Business


Canada to stick to guns at NAFTA talks despite Trump pressure Canada to stick to guns at NAFTA talks despite Trump pressure
- September 06, 2018

A setback in the talks might momentarily "might give people a reason to beat their chests, but that's not going to produce increases in the economy", said Derek Burney, a top official in former prime minister Brian Mulroney's government in the 1980s and 1990s. (more...)
Jeff Bezos Donates $10 Million To A Nonpartisan Super PAC Jeff Bezos Donates $10 Million To A Nonpartisan Super PAC
- September 06, 2018

The PAC is backing 19 Democrats and 14 Republicans running for the House of Representatives this cycle. Bernie introduced legislation Wednesday aimed at Amazon , calling for higher taxes on the company and large corporations like it - Sanders even named it the BEZOS Act! Members are expected to abide by a pledge to put principles before politics, by demonstrating integrity, civility and courage. (more...)
China Threatens Retaliation if President Trump's New $200 Billion Tariffs Go Ahead China Threatens Retaliation if President Trump's New $200 Billion Tariffs Go Ahead
- September 06, 2018

Exports fell one per cent to US$211.1 billion, including record shipments of industrial supplies and petroleum , while sales of soybeans - subject to Chinese retaliatory tariffs - dropped by US$700 million. Similarly, PMI data for Guangdong showed that manufacturing in the southern province, which is at the heart of China's export industry, contracted in August for the first time in 29 months. (more...)
Goldman drops bitcoin trading plans for now
- September 06, 2018

According to Business Insider , Goldman Sachs has chose to drop its plan to start a trading desk for cryptocurrencies. Goldman Sach has explained that they are now focused more on other digital-coin services, such as a custody product. Cryptocurrency markets seemed to respond negatively to the news. The expectation of adoption by Wall Street has been a major theme for the cryptocurrency market for the a year ago, so any kind of updates on that can certainly move the prices. (more...)
Australia holds rates on hold at record low Australia holds rates on hold at record low
- September 06, 2018

These higher money-market rates have not fed through into higher interest rates on retail deposits. The board of the Reserve Bank of Australia, governed by Philip Lowe , voted to maintain the cash rate at 1.50 percent. The unemployment rate has fallen to 5.3 per cent, the lowest level in nearly six years. The vacancy rate is high and there are reports of skills shortages in some areas. (more...)
Toyota Recalls More Than 1 Million Vehicles Over Fire Risk Toyota Recalls More Than 1 Million Vehicles Over Fire Risk
- September 06, 2018

In the United States, the recall will cover approximately 192,000 examples of the 2016-2018 Toyota Prius , but it's unclear for now if there are build dates or anything these vehicles have in common. There are concerns that the wire could wear over time and generate a short circuit and, in rare cases, cause a fire, the automaker said. For all involved vehicles, Toyota dealers will check the engine wire harness assembly. (more...)
Volvo’s 360c Autonomous Concept Takes Aim At Long Distance Traveling Volvo’s 360c Autonomous Concept Takes Aim At Long Distance Traveling
- September 06, 2018

To accomplish these goals, Volvo has introduced a new "language" of exterior lights to communicate with others on the road through sounds, colors, and other visual elements, which is a similar idea to the somewhat creepy "eyes" that Jaguar has tested on driverless shuttles in the UK. (more...)
Elon Musk Is Now Calling a Cave Rescuer a 'Child Rapist' Elon Musk Is Now Calling a Cave Rescuer a 'Child Rapist'
- September 06, 2018

Chiang Rai is renowned for child sex-trafficking'. 'This has been going since July and he has not produced a scintilla of evidence. But Mr Unsworth told CNN the submarine was "just a PR stunt that had absolutely no chance of working". (more...)
Westpac to settle $35m fine for home loan breaches Westpac to settle $35m fine for home loan breaches
- September 06, 2018

The case, which was launched by ASIC past year, was due to go to trial in the Federal Court this week. For example, for a loan of $500,000 at 5.24% with a term of 30 years and a 10-year interest-only period, the assumed repayment using the incorrect method is $2,758 per month, whereas the actual repayment after the expiry of the interest-only period using the correct method is $3,366 per month. (more...)
Goldman Sachs shelves plans to build a crypto trading desk
- September 06, 2018

Goldman Sachs' decision to step back now may send a signal that crypto is not yet ready for mainstream finance, worrying investors. Goldman is consequently "focusing on other projects". In the upcoming days, it is likely that the price of Bitcoin will test the $6,000 support level and bottom out in the low $6,000 region. Such reduced volatility and high liquidity allow large investors to remove retail traders from the picture on the swings, and increase their own holdings via accumulation, ... (more...)
Finance Minister Arun Jaitley blames 'global' factors for fall in rupee Finance Minister Arun Jaitley blames 'global' factors for fall in rupee
- September 06, 2018

Indian currency opened higher by 13 paise at 71.62 per dollar versus 71.75 Wednesday. The Indian rupee's unabated fall continued for the sixth straight session on Wednesday , hitting yet another closing low of 71.75, down 17 paise against the USA currency as surging oil prices and weak trend in emerging market currencies weighed on sentiments. (more...)
Amazon India unveils Hindi website, app in battle with Flipkart Amazon India unveils Hindi website, app in battle with Flipkart
- September 06, 2018

With a view to make Amazon the ultimate shopping destination for the next 100 million Indians, the company has launched a Hindi website . It plans to launch the desktop version soon. To be sure, Snapdeal had in 2015 launched a mobile website in Hindi and Telugu and conducted pilot runs for 12 regional languages. Interestingly, Flipkart had announced the acquisition of Liv.ai, an artificial intelligence-led speech recognition start-up last month for an undisclosed amount. (more...)
After recovering initially, Indian Rupee hits new record low: 5 points After recovering initially, Indian Rupee hits new record low: 5 points
- September 05, 2018

Earlier, the rupee resumed higher at 71.43 against yesterday's closing level of 71.58 a dollar at the interbank foreign exchange market here. HDFC Bank Ltd and State Bank of India fell 1.1 percent and 3.3 percent, respectively, while consumer goods stock Hindustan Unilever Ltd dropped 2.8 percent to its lowest close since July 19. (more...)
JD.com CEO was accused of rape JD.com CEO was accused of rape
- September 05, 2018

Nasdaq-listed JD.com said in a statement Sunday that Liu was falsely accused while in the US on a business trip, and that police investigators found no misconduct and he would continue his journey as planned. JD.com did not immediately respond to a request for comment on the USA class action lawsuits. Since JD's listing in 2014, Liu has become one of China's richest and most influential men, with a net worth of about $7.9 billion, according to Forbes . (more...)
Mercedes takes on Tesla with fully-electric SUV Mercedes takes on Tesla with fully-electric SUV
- September 05, 2018

At the launch, it will compete directly with the Tesla Model X apart from the Taycan, I-Pace and e-tron. The vehicle also comes with a range of smart features including navigation that bases its calculation on the fastest route taking into account the shortest charging time , and the MBUX multimedia system - Mercedes-Benz User Experience - which has numerous EQ-specific functions such as the display of range, charge status and energy flow. (more...)
Iran moving Gulf oil terminal Iran moving Gulf oil terminal
- September 05, 2018

Bloomberg reported that Iran exported 2.1 million barrels per day (bpd) of oil in August, but analysts say USA sanctions could reduce sales to around 1 million bpd. This was the highest production has gone to for this year. Additionally, Iraq's exports to the south hit record highs. It is due to this high count of oil rigs that the U.S. (more...)
Asian friends pull off epic prank of Pearland McDonald's
- September 05, 2018

Maravilla's shenanigans, which have since gone viral, were the result of a realization that there were zero images of Asians on the walls at the particular McDonald's restaurant that they frequent. Maravilla found an old McDonald's shirt at Goodwill for $7 and dressed up as an employee. Then, with the help of their friends, Maravilla and Toledo hung the poster on July 13. (more...)
JD.com shares fall after CEO's arrest and release
- September 05, 2018

The Minneapolis p‌ol‌ic‌e department, however, has disputed the claim, saying that an investigation is ongoing and Liu was merely allowed to go free without bail or travel restrictions. "Negative publicity could also compromise JD.com's ability to attract worldwide brands to its marketplace, which has been a top focus of the CEO over the past two years or so", Sanderson said. (more...)
The South African economy is mouldy toast
- September 05, 2018

We don't expect their positive contribution to last. "However, with time this base effect will fall away and the agricultural industry will start to contribute positively again". GDP in the second quarter contracted by 0.7 percent compared to the first three months of the current year. In addition, a softer global environment and an uptick in emerging market turmoil on the back of Turkey, Argentina and Russian Federation, have impacted negatively on South Africa and dragged the growth ... (more...)
PM determined to build pipeline, tackle climate change despite court ruling PM determined to build pipeline, tackle climate change despite court ruling
- September 05, 2018

The government intends to move forward to get the pipeline expansion built "in the right way", the prime minister said Friday, indicating that the government accepts the Federal Court of Appeal's criticism of the approval process. "This decision reinforces our belief that the Trans Mountain Expansion Project must not proceed, and we tell the Prime Minister to start listening and put an end to this type of relationship". (more...)
South Africa stumbles into a recession South Africa stumbles into a recession
- September 05, 2018

The statistics show the economy contracted by 0.7 percent in the second quarter, led by declines in the agricultural, transport and retail sectors. "We think that South Africa still has a stay of execution until after the election next year, but that post the election, markets will start to price in a downgrade more explicitly", said Kim Silberman, analyst FirstRand Ltd.'s Rand Merchant Bank unit in Johannesburg. (more...)
Amazon becomes the country's second $1 trillion company Amazon becomes the country's second $1 trillion company
- September 05, 2018

Later on Tuesday, Amazon's market value dipped below the trillion-dollar mark again. The Amazon landmark comes about a month after Apple hit the $1 trillion level in early August. For context, the entire USA stock market - the sum of all publicly traded American companies, including Amazon - hit $30 trillion in January. The president frequently attacks Amazon founder and CEO Jeff Bezos, who also owns the Washington Post , and links the online retailer to the newspaper's White House ... (more...)
United States oil prices rise as Gulf oil rigs evacuated ahead of hurricane
- September 05, 2018

The sanctions will still hit hard, but sales overseas at those levels would cushion the impact for a ruling establishment rocked by a sharp depreciation in its currency and bubbling discontent over rising prices. Traders said Brent was also pressured by emerging market turmoil and the strong dollar, which makes crude imports for countries using other currencies more expensive. (more...)
Amazon hits $1 trillion market value milestone Amazon hits $1 trillion market value milestone
- September 04, 2018

Achieving the valuation marks the latest chapter in an astonishing story of growth for the company, founded by businessman Jeff Bezos in Seattle, Washington, in 1994. The share price has since dropped down, so the company was only valued at $1 trillion for a brief few minutes. "The difference between the two is that Amazon has room to grow within its two main businesses". (more...)
'India to buy Iranian oil despite sanction threat'
- September 04, 2018

Brent crude, the global benchmark, was up 0.58% to $78.09 a barrel on London's Intercontinental Exchange. China's targeting of natural gas and oil products for tariffs is a special rebuke aimed at the USA and cutting back on oil imports from the United States weakened Crude market even further. (more...)
Johnson steps up criticism of May’s Brexit plan Johnson steps up criticism of May’s Brexit plan
- September 04, 2018

The Sunday Times has revealed that May's aides have had talks with civil servants about whether to call a general election if her Brexit deal is voted down by MPs. "But we would get through it and go on to thrive". Crosby's powerful campaign company CTF Partners is said to be in close contact with the European Research Group (ERG) of Brexit hardliners run by Jacob Rees-Mogg to coordinate with Change Britain, a group set up to argue for a hard Brexit, and turn it into a guerilla campaign ... (more...)
Turkish lira tumbles another 5% as deputy bank chief steps aside Turkish lira tumbles another 5% as deputy bank chief steps aside
- September 03, 2018

No one was immediately available at either bank for comment on Thursday , a public holiday in Turkey. The central bank has defied pressure to hike interest rates despite the lira crash and inflation that has surged to nearly 16%. This should open the way for Erdogan to choose a figure of his own choosing as new deputy governor. The financial crisis in Turkey has driven up the cost of fuel and food and increased concern about the risk to banks and the broader economy. (more...)
White Sasol employees to strike from Monday White Sasol employees to strike from Monday
- September 03, 2018

The Solidarity Union has 6,300 members in Sasol's South African operations and says it is unfair that only black employees are eligible to receive the shares. "Nedlac refused to give permission, therefore Solidarity intends to go to court next week to take Nedlac's decision under review", he said. "Their obsession with perpetuating racial polarisation does nothing towards advancing our forward momentum as a nation". (more...)
Policy Under Raghuram Rajan Slowed Growth, Says NITI Aayog Vice Chairman Policy Under Raghuram Rajan Slowed Growth, Says NITI Aayog Vice Chairman
- September 03, 2018

Earlier, Manmohan Singh said the economy is on a "downhill path" because of the "adventure" of demonetisation, which was not required at all, either technically or economically. "The growth was declining because of the rising NPAs [non-performing assets] in the banking sector". In some cases with the MSMEs, their credit shrank in a negative way. (more...)
Instagram influencer and model Sinead McNamara found dead on billionaire's yacht Instagram influencer and model Sinead McNamara found dead on billionaire's yacht
- September 03, 2018

McNamara, who hailed from Sydney , arrived in Greece in mid-June after traveling to Bermuda, Bali and the Whitsunday Islands in Australia . The boat was owned by Mr Bailleres, 87, who owns Mexico's second-largest mining company, but he was reportedly not on board at the time of McNamara's death. (more...)

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