Economy / 25

Ahead of impeachment trial, Democrats and White House are readying their arguments

January 20, 2020

Crow also said he would argue for witnesses to be called to back up the two articles of impeachment alleging abuse of power and obstruction of Congress by Trump . Trump eventually released the Ukraine military aid in September after a 55-day delay without Zelenskiy launching the Biden investigations. Whatever happens in the Senate, House Speaker Nancy Pelosi, D-Calif., has said, Trump will "be impeached forever".

Toyota to move Tacoma truck production from US to Mexico

January 20, 2020

The passage of the new NAFTA allows automakers to build vehicles in Mexico without being penalized by substantial tariffs. Toyota will shift production of the Sequoia in 2022 to Texas and that plant will end production of the Tacoma by late 2021.

China Moves To Phase-Out Plastic Waste

January 20, 2020

The nation will also establish a system for producing, distributing, consuming, recycling and disposing of plastic products by 2025. The restaurant industry must reduce the use of single-use plastic items by 30 per cent, the Commission said.

Ireland has fifth-highest number of billionaires per capita - Oxfam report

January 20, 2020

Behar said that to reduce this inequality , the government will have to come up with special policies for the poor. "They must pass laws to tackle the huge amount of care work done by women and girls, and ensure that people who do some of the most important jobs in our society - caring for our parents, our children and the most vulnerable - are paid a living wage", said Behar.

International Monetary Fund cuts India’s FY20 GDP growth projection by 130 bps to 4.8%

January 20, 2020

Georgieva said the International Monetary Fund will release an adjusted global economic forecast as part of the World Economic Outlook at the World Economic Forum in Davos , Switzerland, on Monday. The risks to the global economic growth remain on the downside, despite positive news on trade and diminishing concerns of a no-deal Brexit. However, it said that there were preliminary signs that decline in manufacturing and trade may be bottoming out.

What to expect from UK-Africa investment summit in London

January 20, 2020

The Presidency, in a statement by Buhari's Special Adviser on Media and Publicity, Mr Femi Adesina, explained that the British Prime Minister, Boris Johnson , would play host to the summit. The UK-Africa Summit is a unique opportunity to expand investment and trade opportunities. "By putting people before passports we were will able to attract the best talent from around the world, wherever they may be", he said.

Elon Musk suggests Twitter adjustments to Jack Dorsey

January 20, 2020

Musk, regardless of being a billionaire who runs a number of tech firms together with Tesla and SpaceX, is a prolific Twitter person with greater than 30 million followers . "Understand what people actually want and what they are upset about versus manipulation of the system by various interest groups". The Tesla CEO is popular on Twitter.

Royal Caribbean says Grandfather knew window was open when he dropped toddler

January 19, 2020

The family of Chloe Wiegand , the 18-month-old IN girl who fell to her death from the 11th storey of a cruise ship IN Puerto Rico , supplied this photo of the scene inside the Freedom of the Seas. In a statement sent to us by the Wiegand familiy's lawyer, the family says Royal Caribbean's motion to dismiss is "baseless and deceptive". "Because Mr.

Amazon investment ‘welcome’, Piyush Goyal says earlier statement taken out of context

January 19, 2020

Bezos, who recently announced to invest $1 billion to digitise the medium and small enterprises, delivered a package to a kirana store (corner store) on Saturday as part of his expanding e-commerce business. Bezos has praised India during his ongoing visit, saying the 21st century will be the Indian century and that the dynamism and energy in the country was "something special".

Louis Vuitton snaps up second-largest diamond ever found worth £38m

January 19, 2020

Under the deal, Louis Vuitton and HB Company, a diamond manufacturer in Antwerp, will cut and polish the 1,758-carat Sewelo diamond. The purchase follows the 16 billion United States dollars acquisition of Tiffany by LVMH, the French parent company of Louis Vuitton-hinting at plans to lead the jewelry industry.

EU warns of WTO challenge

January 19, 2020

Emerging countries must now also fear the consequences of a Chinese commitment to buy $200 billion worth of additional U.S. products over the next two years, as Beijing is now likely to cancel farm contracts with countries like Brazil and buy American instead.

NHTSA could investigate 500,000 Teslas for unintended acceleration

January 19, 2020

For now, NHTSA will review the findings and decide whether or not to open a formal defect investigation. NHTSA's Toyota investigation blamed the incidents on floor mats that could become lodged under the accelerator and a design flaw that could cause the pedal to stick.

Hyundai unveils first Genesis SUV in renewed overseas premium push

January 18, 2020

The luxury SUV is based on the GV80 Concept first shown at the 2017 NY auto show, and it gets several segment-first features, including an electronically controlled suspension with road preview and active noise control. -ft. of torque, but it isn't likely to come to our shores. According to the company, the two-row GV80 was built on the brand's first rear-wheel-drive platform, based on three key pillars: the design concept of "athletic elegance", a simple yet comfortable interior, and an ...

Ghosn's Japanese lawyers quit after former Nissan chief fled

January 18, 2020

Another one of Ghosn's legal team, Takashi Takano, has also thrown in the towel on the case, a source close to his office told AFP. Interpol has made a requested notification, but his extradition from Lebanon is unlikely. Macron said on Wednesday decisions he had taken "had always defended French interests", adding that it was too convenient to argue that defending national interests could harm an executive.

Morgan Stanley profit surges 53 per cent driven by strong bond trading

January 17, 2020

Guggenheim initiated coverage on shares of MORGAN STANLEY Morgan Stanley Capital Protected Notes Based on S&P 500 in a report on Wednesday , November 27th. On the flip-side, equity sales and trading revenues - one of Morgan Stanley's strongest businesses - dipped 0.5% to $1.92bn. Tesla's quarterly revenue was down 7.6% on a year-over-year basis.

China registers stable employment in 2019

January 17, 2020

China's GDP, worth an estimated $14.4 trillion, is second in size only to the U.S. Its economy has been undergoing a painful shift away from heavy industry and commodities. Despite falling to a new low since 1990, when political turmoil drove economic growth down to 3.9 per cent, the 6.1 per cent rate met the target range of between 6.0 per cent and 6.5 per cent set by the central government at the beginning of past year, but was below the market expectation of 6.2 per cent.

Israel starts exporting gas to Egypt - Economy

January 17, 2020

A private Egyptian company, Dolphinus Holdings, will purchase 85 billion cubic meters (bcm) of gas, worth an estimated $19.5 billion, from Israel's Leviathan and Tamar offshore fields over the course of 15 years. Egypt now exports one billion cubic feet of gas to Europe every month, said Egyptian Oil Minister Tarek al-Mula in a statement on Wednesday. Molla also said Egypt was planning a bidding round for oil drilling in the western Mediterranean Sea and was in talks with Chevron, ...

Google's parent company Alphabet hits trillion dollar valuation

January 17, 2020

It joins Apple and Amazon , which first hit the mark in 2018, and Microsoft , which followed a year ago. Facebook is the next closest company to the trillion-dollar mark, though it still has a ways to go. Alphabet, formed as a holding company in 2015, has a number of other units working on "moonshot" projects including Waymo on autonomous cars and Verily for life sciences.

China's birth rate at lowest level in communist era

January 17, 2020

And December industrial output, investment and retail sales all rose more than expected after an improved showing in November. The world's second-largest economy grew by 6.1% in 2019, making previous year China's worst economic performance since 1990, according to data released by the National Bureau of Statistics on Friday.

Bose is shutting all stores in North America, Europe, Japan, and Australia

January 17, 2020

After 27 years of operating standalone stores in locations throughout the USA, and latterly the rest of the world (including a flagship store in London's Regent Street), all Bose stores in the four territories will soon close. "As smartphones changed the industry, the company's focus turned to mobile, Bluetooth, and Wi-Fi solutions", Bose said. The decision was announced on January 15, with the company citing the increasing purchase of its headphones, speakers and other products online as ...

Engine Trouble Forces LAX-Bound Flight to Return to New Jersey Airport

January 17, 2020

Another passenger, Nicole Adamo, also opened up about the flight on Twitter, calling it the " most terrifying experience " of her life. A United Airlines flight from Newark to Los Angeles had to return to the airport just minutes after taking off due to a mechanical problem.

Star Unicorn Oyo Shuts Door on Employees in India, China

January 17, 2020

To stem losses, Oyo has also cut back on staff and supplies such as mineral water and cleaning fluids in the hotels it runs itself, according to the current and former employees. "As a result, we are asking some of our impacted colleagues to move to a new career outside of OYO ". A New York Times report published earlier this month said Oyo bribed government officials and resorted to unfair practices including fraudulent listings.

NRF: Strong Finish Drives Holiday Season Sales Gains

January 17, 2020

Total retail sales for December rose 0.3% to US$529.6 billion, seasonally adjusted, the same increase recorded in the prior two months. However, control group sales in the prior month were downwardly revised to -0.1 percent from +0.1 percent in the advance estimate.

Complaints filed against RCMP for blocking Wet'suwet'en access

January 17, 2020

The Wet'suwet'en chiefs issued eviction notices to Coastal GasLink workers last week as they continue to oppose the $6.6-billion project, which would connect gas fields in northeastern B.C. The RCMP said those being allowed to enter must have permission from the RCMP's operations commander, which generally includes hereditary and elected chiefs, elected and other government officials, accredited journalists from recognized media outlets, and those providing food, medicine or other supplies.

Toyota and Joby Aviation going to new heights

January 16, 2020

A German company that is also developing air taxis successfully tested its two-passenger vehicle in Singapore a year ago. And while the company makes no mention of 'flying cars' or anything of the sort, it does say it intends to share its manufacturing prowess and technologies to develop Joby's all-electric vertical take-off and landing (eVTOL) aircraft-a new form of air transport that combines elements of helicopters and small airplanes best-suited for urban commuting .

Wells Fargo profit sinks 13% while new CEO prioritizes resolving regulatory issues

January 16, 2020

Combined with the bank's 3.9% dividend yield, it's fair to say that Wells Fargo is returning lots of capital to shareholders. Wells Fargo said Tuesday that it took a $1.5 billion charge in the fourth quarter to cover related costs, cutting its profit in half.

Elon Musk Gets On $346M Payout After Tesla Stock Surge

January 16, 2020

Last week, Tesla's stock market value hit almost US$89 billion, eclipsing the combined sum of General Motors' (GM) and Ford's for the first time. Tesla shares soared 9% on Monday, marking a new record high. And now it looks Musk is said to reap huge rewards for Tesla's surge. In 2018, Tesla's board and shareholders authorized an unparalleled compensation plan for Musk, allowing him to earn options worth potentially more than $55 billion over the next decade.

Amazon plans $1bn investment in India despite trader backlash

January 16, 2020

Goyal, who has not yet given Bezos an audience, said e-commerce companies have to follow Indian rules in letter and spirit and not find loopholes to make a back-door entry into multi-brand retail segment. However, Amazon has already been accused of violating trade laws in India. Amazon and Walmart's Flipkart are facing mounting criticism from brick-and-mortar retailers, which accuse the USA giants of violating the country's law by racking up billions of dollars of losses to fund deep ...

Woman sues American Airlines over worker's harassing text messages

January 16, 2020

He told her there was a seat available next to her, writing, " Will you join me? ". The sender finally informed her that his name is "Ahmad" and that he was an airline employee. According to her lawsuit against the carrier, she learned the off-duty employee, identified as "Ahmad", took her contact information from the luggage tag on her carry-on bag and used that information to harass her via text message.

Wall Street hits record, boosted by trade and earnings optimism

January 16, 2020

Shares fell in China, with the Shanghai Composite index giving up 0.3% to 3,081.38. In other US corporate news, Target (-6.5%) is among the biggest early laggards after reporting December holiday sales that were below expectations. Earnings have remained low for the past three quarters, and if the fourth quarter meets expectations, it should be roughly the same. "We expect a resuscitation towards the end of the year, so any (corporate) forecast that raises any kind of skepticism could ...

US, China Have Not Agreed on Future Tariff Reductions - Joint Statement

January 15, 2020

But the trade expert with the Peterson Institute for International Economics, cautioned that "we will continue to see the impact of this in slower investment and higher business costs". The Phase Two deal will remove tariffs; until then China's economy is burdened by the current load. That has boosted stock markets worldwide in recent days, as it takes the threat of new tariffs off the table for now.

Google acquires Pointy to help SMBs list product inventory online

January 15, 2020

Neither company has disclosed the value of the deal, but sources confirmed the accuracy of a TechCrunch report that Google will pay around $160m. This is the second time Google has acquired a company cofounded by Irish serial entrepreneur Mark Cummins .

Rally in Hong Kong demands voting rights, worldwide support - Surrey Now-Leader

January 15, 2020

Kenneth Roth, HRW's executive director, also pointed to other threats to human rights, including in Syria, where he said forces from Russian Federation and the Syrian government "blatantly disregard the global rules created to spare civilians, including the prohibitions against attacking civilians and bombing hospitals".

Stocks start in the green ahead of trade deal signing

January 15, 2020

Even a partial deal should remove much of the uncertainty that has weighed on companies and investors, at least until after the election, said Scott Ladner, chief investment officer for Horizon Investments in Charlotte. MSCI's gauge of stocks across the globe gained 0.51%, topping a record set on Friday, while emerging market stocks rose 0.96%. In other earnings-related news, UnitedHealth Group Inc, the largest US health insurer, edged up 2.5% as it affirmed its full-year outlook for ...

Amazon boss Jeff Bezos arrives in India as local traders plan protests

January 15, 2020

Amazon has previously invested about $5.5 billion in India . In September 2014, the last time Jeff Bezos came to India for an important trip, the CEO of Amazon wanted an elephant for a photo-op, but settled instead for an Indian lorry decked out in garlands.

Gambling watchdog bans credit cards for online betting sites

January 15, 2020

According to analysts at Davy Stockbrokers, the ban on credit card usage for United Kingdom gambling deposits likely represents a low-single-digit percentage risk to related gaming revenues. Meanwhile, Minister of Culture, Helen Whately commented on the measures arguing that there was " clear evidence of harm from consumers betting with money they do not have ." .

German Parliament Doubts Legitimacy of Quds Chief Soleimani’s Assassination by US

January 15, 2020

This time, Esper said that the U.S. can indeed strike Iran, " if it is consistent with the Commander in Chief's authorities under Article 2 ", referring to the article of the Constitution that allows the president to order military action in the event of an attack on American forces, on the condition that it later be approved by Congress.

James Murdoch Blasts Fox News for 'Climate-Change Denial'

January 15, 2020

Rupert Murdoch, owner of media giant News Corp , is getting heat from his son James over the climate change denialism that's being churned out by the mogul's right-wing news outlets. "There are no change climate change deniers around, I can assure you", he said at the company's annual general meeting in NY in December past year.

China vehicle sales fall 8.2% in 2019 China 11:53

January 14, 2020

Total vehicle sales, including trucks and buses, was off 8.2 percent at 25.8 million. The company delivered 3.65 million vehicles in 2018 and 4.04 million units in 2017. It has also said it would localize management teams by hiring more Chinese staff and aimed to improve relationships with joint venture partners. After two decades of explosive growth, China suffered its first annual decline in vehicle sales in 2018, because the turmoil with President Donald Trump and slowing economic ...

William Hill's 2019 adjusted profit exceeds expectations; CFO steps down

January 14, 2020

William Hill said in November that it was on track following the closure of 700 high street shops. The British government last spring reduced the maximum stake on fixed-odds betting terminals to £2 from £100 as part of a larger campaign against the proliferation of gambling in the nation.

PC Sales Grew 1.9 Percent in 2019

January 14, 2020

Shipments for traditional PC devices, including desktops , notebooks and workstations, grew 2.7 percent year over year, according to IDC. IDC also notes the same decline in total 2019 shipments compared to 2018, suggesting Apple shipped an estimated 17.7 million Macs during the year, down from 18 million in 2018.

Visa to buy fintech startup Plaid in US$5.3b deal

January 14, 2020

The acquisition values Plaid exactly two times higher than the $2.65 billion it was valued at after its December 2018 funding round , where it raised $250 million. Bankers refer to companies like Plaid as "the plumbing" behind how these apps work. More acquisitions in 2020? . Protecting customer data and helping them share that information safely has always been a top priority for Chase.

Crude oil futures dip on weak spot demand

January 14, 2020

West Texas Intermediate crude oil is now trading at $58.16 having travelled between a low of $57.97 and $59.26, -1.71% on the day so far and well below the $65.65s post Iranian missile strikes on Iraqi targets. Thin U.S. refinery margins for petroleum products have negatively impacted crude prices, particularly as winter demand for heating oil has disappointed suppliers and gasoline margins have weakened, analysts told Reuters .

Wind warning for West Norfolk

January 14, 2020

High wind and sandy waves along the north beach in Lowestoft. The yellow warning of wind is in place for Monday and Tuesday. Southwesterly winds are expected to strengthen across much of England and Wales during Tuesday afternoon and evening, bringing gusts of up to 40 to 50mph inland.

USA adds solid 145,000 jobs in December; unemployment steady at 3.5%

January 14, 2020

Canada's economy created 35,200 jobs in December, Statistics Canada said Friday in Ottawa. Federal Reserve policy makers are likely to keep holding interest rates steady after cutting three times in 2019 to insure against risks from trade-policy uncertainty and sluggish global growth, though further weakness could raise concerns about the durability of the record-long USA expansion.

Renault shares hit six-year low on rumors of Nissan split

January 14, 2020

A recent tweet made by Yamaha Music Japan Co advising people of the dangers of putting someone inside an instrument case has gone viral, given that it was widely seen as an allusion to how former Nissan Motor Co Chairman Carlos Ghosn fled Japan late past year.

Bitcoin Futures Volumes Outperform Spot Markets on Binance

January 14, 2020

Futures now account for around 75% of the total Bitcoin ( BTC ) market volume traded on the exchange. However, given the dominance of CME in the bitcoin futures market, things may now change, the note said . Bitcoin (BTC) futures options from CME Group saw volumes in excess of $2.3 million on the product's first day of public trading, the company has confirmed.

China's Geely in talks to acquire stake in Aston Martin

January 14, 2020

A technology partnership was a possible alternative to a full investment, the FT added. " People familiar with the matter " told Bloomberg that Geely is also interested in purchasing a piece of the pie. Stroll makes an investment first. Daimler, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, supports efforts by the British carmaker to secure its long-term future, the source said.

Vegetable prices see 60.5% jump; retail inflation breaches MPC target band

January 13, 2020

Consumer inflation worsened to 7.35 per cent in December, highest since August 2014, government data showed on Monday. This is the highest retail inflation recorded in India after five years. Unseasonal weather, which experts say may have been brought on by climate change, have fuelled the price of onions from March 2019. The rise in consumer inflation is also higher than the Bloomberg and Reuters poll of over 50 economists, both of which had predicted a rate of 6.7% and 6.2% ...

GM Engineers Arrested For Racing 2020 Chevy Corvette C8s on Kentucky Roads

January 13, 2020

The two were, according to Kentucky State Police, allegedly racing against each other at high speed when caught at more than 26mph (42km/h) above the posted 45mph (72km/h) limit. Thim is reportedly a design engineer who works on the cars' induction and exhaust systems, while Derkatz is the co-chair of an electrical issue resolution team.

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