Economy / 77

Teachers launch rally to back HK youth protesters

August 17, 2019

They were met by hundreds of Chinese supporters - with the groups kept separate by police. This Friday, Aug. 16, 2019, photo shows members of China's paramilitary People's Armed Police, in military fatigues, are seen at Shenzhen Bay Stadium in Shenzhen, China.

Ackman eyes more gains for his fund with help of Berkshire, others

August 17, 2019

Berkshire said it owned 537,300 Amazon shares worth about $1.02 billion as of June 30, up from 483,300 shares three months earlier. "One of the fellows in the office that manage money" did it on behalf of Berkshire, Buffett said upon announcement of the $923 million investment.

United States delays tariffs on some Chinese goods, drops others

August 17, 2019

The U.S. Treasury yield curve inverted for the first time since 2007 - a possible recession signal - after China's industrial output growth hit a 17-year low in July and Germany reported a second-quarter contraction in gross domestic product output.

Alibaba Reports Strong Quarterly Financial Results

August 17, 2019

The 1st fiscal quarter in 2020 was from April 1 to June 30, 2019. What's more, sales in Alibaba's cloud computing unit, which competes with Amazon and Microsoft, soared 66% from a year ago. Alibaba's financial reports are often seen as a proxy to gauge China's consumer spending. Walmart upped its full-year guidance after posting second-quarter earnings and sales that topped analysts' expectations, sending its shares up 5% in intraday trading.

Oil deepens slide towards US$58 on recession fears, US supply

August 17, 2019

Brent crude was down $2.08, or 3.4 per cent, at $59.22 a barrel, after rising 4.7 per cent the previous day, the biggest percentage gain in a day since December. In a sign of investor concern that the world's biggest economy could be heading for recession, weighing on oil demand, the US Treasury bond yield curve inverted on Wednesday for the first time since 2007.

Passenger Vehicle Sale Dips For 9th Straight Month, Slumps 31% In July

August 17, 2019

The slowdown in the industry is largely on account of a bad festive season a year ago which led to the problem of higher inventories, tight liquidity with banks as a fallout of the NBFC crisis and an overall sluggish economy and low consumer sentiment.

Cathay Pacific CEO and CCCO stand down after Hong Kong protests fallout

August 17, 2019

Chinese state media have put out images of military personnel and armoured personnel carriers across the border in Shenzhen, while the United States has warned Beijing against sending in troops, a move many analysts say would be a reputational and economic disaster for China.

Dow Jones Loses Over 700 Points Amid Recession Concerns in Global Economy

August 17, 2019

Walmart shares climbed 6.1% on Thursday, helping to steady the USA stock market, after the retail giant said it made a bigger profit in the last three months than Wall Street expected, thanks in part to strong online sales of groceries. That yield has been steadily falling since late past year, when it was above 3%. In fact, in the time since the US Civil War, only one president has been reelected after a recession in the final two years of his first term.

New graphic health warnings proposed for cigarette packages

August 17, 2019

The labels would take up half of the front of cigarette packages and include text warnings , such as "Smoking causes head and neck cancer". They would also occupy at least 20% of the area at the top of all cigarette advertising. The FDA proposal acknowledged previous legal issues and said that in the ensuing years it developed warnings with different images and messages that are now backed up by research about their effectiveness.

Navarro: Fed's Interest Rate Environment Causing Market Slide

August 16, 2019

The central bank's next scheduled meeting is September 17. -China trade war remains worry for investors * Fed Chairman Powell to speak at Jackson Hole next Friday By Karen Brettell NEW YORK, Aug 16 (Reuters) - Benchmark U.S. "That longer-end rates are rallying does suggest some lack of confidence that the central banks will actually be able to do anything about the slowing global growth momentum", he added.

Dow posted largest intra-day drop since October as recession fear feathers

August 16, 2019

Retail sales outpaced expectations in July, indicating that consumer spending, a significant determinant of economic health, is performing well in spite of recession concerns motivated by stock market declines and the inverted bond yield curve.

Walmart Reports Better-Than-Expected Fiscal Second-Quarter Results

August 16, 2019

In the USA, net sales grew 2.9% to $85.20 billion from $82.82 billion a year ago. Argus Investors Counsel Inc. lifted its stake in shares of Walmart Inc (NYSE: WMT ) by 93.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission.

Trump criticises 'clueless Jay Powell' as markets plunge

August 16, 2019

Earlier on Wednesday, White House trade adviser Peter Navarro told Fox Business Network the US central bank should cut rates by half a percentage point " as soon as possible ", an action he claimed would lead "to 30,000 on the Dow". Companies and jobs are fleeing. "Prices to us have not gone up, and in some cases, have come down", the president wrote on Twitter . "Our problem is with the Fed", Trump tweeted .

'No, thank you': Danes respond to Trump's 'bid' for Greenland

August 16, 2019

In 1946, the United States proposed to pay Denmark 100 million U.S. dollars to buy Greenland after flirting with the idea of swapping land in Alaska for strategic parts of the Arctic island. There was no official comment from the White House, and the Danish embassy in Washington did not immediately respond to AFP's request for comment.

Madoff investigator accuses GE of $38bn fraud

August 16, 2019

Chief Executive Officer Larry Culp said Markopolos' 175-page report contained factual errors and constituted "market manipulation - pure and simple", because Markopolos stood to profit from short-selling tied to its release. "Such funds are financially motivated to attempt to generate short selling in a company's stock to create unnecessary volatility", GE said. Mr Markopolos is working with a hedge fund he didn't identify and stands to benefit from bets that GE's stock will decline, ...

North Korea fires two 'unidentified projectiles': Seoul

August 16, 2019

North Korea has continuously voiced stern opposition to ongoing joint US-South Korean military drills and Seoul's decision to purchase F-35 stealth fighter jets. "North Korea makes it exceedingly hard to build trust when it interprets restraint as weakness and looks to exploit divisions within South Korea", said Leif-Eric Easley, a professor at Ewha University in Seoul .

Are markets signalling that a recession is due?

August 16, 2019

Investors pushed the panic button after the main yield curve briefly inverted, meaning the yield on the closely watched 10-year U.S. Treasury bond fell below the yield on the 2-year note for the first time since 2007. 2-year Treasury has fully caught the attention of all market participants. Traders tend to plow money into ultra-safe USA government bonds when they're fearful of an economic slowdown, and that sends yields lower.

General contractors are suffering under Trump’s new tariffs on Chinese goods

August 16, 2019

Magazines with front covers featuring Chinese President Xi Jinping and President Trump at a roadside stand in Hong Kong. His claim that trade wars are " easy to win " might have been the most egregious, at least as applied to China . Previous tariffs were very targeted on some sectors, but the latest tariff move would have hiked prices on a wide variety of cheap consumer goods that USA shoppers buy from China en masse.

S Korea's Moon offers conditional olive branch to Japan

August 16, 2019

The U.S. and South Korean militaries were analyzing the launches but didn't immediately say whether the weapons were ballistic missiles or rocket artillery. But the North threatened last week to carry out more weapons tests following the start of the latest joint drills between Seoul and Washington, which began on Aug.5.

Dive day: Dow drops 800 points, S&P falls 2.9% on recession fears

August 16, 2019

The S&P 500 rose 6 points, or 0.2%, to 2,847. When the yield on longer-term Treasurys falls below that of shorter-term issues, economists call that an "inverted yield curve". Gains in shares of companies that sell consumer products tend to hold up in times of economic weakness, which helped drive the market higher. Besides Walmart's surge, Procter & Gamble rose 1.4% and Coca-Cola gained 1.7%.

German economy contracts as export engine stutters

August 16, 2019

Germany , Europe's largest economy , narrowly avoided a recession past year. "However, under the surface of these impressive headline numbers, a worrisome trend has emerged-since 3Q 2018, the economy has been in a de facto stagnation, with quarterly GDP growth at an average of zero percent".

Alberto Fernandez Defeats Mauricio Macri in Argentinean Primary Elections

August 16, 2019

The severity of market reaction could depend on the margin of victory between Fernandez and Macri, and whether or not the victor netted enough votes to indicate a potential win in the first round of the presidential election in October, Reckman said.

Cathay's Hogg slaughtered by China, HK protests

August 16, 2019

Cathay, which has been under pressure from the Chinese aviation regulator, said it was fully committed to Hong Kong under the principle of "One Country, Two Systems" and was confident Hong Kong would have a great future. "For the India market, we would like to share that, at present, all flights from Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad and Kolkata to Hong Kong and return are operating as per schedule for 15 and 16 August 2019", the airline said in a statement on Thursday.

Recalled MacBook models are banned from all flights

August 14, 2019

At the time of Apple's disclosure, the Cupertino company confirmed that users could get their battery replaced for free if they had an affected model. About 432,000 MacBook Pros with faulty batteries were sold in the US, according to a Canadian air safety notice cited by Bloomberg , while another 26,000 were sold in Canada.

Say Hello To The Stunning Acura Type S Concept

August 14, 2019

Honda's high-end spinoff is ready to start injecting a bit of excitement back into its mid-range sports and performance sedans, its new concept recalling the popular Type S versions of cars like the TL that made waves in the mid-2000s before giving way to a more sensible and pedestrian TLX in the noughteens.

Hong Kong airport obtains injunction against protestors

August 14, 2019

It has become the latest focus of mass political unrest in Hong Kong that began 10 weeks ago. "We are not trying to overthrow the government or cut ourselves off from China ". As Financial Times commentator Jamil Anderlini noted this week: "Today, the biggest fortunes in Hong Kong rely on control of land and property in what is the most expensive real estate market in the world.

Hong Kong protests met with denunciations and threats

August 14, 2019

Lam's remarks echoed those of Hong Kong business leaders amid falling share prices and fears of an economic downturn, especially in the property sector. "Violence. will push Hong Kong down a path of no return", she said. President Donald Trump said reports from USA intelligence agencies shows the Chinese government is moving troops to its border with Hong Kong.

Facebook has been listening to users' voice messages without their knowledge

August 14, 2019

The US-based tech company has been paying hundreds of contractors to transcribe clips of audio from users of its services, people familiar with the matter told Bloomberg on condition of anonymity. Federal Trade Commission after a probe of its privacy practices, has long denied that it collects audio from users to inform ads or help determine what people see in their news feeds.

Yen, dollar buoyed as investors seek safety

August 14, 2019

The upset, widely seen as a preview of October's presidential vote, threw the doors open to the very real possibility a more protectionist government will take power come December and unravel the hard-won gains that Macri made to regain the trust of the global markets.

Bishop International Airport announces new Sarasota, Fla., flights

August 14, 2019

Beginning November 25, Allegiant will offer service from South Bend to Sarasota-Bradenton International Airport in Florida. Bishop International Airport in Flint said new, direct flights to Sarasota, Fla., will start this fall. "We're really excited to provide this nonstop service to Tucson, so the people of Indianapolis have the opportunity to explore and enjoy all this handsome area has to offer", said Drew Wells, Allegiant vice president of planning and revenue.

Norwegian to discontinue all transatlantic routes between Ireland and North America

August 14, 2019

The airline and markets business took a hit with tough trading conditions as well as Boeing 737. The Oslo-based carrier began offering daily year-round service between Hamilton and Dublin in March. The grounding has caused huge disruption for airlines, which have had to charter new planes to maintain flight schedules. Profits in other branches of TUI's business were clouded by losses stemming from the Boeing 737 MAX groundings.

The fastest Porsche SUV ever is a plug-in hybrid

August 13, 2019

Alone, it's good for 541 horsepower, but then the Cayenne engineers strap on a 134 horsepower electric motor. This enables the Cayenne - which now weighs just a sliver under two and a half tonnes (2,535 kg for the Coupé) - to sprint from zero to 100 km/h in 3.8 seconds and onward to 200 km/h in 13.2 seconds, before hitting a top speed of 295 km/h.

Mukesh Ambani seconds irked shareholder's view — RIL AGM

August 13, 2019

Reliance also announced the Jio GigaFiber IoT platform that will be commercially available from January 1, 2020; and the Jio HoloBoard mixed reality headset that has been developed in collaboration with Tesseract. Aiming to get an instant wide adoption, Jio is offering free HD or 4K TV and 4K set-top-box with annual Jio Fiber data plans . Which ones? Well, we don't know yet.

USA stocks fall on Hong Kong protests, trade worries

August 13, 2019

The Hang Seng Index fell 2.10 per cent, or 543.42 points, to 25,281.30. Asian stocks followed their USA counterparts lower Tuesday as political unrest in Hong Kong and Argentina added to trade concerns and knocked sentiment. Amgen Inc rose 6% as a US judge upheld two patents relating to blockbuster rheumatoid arthritis drug Enbrel, denying a challenge by Novartis AG, which is seeking to launch a copycat version.

Singapore slashes 2019 growth forecast stoking recession fears

August 13, 2019

In May, the MTI had lowered the full-year forecast for Singapore from an earlier growth prediction of 3.5% to a growth of between 1.5% and 2.5%. This figure already showcased a steep slowdown, against the full-year GDP growth of 3.1% marked in 2018.

US delays tariffs on some Chinese goods, drops others | AP business

August 13, 2019

Instead of facing a levy as of next month, the tariff on those items won't be implemented until mid-December. "We're doing this for the Christmas season", Trump stated. As a result, China is no longer the top trading partner of the US. In addition, " certain products are being removed from the tariff list based on health, safety, national security and other factors and will not face additional tariffs of 10 percent".

United States will delay tariff hike on Chinese-made cell phones, toys

August 13, 2019

USA stocks surged nearly 2 per cent on Tuesday as the Trump administration said it would delay 10 per cent tariffs on some Chinese products, including laptops and cell phones, driving a 5 per cent surge in shares in iPhone maker Apple Inc. Together, the developments revived optimism that the world's two biggest economies can make progress toward resolving a trade dispute that has rattled financial markets for more than a year and clouded prospects for the global economy.

United Kingdom economy declines for the first time since 2012

August 13, 2019

Annual growth in June alone was the weakest since August 2013 at 1.0 percent. Most analysts expected the economy to flat-line. According to the ONS, the volatility in the first half of 2019 largely reflected changes in the timing of activity related to the UK's original planned Brexit date in late-March.

Verizon to sell Tumblr

August 13, 2019

Six years after it was sold to Yahoo for over $1 billion, Tumblr is set to be sold again for a little over what it costs to buy a house in Sydney. However, traffic to the blogging platform fell after it enacted a ban on adult content last December that forced porn enthusiasts and erotic artists off from the site.

America's number-one sneaker retailer jumps into the subscription business

August 13, 2019

Customers can choose what style they want, from performance shoes for sport to casual everyday sneakers, and they can also skip months and easily swap sneakers if they don't fit or their kid doesn't like them. When you're sent a pair that you like, you can keep it, but when your kid outgrows it or decides they don't like it, you can send it back to be recycled or donated and receive a new pair.

Air Canada increases its bid for Air Transat by $200 million

August 13, 2019

Toronto-based Letko Brosseau and Associates owns 19 percent of Transat. Under the revised terms of the Air Canada deal, Transat will not consider any new unsolicited third party bids lower than $19 per share. But Mach is not counting out the idea of another bid. The tribunal ruling, which says the bid "constitutes an abusive offer contrary to the public interest", means the Montreal-based company can not acquire any shares under its scheme and must return to shareholders any stocks already ...

Chick-fil-A launches first new side since 2016: Mac & Cheese

August 13, 2019

The chicken gods have bestowed Chick-fil-A with the comfort of not needing to shake things up on their menu all too often. "Mac & Cheese" will be available with any lunch or dinner, including kid's meals, or just by itself. Amanda Norris, Chick-fil-A's executive director of menu and packaging, said the menu addition proved to be popular in several test markets. Though if you're looking for something a little more sweet than savory, Chick-fil-A is not done rolling out exciting new options.

Goldman Sachs Cuts Growth Forecast

August 13, 2019

With no respite in sight in the ongoing US-China trade war , economists and experts are wary of the crisis leading to a recession. In a note sent to clients Sunday, the investment bank said it no longer expects Washington and Beijing officials to strike a trade agreement before the 2020 US presidential election.

Burford Alleges Share Manipulation Around Muddy Waters Attack

August 13, 2019

We were very surprised by the share price fall, so felt we had to de-risk our position given how significant a proportion of our fund it was until we fully understand what was happening. lower) than the best-bid-best-offer price and the subsequent cancellation of these orders to move the price in a given direction without actually concluding any trades.

Olive Garden offering 'Lifetime Pasta Pass' to a select group of people

August 13, 2019

The Lifetime Pasta Passes - which are available to the first 50 people lucky enough to snag a Pasta Pass on August 15 - will entitle the lucky recipients to unlimited pasta, soup, salad and breadsticks for their entire lifetimes. The chain points out that, since a Never Ending Pasta Bowl typically costs $10.99, the Lifetime Pasta Pass pays for itself after 45 visits. Olive Garden strongly suggests that customers visit the website early to join the online waiting room starting by 1:55 p.m.

Tesla Electric Car Catches Fire After Hitting Tow Truck In Moscow

August 12, 2019

According to preliminary reports , the vehicle was on autopilot during the incident. The driver, director general of investment fund Arikapital Alexey Tretyakov, was hospitalized , while two of his children, who were also with him in the auto, suffered minor injuries.

Walmart Pulls Violent Video Game Ads (But Not Guns) From Stores

August 12, 2019

Walmart is making changes to the video game and hunting departments, but it's not doing anything new about guns. As you probably know, the United States retail chain Walmart has implemented a new video game policy, according to which any advertising of violent titles will be prohibited.

Hong Kong airport grinds to a halt as protests swell

August 12, 2019

Hong Kong airport has suspended check-in for all remaining flights due to ongoing protests inside the terminals. The demonstration of specially equipped armoured cars came after another weekend of protests at Hong Kong's bustling global airport and on the streets of one of the city's main shopping districts.

Uber Retreats on Loss of $5.24 Bln U.S., Misses Analysts Forecasts

August 12, 2019

Excluding that one-time expense, it lost $1.3 billion, or almost twice the $878 million loss of a year earlier. Uber's revenue growth slowed in the second quarter and its losses widened as it continued to spend heavily on discounting and new businesses.

Cathay threatens to fire staff over 'illegal' HK protests

August 12, 2019

Luxury shops were caught up in the protests , with some shoppers even taking pictures of riot police, while other bystanders - at one stage hundreds - jeered the officers. Over the weekend, as demonstrators threw up barricades across the city, police shot volleys of tear gas into crowded underground train stations for the first time, and fired bean-bag rounds at close range.

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