Markets

Australia could be collateral damage in Trump's economic 'war' with Turkey

Australia could be collateral damage in Trump's economic 'war' with Turkey He said: " Erdogan has not shown any sign of backing down and going to a more orthodox policy and if things get worse with the Turkish Lira there will be an increase in non-performing loans and you are going to have a blow through to the European banking system". [Full Article...]

As rupee sinks to historic low, Modi govt blames 'external factors'

As rupee sinks to historic low, Modi govt blames 'external factors' Nervous investors were keeping an eye on developments in Ankara after yesterday's bloodletting that saw the lira hit record lows against the dollar and euro, and equity markets go into freefall on concerns Turkey's financial crisis could spread globally. [Full Article...]

Tesla's CEO Elon Musk sued for fraud

Tesla's CEO Elon Musk sued for fraud He said the Saudi fund approached him multiple times about going private starting nearly two years ago and that he left a July. Musk wrote that he made the August 7 announcement because he had talked to large investors about his desire to take the company private. [Full Article...]

US Announces Latest China Tariffs

US Announces Latest China Tariffs China, however, would run out of US imports to levy, as it bought only $130 billion worth of American goods a year ago. Therefore, impending tariff rise on Chinese bulk drugs could generate a surge in Indian bulk drug exports to the US. Trump has claimed in recent tweets that "tariffs are working far better than anyone ever anticipated", linking them to a downturn that has shaved almost a quarter ... [Full Article...]

Erdogan tells Turks to buy plunging lira as Trump turns the screws

Erdogan tells Turks to buy plunging lira as Trump turns the screws Despite Trump's insistence, Turkey has not budged in freeing American pastor Andrew Brunson , who has been detained by Turkey for nearly two years on charges that he was working with a terrorist organization and was a spy. "Don't forget, if they have their dollars, we have our people, our God", he said. Far worse than that, though, is this has also sent Turkey's currency on a downward spiral th... [Full Article...]

USA to impose United States dollars 16 billion import tariffs on China

USA to impose United States dollars 16 billion import tariffs on China The Trump administration announced today that it will go ahead with imposing 25 per cent tariffs on an additional $16 billion ($NZ24 billion) in Chinese imports. The office of USA trade representative Robert Lighthizer said its "exhaustive" investigation showed "China's acts, policies and practices related to technology transfer, intellectual property and innovation are unreasonable and discri... [Full Article...]

Tesla board confirms it will consider Musk's privatization plan

Tesla board confirms it will consider Musk's privatization plan Musk later clarified in a blog post that "a final decision has not yet been made", while touting the benefits of running a private company away from the "enormous pressure" of Wall Street's quarterly earnings cycle. The panel, which has stepped up its scrutiny and blocked some deals lately, could impose conditions, including limits on control of the company and information sharing. [Full Article...]

China to hit USA with tariffs on United States imports worth $16bn

Washington applied a 25% tariff on Chinese imports including airplane tires and various industrial parts. Still, disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over market access, intellectual property, technology transfer and investment. [Full Article...]

Facebook wants your financial data to expand Messenger, says report

Facebook wants your financial data to expand Messenger, says report According to The Wall Street Journal ( WSJ ), the latest data partnership Facebook is pursuing could involve some of the US' biggest banking organizations. "Protecting our customers' privacy and personal information is our highest priority". The ability to make payments via Messenger was rolled out to UK Facebook users previous year. [Full Article...]

Elon Musk considers taking Tesla private

Elon Musk considers taking Tesla private Musk's other company, aerospace firm SpaceX, is privately owned. (In May, Musk drew sharp criticism for what many described as a freakish earnings call). " All he's doing is making it more expensive and sort of thumbing his nose at analysts", he said. Musk has been under intense pressure this year to prove he can deliver on his promise to turn his money-losing company into a profitable higher-v... [Full Article...]

Sales tax free shopping coming this weekend

Sales tax free shopping coming this weekend Heads up, back-to-school shoppers, the 2018 tax-free weekend is coming up fast. Clothes will make up the bulk of back-to-school purchases ($236.90), according to the survey. The tax rate varies as each jurisdiction takes its share on top of the state's 5.129 percent. For example, if a retailer sells a computer during the sales tax holiday for $2,000 and also charges $55 to deliver the comput... [Full Article...]

Apple just became the first $1 trillion public company

Apple just became the first $1 trillion public company The company's various services such as Apple Music, iCloud and Apple Pay now represent $9.6 billion in revenue. But given Apple's fundamentals and its reasonable valuation, the trillion-dollar market cap looks a lot more like a milestone than it does a wall. [Full Article...]

Financial fruit: Apple becomes first trillion-dollar publicly-traded company

Financial fruit: Apple becomes first trillion-dollar publicly-traded company That price translates to a $1 trillion market cap, based on the current estimated number of outstanding shares. Apple has won the race to a $1 trillion valuation ahead of its so-called FAANG rivals ( Facebook , Amazon , Netflix , Google ). [Full Article...]

Facebook (FB) Stock Sinks as Revenue Misses Expectations

Facebook (FB) Stock Sinks as Revenue Misses Expectations And slower growth on the primary Facebook platform doesn't overshadow growth on its other holdings, they say. The company also said that revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns, would not be enough to fix the damage. [Full Article...]

Trump says China is targeting USA farmers, being ‘vicious’

Trump says China is targeting USA farmers, being ‘vicious’ He said the United States and the European Union had agreed to work toward "zero tariffs" on industrial goods, apart from cars. China, Mexico, Canada and the European Union have all placed tariffs on different US farm exports in retaliation for USA tariffs on their products. [Full Article...]

Donald Trump downbeat ahead of trade talks with EU

Donald Trump downbeat ahead of trade talks with EU Ahead of his meeting on Wednesday with President of the European Commission Jean-Claude Juncker, Trump tweeted that both the US and the EU should "drop all tariffs, barriers and subsidies". Pete Hanebutt, the North Dakota Farm Bureau's public policy director, hesitated to comment on the aid package Tuesday afternoon until he learned more about it. [Full Article...]

White House's Kudlow blames China's Xi for blocking USA trade deal

White House's Kudlow blames China's Xi for blocking USA trade deal Kudlow, director of the National Economic Council , sounded optimistic about the path of the US economy. Larry Kudlow , President Donald Trump's top economic adviser, placed blame Wednesday for recent trade tensions between the United States and China directly at the feet of Chinese President Xi Jinping. [Full Article...]

Driven trade war biggest ‘confidence killer’ for global trade - Beijing

Driven trade war biggest ‘confidence killer’ for global trade - Beijing China has accused the United States of hurting the global economy by waging trade wars. "The Chinese tilapia industry is heavily dependent on the U.S. Today, the WTO (World Trade Organization) is the principal forum for global dialogue on promoting free trade by facilitating negotiations among member states for goods and intellectual property. [Full Article...]

Surprise weakness of inflation data stirs debate over interest-rate rise

Surprise weakness of inflation data stirs debate over interest-rate rise Economists were expecting inflation to rise to 2.6%. United Kingdom inflation unexpectedly held at 2.4 percent last month as cheaper clothing and computer games offset the rising cost of filling up a vehicle. She added: "Lower inflation might make it easier for the MPC to raise rates as it will relieve the pressure on consumers' incomes". To be sure, the price gains have to be seen from the pe... [Full Article...]

May threatened rebels with general election

May threatened rebels with general election But the Government did not move the motion amid growing Tory opposition to the plan, with several Conservative MPs having indicated they would vote against any attempt to cut short the term with so much work to do on Brexit. On Monday night, Mrs May bowed to pressure and accepted four amendments from Brexiteers to a key piece of legislation, including one aiming to block her plan to lock the Unite... [Full Article...]


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