Business


Turkish president says country will boycott iPhones Turkish president says country will boycott iPhones
- August 14, 2018

The lira was around 6.55 per dollar Tuesday, up 6 percent from the previous day, when the central bank freed up cash for banks. The dispute with the USA has exacerbated Turkey's economic troubles. "We will boycott USA electronic goods". "We will support him until the end". Businessmen holding USA dollars stand in front of a currency exchange office in response to the call of Turkish President Tayyip Erdogan on Turks to sell their dollar and euro savings to support the lira, in Ankara, ... (more...)
Asian stock markets recover from the escalating financial crisis in Turkey Asian stock markets recover from the escalating financial crisis in Turkey
- August 14, 2018

The currency has lost more than 45 percent of its value this year over worries about Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation and worsening ties with the United States. (more...)
Trump administration pressure on Tehran forces Iran to start selling discounted oil Trump administration pressure on Tehran forces Iran to start selling discounted oil
- August 14, 2018

The price was up nearly 1.4 percent at about $73.61 at 1205 GMT and US light crude was up 90 cents at $68.10. Hedge funds and other money managers reduced their bullish positions in U.S. oil output from seven major shale basins is expected to rise 93,000 bpd in September to 7.52 million bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Monday. (more...)
Bayer shares plunge on Monsanto ruling
- August 14, 2018

Groundskeeper Dewayne Johnson, diagnosed in 2014 with non-Hodgkin's lymphoma - a cancer that affects white blood cells - says he repeatedly used a professional form of Roundup while working at a school in Benicia, California. Jurors in state Superior Court agreed the product contributed to Johnson's cancer and the company should have provided a label warning of the potential health hazard. (more...)
Tesla directors: 'No formal proposal' to take company private Tesla directors: 'No formal proposal' to take company private
- August 14, 2018

Musk said on Monday he was in talks with a Saudi sovereign fund for taking the electric auto maker private. Shares in Tesla, which are still well below highs hit when Musk initially raised the prospect of the transaction last week, inched up 0.7 percent in trading before the bell. (more...)
United Kingdom unemployment falls to 43-year low but pay growth slows United Kingdom unemployment falls to 43-year low but pay growth slows
- August 14, 2018

Meanwhile, there were 2.28million European Union citizens working in the United Kingdom in the quarter to June - 86,000 fewer than a year earlier and the largest annual decrease since records began in 1997. It also said the number of people aged from 16 to 64 years who were not working, or looking for work, or available to work - what is known as "economically inactive" - increased by 77,000 from the first quarter of the year. (more...)
India denies China printing currency claim amid social media row
- August 14, 2018

Currently China is the only country that has the capacity to perform Intaglio, or "raised" printing simultaneously on both sides of a banknote, according to South China Morning Post . Liu Guisheng, Chairman of China Banknote Printing and Minting Corporation, wrote in an article in May in China Finance, a bi-monthly journal run by China's central bank, that China obtained the first worldwide commercial order for printing money from Nepal in 2015. (more...)
'Manic Monday': Turkey's collapse sinks emerging markets 'Manic Monday': Turkey's collapse sinks emerging markets
- August 14, 2018

The sanctions caused market turmoil, which the central bank attempted - but failed - to soothe with a series of market-boosting measures. "If they have iPhone, the other side has Samsung". What is happening to the lira? The Turkish lira has lost around 40 percent of its value against the dollar this year, but the financial crisis reached meltdown on Friday after the U.S. (more...)
Why has Turkey's currency fallen so sharply?
- August 14, 2018

In an interview with Hurriyet newspaper published online, Albayrak described the lira's weakness as "an attack", echoing President Tayyip Erdogan - who is his father-in-law - but he said Turkey's action plan was ready. Turkey's currency fell to a new record low today. Erdogan appeared unworried by the punitive measures imposed by the U.S., saying Turkey could turn to other partners and again terming the crisis an "economic war". (more...)
Cal Fire: Utah Firefighter Dies Battling Ranch Fire Cal Fire: Utah Firefighter Dies Battling Ranch Fire
- August 14, 2018

Monday marks three weeks since the deadly Carr Fire broke out near Whiskeytown Lake. "As you can imagine, the province of B.C.is extremely busy with fires all over the province including adjacent to communities and so there just aren't enough resources to man and put personnel on every fire", incident commander Jane Park explained. (more...)
Turkey: US won't achieve aims through sanctions
- August 14, 2018

Turkey has "solid and strong" economic dynamics in the face of the recent "economic siege" on the country, President Recep Tayyip Erdoğan said on Monday. The markets remain unconvinced that Erdoğan's government can cope with the currency crisis, triggered by the diplomatic spat with Washington that has resulted in higher USA tariffs. (more...)
Stocks close lower amid Turkish currency crisis Stocks close lower amid Turkish currency crisis
- August 14, 2018

Deutsche Bank estimates a 4 percent hit to UniCredit's equity in a worst case scenario. The country has run a large trade and investment deficit with the rest of the world, buying more than it sells and relying on foreign investment and lending. (more...)
Ontario PC government releases its new plans for privatized cannabis retail Ontario PC government releases its new plans for privatized cannabis retail
- August 14, 2018

Fedeli said, speaking at Queen's Park. Fedeli said the province would be earmarking $40-million to help municipalities make the transition to the new system. The hundreds of illegal dispensaries already operating in Ontario won't be given a head start by Monday's announcement as both ministers said they were still focused on getting the businesses to close down. (more...)
Turkish lira crisis gets worse with fresh 11% plunge Turkish lira crisis gets worse with fresh 11% plunge
- August 14, 2018

U.S. State Department spokesperson Heather Nauert said on Thursday that although the two sides "had wide-ranging meetings at the State Department and with other departments here in Washington", the U.S. The United States reportedly offered to let Atilla serve out the rest of his term in Turkey once bureaucratic hurdles to his extradition were cleared. (more...)
Seattle airplane theft shows potential dangers from airline workers Seattle airplane theft shows potential dangers from airline workers
- August 14, 2018

The stunning theft of a large commercial airplane from a major United States airport Friday night took no other lives than the pilot's, but the incident has heightened worries about gaps in American aviation security. "There were some maneuvers that were done that were incredible maneuvers", Brad Tilden , the CEO of Horizon's parent corporation, Alaska Air, said, according to CNBC . (more...)
What VF Corp.’s Denim Spinoff Means for Vans and Timberland What VF Corp.’s Denim Spinoff Means for Vans and Timberland
- August 13, 2018

The major shift at VF Corp.is happening as Americans swap out jeans for yoga trousers. The preference toward activewear has fueled growth at companies like Lululemon, Under Armour and Nike. It owns The North Face and Timberland , and it's acquired the Altra, Icebreaker and Williamson-Dickie brands. The denim division will also include VF's outlet business and is expected to generate revenue of more than $2.5 billion. (more...)
Turkey’s Central Bank to Support Embattled Lira
- August 13, 2018

Investors are waiting for "a convincing response from the central bank and government", Rob Carnell, an economist at investment bank ING, said in a note to clients Monday. A so-called credit crunch, a lack of daily liquidity, can cause a bank to collapse. The currency hit a record low of 7.23 per dollar late on Sunday after Mr Erdogan, in a series of speeches over the week, showed no sign of backing down in the stand-off against America, a North Atlantic Treaty Organisation ally. (more...)
Here's where a $1M Powerball ticket was sold in Cumming Here's where a $1M Powerball ticket was sold in Cumming
- August 13, 2018

The manager at the supermarket couldn't believe the golden ticket was sold at his store. If you bought a ticket at the Stop & Shop at 2754 Hylan Boulevard in New Dorp, make sure to grab it to check and see if you're the big victor. The victor has yet to come forward - but they'll rake in about $147 million before taxes. "I hope it was someone who really, really needed it", said a Stop & Shop customer. (more...)
Kremlin to wait for details on USA sanctions before retaliating Kremlin to wait for details on USA sanctions before retaliating
- August 13, 2018

Treasury bonds. He also said he did not rule out moving away from the dollar for global payments, adding that it was "a risky tool for payments". Some experts played down the effect of the Russian action, saying Moscow was not a major holder of US debt. (more...)
Hundreds Injured As Spanish Festival Platform Collapses Into Sea Hundreds Injured As Spanish Festival Platform Collapses Into Sea
- August 13, 2018

Dozens of young music fans were injured in northwest Spain when part of a pier collapsed during a concert. The city's mayor, Abel Caballero, said the platform that collapsed just before midnight was 30 metres long and 10 metres wide. Footage emerged showing Rels B on stage before people can be heard screaming as the platform collapses. The victims were trapped in the sea, unable to swim as more people fell on top of them. (more...)
Black box of crashed Seattle plane found Black box of crashed Seattle plane found
- August 13, 2018

Richard Russell spent his final moments flying high above Seattle , performing aerial stunts. "There is a runway just off to your right side in about a mile", the controller says, reffering to an airfield at Joint Base Lewis-McChord. - Airline officials believe he was in uniform and worked a shift Friday, Tilden said. The F-15Cs are part of Operation Noble Eagle, a post-9/11 program to have military aircraft around North America on constant alert, should they need to intercept another ... (more...)
Turkey Announces 'Action Plan' to Ease Market Concerns Turkey Announces 'Action Plan' to Ease Market Concerns
- August 13, 2018

That raised alarms in Western capitals and the US Congress that Turkey was becoming a less reliable partner in North Atlantic Treaty Organisation despite hosting the US and other allies at its Incirlik air base for the fight against Islamic State. (more...)
Turkey takes action in bid to curb currency crisis Turkey takes action in bid to curb currency crisis
- August 13, 2018

Following the central bank's promises on Monday, the lira pulled back from a record low of 7.24 against the dollar, strengthening to 6.4, before weakening again to 6.92. The Standard & Poor's 500 index slid 0.7 percent to 2,833.28, ending a five-week winning streak. "This is called carrying out an operation against Turkey ", he said. (more...)
Iran's leader orders government not to talk to US Iran's leader orders government not to talk to US
- August 13, 2018

He also ruled out the possibility of any military confrontation with the United States, Iranian state TV reported. The 2015 agreement placed tight controls on Tehran's nuclear program in exchange for the lifting of worldwide sanctions. "Iran will not change its policies in the region because of US sanctions and threats", al Jazeera on Monday quoted Zarif as saying. The protests in cities and towns across Iran have often begun with slogans against the high cost of living, high prices and a ... (more...)
Saudi Arabia looks to invest big in Tesla Saudi Arabia looks to invest big in Tesla
- August 13, 2018

In turn, the fund bought almost US$2 billion (NZ$3 billion) worth of Tesla shares on the market with the help of an investment bank, building up a stake just short of 5 per cent in the company. On Friday, two separate lawsuits were filed against Tesla by investors claiming Musk's online behavior violated federal securities laws. Tesla had burned through $ 739.5 million in cash in the second quarter and Musk had assured that the company will post a profit in the next quarter. (more...)

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