Finance


Enraged Trump likens Federal Reserve chief to 'enemy' China Enraged Trump likens Federal Reserve chief to 'enemy' China
- August 25, 2019

My only question is, who is our greatest enemy, Jay Powell or President Xi? Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc . China's commerce ministry, earlier Friday, stated it will be imposing additional tariffs of 5% or 10% on a total of 5,078 products originating from the USA, including agricultural products, crude oil, small aircraft and cars. (more...)
China To Raise Import Tariffs On $75B Additional US Goods China To Raise Import Tariffs On $75B Additional US Goods
- August 24, 2019

The tech industry disagrees. Neither the Alliance of Automobile Manufacturers nor the Association of Global automakers, however, addressed President Donald Trump's tweet about finding markets other than China. Last month's meeting in Shanghai brought no results, and the date of next round of face-to-face talks has not been announced. In Europe, the biggest beneficiary is France , but overall countries on that continent will benefit the least out of the China-U.S. (more...)
Trump Says He Spoke With Apple CEO Over China Tariffs, Samsung Competition Trump Says He Spoke With Apple CEO Over China Tariffs, Samsung Competition
- August 20, 2019

US President Donald Trump is prepared to make the hard decisions in the country's trade spat with China. The 10% tariff on goods imported from China is one of Trump's bargaining chips in the trade war. "I have a lot of respect for Tim Cook ". President Donald Trump said Apple Inc. Trump pushed back on media reports this weekend that the Commerce Department is poised, as soon as Monday, to renew Huawei Technologies Co.'s temporary general license to buy supplies for the U.S. (more...)
Keep The Yield Curve Inversion In Perspective Keep The Yield Curve Inversion In Perspective
- August 19, 2019

The 30-year Treasury yield fell as much as six basis points to 1.9623 per cent in Asia trading on Thursday, after sliding 15 basis points the day before. It was the worst day for the major indexes since December 2018. China on Wednesday posted its worst growth for industrial production in 17 years. (more...)
FDA reveals proposed graphic warnings for cigarette packs and ads FDA reveals proposed graphic warnings for cigarette packs and ads
- August 18, 2019

WARNING: Smoking can cause heart disease and strokes by clogging arteries. These include various cancers, degenerative lung disease, vision problems, and type 2 diabetes. Earlier this year and following a lawsuit filed by several public health groups, a judge in the U.S. District Court for the District of MA issued an order directing the FDA to finalize the warnings by March of next year. (more...)
The 'inverted yield curve' set off recession fears - what is it? The 'inverted yield curve' set off recession fears - what is it?
- August 18, 2019

But it remains above shorter-term yields, which means not all of the yield curve is inverted and offers a bit of solace. In afternoon trading, US benchmark 10-year Treasury note yields US10YT=RR were last down at 1.597%, from 1.68% late on Tuesday. (more...)
China vows to retaliate against new USA tariffs China vows to retaliate against new USA tariffs
- August 17, 2019

China spent 12 years, longer than any other government, negotiating its 2001 entry into the World Trade Organization. Many have questioned his tactics in levying tariffs off and on over the past year. "Economic data have softened and are increasingly sending recession signals, particularly from the industrial side", Michelle Meyer, head of US economics at Bank of America Merrill Lynch told The New York Times "Trade is a huge part of it", she added. (more...)
Hong Kong braces for more protests as world leaders urge calm Hong Kong braces for more protests as world leaders urge calm
- August 17, 2019

The Chinese government has repeatedly referred to the demonstrations as "near terrorism" and described the protests as rioting, with legal experts saying Beijing might use anti-terror laws to quell the demonstrations. Claudia Rosett, a former WSJ reporter in Hong Kong , discusses the massive protests in Hong Kong . "I think foreign parties have encouraged the unrest and escalated it", he said . (more...)
Here’s What the ‘CRAZY INVERTED YIELD CURVE’ Means for You Here’s What the ‘CRAZY INVERTED YIELD CURVE’ Means for You
- August 17, 2019

Trump also continued his war of words with the Federal Reserve , accusing the central bank of being too slow to reduce interest rates, having previously increased rates " too much and too fast ". "Prices to us have not gone up, and in some cases, have come down", Trump said in a tweet. Consumers are in the best shape ever, plenty of cash. "We're outside of the earnings season and markets are being batted around by news". (more...)
Police in Hong Kong fire tear gas as street protests continue Police in Hong Kong fire tear gas as street protests continue
- August 13, 2019

Protesters also faced off against police in the Kwai Fong train station, with the demonstrators using fire extinguishers and a water hose against riot officers who fired tear gas into the terminal. "Some violent protesters even hurled petrol bombs, injuring a police officer". Young people have been at the forefront, anxious about the erosion of freedoms in Hong Kong, while also concerned with issues such as wealth disparities in the city. (more...)
PBOC's Digital Currency PBOC's Digital Currency "Ready" After 5 Years - capitalwatch.com - via
- August 13, 2019

Since 2016, China's monetary policy has actually been to prop up the yuan's value. U.S. President Donald Trump said on Friday that he was not ready to make a trade deal with China and had decided that the United States would not do business with Chinese telecoms giant Huawei Technologies for the time being, prompting U.S. (more...)
Reliance Jio Announces Rs 500 International Landline Roaming Pack to JioFiber Users Reliance Jio Announces Rs 500 International Landline Roaming Pack to JioFiber Users
- August 13, 2019

While it first showed interest in investing in RIL around the end of past year, talks gathered momentum following the visit of Saudi crown prince Mohammed bin Salman to India in February, during which he met Ambani . It will also come up with a free LED TV and Jio HD / 4K Set Box as a part of Jio Giga Fiber Welcome Offer. Jio Fiber plans to reach 20 million residences and 15 million business establishments in these 1600 towns. (more...)
Oil Price Fundamental Weekly Forecast - It's Demand Worries Versus OPEC Production Cuts Oil Price Fundamental Weekly Forecast - It's Demand Worries Versus OPEC Production Cuts
- August 12, 2019

The U.S. surge has tapered off in recent months as shale drillers confront the geological challenges arising from rapid expansion, as well as pressure from shareholders seeking a better return on their investments. "This could lead to reduced trade activity and less oil demand growth". Brent has plunged almost 14% since last week as global equity markets went into a tailspin after U.S. (more...)
NYSE trader on fluctuating markets: 'Uncertainty is what we have' NYSE trader on fluctuating markets: 'Uncertainty is what we have'
- August 12, 2019

This news will bring a smile on the faces of investors in the U.S. market but still nothing is stable so far. A weaker yuan makes Chinese exports more competitive, or cheaper to buy with foreign currencies. A wider yield gap could mean less capital outflow pressure from China and is supportive for the Chinese currency. The Reserve Bank of India and the Bank of Thailand also cut rates. (more...)
Trump demands further rate cut as economy 'handcuffed' by Fed Trump demands further rate cut as economy 'handcuffed' by Fed
- August 11, 2019

China's willingness to hold out for a deal was shown in their aggression with counteracting Trump's latest tariffs. Together the four chairs served 40 years at the position of Fed chair and were appointed and reappointed by both Democratic and Republican presidents. (more...)
Canadian economy unexpectedly sheds 24200 jobs in July Canadian economy unexpectedly sheds 24200 jobs in July
- August 11, 2019

From last July to the present, wages have risen by 4.5 percent. "Job growth so far this year has been wonderful, and the unemployment rate remains at near record lows". The agency cautions, however, that the recent monthly readings have been small enough that they're within the margin of error and, therefore, statistically insignificant. (more...)
China's exports unexpectedly rise in July China's exports unexpectedly rise in July
- August 10, 2019

China has released trade figures that show a surprise 3.3% rise in exports in July, despite the escalating trade war with the US. "In pulling the yuan higher, it is not only looking to manage any decline, but also looking to contain any damage in terms of confidence in their stewardship of the Chinese currency and economy", said Michael Hewson, chief market analyst at CMC Markets. (more...)
Yen rises on renewed jitters about U.S.-China after Huawei report Yen rises on renewed jitters about U.S.-China after Huawei report
- August 10, 2019

Last month, the International Monetary Fund confirmed that the exchange rate of the renminbi had become more flexible and registered real appreciation over the past decade. The move, which could hurt the U.S. tech sector, comes after China halted purchases of American crops. The new rules are part of a sweeping effort by President Donald Trump's administration to restrict Huawei , which officials claim is linked to Chinese intelligence. (more...)
United States oil imports up, exports down last week United States oil imports up, exports down last week
- August 09, 2019

Oil prices fell despite U.S. President Donald Trump signing an executive order, declaring a total economic embargo against Venezuela, prohibiting transactions with the country, unless specifically exempted. Going forward and Looking at the EIA's global oil supply assumptions between July and December 2019, we notice that non-OPEC supply is expected to grow from 65.5M in July to 67M barrels in December, or 1.5M barrels growth. (more...)
Trump says the problem isn't China, it's the Fed Trump says the problem isn't China, it's the Fed
- August 08, 2019

The Fed slashed its interest rate last week for the first time in more than a decade, and Trump wants that trend to continue so the USA economy will be supercharged by cheap access to money. "We believe every bank in the country and their customers will benefit from a seamless and ubiquitous system", American Bankers Association CEO Rob Nichols said in the statement. (more...)
Despite deadly shootings, Walmart won't stop gun sales Despite deadly shootings, Walmart won't stop gun sales
- August 07, 2019

At least 20 people were killed while 24 others suffered injuries on Saturday after a man opened fire at its stores in Texas on Saturday, days after a displeased employee killed shot dead two colleagues and a police officer in its store in Mississippi. (more...)
US futures rebound after Wall Street's worst day of 2019 US futures rebound after Wall Street's worst day of 2019
- August 07, 2019

The Chines bank then blamed the fall in its currency fall on Trump, issuing a statement saying the "unilateralism and trade protectionism measures and the imposition of increased tariffs on China", as reported by The New York Times . The escalations within the trade war between the world's largest economies are rattling traders already unnerved a couple of slowing world economic system, falling USA company income and probably too-weak inflation. (more...)
Trump calls weaker yuan a 'major violation' Trump calls weaker yuan a 'major violation'
- August 06, 2019

The US started it and escalated things with their latest announcement of imposing further tariffs on Chinese imports and the Chinese retaliated by the banning of state imports of US agricultural products. That hurts USA manufacturers, which have already been hit by the slowing global economy. Today China fired back by devaluing their currency to more than 7 yuan to the dollar. (more...)
(NYSE:XOM) Shares Purchased by Commonwealth Equity Services LLC (NYSE:XOM) Shares Purchased by Commonwealth Equity Services LLC
- August 04, 2019

The Irving, Texas-based company said it had profit of 73 cents per share. Independent Investors Inc. boosted its holdings in shares of Exxon Mobil by 0.7% in the 4th quarter. In other news, VP Bryan W. Milton sold 6,033 shares of the firm's stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $76.34, for a total value of $460,559.22. (more...)
WhatsApp and Instagram to get deeper Facebook branding WhatsApp and Instagram to get deeper Facebook branding
- August 04, 2019

It can be argued that being separated from the social network app has done a lot of good to Instagram and WhatsApp , the former now one of the most used social media apps and the latter the largest instant messaging app. According to reliable sources, since 2003, Facebook has managed to buy almost 90 companies which include trending applications like Instagram and messaging service WhatsApp . (more...)
Workers protest dilution of labour laws, Trump imposes fresh tariffs and more Workers protest dilution of labour laws, Trump imposes fresh tariffs and more
- August 03, 2019

Now playing: Watch this: AutoComplete: Chinese tariffs on USA vehicles going away, . Stock markets across Europe fell after the surprise decision by US President Donald Trump to impose new tariffs on a further $300bn of Chinese imports. (more...)
Trump announces China tariffs on another $300B worth of goods Trump announces China tariffs on another $300B worth of goods
- August 02, 2019

This does not include the 250 Billion Dollars already Tariffed at 25 %. The new tariffs, which are set to take effect September 1, represent another ratcheting up in trade tensions between the countries and sent stocks falling sharply. "Well, I think the biggest problem to a trade deal is China would love to wait and just hope - they hope it's not going to happen", Trump said. Similar drops were seen in the Nasdaq Composite and S&P 500, dampening enthusiastic spurred by the first cut to ... (more...)
South Korea drills still on despite Pyongyang warnings
- August 02, 2019

Pyongyang has also expressed anger over planned U.S. South Korea's military had no immediate comment over the North Korean report. The U.N. Security Council is expected to discuss the latest launches behind closed doors Thursday at the request of the United Kingdom, France and Germany, council diplomats said. (more...)
Burger King’s Impossible Whopper Expanding Nationwide After Successful Test Run Burger King’s Impossible Whopper Expanding Nationwide After Successful Test Run
- August 02, 2019

The same day, customers using DoorDash and the Burger King app can order the "Impossible Taste Test ", a $7 meal with both the original Whopper and an Impossible Whopper . Demand for plant-based meat alternatives has surged in the last two years as companies pitch the products to consumers conscious of meat's contribution to the global climate crisis. (more...)
Asian Equities Recoil at Trump's Confrontational Tone Around US-China Trade Imbalance Asian Equities Recoil at Trump's Confrontational Tone Around US-China Trade Imbalance
- August 01, 2019

Stocks tumbled soon after the Fed issued its statement at 2:00pm (US eastern time). In a much anticipated, live-streamed announcement today, Fed chair Jerome Powell said it is cutting the interest rate by 25 basis points, or 0.25%. The goal of the expected cut - the first in more than a decade - is to make borrowing less costly for consumers and businesses, encouraging spending and bolstering the economy. (more...)
Health chief says Trump working on plan to allow prescriptions from Canada Health chief says Trump working on plan to allow prescriptions from Canada
- August 01, 2019

The U.S. Department of Health and Human Services said it and the Food and Drug Administration will propose a rule that will allow it to authorize states and other groups to pursue pilot projects related to importing drugs from Canada. The 2003 Medicare Modernization Act allows states to import cheaper drugs from Canada, but only if the HHS secretary verifies their safety. "The agency is interested in considering any reasonable that maintains the bedrock of safety and efficacy for the ... (more...)
New UK PM Pursuing 'Dangerous' No-Deal Brexit Deal - Nicola Sturgeon New UK PM Pursuing 'Dangerous' No-Deal Brexit Deal - Nicola Sturgeon
- July 31, 2019

The 27 other European Union members, though, say publicly and privately that the divorce settlement - including the backstop - is not up for barter. They say millions of sheep might have to be slaughtered if tariffs are slapped on lamb exports to the EU. (more...)
Billionaire coffee tycoon VG Siddhartha goes missing in India Billionaire coffee tycoon VG Siddhartha goes missing in India
- July 31, 2019

Rescue teams and sniffer dogs are scanning the bridge over the Netravati river. He also wrote what seems to be an apparent suicide letter to the company board and to Coffee Day employees, saying that he had "failed to create the right profitable business model" and that he was giving up due to pressure from investors, borrowers and after having been troubled by issues with the tax department. (more...)
Boris Johnson greeted with loud boos and a frosty handshake in Scotland
- July 30, 2019

Alister Jack, who was appointed by Boris Johnson as part of a sweeping Cabinet reshuffle last week, admitted that he was little known outside of political circles but pledged to be a firm supporter of the Union. "But there is scope to do a new deal", Johnson said during a visit to a naval base in Scotland. I am looking forward to working with our partners in Northern Ireland - in particular, I hope very soon, a restored Executive - on how we make the most of this, building on the success ... (more...)
Just Eat in merger talks with Dutch company Takeaway.com Just Eat in merger talks with Dutch company Takeaway.com
- July 30, 2019

Just Eat works by providing a single website which can be used to order takeaway and deliveries from many different restaurants and fast food houses. Just Eat has confirmed it has reached "agreement in principle" with Dutch rival Takeaway.com over a £9bn combination that would create one of the world's largest online food delivery companies. (more...)
Mom: Toddler hurt in ride on Atlanta airport conveyor belt Mom: Toddler hurt in ride on Atlanta airport conveyor belt
- July 28, 2019

A 2-year-old boy was injured when he climbed onto a moving conveyor belt at the Hartsfield-Jackson Atlanta International Airport Monday, according to several reports. While the little ride must have seemed fun for the guy, he ended up with cuts on his arm and also a fractured hand. He suffered injuries to his right hand. (more...)
Facebook not anxious about $5 billion FTC fine Facebook not anxious about $5 billion FTC fine
- July 27, 2019

The Republican FTC majority said the settlement "significantly diminishes Mr. Zuckerberg's power - something no government agency, anywhere in the world, has thus far accomplished". "It utterly fails to penalise Facebook in any effective way". If members of this committee see room for improvement, they will report to the board. The social media giant also needs to operate with a new set of restrictions on its business. (more...)
FTC fines Facebook $5B, adds oversight for privacy mishaps FTC fines Facebook $5B, adds oversight for privacy mishaps
- July 27, 2019

Facebook has been promoting its new privacy-focused posture all year, most recently at its developer conference in April, when Zuckerberg discussed the development of new encryption technology to protect users' messages, photos and videos. (more...)
Tesla co-founder, CTO JB Straubel to step down Tesla co-founder, CTO JB Straubel to step down
- July 27, 2019

Revenue jumped to $US6.3 ($9) billion, from $US4.5 ($6) billion in the first three months of the year. The nasty surprise helped push Tesla shares down almost 14% to $228.82, their worst day since 2013. The ex-CTO confirmed his executive shuffle and said, "I'm not disappearing". Straubel is being replaced by one of his subordinates, Drew Baglino . As Tesla looks to expand the volume of its output, the company has struggled to get its manufacturing processes - many of which are handled by ... (more...)
IL gets share of $700M Equifax data breach settlement IL gets share of $700M Equifax data breach settlement
- July 23, 2019

While not the largest breach - attacks on Yahoo leaked data on as many as one billion accounts - the Equifax incident could be the most damaging because of the nature of data collected: bank and social security numbers and personal information of value to hackers and others. (more...)