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Economy

Some analysts said that USA tax cuts passed a year ago by Congress which are boosting corporate earnings and economic growth have reinforced the reasons for raising interest rates. It has gained some support from the announcement late on Wednesday of a Qatari pledge to invest US$15 billion in Turkey. The lira plunged as much as 18% at one point on Friday - the biggest one-day drop since Turkey's 2001 financial crisis - as US President Donald Trump announced he had doubled steel and ...
  • Trump Doubles Tariffs On Steel, Aluminum From Turkey

    Trump Doubles Tariffs On Steel, Aluminum From Turkey

    Economy

    If not, rumours about possibly imposing capital controls on worldwide transfers and even a potential IMF assistance program will continue to grow and likely lead to further pain for the Turkish Lira . USA lawmakers in both parties have expressed outrage in recent years as Erdogan expands his power over the Turkish government while purging political rivals and journalists.
  • China Reveals Plan to Tax $60 Bn Worth American Goods

    China Reveals Plan to Tax $60 Bn Worth American Goods

    Economy

    As the numbers were released, Beijing warned it was ready to impose new tariffs on $60 billion in American products if Trump pressed ahead with plans to hit another $200 billion in Chinese goods with steep punitive duties. The Chinese side seem to be seeking to match that ratio with the new proposals. China on Friday announced its decision to impose additional tariffs of four different rates on 5,207 items of imported US products worth 60 billion USA dollars.
  • Facebook accused of asking banks for financial information about its users

    Facebook accused of asking banks for financial information about its users

    Economy

    The petition, which went out to numerous largest banks across the country, is sure to draw criticism from many interested in retaining data privacy , particularly in an area as sensitive as personal finance . Bancorp, said in an emailed statement. "The Messenger chatbot pilot was created to be a short-term study to learn as much as possible about how conversational banking capabilities can improve our customer experience, and to learn about delivering banking information using AI", Wells ...
  • Employment overall lags, while trucking adds 4400 jobs in July

    Employment overall lags, while trucking adds 4400 jobs in July

    Economy

    The Labor Department released the latest jobs numbers this morning, revealing that the economy added 157,000 jobs in July , while the unemployment rate dipped to 3.9 percent. Increased labor market churn will place upward pressure on wages. Monthly payroll gains of around 100,000 or even as low as 80,000 are seen as sufficient to push down the unemployment rate over time.
  • Iran conducts naval exercise in Gulf

    Iran conducts naval exercise in Gulf

    Economy

    Francis Fannon, U.S. assistant secretary of state for the Bureau of Energy Resources, was recently in China to discuss sanctions, Bloomberg said , citing a U.S. Last month, USA officials familiar with the matter said the Trump administration had launched a communications campaign to foment unrest and put pressure on Iran to end its nuclear programme and its support of armed groups.
  • Trump administration ups ante in trade fight with China

    Trump administration ups ante in trade fight with China

    Economy

    China's foreign ministry called this "blackmail" and warned that policies like this would "only produce the opposite of the desired result". Foreign Ministry spokesman Geng Shuang told a daily news briefing in Beijing that USA pressure on trade won't work, and that Beijing has always upheld using dialogue to resolve trade issues.
  • Tax-Free Weekend in Texas Is Coming Up

    Tax-Free Weekend in Texas Is Coming Up

    Economy

    Clothing items up to $75 each and school supplies or instructional materials up to $20 each will be free of taxes if purchased during this weekend. That includes binders and calculators, and construction paper, poster board, glue and scissors for those school projects. Hollenbeck expects that 70 percent or more Ohioans or more will be shopping this weekend.
  • Apple becomes first company to hit $1 trillion market cap

    Apple becomes first company to hit $1 trillion market cap

    Economy

    Its shares remained close to the record $207.05 throughout the day. SAN FRANCISCO-Apple Inc. became the first $1-trillion publicly listed U.S. company on Thursday, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
  • Tesla posts Q2 earnings: Revenue hits all-time high of $4 billion

    Tesla posts Q2 earnings: Revenue hits all-time high of $4 billion

    Economy

    Shares were up 11% in extended trading Wednesday. "Having achieved our 5,000 per week milestone, we will now continue to increase that further, with our aim being to produce 6,000 Model 3 vehicles per week by late August". "Due to the density of the line and the relatively high downtime of the lifters, ramping [main general assembly line] GA3 became substantially more complicated than we had anticipated", the company noted.
  • Turkish Lira skids past 5 to the dollar on USA sanctions news

    Turkish Lira skids past 5 to the dollar on USA sanctions news

    Economy

    Ankara on Wednesday threatened to retaliate after Washington imposed sanctions on Turkey's justice and interior ministers over the case of an American pastor as it warned the actions could damage ties. He is accused of acting on behalf of two groups deemed by Turkey to be terrorist organisations - the movement led by US-based Muslim preacher Fethullah Gulen who Ankara says was behind the 2016 coup bid and the outlawed Kurdistan Workers' Party (PKK).
  • Trump, top European leader agree to work toward zero tariffs

    Trump, top European leader agree to work toward zero tariffs

    Economy

    Trump also said the European Union had agreed to buy "a lot of soybeans" and increase its imports of liquefied natural gas from the U.S. And the two agreed to resolve a dispute over U.S. The president campaigned on a vow to get tough on trading partners he accuses of taking advantage of bad trade deals to run up huge trade surpluses with the US.
  • Facebook CEO's one day loss is nearly Nigeria's budget in 2017

    Facebook CEO's one day loss is nearly Nigeria's budget in 2017

    Economy

    He said that it stemmed from various federal securities law violations by the company. Though the company boasts a massive 2.23 billion users, the growth in active daily users has fallen from 17% previous year, to 11%. Thursday's plunge also brought bad news to Zuckerberg as he hit the bottom line. For numerous world's richest people, most especially Africa's billionaires, losing $16.8 billion in a day would be a wipeout.
  • FACEBOOK FAIL: Zuckerberg Loses $16 BILLION in FIVE MINUTES as Shares PLUNGE

    FACEBOOK FAIL: Zuckerberg Loses $16 BILLION in FIVE MINUTES as Shares PLUNGE

    Economy

    The report, which marked Facebook's first full quarter since the Cambridge Analytica scandal , startled investors with a bevy of red flags about setbacks to its revenue and user growth. And despite a number of concerns, including the trade tensions surrounding the United States and its largest trading partners as well as the Federal Reserve's increases in interest rates, the S&P 500 is up more than 6 per cent this year and is only about 1 per cent below its high hit on January 26.
  • United Kingdom heatwave: Rain and wind warning issued for Wales

    United Kingdom heatwave: Rain and wind warning issued for Wales

    Economy

    The UK could experience its hottest day ever on Friday and is likely to set a new record for the highest July temperatures, the Met Office has announced. Heavy rain and thunderstorms in the small hours of tomorrow will continue to bring the temperature down, making for a slightly cooler and rainy weekend in the capital, with some sunny intervals.
  • Federal aid to Iowa farmers provides 'short-term fix... not a long-term solution'

    Federal aid to Iowa farmers provides 'short-term fix... not a long-term solution'

    Economy

    The deal involved the European Union importing more US soybeans, lowering industrial tariffs and working on an agreement to import more liquified natural gas (LNG) from America, according to a Dow Jones report. " Dear Donald, let us remember our common history ", a message written on the photo said, according to Juncker. Trump has placed tariffs on imported steel and aluminium, saying they pose a threat to U.S.