Economy / 135

UK's Brexit Secretary David Davis has resigned

July 09, 2018

His replacement will be announced shortly. Opposition lawmakers, meanwhile, said that this was a big blow for the prime minister. David Davis said his resignations lead to the public starting to pressure the Government into stopping conceding points to the European Union during Brexit talks.

First Thailand boys rescued two weeks after being trapped in cave

July 09, 2018

Interior Minister Anupong Paojinda said the same divers who took part in Sunday's rescue will return to extricate the others as they know the cave conditions and what to do. This technology is being developed as 4 boys were rescued with the hopes to see the others safe soon. An official from Thailand's Forestry Department said that despite heavy rains overnight on Sunday, "the water levels are still stable".

ZTE appoints new CEO

July 09, 2018

Commerce Department said it would lift a supplier ban on ZTE that could have put the company out of business. US authorities are allowing China's ZTE Corp .to resume some business with American companies, temporarily easing a ban imposed over the telecom giant's export of sensitive technology to Iran and North Korea .

US adds a solid 213,000 jobs; unemployment up to 4 percent

July 08, 2018

Overall, unemployment inched up to 4 percent last month, largely due to the expanding pool of people actively seeking jobs. The report also shows that the share of workers who have multiple jobs remained stable over the a year ago at 4.8 percent.

Number of Employed Americans Reaches Record High Under Trump

July 08, 2018

One reason that some employers may not be feeling pressure to raise wages is that more people are beginning to look for work, thereby keeping up the pool of job applicants: The ranks of unemployed people seeking jobs jumped by 499,000 in June, which caused the unemployment rate to rise from its previous 18 year-low.

Oil, Beans And Steel: How Raging Trade Wars Would Redraw Global Commerce

July 08, 2018

While US companies doing business in China agree with Trump's complaint about Chinese intellectual property practices, Ennis said they did not see tariffs pushing China into submission. "We just want what we had before", he said. Of the $34 billion of Chinese goods targeted by the U.S., around 59%, or $20 billion, is produced by foreign-owned companies, including some from the U.S., Chinese Commerce Ministry spokesman Gao Feng said Thursday.

Saudis tell OPEC June output jumped to 10.5 MMbopd

July 07, 2018

In late morning trading Thursday, the price of the worldwide benchmark Brent grade of crude oil was little changed at $77.85 a barrel. On Tuesday, crude closed near 78 dollars per barrel, driven higher by a sharp drop in US inventories and the expectation of more drivers hitting the road for the July 4 holiday.

US adds a solid 213000 jobs; unemployment up to 4 pct

July 07, 2018

The average hourly wage has increased by just 2.7 percent in the past year. The job growth shows the labour market shrugging off worries about a slowdown triggered by trade fights or rising borrowing costs. The agency says more people were seeking job opportunities and that forced the rate up to 6%. Housing starts have climbed 11 percent so far this year.

Retaliatory Measures Against US Tariffs Already In Effect, Says China

July 07, 2018

But German Chancellor Angela Merkel, signaling her eagerness to not drag the European Union further into the spat, told parliament on Wednesday, "It is worth every effort to try to defuse this conflict so that it doesn't turn into a real war, but of course there are two sides to that".

Micron says has not received Chinese injunction on chip sales

July 07, 2018

To counter the lawsuit , UMC sued Micron in China in January 2018, accusing the American company of stealing its patents registered in China. It said the United States company's products infringed on three of its patents related to DDR4, SSDs, and graphic card memory.

Canada's Building Trades Unions Stands with Trudeau Government on Misguided US Tariffs

July 06, 2018

Now that Mexico's presidential election is done , Ottawa wants negotiations on the North America Free Trade Agreement to restart as soon as possible, one government official familiar with the plan said on condition of anonymity. If Canada is willing to drop all tariffs against the United States and its internal subsidies, the Trump administration has proposed to do the same.

Battered China stocks off to worst start to second half since 2015

July 06, 2018

Recent losses - the index is down almost 22 percent from a recent high in January - appear to have fueled concern among Chinese authorities. The dollar fell 0.2 percent against a basket of six major currencies at 94.505 ahead of the U.S. USA tariffs on $34 billion of Chinese products are expected to take effect on July 6, with China set to retaliate with duties of its own on the same value of American goods.

Are gasoline prices in the United States really too high?

July 05, 2018

Oil futures were climbing on Thursday, with US crude hovering at its highest in about 3-1/2 years as supply disruptions continue to support the market. President Donald Trump , Iran's OPEC Governor told Reuters on Thursday, as he warned expectations that Saudi Arabia and Russian Federation would help bring down prices were in vain.

Donald Trump: OPEC is "doing little to help" with gas prices

July 05, 2018

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil. Ardebili also claimed that Trump's words are "discrediting" OPEC . Saudi Arabia itself is facing revenue problems because the prices of oil remained low for several years and the Kingdom is spending hugely on developmental activities.

The World Was Not Ready For Donald Trump’s Enormous FART… Act

July 05, 2018

The EU on Friday submitted comments warning the U.S. Commerce Department that U.S. import tariffs on cars and vehicle parts were unjustifiable and would harm America's automotive industry and likely lead to counter-measures by its trading partners on $294 billion of U.S.

Trump on trade: European Union 'possibly as bad as China'

July 05, 2018

Instead of backing down, trading partners have responded in kind with similar threats, although the numbers tend to be a little higher, i.e. the USA tariff threat total of $200 billion was met by the EU's threat of $300 billion. The USW union said that South Korea, Japan and Germany target the USA market for exports while limiting access to their own auto markets. "It's not positive.

United States govt's NTIA recommends against licence for China Mobile

July 05, 2018

The advisory body, the National Telecommunications and Information Administration , is part of the Department of Commerce. SHANGHAI/HONG KONG-The U.S. and other countries be rejected. China Mobile had applied back in 2011 permission to enter the USA market, but this is being blocked over national security grounds.

Europe rejects alliance with China to fight Trump on trade

July 05, 2018

Chinese state media has promoted the message that the European Union is on China's side. The advisories, largely unreported in the USA and Chinese media, have circulated as friction over trade issues has risen between the two nations in recent months.

China's HNA Group chairman Wang Jian dies after fall in France

July 05, 2018

After years of empire-building, the company that once symbolized China's insatiable appetite for global assets has reversed course , selling more than $14 billion of buildings and shares, including its multibillion-dollar stake in Hilton Worldwide Holdings Inc.

Hyundai denies FCA takeover rumour

July 04, 2018

With this new possiblity coming to light, more news involving Hyundai and FCA could still keep blips on the industry's radar. Hyundai logo on the 2018 Kona SUV. If Hyundai and FCA were to join forces, the new group would be the largest auto maker in the world, selling around 11.5 million cars per annum. Allegedly, the purchase can take place after the shares of Fiat Chrysler Automobiles will considerably lose in the price.

Mexico drug gangs: Will Amlo softer approach work?

July 04, 2018

The lawyer and economist is the candidate of the ruling Institutional Revolutionary Party , which had been in power for 70 years until the election of Vicente Fox of the National Action Party in 2000. Lopez Obrador, who has run for president in every election since 2006, has humble beginnings, flies coach class and says that he will convert Mexico's presidential palace into a public park.

Saudi, Russian energy ministers agree continued oil market coordination

July 04, 2018

WTI oil prices dipped into 71.80 at the market's open this week, but has since recovered above 72.50, though current prices are still below Friday's closing price of 73.54. After reducing production by more than 1.8 million barrels daily since January past year to drain a global glut, the producers decided in Vienna on June 23 to reverse course.

Trump’s automotive tariffs could cost the USA $294 billion

July 04, 2018

President Donald Trump said in an interview broadcast Sunday, with trade wars emerging against both the Asian giant as well as longtime allies in Europe and Canada. In May, the White House had said it would announce curbs on Chinese investment in US technology by June 30 and impose those restrictions shortly thereafter.

Walmart's impeach Trump clothing draws social media outrage

July 04, 2018

These articles of clothing have ignited a rallying cry from the President's legion of supporters, who find the sloganeering to be disrespectful. Fox News credits Ryan Fournier , head of Students for Trump , as the first to call for a Walmart boycott on social media.

German interior minister 'offers to resign' over migrants

July 04, 2018

The proposal could also shift the political crisis south to Austria , where the government said it could take its own measures to protect its borders. Mr. Seehofer and Ms. Merkel have been at loggerheads for two weeks over the minister's insistence that federal police turn back at the border migrants with an open asylum application in another European Union member state.

Celebrities welcome LeBron James to the Los Angeles Lakers

July 03, 2018

The Cavaliers had hoped to re-sign James, who has appeared in eight consecutive National Basketball Association finals. Clearly there is no rush for him to take the Lakers, one of the NBA's most storied franchises, from a low ebb to a title.

Lyft acquires Motivate, a bike-sharing company

July 03, 2018

Motivate's collaborative approach with cities mirrors the way Lyft has historically worked with regulators and aligns with our strategic vision for bike share nationwide. "As part of this agreement, Lyft is acquiring Motivate's technology and corporate functions, including its city contracts", Lyft said in a statement shared with VentureBeat.

Auto tariffs could lead to $300B retaliation — European Union warns Trump

July 03, 2018

They don't want our farm products. But based on tariff data, Trump's top targets aren't guarding their trade much more than the US. China , Japan, and South Korea all reported that their export orders eased back in June as trade tensions continue with the US.

Struggling smartphone maker HTC to slash 1,500 jobs in Taiwan

July 03, 2018

HTC has previously said it wants to better coordinate its smartphone and virtual reality businesses. But, thanks to ramped up competition from other smartphone makers like Apple and Samsung, the company has now found themselves struggling as revenue and sales continue in a downward spiral.

Prepare Your Wallets: Amazon Confirms Prime Day Begins on July 16th

July 03, 2018

Amazon Prime Day may not be for a couple of weeks but the shopping behemoth has wasted no time in dishing out some discounts. Sales will kick off on July 16th at 12PM PDT/3PM EDT and run through July 17th, this time with sales lasting 36 hours , up from 30 in 2017.

India Has Back-Up Plans In Case Of Complete Iranian Oil Cut-off

July 03, 2018

Asked if someone was manipulating oil markets, Trump said: "OPEC is and they better stop it because we're protecting those countries, many of those countries". The United States will sanction any European companies found doing business with Iran, Donald Trump said during an interview aired on Sunday. It's bad what they do to us, he said.

Leaked Trump Draft Bill Would Ditch WTO Trade Rules

July 03, 2018

The White House told Axios the draft bill was not "actual legislation that the administration was preparing to rollout." . Trump's short-lived former communications director, Anthony Scaramucci , was among the first to comment on the proposed bill, saying it "stinks".

Dell makes move to go public again after months-long review

July 03, 2018

Michael Dell now owns 72 percent of common shares in Dell , while Silver Lake owns 24 percent. Dell went private in 2013 on the back of a landmark deal with founder Michael Dell and private equity firm Silver Lake, executing the largest privatization in the history of the technology industry.

The best memes about LeBron James leaving Cleveland for Los Angeles

July 03, 2018

It's also a fresh precedent set for teams trading for players with one-year remaining on their current deals. Many around the league expected George to sign with the Los Angeles Lakers . I think that had a lot to with race at that time, too, and that was another opportunity for me to kind of just sit back and say, 'OK, well, how can we get better? In fact, L.A.

US Sanction Waiver for Iran Oil Imports Likely

July 02, 2018

The increase, if it can be pulled off, would be an incredibly rapid ramp up in output, up more than 1 million barrels per day (mb/d) from May levels. The move is yet to be approved by other members of the Organization of Petroleum Exporting Countries and its allies, and some such as have said they aren't in favour.

GM WARNS: Trump's tariffs 'undermine our ability to compete' (GM)

July 02, 2018

The EU has a 10% levy, compared with 2.5% for cars entering the United States. BMW asserts that tariffs will make production locations outside the United States more competitive. Imports had, it said, not shown a dramatic increase in recent years and largely grown alongside overall expansion of the USA auto market, with increased demand that could not be met by domestic production.

Trump wants US to withdraw from WTO

July 02, 2018

President Donald Trump has repeatedly suggested pulling the U.S. out of the World Trade Organization, according to a report published Friday by the news website Axios . "That it's not a reciprocal tariff". European Union leaders on Thursday agreed "in substance" with proposals to improve the WTO in what appeared to be an effort to placate the US President.

Mazda Protests Trump's Tariffs on Behalf of 32000 Americans

July 02, 2018

However, with its brand presence steadily increasing, Mazda is also looking to increase its American-based operations and has begun construction of a new auto factory in Huntsville, Alabama (something Trump would probably like to take credit for, as he did when another automaker announced a new investment in U.S.

Iran Aims to Keep Oil Exports Flowing Despite US Sanctions

July 02, 2018

Trump, who is spending the weekend at his golf property in New Jersey , said in a tweet on Saturday that Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia had agreed to produce more oil. " OPEC decisions by no means warrant any action by some of its member countries in pursuit of the call for production increase by USA, politically motivated against Iran", Zanganeh wrote.

Tesla releases official production numbers: 53,339 vehicles including 28,578 Model 3’s

July 02, 2018

As we have reported, the production of the Model 3 has been far from smooth for Tesla, with Musk himself repeatedly describing it as being in various levels of "hell," as problems with certain factory lines and vehicle components were nutted out.

Southgate glad England love-in is over ahead of World Cup last 16

July 02, 2018

Adnan Januzaj's stunning goal secured a much-changed Belgium side a 1-0 win over England's second string at the World Cup. Martinez went on to commend the preparation of the teams taking part in the tournament, singling it out as a reason for the high quality of football, which has already been marked out as making Russian Federation 2018 one of the most exciting World Cup of recent times.

Coast Guard searching for cruise ship crew member reported overboard near Cuba

July 02, 2018

Passengers on board the Norwegian Cruise Line ship said staff onboard the other vessel could be seen using binoculars to try and locate the man, CBS Miami reported . He was then rescued by the crew. "Kudos to the Carnival Glory team for this unbelievable effort to rescue a fellow seafarer", the spokesperson said. The U.S.

Want to start an Amazon delivery business? What to know

July 02, 2018

Individuals can also sign up for a programme called Amazon Flex to deliver merchandise using their own vehicles, earning $18 to $25 an hour. This issue is one of the biggest challenges for retail, as customers are increasingly expecting a faster and cheaper delivery of online sales.

Trump asks Saudi Arabia to increase oil production

July 02, 2018

Interestingly the EIA production data has shown no increase for United States crude output for three weeks now at 10.9 million barrels a day. Japan ramped up purchases of Iranian crude after the end of sanctions, buying an average 172,216 barrels per day (bpd) in 2017, or around 5 million barrels a month.

Adidas says hackers may have stolen customer usernames, passwords

July 01, 2018

According to the company's preliminary investigation, hackers may have gained access to contact information, usernames and encrypted passwords, but as of now, there was "no reason to believe" that credit card information and fitness data have also been compromised.

Trump Says Saudi Arabia Will Increase Oil Production at His Request

July 01, 2018

Trump's aim may be to exert maximum pressure on Iran while at the same time not upsetting potential USA midterm voters with higher gas prices, said Antoine Halff, a Columbia University researcher and former chief oil analyst for the International Energy Agency.

Threats from US put new pressure on Iranian oil importers

July 01, 2018

Antoine Halff, a researcher at Columbia University and former chief oil analyst for the International Energy Agency, said it's not unusual for the USA government to seek cooperation from other importers of Iranian oil - President Barack Obama's administration did it during a previous round of sanctions.

Canadians Rally Around Retaliatory Tariffs Aimed At The U.S.

June 30, 2018

The retaliation came as General Motors Co warned that any tariffs Washington might impose on imported vehicles could cost USA jobs, and as Treasury Secretary Steve Mnuchin denied a report that President Donald Trump wanted to withdraw from the World Trade Organization (WTO).

Trump claims Saudi Arabia will boost oil production

June 30, 2018

Meantime, a major oil producer in Canada suffered a power outage, disrupting the flow of crude to the United States, and outages in Libya and Angola further reduced global supply. "The market will go up to $100 I am sure as Saudi Arabia said they will plan an increase for July ..." That agreement sought to curb Tehran's nuclear capabilities in exchange for the lifting of some sanctions.

Oil rises on supply disruptions

June 30, 2018

These output losses follow a move by the Organization of the Petroleum Exporting Countries and other oil producers last week to increase supply by around 1 million barrels per day (bpd). Benchmark oil prices jumped over 2 percent on Tuesday and USA crude topped $70 for the first time in two months, as Washington pushed allies to halt imports of Iranian crude.