Economy / 123

Fresh hike in fuel prices

September 17, 2018

The price of fuel is reportedly highest in Mumbai at 89.44 rupees per litre of petrol and 78.33 rupees per litre of diesel. A weak rupee against the dollar makes the import of crude oil expensive. In a relief to citizens, Karnataka Chief Minister HD Kumaraswamy on Monday announced a reduction in fuel prices in the state. The oil ministry had sought a reduction in excise duty on petrol and diesel to cushion the impact of rising global oil rates.

Bank of England leaves rates on hold

September 17, 2018

As Prime Minister Theresa May tries to clinch a deal with Brussels , she is facing rebels in her Conservative Party who say they will vote down any agreement that fails to deliver a sharp break with the EU. With ECB President Mario Draghi stating that the ECB won't be raising interest rates until "at least summer 2019" the bank's policy statement today is likely to focus on the ECB's plans to wind down its quantitative easing programme.

Typhoon Mangkhut: Deadly typhoon takes aim at south China

September 17, 2018

Hong Kong residents huddled indoors Sunday and strong winds sent debris flying as Typhoon Mangkhut, the world's strongest storm this year, carved a destructive and deadly path from the Philippines toward mainland China . The Shenzhen airport, shut since midnight, will be closed until 8:00 a.m. (2400 GMT) on Monday. The government and casinos took extra measures ahead of the storm, determined to avoid a repeat of Typhoon Hato which battered Macau a year ago, killing 12 people and drawing ...

There Are 16 Nuclear Reactors at Risk From Hurricane Florence

September 17, 2018

There are 16 reactors in North Carolina , South Carolina and Virginia , the states that likely will sustain the most damage from the storm, but most are located well inland and not expected to experience hurricane force winds. Brunswick plant onsite NRC Inspector Galen Smith, had no worries that the Brunswick plant would survive the storm easily. About 485,143 people were without power in North Carolina as Florence made its way inward, according to the North Carolina Department of Safety .

Border official: Canadians entering USA risk lifetime ban for marijuana use

September 16, 2018

Canada subsequently legalized marijuana earlier this year, following through on a campaign promise pledged by Prime Minister Justin Trudeau prior to being elected in 2015 and paving the way for provinces to start allowing retail pot sales starting October 17.

Volkswagen to end production of the Beetle next year

September 16, 2018

The vehicle was originally launched in Nazi Germany in the 1930's but managed to shake off its links to Adolf Hitler . Volkswagen ( VLKAF ) said Thursday it will retire the bulbous auto, one of the most recognizable vehicles ever made , next year.

Nationwide test of emergency alert system will be sent to your phone

September 16, 2018

It is part of a nationwide test by the Federal Emergency Management Agency of Wireless Emergency Alerts systems to assess its effectiveness. All major wireless firms and more than 100 mobile carriers are participating in the new Wireless Emergency Alerts (WEA) program that allows for presidential alerts, FEMA wrote in a Thursday statement.

'If in doubt, throw them out': Needles in strawberries prompt warning

September 16, 2018

Donnybrook operates three farms on the Sunshine Coast but distributes strawberries throughout Australia, including to Coles. Queensland chief health officer Dr Jeannette Young said the contaminated brands came from a farm in south-east Queensland , and were sold to Woolworths , but could also have been distributed to other stores.

Big Tobacco to Benefit from FDA Crackdown on E-Cigarettes

September 16, 2018

The FDA declined to publicly release the numbers, but people familiar with them said they were preliminary data from the National Youth Tobacco Survey , on which the agency and the Centers for Disease Control and Prevention collaborate. Still, David Eaton , who headed the committee that wrote the report, told NPR "there is conclusive evidence that most products emit a variety of potentially toxic substances".

Waffle House opens storm center; prepares to ride out Hurricane Florence

September 16, 2018

Waffle Condo intelligent areas are known for staying originate for the length of natural mess ups, and federal officials explain them to resolve the severity of a typhoon, twister or other hazards on a local space.The Federal Emergency Management Agency coined the term "Waffle Condo Index" to measure the lift out of a natural catastrophe on an space.

OPEC crude basket rises to $76.02

September 16, 2018

The sanctions on Iran have started forcing buyers to forego imports from the Islamic republic before a 4 November deadline. But with the crisis in Venezuela showing no sign of abating, and with new USA sanctions on Iran's oil industry set to come into force on November 4, other producers may have to ramp up production even further if they want to limit the impact on the market.

Warning over needles in strawberries

September 15, 2018

New South Wales Police have confirmed the first case of strawberries contaminated with needles bought from a Sydney supermarket. Four punnets of Berry Licious and Berry Obsession strawberries, two in Queensland and two in Victoria, have been found to contain needles.

U.S. Invites China to Trade Talks as Tariffs Loom

September 14, 2018

The new round would be in addition to $50 billion in Chinese goods that already face a 25 percent duty. In recent meetings with cabinet-level Chinese officials, USCBC representatives were told that licensing won't resume "until the trajectory of the U.S".

Turkey central bank surprises markets with big rate hike

September 14, 2018

The appointment of Berat Albayrak boosted expectations the president - who wants to see lowering borrowing costs to spur credit growth and new construction - will look to exercise greater influence over monetary policy. "It was a big surprise to us, but probably to every Turkey-watcher", said Nora Neuteboom, an economist at ABN Amro, saying the move was a "positive signal" with the bank wanting to show its independence and commitment to fight inflation.

Amazon's Jeff Bezos pledges £2bn to help deprived families

September 14, 2018

Philanthropy experts called Bezos' approach direct and pragmatic, but said its success would depend largely on how the money was allocated and how willing the billionaire was to make changes along the way. Bezos said he selected these two areas after getting thousands of ideas from an appeal he launched on Twitter past year. Bezos was in town with his parents, who run the Bezos Family Foundation .

Mark Carney To Remain Bank Of England Governor Until January 2020

September 14, 2018

To view the full article, register now. Carney had been due to stand down in June 2019, after a six-year tenure at the top of the central bank . Mark Carney is to remain in his role as governor of the Bank of England until 2020, it has been announced.

Trump says United States under 'no pressure' for China trade deal

September 14, 2018

Mr Kudlow earlier told reporters outside the White House that communications with Beijing had "picked up a notch". Treasury Secretary Steve Mnuchin on Wednesday invited Chinese officials to a new round of talks later this month over USA threatened tariffs on Chinese exports worth $200 billion, and a Chinese Foreign Ministry spokesman told reporters Thursday that Beijing welcomed the invitation.

U.S., Canada slug it out as deadline looms to clinch NAFTA

September 14, 2018

Prime Minister Justin Trudeau said just last week that the process was needed, because Trump "doesn't always follow the rules." Freeland is scheduled to attend the Liberals' caucus retreat Wednesday in Saskatoon and it's unclear whether she will return to the US capital late in the week.

Turkey central bank stuns markets with huge rate hike

September 14, 2018

President Recep Tayyip Erdogan appointed himself chairman of Turkey's sovereign wealth fund and got rid of the entire management staff that had presided over two years of inaction. "If you say 'inflation is cause, the rate is the result , ' you do not know this business, friend". "The central bank is independent and makes its own decisions", he said.

Australian miners unearth 'once-in-a-lifetime' gold rock discovery

September 13, 2018

The rich cluster of high-grade gold has so far produced more than 9000 ounces. Beta Hunt mine is now up for sale by RNC who say they are unable to front the capital for proper exploration of the area, making the million dollar question - "how much more remains to be found?" This interpretation is based on geological mapping and interpretation of structures on 14 and 15 Levels, where 1500 oz of specimen gold was discovered and mined in the second and third quarter.

Rupee plunge, crude oil spike to give states Rs 22,700 crore windfall

September 12, 2018

The increase pushed the petrol price in Delhi to Rs 80.50 per litre. Though AP and Rajasthan governments' decisions put a psychological pressure on KCR to take a similar decision on petroleum prices, the Telangana chief minister is unmoved in this direction, leading to criticism from the opposition.

These airlines are waiving fees before Hurricane Florence

September 12, 2018

Jeff Byard, associate administrator for response and recovery at the Federal Emergency Management Agency, said: "This storm is going to be a direct hit on our coast". Hurricane Florence - the most powerful storm to threaten the Carolinas in almost three decades - is expected to strengthen, say forecasters. It took Matheson and her husband almost the whole day Monday to drive the 100km off the barrier island.

Trump Makes False GDP Claim, Reports 'Fox Business'

September 12, 2018

A new question was added to that category over the weekend when former President Barack Obama returned to the stump to campaign for Democrats in the midterm elections: Could Donald Trump have beaten Obama in an election for president? On Monday morning, Trump claimed on Twitter that "The GDP Rate (4.2%) is higher than the Unemployment Rate (3.9%) for the first time in over 100 years!" Sanders stated that while the numbers were true, the time frame was incorrect.

Cooper issues first state evacuation order in memory in NC

September 11, 2018

As of early Tuesday afternoon, most conferences and leagues were still monitoring the storm, which is expected to make landfall Thursday night, but schedule changes were beginning to roll in. Quite simply, for those coastal areas, what's being predicted is the literal onset of meteorological and oceanographic hell, which is why its essential those in the area follow evacuation orders-especially on barrier islands, many of which were formed by past hurricanes-and GET OUT! A warm ocean is the ...

China threatens RETALIATION after Trump warns of fresh tariffs in trade war

September 11, 2018

Analyst Wamsi Mohan said that the most likely scenario would see Apple moving 10 percent of its iPhone assembly stateside, resulting in an average iPhone selling price increase of 8 percent to account for higher labor costs. Ford also wouldn't want to spend millions on equipment to build the Focus Active here because at low sales volumes it wouldn't get a good return on its investment, Dziczek said.

Hartal byte: Kerala has higher fuel prices than metros

September 11, 2018

Many working families are leaving the national capital due to "illegal" sealing of non-polluting household industries, Delhi Congress president Ajay Maken alleged at the party's "Halla Bol" rally at Trinagar on Sunday. Since May 2014 , the excise duty on petrol has seen a skyrocketing increase of 211%, while the duty on diesel has seen an increase of 443%. Mr. Maken said the difference between fuel price hikes during the (UPA) regime and the Modi government is that while worldwide ...

Despite Trump tweet, Ford says it won't make hatchback in US

September 10, 2018

But if Apple shifted to building its iPhones in the U.S. instead of China, it would require "20 percent price increases to offset the incremental labor costs", Bank of America Merrill Lynch told clients on Monday. It stopped making Focus sedans at a Wayne, Michigan, plant in May. "Semiconductors are America's fourth-largest export, and our industry has a global trade surplus of over $6 billion and a surplus with China of close to $2 billion in 2017", Intel's letter said.

Trump Tweets Ford Can Make SUV in US It Won't.

September 10, 2018

In a public letter to the government, Apple highlighted how the latest $200 billion worth of tariffs would "ultimately show up as a tax on US consumers, [and] they will increase the cost of Apple products that our customers have come to rely on in their daily lives".

Asian shares on slippery slope as Trump ups ante in trade war

September 10, 2018

There was some relief earlier Friday that Trump did not immediately impose levies on $200 billion of Chinese goods after the passing of a deadline for a public consultation. Another factor weighing on global markets is the prospect of faster rate rises by the Federal Reserve after data on Friday showed US job growth accelerated in August and wages notched their largest annual increase in more than nine years.

After Rajasthan, Andhra Pradesh slashes fuel prices by Rs 2 per litre

September 10, 2018

Fuel prices vary from state to state due to taxes and it is the highest in Mumbai. It crossed the Rs 80-mark for the first time in New Delhi yesterday. The Central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October previous year by Rs 2 a litre.

Elon Musk Smoking Weed with Joe Rogan

September 10, 2018

The activist short seller has alleged in the lawsuit that Musk manipulated the price of Tesla shares by issuing materially false and misleading information. Tesla's stock is down more than six percent to $262, the lowest level since April. "He's an old, single white guy from England who's been traveling to or living in Thailand for 30 to 40 years, mostly Pattaya Beach, until moving to Chiang Rai for a child bride who was about 12 years old at the time", Musk wrote to the news ...

Alibaba CEO Zhang to succeed Jack Ma as chairman

September 10, 2018

His retirement as executive chairman will coincide with his 55th birthday. The charismatic Mr Ma, who is known for dressing like a rock star, said he wanted to return to education . He is a permanent member of the Alibaba Partnership. In January past year, Mr Ma said he had had a "great meeting" in NY with then US President-elect, Donald Trump.

CBS CEO Les Moonves Accused of Sex Crimes, Violence By More Women

September 10, 2018

The donation, which will be made immediately, will come out of any severance that Moonves might eventually be given. The company did not rule out the possibility of Moonves receiving future benefits, stating that such a payment "will depend on the results of the independent investigation and subsequent Board investigation".

US adds a strong 201K jobs; unemployment stays at 3.9 pct

September 10, 2018

Job growth averaged 185,000 per month in the past three months. The economy needs to create 120,000 jobs a month to keep up with growth in the working-age population. US businesses added 204,000 jobs while federal, state and local governments lost 3,000. Stevenson said economists will be watching whether employers are more willing to hire those groups of people given the limited number of available workers.

NB Loses 1100 Jobs, Unemployment Rate Jumps to 8.3 Per Cent

September 09, 2018

Moncton showed a loss of 500 jobs in August and saw its unemployment rate grow to 6.7 per cent from 6.4 per cent in July. Canadian yields climbed in sympathy with US yields after strong U.S.jobs data cemented expectations for the Federal Reserve increasing interest rates further.

CBS offers Moonves $100M in settlement talks

September 09, 2018

Some reports have speculated that Moonves could walk away with a severance package worth more than $100 million. In July, The New Yorker published an article in which six women who had worked with Moonves between the 1980s and late 2000s alleged they had been sexually harassed by the media executive.

Bernie Sanders introduces 'Stop BEZOS Act' in the Senate

September 09, 2018

The war between Senator Sanders and Amazon has been going on for a long time. Anecdotes shared by current and former Amazon employees corroborate these findings. The median Amazon worker , meanwhile, was paid $28,446 a year ago, according to company filings. The only publicly-traded USA company valued higher is Apple , with a market cap of $1.1 trillion.

Ford recalling millions of trucks over fire concerns in seat-belt system

September 08, 2018

Ford said it was aware of 17 instances of smoke or fire from the device in the USA and another six instances in Canada . No injuries have been reported. The recall, which covers trucks from the 2015 through 2018 model years, comes about one month after the National Highway Traffic Safety Administration began investigating fires in the pickups, which are the top-selling vehicles in the United States.

Trump tariffs fail as China’s trade surplus soars

September 08, 2018

President Donald Trump threatened Friday to slap tariffs on all of the Chinese goods imported into the United States. "I hate to this, but behind that there is another [US]$267 billion ready to go on short notice if I want". Mr Trump had shown no sign of bending the previous day at a meeting with Republican congressional leaders, saying: "We have done very well in our negotiation with China, but we are not prepared to make the deal that they would like to make".

Burberry to drop real fur, stop destroying unsold goods

September 08, 2018

Burberry plans to stop destroying unsold products after environmental groups and shareholders objected to the disposal of millions of pounds worth of goods. But after a customer backlash, Burberry announced yesterday that it will cease with immediate effect. The retailer has started a partnership with sustainable luxury company Elvis & Kresse in the past year that will see 120 tonnes of leather off-cuts transformed into new products over the next five years.

Trump ups ante on China, threatens duties on almost all its imports

September 08, 2018

The Trump administration is poised to impose 25% penalties this week on $200 billion of Chinese goods in an escalation of their fight over USA complaints that Beijing steals or pressures companies to hand over technology. He has pointed to the large USA trade deficit - the gap between US imports and exports - with the People's Republic as a sign of that imbalance. On Thursday, Cisco Systems Inc., Hewlett Packard Enterprise Co.

Diesel and petrol prices rise by around 50 paise per litre

September 07, 2018

This makes the latest fuel prices to be the highest ever recorded in the country. In Mumbai, a litre of petrol costs Rs 87.39 while diesel costs 76.51. The government meanwhile, earns more and more every day from the rising fuel prices. The result is, the centre would have earned over Rs 10 lakh crore from taxes on petrol and diesel between 2014-15 and 2018-19.

Goldman Drops Plans for Crypto Trading Desk

September 07, 2018

However on stage at San Francisco's TechCrunch Disrupt Conference, Goldman Sachs' Chief Financial Officer Martin Chavez asserted that reports about a rollback from a trading desk for cryptocurrencies was fake news . What are your thoughts on the latest from Goldman Sachs? One crypto writer, Tanya Abrosimova, said that the drop could be attributed to attempts to regulate the global crypto market , which may have spooked investors.

What A New NAFTA Deal Might Mean For The Auto Industry

September 06, 2018

Trump almost tore up the NAFTA pact past year after visiting farmers in Wisconsin, a major USA producer of dairy products that Washington says has been hurt by Canadian protectionism. The review panel historically has sided with Canada on the softwood lumber issue. "We will not sign a deal that is bad for Canadians, and quiet frankly, not having a Chapter 19 to ensure the rules are followed would be bad for Canadians", he said.

South Africa feels chill of recession

September 06, 2018

Finance Minister Nhlanhla Nene has called on South Africans to trust government's plans and not be too concerned over the recently-declared recession. "South Africa's fiscal challenges will remain a constraint on the economy for some years to come". Financial Times state that it has fallen 19% this year, with the last 19 days contributing more than half of that decline as the debate about land intensified, thanks in part to significant worldwide attention.

Mercedes opens the German assault on Tesla

September 06, 2018

A dual-motor drivetrain provides 402 horsepower and 564 pound-feet of torque delivered to both axles, with an estimated driving range of "up to" 200 miles. Competition will be particularly fierce in the SUV and crossover categories. Audi on Monday began production of its e-Tron SUV ahead of a September 17 sales launch jamboree in San Francisco, just 40 miles from Tesla's Fremont assembly plant.

FDA: Do not eat, do not buy Honey Smacks cereal

September 06, 2018

According to the agency : "CDC estimates Salmonella causes about 1.2 million illnesses, 23,000 hospitalizations, and 450 deaths in the United States every year". Reports of the illnesses go back to March. Kellogg launched an investigation with the third-party manufacturer who produces Honey Smacks immediately after being contacted by the Food & Drug Administration (FDA) and Centers for Disease Control (CDC) regarding reported illnesses.

Elon Musk calls British cave diver 'child rapist' in new claim

September 06, 2018

In a recent rant to a BuzzFeed news journalist that Musk considered off the record, Musk once again claimed that Unsworth was a pedophile and that he had married a 12-year-old bride in Thailand. He asserted that the city was "renowned for child sex-trafficking". "We see the medium-to-longer term industry backdrop as challenging for Tesla's products; this follows from an increasing number of EV launches from both traditional OEMs and other start-up competitors - at a time when the ...

Police In Minneapolis Say Chinese Billionaire's Arrest Was For Alleged Rape

September 06, 2018

Three American law firms, Rosen , Schall and Pomerantz, said late Tuesday that they would investigate on behalf of shareholders whether JD.com issued misleading statements or failed to disclose information related to Liu's arrest. JD.com, which is China's second-largest e-commerce company after Alibaba , saw its shares plunge in USA trading 6.4% to $29.29 after the Labor Day public holiday.

Amazon India unveils Hindi website, app to take on Flipkart

September 06, 2018

To Inc42's query on how the ecommerce platform plans on translating the English content of all the 180 Mn products into Hindi, Thota said that Amazon has hired people with specific domain and language experts who are already working on translating several thousand products.

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