Business


Big Banks to Get Reprieve From Volcker Rule Big Banks to Get Reprieve From Volcker Rule
- June 01, 2018

At a Fed board meeting to discuss the reform, officials said banks would continue to be barred from trading with proprietary funds, but the changes would clarify that some activities are permitted. Proprietary trading is still curbed. Among the factors that can indicate a trading-account position is if there is "short-term intent", which is reflected by a bank holding an instrument for 60 days or less. (more...)
Shares of Deutsche Bank fall on report of Fed downgrade
- June 01, 2018

Deutsche Bank's shares fell to historic lows yesterday after it emerged that U.S. regulators had officially designated the German lender as "troubled", putting strict limits on its ability to conduct business as usual. Deutsche Bank declined to comment on the WSJ report and on its relations with the Fed, but said it was working to remedy weaknesses in its US business identified by regulators. (more...)
Another Big Pot Stock Is About to List in Canada Another Big Pot Stock Is About to List in Canada
- June 01, 2018

In a reversal, Canadian cannabis companies are listing on major USA stock exchanges, while American ones are heading to Canada because they are barred from listing in the U.S. Bierman said his goal is to eventually turn MedMen, which today has 800 employees, into a company worth as much as US$50-billion. It's a fairly frothy valuation for a company with only nine retail stores, including its flagship store on New York City's Fifth Avenue, which opened last month. (more...)
Microsoft Inches Past Google to Become the Third Most Valuable Company Microsoft Inches Past Google to Become the Third Most Valuable Company
- June 01, 2018

With Microsoft's current market cap at 766.8 billion compared to Alphabet's 766.5 billion, Microsoft is able to retain the third place spot using market prices at the time of this writing. Microsoft and Google compete directly in many businesses based on cutting edge technology, including artificial intelligence, speech recognition and cloud computing. (more...)
SoftBank Will Invest $2.25 Billion in GM's Self-Driving Car Unit Cruise SoftBank Will Invest $2.25 Billion in GM's Self-Driving Car Unit Cruise
- June 01, 2018

The partnership with SoftBank's $100-billion Vision Fund - one of the largest investments to date in self-driving technology - will help GM fund wide-scale deployment of self-driving cars, GM told analysts on Thursday. "We are very impressed by the advances made by the Cruise and GM teams, and are thrilled to help them lead a historic transformation of the automobile industry", Michael Ronen, managing partner of SoftBank Investment Advisors, said in a statement . (more...)
Expert preparing for 'CATASTROPHIC event' which could HIT Italy and European banks Expert preparing for 'CATASTROPHIC event' which could HIT Italy and European banks
- June 01, 2018

But she warned that political uncertainty would remain elevated. According to Giuseppe De Arcangelis, an worldwide economics professor at Rome's La Sapienza University, non-Italian factors have also been weighing on the euro-dollar exchange rate. (more...)
Zero bidders for debt-stricken Air India as deadline closes
- June 01, 2018

In a major setback to the Air India disinvestment process, the government said no initial bids were received for the proposed strategic stake sale of the debt-laden airlines. The dealine for buying the Air India ends today and the government did not find any buyers yet. The lack of interest also means the government is stuck with an enterprise that has survived on taxpayer money for the past decade, ever since its merger with another state-run carrier Indian Airlines. (more...)
Trump Tells Trudeau US Wants Fair Trade Deal or None at All
- June 01, 2018

With the NAFTA talks seeming close to a possible breakthrough, Trudeau says he suggested to the US president last Friday that they sit down with Mexico's Enrique Pena Nieto and talk about reaching a deal. In March, the United States introduced the tariff on imported steel and aluminium. "The current NAFTA is a seriously flawed trade deal, and the Trump Administration is committed to getting the best possible trade agreement for all Americans", U.S. (more...)
China urges USA to keep promise on trade issues China urges USA to keep promise on trade issues
- June 01, 2018

Liu said a fortnight ago that a deal had been struck for China to increase imports of U.S. energy, agricultural, health, high-tech products and financial services. "Trump is insane. crazy tactics might work, though", the person added. "I don't think it is only a tactic, personally", he told reporters on Wednesday, adding that the group does not view tariffs as the best way to address the trade frictions. (more...)
Turkey to Look Elsewhere for Jets if US Blocks F-35 Sale Turkey to Look Elsewhere for Jets if US Blocks F-35 Sale
- June 01, 2018

However, a local Manbij official later told Reuters that Cavusoglu's assertions that US and Turkish forces would temporarily control the region were "premature" and lacked credibility. The working group was formed to resolve the disputes between Ankara and Washington over Manbij. In particular, Turkey has been outraged by United States support for the Syrian Kurdish YPG militia - a group Turkey regards as a terrorist organization. (more...)
US hits EU, Canada and Mexico with steel, aluminum tariffs US hits EU, Canada and Mexico with steel, aluminum tariffs
- June 01, 2018

Mexico said it would penalise U.S. imports including pork bellies , apples, grapes, cheeses and flat steel . Canada's government announced plans to impose tariffs on US steel, aluminum and other products, effective July 1, that will stay in effect as long as the American tariffs stay in place. (more...)
Fans of Turkey's Erdogan push French newsstand to remove ad Fans of Turkey's Erdogan push French newsstand to remove ad
- June 01, 2018

President Recep Tayyip Erdogan has threatened the financial sector, "sanctions" if he does not begin immediate action to support the falling of Turkish Lira . With the rate hike not having made the impact hoped for by some observers, the central bank has pursued several other measures created to boost the lira. (more...)
Starbucks closes stores, asks workers to talk about race Starbucks closes stores, asks workers to talk about race
- June 01, 2018

Anti-bias sessions can incorporate personal reflections, explorations of feelings and mental exercises. "I feel like a lot of other organizations wouldn't have done this", Huggins said . A few minutes later, the store manager called the cops on them and they were taken out in handcuffs. They should dial 911 only if the situation seems unsafe. (more...)
Mexico strikes back after United States announces tariffs on steel, aluminum Mexico strikes back after United States announces tariffs on steel, aluminum
- June 01, 2018

Meanwhile, Mexico has answered the U.S. tariffs with its own on products including pork bellies, grapes, apples and flat steel. The U.S. actions on trade policy, which also include potential tariffs and investment restrictions on China and a national security probe that could lead to tariffs on auto imports, are expected to also dominate the G7 summit of world leaders in Quebec next week. (more...)
PM Modi arrives in Malaysia to meet newly-elected PM Mahathir Mohammad PM Modi arrives in Malaysia to meet newly-elected PM Mahathir Mohammad
- June 01, 2018

The International Court of Justice in 2008 awarded two rock clusters, called Middle Rocks, to Malaysia while a nearby island was deemed to be Singaporean territory. The 100-kilometer strait is one of the world's busiest commercial shipping routes, with vessels using it to access the city-state's port. Mahathir added that Malaysia had already built a structure on Middle Rocks. (more...)
The Model 3 won’t make its way overseas until 2019 The Model 3 won’t make its way overseas until 2019
- June 01, 2018

At the end of April, Model 3 production stood at 2,270 units per week. Some people in Europe and other countries outside the USA have reported receiving their Model 3 cars already, but they are a rarity. However, that timeline has now been pushed back by almost six months. The company had previously said that it would begin global delivery in the second half of this year but CEO Elon Musk has now revealed that the left-hand drive Model 3 variants will be launched in Asia and Europe ... (more...)
NAFTA unresolved, steel tariffs still possible after Freeland, Lighthizer meet NAFTA unresolved, steel tariffs still possible after Freeland, Lighthizer meet
- May 31, 2018

Foreign Affairs Minister Chrystia Freeland, who pushed the steel and NAFTA issues during her meeting on Tuesday in Washington with US trade czar Robert Lighthizer, has also made it clear that Canada would retaliate if the duties are imposed. (more...)
Waymo will purchase up to 62,000 self-driving minivans from Chrysler Waymo will purchase up to 62,000 self-driving minivans from Chrysler
- May 31, 2018

To date, Waymo has on only showed the ingredients for a ride-hailing service. It is unclear how quickly Waymo will take delivery of the additional minivans, but the company indicated that the sales from FCA will be as needed as the Waymo expands operations. (more...)
India underlines fastest growing economy status but market rout clouds outlook
- May 31, 2018

The figure surpassed China's growth rate of 6.8 percent in the January-March quarter, confirming India as the fastest growing major economy. It, however, kept growth expectation for 2019 unchanged at 7.5%. The growth in the "agriculture, forestry and fishing", "mining & quarrying", "manufacturing", "construction", and "financial, real estate and professional services" is estimated to be 3.4 percent, 2.9 percent, 5.7 percent, 5.7 per cent and 6.6 percent, respectively, the statement said. (more...)
EAG inducts third Bombardier Global 6000 business jet to its fleet EAG inducts third Bombardier Global 6000 business jet to its fleet
- May 31, 2018

The Global 7000 has been renamed Global 7500 . "Our Global family of aircraft is entering a new era, with the Global 7500 aircraft as its flagship", said David Coleal, President, Bombardier Business Aircraft. Passengers will benefit from this unrivalled performance in absolute comfort, enjoying Bombardier's signature smooth ride, an ultra-high-resolution entertainment system and safe access to baggage at all times. (more...)
USA stocks close higher USA stocks close higher
- May 31, 2018

The Standard & Poor's 500 index climbed 25 points, or 1%, to 2,715 as of 11 a.m. EDT. Australia's S&P ASX 200 fell 0.6 percent to 5,979.50. The Dow Jones Industrial Average ended around 392 points lower near 24,362, a fall of 1.6%, according to preliminary data. (more...)
Banking services may be hit by 2-day union strike from today Banking services may be hit by 2-day union strike from today
- May 31, 2018

As the two per cent wage hike failed to convince the bank unions, almost 1 million bank employees will go on strike which kicks off at 6 am. Bank officers and employees are arguing that most of the public banks have reported decent profits, but still, the management refuses to give good increment. (more...)
Trump wants to bar German luxury cars in US Trump wants to bar German luxury cars in US
- May 31, 2018

Within the EU, Germany is the biggest exporter of cars to the United States. Citing several unnamed USA and European diplomats, the weekly business magazine reported that Trump told French President Emmanuel Macron last month he would maintain his trade policy with the aim of stopping Mercedes-Benz models from driving down Fifth Avenue in NY. (more...)
Banks lead stocks higher on Wall Street
- May 31, 2018

The Dow tumbled 391 points to 24,361. The Nasdaq composite dropped 37.26 points, or 0.5 per cent, to 7,396.59. The Russell 2000 index leaped 23 points, or 1.5 percent, to 1,647, which put the index on pace for another record close. Automakers Toyota, Honda Motor and Nissan Motor as well as banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial lost 2-3 percent. Steel, brokerage, and telecom stocks also saw considerable weakness, moving lower along with most of the other major sectors. (more...)
Amnesty International documents armed attack on students in Nicaragua
- May 31, 2018

Protests that began in April over now-scrapped social security changes have since expanded into a broader movement seeking Ortega's exit. Amnesty International is the latest human rights group to castigate the Nicaraguan government for its response to recent protests. (more...)

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