Economy / 136

China agrees to 'reduce and remove' tariffs on US cars: Donald Trump

December 03, 2018

On Wednesday, U.S. Trade Representative Robert Lighthizer said Trump had directed him to examine all available tools to raise U.S. tariffs on Chinese vehicles to the level that China is charging. China Grand Automotive Services Co., which sells various vehicle brands and provides auto financing, surged by the 10 percent daily limit in Shanghai.

Saudi and Russia Disagreement Will Result in "Fudged" OPEC Summit: PVM

December 03, 2018

Along with a couple of other non-member producers, the OPEC-Russia meeting will be the major event in commodities this week and for the final month of 2018. On Thursday, the price of NY crude ducked below $50 per barrel for the first time in nearly 14 months. On Tuesday, oil prices dropped slightly ahead of the scheduled OPEC meeting.

Qatar announces pullout from OPEC in 2019

December 03, 2018

Opec is expected to cut oil supply at this week's meeting. "Qatar is proud in its worldwide standing at the forefront of natural gas producers, and as the biggest exporter of LNG - the cleanest fossil fuel, which has given Qatar a strong and resilient economy", Qatar Petroleum also quoted Kaabi as saying.

Former Autonomy boss Lynch to fight U.S. fraud charges

December 03, 2018

Tech giant HP Inc has reported strong Q4 revenues of $15.4bn, yielding it a tidy $1.5bn in net income. HP claims that Lynch, along with Autonomy's former finance chief, Sushovan Hussain , and vice president of finance Stephen Chamberlain , overstated revenues in order to inflate the company's valuation.

Fed chairman says United States economy healthy, hints at slower rate hikes

December 02, 2018

Trump has repeatedly attacked Powell for continuing to raise the benchmark lending rate, which Trump says undermines the work he is doing to juice the USA economy. Although a US-China trade deal breakthrough seems quite unlikely, any sign of both sides expressing some interest for further discussion could be a welcome development for financial markets.

US, China put brakes on their trade dispute with ceasefire

December 02, 2018

Chinese State Councilor and Foreign Minister Wang Yi (C) speaks at a press briefing on the meeting between Chinese President Xi Jinping and his USA counterpart Donald Trump that was concluded earlier in the day in Buenos Aires , Argentina, Dec.

Fed likely to raise rates in December but concerns mounting: minutes

December 02, 2018

Speaking to the Economic Club of New York Powell said interest rates were now "just below" the range Fed officials consider neutral, a setting created to neither speed nor slow growth. The Fed has raised interest rates every quarter this year. "I do think over time folks will have to get used to the idea that we can and will move at any meeting", said Powell in a question-and-answer session in Dallas.

Trump threatens 25-percent tariff on imported cars

December 01, 2018

In a pair of tweets , Trump cited a long-standing 25-percent tariff on trucks as the reason trucks sell do so well for American automakers. United States trade representative Robert Lighthizer has indicated that he was exploring the possibility of raising United States tariffs to match those imposed by China.

US, Mexico and Canada sign new trade deal

December 01, 2018

This has been a battle, and battles sometimes make great friendships. While praising the "historic" nature of the deal, Trudeau also told Trump that the progress gave "all the more reason why we need to keep working to remove the tariffs on steel and aluminium between our countries".

Fed Chair’s comments on slower hikes to boost EMs

December 01, 2018

Chairman Jerome Powell's Wednesday speech to the Economic Club of NY was hardly as hawkish as some had expected. The need for "further gradual rate increases" as appropriate to keep the current recovery on track has been a staple of recent Fed policy statements as the central bank nudged rates back toward more normal levels after a decade near zero.

Fed's Powell, in apparent dovish shift, says rates near neutral

November 30, 2018

The Fed members' comments could comfort investors, who rallied on Wall Street after Fed Chairman Jerome Powell on Wednesday said interest rates were already close to estimates of "neutral" - the rate which neither accelerates not restrains economic activity - meaning they might not have to rise much higher.

WTI oil price slides under $50 per barrel

November 30, 2018

Lukoil, Tatneft, Surgutneftegas, Gazprom and Novatek did not immediately respond to a request for comment. The biggest snag in OPEC's push for a consensus on cutting oil output could come from relentless growth in supply from its second-biggest producer, Iraq.

NAFTA 2.0 Signed: A Deal for 'The Corporate One Percent'

November 30, 2018

With a new deal on the table that's supposed to represent a new era of tariff-free trade, all three countries have been working on resolving the standoff before Friday. The new agreement is to be known as the USMCA (U.S. -Mexico-Canada Agreement) in U.S. law and CUSMA (with Canada first) in Canadian law. He called the signing a "very historic occasion" and noted the trade deal was one that would be the 'envy of nations all around the world'.

Canada signs onto revamped NAFTA on sidelines of high-stakes G20 summit

November 30, 2018

The revised deal has been renamed as the United States-Mexico-Canada Agreement, or USMCA. "There is much more work to do in lowering trade barriers and in fostering growth that benefits everyone, but reaching a new free trade agreement with the United States and Mexico is a major step for our economy".

EURUSD Turns Higher But The US Dollar Remains Bullish

November 30, 2018

U.S. Federal Reserve (Fed) said on Thursday that nearly all Fed policymakers expected another interest rate hike "likely to be warranted fairly soon". He also told The Washington Post that "the Fed is a much bigger problem than China". "As always, our decisions on monetary policy will be created to keep the economy on track", he said.

President Trump Threatens GM's EV Subsidies Over Layoffs

November 30, 2018

GM, which said it has invested more than $22 billion in us operations since it came out of bankruptcy in 2009, has tried to appease the Trump administration while justifying its decisions. Elected Ohio officials are reaching out in different ways to soften General Motors' decision to cease operations at the Lordstown complex in March, including a U.S.

Trump's No-Lose Trade War Fantasy

November 30, 2018

Trump railed against the massive US trade deficit with China during his 2016 election campaign and after a year in office, with no sign of the gap narrowing, the USA president attacked the issue head-on. In the G20 context, that parallels controversies pitting Beijing against other nations over the passage of ships through the South China Sea, a vital trading artery.

Rotating postal strikes ended as Senate passes back-to-work bill

November 30, 2018

After hours of debate during a special Saturday session, the Senate voted to give its members a day to reflect on witness testimony about the bill, adjourning their discussions until Monday afternoon. The former Conservative government forced an end to a lockout of postal workers during a dispute in 2011 by enacting back-to-work legislation. An amendment by independent Sen.

Microsoft Closes In On Apple As World's Largest Company

November 30, 2018

At the same time, Apple saw its market cap skyrocket higher and higher as the iPhone took over the world. Apple's market valuation of $812.60 billion dipped below Microsoft's $812.93 billion as of 1.05pm in NY, meaning it had shed about $300 billion in value after cresting a record $1.1 trillion valuation in early October.

Police Raid Deutsche Bank on Money Laundering Charges

November 29, 2018

The bank confirmed that police were searching its officers and said they were cooperating with the authorities. The Panama Papers are a trove of documents from a law firm that handled shell companies for thousands of the rich and powerful around the world.

Nasdaq defies plummeting prices to push ahead with crypto futures in 2019

November 29, 2018

The New York exchange wants to offer the new trading option in the first quarter of 2019, according to Bloomberg's sources. In January , Nasdaq CEO Adena Friedman explained that the NY exchange was figuring out how best to distinguish their products from competitors.

Saudi Arabia pumps record amount of oil as Trump piles on pressure

November 29, 2018

Around 10:00 a.m. EST WTI front-month futures traded at $51.77 per barrel, a 0.3 percent increase, while Brent front-month traded at $60.73, a 0.3 percent increase. Oil closed a volatile day back in negative territory, weighed down by uncertainty over OPEC's appetite for curbing output as the rising dollar and renewed trade tensions diminished crude's appeal.

GM To Close Oshawa Assembly Plant In 2019

November 29, 2018

GM says it is maintaining its profitable lineup of SUVs and trucks but will shift away from some of its smaller vehicles that haven't seen strong sales. "This country has done a lot for General Motors ". Meanwhile, a spokesperson for Magna Auto Systems says it's too early to tell what kind of impact the GM closures will have on auto parts makers here.

Fed chairman's comments send markets soaring

November 29, 2018

The Fed takes equally seriously the risks of hiking too quickly and shortening the economic expansion, and on the other hand of hiking too slowly and prompting higher inflation or financial instability, he said. After keeping rates at a record low near zero for seven years, the Fed three years ago began gradually raising rates, including three hikes this year.

Trump issues $267bn tariff threat to China ahead of trade talks

November 28, 2018

Maybe. Depends on what the rate is", Trump said of smartphones and laptop computers to the WSJ. "Now, if he would do his part, or his government would do their part, then we can all make a much better point". 'The main issue is how to settle down the trade war, ' the official said on condition of anonymity due to the sensitive nature of preparatory negotiations.

11000 pubs in Britain disappear in a decade

November 28, 2018

Barking and Dagenham, Newham and Luton - all in and around London - now have fewer than half the pubs they did in 2001. The ONS states: "In York there are around 2,250 jobs in pubs and bars". The rise in employment has been more pronounced in rural pubs, where in 2018 total employment in England and Wales is 17% higher compared with 2008.

Microsoft dethrones Apple as the most valuable United States company

November 28, 2018

For a few minutes on Monday, Microsoft beat Apple to become the publicly traded company. But with all this movement, those top players are snapping at each others heels, and nowhere is this more evident than yesterday, when Microsoft briefly overtook Apple as the biggest tech company by valuation.

Trump Slams GM, Threatens Company

November 28, 2018

And on Facebook , the Maryland Democrat wrote: " General Motors is now choosing to move factories overseas instead of choosing to invest in workers here in the United States". The firm on Monday announced plans to reducing its salaried workforce by 15% and shut eight factories around the world. GM plans to halt production next year at three assembly plants: the Lordstown small-car factory near Youngstown, Ohio; the Detroit-Hamtramck complex in Detroit; and the Oshawa, Ontario, assembly ...

Trump says he expects to raise tariffs on China

November 28, 2018

On Monday, Apple briefly ceded its crown as world's most valuable publicly traded company to Microsoft Corp. The news sent shares lower in London and NY on Tuesday, after Trump told the Wall Street Journal it was "highly unlikely" that he would heed a call by Beijing to refrain from increasing the tariffs from the start of next year.

Malfunctioning ATM spits out $100 bills instead of $20 bills

November 27, 2018

Well the vendor accidentally put & 100 bills in place of $10 bills. According to CBS affiliate KHOU in Houston, it happened at a Bank of America ATM located at FM 1960 and the North Freeway. "Customers will be able to keep the additional money dispensed", the company said. We have resolved the matter. "There's no free lunch". According to authorities, the Harris County Sheriff's Office was tipped off about the malfunction just after midnight Monday morning.

Britain Will Head Into Unknown If Brexit Deal Is Rejected: Theresa May

November 27, 2018

For just a glance at how and why those Tories are opposed and how hard it will be to win them over, more than a dozen have said they want a new Brexit referendum altogether, while more than 50 are hardliners who are holding out for a more brutal breakup.

Trump Tough on General Motors For 14,000 Layoffs Announced

November 27, 2018

Barra said the industry is changing rapidly and moving toward electric propulsion, autonomous vehicles and ride-sharing, and GM must adjust. I once again urged GM to make a commitment to bring a new product to the plant, especially since GM is proposing to build a number of new electric vehicles.

Ghosn sacked as Mitsubishi Motors chairman

November 27, 2018

A spokesman for Nissan said its board had decided unanimously to end Ghosn's 19-year reign as chairman last Thursday "based on the copious amount and compelling nature of the evidence of misconduct presented". Mitsubishi said its current CEO, Osamu Masuko , will serve as both acting chairman and CEO pending a general shareholders meeting. Together, the three-way alliance is the world's top-selling auto company, with some 10.6 million vehicles rolling off the production line.

GM Oshawa workers leave plant amid reports of planned closure

November 26, 2018

Barra said the industry is changing rapidly and moving toward electric propulsion, autonomous vehicles and ride-sharing, and GM must adjust. Executive ranks will also be whittled down by 25 percent to streamline decision making. Those will add to the previously-announced closure of the Gunsan facility in South Korea. In speaking with GM, we have stressed the importance of supporting their employees through this hard transition.

Cyber Monday on track to bring in record U.S

November 26, 2018

Smartphones are expected to account for a large portion of online sales revenue, projected to be more than $2 billion, according to the firm. Shop at Target and not only will you get this gaming counsel $100 off, you'll also receive a $20 Target gift card.

General Motors To Slash 14,700 Jobs In North America, Including In Baltimore

November 26, 2018

Also at risk are two transmission plants, one outside Detroit and another in Baltimore. Four factories in the USA and one in Canada could be shuttered by the end of 2019 if the automaker and its unions don't come up with an agreement to allocate more work to those facilities, GM said in a statement Monday.

Best Black Friday Christmas deals, from trees to decorations

November 26, 2018

Hare believes that slowdown is now affecting supply today since it takes about seven to 10 years to grow a tree. Prices may be a factor for some, but O'Brien said other considerations - such as when families can come together to buy the tree - may have greater sway on when customers make purchases.

Bitcoin falls further below $4 000; crypto continues plunge

November 26, 2018

Investigators are looking at whether bitcoin traders used other cryptocurrencies to illegally distort prices, according to reports by Bloomberg . These latest BTC levels were expected to be seen, but not until mid next year, so the next few days and weeks might show if this is indeed a bottom.

Former Nissan chairman Carlos Ghosn denies allegations

November 26, 2018

Mr Ghosn, a vehicle industry titan who led the Renault-Nissan alliance, has not spoken publicly since the scandal broke this month. He was addressing a meeting with Nissan employees to explain the arrest last week of former Chairman Carlos Ghosn .

Federal government introduces legislation to end Canada Post strike

November 26, 2018

Canadian Union of Postal Workers vows to fight in court if the bill is passed. He criticizes Canada Post for letting it come to this. "It's telling the corporation 'Don't worry, we got this.' That's against our Charter rights and we're pretty angry about that", said Bradford, referring to the collective bargaining process.

Blizzard Set To Hit Chicago Sunday

November 26, 2018

Holt, & Nodaway counties: Blizzard Warning from 4 a.m. Sunday until 6 p.m. Sunday. Both advisories set to expire at 1 p.m. Monday. In eastern Nebraska, part of Interstate 80 between Lincoln and Omaha was closed Sunday morning because of multiple accidents after snow blanketed that area.

Romaine lettuce 'particularly susceptible' to E. coli outbreaks

November 25, 2018

In the US, there have been at least 32 reported illnesses across 11 states related to the outbreak. Investigators are using evidence collected in both outbreaks to help identify the possible cause of the disease in these events. Ill people range in age from 7 to 84 years, with a median age of 24. No deaths have been reported, it said. Symptoms of E. coli infection can include diarrhea, abdominal cramping and vomiting, and it usually resolves in a few days.

Oil plunges nearly 8 percent despite talk of output cut

November 25, 2018

Oil supply, led by USA producers, is growing more quickly than demand and to ward off a build-up of unused fuel such as the one that emerged in 2015, the Organization of the Petroleum Exporting Countries is expected to start trimming output after a meeting planned for December 6.

Black Friday draws crowds, both in stores and online

November 25, 2018

From Macy's to Target and Walmart , retailers are blending their online and store shopping experience with new tools like digital maps on smartphones and more options for shoppers to buy online and pick up at the stores. Department store chain John Lewis said the most searched-for products so far on Friday were Apple Airpods and the Applewatch Series 3. "It's the only time we like to shop every single year".

Flybe confirms Virgin Atlantic as a suitor

November 25, 2018

On top of providing a wider passenger traffic into Virgin Atlantic's long-haul network, a takeover of Flybe would allow Virgin Atlantic to gain access to the take-off and landing slots at London Heathrow Airport reserved to domestic flight.

Which? finds many Black Friday deals are cheaper at other times

November 25, 2018

Amazon is a great one-stop online shopping destination for consumer electronic products due to a number of rationales. Find below everything you need to know about Black Friday 2018 to find the best deals. 23andMe DNA Kit - $69 (Save $30): a year ago, it was one of the hottest items during the Black Friday sale, so it's no wonder we're repeatedly seeing the 23andMe DNA Kit on sale again.

Amazon denies report it asked police to stop worker strike in Spain

November 25, 2018

Separately, hundreds of Amazon employees across Europe are set to protest "inhuman" working conditions at the company's warehouses on Black Friday . They allege that the world's biggest online retail company is treating them like "robots" and not humans. "You'd think making the workplace safer so people aren't carted out of the warehouse in an ambulance is in everyone's interest", Roache added.

Summit on Brexit Withdrawal Agreement in Brussels

November 25, 2018

In her open letter to the British public published on Sunday, May promised to campaign "with my heart and soul to win that vote and to deliver this Brexit deal ". European leaders resolved a last-minute dispute over the future of Gibraltar on Saturday, clearing the way for a summit to approve the Brexit deal.

US government reportedly asking allies to stop using Huawei products

November 25, 2018

The US government is trying to persuade wireless and internet providers in allied countries to avoid telecommunications equipment from China's Huawei Technologies, the Wall Street Journal reported on Thursday. Australia imposed a ban on Huawei equipment just a few months ago. "If a government's behaviour extends beyond its jurisdiction, such activity should not be encouraged".

Carlos Ghosn 'sacked' as Nissan chairman over financial scandal

November 24, 2018

The Franco-Japanese alliance, enlarged in 2016 to include Japan's Mitsubishi Motors, has been rattled to its core by the arrest of the 64-year-old Ghosn in Japan on Monday. The Nissan board is officially composed of 9 members, Ghosn and Kelly included. Earlier this week, alliance partner Renault voted to keep Ghosn as its chief executive but appointed Thierry Bollore, the chief operating officer, as interim chief.

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