Economy

Economy Breakingviews - Mario Draghi puts easing back in play on way out
Author: 0 Breakingviews - Mario Draghi puts easing back in play on way out

The ECB also said yesterday it will let banks borrow from it at rates just 10 basis points above its minus 0.4% deposit rate provided they beat the ECB's lending benchmarks in a new targeted longer-term refinancing operation, or TLTRO. Other risks weigh on the eurozone, including a budget confrontation between Brussels and Rome, Greek elections and a possible no-deal Brexit following the departure of British Prime Minister Theresa May.

Economy Single ticket in California claims $530 million Mega Millions jackpot
Author: 0 Single ticket in California claims $530 million Mega Millions jackpot

It is the seventh-largest jackpot in the history of Mega Millions drawings and the largest since last October, the organization said. The numbers were 17, 19, 27, 40 and 68. Those tickets were sold in Arizona, California and Washington. The winning ticket was reportedly sold at Sorrento Deli Mart, ABC News reported.

Economy 1700 jobs cut in Wales as Ford factory closure confirmed
Author: 0 1700 jobs cut in Wales as Ford factory closure confirmed

The company is believed to have pointed at Bridgend's coast disadvantage in comparison with other sites. As well as Bridgend in South Wales, Ford has two other United Kingdom factories. The effects of this decision will be felt across the Welsh economy, but nowhere as acutely as in Bridgend. Ford said in an official statement that its plan includes an employee separation programme, plus measures to help employees find new jobs or other career opportunities.

Economy Crude Price Gains Viewed as Temporary Deviation, Not a Rebound
Author: 0 Crude Price Gains Viewed as Temporary Deviation, Not a Rebound

Amid surging output, USA commercial crude oil inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017. In addition to the OPEC + cuts, supply has also been limited by US sanctions on oil exports from Iran and Venezuela. To prevent oversupply and prop up the market, the OPEC, together with allies including Russian Federation, has been withholding production since the start of the year.

Economy China gives green light for local 5G rollout amid tensions with US
Author: 0 China gives green light for local 5G rollout amid tensions with US

In a note on the MIIT website, Miao said that the country welcomes foreign enterprises to actively participate in China's 5G marketplace. South Korea launched the world's first nationwide 5G mobile networks in April, while United States mobile carrier Verizon began rolling out its 5G services in Chicago and Minneapolis.

Economy ANZ angers with rate cut decision
Author: 0 ANZ angers with rate cut decision

Reserve Bank governor Philip Lowe slashed the official cash rate on Tuesday to a fresh, historic low of 1.25 per cent but said in a speech last night it would be reduced further to help stimulate employment growth and inflation targets. "Escalating trade tensions are contributing to growing uncertainty in the global economic outlook and the impact of flood and drought and fires and a softening housing market have weighed on the economic outlook here at home", he said, adding that is why ...

Economy Oil prices extend gains, climb further away from 5-month lows
Author: 0 Oil prices extend gains, climb further away from 5-month lows

Oil remained bearish on Thursday morning in Asia as the US reported record inventories, while demand continues to be threatened by economic slowdown and trade disputes . Official numbers from the U.S. Energy Information Administration (EIA) are due out later on Wednesday. -China trade war and soaring USA oil production and inventories weighed down on the price of oil, which booked its worst monthly decline since November a year ago.

Economy As Tariff Threat Looms, US-Mexico Discuss Migration
Author: 0 As Tariff Threat Looms, US-Mexico Discuss Migration

It was unclear whether the hardening of Mexico's response would appease Trump , who is struggling to make good on his key 2016 presidential campaign promise to build a wall along the U.S. Mexico's peso, which has been battered by fears of a trade war with its biggest market, strengthened more than 0.5% against the dollar after Trump's comments.

Economy Bernie Sanders: Walmart pays 'starvation wages' to workers
Author: 0 Bernie Sanders: Walmart pays 'starvation wages' to workers

Sanders and organizations like Fight for $15 have successfully lobbied some companies to raise their minimum wage. Bernie Sanders took the stage later in the meeting to press the company to pay its workers a "livable wage". The nation's largest private employer says such a proposal is unnecessary and says it has strong procedures and training programs in place. Walmart has said it pays an average of US$17.50 an hour to its hourly employees, including benefits.

Economy Toyota and Subaru develop new electric platform
Author: 0 Toyota and Subaru develop new electric platform

Toyota wants half of the vehicles it sells to be electrified, in one way or another, by the year 2025, five years ahead of schedule, and to help achieve this the company is partnering with leading Chinese battery maker Amperex Technology. More recently the partnership led to the release of Subaru's first PHEV, the Crosstrek Hybrid , in the US. The cooperation is primarily meant to reduce the costs associated with the development and production of new models.

Economy Walmart will stock your fridge with groceries while you're not home
Author: 0 Walmart will stock your fridge with groceries while you're not home

As part of Walmart's new InHome Delivery service, the retailer's workers will deliver groceries right into a home or garage refrigerator, the company said Friday. Employees will wear a camera that records their visit into the house. Fees and other details of the new service, like what smart-home hardware would be required, weren't disclosed.

Economy Walmart Is Giving Away More Than One Million Free Doughnuts This Friday
Author: 0 Walmart Is Giving Away More Than One Million Free Doughnuts This Friday

Dunkin Donuts: Head into your local Dunkin on Friday and get a free donut with any beverage purchase. Kane's: Free six-pack of donut holes with purchase of a dozen donuts. on Saturday, just days before National Donut Day , South Brunswick police said. Those who make a donation will get a coupon for a free donut! Duck Donuts: At this Leawood shop, free doughnuts are up for grabs.

Author: 0 U.S. private sector adds fewest jobs in May since 2010: ADP

In terms of different sized companies, large businesses with 500 or more employees dominated the month, adding 68,000 jobs, while medium-sized businesses of 50-499 workers added 11,000 positions and small businesses of under 50 workers lost 52,000 jobs.

Economy Putin: US shunning talks to extend nuclear pact
Author: 0 Putin: US shunning talks to extend nuclear pact

He accused the United States of shunning talks on extending the New START nuclear arms reduction treaty that is set to expire in 2021. Speaking with heads of foreign news agencies on June 6, Putin said, "From the standpoint of control over its nuclear programs, Iran is today the most verifiable country in the world".

Economy Google buys data-analytics company Looker for $2.6-billion
Author: 0 Google buys data-analytics company Looker for $2.6-billion

And Google Cloud customers will also be able to use competitive data analysis tools on Google Cloud Platform, he said, resisting the urge to point out that Google is so far behind the competition in enterprise software that any anticompetitive aspects of the deal are pretty muted.

Economy Repo rate lowest since 2010 after RBI’s third cut this year
Author: 0 Repo rate lowest since 2010 after RBI’s third cut this year

The RBI made the observations in a statement on developmental and regulatory policies issued after the Monetary Policy Committee meeting. Clearly, RBI's move alone can not fix things by itself unless of course banks, which kept much of the previous two rate cuts to themselves, become generous in passing off the benefits to end users.

Economy Renault and Fiat shares skid after $35bn merger deal collapses
Author: 0 Renault and Fiat shares skid after $35bn merger deal collapses

The two automakers made public their talks to merge in May after months of negotiations. " FCA [Fiat Chrysler Autmobiles] remains firmly convinced of the compelling, transformational rationale of a proposal", the company said . That alliance was put under pressure when Carlos Ghosn, the architect of the partnership and the former chairman of Nissan and Renault , was arrested past year in Japan and accused of financial wrongdoing.

Economy Mexico to Deploy 6,000 Troops to Guatemalan Border Under Migration Deal
Author: 0 Mexico to Deploy 6,000 Troops to Guatemalan Border Under Migration Deal

Negotiators have been meeting in Washington to avert a crisis, but Mr. Trump warned late on Wednesday that "not almost enough" progress was being made. Trump officials have told Mexico that is not enough, making it clear that the White House will only be satisfied with a return to the numbers tallied in the months after Trump was inaugurated, when arrests fell below 20,000, the lowest level in half a century.

Economy Woodford 'extremely sorry' for fund suspension
Author: 0 Woodford 'extremely sorry' for fund suspension

I'm extremely sorry we have had to take this decision. It's now worth £3.7bn, down from £6.8bn a year ago. Earlier this week, Neil Woodford - one of the UK's most well-established stock pickers - suspended trading in his largest fund. After the 28-day period LFS will report to the regulator and determine whether the trading suspension should be lifted or renewed. The Financial Conduct Authority said: "The FCA is aware of this situation and in contact with the firms involved to ensure that ...

Author: 0 Fiat Chrysler withdraws 50/50 merger proposal with Renault

An FCA statement says it has become clear that the political conditions don't now exist for the deal to proceed successfully. The French government, which owns a 15 percent stake in Renault, had also pushed Fiat Chrysler and Renault for guarantees that France would not lose jobs, and for a dividend to be paid to Renault shareholders, including the government, people familiar with the talks said.

Economy Wall Street soars on U.S. rate cut hopes
Author: 0 Wall Street soars on U.S. rate cut hopes

Underscoring concerns over growth was a report by USA payrolls processor ADP Wednesday that showed US private employers added only 27,000 jobs in May, well below economists' expectations and the smallest monthly gain in more than nine years.

Economy Ikea announces 'Rognan,' a shape-shifting robotic furniture set
Author: 0 Ikea announces 'Rognan,' a shape-shifting robotic furniture set

As more people flock to urban areas - an estimated 1.5 million people every week - IKEA and Ori see this as a way to make better use of limited real estate. "Instead of making the furniture smaller, we transform the furniture to the function that you need at that time", explains Seana Strawn , a product developer for new innovations at IKEA of Sweden.

Economy Trump ‘prepared’ to handle responsibility of launching nukes
Author: 0 Trump ‘prepared’ to handle responsibility of launching nukes

He added: "They were a terrorist nation, number one in the world at that time and probably maybe are today". Trump spoke to the ITV television network as part of his current tour of Britain and France, saying Iran "is a place that was extremely hostile when I first came into office".

Economy Jaguar Land Rover, BMW partner to develop next generation electric drive systems
Author: 0 Jaguar Land Rover, BMW partner to develop next generation electric drive systems

This electric motor does not require rare earths, enabling the BMW Group to reduce its dependence on their availability as it continues to systematically broaden its range of electrified models. The solution? BMW and Jaguar Land Rover decided that a sorrow shared is a sorrow halved (well, not exactly) and they announced today that "they are joining forces to develop next generation electric drive units ".

Economy Walmart extends college benefits to high-schoolers
Author: 0 Walmart extends college benefits to high-schoolers

Meantime, Walmart isn't the only employer fighting to attract and retain top talent, with unemployment hovering near record lows in the U.S. "So certainly expanding into this area is a real benefit not only to Walmart but to the whole of the workforce".

Economy ANZ CEO defends not passing full interest rate cut
Author: 0 ANZ CEO defends not passing full interest rate cut

All 43 economists surveyed by Refinitiv had also pencilled in a rate cut this month, while 80 per cent of them also expect a follow-up move in August. NAB joined CBA with a full 25 basis point cut for their standard variable rate which will be the lowest rate they have offered in four decades.

Author: 0 GM wants to take the air out of tyres

But General Motors is taking a step forward in this regard with the help of Michelin , planning to offer the technology on " passenger vehicles as early as 2024 ". GM senior vice president of Global Purchasing and Supply Chain Steve Kiefer, according to the Detroit Free Press , noted that the tire design is "a great example of how our customers benefit when we collaborate and innovate with our supplier partners".

Economy Nissan may pay big price for resistance to FCA-Renault merger
Author: 0 Nissan may pay big price for resistance to FCA-Renault merger

Longtime Renault partner Nissan has withheld support, and while the Japanese company can't block the deal, its two representatives on the French company's board can cast votes. "That said, the proposal now being discussed is a full merger which-if realized-would significantly alter the structure of our partner Renault". He also knows that working with FCA could " expand the playing field for collaboration and create new opportunities for further synergies".

Economy Oil bounces off 4-month low, turns positive as stocks rally
Author: 0 Oil bounces off 4-month low, turns positive as stocks rally

US stock markets rallied nearly 2 per cent on China's request for dialogue with the United States to resolve the trade dispute and comments from US Federal Reserve Chairman Jerome Powell drove expectations of an interest rate cut. In addition to this concern, Rosneft's Igor Sechin yesterday spoke out openly against an extension to the production cuts into the second half of the year and said Rosneft would seek compensation from the Kremlin if it decides to stay in the deal.

Economy Manufacturing Output Down in May: Markit PMI
Author: 0 Manufacturing Output Down in May: Markit PMI

The past four weeks have been the hardest so far this year for the British pound but also for United Kingdom manufacturers, the IHS Markit/CIPS readings showed on Monday. Wednesday's Services PMI, though, could be key for investors as the sector accounts for 80% of the economy compared to manufacturing's 15% and construction's 5%.

Economy Mexico tax could add US$1bn to costs
Author: 0 Mexico tax could add US$1bn to costs

Asked if Trump's administration should be concerned about the threat of a disapproval vote to block the tariffs, Senator Ron Johnson told reporters: "If I were the White House I would be, sure". "We will always seek to resolve differences through dialogue, (we will always) seek a peaceful solution to disputes, and in this issue we always insist that cooperation for development must be promoted", said Lopez Obrador.

Economy Amazon to support opening of ten 'Clicks and Mortar' pop-ups
Author: 0 Amazon to support opening of ten 'Clicks and Mortar' pop-ups

In such a situation, Amazon has made a decision to allow around 100 online businesses to set up their own pop-up stores in the high streets and sell directly to customers in the UK. Brands showcased will include Swifty Scooters, Torro Cases and Altr for Men . However, at the same time it decided further investments in physical bookstores and food retailers were worthwhile.