Business

Is Powell signalling end of Fed's tightening cycle?

ET. In his speech, Powell noted that interest rates remain "just below" the so-called neutral range, the level that central bankers believe will neither accelerate nor halt economic growth. President Donald Trump stepped up attacks on Powell for rate hikes Trump sees as undercutting his economic and trade policies, telling the Washington Post just yesterday that he is "not even a little b... [Full Article...]

Xi Open to Blessing Qualcomm-NXP Deal if Presented Again, US Says

Xi Open to Blessing Qualcomm-NXP Deal if Presented Again, US Says The Chinese government's official statement released following the talks did not mention a discussion of the Qualcomm deal, however. "Restarting the acquisition of NXP will help Qualcomm effectively disperse future operational risks without betting fully on smartphones", said Yao, adding that he believes the restart of the NXP deal should still be under consideration at Qualcomm despite its asse... [Full Article...]

White House contradicts Trump, says there's no deal with China

White House contradicts Trump, says there's no deal with China Earlier on Tuesday, Treasury Secretary Steven Mnuchin also raised the prospect of the deadline extension. Late Sunday, Trump tweeted that "China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Larry Kudlow, the White House's top economic adviser, said he couldn't speak to the reason why Beijing didn't include a timeframe in its own statement following the leader... [Full Article...]

Meat packer expands beef recall to 12M pounds over Salmonella outbreak

Meat packer expands beef recall to 12M pounds over Salmonella outbreak A nationwide beef distributor based in Arizona is recalling more than 12 million pounds of beef that may be contaminated with salmonella , according to the U.S. FSIS said there was a concern that some product may be frozen and in consumers' freezers. Consumers with affected products should throw them away or return them to the place of purchase. [Full Article...]

Quora says 100M users hit by security breach

Quora says 100M users hit by security breach Anonymously authored questions and answers were reportedly not affected by the breach , and the company said it doesn't store information from anonymous users. Quora relies on the website traffic that comes from people searching questions in their browsers. Users affected by the breach should receive an email with information. [Full Article...]

Trump to terminate NAFTA agreement

Trump to terminate NAFTA agreement President Trump said he will give Congress an ultimatum on the USMCA deal. Congressional Democrats , including Nancy Pelosi, who is in line to become Speaker of the House in January, have criticized the proposed NAFTA replacement as not going far enough to protect the environment or workers in the U.S. [Full Article...]

China trade war begins to thaw as new tariffs halted

China trade war begins to thaw as new tariffs halted The White House's official statement says nothing of the sort; it only says the USA will hold negotiations with China on the latter's " forced technology transfer , intellectual property protection , non-tariff barriers, cyber intrusions and cyber theft, services and agriculture". [Full Article...]

Oil prices increase amid concerns about potential supply cuts

Oil prices increase amid concerns about potential supply cuts Brennock went on to predict that "Against this backdrop, the most likely outcome of next week's OPEC meeting is a fudge: Russian Federation and Saudi Arabia will agree to curb production, but by less than is needed to prevent a supply imbalance in early 2019". [Full Article...]

Qatar pulls out of Opec to focus on gas production

Qatar pulls out of Opec to focus on gas production Qatar is the world's largest LNG exporter and al-Kaabi says the country wants to increase its output from 77 million standard cubic feet daily to 110 million scuf. Amrita Sen, chief oil analyst at consultancy Energy Aspects, told Reuters that Doha's withdrawal "doesn't affect OPEC's ability to influence, as Qatar was a very small player". [Full Article...]

Brits Prefer Remaining in European Union or Hard Brexit Over PM May's Deal

Brits Prefer Remaining in European Union or Hard Brexit Over PM May's Deal Brexiteers have accused the government of betraying the 2016 referendum, as the deal could see the United Kingdom locked in the EU customs union long after the article 50 deadline. May warned that the country would not prosper if politicians did not unite around her plan, and said rebel Tory MPs would leave Britain divided if they went against her in the upcoming meaningful vote. [Full Article...]

G20 leaders agree on summit statement that's tough on trade

G20 leaders agree on summit statement that's tough on trade It was unlikely that the two countries would reach a full-blown resolution in Buenos Aires; the issues that divide them are just too hard. Before sitting down for dinner with Xi, Mr Trump said Air Force One will be sent to Houston to retrieve the casket of President HW Bush, who died Saturday, and bring it to Washington. [Full Article...]

Argentina takes issue with the United States on China comments at G20 - global

In tweets on Thursday afternoon, US President Donald Trump abruptly called off a planned meeting with Russian President Vladimir Putin over Russia's seizure of Ukrainian navy ships in disputed waters off the Crimean peninsula on Sunday. [Full Article...]

Powell Comments Suggest Fewer Rate Hikes Next Year

Powell Comments Suggest Fewer Rate Hikes Next Year Stocks and interest-rate futures jumped, even while economists wrestled to interpret whether Powell meant to send a message or was simply misunderstood. "What do you do?" said Powell in NY. Paul Ashworth, chief US economist at Capital Economics, said he expects two rate hikes in 2019, not the three the Fed has been projecting for next year. [Full Article...]

Oil prices firm ahead of G20 meeting, but rising supply curbs gains

Oil prices firm ahead of G20 meeting, but rising supply curbs gains Saudi Arabia led suppliers to cut production two years ago to curb a glut, then reversed course in June on concerns that U.S. sanctions on Iran could create a shortage. Putin praised Saudi Crown Prince Mohammed Bin Salman on Wednesday and said Moscow is ready to cooperate further. America, with OPEC and Russian Federation, seems to be working towards keeping oil in the $50 range globally, which ... [Full Article...]

Hundreds of GM workers gather in solemn prayer in Ohio

Hundreds of GM workers gather in solemn prayer in Ohio He added that his administration was "looking at cutting all GM subsidies, including for electric cars". "It's very unusual for federal policy to single out one company for different treatment than another company", said Kristin Dziczek, vice president of industry, labor and economics for the Center for Automotive Research in Ann Arbor, Michigan. [Full Article...]

Deutsche Bank DBK share price falls as offices raided by police

Deutsche Bank DBK share price falls as offices raided by police The investigation is separate from another money laundering scandal surrounding Danish lender Danske Bank , in which Deutsche Bank has a role. The papers were from the Panamanian law firm Massack Fonseca, reported to be one of the world's biggest creators of shell companies. [Full Article...]

Trump’s administration ‘close’ to make trade deal with China

Trump’s administration ‘close’ to make trade deal with China The trade war between the two economic giants may possibly even escalate. The Trudeau government is also expecting the October murder of Saudi journalist Jamal Khashoggi to be raised at the G20, given the attendance of Saudi Arabia's Crown Prince Mohammed bin Salman. [Full Article...]

US Army soldiers will soon wear Microsoft's HoloLens AR goggles in combat

US Army soldiers will soon wear Microsoft's HoloLens AR goggles in combat Before the contract was finalized, several Microsoft employees wrote an open letter urging the company not to bid on the military's "Project JEDI". Tensions: The deal is more good news for Microsoft, which overtook Apple as the world's most valuable company yesterday. [Full Article...]

GM to close North American plants in major overhaul

GM to close North American plants in major overhaul I suppose, in hindsight, we should have seen this coming. GM also said Monday it will close two unidentified assembly plants outside of North America by the end of next year. She added that the largest USA automaker is "taking these actions now while the company and economy are strong, to stay ahead of fast-changing industry and market conditions". [Full Article...]

Stocks surge on hint of slower rate hikes

Stocks surge on hint of slower rate hikes Trump on Tuesday again blasted his hand-picked chief of the U.S. central bank, saying he was "not even a little bit happy" with his selection of Powell. And, when presidents do criticise the Fed, they only tend to do it once they have left office. In the question-and-answer period following his speech , the Fed chairman agreed with the consensus view that monetary policy's goals should remain foc... [Full Article...]


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