Economy / 35

Trump announces higher US tariffs on China goods starting Friday

May 06, 2019

Trump launched the trade war in July, after an investigation by his trade officials concluded that China routinely abuses the intellectual-property rights of American companies. President Donald Trump threatened to raise tariffs on Chinese goods, escalating Sino-U.S. trade tensions, which prompted risk-off sentiment and boosted safe-haven assets.

Dow Jones Drops 400 Points After Trump Reveals New Tariffs for China

May 06, 2019

Concluding a deal will hinge on the world's two largest economies resolving the stickiest issues in their trade dispute. The tweets upended the previously calm market mood that had benefited from signs of improving growth in China and the United States, and from comments from Trump and other senior US officials that trade talks were going well.

Sinclair to buy Disney's sports networks for $9.6 billion

May 06, 2019

Thanks to a new acquisition in partnership with Sinclair Broadcast Group , valued at a whopping $10.6 billion, it looks like the trailblazing media mogul has done it again! Completion of the transaction is subject to closing conditions, including the approval of the US DOJ.

US job creation surges in April as unemployment hits 49-year low

May 06, 2019

Average hourly pay rose 3.2 per cent from 12 months earlier, a healthy increase after years of stagnation in wages. "Latinos are finding their economic legs under the Trump administration, leading the surge in home ownership and income growth and record low poverty rates, according to two comprehensive new surveys".

Volkswagen Golf Might Only Be Available as GTI or R in America

May 06, 2019

A VW spokesperson confirmed to Road & Track the Mk8 " Golf R and GTI are confirmed, but other Golf models are still under consideration for the North American Region". While we lament the death of any good hatchback-there are so few of them available in the U.S.to begin with, and the entire Golf lineup is a 10Best Cars award winner-we have to admit that we understand the business case.

Facebook to Appoint New Privacy Oversight Roles in Deal with FTC

May 06, 2019

Any agreement between the FTC and the world's largest social network stemming from privacy-related scandals and woes is still subject to negotiations, but one source told Politico that Facebook could be required to place a privacy-minded executive at the company's highest levels.

Fiat Chrysler completes sale of Magneti Marelli

May 05, 2019

Fiat Chrysler Automobiles N.V. (" FCA ") (NYSE: FCAU/MTA: FCA) today announced the completion of the sale of its automotive components business, Magneti Marelli S.p.A., to CK Holdings Co., Ltd., the holding company of Calsonic Kansei Corporation, a leading Japanese automotive component supplier.

Work stoppage planned ahead of Uber IPO

May 05, 2019

Drivers from competing ride-hailing services like Lyft also reportedly plan to join the strike, which is timed to commence prior to Uber's planned initial public offering on May 9. Uber drivers will log off from the app for nine hours on Wednesday 8 May, the day before the planned listing, and will picket in London, Birmingham, Nottingham and Glasgow, the union Independent Workers of Great Britain (IWGB) has said.

Billionaire Warren Buffett gives new hint about his successor

May 05, 2019

They both said that Abel is a big proponent of the "decentralized" approach Buffett is known for when running his businesses. "It speaks to what we're seeing at Berkshire, the beginning of the changing of the guard, as Warren and Charlie Munger are getting on in years".

Pressure off at HSBC as profits rise by a third

May 05, 2019

HSBC said operating expenses dropped 12 percent in the January-March quarter, helped by one-off sales in its retail and commercial businesses and the non-recurrence of US regulatory fines for past misdeeds. The bank's revenue in Q1 also exceeded analyst expectations, with the lender recording $14.4 billion in sales, representing a 5.24% increase over last year's $13.7 billion and well above the $13.78 billion analysts forecast.

Why Tesla is such a battleground stock

May 05, 2019

The money would potentially fund Tesla's factory in Shanghai, Model Y crossover production, and development of the company's upcoming pickup and semi trucks. Tesla's junk and convertible bonds opened roughly unchanged from Thursday's close, with the bonds of its SolarCity unit higher, according to Refinitiv data.

Paddy Power Betfair touts 'huge progress' in U.S. as revenue rises

May 05, 2019

In Australia revenue increased 20pc to £96m (€112m), driven by continued good underlying customer activity with 17pc growth in stakes. Retail revenue fell another 2% to £77mln in the quarter, with 2% machine gaming growth offset by a 5% decrease in sports revenues as customers backed more winners.

Fed Rate Pause Could Push Up Gold

May 05, 2019

The dollar was whipsawed throughout the day, picking up lost ground and ending higher on the day following Fed's Powell's presser which superseded the benign FOMC statement. Powell: Outlook is positive for growth for the rest of the year due to consumer spending and business investment - (higher levels of wages and employment).

Microsoft launches Azure cloud services for AI and blockchain

May 05, 2019

The company explained that customers will soon be able to apply Azure Cognitive Services algorithms directly to Azure Search, adding greatly improved business intelligence (BI) and analytics capabilities. Through this partnership , J.P. Morgan's Quorum will become the first distributed ledger platform available through Azure Blockchain Service , enabling the customers of both the companies to build and scale blockchain networks in the cloud.

Amazon Managed Blockchain Now Available for Enterprise Use

May 04, 2019

Further, the transactions confirmed on AMB will be cryptographically verifiable records, ensuring that they can not be manipulated or fiddled with. Pitched as a service that makes it easy and cost-effective for customers to create and manage secure blockchain networks that can scale, it overcomes the need for each member of the blockchain network to provision hardware and install software by centralizing the requirement on the Amazon cloud.

BoE Upgrades Growth Forecast for British Economy

May 04, 2019

The vote among BoE policymakers to hold the interest rate at 0.75 percent was unanimous, but they opined that in the future, higher borrowing costs seem inevitable. The BoE has raised interest rates only twice since the 2008 financial crisis, in November 2017 and August past year. Yet the Monetary Policy Committee cut its inflation outlook.

Tyson recalls additional 11.7 million pounds of chicken strips

May 04, 2019

The recall includes crispy chicken strips, buffalo-style chicken strips and honey BBQ-flavored chicken strips. All have use-by dates of October 1, 2019 through March 7, 2020. The government agency said this is an expansion of the March recall when 69,093 pounds of strips were identified . Among the store brands now included are Walmart, Publix, Southeastern Grocers' SE Grocers (Winn-Dixie, Fresco y Mas, Bi-Lo, Harvey's), Meijer, Food Lion, Aldi and Giant Eagle.

Canada's Bombardier says selling aerospace plant in Belfast

May 04, 2019

Bombardier's surprise decision to slash its full-year revenue forecast by nearly 8% to about $8.75 billion was blamed largely on five delayed contracts, mostly in Europe. But in January 2018 the US International Trade Commission (ITC) voted unanimously against Boeing, nixing Trump's planned tariffs and protecting jobs in Belfast.

Facebook's cryptocurrency plans may be more ambitious than we thought

May 04, 2019

As has been rumored on the tech blogs for months, Facebook is reportedly working to create its own cryptocurrency , and now we know the name of the covert project: Project Libra. It has spoken to "dozens of financial firms and online merchants" as it seeks to raise about $ 1 billion in investment and enlist partners to help launch the system, according to the report, which cited people familiar with the matter.

Byron Allen makes history again thanks to $10.6 BIL media deal

May 04, 2019

Other suitors for Disney's channels included Liberty Media Corp and Big 3 Basketball LLC, whose management includes Jeff Kwatinetz and rapper and actor Ice Cube, according to the Wall Street Journal . The company has been steadily building up its sports assets which at present include the Marquee Sports Network venture with the Chicago Cubs, the Tennis Channel, Stadium, Ring of Honor Wrestling and high school sports programming that airs on its 170-plus TV stations.

My firm has bought 1st Amazon shares, says Buffett

May 04, 2019

Buffett said then that he thought Amazon stock was likely too expensive for him to buy now at a value, but one of his investment managers at Berkshire decided differently this year. Buffett has pointed to Apple's strong profitability as one of the reasons to bet on the company. Buffett's experience in investing in technology companies has not always been positive.

United Kingdom manufacturing growth slows as Brexit extension reduces stockpiling

May 03, 2019

IHS Markit's Purchasing Managers Index for the sector dropped from a 13-month high as production growth also slowed and job losses in the industry mounted. Rates of increase in both inventories of inputs and finished products remained historically rapid, despite cooling from the record highs seen in March.

United States jobs report: April continues growth as 263,000 jobs added

May 03, 2019

April's figures show that solid economic growth is still encouraging robust hiring, almost a decade into the economy's recovery from the Great Recession. Prior to April's report, the consistent unemployment rate suggested that workers are jumping back into the workforce to fill open jobs, rather than the workers who are now collecting unemployment welfare, according to WSJ.

Businesses add 275K jobs in April

May 03, 2019

American firms hired at a blistering pace in April, the fastest in nine months, kicking off the second quarter of the year with a bang, according to a payroll data released today. A gain in building drove partly Implementing, ADP explained, which added jobs. Mark Zandi, chief economist of Moody's Analytics , said, "The job market is holding firm, as businesses work hard to fill open positions".

Vegan Burger Company Beyond Meat Prices IPO At $25 A Share

May 03, 2019

The maker of vegan chicken and beef substitutes sold 9.63 million shares for US$25 each on Wednesday, after marketing them for US$23 to US$25, according to data compiled by Bloomberg. Beyond Meat shrank its 2018 loss, while its revenue more than doubled for the second year in a row, according to its filings. To keep up, Brown said, the company has been staggering rollouts.

Activision reveal first five city locations for franchised Call of Duty league

May 03, 2019

It appears that this massive transition is progressing well, as there are five organizations that have already staked claim to a spot in the franchised league. That report also revealed that Overwatch League team owners would get the first chance to negotiate the purchase of Call of Duty franchise. Other CWL franchises are expected to be revealed at a later date.

Amazon Launches Its First Middle East E-Commerce Website

May 03, 2019

You'll still be able to browse products with prices listed in 'AED , ' and pay in AED online or with cash on delivery. Customers with existing Souq accounts can automatically sign into Amazon .ae with their Souq .com credentials to begin using the new site .

New Zealand Unemployment Rate Falls To 4.2% In Q1

May 03, 2019

New Zealand posted a surprise fall in its unemployment rate for the first quarter Wednesday, with the jobless figure falling from 4.3% to 4.2%, but this came only after a fall in the participation rate which artificially reduced the number of individuals classed as unemployed.

Casino panel hopes record $35m Wynn fine serves as deterrent

May 03, 2019

Wynn Resorts' $2.6 billion Encore Boston Harbor complex is slated to open in June, and is expected to employ thousands of people. Along with the 35 million fine there is also a $20 million fine imposed by Nevada gaming and the CEO will also be fined $500,000.

National Chase tried to be amusing on Twitter. It didn't go well

May 03, 2019

Elizabeth Warren , D-Mass., ripped Chase Bank after the financial institution tweeted a "Monday motivation" tip to customers with low bank account balances. 'No one should ever shame someone for being poor, ' one Twitter user said, 'But all of us should be open to having our bad habits called out so we can live better lives'.

Burger King unveils moody meals for mental health awareness

May 03, 2019

While some may say this is another alternative marketing campaign by Burger King , created to take a friendly knock at rival McDonald's Happy Meals for kids, the promotion is actually a nod to the fact that not everyone is happy all the time - and that's perfectly fine.

Trump Fed choice Stephen Moore withdraws amid controversy

May 02, 2019

Trump has repeatedly ignored norms created to protect the Fed's independence from political influence, which could undermine its credibility, and his nominations of Moore as well as the now-withdrawn Hermain Cain led some to see an attempt to bring pressure from the inside.

Warren Trolls Chase Bank For Mocking Its Customers

May 02, 2019

On 29 April 2019, Chase Bank generated a spate of online anger by posting a tweet advising people to cut back on eating out and buying coffee to avoid low account balances. Greenspan for Time . Pointing to profligate spending, however, misses the mark. Over the past decade, the costs of housing and health care have risen one-and-a-half times the rate of wages, according to the Bureau of Labor Statistics.

Eyebrows Raised as Zuckerberg's Privacy Joke at Facebook Conference Falls Flat

May 02, 2019

The updated mobile app is rolling out now. The desktop version will be released in the next few months. At the annual F8 conference on Tuesday, Zuckerberg announced a major overhaul of Facebook's app and website, which now will encourage users to interact more within their private groups.

Qualcomm expects to receive up to $4.7 billion from Apple settlement

May 02, 2019

Qualcomm made the disclosure in its earnings report on Wednesday, while Apple declined to answer questions about the settlement during its own second-quarter earnings conference call on Tuesday. For comparison, Qualcomm's entire revenue for the January-to-March quarter was $4.9 billion. Since the settlement, Qualcomm's share price has risen by 43%, and Apple's has also risen by more than 5%.

Alphabet tumbles most since 2012 after sales growth disappoints

May 02, 2019

This is Google's second disappointing quarter in a row and at the time of writing Google's share price is down 7.27% in after hour trading. The stock was sold at an average price of $1,124.90, for a total transaction of $42,746.20. The slowdown was caused by changes YouTube made previous year to improve the experience for users and advertisers, she said on the conference call. This figure implies that they witnessed a quarterly year/year change in their earnings with 0.18% coming in sequential ...

Family of engineer killed in Tesla with Autopilot engaged sues automaker, DOT

May 02, 2019

Huang's family members told reporters that he'd mention how his vehicle would swerve toward the barrier while on Autopilot, and past year his brother said Huang complained to the Tesla dealership about it, according to Engadget . The State of California Department of Transportation is also named as a defendant for failing to fix or restore a crash attenuator that had been damaged in a collision a week before Huang's crash.

Federal rebates for buying electric cars kick in today

May 02, 2019

The Standard Range Plus, the most affordable model from Tesla , will come with a 258mi (WLTP estimate) range according to Tesla, a 0-60 time of 5.3 seconds and a top speed of 140mph. "To be eligible for incentives, a vehicle must have a base-model manufacturer's suggested retail price of less than $45,000 for passenger vehicles with six or fewer seats, and less than $55,000 for vehicles with seven or more seats", the Canadian government explained.

Democratic Presidential Candidate O'Rourke Lays Out $5 Trillion Climate Plan

May 02, 2019

Today, he will participate in a walking tour of Yosemite National Park before visiting Modesto Junior College for a tour and climate change roundtable with local farmers, innovators, educators and advocates. In what may or may not be a coincidence, the date of the plan's release, April 29, just happens to be the birthday of Japanese Emperor Hirohito, who led the Axis nation during World War II, the global conflict O'Rourke has frequently compared to the threat posed by climate change.

Business Magnate Warren Buffett Gives Highest Vote Of Confidence To Dubai

May 02, 2019

Occidental's offer, which is split between cash and stock, would value Anadarko at around US$56 billion including its debts. The preferred shares would give Berkshire Hathaway an 8% annual dividend. Buffett has been seen since the global financial crisis as a lender of last resort to blue-chip companies desiring a financial boost and his imprimatur.

China's manufacturing PMI remains stable in April

May 02, 2019

The indicator is now two months in a row at a level of more than 50. Euro zone economic growth accelerated to 0.4% in the first three months of 2019, recovering from a slump in the second half of past year, data showed on Tuesday. The Politburo meeting signaled that in the first quarter of this year China had adjusted its countercyclical policy marginally. "As pressure on the economy remains in the second quarter, we expect that there will be minor adjustments to the policy but not a ...

Oil steady on swelling USA stockpiles, Venezuela uncertainty

May 02, 2019

OPEC production declined by 1.6 million barrels per day between December and March, according to the organization's figures. Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average. Crude prices have risen over 30% so far this year, supported mainly by an OPEC-led deal to cut 1.2 million bpd of supply for six months. Asia's crude oil imports from Iran rose to the highest level in eight months in March as buyers stepped up purchases to ...

Marriott plans to expand further into home-sharing

May 02, 2019

It takes on home sharing competitors, namely Airbnb , that have been eating away at hotel profits. Starting next week when the offering launches, we expect members of Marriott Bonvoy can earn and redeem points at these highly-curated homes, providing even more choice of accommodations that suit a range of travel needs around the world.

Hybrid production: Toyota to assemble Lexus in Canada: Trudeau

May 02, 2019

Once in production in Ontario, it will be the first time that the Lexus NX and NX hybrid sport utility vehicles will be produced outside of Japan. Trudeau said: "Today is a great day for Toyota, for Cambridge, and for Canada". In November, General Motors confirmed that its Oshawa assembly plant will be one of three closed in North America this year. Plans to assemble the NX in Canada "means that Toyota's Canadian manufacturing operations are here to stay", Volf said, adding that the cars ...

Mercedes to end Smart sales in US, Canada

May 01, 2019

Existing owners shouldn't worry as access to service and replacement parts will still be available via authorized Mercedes-Benz dealerships, Smart spokeswoman Catherine Gebhardt said in a statement released on Monday. But, after struggling to make sales for years, there won't be any new ones rolling off production lines in the United States any time soon. The Smart Fortwo was originally launched in Europe in 1998, and started out as the Swatch Mercedes Art Car, with its design going ...

Ford's connected cars now link with Amazon Key for in-car delivery

May 01, 2019

Last week Ford announced plans to follow Amazon in backing startup electric automaker Rivian with a $500 million investment, but it's not the only new connection the two companies have. ciities and surrounding areas", Ford says. Couriers shouldn't have to wade through stinky soccer equipment and Sun Chip crumbs to find a spot for the item.

Eric Schmidt leaves Google board, ending an era

May 01, 2019

Android Authority reached out to Alphabet regarding Schmidt's imminent departure, but didn't hear back by press time. Schmidt joined Google as chairman in 2001 , before it was clear that online advertising would be the young search company's road to profits.

The No. 1 scam Australians fall for

May 01, 2019

According to Rickard, they are "overwhelmingly" carried out by criminals overseas - making them harder to catch. Dating and romance scams saw unsuspecting Australians hand over more than $60 million a year ago - a 40 percent increase in reported losses from 2017.

Generation Land Rover Defender commences final stage of testing in Kenya

May 01, 2019

Making circles in the Arctic. The new model has been designed and developed in the United Kingdom, but will be produced at Land Rover's new manufacturing facility in Nitra, Slovakia . Engineering director Nick Rogers said: "In addition to the extensive simulation and rig testing, we've driven new Defender 1.2 million kilometres across all terrains and in extreme climates, to ensure that it is the toughest and most capable Land Rover ever made".

Huawei denies report about hidden 'backdoors' in its software

May 01, 2019

However, reports suggest the United Kingdom may let the firm help build its 5G network. This is despite the U.S. wanting the United Kingdom and its other allies in the "Five Eyes" intelligence grouping - Canada, Australia and New Zealand - to exclude the company.

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