Finance

Turkey Hits Back at Macron Over French Magazine Cover With "Dictator" Erdogan

Turkey Hits Back at Macron Over French Magazine Cover With Erdogan has announced interest rates as "the biggest evil" that has raised concerns in the financial sector. Rather than using "unconventional" tools such as the facility for late liquidity provision as a roundabout way to control rates, the bank has designated the one-week repo rate as Turkey's key policy rate. [Full Article...]

Deutsche Bank CEO Says Staff Are ‘Sick and Tired’ of Bad News

On Thursday, it emerged that the US Federal Reserve had determined Deutsche's vast US business was in "troubled condition" - raising further questions about risk levels at the bank. It has since recovered to a cash price of 93.167 and a yield of 8.1 percent; still almost double this year's low in January. Sewing said the bank's credit and market risk levels had rarely been so low, speculatio... [Full Article...]

Chick-fil-A restaurant in CA will pay employees $17 an hour

Chick-fil-A restaurant in CA will pay employees $17 an hour They now make $12.50 to $13 an hour. The company is creating a work environment that will help bolster an individual's ability to "raise a family", and "improve their lifestyle", whilst stating how "the people are the real key to a successful business". [Full Article...]

Canada Imposes Retaliatory Tariffs On US Imports

Canada Imposes Retaliatory Tariffs On US Imports President Donald Trump had originally imposed the tariffs in March, saying a reliance on imported metals threatened national security. Some observers say a G6-plus-one scenario is already shaping up, with Trump as the outlier. Brazil, Argentina and Australia have agreed to limit steel shipments to the U.S.to avoid tariffs . But import taxes remain on steel and aluminum imports from Japan. [Full Article...]

OECD: Trade friction poses risk to global economy

OECD: Trade friction poses risk to global economy OECD Secretary-General Angel Gurria says policy actions in one major economy are more than ever likely to be felt strongly in the rest of the world. The Organization for Economic Co-operation and Development (OECD) increased its GDP economic growth prediction for Chile for 2018 from 2.8 to 3.6 percent, it announced on Wednesday. [Full Article...]

Italy’s Cottarelli opens door to possible euroskeptic government

Italy’s Cottarelli opens door to possible euroskeptic government The mere prospect of Italy exiting the eurozone sent stocks in the USA and Europe spiraling lower. And some of it is held by foreign banks, so if Italy left the eurozone, all that debt would suddenly be worth a lot less. ENERGY: Oil futures resumed tumbling after taking their worst losses in months on Friday, battered by reports that OPEC countries and Russian Federation could start pumping mor... [Full Article...]

China cuts import duties on some consumer goods

China cuts import duties on some consumer goods The White House issued a second statement listing the details of many complaints against China, including dumping of goods into the USA market at below market value, high tariffs and overcapacity - likely referring to steel and aluminum, which are subject to another set of harsh USA tariffs. [Full Article...]

Trump to impose steel, aluminium tariffs on EU

Trump to impose steel, aluminium tariffs on EU The UK and other European Union countries are close allies of the USA and should be permanently and fully exempted from the American measures on steel and aluminium'. Jean-Claude Juncker, president of the European Commission, said the bloc would move ahead with tariffs that are expected to affect roughly $7.5 billion worth of U.S. [Full Article...]

Starbucks across country close Tuesday for racial bias training

Starbucks across country close Tuesday for racial bias training The training was personal, asking workers to break into small groups to talk about their experiences with race. "I think it's excellent that Starbucks is doing it, because its already a corporation that has a lot of diversity in its staff but they have to be able to project that across the country and not just in a city like NY", said Martin Walker, of Manhattan. [Full Article...]

Steel, aluminum names broadly higher as U.S. imposes tariffs

Steel, aluminum names broadly higher as U.S. imposes tariffs German Chancellor Angela Merkel said the European Union would give a "smart, determined and jointly agreed" response to new U.S. tariffs that she said would break World Trade Organization rules. Tariffs on steel and aluminum imports to the USA can help local producers of the metals by making foreign products more expensive. The White House said in a statement Thursday that those tariff... [Full Article...]

Waymo Has Ordered Way Mo' Self-Driving Chrysler Minivans

Waymo Has Ordered Way Mo' Self-Driving Chrysler Minivans The companies are also in early discussions about using Waymo's technology in FCA cars to be sold in retail. Waymo, Alphabet's self-driving vehicle company (formerly under Google ), has been using modified vans for years to privately test its autonomous tech. [Full Article...]

Foreign affairs minister heads to Washington as NAFTA hangs in balance

Foreign affairs minister heads to Washington as NAFTA hangs in balance Chrystia Freeland will hold NAFTA meetings in the US capital May 29-30, according to a statement from her office. Freeland told reporters she and Lighthizer mainly discussed how to rewrite NAFTA rules on the auto sector, as well as the Trump administration's threat to include Canada among countries targeted by tariffs on steel and aluminum imports, adding she also spoke with her Mexican counte... [Full Article...]

India's GDP grows at 7.7 per cent in Q4 2017-18

Moody's on Wednesday slashed India's GDP growth forecast to 7.3 per cent in 2018, from previous forecast of 7.5 per cent due to higher oil prices and tighter financial conditions. "There has been some downward revision by Moody's and others taking oil prices into consideration, but there is no one to one relation between oil price and GDP growth", Garg told reporters here. [Full Article...]

Bombardier launches two new business jets

Bombardier launches two new business jets The entry into service of these new aircraft is expected by the end of 2019. The Global 6500 and 5500 are the business aviation launch application of the Rockwell Collins combined vision system, which merges infrared enhanced vision and synthetic vision system imagery into a single conformal view. [Full Article...]

Stocks end sharply lower as Italy worries trigger global equity selloff

Stocks end sharply lower as Italy worries trigger global equity selloff The S&P 500 fell 1.1 percent, while the Nasdaq composite fell 0.5 percent. The Russell 2000 index leaped 17 points, or 1.1 percent, to 1,640, which put the index on pace for another record close. The Dow Jones Industrial Average tanked almost 400 points on Tuesday as turmoil over a political crisis in Italy triggered fears that it could spread to financial woes throughout Europe . [Full Article...]

10 lakh bank employees to go on two-day strike from today

10 lakh bank employees to go on two-day strike from today In the case of public sector banks the strike call was known well ahead. Conciliation efforts by the Indian government failed to convince bank unions to call off the protest. "There are about 85,000 branches of 21 public sector banks across the country, having a business share of about 70 percent", Tabb said. Operations in the new-generation private banks such as ICICI Bank, HDFC Bank and Axis B... [Full Article...]

Trump Wants Mercedes-Benz Off American Streets And He's Playing Hardball

Trump Wants Mercedes-Benz Off American Streets And He's Playing Hardball TheWirtschaftswoche report did not say what trade barriers Trump planned to use to lock German cars out of the US market. The publication cited several unnamed diplomats from the United States and Europe as the sources for its story. The trade policy would seemingly affect any German automaker, though, putting sales of Porsche and Volkswagen (and its Audi luxury division) at risk as well as ... [Full Article...]

US stocks close lower amid Italy uncertainty, bank sector losses

While the S&P 500 and Nasdaq recovered Tuesday's losses and then some, smaller and more USA -focused companies did ever better as investors continued to worry about trade. Those countries cut production at the start of 2017, which helped take USA crude from about $50 a barrel in late 2016 to more than $70 this month. Its first-quarter report was better than expected thanks in part to strong onli... [Full Article...]

Asian shares fall sharply as Italian crisis hits world markets

Asian shares fall sharply as Italian crisis hits world markets As the end of its worst day since April 24 in terms of percentage, the Dow Jones index slipped almost 400 points, or 1.6%, depressed over political uncertainty in Italy and a new round of trade tensions between the USA and China. "The reprieve will allow the markets to return their focus back on fundamentals, such as Friday's U.S. nonfarm jobs report". MSCI's broadest index of Asia-Pacific s... [Full Article...]

US slams EU, Canada and Mexico with steel, aluminum tariffs

U.S. President Donald Trump is placing steel and aluminum tariffs on Canada, effective midnight tonight. Trump invoked a 1962 trade law to erect protections for USA steel and aluminium producers on national security grounds, amid a worldwide glut of both metals that is largely blamed on excess production in China. [Full Article...]


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