring to obstruct justice. Meng Wanzhou has been officially charged two months after she was arrested at the Vancouver Airport. (more...)
Memos: Facebook Allowed 'Friendly Fraud' to Profit from Kids Memos: Facebook Allowed 'Friendly Fraud' to Profit from Kids
- January 28, 2019

In a three-month period between 2010 and 2011, more than 9% of money made from children through online games was recovered by credit card companies. Her team experimented with solutions to curb kids' spending with parents' credit cards (including requiring children to re-enter partial card numbers). (more...)
Stevenage Airbus: Boss says no deal may affect jobs Stevenage Airbus: Boss says no deal may affect jobs
- January 26, 2019

Britain's divided Parliament is set to vote again on Prime Minister Theresa May's proposal on Tuesday - and on rival plans, including attempts by groups of legislators to delay Britain's exit and to rule out "no-deal". She guaranteed changes from the European Union to a much-disputed measure created to ensure an open border between European Union member Ireland and the U.K.'s Northern Ireland. (more...)
Germany: Venezuela needs fair, free elections or Guaido should be interim leader Germany: Venezuela needs fair, free elections or Guaido should be interim leader
- January 26, 2019

Maduro told Putin his assessment of the situation in Venezuela and thanked the Russian leader for his stance. France and Britain are the latest countries Thursday to throw their weight behind the popular street protests seeking to force Venezuela's President Nicolas Maduro to step aside, dubbing the embattled Latin American ruler "illegitimate". (more...)
Flights delayed at major United States airports due to traffic controller shortage Flights delayed at major United States airports due to traffic controller shortage
- January 26, 2019

It's located in Leesburg, Virginia. That center handles air traffic on its way to and from the NY area and the Mid-Atlantic states. President Donald Trump was informed of the situation. The FAA did not indicate how many controllers are missing work. The airports with the longest average wait times were Atlanta with 42 minutes and Baltimore at 37 minutes. (more...)
Family booted out of plane flight for allegedly smelling bad Family booted out of plane flight for allegedly smelling bad
- January 26, 2019

Past year a Transavia Airlines worldwide flight made an emergency landing because passengers complained of a man's body odor. "Our Miami airport team members were concerned about the comfort of our other passengers due to the odor", said Alexis Aran Coello, American Airlines corporate communications manager. (more...)
UK MPs put forward rival Brexit plans UK MPs put forward rival Brexit plans
- January 23, 2019

Parliamentarians seeking to delay or stop Brexit entirely were already playing a risky game with democracy given the result of the 2016 referendum - a vote described by then-Prime Minister David Cameron as "a once-in-a-lifetime opportunity" - prior to the warning that their tactics risk dragging the Queen into the accelerating political crisis. (more...)
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
- 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...)