Economy

China ready with additional tariffs

China ready with additional tariffs Beijing threatened Friday to bring in the levies on products ranging from beef to condoms, after US President Donald Trump's administration upped the ante in its plans for additional tariffs on Chinese goods worth US$200 billion. The Ministry said it would impose tariffs ranging from five to 25 per cent on United States dollars 60 million worth of American products. China's stocks were low... [Full Article...]

Tesla Inc: Elon Musk says he's considering taking car-maker private

Tesla Inc: Elon Musk says he's considering taking car-maker private But even for him, this was stunning. The stock had been up earlier in the day after The Financial Times reported a Saudi Arabian sovereign wealth fund had bought a $2 billion stake in Tesla . Musk, however, did not elaborate on when the Tesla mini-car will hit the roads. He says no final decision has been made. Musk laid out his rationale: As a public company, Tesla is subject to "wild swin... [Full Article...]

China Plans Tariffs on $60 Billion of Imports to Counter Trump

China Plans Tariffs on $60 Billion of Imports to Counter Trump The U.S. trade gap is now on track to hit a ten-year high, despite a series of tariffs imposed on products and raw materials around the world by the Trump administration. Trump has ultimately threatened tariffs on over $500 billion in Chinese goods, covering virtually all US imports from China. Last year, China imported about $130 billion in goods from the United States. [Full Article...]

Oil: OPEC Production Climbs As Saudi Arabia Pumps More

Oil: OPEC Production Climbs As Saudi Arabia Pumps More The increase in American oil shipments follows the world's fifth-largest oil importer halting Iran crude loadings from July, ahead of US sanctions, while its refiners are also seeking cheaper alternatives to Iraq's Basra crude. Saudi Arabia produced at record levels and support from Kuwait and the United Arab Emirates made up for losses elsewhere in the market. Oil prices are also feeling the ef... [Full Article...]

U.S. employers add 157,000 jobs, jobless rate hits 3.9 per cent

U.S. employers add 157,000 jobs, jobless rate hits 3.9 per cent Americans with fewer skills are also benefiting from hiring managers' desperation: The unemployment rate for those without a high-school degree fell to a record low in July. The U.S. central bank said "the labor market has continued to strengthen and economic activity has been rising at a strong rate". The economy created 59,000 more jobs in May and June than previously reported and needs to gen... [Full Article...]

What the interest rates increase means for you

What the interest rates increase means for you Thirty-seven of 63 economists in a Reuters poll last week said the RBI will raise rates n Wednesday, while 22 said the next hike would come later this year, or early in 2019. GDP growth for the first quarter of 2019-20 is projected at 7.5 per cent, it further said. The monetary policy committee "could afford to do a "wait and watch" at this juncture and consider more data points before a rat... [Full Article...]

Iran Guards says it held Gulf drills as USA tensions rise

Iran Guards says it held Gulf drills as USA tensions rise If the USA wants negotiations, it should stop pressures and sanctions, Qasemi was quoted as saying by official IRNA news agency. Tamar Essner, an analyst at Nasdaq Inc., said there are "no signs whatsoever that this trade war is going to clear up anytime soon", and that has "caused investors to continue to trim net length, take profits, and de-risk that position with the sense that oil's ups... [Full Article...]

Financial fruit: Apple becomes first trillion-dollar publicly-traded company

Financial fruit: Apple becomes first trillion-dollar publicly-traded company Some anti-tech activists will nearly surely use the historic achievement as further evidence that the tech titans need to be shackled with regulation or broken up into more manageable pieces. The tech titan on Thursday became the first company in the world to reach a $1 trillion valuation. The Company boasted a revenue of $61.1 billion, a 15% increase from the year-ago quarter. [Full Article...]

China's Wang says response to United States trade measures 'justified'

China's targeting of USA liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing United States energy export prowess. The U.S. already imposed 25% tariffs on $34 billion in Chinese goods in early July, with another $16 billion to be targeted in coming weeks, drawing an in-kind retaliation fro... [Full Article...]

Wisconsin's five-day sales tax holiday begins Wednesday

Wisconsin's five-day sales tax holiday begins Wednesday See more about Missouri's tax-free holiday weekend here. Natalie Wakefield said her family always shops during tax-free weekend. For example, if a retailer sells a computer during the sales tax holiday for $2,000 and also charges $55 to deliver the computer, then the entire charge of $2,055 is exempt from the sales or use tax. [Full Article...]

Bank of England hikes interest rates

Bank of England hikes interest rates The report showed its predictions are based on financial market expectations for rates to rise to 1.1 per cent by mid-2021, which would suggest two more quarter-point rises. Here's Brooks one last time: "Earlier this year the BOE Governor Mark Carney said that the Bank would give its view on the latest equilibrium, or neutral, interest rate for the United Kingdom economy". [Full Article...]

Apple briefly becomes the first $1 trillion USA company

Apple briefly becomes the first $1 trillion USA company Apple has become the first US-listed company to be valued at a trillion dollars. The share price jumped by more than 8 percent this week after Apple reported impressive quarterly earnings on Tuesday, driven largely by strong sales for high-price iPhones. [Full Article...]

Tesla posts $717m loss yet beats revenue predictions

Tesla posts $717m loss yet beats revenue predictions The company has yet to turn a profit but this quarter's loss is more than twice as high as in the second quarter previous year. The overall performance pleased investors enough to send Tesla stock up more than 11 percent in after-market trading, where it topped out above $330 per share. [Full Article...]

Trump imposes sanctions over Turkey's detaining of minister

Trump imposes sanctions over Turkey's detaining of minister Last week, Brunson was allowed to leave prison and remain under house arrest , but his request to leave Turkey was denied. Turkey President Recep Tayyip Erdogan earlier warned the USA not to impose sanctions against his government. [Full Article...]

Apple Flirts With $1 Trillion Market Cap After Strong Earnings Report

Apple Flirts With $1 Trillion Market Cap After Strong Earnings Report Apple was largely spared in last week's tech sector sell-off when shares of Facebook , Twitter and Netflix fell sharply on concerns about their future growth. Analysts surveyed by Zacks had expected revenue of $58.59 billion. In its financial results for the third quarter of 2018, the company posted a revenue of $53.3 billion, which is a 17 per cent increase on the same quarter previou... [Full Article...]

Trump's trade policy seems to be working at cross purposes

Trump's trade policy seems to be working at cross purposes The American Farm Bureau, local trade associations, and groups representing soybean, cotton, sorghum, milk, and pork producers issued statements after the Department of Agriculture announced the $12 billion farm aid program. The president has repeatedly called the European Union - which includes numerous US's oldest and most committed allies - an unfair trading partner and even labelled it... [Full Article...]

Amazon hammers estimates on quarterly profits, soaring to $2.5bn

Amazon hammers estimates on quarterly profits, soaring to $2.5bn The company's stock is up 57 percent so far this year. Amazon , however, was the exception. Following the disappointment Wednesday in Facebook's stalling growth in users and engagement in key markets, which led to a almost 20% drop in its stock price and over $100 billion in market cap, Amazon regained a small drop during trading hours to return to its previous day's close in after-hours ma... [Full Article...]

Breakingviews - Twitter purges users and shareholders alike

Breakingviews - Twitter purges users and shareholders alike Twitter shares plunged in early trading as the social-media service reported weak user numbers, a day after Facebook suffered the biggest one-day loss in US market history. Average U.S. MAUs were 68 million for Q2, flat with the year-earlier period and down from 69 million in Q1. It was the company's third profit in a row and the third it has ever posted. [Full Article...]

Facebook hammered as user growth cools

Facebook hammered as user growth cools More disconcertingly for analysts and investors, though, company officials warned on the call that its annual growth rate would decline by the high single digits, percentage wise, in the second half of the year. "They're talking about currency headwinds, but more we think it's due to slower user growth given GDPR and more focus on privacy", Morningstar analyst Ali Mogharabi said. [Full Article...]

USA announces billions to help farmers hurt by tariffs

USA announces billions to help farmers hurt by tariffs However, the deal was contingent "on the understanding that as long as we are negotiating. we will hold off further tariffs, and we will reassess existing tariffs on steel and aluminum". goods. The Trump administration is offering up to $ 12 billion in aid to farmers hurt by retaliatory tariffs stemming from President Donald Trump's widening trade feud with other countries. [Full Article...]


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