Money

Saudi Arabia reins in oil production as demand forecasts waver

Saudi Arabia reins in oil production as demand forecasts waver Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC). Around two-thirds of US oil producers failed to balance costs in the second quarter, despite crude oil prices rising above $70 per barrel, the Wall Street reports. [Full Article...]

Turkey's Erdogan vows U.S. boycott, but diplomats resume talks

Turkey's Erdogan vows U.S. boycott, but diplomats resume talks The row with Washington has helped drive the lira to record lows, with the currency losing more than 40 per cent of its value against the dollar this year, prompting central bank liquidity moves to support it. It recovered a bit, by four per cent to around 6.12 lira per US dollar Wednesday, after the government took steps to shore up the currency by reducing the daily limit in bank foreign ... [Full Article...]

Italy bridge collapse death toll rises to 39

Italy bridge collapse death toll rises to 39 At least two more were pulled out. One entire family died in the accident, Sciuto added. Italian authorities have raised the death toll in the Genoa highway bridge collapse to at least 37. "It seemed like a scene from a film, it was the apocalypse". Professor Brencich warned it would cost more to fix the "uneven" construction of the major highway in Italy's city of Genoa . [Full Article...]

Turkey increases tariffs on some US imports amid escalating feud

Turkey increases tariffs on some US imports amid escalating feud It was supported by news of a planned conference call in which the finance minister will seek to reassure investors concerned by Erdogan's control of the economy and his resistance to interest rate hikes to tackle double-digit inflation. The lira's plunge - which had been ongoing for weeks - was turned into a rout on Friday when US President Donald Trump tweeted that Washington was doubling alum... [Full Article...]

Tesla Board to Meet Next Week About Going Private

Tesla Board to Meet Next Week About Going Private Three days after Elon Musk tweeted that he had "funding secured" to take Tesla private, some angry investors are crying "foul." claiming they have lost money, reports the BBC . In a letter to clients dated July 31, Einhorn said he was happy his Tesla lease had ended, citing issues with the car's touch screen and power windows. [Full Article...]

United States urges solution to pastor case in Turkey

United States urges solution to pastor case in Turkey He said: "If they have the iPhone, there is Samsung elsewhere". The Bank of Korea also said that the South Korean economy is strong enough to prevent external risks from spreading to the local market. That helped ease tensions in financial markets, with the Turkish lira stabilizing somewhat near record lows. The lira has lost about a fifth of its value against the greenback since Friday. [Full Article...]

Saudi Arabia's sovereign wealth fund looking to take Tesla private

Saudi Arabia's sovereign wealth fund looking to take Tesla private Musk wrote that he left the meeting with "no question " that a deal could be closed with the Saudi fund to take Tesla private. Almost a week after Tesla CEO Elon Musk tweeted his intention to take the company private, we still don't know much about the funding for the endeavor - which Musk said was "secured". [Full Article...]

Turkey says Trump tariff move will harm ties, vows retaliation

Turkey says Trump tariff move will harm ties, vows retaliation To do that, they have to sell lira - worsening the rout. The slump is attributed to the tensions with the USA and concerns about President Recep Tayyip Erdogan's control of monetary policy . "The price of the food that I buy increases day by day, the fuel that I put in my auto to distribute lunches is more expensive, but I can not raise my prices from one day to the next, " she said. [Full Article...]

Range of food features in China's new tariff salvo at US

Range of food features in China's new tariff salvo at US The full lists of products being considered for 5%, 10%, 20% and 25% retaliatory tariffs can be found here (in Chinese). In a statement, the Commerce Ministry said China could add duties of 5, 10, 20 or 25 percent on 5,207 types of USA imports. [Full Article...]

U.S. jobs report: July disappoints with only 157,000 jobs added

U.S. jobs report: July disappoints with only 157,000 jobs added Economists forecast that employers added 191,000 jobs in July, down from 213,000 in June but easily enough to lower the unemployment rate over time. The unemployment rate ticked down for both groups last month. Manufacturing added 37,000 jobs, the most in seven months. The employment picture's been pretty rosy lately, with average job growth above 200,000 a month since mid-spring and more pe... [Full Article...]

China refuses United States order to reduce oil imports from Iran

China refuses United States order to reduce oil imports from Iran However, two top United States bureaucrats have told Bloomberg that China is provocatively refusing to comply. She told CNBC with regards to the USA sanctions against Iran kicking in next week, "we're looking at tougher rhetoric and potentially tougher actions over August and September". [Full Article...]

China warns of retaliation if USA takes more trade steps

China warns of retaliation if USA takes more trade steps In July, the Trump administration introduced 25-percent tariffs on Chinese goods worth $34 billion. "US pressure and blackmail won't have an effect". China immediately vowed to retaliate though at the same time urged the U.S. to act rationally and return to talks to resolve the dispute. In addition, the USA claims that China is stealing intellectual property despite the practice having bee... [Full Article...]

OH tax free holiday

OH tax free holiday During the three-day weekend, Florida shoppers won't have to pay the usual sales tax on many items such as clothes, shoes and school supplies . "Our Back-to-School Sales Tax Holiday is another way we are providing relief to Wisconsin's hardworking families", said Governor Walker. [Full Article...]

Apple officially becomes the first $1 trillion company

Apple officially becomes the first $1 trillion company The stock has been surging this week as anticipation mounts for the next generation of iPhone, expected to be released in September. For context, passing the $1 trillion mark means Apple now has a value greater than the gross domestic product (GDP) of all but 27 major countries, including Argentina, the Netherlands, Sweden and Switzerland, according to the CIA's world fact book . [Full Article...]

Tesla shares jump after cash burn worries abate, Musk apologizes to Street

Tesla shares jump after cash burn worries abate, Musk apologizes to Street One thing that stood out and caught investors' attention is the fact that the company's Model 3 auto helped set a new record: a total revenue of United States dollars 4 billion in one quarter. He and chief financial officer Deepak Ahuja wrote that they expected Tesla to build as many as 55,000 Model 3s this quarter, which would almost double output from the three months that ended in June. [Full Article...]

How Harley-Davidson plans to revamp itself amid flagging sales

How Harley-Davidson plans to revamp itself amid flagging sales Harley-Davidson is facing shrinking sales in its home market of the United States, and is hoping to broaden its appeal to new customers in a bid to invigorate sales. A year after its British counterpart Triumph inked a partnership with Indian motorcycle major Bajaj to make affordable motorcycles locally, America's iconic motorcycle maker Harley appears to be weighing a similar option. [Full Article...]

Facebook sued after stock plunge 'shocked' market

Facebook sued after stock plunge 'shocked' market Mr Kacouris said the marketplace was "shocked" when "the truth" began to emerge on Wednesday from the Menlo Park, California-based company. Facebook had the largest-ever loss of value in one day for a U.S. Both the slower growth forecast and heavier spending reflect problems largely of Facebook's own making. Many of those lawsuits have been reportedly consolidated in the federal court in San... [Full Article...]

Facebook's stock dives 20% on dire predictions following second-quarter financials

Facebook's stock dives 20% on dire predictions following second-quarter financials The investor purge came after the company revealed its user-base and revenue grew slower than expected as it grapples with privacy and censorship concerns. It recorded sales of $13.23 billion for the three months ended in June, short of the $13.3 billion Wall Street anticipated. Combine this pessimistic outlook with 1.54% user growth and 1.44% daily active users which are half of last quarter's gr... [Full Article...]

United Kingdom heatwave: Rain and wind warning issued for Wales

United Kingdom heatwave: Rain and wind warning issued for Wales Meanwhile, London's fire chief has called for barbecue bans to be imposed in the capital's parks after a record-breaking number of grass fires. There have been instances of patients and visitors have vomiting and passing out, with temperatures on some wards exceeding 30℃, according to the RCN, which also noted that some nurses were not allowed to take water bottles on to wards. [Full Article...]

U.S. vehicle tariffs still aren't off the table, warns German industry group

U.S. vehicle tariffs still aren't off the table, warns German industry group This caused the price of sorghum to drop significantly, and forced ships full of sorghum heading to China to change course. Trump had offered a similar sentiment Tuesday evening, when he suggested on Twitter the European Union and USA drop all tariffs, barriers and subsidies - although he predicted that the bloc would not be ready for such a proposal. [Full Article...]


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