Economy / 57

Pence to address China in Hudson Institute speech

October 05, 2018

But reaction to the vice president's remarks by critics on Thursday, however, warned that Pence and the Trump administration are playing a risky game. officials in denouncing Beijing's crackdown on minority Uighur Muslims in the Xinjiang region. Sounding the alarm, Pence warns other nations to be wary of doing business with China, condemning the Asian country's "debt diplomacy" that allows it to draw developing nations into its orbit.

Pompeo optimistic progress will be made on North Korea trip

October 04, 2018

Ri Yong-ho, North Korea's foreign minister, said at the United Nations last week that "there is no way we will unilaterally disarm ourselves first". "It shows forward progress and momentum that the secretary is making his fourth trip back in less than a year", a State Department spokeswoman said.

Fuel Prices: Center Finally Responds To Common Man’s Plight

October 04, 2018

It has been made a decision to implement a cumulative cut of ₹2.5 a litre on fuel prices, with the Centre absorbing ₹1.5 of this and the oil marketing companies (OMCs) ₹1, Union Finance Minister Arun Jaitley announced on Thursday. Jaitley said it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy. "What will they do now and last time also only BJP and NDA-led state governments reduced Value-Added Tax".

Indian rupee collapses to 73.77 against United States dollars

October 04, 2018

As such, short-term move in oil prices remain triggers for a move in the rupee, it added. The rupee collapsed to a fresh low of 73.81 as the dollar reached a 11-month high against the yen and stood tall against other peers on upbeat USA data and comments from Federal Reserve Chairman Jerome Powell that were seen as hawkish.

Canadian Dairy Farmers Aren't Happy With U.S. Trade Deal. Here's Why

October 04, 2018

The preliminary deal, reached Sunday, added Canada to a trilateral trade agreement to replace NAFTA , dubbed the US-Mexico-Canada Agreement. The specific clause that sets up the veto is called Section 32.10, and it would apply to all three signatories to the trade deal once it's ratified.

Japanese Nikkei hits 27-year high as markets cheer Nafta deal

October 04, 2018

On the face of it, Trump's trade deals should boost factory jobs in the US. "It's a good day for Canada", Canadian Prime Minister Justin Trudeau said . "The effect of it was, you got this uncertainty in the market between buyers and sellers where they don't know what the price of the product is going to be", he said.

Oil hits four-year peak ahead of sanctions on Iran

October 03, 2018

Crude has rallied about 16 percent since mid-August as supply losses from Iran to Venezuela continued to rattle global markets. Worldwide benchmark Brent crude oil futures were at $85.03 per barrel at 0439 GMT, up 5 cents from their last close, and not far off the $85.45 peak reached in the previous session, the highest since November 2014.

Amazon raises minimum wage to $15 for U.S. employees

October 02, 2018

Continue reading for more reactions to Amazon's new minimum wage . Jeff Bezos , the founder of Amazon, has said the online giant has "listened to critics" as he announced a pay rise for all its minimum wage-earning British and American employees.

John Flannery ousted at GE after less than 2 years

October 02, 2018

GE Power's current goodwill balance is approximately $23 billion and the goodwill impairment charge is likely to constitute substantially all of this balance. During his tenure he led a transformation of the company from an industrial manufacturer into a leading science and technology company. Whispers of Culp eventually taking the helm at GE circulated nearly as soon as he joined the board in April.

Elon Musk steps down as Tesla Chairman after Controversial Tweet

October 02, 2018

In a September 30 email, filed with the US Securities and Exchange Commission on Monday, Musk said the electric vehicle maker is nearing profitability. That's all on top of Tesla's hard-to-watch 2-year struggle to meet production goals on their new Model 3 (though, they did meet their Q3 goal ).

Amazon raises wages for lower-paid workers

October 02, 2018

I've emailed Amazon to ask, though, and will update if I hear back.[ Update :] Amazon got back to me to confirm that the new pay rise does not affect delivery drivers, and seemingly all other Amazon workers who are officially "self-employed": The announcement does not relate to delivery drivers.

Dairy farmers slam new trade deal

October 02, 2018

The President held the press conference after earlier issuing tweets claiming the new trade pact solves the "deficiencies and mistakes" in Nafta. As others have written since then, this early opposition to trade would only get wider and deeper for Trump, leading to his fierce feelings against NAFTA and, eventually, the emergence of this new deal.

Petrol price crosses Rs 91-mark; cooking gas above Rs 500

October 02, 2018

Apart from petrol, Diesel also witnessed a significant hike on Monday. In Kolkata , petrol and diesel prices were at Rs. 85.65 per litre and Rs 77.10 per litre respectively. The government, however, subsidizes 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users.

GE's Flannery steps down as CEO, shares jump 15 percent

October 01, 2018

GE shares jumped 10.2 percent to $12.44 as investors bet Culp could re-energize the GE brand and more quickly transform its portfolio. GE had fallen 35 percent this year through September 28, following a 45 per cent decline in 2017. One thing that may not have endeared Flannery to its board was his inability to get investors to buy into his plans to right the ship. Culp specifically cited improving GE's balance sheet and reduce its debt load, but acknowledged that he and his team "have a lot ...

U.S. justice department sues California to over new net neutrality law

October 01, 2018

The battle over net neutrality rages on as the Department of Justice goes after the state of California for signing a bill on the issue. The Trump-era FCC repealed net neutrality earlier this year and it has become a political issue. The bill's sponsor, state Sen. California joins OR and Washington as states that have successfully passed a net neutrality bill. That action led to a backlash in a number of states, which have sought to pass their own rules of the road for internet service.

Elon Musk Settles With SEC, Quits As Tesla Chairman

October 01, 2018

Elon Musk has agreed to settle the securities fraud charge by the U.S. Securities and Exchange Commission (SEC ) in a settlement that includes removing Musk as chairman at Tesla , and Musk and Tesla paying fines , the SEC said on Saturday in what analysts see as one of the fastest such settlements.

Facebook security breach allows hackers potential access to Tinder, Spotify & Instagram

October 01, 2018

Facebook said an investigation into the breach has only just begun. According to the statement from CEO Mark Zuckerburg, the Facebook team identified the issue on Tuesday and got it fixed by Thursday night. Facebook is accused of having been lax in its protection of user data, slow to intervene and consistently vague on its privacy settings. Through this vulnerability, they were able to generate keys, access and dump tokens, and sign into user profiles without a password.

Tesla stock roars back after Elon's SEC deal

October 01, 2018

Mr Musk and Tesla Inc have also agreed to pay $20m each to financial regulators. Under the settlement , which requires court approval, Musk will be allowed to stay as CEO but must leave his role as chairman of the board within 45 days.

US, Canada reach trilateral trade pact with Mexico to replace NAFTA

October 01, 2018

Those goals were achieved in the deal reached late Sunday, according to a Canadian official with knowledge of the negotiations. The Canadian source said Canada had agreed to a cap on its automotive exports to the United States in the event that the Trump administration imposes global autos tariffs on national security grounds.

Alabama Loses Air Force Training Jet Bid

October 01, 2018

With hopes to win the lucrative project, KAI had formed a consortium with the US' Lockheed Martin to replace 350 units of the aging T-38 jets. "This new aircraft will provide the advanced training capabilities we need to increase the lethality and effectiveness of future Air Force pilots", Wilson wrote.

Volkswagen partners with Microsoft in cloud push

September 30, 2018

VW will build its cloud service on Microsoft's Azure cloud platform as well as Azure IoT Edge. The partnership between Microsoft and Volkswagen highlights a growing interest among automakers to invest in connected vehicles in collaboration with consumer technology companies.

New Facebook Breach Affects 50 Million Users

September 30, 2018

This bug allowed hackers to steal the security tokens of other users accounts and use these to then access that user's account. The issue was discovered on Tuesday 25 September by the firm's engineering team and an investigation is ongoing.

Amazon To Open Physical Store In New York

September 30, 2018

As the name suggests, all products stocked in this store have received either 4-star ratings or above from customers on the Amazon's website. Amazon opened a new store in NY yesterday, and it's clear that they're breaking new ground. Advanced sticker prices will line the racks of Amazon 4-star. The permanent store is a sign of what might be to come for Amazon and partners on its platform, should it decide to expand the concept.

Trump avoided Trudeau a couple of times at the United Nations, official says

September 30, 2018

This is good news", said one Mexican official close to the talks, who requested anonymity to discuss confidential deliberations. And despite the fact that dairy remains a popular talking point for people like U.S. The Dairy Farmers of Canada lobby group did not respond to a request for comment. Quebec, which is home to half of Canada's dairy industry, has become an important political fulcrum in the talks, particularly since sources familiar with the effort say Canada has indeed offered ...

Krispy Kreme is giving out FREE coffee tomorrow across Canada

September 29, 2018

Saturday is National Coffee Day and there are deals all over San Antonio if you're looking for a cup of fresh java. Krispy Kreme: Free cups of coffee for customers. If you are anything like us, you love coffee. Duck Donuts : Get a free small coffee with any purchase on Saturday. Bagels and you'll get a free coffee, in any size you like.

Initial public offering: SurveyMonkey sets IPO price at $12 a share

September 29, 2018

Other winners of SurveyMonkey's rally include hedge fund Tiger Global Management , with a 25.1 percent stake in the company and the Sheryl K. Sandberg Revocable Trust, which holds 8.5 percent of shares after Wednesday's offering. While the company had more than 16 million active users in the past year, according to its IPO filing, only 3.8 percent of those were paying users.

China to further boost $3.8 trln digital economy, create more jobs

September 29, 2018

According to figures from the US-China Business Council cited in the white paper , US exports to China and bilateral investment supported 2.6 million jobs in America in 2015, while Chinese investment in 46 US states created more than 140,000 jobs, mostly in the manufacturing sector.

McDonald's: Most burgers preservative free

September 29, 2018

According to the company, almost two-thirds of all burgers and sandwiches have cut artificial ingredients (as long as customers hold the pickle , which has yet to make the change). "Customers are becoming more demanding around really knowing what's in their food", Chris Kempczinski, president of McDonald's US business, said during a conference call Wednesday.

Lockheed-Boeing venture chooses rocket engine developed by Bezos’s Blue Origin

September 29, 2018

Blue Origin's BE-4 engine is the staple of its propulsion business, and according to the report, will power ULA's Vulcan rocket: a new heavy lift vehicle being built to compete with SpaceX . The Vulcan Centaur is now in the design phase, with the booster preliminary design and critical design reviews completed. The company plans to use the same engines to power its own launcher, called New Glenn , which is now under development.

Petrol Prices Reach Rs. 74.42 In Delhi and Rs

September 29, 2018

The prediction is based on simple calculation of roughly 40-50 paisa per litre increase in retail prices of petrol and diesel for every one dollar increase in worldwide crude oil prices. "However, while this is clearly good news there is a black cloud looming over United Kingdom forecourts as yesterday a barrel of oil hit 82 USA dollars".

Google lifts cryptocurrency advertising ban for regulated exchanges

September 29, 2018

In its updated advertising policies , Google said that starting in October 2018, regulated cryptocurrency exchanges will be allowed to advertise in the U.S. This policy change that was rolled out earlier this year will revert in October. Facebook , like Google , had asked advertisers to submit an application to allow Facebook to assess their eligibility.

Hacker Vows To Livestream Deletion Of Mark's Zuckerberg Facebook Account

September 29, 2018

Chang Chi-yuan works finding bugs and reports them for money. Bloomberg first spotted his threat against Facebook's CEO , which now has more than 200 interactions. "I don't want to be a proper hacker, and I don't even want to be a hacker at all", Chang said recently on Facebook. Mark Zuckerberg is about to get "Zucc'd".

NAFTA negotiations: Canada and Trump administration at impasse

September 29, 2018

Trump said he was very unhappy with "the negotiations and negotiating style of Canada", and that he turned down a recent one-on-one with Trudeau because Canadian tariffs are too high. He has repeatedly said he is ready to walk away from the talks rather than sign a document he thinks is bad. The three nations' auto industries are highly integrated, and tariffs on Canadian-built cars would be hugely disruptive.

India should reduce or stop oil import from Iran

September 28, 2018

At its 2018 peak, Iran exported around 3 million barrels per day (bpd) of crude oil, equivalent to 3 percent of global consumption. US crude futures were up 37 cents at $72.45 a barrel, close to their highest since mid-July. Oil prices continued to rise on Tuesday amid expectations for tighter worldwide supplies of oil. The so-called "OPEC+" group, which includes non-OPEC members such as Russian Federation, met over the weekend but decided not to boost output.

Tesla's Musk pulled plug on settlement with SEC at last minute

September 28, 2018

It has been a whirlwind 19 hours for the electric vehicle maker - with the SEC filing suit against the 47-year-old entrepreneur, accusing him of misleading shareholders by tweeting last month that he had "funding secured" for a $420-a-share take-private offer.

China interfering in United States midterms, claims Trump in harangue at UN

September 28, 2018

Trump has repeatedly cast doubt on the conclusions of USA intelligence agencies and refused to chastise Russia's Vladimir Putin during their summer summit in Helsinki. Besides China's clash with the Trump administration, some Africans have protested what they say is an attempted Chinese takeover of their countries. "Yeah, I can't tell you now, but it came, it didn't come out of nowhere, that I can tell you", he told a press conference.

Facebook hacked: Social media giant admits security breach affecting 50 million accounts

September 28, 2018

The attackers exploited a feature that lets users see their Facebook page the way someone else would. 'We also don't know who's behind these attacks or where they're based. They could then potentially use it to take over the accounts. The company said that the security issue was patched last night. While Facebook is still conducting its investigation, the company said it learned that the hackers used the feature to steal the security tokens that allow a user to reopen Facebook without ...

Musk would not give up chairman role to settle SEC lawsuit

September 28, 2018

What is Tesla without Elon Musk ? A code term for consuming cannabis, "420" is even something of a holiday with many marijuana users celebrating April 20 as "4/20 Day". He could remain as Tesla's CEO until a final court ruling, unless the company made a decision to drop him, officials said. "As demonstrated by the stock's reaction, investors believe the removal of Musk from Tesla would be negative for the prospects of the company, despite his recklessness in the go-private tweets".

Brent Crude Oil Price Ignores Trump, Reaches Highest Since 2014

September 28, 2018

Analysts had expected a decrease of 1.3 million barrels. In fact, it has been rising since early 2017, when the Organisation of the Petroleum Exporting Countries (OPEC), started halting the output to lift crude prices, together with other suppliers including Russian Federation.

Trump says he’s ‘not happy’ about Fed rate hike

September 28, 2018

The rate hike came as no surprise to economists and other market experts. But investors will nonetheless eagerly parse the central bank's announcement of the decision to get a glimpse of its line of thinking - and try to deduce how many more hikes are coming and when.

Elon Musk Wanted to Impress Girlfriend With $420 Price, SEC Says

September 28, 2018

The regulator says Mr Musk had made no such plans. Thursday's lawsuit makes Musk one of the highest-profile executives to be accused by the SEC of securities fraud. "Integrity is the most important value in my life and the facts will show I never compromised this in any way". The company, which wasn't sued, and an attorney for Musk didn't immediately respond to a request for comment.

Tesla is making its own car carriers

September 28, 2018

It is a radical solution, but the company needs one because some customers are exhausted of the wait for their Model 3 cars. "Started building our own vehicle carriers this weekend to alleviate load", Musk said . "Tesla's delivery volume is increasing so much this week as the company attempts to finish the quarter strong". The company is also using the classic tactic of " cash on the hood " to speed up sales.

UAE raises benchmark rate by 25 basis points following Fed increase

September 27, 2018

It was its eighth hike since late 2015. As expected by almost everyone, the Fed raised rates by a quarter of a percentage point to 2.25 per cent. Powell said that the USA economy is in a "particularly bright moment", which would point to continued increases in rates.

Trump claims he rejected a one-on-one NAFTA meeting with Trudeau

September 27, 2018

Trudeau's "tariffs are too high, and he doesn't seem to want to move, and I've told him forget about it, and frankly, we're thinking about just taxing cars coming in from Canada", Trump said. "How do you sell a dairy product at 300 percent?" "I'm not going to use the name 'NAFTA, '" he said. But Canadian officials have said that multiple other issues remained unresolved, including Trump's repeated threat to impose tariffs on auto imports.

Fox will sell Sky stake to Comcast for about $15 billion

September 27, 2018

It had been unclear whether Mr Murdoch would retain his stake in Sky after Comcast won a bidding war for the satellite broadcaster on Saturday. Comcast's victory also means that nearly two years of government scrutiny of whether Murdoch should be allowed to take control of Sky were ultimately for nothing - although the lengthy process did give Comcast enough time to move in and gazump the Fox bid.

Ahead of U.S. sanctions, India looks beyond Iran for oil imports

September 27, 2018

By New Year, Mr. Luckok said, as markets tighten, the price could go as high as $100. Crude oil prices touched new four-year highs yesterday as Brent crude - the worldwide benchmark for crude oil - touched $82.20 a barrel. It said India imported 220.4 million tonne (MT) of crude oil in 2017-18 fiscal, out of which about 9.4 per cent was from Iran. The International Energy Agency predicts strong oil demand growth of 1.4 million barrels per day (bpd) this year and 1.5 million bpd in 2019.

Trump Says He's 'Not Happy' About Fed's Interest Rate Increase

September 27, 2018

Wall Street fell in late tarde after the Fed raised rates, and indicated more were on the horizon. Eastern time to explain the rate hike. If any more board members indicate they think a December rate hike is merited now, it will be seen as almost a done deal.

Canada deal in doubt; focus shifts to Japan trade talks

September 27, 2018

Trump's comments came as relations between himself and Canadian Prime Minister Justin Trudeau appeared to hit a new low. "His tariffs are too high and he doesn't seem to want to move". "We're going to go ahead with Mexico", he added. "We will keep working as long as it takes to get to the right deal for Canada", Trudeau earlier told reporters at the United Nations.

NAFTA Talks: US, Mexico May Proceed Without Canada

September 26, 2018

Trade Representative Robert Lighthizer said. The U.S. reached an agreement with Mexico to overhaul NAFTA last month and is now pushing Canada to sign on. He also said dairy is a sticking point. "There are all sorts of opportunities for me to speak to President Trump, and that was not the time". Sources with knowledge of the talks have told The Globe and Mail that, in addition to these matters, Canada's demand for an exclusion from potential future auto tariffs, and US demands for tougher ...

OPEC, allies agree not to further increase oil production

September 26, 2018

Trump first blamed OPEC for rising oil prices in April. But there is no clear consensus over how the cartel and its allies should contain prices once US sanctions on Iranian oil sales start to bite production in early November. "While oil markets are, for the moment, better off for both consumers and producers, we still have to avoid challenges that affect both parties", he said.

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