Economy / 29

Stocks Open Mixed as Powell Awaits in Jackson Hole: Markets Wrap

August 23, 2019

The S&P 500 Index closed flat amid weak volumes. Federal Reserve chairman Jerome Powell today acknowledged that the economy has grown more turbulent in the three weeks since the Fed cut rates for the first time in a decade. Most European bonds fell as a gauge of German manufacturers reinforced recession concern and European Central Bank minutes showed officials were anxious that investors would lose faith in their ability to revive inflation.

Macron, Johnson meet on Brexit in Paris

August 23, 2019

Visiting British Prime Minister Boris Johnson started talks with French President Emmanuel Macron on Thursday afternoon, with the thorny issue of Irish border plan of the Brexit deal on the top of agenda. "We won't jeopardise peace in Ireland, that would be one of the consequences of dropping the so-called backstop", Macron added. French president said Thursday they are preparing for every Brexit scenario, including a divorce without a deal .

AAA: Gas prices likely to be lowest in years for Labor Day

August 23, 2019

Currently, gas prices nationally are already 15 cents cheaper than 5 weeks ago, on average. Among the reasons for the relief; less expensive crude oil prices as well as lower demand and the change to winter-blend gasoline. In Virginia, gas is expected to be among the cheapest in the nation. The association expects the region should see cheaper prices, but there may be sudden increases.

Hong Kong investor buys UK's Greene King brewery for €2.95bn

August 23, 2019

Greene King plc has a 50 day moving average of 622.28 GBX and a 200 Day Moving Average share price is recorded at 614.92. The pub and beer company is being sold for £2.7bn. Royal Bank of Canada raised their price target on Greene King from GBX 600 ($7.84) to GBX 700 ($9.15) and gave the company an "outperform" rating in a research note on Friday, April 26th.

Brent oil futures climb above $60 on US inventory draw

August 23, 2019

Notwithstanding Tuesday's gains, concerns grew as to where last week's would be as industry group American Petroleum Institute prepared to issue a snapshot of what the U.S. The current advancement in exports of liquefied natural gas and the upgraded capability to penetrate new markets have jacked up growth in America's natural gas stockpiles.

Windsor applicant chosen in Ontario's second cannabis retail store lottery

August 23, 2019

The North Bay lottery victor is Lorne J. Fine, a Toronto divorce lawyer, and the proposed store location is the Nipissing Plaza, 390 Lakeshore Drive, Suite 3. It is anticipated that stores will start opening in October. Applicants are encouraged by the AGCO to get their stores up and running by October, but unlike the last round, no penalty will be imposed if winners exceed that October deadline.

Global stocks mixed after Wall Street rebound

August 23, 2019

During the first quarter, Lowe's sales growth outpaced Home Depot for the first time since 2016. The Trump administration has imposed a 25% tariff on $250 billion worth of goods imported from China. Home Depot added 1.6%. Several market strategists said Powell's comments at the conclave would offer greater insight on the course of monetary policy than the minutes from the July Fed meeting given developments since then, including U.S.

US DoJ antitrust chief teams up with states on Big Tech probe

August 23, 2019

Attorneys general for as many as 20 states may be joining forces to dig into whether the dominant tech players use their outsized market power unfairly to quash competition, sources tell the Wall Street Journal . It didn't name, names but the wording left no doubt that the subjects included Alphabet , Facebook , Amazon , and Apple . If the state AGs coalesce on the issue, it could present a considerable hardship for Big Tech.

'I am the Chosen One': Trump defends China trade war

August 23, 2019

Meanwhile, a report in the Washington Post pointed out that President Trump is slowly coming out of the denial mode that trade war will not breed a recession. China's Ministry of Commerce Thursday urged the United States to correct its faulty practices in anti-subsidy probes against Chinese products after the World Trade Organization (WTO) recently again ruled that US countervailing measures were inconsistent with WTO rules.

Ready for a 19-hour flight? Airline to test world's longest routes

August 23, 2019

Joyce said he has given the airline until the end of the year to assess the results and determine whether it should continue to pursue its goal of eventually offering regular, non-stop flights to London and NY from Sydney, Melbourne and Brisbane.

Step Aside, Shareholders: Businesses Revise Statement on Whom They Serve

August 22, 2019

Former UBS Financial Services CEO Joe Grano explains U.S. CEOs' move to place less emphasis on shareholder value in favor of employee benefits and well-being. "Purpose is not the sole pursuit of profits but the animating force for achieving them", Fink wrote in his 2019 letter to shareholders . The statement said the new definition of investing in our employees "starts with compensating them fairly and providing important benefits".

Futures rise ahead of central bank action

August 22, 2019

Some analysts expect a further correction in world shares, which are still above their December lows. The euro, meanwhile, was down 0.1% at $1.1087, moving little since Italy's Prime Minister Giuseppe Conte resigned on Tuesday. Alarm bells started ringing last week when USA 2-year yields traded above those of their 10-year counterparts for the first time since 2007, an inversion that has presaged previous recessions and is widely watched by markets.

Chick-fil-A and Popeyes spark Twitter beef over chicken sandwiches

August 22, 2019

Both sandwiches are similar and they both offer fried chicken and pickles. The original comes with classic mayo, while the spicy features a Cajun spread. Chick-fil-A probably doesn't have to worry too much, however. If it makes Chick-Fil-A feel any better, this review from Business Insider said that their mac-and-cheese is superior to essentially every other fast food joint.

US Budget Deficit Will Breach $1 Trillion Two Years Earlier Than Predicted

August 22, 2019

The federal budget deficit is expected to balloon to more than United States dollars 1 trillion in the next fiscal year under the first projections taking into account the big budget deal that President Donald Trump and Congress reached this summer, the Congressional Budget Office reported.

Bernie Sanders to hold rally in downtown Sacramento this week

August 22, 2019

Senator Bernie Sanders hit back at Senator Kamala Harris Monday evening after Harris said at a fundraiser in the Hamptons that she has "not been comfortable" with the Medicare for All plan she cosponsored with Sanders. "People think, 'Well, maybe is this going to mean that I need to, that I'll have to worry about not being able to see my doctor, '" Harris said last month, before promising that, "you can keep your doctor" under her plan.

China trims lending rates with new benchmark, more rate cuts expected

August 22, 2019

By linking LPR quotations to MLF rates, the PBOC will be able to affect the interest rates that banks charge, Ma Jun, a member of the PBOC's monetary policy committee, said in an interview ( link in Chinese) with state-run China National Radio.

Del Monte to close Mendota facility

August 22, 2019

Sleepy Eye's Mayor Wayne Pelzel said the plant is one of the biggest employers in the city of about 3,500 people. Del Monte Foods said this week it will close two of its US production facilities in a move that will mean layoffs for hundreds of workers .

Amazon opens its largest office building globally in Hyderabad

August 22, 2019

A third of Amazon's Indian work force of over 62,000 employees are located in Hyderabad across eight leased buildings while it intends to move a part of them to its new campus besides, hiring new people. Shrugging off any impact of a global slowdown on its India business, Agarwal said the Jeff Bezos-led company continues to invest across all its businesses with focus on improving affordability.

The Brief: British government speeds up preparations for a no-deal Brexit

August 22, 2019

British ministers will only attend big summits and those covering essential interests like security. Javid said there can be no time for the delay of preparation to leave the European Union on October 31, and that is why British customs authority has allocated thousands of businesses with a trading number, to ensure they can continue to trade their goods through Europe from day one.

Powell may signal future rate cuts, but would they matter?

August 22, 2019

Powell . The minutes show a broad concern among the 12 Fed policymakers over a global economic slowdown, a US-China trade war, and sluggish inflation. However, the International Monetary Fund in an unusually blunt blog post, said Trump's tariffs and calls for lower interest rates to weaken the dollar won't work and could slow the global economy.

Hong Kong investor buys Greene King

August 21, 2019

CKA said it was particularly attracted to Greene King because of its "established position in the United Kingdom pub and brewing market, freehold and long leasehold property estate, and resilient financial profile". Adjusted pre-tax profit rose by 1.6% to £246.9m. More important recent Greene King plc (LON: GNK ) news were published by: Finance.Yahoo.com which released: "Don't Buy Greene King plc (LON:GNK) For Its Next Dividend Without Doing These Checks - Yahoo Finance" on ...

White House Makes Its Move Against Flores Agreement on Migrant Child Detentions

August 21, 2019

Under what is known as the Flores settlement, the government is required to release a minor from a non-licensed facility as expeditiously as possible, which has been set at 20 days. But those facilities are already near capacity, and critics fear families could be held in detention camps similar to those near the border - in which children have been forced to sleep on pads on cement floors with scant medical attention.

Dow drops 800 after bonds flash warning

August 21, 2019

We take the inversion of the curve as a signal in a process to eventual recession. One of the biggest concerns is that all the uncertainty around the U.S. "Periods with an inverted yield curve are reliably followed by economic slowdowns and nearly always by a recession". Traders tend to plow money into ultra-safe USA government bonds when they're fearful of an economic slowdown, and that sends yields lower.

Ryanair wins court bid to block Irish strike

August 21, 2019

Balpa said Ryanair was relying on "legal technicalities" to persuade the court to block the strike. "Ryanair pilots in the United Kingdom have a serious dispute with their company which will not be resolved by raising legal technicalities in the high court", said Brian Strutton, Balpa's general secretary.

Why Powell faces a high bar at this week's Fed conference

August 21, 2019

Investors are pricing in a 16 percent chance of a 50 basis point cut to US Fed funds rate in September. The Dow Jones index snapped its three-day winning streak, sliding 173 points (or 0.7 per cent) to 25,962. The Nasdaq composite dropped 0.7% to 7,948.56. The U.S. market has been volatile this month as investors try to parse conflicting signals on the U.S.

US Steel to Lay Off Hundreds of Workers in Michigan Published on

August 21, 2019

The workers could be laid off for more than six months, executives said, and will include workers from the plant's blast furnace operation and furnishing sector. Lower steel prices and weaker demand were see as the reasons, according to Reuters . US Steel's stock prices have also dropped from near-$45 highs back in March 2018 to under $13 today.

Elanco to Buy Bayer Animal Health Unit for $7.6B

August 21, 2019

The stock of Elanco Animal Health Incorporated (NYSE:ELAN) has "Market Perform" rating given on Friday, May 10 by BMO Capital Markets. The deal to sell the unit to Elanco Animal Health Inc ., based in Greenfield, Ind., would create a new industry heavyweight in the business of preventing and treating diseases for pets and livestock.

Rebound: Miner BHP doubles annual net profit, pays record dividend

August 21, 2019

The results and dividend were in line with expectations, and while such performance was welcomed by analysts, they also picked up on the fact that productivity fell by $1bn, in contrast to the $1bn improvement in productivity that was expected.

Walmart sues Tesla over fires at seven stores

August 21, 2019

It details fires at seven stores across the country, which Walmart contends all originated in Tesla solar panels and cost the retailer millions in repairs. The retailer is now asking Tesla to remove those panels. Tesla acquired SolarCity, founded by Tesla CEO Elon Musk's cousins, for $2.6 billion in 2016.

U.S. Lawmakers to Focus on Discussing Facebook's Libra on Swiss Visit

August 20, 2019

The visit by U.S. legislators aims to clarify the legal issues surrounding Libra . Six members of the American House of Representatives' Financial Services Committee are traveling to Switzerland this week for talks on Facebook's forthcoming Libra token and "other cryptocurrency projects".

USA delays Huawei trade ban for another 90 days

August 20, 2019

Ren said in the memo, "In the first half, our results looked good, it is likely because our Chinese clients were sympathetic and made payments in time, the big volume made cash flow look good, this doesn't represent the real situation". As Huawei said in response to the addition, the move is "politically motivated and has nothing to do with national security. But I would rather do that instead having the poorer people in China sacrifice for Huawei's survival and development".

Google Is Shutting Of Mobile Network Insights To Protect User Data

August 20, 2019

According to the Reuters , the United States tech giant shut down its 'Mobile Network Insights' service last April to prevent any further scrutiny from global privacy watchdogs and government regulators, many of whom are already investigating the company for its allegedly questionable privacy practices.

Japanese Giant Rakuten Officially Launches Cryptocurrency Exchange

August 20, 2019

Rakuten Wallet is a crypto exchange, and today the company announced that spot trading facilities are now live on three major cryptocurrencies . The service launches with an Android app only but the company says that it plans on releasing an iOS version in September.

Tesla restarts its solar-panel business, offers rental plans

August 20, 2019

Earlier this year, it shifted to offering standardized panel systems online, rather than the bespoke arrays that's driven the rooftop-solar industry's growth in the U.S. Electric vehicle maker Tesla bought residential solar installer SolarCity for $2.6 billion in 2016 but installations have plunged in recent quarters.

Historic Type 64 'Porsche' fails to sell after auction snafu

August 20, 2019

No more bids followed, and since $ 17 million was below the car's reserve price, the minimum selling sale price required by its seller, the auction house pulled the lot. "It has been passed around for years, and no one wants it". Two RM Sotheby's representatives were not available for comment after the sale, according to the newspaper, with a third walked away without a word when approached for a statement about the vehicle.

Dueling Vancouver protests over Hong Kong for second straight day

August 20, 2019

The Special Administrative Region has been rocked by more than two months of demonstrations. As concerns grew last week about possible Chinese intervention, Trump linked the situation to a trade deal for the first time and urged Xi to meet personally with the protesters to defuse tensions.

Trump Dismisses Recession Fears, Saying Fed Must Help The Economy

August 20, 2019

Another 38% of those polled predicted that recession will occur next year, down slightly from 42% in February. A strong economy is key to the Republican president's 2020 re-election prospects. Like Trump, Navarro claims the U.S.is winning the trade war and dismissed arguments Americans are shouldering the burden, despite expert opinion to the contrary and the incessant complaints from American farmers Trump's trade war is ruining them.

Twitter receives backlash for displaying China-backed ads against Hong Kong protesters

August 19, 2019

Many decried injuries suffered by protestors in police custody. A former British colony, Hong Kong was returned to Beijing in 1997 under the framework of " one country, two systems ", which promised residents certain democratic rights not afforded to people in mainland China .

The Bugatti Centodieci is a Chiron-based EB110 tribute

August 19, 2019

The Centodieci is powered by the same 8.0-litre quad-turbo W16 engine as the Chiron , with power lifted slightly from 1103kW to a huge 1176kW at 7000rpm. Volkswagen Group purchased the Bugatti brand name in 1998 and built its modern production facility at Bugatti's ancestral home in Molsheim, France.

US Might Give Huawei 90 More Days to Purchase From American Companies

August 19, 2019

Huawei is now held as a bargaining chip in the talks between the two economic superpowers, with presidents Donald Trump and Xi Jinping expected to discuss the future of the company later this week. USA stock futures rose upon opening on Sunday after Trump's comments. While blacklisting Huawei the USA government had alleged the Chinese company is involved in activities contrary to national security or foreign policy interests.

Yields rise from three-year lows, trade concerns remain

August 19, 2019

Gold prices, which have surged nearly 20% since late May on uncertainty driven by the U.S. -Sino trade spat and global growth concerns, edged higher amid concerns about a slowdown after China threatened to retaliate against the latest U.S.

The Heat: US-China trade war

August 18, 2019

Meanwhile, the Kyodo news agency said that Trump asked Japanese Prime Minister Shinzo Abe to buy usa farm exports worth several hundred million dollars including specific products such as soybeans and wheat, reported Reuters. China hopes to find mutually acceptable solutions through dialogue and consultation on the basis of equality and mutual respect, she added. Beijing said the new 10 percent tariffs go against a no-tariff agreement Trump and Chinese President Xi Jinping reached at ...

WeWork Files for IPO

August 18, 2019

After touting expected profits of $1 billion for the past year, the company was instead left nursing $1.9 billion losses. "There is a major whiff of the "they're not losses but investments" nonsense". It's staring down future payment obligations of $47.2 billion for long-term leases, but its committed revenue backlog from short-term tenants is $4 billion.

Turkey's military pension fund in talks to buy British Steel

August 18, 2019

The business went into receivership earlier this year after its owners Greybull Capital ran into a number of issues concerning Brexit and the worldwide trade climate. Ataer Holding , an affiliate of Turkey's military pension fund OYAK, said today it would have the exclusive rights to carry out due diligence on British Steel and expects to finish this in October and the deal could be completed by year-end.

United Kingdom shares gain broadly after delayed stock market open

August 18, 2019

The main index .FTSE advanced 0.8% and the mid-cap FTSE 250 .FTMC rose 0.5% by 0847 GMT, with all sectors on the indexes in the black when trading began after an nearly two-hour delay. When trading eventually began, the FTSE 100 - which had fallen to a six-month low on Thursday - rose, and by midday it was 43.99 points higher at 7,111.

Minnesota Unemployment Rate Grew in July August 15, 2019

August 18, 2019

According to him, 267,939 jobs were created by formal private sector. Over the past year, seasonally adjusted unemployment fell by 628 persons. Virginia has the third best rate among the states east of the MS along with MA. Meanwhile, the national rate held steady at 3.7 percent. It rose to 3.3 percent in July. He said during the period under review, a total of 611, 397 new jobs were created in the formal sector.

Virgin Galactic says world's first commercial spaceport now 'operational'

August 18, 2019

That operational readiness includes the ability to support flight operations by the company's WhiteKnightTwo aircraft, named VMS Eve, which flew to the spaceport from the Mojave Air and Space Port in California Aug. The spaceport will be primarily focused on spaceflight operations, but will also house communal spaces designed for the Virgin Galactic customers and their friends and families before and after a trip to the edge of space.

Bugatti’s Centodieci Is A 1,578 HP Tribute To The EB110

August 18, 2019

The performance tweaks don't stop there as the Centodieci weighs 44 lbs (20 kg) less than the Chiron . Extruding toward the wheels are three-finned air intakes, all of which were created to go with the sleeker Centodieci appearance. The tail is formed like a futuristic space ship to a single ventilation hole, marked by eight back-lighting elements, matte exhaust tailpipes and the massive diffuser.

Twenty tons of chicken patties recalled over contamination concern

August 17, 2019

The issue was discovered after consumer complaints. Images showing the impacted product-which comes in a 26-oz. resealable plastic bag-were published online. In June a year ago, the firm recalled roughly 3,120 pounds of frozen breaded chicken that it said could have been contaminated with blue and clear soft plastic.

Oil falls below $58 on recession fears

August 17, 2019

US crude was up 43 cents, or 0.8%, at $54.90 a barrel, having fallen 1.4% the previous session and 3.3% on Wednesday. According to analysts, deep concern about a new economic recession reignited the inverted curve of public debt in the United States, as well as other economic indicators.

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