Finance


Prime Day 2018: Amazon prepares for huge volume of orders Prime Day 2018: Amazon prepares for huge volume of orders
- July 16, 2018

According to reports from last year, Amazon's 2017 Prime Day was the company's biggest sales day ever - growing more than 60 percent over the previous year's results and bringing in more new Prime members than in any other single 24-hour period in Amazon's history. (more...)
Tesla goes big in China with Shanghai plant Tesla goes big in China with Shanghai plant
- July 11, 2018

Tesla sold 14,779 vehicles in China a year ago, according to data from LMC Automotive. Tesla Inc TSLA .O Chief Executive Officer Elon Musk on Tuesday landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the United States, that would double the size of the electric vehicle maker's global manufacturing. (more...)
Why higher unemployment signals a strengthening economy Why higher unemployment signals a strengthening economy
- July 10, 2018

The United States has increased jobs monthly for more than seven years, but some analysts suggest that the escalating trade disputes between the U.S. Average hourly pay rose just 2.7 percent from a year earlier. "Overall the report is good news insofar as it suggests the economy still has some capacity to grow at an above-trend pace without generating much inflationary pressure", said Michael Feroli, an economist at JPMorgan in NY. (more...)
Oil falls as Trump urges OPEC to reduce prices Oil falls as Trump urges OPEC to reduce prices
- July 09, 2018

Oil prices dropped yesterday, falling 97 cents to $73.17. This comes in the light of increased pressure from the Trump administration on allies to stop funding to Iran . Saudi Arabia cut pricing for most of its oil grades as the world's biggest crude exporter is increasing production to assure buyers there is sufficient supply following U.S. (more...)
U.S. has 'launched the largest trade war in economic history': China U.S. has 'launched the largest trade war in economic history': China
- July 07, 2018

The biggest impact will likely be seen in sales of the next US crop, which will come to market in September. "To put it simply, the U.S.is opening fire on the entire world, including itself", Gao said. Ironically, Cohen says the victims of Chinese IP or intellectual property theft won't benefit from the tariffs . US shipments have almost ground to a halt since the 25 percent tariffs implemented on April 2. (more...)
Mexican-Alaskans speak about country's new president Mexican-Alaskans speak about country's new president
- July 05, 2018

Lopez Obrador, a 64-year-old former mayor of Mexico City, won a landslide election victory on Sunday, dealing a crushing blow to establishment parties and becoming the first leftist to win the Mexican presidency since one-party rule ended in 2000. (more...)
Algeria warns Saudi Arabia, Russia against increasing oil output
- July 05, 2018

The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its behavior in the region and believes there is enough spare global oil capacity to make up for lower supply from Iran, a senior U.S. (more...)
Tesla hits Model 3 weekly production goal for first time Tesla hits Model 3 weekly production goal for first time
- July 03, 2018

Tesla noted that the weekly production rate for Q2 more than doubled the Model 3 output during Q1, and that it had also reached the 5,000-units-per-week level with the Model 3 , reportedly hours after the deadline according to Reuters. " It was not easy, but it was definitely worth it ", Tesla said. Moreover, Levy adds that Tesla's recent announcement that Model 3 reservation holders need to fork over an additional $2,500 to secure the auto "seems to be an aggressive attempt to meet ... (more...)
Amazon's attack on the pharmacy industry has begun Amazon's attack on the pharmacy industry has begun
- June 30, 2018

The company, which has its primary pharmacy in Manchester, New Hampshire, ships to all states except Hawaii. PillPack sells pre-sorted packets of prescriptions drugs, delivering them to customers in their homes. Big packaged food stocks also took a hit. It recently began selling medical devices and instruments, as well. PillPack has raised $118 million in investor funding. (more...)
Bali flights cancelled, thousands affected after Mount Agung erupts again Bali flights cancelled, thousands affected after Mount Agung erupts again
- June 30, 2018

The airport had been closed since 3 a.m. local time on Friday. It's far from the first time Agung has interrupted travel plans for WA holiday-makers, with a November eruption past year causing chaos to flight schedules. Sutopo Purwo Nugroho of Bali's disaster mitigation agency said seismic activity was still rife deep under the volcano. Jetstar cancelled 10 flights to and from Bali, as Qantas also turned back to Melbourne and Sydney flights to the island, and cancelled two more. (more...)
Iran Says Removing Oil From Market By November Impossible Iran Says Removing Oil From Market By November Impossible
- June 28, 2018

Police clashed with rioters and later fired tear gas at the demonstrators who were headed towards the parliament building. Tehran's prosecutor Abbas Jafari-Dolatabadi said some protesters near the bazaar were arrested on Monday and would not be released before going to trial. (more...)
Mnuchin denies stories on China-specific investment restrictions Mnuchin denies stories on China-specific investment restrictions
- June 28, 2018

A Reuters report says China accused the Trump Administration of being capricious in its handling of trade issues. That could open U.S. firms like Apple and General Motors up to new forms of retaliation from China and experts worry it also marks another step in government intervention in the free market, a "radical departure" for the United States that could prove mutually destructive. (more...)
Harley-Davidson moving some production overseas after retaliatory tariffs Harley-Davidson moving some production overseas after retaliatory tariffs
- June 26, 2018

While the company said it's committed to making motorcycles in the USA, it suggested it has no other choice but to move production from its home market. The stock is down 17 per cent this year. However, Harley-Davidson has warned consistently against tariffs , saying they would hurt sales. Analysts at Baird Equity Research cut its 2018 profit estimates for Harley-Davidson to US$3.70 per share from US$3.90 and now expect 2019 profit of US$3.85, down from US$4.20. (more...)
Turkey's main opposition candidate concedes election but warns of '1-man regime' Turkey's main opposition candidate concedes election but warns of '1-man regime'
- June 26, 2018

Mr Erdogan was declared Turkey's president by electoral board chairman Sadi Guven, who said he won a majority based on 99.9 percent of counted votes. Erdogan said there had been no serious voting violations. Noting similarities between official data and monitoring by his party, he said the victory margin was so wide that it "cannot be explained merely by election irregularities". (more...)
OPEC to raise oil production from July OPEC to raise oil production from July
- June 24, 2018

The proposal is the result of a face-saving compromise hammered out after days of diplomacy in Vienna dominated by tensions between Iran and archfoe Saudi Arabia over amending an 18-month-old supply-cut deal that has lifted oil prices to multi-year highs. (more...)
Oklahoma Supreme Court voids challenge to teacher pay tax Oklahoma Supreme Court voids challenge to teacher pay tax
- June 24, 2018

President Donald Trump has also criticized Amazon , whose founder Jeff Bezos also owns the Washington Post, saying that it does not collect any sales tax. have a profound effect on the state's tax policy", he said. Only five states do not have a state-wide sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon. (more...)
Chinese media denounces Trump trade moves as Beijing touts sincerity Chinese media denounces Trump trade moves as Beijing touts sincerity
- June 22, 2018

Underscoring the impact on Chinese companies from worsening Sino-U.S. relations, shares of ZTE Corp , the technology firm caught in the cross-fire of the trade spat between the two countries, slumped further on Tuesday. Benchmark U.S. crude fell 23 cents to $64.83 a barrel in electronic trading on the New York Mercantile Exchange. S&P 500 futures were off 1 percent and Dow Jones futures were 1.1 percent lower . (more...)
Cooper: Truth and the IG report Cooper: Truth and the IG report
- June 18, 2018

DOJ inspector general Michael Horowitz noted in his final report that his investigators asked FBI agents assigned to the Clinton case - known as "MidYear" - why they did not seize the devices given they may have been used to store classified emails. (more...)
Elon Musk’s Boring Company gets Chicago airport loop contract Elon Musk’s Boring Company gets Chicago airport loop contract
- June 17, 2018

Boring Company has developed what it says is faster drilling technology that allows it to create tunnels at least 90 percent below the cost of conventional methods. This rendering shows the company's proposal for its O'Hare station. That limited interest from bidders and has caused some to take a sceptical view of the so-called O'Hare Express project, which has been in the works for years. (more...)
Comcast Outbids Disney For 20th Century Fox Assets Comcast Outbids Disney For 20th Century Fox Assets
- June 15, 2018

The Justice Department argued that the merger between AT&T and Time Warner would introduce unfair advantages in the marketplace. Most analysts had expected that District Judge Richard Leon would rule in favor of the companies and strike down a Justice Department's lawsuit to block the deal, which may have muted some of the immediate reaction. (more...)
Tesla cutting 9% of jobs - Elon Musk Tesla cutting 9% of jobs - Elon Musk
- June 13, 2018

As of Tesla's annual filing in December, the automaker had 37,543 full-time employees. In his email to employees, Musk also said the company would stop selling its solar panel units at Home Depot to better focus on sales on its own stores and website. (more...)
Trump pledges to punish 'the people of Canada' Trump pledges to punish 'the people of Canada'
- June 13, 2018

Trump said he chose to back out of the G7 communique after watching Trudeau's closing summit news conference , at which he warned that Canada would not be pushed around on tariffs - a point the Canadian prime minister had made several times before. (more...)
AT&T wins court approval to buy Time Warner for $85 billion AT&T wins court approval to buy Time Warner for $85 billion
- June 13, 2018

A federal judge on Tuesday gave a ringing endorsement to AT&T Inc's planned acquisition of Time Warner Inc without any conditions , opening the door for companies such as Comcast Corp and Verizon Communications Inc to pursue deals to buy creators of media content. (more...)
No panic in Singapore as summit approaches
- June 12, 2018

The despot took a break from official government business on Monday to take a mini tour with Singapore Foreign Minister Vivian Balakrishnan , his sister and other top deputies. As Trump and Lee sat down for a working lunch at the Istana house, the president sounded optimistic, telling Lee, "We've got a very interesting meeting in particular tomorrow, and I think things can work out very nicely ". (more...)
Net Neutrality Officially Expired. Now States Are Passing Their Own Laws Net Neutrality Officially Expired. Now States Are Passing Their Own Laws
- June 12, 2018

Your ability to watch and use your favorite apps and services could start to change - though not right away - following Monday's official repeal of Obama-era internet protections. For now, we are in a wait and see mode to see what happens next. Eventually, these extra charges could be passed along to the public. But the push is unlikely to succeed: while a vote in the Senate has put pressure on the House, the larger Republican majority in House is likely to keep things from going any further. (more...)
Hannity to interview Trump after North Korea summit Hannity to interview Trump after North Korea summit
- June 12, 2018

The stars of Tuesday's highly-anticipated summit are undoubtedly President Donald Trump and North Korean leader Kim Jong Un . Asked if he would meet Kim in Singapore , the ex-basketball player said he thinks the North Korean leader "has bigger things to worry about than seeing me right now". (more...)
Verizon CEO to Retire, Succeeded by a Newcomer Verizon CEO to Retire, Succeeded by a Newcomer
- June 11, 2018

With Hans Vestberg taking over as the new Verizon CEO, Lowell McAdam will be changing roles. McAdam, 64, who has been CEO since 2011, will serve as executive chairman until the end of next year, when he will retire and become non-executive chairman, a Verizon statement said . (more...)
Ghanaians shocked by alleged soccer bribery documentary Ghanaians shocked by alleged soccer bribery documentary
- June 10, 2018

Mr Nyantakyi has not replied to multiple requests for comment while the GFA has said it would cooperate with any investigation. The two-hour documentary, " When Greed and Corruption Become the Norm ", is the work of undercover journalist Anas Aremeyaw Anas and Wednesday's public viewing was the first since it was released to the authorities last month. (more...)
Trump Feuds With Leaders of France, Canada Before Summit Trump Feuds With Leaders of France, Canada Before Summit
- June 08, 2018

Kudlow said allies should understand that Trump "will do what is necessary to protect the USA, its businesses and its workforce", adding that Trump "has always said, and I agree, tariffs are a tool in that effort". Trudeau called Trump's tariffs "irresponsible" and " insulting ". "To the degree one can ever take what is said as a joke", the source told CNN . (more...)
World's biggest investor in clash with Tesla over Elon Musk's dual role World's biggest investor in clash with Tesla over Elon Musk's dual role
- June 07, 2018

Wait times for the Model 3 are three to four months for an order placed today in the USA and 15 months for right-hand-drive cars, meaning the Model 3 is unlikely to arrive on British soil before the third quarter of 2019. Just days after failing to receive a Recommended score in Consumer Reports , the Tesla Model 3 received the Recommended label after improving its braking performance via an over-the-air software update. (more...)
Germany's FDP calls for parliamentary inquiry on… Germany's FDP calls for parliamentary inquiry on…
- June 05, 2018

Merkel said. The force is a key element of Emmanuel Macron's proposals to reform European defence and integrate the continent's many militaries more closely together. Merkel backed the step-by-step introduction of a euro zone investment budget in the low double-digit billions of euros, saying this could be housed within the European Union budget or outside. (more...)
Ahead of Trade Talks, Trump Slaps More Tariffs on China Ahead of Trade Talks, Trump Slaps More Tariffs on China
- June 04, 2018

Earlier this week, trade tensions between China and the United States flared after Washington threatened to enact 25% tariffs on USD50 billion worth of Chinese imports, despite previously having agreed to put the tariffs on hold. China's retaliatory tariffs against USA tariffs on steel and aluminum are already having an impact on US producers, he said. China, on May 30, lambasted "sudden flip-flops" in USA policy after President Donald Trump said he was moving to finalize trade sanctions ... (more...)
Trump's tweet about jobs report raises questions Trump's tweet about jobs report raises questions
- June 04, 2018

The rule states: "All employees of the Executive Branch who receive pre release distribution of information and data estimates as authorized above are responsible for assuring that there is no release prior to the official release time". The embargo on Executive Branch employees talking about the numbers is "to create in the minds of the public the clearest possible separation between when the nerds speak and when the politicians spin", says Justin Wolfers, professor of economics and public ... (more...)
Eurozone inflation in big jump just as uncertainties mount Eurozone inflation in big jump just as uncertainties mount
- June 02, 2018

The ECB's bond buying programme has provided a powerful backstop to euro zone government debt, although moves in Italian markets in recent days suggest that this buffer may have lost its punch. Over the weekend, populist parties attempted to form a government , which ultimately failed after Italian president Sergio Mattarella vetoed their choice for finance minister, Paolo Savona, a euroskeptic who once described the eurozone as "a German cage". (more...)
Sears to close Spartanburg store Sears to close Spartanburg store
- June 01, 2018

The closures will leave Des Moines and Sioux City as the only Sears stores in Iowa. Fifteen Kmarts and 48 Sears stores nationwide are slated to close, including a Sears store in Springfield, Ill. "We will be working with them closely as the plans are finalized by Sears Holding as to the future of the building". Sears Holdings closed its Kmart location at 180 Main St.in Saugus on earlier this month. (more...)
Amazon blocks Australia from global sites over tax Amazon blocks Australia from global sites over tax
- May 31, 2018

In addition to allowing Amazon's U.S. arm to bypass complicated GST obligations, it also forces more customers to use the Australian service, therefore boosting its sales performance. The Australian version launched late previous year, with some 60 million products available. Amazon has today announced that from July 1st, Australian shoppers will no longer be able to use Amazon.com (as well as all of the other overseas Amazon sites). (more...)
European markets are on edge as Italy's government unravels European markets are on edge as Italy's government unravels
- May 31, 2018

The coalition had wanted to place 81-year-old economist Paolo Savona in charge of Italy's economy, although the former industry minister has been a key figure in questioning Italy's participation in the eurozone and the budgetary restrictions the European Union requires of its members. (more...)
Rahul Gandhi terms 1 paisa petrol price cut as `prank, childish move` Rahul Gandhi terms 1 paisa petrol price cut as `prank, childish move`
- May 31, 2018

Prices of both petrol and diesel were cut just by a paisa across the country. The "Joke of Petrol, diesel prices cut by 1 paisa " did not go down well with people on social media . He also welcomed Kerala government's move of cutting the fuel price by Re 1 earlier in the day. It is not for the first time that there has been a change of 1 paisa. (more...)
Starbucks to close over 8000 stores today for employee diversity training Starbucks to close over 8000 stores today for employee diversity training
- May 30, 2018

Haddad, like others across the country, was a bit suspicious of Starbucks' motives in closing down its stores. One afternoon wouldn't really be "moving the needle on the biases", especially with a company that has as many employees as Starbucks, he said . (more...)
New privacy law forces some United States media offline in Europe New privacy law forces some United States media offline in Europe
- May 26, 2018

We run a lot of competitions on UKC - around 2 or 3 a week sometimes. The Equifax hack past year was particularly bad because the information leaked could be used to open credit cards . Failure to report data breaches will also now carry substantial financial penalties of upto €20 million or four per cent of annual turnover, whichever is greater. (more...)