Business


Theresa May government publishes white paper on Brexit
- July 12, 2018

So here are the key excerpts from the chapter on "economic partnership" and what they mean. This is a line that emerged in the Chequers statement last Friday, and it is one of the most important in this White Paper. Britain wants a new treaty allowing it to continue using EU internal security measures such as the European Arrest Warrant and to participate in agencies such as Europol. (more...)
Ryanair confirms strike will go ahead as talks break up
- July 12, 2018

Ryanair has confirmed that 30 flights to and from Ireland and the United Kingdom will be cancelled on Thursday after talks between management and unions broke down. Both sides have said they remain available for talks and want to resolve their difficulties. The airline has apologised for the "regrettable disruptions", saying it was trying to minimise the strike's impact on people travelling to Portugal, France, Spain, Italy and Greece. (more...)
Broadcom acquires CA Technologies for $18.9 billion, adds software to portfolio Broadcom acquires CA Technologies for $18.9 billion, adds software to portfolio
- July 12, 2018

Based on CA's closing price of $37.21 Wednesday, the offer represents a 20 percent premium for CA shareholders. Hock Tan, CEO of Broadcom, said CA Technologies will be "an important building block" and the company can utilize a large base of new customers. (more...)
Market platform Augur [REP] launches mainnet Market platform Augur [REP] launches mainnet
- July 12, 2018

The Forecast Foundation's mission is to support the development of open-source trading platforms, oracle systems and related technologies that advance transparent, open, and financially sound markets, as well as their underlying protocols and tooling. (more...)
Pfizer Reverses Drug Price Hikes After Call with Trump and HHS Secretary Pfizer Reverses Drug Price Hikes After Call with Trump and HHS Secretary
- July 12, 2018

Pfizer is deferring the price increases it planned to take on some of its prescription drugs following a conversation between its CEO Ian Read and President Donald Trump. Trump promised companies would be announcing "massive, voluntary" price drops within two weeks. Mid-year drug price increases are a common industry practice that has not abated, despite the Trump administration's efforts. (more...)
Increase in home prices year-over-year slower in second quarter Increase in home prices year-over-year slower in second quarter
- July 12, 2018

Quarter-over-quarter, aggregate home prices increased slightly by 1.1 per cent. The Royal LePage House Price Survey, a report compiled from a national survey of Royal LePage agents, found that home prices overall were about 7.2 per cent higher in Greater Vancouver than a year ago, at an aggregate of $1,269,816 in 2018's second quarter. (more...)
S&P 500 posts highest close since February 1; futures fall late S&P 500 posts highest close since February 1; futures fall late
- July 12, 2018

The S&P financial index rose 1.3 percent, providing the biggest boost to the main S&P index. The United States and China engaged in tit-for-tat tariffs on Friday, both countries imposing duties worth $34 billion on each others' goods. Worries over rising bond yields and potentially firming inflation drove the early February selloff, which confirmed a correction for the market. All eyes will turn to second-quarter earnings reports, with banks JPMorgan, Wells Fargo and Citigroup scheduled ... (more...)
Turkey’s army may come under authority of defence ministry: President Erdogan Turkey’s army may come under authority of defence ministry: President Erdogan
- July 12, 2018

To his opponents, it is one-man rule and the death of Turkish democracy. Rather than tightening lending policies, Erdogan, who has referred to himself as an "enemy of interest" rates, is promoting fast economic growth, according to CNBC . "Nothing can be regarded as positive on this one", said Edwin Gutierrez, the head of emerging markets sovereign debt at Aberdeen Standard Investments. (more...)
Brent Rises on Continued Libya Outage
- July 12, 2018

Crude inventories fell by 12.6 million barrels in the week to July 6, compared with analysts' expectations for a decrease of 4.5 million barrels. On Wednesday, the contract slumped 6.9 percent in its largest one-day percentage decline since February 9, 2016. (more...)
British PM May urges her party to back EU Brexit plan: Spokesman
- July 12, 2018

Set to be published in a white paper on Thursday, the plan envisages Britain continuing to trade freely with the remaining European Union in goods under a "common rulebook", while accepting restrictions on trade in services. "There is a whole range of scenarios in which they get no Brexit, or an indefinitely delayed Brexit, or a change of government or a second referendum". (more...)
Malaysia studying monopoly risk in ride-hailing market after Grab-Uber deal Malaysia studying monopoly risk in ride-hailing market after Grab-Uber deal
- July 12, 2018

The monopoly review will be conducted by the Malaysia Competition Commission, the ministry said in a statement. "And if we find any elements of it, we will take action action against them", he told a press conference, here, today. Ride-hailing drivers are given a one-year moratorium to fulfill the requirements. On grouses by e-hailing drivers regarding high commission rate imposed by e-hailing companies of up to 25 per cent, Loke said the government had chose to cap the commission rates. (more...)
A record number of Americans are quitting their jobs A record number of Americans are quitting their jobs
- July 12, 2018

MarketWatch reports that people who left their jobs in the private sector rose to 2.7% from 2.5%. You can be choosy about your job when you know that the odds of getting a better one are in your favor. And this intuition would be right. Job switchers increased their earnings by 4.9%, compared to the 4.3% increase that people who stayed at their jobs saw, according to payroll service ADP. (more...)
BMW agrees $4.7 billion contract with China’s CATL for battery cells BMW agrees $4.7 billion contract with China’s CATL for battery cells
- July 11, 2018

There have been warnings that Europe's lack of its own production capabilities for the cells that power electric cars could leave its auto industry exposed and too reliant on others. Duesmann said he would welcome it if other carmakers also wanted to invest in the Erfurt plant. Daimler said its strategy was to buy components where they are produced. (more...)
Bank of Canada Hikes Interest Rate to 1.50%, CAD Climbs in Response
- July 11, 2018

This effect is now judged to be larger, given mounting trade tensions. As we progress into the third quarter, the steel, aluminum, and proposed auto tariffs will remain a catalyst for movement between the loonie and the dollar. The BoC believes U.S. steel tariffs will be felt in the second half of 2018 but could take longer. "This U.S. dollar move offsets, and even more so, the somewhat hawkish BoC hike", said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in ... (more...)
US May List Tariffs On $200 Billion More Chinese Products
- July 11, 2018

More than 6,000 items could be affected - including burglar alarms, auto tyres, handbags, baseball gloves, carpets, toilet paper, dog food, and hundreds of food products. China's imports of US goods are so small that Beijing "cannot match fresh USA tariffs", said Vishnu Varathan of Mizuho Bank in a report. "The Chinese side is shocked by the actions of the United States", a statement on the ministry's website declared. (more...)
Oil falls on trade fears after Trump tariff threat Oil falls on trade fears after Trump tariff threat
- July 11, 2018

US crude CLc1 was down $1.74 at $72.37 a barrel. The spectre of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world's biggest economies intensified. Analysts say the main wild card for the second half of the year is how much Iranian crude is lost from the worldwide market after the US reimposes sanctions in November. (more...)
China rejects 'blackmail' on eve of USA tariff hike China rejects 'blackmail' on eve of USA tariff hike
- July 11, 2018

Instead, he should be talking about reciprocity and allowing American companies the same rights in China that America grants Chinese companies when they try to invest and operate in the United States. "Simply put, the USA is opening fire on the whole world, and also firing at itself", China commerce ministry spokesman Gao Feng said on Thursday. Still, China's stance is striking given Washington's deep economic and security ties with European nations. (more...)
India beats France to become world’s sixth largest economy
- July 11, 2018

The country's gross domestic product (GDP) surged to $2.597 trillion at the end of 2017, compared to France's $2.582 trillion. According to the International Monetary Fund, India is projected to generate growth of 7.4 per cent this year and 7.8 per cent in 2019, boosted by household spending and a tax reform. (more...)
Pompeo talks tough on Iran while visiting the Emirates Pompeo talks tough on Iran while visiting the Emirates
- July 11, 2018

President Donald Trump said in May he would pull the United States out of an worldwide accord under which Tehran had agreed to limit its nuclear development in exchange for sanctions relief. "The zero tolerance policy and the pace with which it is moving no doubt concerns Iran's current crude buyers". Lower purchases by private refiners dragged down India's June imports from Iran although state refiners stepped up purchases. (more...)
Bulldog saved by tiny oxygen mask on JetBlue flight Bulldog saved by tiny oxygen mask on JetBlue flight
- July 11, 2018

Panting heavily, Darcy's tongue and gums were blue. Michele thanked JetBlue for the quick thinking of the flight crew, and said she wanted to remind people "that good people are doing good things on a daily basis even if it is in small ways or big ways". (more...)
Destroying Iran deal would have unforeseeable consequences, China's Li warns Destroying Iran deal would have unforeseeable consequences, China's Li warns
- July 11, 2018

Under the current worldwide situation, said Merkel, Germany is ready to work with China to strengthen openness and cooperation and send the world a firm signal that both sides will continuously safeguard multilateralism and facilitate global cooperation. (more...)
Zlatko Dalic says Croatia's World Cup progress is no surprise
- July 11, 2018

Mr Corbyn's shadow foreign secretary Emily Thornberry was first to raise the idea at the beginning of the tournament, when England were seen as a longshot to bring football home. "I've met quite a few of those players and we know exactly how they're held and perhaps in the modern era that would be even crazier, social media and everything else, the global thing is so much bigger". (more...)
Andhra Pradesh tops 'ease of doing business' ranking, Telangana comes 2nd Andhra Pradesh tops 'ease of doing business' ranking, Telangana comes 2nd
- July 11, 2018

Telangana and Haryana are at the second and third positions, respectively, according to a statement issued by DIPP . States have been ranked on how well they implement business reforms - as many as 405 recommendations were set out by the government last year - and last year Telangana and Jharkand came out at the head of the class. (more...)
Ryanair to cancel 30 flights on Thursday
- July 11, 2018

They could otherwise switch to earlier flights tomorrow, or later on Friday, Saturday or beyond. Nearly 100 pilots working for Ryanair in Ireland voted to stop work on July 12 for 24 hours, and now Ryanair has announced which flights will be cancelled as a result of the strike. (more...)
China raises tariffs on optical fiber materials China raises tariffs on optical fiber materials
- July 11, 2018

Essentially, a trade war is a back-and-forth dispute wherein a country imposes tariffs on certain imports in order to restrict trade, reports CNN. The Office of the United States Trade Representative explained that the goods to be levied with tariffs were chosen based on what would disrupt the USA economy the least and have the least impact on consumers. (more...)

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