Economy / 8

WeWork Plans To Delay IPO After Valuation Crashes

September 19, 2019

The last time SoftBank invested in We Company was in January at the US$47 billion valuation, injecting US$2 billion of cash. The Wall Street Journal previously reported that Saudi Arabia's sovereign wealth fund wasn't planning to be a significant investor in the new fund but may still make a more modest commitment.

Period apps shared details of people’s sex lives with Facebook

September 19, 2019

According to that group's research, apps such as Maya by Plackal Tech and MIA by Mobapp Development Limited shared information with Facebook about menstruation cycles, menstruation symptoms, mood and general health, but also the use of contraception and sexual activity.

Gold Medal flour from General Mills recalled over potential E. coli contamination

September 19, 2019

This unbleached all objective flour was recalled by Minnesota-based General Mills on September 17, 2019. During a sampling of the five-pound bag product, officials discovered a "potential presence" of E. All surfaces, utensils as well as hands should be washed after coming in contact with flour or dough. The company confirmed in a statement that it hasn't received any reports of illnesses and reminded people that flour should never be eaten raw.

The new KFC doughnut sandwich has fans and foes riled up

September 19, 2019

KFC announced it will be testing a new combination of fried chicken and glazed doughnuts beginning September 16 - a move that is either genius or insane. "KFC wants us to die so badly", one Twitter user wrote on Tuesday, while others seemed hyped up to try it. However, it was only available through the month of July.

Tesla Model 3 Awarded 'Top Safety Pick+' by IIHS

September 19, 2019

In that, the federal agency gave a revisited 2019 Model 3 top five-star ratings across the board. In the IIHS tests, Model 3 was evaluated for crashworthiness, occupant protection, crash avoidance, and headlight systems. "The fact that the battery can be placed in in a variety of places, maybe with more flexibility than a gas tank, [also] provides the potential to make electric vehicles safer", chief IIHS research officer David Zuby told CNBC .

Elon Musk shock: SpaceX founder makes confession surrounding Thai cave diver controversy

September 19, 2019

Musk revealed that one of his trusted aides commissioned a private investigator to conduct an investigation of Unsworth on Musk's behalf. Musk's attorneys argue that because he did not intend for those statements to be published, and was only hoping BuzzFeed would investigate them further, it's not defamation .

London Stock Exchange rejects takeover bid from Hong Kong

September 19, 2019

In a strongly worded letter to the chairman and chief executive of Hong Kong Exchanges and Clearing-the HKEX operates the city's stock exchange and futures exchange-LSE Chairman Don Robert said the unsolicited takeover bid undervalued its business, lacked strong commercial rationale and would be hard to implement due to scrutiny from various regulatory entities.

Global regulators to question Facebook's Libra amid EU concerns

September 19, 2019

The meeting will reportedly take place between Libra and the Committee on Payments and Market Infrastructure, a Bank of International Settlement's forum. In Europe, French finance minister Bruno Le Maire has warned Libra threatens governments' " monetary sovereignty ", and said that under current conditions "we should refuse the development of Libra in the EU".

As 9/11 dawns, Trump blasts Fed members as 'boneheads'

September 19, 2019

The answers to those uncertainties will influence the Fed's decisions in the coming months on whether it needs to keep reducing borrowing rates to try to help sustain the US economic expansion now in its 11th year. The Trump administration says Iran is behind the attack, raising already high U.S. -Iran tensions. So far, most economists say the temporary loss of Saudi production won't end up hurting the USA economy, primarily because there remains plenty of global supply.

Disney CEO Bob Iger leaves Apple board amid streaming wars

September 19, 2019

Admittedly, Disney took a small dip at 2.76% and Netflix at 3.25%, but Roku fell 12.62%. These two streaming services, for instance, have a whole lot of content which Apple TV + doesn't yet have. On a service-by-service basis, that means they'll be room for only a handful of subscriptions in each streaming consumer's monthly budget. Looking at the pricing breakdown across the main competitors, Netflix, which is starting to feel the effect of stiffer competition, now costs $8.99 for its ...

China industrial output growth falls to 17.5-year low in August

September 19, 2019

It was 4.8% in July. The pace of growth in China's economy slowed further in August, indicating that current stimulus policies may not be enough to shield the economy from the worsening effects of the trade war with the U.S. He also expects the government to loosen restrictions on the property sector later this year to help stimulate purchases. In August, China's banking and insurance regulator said it had uncovered a number of violations among small lenders such as extending loans to ...

Tim Hortons kicking off campaign benefitting ECMC Trauma Center and Emergency Department

September 19, 2019

Dave Burnham, Chair of The Bridge Hospice, says hospice volunteers and staff are absolutely thrilled to be the Smile Cookie campaign's designated charity. For more information on the Smile Cookie fundraiser and donation recipients visit TimHortons.com/smilecookie . The cookies cost $1 (plus tax) and proceeds from the sale of these smiling cookies in Oakville will go to Food4Kids Halton.

US 'Locked and Loaded' After Hit on Saudi Oil Facility

September 19, 2019

The incident cut Saudi oil production by more than 50 percent. It was the biggest rise since the 1990-1991 Gulf War. US President Donald Trump said he had approved the release of oil from the US Strategic Petroleum Reserve (SPR) if needed in a quantity to be determined due to the attack .

As Global Economy Weakens, Federal Reserve All Set for Stimulus Pump

September 19, 2019

A headline decision to cut interest rates by a quarter of a percentage point is widely expected. The Fed can replenish the level of bank reserves by slightly increasing its holdings of USA government debt. In a rosy-hued speech in October, Powell detailed risks he thought the Fed faced at that point. Data on construction in the USA will also be released Wednesday.

Hyderabad, Bengaluru airports among fastest growing in the world

September 19, 2019

That marks a 3.3 percent increase in passenger traffic. On the other hand, if you talk about other airports , the number of passengers at the Bangalore airport increased from 29.1 percent to 3.23 crore past year. Air cargo market did not fare as well as passenger traffic in 2018, according to the report. The rest of the top 10 busiest airports for passengers in the world includes Los Angeles International Airport with 87.5 million passengers , Tokyo's Haneda Airport with 86.9 ...

‘Bump at the pump’ coming for Washington gas prices this week

September 19, 2019

Gas prices in the state are 9.9 cents per gallon lower than a month ago, yet stand 31.7 cents per gallon lower than a year ago at this time. When you've submitted your account email, we will send an email with a reset code. He says countries like China and Japan get most of their oil from Saudi Arabia, which means a protracted decrease in exports will effect their economies.

Apple says $14 billion EU tax order 'defies reality and common sense'

September 19, 2019

The EU accuses Apple of parking untaxed income earned in Europe, Africa, the Middle East and India, in Ireland, which has emerged as a European hub for huge tech and global pharma giants. According to the Irish Times , Ireland had to comply with the Commission's order to collect the amount in question from Apple . The Commission says that Apple's argument that its intellectual property activities take place in the United States is both "perfectly correct" and "perfectly irrelevant".

Apple fights $14.3bn tax bill in European Union court

September 19, 2019

It claimed that the company took advantage of illegal state aid that allowed it to route profits through Ireland. The Commission contends that essentially all of Apple's profits from all of its sales outside the Americas must be attributed to two branches in Ireland.

Saudi Arabia says missiles and drones that hit oil facilities are Iranian

September 19, 2019

He separately said Wednesday he is moving to increase financial sanctions on Tehran over the attack, without elaborating. Iran can leverage a number of non-state actors in a low-intensity conflict with Saudi Arabia and the US. A USA official, speaking on condition of anonymity, said the administration has concluded the attack involved cruise missiles from Iran, and evidence would be presented at the UN General Assembly next week.

Sink your teeth into these National Cheeseburger Day deals

September 19, 2019

No substitutions. In-Store Orders Only; Offer not valid on online, in-app, phone or delivery orders. There's a limit of two $2 cheeseburgers per customer, and the National Cheeseburger Day deal is available at participating locations while supplies last.

Mystery vaping illness symptoms explained

September 19, 2019

Vaping-related illness recently killed another person in California , plus one person each in Kansas , Illinois , Indiana , Minnesota and OR, officials have reported . "We don't yet know the exact cause of these illnesses - whether they're caused by contaminants, ingredients in the liquid or something else, such as the device itself", Ann Thomas, M.D., public health physician at OHA's Public Health Division, said in the statement .

Stocks close little changed on doubts about further rate cuts CNBC

September 19, 2019

During a tour of a border wall site in San Diego on Wednesday, Trump responded to a question about the Fed's decision to cut the federal funds rate by 25 basis points by saying he thinks the central bank has "made some mistakes". There was discord over the decision, with three officials dissenting. The US economy appears durable in its 11th year of growth, with a still-solid job market and steady consumer spending.

US Federal Reserve cuts interest rates for second time

September 18, 2019

But US economic growth slowed to 2% in the second quarter, job creation has slipped and inflation remains lower than US policymakers would like. President Donald Trump, traveling in California, quickly made it known that he believes the move is too small and too late to help the US economy grow in line with its potential.

Trump says he's ordering new sanctions on Iran

September 18, 2019

The kingdom wants "proof based on professionalism and internationally recognised standards", he said . United States interests in Iran are represented by the Swiss embassy as the two countries have not had diplomatic relations since 1980.

Gas prices expected to rise after attack on Saudi oil facility

September 17, 2019

Oil plunged almost 7% in London after Reuters reported Saudi Arabia is close to restoring 70% of the oil production it lost after this weekend's attack on a key crude facility in the kingdom. "All indications are that weapons used in both attacks came from Iran " rather than Yemen, said Turki al-Maliki, spokesman for a Saudi-led military coalition.

Saudi oil attacks: Drones and missiles were launched from Iran

September 17, 2019

General Assembly. The US Energy Secretary Perry said: "We are adopting a wait and see approach to using the strategic petroleum reserve (SPR)". Officials at state oil company Saudi Aramco have become less optimistic on the pace of output recovery, telling a senior foreign diplomat they face a "severe" disruption measured in weeks and months and informing some customers that October shipments will be delayed.

USA intelligence indicates Saudi Arabia oil attacks were staged from Iran

September 17, 2019

In a message posted on Twitter, Esper, who took over at the Pentagon in the midst of a previous confrontation with Iran in June, said the USA military and other government agencies were "working with our partners to address this unprecedented attack and defend the global rules-based order that is being undermined by Iran".

Iran's leader Khamenei says USA policy of maximum pressure will fail

September 17, 2019

Trump, who has repeatedly stressed avoiding new Middle East wars, seemed intent on preserving room to manoeuvr in a crisis that Secretary of State Mike Pompeo had immediately called Iran's fault. US President Donald Trump remains open to meeting with Iranian President Hassan Rouhani, but Khamenei said that Iran would not hold talks with the US in NY or " any other place ", unless Washington returns to the 2015 nuclear deal that it unilaterally pulled out of a year ago.

Stock rise: Oil prices soar more than 10% after Saudi plant attacks

September 17, 2019

Trump statement comes a day after two oil facilities in Saudi Arabia were hit by drone strikes . Crude prices took historic leaps on Monday, as investors reacted to the sudden loss of Saudi oil production capacity following devastating drone attacks over the weekend.

UAW Aramark maintenance workers go on strike

September 16, 2019

GM officials have said the plant shutdowns are necessary responses to market shifts, and that UAW wages and benefits are expensive compared with competing non-union auto plants in the southern United States. President Donald Trump has consistently criticized the company and demanded that Lordstown be reopened. Talks between the company and the union were scheduled to resume at 10 a.m.

Saudi Aramco tells clients oil loading has resumed following attack

September 16, 2019

An attack by 10 drones caused fires at a major oil processing facility and a nearby oil field in Saudi Arabia . But US Secretary of State Mike Pompeo pointed the finger squarely at Tehran , saying there was no evidence the "unprecedented attack on the world's energy supply" was launched from Yemen .

Saudi Arabia curtails half of its crude oil production after drone attack

September 16, 2019

This image provided on Sunday, Sept. 15, 2019, by the USA government and DigitalGlobe and annotated by the source, shows damage to the infrastructure at Saudi Aramco's Abaqaiq oil processing facility in Buqyaq, Saudi Arabia . 15, 2019. US crude oil jumped $5.61 per barrel, or 10.2 percent, to $60.46 per barrel in electronic trading on the New York Mercantile Exchange. That affects 5 percent of the world's daily oil production, Reuters and The Wall Street Journal reported .

USA stock futures fall after Saudi oil attacks

September 16, 2019

Mousavi said the United States allegations over the pre-dawn strikes on Abqaiq and Khurais in Eastern Province were meant to justify actions against Iran . The current outage is equivalent to about 5 per cent of the total world supply, thus analysts expect a 10 per cent surge in global crude oil prices when markets open Monday.

France to block the development of Facebook's digital currency Libra

September 14, 2019

France's Finance Minister says Facebook's crypto-currency can not be allowed in Europe. It goes without saying that Facebook's " cryptocurrency " hasn't had it easy so far. Le Maire also said Europe should consider "a public digital currency" that could challenge Libra . He is, however, expected to discuss this issue with other ministers next month.

General Motors issues recall for almost 3.5 million vehicles for brake problem

September 13, 2019

As the pumps in the power-assist brakes put out less vacuum power than is needed, "customers may experience increased brake pedal effort, hard brake pedal, and/or potentially increased stopping distance". As part of its rectification measure, GM said its dealers will reprogramme the electronic brake control module to improve how the system utilises the hydraulic brake boost assist function when vacuum assist is depleted.

Plane forced to divert over Atlantic after pilot spilt coffee on controls

September 13, 2019

According to the report from the UK's Air Accident Investigation Branch , the coffee spill "resulted in immediate malfunction" of the impacted control panel. The AAIB report states that the operator now makes sure there are lids on coffee cups and sent a notice to pilots to be careful with liquids. A spokeswoman for the airline, which is a subsidiary of Thomas Cook Group , said: "Flight DE2116 from Frankfurt to Cancun on February 6 2019 diverted to Shannon airport as a precautionary ...

Wall Street gains on easing trade concerns, euro zone stimulus

September 13, 2019

David Carter, chief investment officer at Lenox Wealth Advisors in NY, expressed scepticism about the potential benefits of additional stimulus. Trade-sensitive technology stocks provided the biggest boost among the 11 major S&P 500 sectors, taking the benchmark index just 0.3% off the record-high hit in July.

Industrial production growth at 4.3% in July, August CPI at 3.21%

September 12, 2019

Consumer inflation or the rate of increase in consumer prices is determined by the Consumer Price Index (CPI). Factory output had grown 6.53 per cent in the year-ago period. Inflation based on consumer price index (CPI) or retail inflation rose to a 10-month high of 3.21 per cent in August from 3.15 per cent in July mainly due to higher food prices , data released by government showed on Thursday.

USA core CPI rises more quickly than expected in August

September 12, 2019

On a year-over-year basis, headline inflation is now at 1.7%, in-line with consensus and 1.8% previously. USA producer prices unexpectedly rose in August, but the overall trend in producer inflation remains tame, cementing financial market expectations that the Federal Reserve will cut interest rates again next week to support a slowing economy.

European Central Bank announces fresh stimulus as eurozone economy falters

September 12, 2019

The move marks the first time the deposit rate has changed since 2016, as Europe's economy has struggled amidst losses in demand both from Brexit and the trade war, while quantitative easing was last used in December of past year. They get paid to borrow money, while we are paying interest!' he said. "Admittedly, the 10 basis point cut to the deposit rate was the least that it could have done and the monthly pace of asset purchases, at €20 billion beginning on 1st November, was a bit smaller ...

Crude Oil Price Flops; Trump May Ease on Iran After Bolton Fallout

September 12, 2019

The International Energy Agency (IEA) expects the U.S.to challenge Saudi Arabia's position as the world's leading oil exporter, after briefly overtaking the OPEC kingpin to claim the number one spot earlier this year. But some members, such as Iraq and Nigeria , have been producing above their quota. "Forecasts 2020 demand for its crude averaging 29.40 mbpd, steady from previous forecast 0f 29.41 mbpd, on lower non-OPEC supply view".

Trump says October hike in China tariffs delayed 2 weeks

September 12, 2019

China says it will exempt a selection of United States products from retaliatory tariffs. The exemption will take effect on September 17, the ministry said in a statement . State-run Global Times editor-in-chief Hu Xijin said on Twitter that China will announce moves to ease the negative impact of the trade war before the exemption list was announced.

OPEC cuts 2020 oil demand forecast, urges effort to avert new glut

September 12, 2019

He told an energy conference in Abu Dhabi that ultimately the kingdom wanted to go ahead with the full cycle of the nuclear programme, including the production and enrichment of uranium for fuel. "It's all about incremental contributions that can make a deal work and work better, or may work in a less optimal way", Prince Abdulaziz said. Expected demand for OPEC crude next year of 29.4 MMbpd is below current production of 29.7 MMbpd, suggesting further cuts could be needed.

Watch Tesla's Model S set a record lap at Laguna Seca

September 12, 2019

And now, we can watch that lap on video. Given the length of the track, it presents a much greater challenge than Laguna Seca, especially for high-performance electric cars , which are prone to overheating and power loss. Rubber has been reported to be Michelin Pilot Sport Cup 2 R tyres, which are among the more track-focused performance tyres for road cars. Exactly what other modifications the auto is running remain to be seen.

Trump mulls $15b bailout plan for Iran if complies with nuclear deal

September 12, 2019

Iran said on Wednesday Washington should distance itself from "warmongers" after the resignation of hawkish White House National Security Adviser John Bolton, and Tehran stood by its demand that sanctions be lifted before any talks.

Fed ‘Boneheads’ Should Cut Rates to Zero ‘or Less’

September 12, 2019

President Donald Trump says the U.S.is missing out economically because "Boneheads" at the Federal Reserve won't lower interest rates at his insistence. "We should then start to refinance our debt". His comments come at a time when it is widely expected that the Federal Reserve will again cut rates in its September 17-18 policy meeting.

Joe Biden Leads Donald Trump by 15 Points: 2020 Election Poll

September 12, 2019

That same percentage of Americans is also concerned that Trump's trade war with China will raise prices on consumer goods in the U.S. He has an 82 percent approval rating among Republicans, near the high of 87 percent in July. The poll showed him trailing in head-to-head contests against former Vice President Joe Biden , Sen. With doubts continuing to fester about his reelection chances, the president reiterated his assurances days later.

China to exempt 16 categories of U.S. products from tariffs

September 11, 2019

Face-to-face negotiations between top officials will be restarted in early October. Chinese President Xi Jinping voiced distrust of U.S. President Donald Trump during his meeting with the Japanese Prime Minister Shinzo Abe in June amid the U.S.

California Senate approves bill regulating gig economy

September 11, 2019

The 29-11 vote late Tuesday sends the bill back to the state Assembly for final approval over strident Republican opposition. Gov. Newsom has 30 days to veto the bill or sign it into law. The California Senate has passed a bill that would give new wage and benefit protections to workers at so-called gig economy companies like Uber and Lyft.

Hong Kong Exchanges makes £29.6bn bid for LSE

September 11, 2019

Hong Kong Exchanges and Clearing's (HKEX) shock announcement pushed shares in LSE up 9pc initially before settling to a more moderate 5pc gain. Richard Hunter, head of markets at interactive investor , said that while a merger between the LSE and HKEX would be "totemic" and make strategic sense given the complementary strengths of the two exchanges, this "initial shot" raised more questions than answers.

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