Business


Flipping in criminal cases should be made illegal: Donald Trump Flipping in criminal cases should be made illegal: Donald Trump
- August 25, 2018

Trump has insisted that he only found out about the payments after they were made, despite the release of a September 2016 taped conversation in which Trump and Cohen can be heard discussing a deal to pay McDougal for her story of a 2006 affair she says she had with Trump. (more...)
Oil price rises above $74 as supply tightens Oil price rises above $74 as supply tightens
- August 25, 2018

The global oil benchmark, Brent crude, hit a two-week high above $74 a barrel on Wednesday as an industry report showing a sharp drop in United States crude inventories and USA sanctions on Iran pointed to tighter supplies. Traders said the supply versus demand outlook for oil markets was relatively tight because of the looming USA sanctions against Iran, which will target oil exports from November. (more...)
Fed chairman defends rate rise policy after attack by Trump
- August 25, 2018

It has also notched up braod gains over the Russian Rouble and Brazilian Real as well as a host of Asian currencies. Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing on the "Semiannual Monetary Policy Report to Congress", at the Rayburn House Office Building in Washington, U.S., July 18, 2018. (more...)
Credit Suisse freezes $5bn in Russian money in compliance with United States sanctions Credit Suisse freezes $5bn in Russian money in compliance with United States sanctions
- August 25, 2018

There is reportedly growing fear among Western banks of reprisals from the U.S. for working with targeted Russian individuals and entities. The Credit Suisse asset freeze took place in the second quarter. Subsequently, the representatives of the organization denied this information, noting that it is only about the transfer of Russian assets under "temporary storage", in which any recipient may pick up their deposits. (more...)
Fed will do 'whatever it takes' for USA economy: Chairman Powell
- August 25, 2018

Aphria rose 5.4 percent, the most on the main index, while Canopy Growth and Aurora Cannabis gained about 2 percent each. "If the strong growth in income and jobs continues, further gradual increases. Many have seen Trump's complaints about the Fed's rate hikes as an intrusion on the central bank's longstanding independence from political influence. (more...)
Fire near Tesla's Fremont plant extinguished quickly Fire near Tesla's Fremont plant extinguished quickly
- August 24, 2018

Aerial views of the blaze showed apparent damage to a large tent. Elon Musk, the company's CEO, said that there were no injuries or damage to the factory thanks to the " fast response " of the Fremont Fire Department. The incident is the latest in a series of fires at the Fremont facility, which suffered two minor fires in June alone. Tesla's Fremont factory houses roughly 10,000 employees, and is busy churning out Model 3 sedans at a rate of just over 5,000 vehicles per week. (more...)
Turkish lira falls after ratings downgrades Turkish lira falls after ratings downgrades
- August 24, 2018

The gauge has almost recouped the losses from last week caused by the plunge in Turkey's currency . The pan-European FTSEurofirst 300 index closed up 0.57 percent and MSCI's emerging markets index gained 1.15 percent. In a week without much economic data, investors turning their attention to central banks. Trump's comments come as the market prepares for the release of Federal Reserve policy meeting minutes on Wednesday and the annual Jackson Hole symposium for insights into the ... (more...)
SEC quashes more bitcoin ETF pitches in another blow to cryptocurrencies SEC quashes more bitcoin ETF pitches in another blow to cryptocurrencies
- August 24, 2018

SEC Commissioner Hester Peirce took to Twitter to announce the news on August 23. Known for being the leading provider of ETFs , ProShares first filed for the request in September 2017 and it has been revealed that the SEC has until August 23 to either approve or disapprove it. (more...)
S&P 500 Tiptoes to New Bull Market Record-Sort Of S&P 500 Tiptoes to New Bull Market Record-Sort Of
- August 24, 2018

Only an extremely unlikely single-day drop of 20% would prevent the new milestone being reached. Despite its long duration, this bull market actually wasn't as big in terms of overall gains as the 1990s one. And a strong second quarter earnings season coupled with some of the best economic growth in years fuels optimism about the market's future. For all the exuberance, some noted Wednesday that the current bull market's status isn't firmly cemented until the S&P 500 closes above its ... (more...)
Sears close 46 unprofitable stores, two located in Portland area Sears close 46 unprofitable stores, two located in Portland area
- August 24, 2018

Sears is continuing to evaluate its network of stores and "will make further adjustments as needed", their statement reads. Closing sales will begin as early as August 30. Among the closures is the last Sears store in Chicago, where the company was founded in 1892. According to CNN, Sears and Kmart merged in 2005. (more...)
Trump says market would 'crash' if he were impeached Trump says market would 'crash' if he were impeached
- August 24, 2018

Mr Manafort's convictions for eight charges of bank and tax fraud came minutes before Mr Cohen's admittance of guilt in what has been dubbed President Trump's "worst hour". Trump has denied the allegation, and Daniels is suing Cohen and Trump to void the non-disclosure agreement . You know, campaign violations are considered not a bit deal, frankly. (more...)
USA drops agriculture demand from NAFTA talks: Mexico farm lobby USA drops agriculture demand from NAFTA talks: Mexico farm lobby
- August 24, 2018

Trump has threatened to dump the 24-year-old accord if it is not reworked to the advantage of the United States. "We share the administration's overall goals of strengthening USA auto manufacturing and creating jobs and given the importance of NAFTA to USA industry we urge the negotiators to quickly complete the negotiations", added Blunt, whose group represents General Motors Co (GM.N), Ford Motor Co (F.N) and Fiat Chrysler Automobiles (FCHA.MI). (more...)
'Not thrilled': Trump criticises Fed chief for raising rates 'Not thrilled': Trump criticises Fed chief for raising rates
- August 23, 2018

Since Trump took office, the Fed has raised rates five times, including twice this year under Powell. "I'm not thrilled ", said the president, who himself appointed Powell to lead the central bank. Powell told NPR last month: "We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns". (more...)
SEC Rejects Bitcoin ETF Proposals From Direxion and ProShares
- August 23, 2018

The bitcoin market, the SEC claims, is too loosely structured and lacks protections against fraud and manipulation to merit an exchange traded fund or product. Similar language was also used in the GraniteShares rejection as well. The rejections come mere weeks after SEC commissioners completed a review on a proposed bitcoin ETF from investors Cameron and Tyler Winklevoss, whose multi-year effort was dashed after a majority of the SEC's commissioners backed up the agency's original ... (more...)
Trade minister urges United Kingdom to look beyond Brexit to be export 'superpower' Trade minister urges United Kingdom to look beyond Brexit to be export 'superpower'
- August 23, 2018

Trade Secretary Liam Fox on Tuesday urged Britain to look beyond Brexit as he unveiled the government's future strategy to become an " exporting superpower ". The International Trade Secretary said our competitors were discussing wider global issues while we talk about leaving the European Union , as he set out a plan to make Britain a "21st century exporting superpower ". (more...)
Bull market ignores White House turmoil to set new record
- August 23, 2018

Wall Street is widely considered to be in a bull market that started on March 9, 2009, when investors grappled with the global financial crisis that had vaporized over half of the US stock market's value. Wednesday's record is also debatable because Wall Street experts define bull and bear markets differently. Analysts have recently pointed to a variety of potential threats to the current bull market, including a global economic slowdown prompted by the myriad Trump-triggered trade conflicts. (more...)
Aramco listing plan halted, oil giant disbands advisors Aramco listing plan halted, oil giant disbands advisors
- August 23, 2018

President TrumpDonald John TrumpConsultant secures Democratic nomination in Wyoming House race Wyoming treasurer wins GOP gubernatorial nod, beating Trump-backed rival Trump to announce NAFTA "handshake" deal on Thursday: report MORE had vied alongside other financial centers to host the worldwide share sales in November of a year ago, The New York Times reported . (more...)
U.S. existing home sales hit two-year low as slump persists U.S. existing home sales hit two-year low as slump persists
- August 23, 2018

WASHINGTON-Sales of previously owned homes in July continued their longest downward slide in five years, as rising home prices and higher mortgage rates price more potential buyers out of the market. "Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market", NAR Chief Economist Lawrence Yun said in a statement. (more...)
Taxpayers in Scotland receive £1,600 per head more than the United Kingdom average Taxpayers in Scotland receive £1,600 per head more than the United Kingdom average
- August 23, 2018

Nicola Sturgeon has been urged to abandon her threat of a second independence referendum after official figures revealed that Scotland ran up a £13 billion deficit a year ago that was four times the size of the UK's. The Scottish Secretary, David Mundell, said that staying in the United Kingdom was worth an extra £1,900 per head to the people of Scotland, when the £300 per head less that they pay in taxes was factored in. (more...)
Jaitley back as Finance Minister after 3 month absence Jaitley back as Finance Minister after 3 month absence
- August 23, 2018

Jaitley returns at a time the government is faced with the problem of a weakening currency leading to challenges on the external sector front. However, with the economy facing some headwinds like a growing trade deficit, the falling rupee that touched 70 mark to a US dollar for the first time ever and higher crude prices, the government has come under some sharp attack from the Opposition, especially the Congress, over the handling of the economy. (more...)
Amid Struggling Sales, Lowe's Is Closing Orchard Supply Hardware Stores Amid Struggling Sales, Lowe's Is Closing Orchard Supply Hardware Stores
- August 23, 2018

The San Jose-based company, owned by Lowe's, has 4,000 employees and has almost 100 stores in California, Oregon and Florida. Employees were told of the shutdown on Tuesday. He reorganized the executive chart within 10 days of his arrival and now has made the big decision to shutter OSH. Ellison also said he was stopping $500 million worth of previously planned investments and would put the money in share repurchases instead. (more...)
Huge Pixel 3 Leak: See It Up Close Huge Pixel 3 Leak: See It Up Close
- August 23, 2018

Both phones are said to feature dual front cameras, but only a single lens on the back, according to Bloomberg . A listing found for these wayward Pixel 3 XL units states that there are 3 units left, each one priced at $2,000 Dollars. There's nothing on new software features other improvements; it's not clear if this is because the software on the phone isn't final or the leaker is holding back. (more...)
Peter Dutton Just Announced A New Challenge On Malcolm Turnbull's Leadership Peter Dutton Just Announced A New Challenge On Malcolm Turnbull's Leadership
- August 23, 2018

But new polling shows a Dutton government would crash at the election to Bill Shorten, with voters picking the Labor leader over the former home affairs minister. "In my view it would be in the interests of the Liberal Party and in the interests of the country for a partyroom meeting to be called swiftly for the issue of the leadership of the Liberal Party to be resolved", Senator Cormann added. (more...)
China trade war escalates with £16bn of new tariffs
- August 23, 2018

The United States and China escalated their acrimonious trade war on Thursday (Aug 23), implementing punitive 25 per cent tariffs on US$16 billion worth of the other's goods, even as mid-level officials from both sides resumed talks in Washington . (more...)
South Africa judicial inquiry into top-level state graft opens South Africa judicial inquiry into top-level state graft opens
- August 23, 2018

And he could end up implicating members of his own African National Congress ( ANC) party . South Africa has lauched a public inquiry to probe into alleged corruption under Jacob Zuma's administration as president. The hearings are expected to take up to two years. But on the first day of hearings presiding judge Raymond Zondo , the country's deputy chief justice , complained that the country's spy agency, which was seen as loyal to Zuma, was stalling the probe. (more...)

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