Finance

Pakistan reiterates 'strong support' for Turkey after United States sanctions

Pakistan reiterates 'strong support' for Turkey after United States sanctions On Friday the relentless slide turned into a crash: the lira dropped as much as 18 per cent, hitting USA and European stocks as investors took fright over banks' exposure to Turkey . It's been a rough few days in the world's emerging markets, led by a currency crisis in Turkey . At one point, the lira hit an all-time low of more than 7.2 against the us dollar . [Full Article...]

Tesla's CEO Elon Musk sued for fraud

Tesla's CEO Elon Musk sued for fraud He is yet to back up his claim that he has financing for the transaction. The revelation comes days after Musk's claim in an August 7 Twitter post that financing for a deal to take Tesla private had been "secured". The group's Vision Fund - an nearly $100 billion pool of capital dedicated to investing in the industry - has recently invested in coworking company WeWork Co. [Full Article...]

Suicidal US pilot says he's 'broken', has 'loose screws'

Suicidal US pilot says he's 'broken', has 'loose screws' He was in contact with air traffic controllers and described himself as a "broken guy" with "a couple of screws loose". "NORAD fighters were working to redirect the aircraft out over the Pacific Ocean when it crashed on the southern tip of Ketron Island in the southern end of Puget Sound", NORAD said in a statement . [Full Article...]

Tesla and Elon Musk hit by fresh lawsuits over stock rigging claims

Tesla and Elon Musk hit by fresh lawsuits over stock rigging claims In one of the lawsuits, the plaintiff Kalman Isaacs said Musk's tweets were false and misleading, and together with Tesla's failure to correct them amounted to a "nuclear attack" created to "completely decimate" short-sellers. Musk has not offered evidence that he has lined up the necessary funding to take Tesla private, and the complaints did not offer proof to the contrary. [Full Article...]

USA additional steel tariffs on Turkey to begin August 13

USA additional steel tariffs on Turkey to begin August 13 Wider concerns about President Erdogan's expanding powers, especially over monetary policy , have taken chunks out of the value of lira this year. Turkey's currency crisis spilled loudly on to the global stage Friday as other markets, including U.S. [Full Article...]

Mike Ashley and Philip Day ready to do battle over Debenhams

Mike Ashley and Philip Day ready to do battle over Debenhams House of Fraser which was controlled by Chinese conglomerate Sanpower prior to the Sports Direct buyout announced its intention to enter administration. Bidders for the ailing department store chain were told to submit final offers on Thursday morning, with creditors working late into the night to thrash out a deal. [Full Article...]

Telecom lifts Nasdaq, Dow and S&P close with modest losses

Telecom lifts Nasdaq, Dow and S&P close with modest losses The VIX Volatility Index was higher at 13.20 for a gain of 1.93 points or 17.13%. At 9:50 a.m. EDT the Dow Jones Industrial Average was down 14.63 points, or 0.06 percent, at 25,569.12, the S&P 500 was unchanged at 2,857.70 and the Nasdaq Composite was up 11.39 points, or 0.14 percent, at 7,899.72. [Full Article...]

Seattle Airport Employee Takes Off In Stolen Plane, Crashes Nearby

Seattle Airport Employee Takes Off In Stolen Plane, Crashes Nearby During the ordeal, the self-proclaimed pilot could be heard on audio recordings telling air traffic controllers that he is "just a broken guy ". The aircraft then crashed into Ketron Island , 40 km to the southwest of the Seattle/Tacoma Airport. [Full Article...]

The SEC Is Intensifying Its Probe of Tesla

The SEC Is Intensifying Its Probe of Tesla The SEC on Wednesday asked Tesla whether one of CEOElon Musk's tweets about the possibility of taking the company private was truthful, The Wall Street Journal reported . Nearly everything about the deal is outlandish, from Musk's out-of-the-blue disclosure in a nine-word tweet to the assertion that he has lined up adequate financing to a buy a company that seems to burn through cash faster tha... [Full Article...]

'Suicidal Male' Steals Plane And Crashes After 'Unauthorized Takeoff' From Sea-Tac

'Suicidal Male' Steals Plane And Crashes After 'Unauthorized Takeoff' From Sea-Tac SeaTac Airport was temporarily grounded amid a security threat. Military jets had been scrambled to chase the plane, according to the Times . "We might get lucky and find them pretty quick - we may be out there all day". "I want to share how incredibly sad all of us at Alaska are about this incident. I was hoping that was going to be it, ya know". The FBI is investigating the weird incident... [Full Article...]

Chinese state media accuse US of ‘mobster mentality’, vow to fight tariffs

Chinese state media accuse US of ‘mobster mentality’, vow to fight tariffs They are the highest-value variety meat item the USA exports to China. US-made condoms are among the latest items Beijing is threatening to include on its US$60 billion list of American products to be hit by tariffs. They are meant to protect homegrown businesses and put foreign competitors at a disadvantage. On Wednesday, official data from China showed US imports of LNG fell to their lowest ... [Full Article...]

Pantera Capital CEO Thinks Crypto Investors Are Overreacting to Bitcoin News

Pantera Capital CEO Thinks Crypto Investors Are Overreacting to Bitcoin News Over $9 billion has been completely erased from the cryptocurrency space, and it appears bitcoin isn't alone in its descent. Should the SEC give the trading of SolidX Bitcoin shares the nod, it's regarded as a notable step forward in mainstream acceptance of cryptocurrencies , although there's still clearly a lot of road ahead. [Full Article...]

Chemical giant Monsanto ordered to pay cancer damages

Chemical giant Monsanto ordered to pay cancer damages A Californian jury ruled that Monsanto knew its Roundup and Rangerpro weedkillers contained harmful glyphosates that are risky to the public - and had failed to warn consumers of the health risks it presented. Furthermore, the jury found Monsanto officials acted with "malice and oppression" in their selling of the product despite its risks being known. That was enough for the World Health Organi... [Full Article...]

Ryanair strike: One in six flights cancelled in pilot walkout

Ryanair strike: One in six flights cancelled in pilot walkout A spokesman said that despite the walkouts, 85% of Ryanair's scheduled flights, more than 2,000, would operate as normal. But Ryanair, in a statement said "there will be no cancellations (of flights to and from the Netherlands) as a result of the unnecessary strike action by the Dutch pilot union". [Full Article...]

President Trump Authorizes Doubling of Steel and Aluminum Tariffs on Turkey

President Trump Authorizes Doubling of Steel and Aluminum Tariffs on Turkey President Donald Trump escalated a feud with North Atlantic Treaty Organisation ally Turkey by doubling tariffs on metals imports. The lira slid to a fresh record low against the USA dollar. Further downside for the lira and weakness in domestic bank bonds could accelerate the withdrawal of wholesale funding in an economy which needs to attract overseas capital. [Full Article...]

Further US sanctions would be 'declaration of economic war': Medvedev

Further US sanctions would be 'declaration of economic war': Medvedev Sergei Skripal is a former Russian military office who was convicted of spying for Britain. Senior lawmaker Konstantin Kosachev, the chairman of the foreign affairs committee in the upper house of the Russian parliament, accused the USA of behaving like a 'police state, threatening and torturing a suspect to get evidence'. [Full Article...]

New York To Cap Uber, Lyft And Other Ride-Hail Services

New York To Cap Uber, Lyft And Other Ride-Hail Services Uber and Lyft users might have to wait a bit longer for a ride when the cap is put in effect - or they could just walk to the curb and lift up an arm, like we all used to. The company said it would also reach out to vehicle owners with existing for-hire licenses and try to recruit them to work for Uber. In a statement, Lyft decried the measure's passage - arguing the cap would make hailing a ... [Full Article...]

Trump vows to impose tariffs on more Chinese goods

Trump vows to impose tariffs on more Chinese goods So far, the USA and China have used a tit-for-tat strategy that has involved answering one country's increased tariffs with the other country boosting the amount too. "Additional trade war bickering could destroy the business models for many vehicles". However, the USA imports far more from China than it exports to it, meaning Beijing may at some point need to look for other means of retaliation... [Full Article...]

Snapchat’s Controversial Redesign Blamed for Loss Millions of Active Users

Snapchat’s Controversial Redesign Blamed for Loss Millions of Active Users The disappointing user numbers came as Snapchat faces mounting competition from Instagram. Saudi Arabia's Prince Alwaleed bin Talal has bought a 2.3% stake in Snap - the company behind Snapchat - for $250m (£193m). That 188 million daily active user number is 8 percent higher than this time a year ago, and CFO Tim Stone said that monthly active users are now up to 100 million in United Sta... [Full Article...]

WTI Crude Oil and Natural Gas Forecast August 9, 2018

WTI Crude Oil and Natural Gas Forecast August 9, 2018 All countries must stop importing Iranian oil by then, the State Department said in June, or face sanctions. The crude oil imports maintained the same levels during the last two weeks. Looking ahead to 2020-21, Della Vigna anxious that the impacts of the slowing pace of new projects will start to be felt, and US shale will begin to decline; however, he said now is a ideal opportunity for "bi... [Full Article...]


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