Economy / 10

Hurricane Dorian Hits Bahamas. But What Is A Category 5 Storm?

September 02, 2019

Millions of residents on the East Coast are watching to see if the storm will turn north in the next two days and spare the state with a direct hit. Currently, hurricane-force winds extend 45 miles (75 km) from the hurricane's center. "Only a slight deviation to the left of the official forecast would bring the core of Dorian near or over the Florida east coast". In Florida a state of emergency was declared last week due to the expected unsafe surf, damaging winds, and potential for ...

Twitter CEO Jack Dorsey's account hacked, racist tweets Submitted

September 02, 2019

Unsurprisingly, Dorsey is a popular and prolific tweeter himself, with more than 4,000,000 followers and 26,000 tweets, so Twitter's quick response was commendable - reports suggest that the offensive tweets were removed within 15 minutes of being sighted.

YouTube privacy claims to cost Google at least $150m

September 01, 2019

Politico reported that FTC commissioners voted 3-2 along party lines to approve the settlement, which will be reviewed by the Department of Justice. Word that a deal has been reached first emerged last month, but there were few details about what the agreement includes.

Six Flags St. Louis unveils the Catwoman Whip in 2020!

September 01, 2019

The park announced it will be open every weekend of the year in 2020. That park's website describes the ride as six-stories tall. Synovus Financial Corp bought a new stake in shares of Six Flags Entertainment in the 1st quarter valued at $25,000.

Tesla's Musk, Alibaba's Ma to talk at Shanghai tech event this week

September 01, 2019

They also went on to talk about space travel, with Ma complimenting Musk on his attempts to journey into Mars via SpaceX while Musk noted China's advancements in that area, as well as how "inadequate" humans were against computers. He guaranteed that humans will be far, far surpassed in every possible way by machines. "Right now, we are already a cyborg", Musk added, "because we are so integrated with our phones and computers".

Optimistic US consumers boost spending 0.6% in July

September 01, 2019

The report added to trade and inventory data in suggesting that while the economy was slowing, the trajectory of the declines were slow. The Commerce Department reported Friday that personal-consumption expenditures increased 0.6% last month from June, a pickup from the two previous months.

Consumers Have Trouble Making Claims As PPI Deadline Looms

September 01, 2019

Web sites crash. Telephone traces get clogged up. He said: "If you are checking directly with your bank, ask it for a written confirmation that your enquiry has been submitted, and that this means your claim is triggered". You will need to contact your provider directly, but don't worry: you won't need the paperwork if you don't have it or can't find it. A claim can be made through the FCA website , which the bank or financial provider will receive, and claimants should receive an ...

Labor Day gas prices expected to reach three-year low

September 01, 2019

A major factor in plummeting oil prices is recent troubles in trade relations between the US and China, which Gas Buddy predicts could cause gas prices to dip below the $2 mark in some areas by Thanksgiving. Supplies of gasoline fell by more than two million barrels. She said she noticed gas prices in her home state of SC were low and wanted to take advantage of them while she could.

Wall Street extends rally, looks to close August on a strong note

September 01, 2019

President Trump said at the beginning of the week that he thought China wanted to make a trade deal, easing investors' concerns of a further escalation in tensions and sending the S&P 500 up more than 1% on Monday. The yield on the 10-year Treasury fell to 1.50%. Shares of widely-regarded trade barometers Intel and Boeing also rallied 2.36 per cent and 0.77 per cent, respectively, among the best performers in the benchmark tally.

MacBook Pro Flight Restrictions Are Spreading

August 31, 2019

Airlines in the US, Thailand and India banned MacBooks from hold luggage earlier this month - and now Australian airlines have made the move. That's why some airlines are taking it to the extreme in order to avoid disrupting their operations.

FOUR20 acquired by Tilray in $110M cannabis deal

August 31, 2019

FOUR20 will operate as a wholly-owned subsidiary of Tilray and will continue to offer consumers a diverse selection of brands and products from craft and mainstream producers including High Park. High Park and its affiliates have fulfilled adult-use supply agreements and purchase orders across Canada, according to Thursday's release. The deal comes amid expected consolidation in the cannabis sector almost a year after Canada legalized the drug.

Icra sacks its MD and CEO Naresh Takkar

August 31, 2019

The infra lender was enjoying top ratings right till the time of its first default in late August past year. SEBI had rejected the settlement application filed with regards to the IL&FS case by ICRA . As part of the investigation, the role of rating agencies, audit firms are also being investigated. Earlier in May, there were reports that the ICRA brass was being probed for influencing the "AAA" rating on IL&FS and had hired KPMG to look into the allegations.

India announces series of mergers of state-run banks

August 31, 2019

As per the announcement, Punjab National Bank, Oriental Bank of Commerce and United Bank will merge together to emerge as the second largest state-run lender, while two banks with a predominant presence in the south - Canara Bank and Syndicate Bank - will evolve into a single entity, which will also be the country's third largest.

Marriott International to Eliminate Single-Use Shower Toiletry Bottles

August 31, 2019

In-shower amenities will move to refillable dispensers across the Marriott network by end of 2020. "It's a huge priority for us", Arne Sorenson, president and CEO of Marriott International , said in a press release . Marriott will install tamper-resistant large bottles or wall-mounted dispensers across its hotels. This initiative serves to further Marriott International's goals to reduce its environmental impact as part of its " Serve 360: Doing Good in Every Direction " platform that ...

Exports drive Canada's best quarterly economic growth since 2017

August 31, 2019

This is because Canada is considerably outstripping the "disappointing" performances of other leading economic blocs like the Eurozone, the United States, and China. "That big quarterly number ... does tend to happen when you have trade adding significantly to growth, and that's exactly what happened in the second-quarter", said Benjamin Reitzes, Canadian rates and macro strategist with Bank of Montreal.

Toyota, Suzuki establish a capital alliance agreement

August 31, 2019

This would lay the groundwork to engage in joint product development and production collaboration. It was way back in October 2016 when Toyota and Suzuki signed an agreement to expand their business partnership. Japan's biggest automaker will acquire about 5 per cent of Suzuki shares for about 96 billion yen (US$907 million), while Suzuki will get a smaller holding valued at about 48 billion yen in Toyota , the automakers said in statements Wednesday.

PSU bank stocks surge in anticipation of merger announcement

August 31, 2019

The Finance Minister further informed that specialised agencies have been set up to monitor every loan which is over Rs 250 crores. Venkatachalam, while speaking to reporters, said that bankers will hold massive demonstrations and also wear black badges.

Ireland says no "credible" proposals from United Kingdom on replacing Brexit backstop

August 31, 2019

United Kingdom nationals living in European Union and EFTA member states are encouraged to visit the British government's Living In Guides on its website, with specific information for each country, the statement said. "If there are alternatives to the backstop that do the same job, well then let's hear them". "What I want to do now, which is what I think most people in this country want the government to do, is get on and try and get an agreement - but if we can't get an agreement, get ...

Twitter founder Jack Dorsey’s account hacked

August 31, 2019

A spokeswoman for Twitter told the BBC that the site was urgently investigating. The rapid stream of tweets included racial slurs and profanity and a reference to "a bomb at Twitter HQ". The attack appears to be a coordinated effort between several accounts, with many of those participating being immediately banned. Cloudhopper enables users to send tweets on their phones via SMS.

PNB, Oriental Bank and United Bank to be merged: FM Nirmala Sitharaman

August 30, 2019

In 2018, Centre had approved the merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB). The mergers will shrink the total number of public sector banks in India from 27 to 12. "The seven announcements we have made, particularly on the interest rate reduction and also for the banks to follow up, you've had quite a few product launches by the public sector banks and instructions for compliance have all been issued", Ms.

Most US companies plan to stay in China

August 30, 2019

Chinese Foreign Ministry spokesman Geng Shuang told a regular briefing in Beijing that the two sides "are maintaining effective communication". The U.S. That prompted a reaction from Trump, who tweeted that existing 25% tariffs on some $250 billion in imports from China would rise to 30% on October 1, the 70th anniversary of the founding of the People's Republic of China.

The 5% economy: India's growth dips to a seven-year low

August 30, 2019

Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation's second-largest lender, Finance Minister Nirmala Sitharaman said at a briefing in New Delhi on Friday. RBI said the GDP growth rate projection for the first half of current fiscal year stands between 5.8 percent and 6.6 percent as against 6.4 percent and 6.7 percent earlier while that of the second of the year stands between 7.3 percent and 7.5 percent.

Hudson's Bay selling Lord & Taylor for $100 million to Le Tote

August 30, 2019

The deal, which is expected to close before the start of this year's holiday season and comes following a strategic review for alternatives for the banner, marks an exciting new phase for both businesses, said Helena Foulkes, HBC's CEO, in a post on LinkedIn.

Forever 21 may file for bankruptcy

August 30, 2019

That means there were millions more shoppers in stores this Christmas, driving up the sales total. Most of Forever 21′s stores are located in malls, many of which have been hit by a wave of retail shutdowns. Many retailers have run into trouble due to being purchased by private equity firms or hedge funds. The names of a couple of mall owners have been mentioned in the related report , Simon Property Group Inc.

Indian economy facing cyclical slowdown, not structural: RBI annual report

August 30, 2019

In terms of area of operations, frauds related to advances constituted the preponderant share of the total amount involved in frauds in 2018-19, while the share of frauds in off-balance sheet items declined from a year ago. "The delayed onset and skewed distribution of the southwest monsoon rainfall may pose downside risks to crop production and to rural consumption demand", the RBI said.

Ten is the new four: Finance minister announces mega bank mergers

August 30, 2019

An infusion of Rs 3,300 crore has already been made and another Rs 30,000 crore is in the pipeline. This announcement comes a week after Sitharaman announced a slew of measures to give a fillip to the economy. PNB is to be the biggest beneficiary, with 160 billion rupees, followed by Union Bank, which will receive 117 billion rupees. "Public sector banks' boards are empowered to recruit chief risk officer at market-linked compensation to attract best available talent", she said.

Treasury Yields Climb As Fears Of Trade-war Escalation Fade — BOND REPORT

August 30, 2019

The dollar held near a two-year high. USA and European shares advanced on Thursday as China struck a hopeful tone on trade relations with the United States and as Italy appeared close to forming a new government and resolving its political crisis.

US crude stocks drop 10 million barrels as imports slow

August 30, 2019

Still, concerns about a slowdown in US and global economic growth and the potential hit to oil demand are keeping prices in check. Over the past four weeks, crude oil imports averaged about 7.0 million b/d, down by 985,000 b/d year on year, while crude oil exports averaged about 2.59 million b/d, up by about 999,000 b/d year on year.

Toyota, Suzuki to enter capital tie-up

August 30, 2019

Suzuki boss Osamu Suzuki added: "We appreciate the kind offer from Toyota to let us make use of their hybrid technology". "As the late Sergio Marchionne often reminded his peers, there are too many automakers doing very similar things", said Ali Izadi-Najafabadi of Bloomberg New Energy Finance's Intelligent Mobility group, referring to the Fiat Chrysler Automobiles CEO who died a year ago.

US companies in China say they’ve been hurt by trade war

August 30, 2019

That prompted a reaction from Trump, who tweeted that existing 25% tariffs on some $250 billion in imports from China would rise to 30% on October 1, the 70th anniversary of the founding of the People's Republic of China. China's change in tone mirrored one Trump presented during the Group of Seven summit, when he said there had been two "very good" calls with China after negotiators reached out and expressed interest in a deal.

Bolivia: Blazes destroyed around around a million hectars of forest this year

August 30, 2019

Presidents of Bolivia and Paraguay, Evo Morales and Abdo Benitez, are coordinating actions to mitigate forest fires that affect their shared border with the use of aircraft and facilitate the work of personnel on the ground. Thousands of fires have ravaged Brazil's share of South America's Amazon region, the world's biggest rainforest, which is known as "the lungs of the planet".

Calgary firm gets approval to build largest solar farm in Canada

August 30, 2019

According to officials, the largest solar panel project in Canada is coming to Alberta in 2021. It is four times the size of the largest operational solar projects in Canada, which are two 100MW solar farms in Ontario, according to the federal natural resources' agency .

Yen rises as traders temper optimism over U.S.-China trade deal

August 30, 2019

Other indexes in the region didn't get much of a chance to digest that news. Hong Kong's Hang Seng index however, edged 0.1% lower. Gold fell 30 cents to $1,526.30 per ounce, silver rose 22 cents to $17.62 per ounce and copper rose 1 cent to $2.54 per pound.

American fitness startup Peloton files for an Initial Public Offering

August 30, 2019

It's a attractive business model. Peloton lost $196 million on sales of $915 million during the 12 months ended June 30, according to its filing. In its August 27 Securities and Exchange Commission filing, Peloton bills itself as "the largest interactive fitness platform in the world with a loyal community of over 1.4 million members".

Popeyes chicken sandwich is officially sold out

August 30, 2019

The fast-food restaurant announced on Twitter that they are taking a break. Popeyes' Twitter video states that "they'll be back soon". Not only are regular folks being disappointed when they find out that their local Popeyes is out of the sandwiches, but it has also even crossed over into the celebrity world.

Popeyes Sold Out Of Chicken Sandwiches; I'm Going To Help

August 30, 2019

The lawsuit seeks $5,000 in damages and accuses the company of "deceptive business practices", saying it purposely undersold the sandwich in order to gain popularity. "So we met him over there and literally just got a whole meal for FREE!" Popeyes tweeted early this week announcing that the sandwich was officially sold out nationwide, but even before the announcement, getting a hold of one was no easy task, with lines lasting hours and individual locations selling out of supplies.

More than 26000 glass cooktops recalled because they can turn themselves on

August 30, 2019

The reason for the recall is pretty unsettling-apparently, the cooktops can actually turn themselves on. So you have one of the recalled cooktops, what should you do until Whirlpool replaces it? The models in question were manufactured from December of 2016 through July of 2019, so that leaves me out.mine is older.

Google engineer 'steals self-driving-car trade secrets'

August 30, 2019

The US Department of Justice has filed criminal charges against a former high-ranking Google engineer , accusing him of stealing confidential technology from the company's self-driving vehicle unit before joining rival Uber. But Levandowski's situation was not resolved by the settlement . Waymo said it appreciated prosecutors' work on the case. He designed a self-driving motorcycle that was entered in the Pentagon's first contest for autonomous vehicles.

British Airways Passengers Are Angry Due To Cancelled Flights

August 30, 2019

A British Airways spokesperson said: "We're extremely sorry that some of our customers are having difficulties trying to rearrange their flights". However, many passengers could not get through to customer service and ended up rebooking and changing plans at their own expense - only to then me told through a follow-up email that their original flight plans were still intact.

Tiffany's warns Hong Kong protests may tarnish sales

August 30, 2019

The company said "meaningful disruption" in Hong Kong had a negative impact on sales in the region. Analysts had expected a 1.3% decrease. These shoppers are a crucial source of sales for Tiffany's stores, including the flagship in NY, and the company has tried to attract them despite a strengthening dollar and trade tensions between the US and China.

Alibaba, Tencent may be among first to receive China's digital fiat currency

August 30, 2019

Will we see the crypto on China's Singles Day? The report also cited a second source who revealed the technology underpinning the currency has been ready since a year ago. Its researchers ploughed through reams of documents and speeches in Chinese before presenting their analysis on the new currency. "China is barreling forward on reforms and rolling out the cryptocurrency ", said Schulte.

AAA Michigan: Drivers paying less at the gas pump this year

August 29, 2019

Next door in New Hampshire, prices at the pump dropped 2.5 cents a gallon in the last week to an average $2.51 a gallon. The national gas price average also continued to fall to $2.59 as we head into the Labor Day weekend. "With Labor Day around the corner, motorists will see the cheapest end to the summer since 2016, a great send-off to wrap up the summer driving season, but more good news likely lay ahead for motorists".

Big ticket cabinet decisions: FDI norms relaxed

August 29, 2019

On FDI in single brand retailing, the Cabinet has expanded the definition of mandatory 30 per cent domestic sourcing norm. It also allowed single-brand retailers to start online sales, waiving the previous condition of setting up a mandatory brick-and-mortar store.

Ferdinand Piech, architect of VW's global expansion, dies at 82, reports Bild

August 29, 2019

Volkswagen condoled with the family of Ferdinand Piech , longtime chief executive officer (CEO) of the German auto maker, on the pass away of Piech on Sunday, Volkswagen announced on Tuesday. Business and politics never distracted me from the core of our mission: "to develop and make attractive cars", Piech wrote in his autobiography. Volkswagen credited Piech with shaping "the development of the automobile like no other, pushing forward the entire industry and above all ...

KFC is trialling vegan nuggets and boneless wings in the US

August 29, 2019

Yahoo Finance's Jen Rogers, Andy Serwer, and Myles Udland discuss. KFC just announced yesterday that it has teamed up with Beyond Meat to offer Kentucky fried plant-based chicken at a single location near Atlanta, in Smyrna, Georgia. The fast food chain loves to try new things - and let us in on how to create the "Hacker" burger from the menu . However, Tyson Foods has developed vegetarian nuggets that include egg whites, and Perdue Farms has marketed its blended chicken and vegetable ...

Gold holds near 6-year peak on slowdown fears, trade jitters

August 29, 2019

The US session, however, was more positive and stocks surged with the three major USA stock market indexes in the green despite the bond market that has continued to flash warnings of a recession due in part to the ongoing U.S. "We still feel the momentum remains to the topside (for gold) in the longer term, given global central bank easing, a likely prolonged period of trade unrest and a host of geopolitical headwinds", MKS PAMP said in a note, citing Brexit , Iran tensions and Argentina's ...

Calvin Ayre Falsely Claims Court Ruled Craig Wright Invented Bitcoin

August 29, 2019

The man who claims to have invented Bitcoin a decade ago submitted false documents and lied in a legal dispute with the estate of his former partner, a judge ruled, adding that Craig Wright has to surrender more than $4 billion of the cryptocurrency.

Google to shut down online job service Hire in 2020

August 29, 2019

Hire's goal was to streamline the process of hiring new staff, with an integrated workflow for things like searching through applicants, organising interviews and feedback. "After your next bill, there will be no additional charges for your standard usage of Hire up until the end of your contract term or September 1, 2020, whichever comes first", Google said.

Bill Dudley blows the US central bank's cover

August 29, 2019

Federal Reserve Chair Jerome H. Powell last month cut the benchmark USA interest rate by a quarter percentage point to mitigate a global growth slowdown he blamed, in part, on the president's unconventional trade policies. In November 2010, for example, as the Fed launched a new bond-buying stimulus program, then-Fed governor Kevin Warsh said the central bank should not provide more monetary stimulus until Congress and the White House did more to shore up the economy with fiscal policy.

China says tanks crossing border into Hong Kong are 'routine' troop rotation

August 29, 2019

Even when stability is restored, overseas expatriates might still need another half year or so to gauge whether the city is stable enough for career development, she said. While repeating much of her rhetoric from earlier press conferences , a defiant Lam said the semi-autonomous city can handle the spiraling unrest without Beijing's forces intervening.

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