Finance


China summons USA ambassador over Huawei CFO's arrest China summons USA ambassador over Huawei CFO's arrest
- December 10, 2018

Fellow Chinese telecom company ZTE in 2017 faced an nearly $900 million fine for using US components in devices that it sold in Iran , breaking the USA embargo on telecom equipment exports to Iran. Banks in the U.S. cleared money for Huawei, but unbeknownst to these financial firms, they were conducting business with Skycom in contravention of the sanctions, the lawyer said. (more...)
Elon Musk suggests Tesla's new chairwoman won't rein him in Elon Musk suggests Tesla's new chairwoman won't rein him in
- December 10, 2018

The EV maker has gone from strength to strength despite criticism from naysayers, predictions that the company would go bankrupt and a settlement with the SEC after comments about taking Tesla private caused stocks to plummet. Musk said he would not be interested. "But they just did not count on this unconventional situation of creating an assembly line in a parking lot in a tent!" "Well, I mean punctuality's not my strong suit". (more...)
Police arrest protesters in Paris, turn others away Police arrest protesters in Paris, turn others away
- December 09, 2018

Saturday's yellow vest crowd was overwhelmingly male, a mix of those bringing their financial grievances to Paris - the centre of France's government, economy and culture - along with groups of experienced vandals who tore steadily through some of the city's wealthiest neighbourhoods, smashing and burning. (more...)
China vows quick action on USA trade promises: 'The sooner the better' China vows quick action on USA trade promises: 'The sooner the better'
- December 08, 2018

At the sidelines of last weekend's G20 summit , Mr Trump and Mr Jinping agreed not to increase tariffs for 90 days to allow negotiations to take place. U.S. President Donald Trump , who rattled global markets Tuesday after declaring himself "a Tariff Man", predicted in a series of tweets Wednesday the United States and China would negotiate a new trade deal. (more...)
China says it will carry out tariff cease-fire with US China says it will carry out tariff cease-fire with US
- December 07, 2018

The global economy was already showing signs of a slowdown when President Donald Trump reminded the world of his love of tariffs and sent a chill through financial markets. However he offered no new details on what China had agreed to with the United States. Do you have any assessment of the meeting this time? -China agreement in Buenos Aires as an historic breakthrough that would ease trade tensions and potentially reduce tariffs. (more...)
Trump NAFTA termination vow pressures Congress to bless new deal Trump NAFTA termination vow pressures Congress to bless new deal
- December 05, 2018

Trump's goal in announcing the end of NAFTA is to put pressure on Congress to accept the new agreement with Mexico and Canada. Marco Rubio says the deal - called USMCA by the USA and CUSMA by Canada - gives agricultural producers in Mexico an unfair advantage that could put seasonal growers in his state out of business. (more...)
Trump says China is now open to Qualcomm-NXP deal Trump says China is now open to Qualcomm-NXP deal
- December 05, 2018

However following talks between US President Donald Trump and Chinese President Xi Jinping at the G20 Summit in Argentina, Washington said the Chinese government was willing to grant the necessary approvals. The deal previously fell apart as it failed to secure Chinese regulatory approval. Qualcomm spent Dollars 22.6 billion on share buybacks in the 12-months ended September, using up the cash reserves it had set aside for the acquisition and ending any possibility of a renewed bid. (more...)
Trump says China had agreed to reduce tariffs on USA cars Trump says China had agreed to reduce tariffs on USA cars
- December 03, 2018

The two heads of state had an in-depth exchange of views on China-U.S. relations and worldwide issues of common concern in a friendly and candid atmosphere at a working dinner after the conclusion of the 13th summit of the Group of 20 in Argentina. (more...)
The fall in oil prices was a record for 10 years The fall in oil prices was a record for 10 years
- December 03, 2018

Putin earlier greeted other leaders in the same way, Peskov said, declining to give further details. On Wednesday, oil prices dipped as the U.S. Energy Information Administration (EIA) recorded a continuous rise in U.S. Russian President Vladimir Putin said Saturday he and Crown Prince Mohammed bin Salman "have agreed to extend our agreement" to limit production as prices slump on global markets. (more...)
Fed emphasises flexible policy path after likely December hike Fed emphasises flexible policy path after likely December hike
- December 01, 2018

The change comes months after Powell indicated plans to raise interest rates and cool down the United States economy, moves that run counter to President Donald Trump's expansionary moves, including last year's tax cuts. "What do you do?" said Powell in NY. That "just below" phrasing seemed to indicate that the Fed is almost done raising rates for the time being. (more...)
Trump retweets suggestion that General Motors should pay back bailout money Trump retweets suggestion that General Motors should pay back bailout money
- December 01, 2018

The Twitter account of Treasury Secretary Steven Mnuchin amplified a message from an anonymous account called "The_Trump_Train" on Wednesday that demanded GM "pay back the $11.2 billion bailout that was funded by the American taxpayer". Trump has said in the past that those threats were meant as a way to extract concessions from other countries on unrelated trade matters. Trump believes that foreign countries dump low-priced items in the U.S. (more...)
Putin: Success in Oil Production Cuts Due to Saudi Arabia Putin: Success in Oil Production Cuts Due to Saudi Arabia
- 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...)
Trump talks tough to China before G20 meeting Trump talks tough to China before G20 meeting
- November 30, 2018

Trump did add, later in the interview , "Here's the bottom line: We're going to make a great deal with China ". The self-described "nationalist" president's latest foray into global diplomacy will feature a double main event: A dinner with Chinese President Xi Jinping during which the conversational entree will be a nasty trade dispute, and a second one-on-one meeting with Russian President Vladimir Putin that will capture the attention of the world following a July summit that ... (more...)
Trump ramps up GM threats Trump ramps up GM threats
- November 28, 2018

What is driving this change, and why is General Motors taking these steps? Some 75 per cent of its global sales will come from just five vehicle architectures by the early 2020s, which means GM can reduce the people and capital required to keep its product portfolio updated. (more...)
Stores fighting for Black Friday sales aim for convenience Stores fighting for Black Friday sales aim for convenience
- November 24, 2018

Well, there will absolutely be some great Black Friday deals all week long, especially on TVs, tech, kitchen appliances, and clothing. Then again, some shoppers simply love the chaos and excitement of Black Friday - crowds, confusing pricing, and all. (more...)
EU, UK agree to 'ambitious' post-Brexit ties EU, UK agree to 'ambitious' post-Brexit ties
- November 22, 2018

Gibraltar's Chief Minister Fabian Picardo on Monday issued a statement regretting the Spanish position. Angela Merkel has threatened to pull out of a Brussels summit to approve a Brexit deal unless an agreement is ready in time for the meeting. (more...)
Amazon exposes names, emails in 'technical error' Amazon exposes names, emails in 'technical error'
- November 22, 2018

It's unclear at this time how many Amazon users were affected by the issue, which exposed only emails and names to third parties. The ICO acknowledged our phone call seeking comment but has yet to get back to us. Amazon did not say how many accounts were affected or when the incident took place. Amazon thinks it's already said more than enough, thank you very much. (more...)
Local grocery stores stop selling romaine lettuce Local grocery stores stop selling romaine lettuce
- November 22, 2018

In the latest announcement, CDC on November 20 advised that consumers should not eat any romaine lettuce because no common grower, supplier, distributor, or brand of romaine lettuce has been identified. One person in California has died from E. coli linked to romaine lettuce . The romaine lettuce linked to the E. coli outbreak earlier this year was from Yuma, Arizona. (more...)
'Bitcoin's no long boring', price could fall as low as $1500 'Bitcoin's no long boring', price could fall as low as $1500
- November 21, 2018

Since last week the market has shed 23% from total capitalisation - a staggering $50 billion (£39bn) - to around $163bn (£126bn). The latest move lower started this month after a period of relative stability, with prices of bitcoin having hovered at about the US$6,500 mark for several months. (more...)
Brexit: two-year transition period could be extended Brexit: two-year transition period could be extended
- November 20, 2018

One pro-Brexit Conservative lawmaker, Simon Clarke, urged wavering colleagues Monday to join the rebellion, saying "it is quite clear to me that the captain is driving the ship at the rocks". Bluemel said: "Of course I hope that all stand by what has been negotiated". "There are plenty of Conservative MPs who would not countenance us leaving without a deal and I think if it's necessary, we will work together to stop no deal happening", shadow Brexit secretary Sir Keir Starmer said. (more...)
Ghosn ousted from Nissan due to Ghosn ousted from Nissan due to "significant acts of misconduct"
- November 20, 2018

Ghosn and Director Greg Kelly have been under investigation at Nissan for several months, and the board is set to meet Thursday to remove them both. Although not shedding enough light on the subject - more will probably surface in the hours ahead - Nissan " deeply apologizes for causing great concern to our shareholders and stakeholders ". (more...)
US May Not Impose More Tariffs on China US May Not Impose More Tariffs on China
- November 17, 2018

Trump has threatened to impose tariffs on all remaining Chinese imports - about $267-billion more in goods - if Beijing fails to address US demands. A top White House economic advisor on Tuesday publicly rebuked a fellow aide over firebrand speech attacking Wall Street's involvement the US-China trade war. (more...)
Will Gas Prices Go Up? Saudi Arabia to Cut Production Will Gas Prices Go Up? Saudi Arabia to Cut Production
- November 16, 2018

The Indian market too welcomed the fall in global oil prices and opened higher today. US crude production climbed to 11.7 million bpd, the highest on record, according to EIA data on Thursday. Now, we've spoken many times before about the numerous reasons why crude prices can plunge: artificial manipulation from short sellers and institutional monkeyshines, geopolitical tensions, distortions in supply and demand, even outright oversupply - we've seen it all before. (more...)
Amazon chooses New York City neighborhood, DC suburb for HQ2 Amazon chooses New York City neighborhood, DC suburb for HQ2
- November 14, 2018

It said on Tuesday it will receive performance-based direct incentives of US$1.525 billion from the state of NY, based on the company creating 25,000 jobs in Long Island City . Boston had pitched the Suffolk Downs site for Amazon to build on. Amazon's statement said it would create four million square feet (370,000 square meters) of office space in NY, with an option to double that, and that the overall investment would boost tax revenue by some $10 billion over 20 years. (more...)
The difference between Money and Finance
- November 07, 2018

What is Money and what is Finance? The best place where we can start is by defining these terms. Money and Finance Money is a medium of exchange, which in this day primarily is now coins and banknotes . Fiduciary money is the type of money that depends on the value of confidence. This type of medium of exchange gets its value from the confidence that it will have value. (more...)
Boeing Plane Crashed in Indonesia After Key Sensor Replaced Boeing Plane Crashed in Indonesia After Key Sensor Replaced
- November 09, 2018

The manufacturer cautioned that the so-called angle-of-attack sensor can provide false readings in limited circumstances that cause the 737 Max to pitch nose downward. It seems patently obvious to say that such situations shouldn't happen in this day and age-and clearly the investigation is still in its earliest stage-but it is troubling to see something so deadly transpire in the most modern aircraft in the Boeing fleet. (more...)
Tesla picks Robyn Denholm to replace Musk as chairperson Tesla picks Robyn Denholm to replace Musk as chairperson
- November 09, 2018

Musk also retweeted Tesla's announcement saying he has great respect for Denholm and looks forward to working with her. According to a Tesla spokesperson, Denholm will receive 8,000 stock options each year and a cash retainer of $300,000 upon leaving Telstra to take on this new role. (more...)
What's next for recreational marijuana in MI? What's next for recreational marijuana in MI?
- November 08, 2018

MI voters approved a law that legalized the possession, use, and cultivation of marijuana products by those who are at least 21 years of age. By her calculation, after factoring in MI, the total addressable market for adult, medical, and illicit use of marijuana will be $24.5 billion by 2030. (more...)
Apple delivers strong profits, but investors punish shares Apple delivers strong profits, but investors punish shares
- November 05, 2018

September 12, the company presented iPhone XR , iPhone XS iPhone XS Max and the new Apple Watch . "We were especially pleased with Mac momentum in emerging markets, with strong growth in Latin America, India , West Asia and Africa, and Central and Eastern Europe", said Apple's Chief Financial Officer Luca Maestri. (more...)
Midterm elections 2018 polls: Trump anti-immigration campaign hits Democrat lead Midterm elections 2018 polls: Trump anti-immigration campaign hits Democrat lead
- November 05, 2018

Congressional candidates campaigned in a whirlwind close across the country: in Virginia, Democrat Jennifer Wexton greeted voters in the Manassas Veterans Day parade; in New Jersey Republican Jay Webber met them in a diner, and in Minnesota Republican Pete Stauber went door-to-door urging people to vote. (more...)
Americans' paychecks are rising at their fastest rate in 9 years Americans' paychecks are rising at their fastest rate in 9 years
- November 05, 2018

Sluggish worker pay gains despite the healthy jobs market had baffled economists, and the increase now is well above the 2.3 percent pace of consumer inflation. Many employers have long complained they can't find enough workers to fill jobs. Trump and Republican candidates painted the jobs report as further proof of an economic boom, but many independent economists warn that growth has probably peaked and that it is likely there will be a slowdown, especially if trade tensions ... (more...)
Two Workers Are Dead After Partial Building Collapse At Amazon's Baltimore Warehouse Two Workers Are Dead After Partial Building Collapse At Amazon's Baltimore Warehouse
- November 05, 2018

That person was taken to a hospital and declared dead, per CBS Baltimore; a second body was found early Saturday, officials say. Two people have died in a partial building collapse at an Amazon Fulfillment Center in southeast Baltimore , officials said Saturday. (more...)
Pittsburgh Rabbi Receives Hate Mail for Saying President Trump Would Be Welcome Pittsburgh Rabbi Receives Hate Mail for Saying President Trump Would Be Welcome
- October 31, 2018

Among them were two brothers, 59-year-old Cecil and 54-year-old David Rosenthal, as well as 66-year-old Dr. "Screw your optics, I'm going in". The organization did not elaborate on the specifics of the phone calls, the organization told reporters that the call's tenor was "anti-Jewish" and "pro-Trump". (more...)
Indonesia’s Lion Air Says It’s Lost Contact With Airplane Indonesia’s Lion Air Says It’s Lost Contact With Airplane
- October 29, 2018

The carrier operates with regional partners Thai Lion Air , Malindo Air, Wings Air, Batik Air and Lion Bizjet. "Officer PHE ONWJ perform evacuation and take the documentation". Indonesian investigators' final report showed a chronically faulty component in a rudder control system, poor maintenance and the pilots' inadequate response were major factors in what was supposed to be a routine flight from the Indonesian city of Surabaya to Singapore. (more...)
United States economy grows 3.5% in third quarter United States economy grows 3.5% in third quarter
- October 29, 2018

Inventories increased at a $76.3 billion rate after declining at a $36.8 billion pace in the second quarter. The report said the inflation will remain under control this year and next. But some private economists worry that the recent stock market declines could be a warning signal of a coming slowdown. That was the fastest pace since the fourth quarter of 2014 and followed a 3.8 per cent pace of increase in the second quarter. (more...)
IBM acquires Red Hat to take on Amazon and Microsoft IBM acquires Red Hat to take on Amazon and Microsoft
- October 29, 2018

Founded in 1993, Red Hat specializes in Linux operating systems, the most popular type of open-source software, which was developed as an alternative to proprietary software made by Microsoft Corp. "Knowing first-hand how important open, hybrid cloud technologies are to helping businesses unlock value, we see the power of bringing these two companies together, and are honored to advise IBM and commit financing for this transaction", JPMorgan CEO Jamie Dimon said in a statement. (more...)
Drawing nears for $750 million Powerball jackpot Drawing nears for $750 million Powerball jackpot
- October 28, 2018

The next drawing will be held on Saturday at 11 p.m. EST. "We all got a text saying we got a million-dollar ticket", Kraemer said. Hoping to strike some luck, Earl Livingston, of Blackwood, New Jersey , headed to a nearby convenience store to buy a ticket for the $1.537 billion Mega Millions drawing. (more...)
After 'historic' quarter, Tesla looks to Europe, China After 'historic' quarter, Tesla looks to Europe, China
- October 28, 2018

The automaker made 5,300 Model 3s during the final week of the third quarter, less than the weekly goal of 6,000 it had set for the end of August. Tesla said that delivery and logistics were the biggest challenges within the third quarter but was able to quickly work around it by making improvements. (more...)
Saudi Arabia says Turkish evidence shows planned killing of Khashoggi Saudi Arabia says Turkish evidence shows planned killing of Khashoggi
- October 26, 2018

Turkish President Recep Tayyip Erdogan has said Saudi officials made "reconnaissance" trips to the forest as well as the city of Yalova a day before Khashoggi was killed. Cavusoglu said Turkey had no intention of taking the Khashoggi case to an global court but would share information if an worldwide inquiry were launched. (more...)
US Crude Stocks Rise, Gasoline, Diesel Stocks Down US Crude Stocks Rise, Gasoline, Diesel Stocks Down
- October 26, 2018

However, yesterday, oil prices fell almost 3 percent to more than one-month lows after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of USA sanctions on Iran and as US equity markets sold off. There have been reports that companies in different parts of the world would defy sanctions and continue buying Iranian oil. Prices had slumped as forecasters including Opec and the International Energy Agency predicted slower oil-demand growth for 2019. (more...)