Economy / 5

ISM Manufacturing Index Remains Below Neutral in September - Robert Hughes

October 03, 2019

Futures underlying the Dow Jones Industrial Average and S&P 500 fell 0.4%, while Nasdaq futures slid 0.6%. President Donald Trump blames the Federal Reserve - in particular Chair Jerome Powell - for the sector's malaise. He just can't afford to lash them like he does with most other rivals and enemies. Trump has previously insisted that the Fed slash its benchmark rate to zero.

USTR’s tariff list on the European Union goods and comments

October 03, 2019

The new duty will come into effect on 18 October. In calling for a negotiated solution to the long-simmering tit-for-tat dispute, Guillaume Faury , Airbus chief executive officer, pledged that, " Airbus will continue working with its US partners, customers and suppliers, to address all potential consequences of such tariffs that would be a barrier against free trade and would have a negative impact on not only USA airlines but also U.S.jobs, suppliers and air travelers".

Brexit plan 'genuine attempt to bridge chasm'

October 03, 2019

In his reply, Juncker has left the door open for a solution to be found that resolves remaining differences. "We remain united and ready to work 24/7 to make this happen - as we have been for over three years now", it said. No other financial details were immediately available. This comes after the UK Supreme Court ruled the prime minister's decision to prorogue parliament for five weeks was unlawful, forcing Johnson to fly back early from the UN General Assembly in NY.

U.K. Lawsuit against Google over iPhone privacy reinstated

October 03, 2019

An appellate court in the United Kingdom on Wednesday revived a lawsuit against Google over allegations that the company violated iPhone users' privacy by circumventing their no-tracking settings. "In doing so, it has established an avenue to redress for consumers". Their shopper Richard Lloyd hailed the choice for sending " a really clear message to Google and different giant tech firms: you aren't above the regulation ." .

Samsung ceases smartphones production in China

October 03, 2019

Competition is to blame: mid-2013 saw the Korean firm enjoy a 15 per cent share of what is the world's biggest smartphone market. Samsung initially started by cutting production back in June at the plant in the southern city of Huizhou, preceded by suspending another manufacturing facility at the end of 2018.

Wall Street drops more than 1% on domestic growth worries

October 03, 2019

The S&P 500 fell 24 points, or 0.9%, to 2,914. Gorilla Trades strategist Ken Berman said the market's retreat reflects "intensifying recessionary fears", but added that the ADP jobs report still showed growth in most sectors . The benchmark index is now about 4.5% below its all-time high hit in July, after coming within striking distance of it two weeks ago. The S&P 500 is already down 3.1% for the month.

'Low for longer': Interest rates slashed to new historic low

October 03, 2019

The central bank recognized there were some undesirable effects from cutting rates, Lowe said, stating that "many people" had written to him complaining that low rates were hurting their finances. "This is the lowest residential rate on record for ANZ ". However, he stopped short of suggesting Australians should start panicking. These cons have been called out by none other than RBA governor Philip Lowe himself, who in June said drops in the "cash rate should be fully passed through to ...

UAW strike forces GM to close Mexican pickup truck factory

October 03, 2019

Also on Tuesday, GM said the strike by USA workers forced it to halt production at its pickup and transmission plants in Silao, Mexico , resulting in temporary layoffs of 6,000 workers. Analysts estimate the strike could cost GM more than US$1-billion. Data released on Tuesday showed the US manufacturing sector contracted in September to its weakest level in more than a decade.

South Korea Consumer Prices Fall For First Time On Record

October 03, 2019

Most Asian currencies edged lower against a stronger dollar on Tuesday, with the South Korean won weakening the most after dismal inflation and exports data stoked bets of further monetary policy easing. A global manufacturing gauge improved slightly in September, but employment fell for a fifth month. German car-parts giant Continental AG last month laid out a sweeping restructuring plan that could affect as many as 20,000 jobs worldwide.

Schwab drops stock trading commissions as fee war escalates

October 03, 2019

NEW YORK (AP) - Charles Schwab is dropping commissions for online trading of US stocks and exchange-traded funds, the latest slash in an industry battle that's drastically cut the cost of investing. "It has seemed inevitable that commissions would head towards zero, so why wait?" he said. TD Ameritrade , which was close to $47 on Monday and now $33.69, saw its worst day in two decades, and E-Trade has gone from hovering around $44 on Monday to $35.70 this morning.

United States can slap tariffs on $7.5B of European Union goods, WTO rules

October 03, 2019

The long-awaited ruling comes as Trump had been looking to step up his trade war with the European Union, having already hit the trade bloc with 25% tariff on steel and has threatened a $ 75 billion tariff on autos from Europe . In 2018, the USA revised that figure to $11.2 billion. German Chancellor Angela Merkel acknowledged "we have lost a matter under WTO law". The case itself dates to 2004, a testament to the plodding and thorough rhythm of the Geneva-based trade body.

Soy, corn futures rally as USA reports smaller-than-expected stockpiles

October 03, 2019

US soybean futures prices rose to the highest in more than two months on Tuesday, adding to gains from the previous session when further Chinese purchases and a lower-than-expected estimate of USA stockpiles buoyed prices. The outcome of the U.S. Soy stocks , however, were up 108 per cent from the same point past year, largely due to the drop in U.S. exports to China. The agency cut its estimate for the 2018 soyabean crop by 2.6% to 4.428 billion bushels, which contributed to stockpiles ...

PokerStars Acquired by Flutter, Owners of Paddy Power & FanDuel

October 02, 2019

Flutter's offer assigns an equity value to Stars Group of about 4.95 billion pounds (US$ 6 billion ), which represents a premium of about 40% to Tuesday's closing share price, according to Bloomberg calculations. Under the terms of the merger, TSG shareholders will be entitled to 0.2253 new Flutter shares for each TSG share. "We will have an exceptional portfolio of leading recreational brands and best-in-class products on industry-leading technology platforms".

Hong Kong, Singapore Slip in Property Bubble Ranking

October 02, 2019

Hong Kong ranked third, followed by Amsterdam, Frankfurt, Vancouver, and Paris. Toronto is the second-most overvalued real estate market in the world, according to a UBS report. "Sky high valuations and overstretched affordability have made the market vulnerable to even minor demand shifts", the report concludes. This has been pushing up prices ever higher for these units.

Saudi says Iran's remark on messages to its president 'not accurate'

October 02, 2019

China's official Purchasing Managers' Index (PMI) was slightly improved in September, increasing from 49.5 in August, to 49.8 lasy month, but remained below the 50-point mark that separates expansion from contraction on a monthly basis, according to data from the National Bureau of Statistics.

Trump wins ruling against European Union in aircraft trade dispute

October 02, 2019

We are working closely with the US, EU and European partners to support a negotiated settlement to the Airbus and Boeing disputes. However, Boeing said that "even today, Airbus could still completely avoid these tariffs by coming into full compliance with its obligations".

Banning Chinese companies from USA exchanges would hurt American capital markets

October 02, 2019

Adani group was preparing to raise as much as $2 billion by selling dollar-denominated bonds as it seeks to refinance a bulk of its local debt and diversify its creditor base. In their eyes, US investors are effectively underwriting Washington's biggest economic and strategic rival. US House Speaker Nancy Pelosi said public opinion is now on the side of an impeachment inquiry against Trump following the release of new information about his conversations with Ukrainian President Volodymyr ...

U.S. Futures Rise After White House Downplays Chinese Listing Measures

October 02, 2019

U.S. stock futures gained 0.44%, paring most of Friday's 0.53% fall in the index . The statement came after Friday reports that Trump administration officials are considering ways to limit U.S. Marcum Bernstein & Pinchuk, a firm that advises Chinese companies on their capital markets strategies, said making equity capital raising a new flashpoint in the war between China and the United States benefits nobody.

Wall Street higher ahead of manufacturing report

October 02, 2019

At 9:47 a.m. ET, the Dow Jones Industrial Average was up 121.05 points, or 0.45%, at 27,037.88, the S&P 500 was up 14.85 points, or 0.50%, at 2,991.59. The 10-year yield was down at 1.64% after rising to around 1.75%. "The volatility you're seeing is reflective of the fact that the themes affecting the market are pretty broad based and they're global and they're changing day to day", said Gregory Faranello, head of US rates at AmeriVet Securities.

UPS becomes first to operate drone airline

October 02, 2019

According to the FAA, "As a participant in the U.S. Transportation Department's Unmanned Aircraft Systems Integration Pilot Program, the North Carolina Department of Transportation (NCDOT) partnered with UPS Flight Forward". The full "Part 135 Standard" certification is a first in the USA, although Alphabet spinoff Wing Aviation LLC (Wing ) received a Part 135 Single pilot air carrier certificate for drone operations in April 2019.

Accountant EY investigated over Thomas Cook collapse

October 02, 2019

Thomas Cook France, which employs 780 people, had already declared insolvency last week in the wake of its parent company's bankruptcy. The Financial Reporting Council said its enforcement division was investigating EY's audit of the financial statements of Thomas Cook for the year to 30 September 2018.

IHS Markit US Manufacturing PMI Rises in September

October 02, 2019

Global think tank IHS Markit released a report on Tuesday saying operating conditions in the manufacturing sector of the region continued to deteriorate in September this year. This is the 26th consecutive month that the manufacturing PMI has remained above the 50-point mark. In September, the business optimism of Polish entrepreneurs from the manufacturing sector was the weakest since 2012, i.e.

Elizabeth Warren Claps Back at Facebook's Mark Zuckerberg Over Leaked Audio

October 01, 2019

In audio recordings obtained by The Verge , Zuckerberg can be heard sharing his disdain for Warren's plan with employees. I mean, if she gets elected president, then I would bet that we will have a legal challenge, and I would bet that we will win the legal challenge.

International Business: Ford forms Joint venture with Mahindra for Indian business

October 01, 2019

Meanwhile, M&M said the JV with Ford will give it access to its global distribution network in emerging markets, thereby developing them to boost export business from India. Both Mahindra and Ford will continue to own their respective brands and operate their own independent dealer networks in India. Ford Motors and Mahindra Logo.

IPhone 11 Battery Life: How Long All the Models Last

October 01, 2019

Since the iPhone 11 Pro has Apple's latest processor and a few other key upgrades, we all expected it to handily beat the iPhone XS. So, we have created a collection of handsome wallpapers which we think are going to look absolutely gorgeous on the iPhone 11 and iPhone 11 Pro/ Max .

Briefing: WeWork Withdraws IPO Filing

October 01, 2019

WeWork's parent The We Company said on Monday that it is filing to withdraw its initial public offering (IPO), a week after the SoftBank-backed office-sharing startup ousted founder Adam Neumann as its chief executive officer. Initially valued at $47 billion, WeWork was considering an IPO priced at well below $20 billion before pulling out. Techie real estate upstart and VC cash furnace WeWork has called off its IPO amidst mounting corporate disasters.

Man Saves the Day From Out of Control Airport Cart

October 01, 2019

Heads up safety move by a ramp worker!", the chief executive of the American Osteopathic Association, Kevin Klauer captioned the video. A hilariously out-of-control plane catering cart spun furiously around on the tarmac of O'Hare Airport, Chicago, coming alarmingly close to a parked jet, as the stunned ground crew watched on in alarm and dismay.

Suspended PMC Bank Chief Hid Info From RBI Fearing "Reputational Loss"

October 01, 2019

Despite non-payment, the bank officials did not classify the loans as non performing advances and intentionally hid the information about the same from RBI, an official statement from the police said. The RBI restricts single borrower exposures to one-fifth of the total. Earlier reports stated that as of September 19, PMC Bank's exposure to HDIL and its entities is almost 73% of the bank's total loan book size of Rs 8,880 crore.

Fitch cuts Saudi Arabia’s credit rating citing risk of further attacks

October 01, 2019

Brent crude dropped again in price on Monday, shedding $1.09 to close at $60.82 per barrel. Saudi Ambassador Dr Saud bin Mohammed Al Sati has reportedly said the India is an attractive investment destination for Saudi Arabia and it is eyeing long-term partnerships with New Delhi in areas of oil, gas and mining.

Australian stocks climb after cenbank cuts interest rates

October 01, 2019

The RBA had reduced the rate in both June and July in an attempt to shake the country out of economic stagnation, holding at one per cent during August and September as it observed whether the cuts - as well as the Federal Government's tax offsets - had flowed through to the economy.

Petrol price of 95 goes up, while 93 dips

October 01, 2019

In the immediate aftermath of the attacks Brent Crude Oil prices spiked to nearly $70 per barrel before dropping to a current level of $63-$65. Fuel prices are revised on a daily basis in India. "Carbon taxes are created to nudge consumer behaviour towards alternatives which is the whole point", Mr Faughnan said. "I'm afraid it's very cynical of the government which understands this point perfectly well".

Tesla rolled out its Smart Summon feature, and it's not going well

October 01, 2019

As the name implies, Smart Summon enables Tesla owners to summon their vehicles in parking lots. With the vehicle in the operator's line of sight, they can either summon the vehicle to them using their phone's Global Positioning System location or choose a nearby point on a map and the vehicle's on-board Autopilot hardware will begin navigating where it is told.

Google Draws Congressional Scrutiny with Internet Protocol

October 01, 2019

The Justice Department has also expressed that they were aware of concerns regarding this protocol and has confirmed that they've received complaints, likely from ISPs. Google might not have much to worry about, though, as it's not the only one pushing for the same encryption. Any claim that we are trying to become the centralized encrypted DNS provider is inaccurate.

FDA cautions against feeding your dog this food after sample shows salmonella

October 01, 2019

This isn't the first time Bravo packing, Inc . has tested positive for contamination. The FDA , however, is warning about any Performance Dog frozen raw pet food made on or after July 22, 2019. Dog food has been heavily scrutinized this year based on over 500 cases of dilated cardiomyopathy (DCM) found in dogs, that are directly linked to certain types of dog food.

Forever 21 Files for Bankruptcy & Will Close 350 Stores Globally

September 30, 2019

Forever 21 operates a handful of stores in the United Kingdom, including a flagship store on London's Oxford St, which is the only store expected to remain open. The numbers bear out the crisis facing traditional retailers. Out of these 350 stores, 178 of them will be in the U.S while the remaining ones will be from their global stores.

10 and shrinking: The House Democrats defying Pelosi and resisting Trump impeachment

September 30, 2019

But Mark Zaid, a lawyer from Compass Rose Legal, tweeted that CBS "completely misinterpreted contents of our letter ", saying the legal team had not yet reached an agreement with Congress regarding contact with their client. There is no evidence of wrongdoing by Joe or Hunter Biden. House Speaker Nancy Pelosi (D-Calif.), announcing the inquiry on September 24, alleged that Trump "seriously violated the Constitution", saying that the House is "moving forward with an official impeachment ...

Budweiser parent raises $5B in Hong Kong IPO

September 30, 2019

AB InBev priced 1.45 billion share at HK$27, or about $3.44, giving the company a market value of about $45.6 billion. Since then the company sold off its Australian unit and returned as a more nimble company. The IPO included a rare "upsize" option that enabled the Belgium-based brewer to sell up to 36.8% more shares in the offering. Research Director at Kingston Securities, Dickie Wong, noted that premium beer in China has been "outperforming everywhere", making the Budweiser stock a ...

Navarro Decries Fake News on Chinese Investment Restrictions

September 30, 2019

In retaliation, China warned of "significant repercussions for the Chinese and the US economies, as well as their companies in the future". The US Department of the Treasury said there are no plans to block Chinese firms from listing on US exchanges, although it did not address the potential for other moves.

Popular Heartburn Drugs Are Being Recalled Over Cancer Worries

September 30, 2019

CVS is removing the popular Zantac heartburn treatment and its own generic ranitidine products from its pharmacies after traces of a carcinogen were found in the drugs. And Sanofi, which produces the brand-name Zantac, is not yet making any moves. So far, the agency reports that 'the levels [of NDMA] the FDA is finding in ranitidine from preliminary tests barely exceeds amounts you might expect to find in common foods, ' it said in a statement.

National Coffee Day 2019: Deals at Dunkin’, Sheetz, Wawa and more

September 30, 2019

White Castle: From Sunday through October 1, get a free small coffee with any purchase and this coupon in-store. Inner Circle rewards program members can get a free medium coffee with a purchase. You can also use the "Buy 1 Green Mountain Roasters product, Save $1" deal now through October 6. In celebration of National Coffee Day Sept. 29, many places will be giving away free cups of joe.

China Sept manufacturing unit exercise shrinks for fifth month- official PMI

September 30, 2019

China's manufacturing sector has done poorly in recent months due to weak domestic demand and higher trade tariffs. Growth in China's services sector activity slowed slightly in September, official data showed on Monday, reports Trend referring to Reuters .

Fashion retailer Forever 21 files for bankruptcy

September 30, 2019

Court papers filed in the Bankruptcy Court for the District of DE show Forever 21 has estimated liabilities on a consolidated basis of between US$1 billion (S$1.38 billion) and US$10 billion. The numbers bear out the crisis facing traditional retailers. Fast fashion retailer Forever 21 announced it will be filing for bankruptcy Sunday.

UAW, GM Slogging Through Talks; Company Reinstates Health Insurance

September 30, 2019

GM immediately shifted responsibility for the health insurance to the union's strike fund. "Given this confusion, GM has chosen to work with our providers to keep all benefits fully in place for striking hourly employees, so they have no disruption to their medical care, including vision, prescription and dental coverage", GM's statement added.

Flight forced to make emergency landing after passenger gets stuck in bathroom

September 29, 2019

Williams says the flight crew called for assistance and the Denver firefighters helped open the door. Twitter user @taylorkkimber posted video online of maintenance technicians working on the door. "The plane erupted in applause", Wagner tweeted . Perhaps surprisingly, this wasn't the only toilet-related emergency to occur on a plane this week.

Centre prohibits export of all varieties of onions amid rising prices

September 29, 2019

The Consumer Affairs Ministry, meanwhile, imposed a stock limit of up to 100 quintals on retail traders and 500 quintals on wholesale traders to improve the domestic availability of onion, hoping this will provide some relief to consumers. According to reports, the ban is effective for the export of all varieties of onions and the notification did not set a definite time-frame for the new policy.

China rejects report that Chinese hackers were suspected of Airbus cyber attacks

September 29, 2019

Two security sources investigating the attacks told AFP that there have been four major attacks on Airbus suppliers in the last 12 months. The group has always been considered a tempting target because of the cutting-edge technologies that have made it one of the world's biggest commercial plane manufacturers, as well as a strategic military supplier.

UK's medical drug supply still uncertain in no-deal Brexit

September 29, 2019

In a speech, Michael Saunders said the British economy has "weakened markedly" as a result of "persistently high Brexit uncertainties and softer global growth". The governor, Mark Carney, recently indicated he'd be inclined to cut in the event of a no-deal - and the vote usually goes the boss's way. Sterling finished the week on a down note after one of the most hawkish rate-setters on the Monetary Policy Committee signaled that a rate cut was more likely than the opposite.

Delta invest $2 billion into partnership with LATAM

September 29, 2019

Under the transaction, Delta will invest US$350 million in the partnership, acquire four of Latam's Airbus A350 aircraft and assume the South American company's commitment to purchase 10 more of the planes. Delta will invest $1.9 billion for a 20 percent stake in LATAM at $16 per share. Latam Airlines Group SA ( LTM ) shares rose 44% to $13 premarket after entering a strategic partnership with Delta Air Lines Inc.

Venezuela Reportedly Exploring Possible Inclusion of BTC and ETH to its Reserves

September 29, 2019

As the country has been under USA sanctions it has been struggling to do business with various clients and is somewhat cut off from the global financial system. However, it is not yet clear how PDVSA could obtain bitcoin and ether. Cryptocurrencies can only be sold by an entity on an exchange after being subject to scrutiny and due diligence.

JLR unveils new Gaydon facilities

September 29, 2019

Gaydon is home to nearly 13 000 highly-skilled engineers and designers who are developing the current and next generation Jaguar and Land Rover vehicles. Speth's current term at JLR is due to end next year, a source previously told Reuters. The range of cleaner vehicles lined up for India is part of a new direction "Destination Zero", undertaken by Jaguar Land Rover which aims towards zero fatality, zero emission , zero congestion to develop a safe and a cleaner environment for the ...

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