Economy

Economy PM Imran telephones Saudi crown prince to condemn attack on oil facilities
Author: 0 PM Imran telephones Saudi crown prince to condemn attack on oil facilities

Prime Minister Imran Khan and Saudi Crown Prince Mohammed bin Salman. Saudi Arabia is pumping out the same crude response as the Trump administration. One U.S. official, speaking on condition of anonymity to discuss internal deliberations, said the U.S. was considering dispatching additional military resources to the Gulf but that no decisions had been made.

Economy U.S. policy of ‘maximum pressure’ will fail, Iran’s Supreme Leader vows
Author: 0 U.S. policy of ‘maximum pressure’ will fail, Iran’s Supreme Leader vows

Iran will never hold talks with the United States and Washington's policy of maximum pressure on Tehran will fail, Supreme Leader Ayatollah Ali Khamenei said on Tuesday, according to state TV. United States Defense Secretary Mike Esper said Monday that the USA military is preparing a response to the attack on major Saudi Arabia oil facilities.

Economy GM Corvette Assembly Plant workers strike
Author: 0 GM Corvette Assembly Plant workers strike

There are 900 union workers on strike at the Corvette Assembly Plant. GM has enjoyed several years of strong sales, posting $11.8 billion in operating profits last year, prompting union officials to argue it is time to share the wealth with workers who have borne the brunt of downturns.

Economy Oil price surges as US warns Iran it's 'locked and loaded'
Author: 0 Oil price surges as US warns Iran it's 'locked and loaded'

The US, Western nations, their Gulf Arab allies and UN experts say Iran supplies the Houthis with weapons and drones - a charge that Tehran denies. "Amid all the calls for de-escalation, Iran has now launched an unprecedented attack on the world's energy supply", he said. The Trump administration has pinned the blame on Iran.

Author: 0 Oil prices surge, stock futures slip after attack on Saudi facility

The drone attack Saturday on Saudi Arabia's Abqaiq plant and its Khurais oil field led to the interruption of an estimated 5.7 million barrels of the kingdom's crude oil production per day, equivalent to more than 5 per cent of the world's daily supply.

Economy Drone attacks may impact Saudi Aramco IPO valuation, Eurasia says
Author: 0 Drone attacks may impact Saudi Aramco IPO valuation, Eurasia says

It could take weeks before the Saudi facilities are fully back on line. The attack may add to anxiety about the stability of the world's oil reserves. Regional sources in the Middle East estimate Saudi Aramco has about 200 million barrels in storage in Amsterdam, Japan and China. What are the oil markets doing? That led to the interruption of an estimated 5.7 million barrels in crude supplies, authorities said while pledging the kingdom's stockpiles would make up the difference.

Economy Idaho to Celebrate Child Passenger Safety Awareness Week
Author: 0 Idaho to Celebrate Child Passenger Safety Awareness Week

Although the data is preliminary, according to the Statewide Traffic Records System (SWITRS), between 2016 and 2018, a child under the age of 13 was involved in a crash every 11.4 minutes in California. "A booster seat should then be used until a child is at least 4'9" tall. "Seat belts are for everyone because your life and your passenger's lives depend on it".

Economy Oil surges, stock futures slip after attack on Saudi facility
Author: 0 Oil surges, stock futures slip after attack on Saudi facility

Houthi leaders immediately claimed responsibility for the drone attack, but US Secretary of State Mike Pompeo claimed: " Iran has now launched an unprecedented attack on the world's energy supply". The full extent of the damage was not clear nor the type of weapons used, and reporters were kept away from the plants amid beefed-up security. "For now, markets are well supplied with ample commercial stocks", it said in a tweet .

Economy GM Recalls 3.5 Million US Vehicles for Braking Issue
Author: 0 GM Recalls 3.5 Million US Vehicles for Braking Issue

Affected models include the Chevrolet Silverado and GMC Sierra and their 1500, 2500 and 3500 variants from the 2014-2018 model years, and the Chevy Tahoe , Suburban , GMC Yukon and Cadillac Escalade from the 2015-2018 model years.

Economy OPEC cuts 2020 oil forecast, urges effort to avert new glut
Author: 0 OPEC cuts 2020 oil forecast, urges effort to avert new glut

Energy Information Administration reporting a crude draw of almost 7 million barrels last week, more than double the 2.7 million forecast by analysts . With the initial market reaction, the barrel of West Texas Intermediate erased a large portion of its daily gains and was last seen trading at $57.95, still adding 0.2% on the day.

Economy Donald Trump praises China's tariff exemptions as trade talks approach
Author: 0 Donald Trump praises China's tariff exemptions as trade talks approach

The Chinese Finance Ministry announcement earlier the in day mostly impacts small items such as fish food, cancer medicine, lubricant oil and various chemicals. Beijing and Washington have been embroiled in a year-long trade war that has seen the two sides slap punitive tariffs on hundreds of billions of dollars in two-way trade.

Economy US should avoid `warmongers` after Bolton departure, says Iran
Author: 0 US should avoid `warmongers` after Bolton departure, says Iran

Reports are crossing the wire this morning showing that now former National Security Advisor Bolton had fundamental disagreements with President Trump over the handling of Iran, particularly, President Trump's willingness to consider easing sanctions to spur a potential meeting between himself and Iranian President Hassan Rouhani .

Economy Oil rises as new Saudi minister commits to output cuts
Author: 0 Oil rises as new Saudi minister commits to output cuts

Prince Abdulaziz said on Monday the world's top oil exporter would keep working with other producers to achieve market balance and that an OPEC-led supply-curbing deal would survive "with the will of everybody". A Saudi official said on Sunday that there would be no shift in Saudi and OPEC policy on the cuts and that Prince Abdulaziz would work to strengthen OPEC and non-OPEC cooperation.

Economy China Removes Several US Products From Tariffs List
Author: 0 China Removes Several US Products From Tariffs List

Trump has said the protracted trade war is damaging China more than the United States. "The exemption could be seen as a gesture of sincerity towards the USA ahead of negotiations in October but is probably more a means of supporting the economy", ING's China economist Iris Pang wrote in a note.

Economy Big Tech backlash kicks into gear with antitrust moves
Author: 0 Big Tech backlash kicks into gear with antitrust moves

According to Texas AG Ken Paxton, the leader of the investigation, the inquiry will focus on Google's advertising business, but it could expand depending on what they find. "It is illegal for a business to use its market power to engage in anti-competitive conduct specifically to protect its status as a virtual monopoly", said Nessel.

Economy Jack Ma retires from Alibaba as he turns 55. What comes next?
Author: 0 Jack Ma retires from Alibaba as he turns 55. What comes next?

The business mogul bid farewell to Alibaba on Wednesday, leaving behind Alibaba , the e-commerce giant he founded 20 years ago in a humble apartment in Hangzhou , China . "I expect a long, long ceremony with Jack showing up at the end - in dramatic style, of course", says one Alibaba employee. Almost half of Alibaba's senior management team are women.

Economy Wendy's Plans to Launch Breakfast Nationwide, Trims 2019 View
Author: 0 Wendy's Plans to Launch Breakfast Nationwide, Trims 2019 View

That said, Wendy's does still have breakfast in about 300 select locations such as airports. "To support its expansion into breakfast, the Company and its franchisees plan to hire approximately 20,000 crew members across the country". The morning remains the only growth market for the fast-food industry, according to research group NPD. The company now expects adjusted earnings per share to decline 3.5 percent to 6.5 percent this year, after targeting an increase of about 3.5 percent to 7 ...

Author: 0 Is The Threat Of A No-Deal Brexit Gone?

Opposition leaders have thus far not supported the votes to name a basic election, which wants the help of two thirds of MPs, as a result of they worry it could possibly be used to power via a no-deal Brexit. "They want to delay Brexit yet again, without further reference to those who voted for it ... and so now the house will move to adjourn and resume the state opening and the Queen's speech on October 14, and I hope the opposition will use that time to reflect".

Economy Govt working on steps to revive auto industry
Author: 0 Govt working on steps to revive auto industry

When asked about the slowdown in auto sector, which is said to be the worst in almost two decades, the finance minister said, "It is true that the automobile sector in India had a good time till two years ago, there was definitely a good upward trajectory for automobile sector".

Economy Driver caught possibly sleeping in moving Tesla on highway
Author: 0 Driver caught possibly sleeping in moving Tesla on highway

In another video past year, medical tech investor in Boston, Zen Chu, can be seen honking his horn in an effort to try and wake a driver asleep at the wheel of a Tesla , also on the Mass Turnpike. "Many of these videos appear to be risky pranks or hoaxes. At highway speeds, drivers typically receive warnings every 30 seconds or less if their hands aren't detected on the wheel", the spokesperson said.

Economy FDA Alleges Juul E-Cigarette Company Illegally Marketed Nicotine Products
Author: 0 FDA Alleges Juul E-Cigarette Company Illegally Marketed Nicotine Products

New acting FDA commissioner Ned Sharpless tells the Times this week, "Regardless of where products like e-cigarettes fall on the continuum of tobacco product risk, the law is clear that, before marketing tobacco products for reduced risk, companies must demonstrate with scientific evidence that their specific product does in fact pose less risk or is less harmful".

Economy US States initiate anti-trust probe against Google
Author: 0 US States initiate anti-trust probe against Google

The announcement comes just days after Attorneys general from seven states and the District of Columbia launched a joint antitrust investigation against Facebook . "What we've all learned is that while many consumers believe that the Internet is free, certainly we know from Google's profits of United States dollars 117 billion that the Internet is not free", he said.

Economy VW begins electric makeover as it unveils the ID3
Author: 0 VW begins electric makeover as it unveils the ID3

It's by no means a secret. Volkswagen is showing off the ID.3 at the Frankfurt Motor Show , a battery-powered compact with a base price under 30,000 euros ($33,000). The ID.3 hatchback won't be heading to the United States, instead, a production version of VW's ID.CROZZ SUV will be available to buy there sometime next year.

Economy Powell waves off recession fear, leaves rate cuts on table
Author: 0 Powell waves off recession fear, leaves rate cuts on table

Powell for his part said he wasn't listening to Trump, or to a call from former New York Fed president Bill Dudley for factoring the 2020 presidential election into his rate-setting decisions. "One move lower like what we saw on Thursday is not going to change the overall trend and what central banks are doing with interest rates, which over time is going to push gold higher", said Bob Haberkorn, senior market strategist at RJO Futures.

Economy US, China Agree to New Trade Talks
Author: 0 US, China Agree to New Trade Talks

The US side was represented by Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer. The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday - including footwear, smart watches and flat-panel televisions - as China began imposing new duties on U.S.

Economy Facebook Confirms It Is Considering To Remove And Hide Like Counts
Author: 0 Facebook Confirms It Is Considering To Remove And Hide Like Counts

The social network is considering hiding the Like counter on posts in News Feed - in a move created to stop users feeling envious. For now, the change seems only to affect like/reaction counts on posts and not on their comments, but Wong says this "could be due to the nature of this feature being in an early stage of development".

Economy US, China agree to new round of trade talks next month
Author: 0 US, China agree to new round of trade talks next month

China immediately hit back, slapping tariffs of up to 10 percent on over 1,700 items imported from the US. Some have been hit with increases a couple of times, while about $50 billion of USA goods is unaffected, possibly to avoid disrupting Chinese industries.

Economy HK's business activity sees steepest fall since 2008 financial crisis: IHS Markit
Author: 0 HK's business activity sees steepest fall since 2008 financial crisis: IHS Markit

Some economists say surveys like the PMIs tend to overstate the extent of upturns and downturns, but they are nonetheless closely watched by the Bank of England as early indicators of moves in the wider economy. "Both manufacturers and service providers believe that supportive public policies can help shift growth momentum into a higher gear in the coming 12 months", Lima said.

Economy Russia, India vow to take bilateral ties to new level
Author: 0 Russia, India vow to take bilateral ties to new level

Ministry of External Affairs Spokesperson Raveesh Kumar tweeted, "PM Narendra Modi was warmly welcomed at Vladivostok airport on his 3rd bilateral visit to Russian Federation". Both sides agreed on a five-year road map in the energy sector with focus on Indian investment in Russian oil fields and transportation of energy to India and Russian investment in the downstream energy sector in India.

Economy Brexit: MPs debating bill to block no
Author: 0 Brexit: MPs debating bill to block no

On Tuesday night, rebel Tories and opposition MPs voted to clear the Commons timetable on Wednesday afternoon to debate their own Brexit legislation. The geographical distribution of the vote, and the extent to which votes divide between rival parties, determine the balance within parliament.