Economy


Angolan oil production grows to 1.533 million barrels per day in October Angolan oil production grows to 1.533 million barrels per day in October
- November 16, 2018

With the USA now the world's top oil producer ahead of Saudi Arabia and Russian Federation, there are indications that traders will keep selling crude at lower prices as a result of oversupply. These waivers overrode those sanctions. The then Saudi Oil Minister Ali al-Naimi blocked an OPEC supply cut to preserve market share. Even as the Saudis floated the possibility of a cut in production, the selling has not abated. (more...)
Apple shares sink as Xmas sales forecast disappoints investors Apple shares sink as Xmas sales forecast disappoints investors
- November 05, 2018

In the Q4 2018 , it sold 46.9 million units, which is almost identical to 46.7 million units sold past year in the same period. Chief executive Tim Cook said that Apple is "seeing some macroeconomic weakness in some of the emerging markets" such as Turkey, India , Brazil and Russian Federation. (more...)
IBM buying North Carolina-based Red Hat in $34B deal IBM buying North Carolina-based Red Hat in $34B deal
- October 29, 2018

The transaction is by far IBM's biggest acquisition. "It changes everything about the cloud market", said Ginni Rometty, IBM's chairman, president and CEO. Adhering to the adage of not fixing what's not broken, Red Hat will continue to operate as a separate unit. The two companies said the deal is subject to Red Hat shareholder and regulatory approval and should be completed in the latter half of 2019. (more...)
S&P 500 ends at lowest since May as tech, internet stocks tumble S&P 500 ends at lowest since May as tech, internet stocks tumble
- October 29, 2018

There have also been disappointing quarterly earnings from several big-name companies, worldwide condemnation of Saudi Arabia - a major oil producer - over the killing of journalist Jamal Khashoggi, and concerns that the US-China trade war is causing the global economy to slow down. (more...)
World's billionaires saw ranks, wealth grow in 2017 World's billionaires saw ranks, wealth grow in 2017
- October 29, 2018

The sheer numbers are staggering: total assets of all billionaires of this world increased by nearly a fifth to $8.9 trillion over the past year, according to the UBS/PwC billionaires report published on Friday. In the past, "the majority of breakthrough innovations have been driven by companies based in the Americas", John Mathews, UBS' head of ultrahigh net worth for the Americas, said in a statement. (more...)
Saudi Arabia has 'no intention' of 1973 oil embargo replay
- October 24, 2018

Falih said he would not rule out the possibility that Saudi Arabia would produce 1M-2M bbl/day more than current levels in future, and Saudi Aramco head Amin Nasser said it would take only three months to reach maximum production capacity of 12M bbl/day if needed. (more...)
Florida ticket wins $2 million as Powerball jackpot swells to $430 million Florida ticket wins $2 million as Powerball jackpot swells to $430 million
- October 19, 2018

According to a release from Mega Millions, the last Mega Millions jackpot was won July 24, netting 11 co-workers a combined $543 million. Colorado Lottery spokeswoman Kelly Tabor referred to them as "jackpot chasers", as the Powerball jackpot swelled to the second largest in lottery history. (more...)
Mnuchin says he will not attend Saudi investment conference Mnuchin says he will not attend Saudi investment conference
- October 19, 2018

Khashoggi, a critic of the Saudi monarchy who wrote for The Washington Post , has not been seen since that day. "You're going to get me in trouble". "I will be forever grateful he chose The Post as his final journalistic home one year ago and gave us the chance to work together". (more...)
Trump criticizes rush to condemn Saudi Arabia over Khashoggi Trump criticizes rush to condemn Saudi Arabia over Khashoggi
- October 18, 2018

Also in Saudi Arabia on Tuesday, Pompeo met with Saudi Crown Prince Mohammed bin Salman , when he "reiterated the President's concern" over Khashoggi's disappearance , as well as "the President's desire to determine what happened". "They promised accountability for each of those persons that they determined as a result of their investigation deserves accountability", Pompeo said after his meeting with the Saudis, which was punctuated by broad grins and capped with a statement ... (more...)
US, Saudi Arabia agree on 'thorough' investigation of journalist's disappearance US, Saudi Arabia agree on 'thorough' investigation of journalist's disappearance
- October 18, 2018

Pompeo met King Salman and Crown Prince Mohammed bin Salman to discuss the incident, which has sparked worldwide outrage and brought renewed attention on the authoritarian kingdom's human rights record. Pompeo said the Saudis would investigate and hold themselves accountable, but Saudi's royal family is notoriously opaque. Khashoggi vanished on October 2 after entering the Saudi consulate in Istanbul . (more...)
Netflix shares soar as it announces 6.96m new members Netflix shares soar as it announces 6.96m new members
- October 17, 2018

Viacom 18's Voot was in third place with 11%, while Amazon Prime Video had a 5% share and Netflix 1.4%. Domestically, Netflix added 1.09 million subscribers, compared to an estimate of 673,800. App analytics provider Sensor Tower pointed to the signs of increased growth that the market has grown accustomed to, with Q3 earnings from in-app subscriptions rising by over 90% YOY thanks to some 50 million new installations. (more...)
Sears Is Dead. Eddie Lampert Is Still Very Much OK Sears Is Dead. Eddie Lampert Is Still Very Much OK
- October 16, 2018

The documents were filed Monday by parent company Sears Holdings Corporation as part of its petition for Chapter 11 bankruptcy relief. This comes after Sears declared bankruptcy on October 15. Sears is filing for Chapter 11 bankruptcy protection . Yes. The company says Sears Home Services is operating as usual. 2005 - Kmart buys Sears and the company becomes the Sears Holdings Corp . (more...)
Saudi papers warn against threats to kingdom Saudi papers warn against threats to kingdom
- October 15, 2018

The Washington Post reported in recent days that the Turkish government informed us officials it was in possession of video recordings that prove Khashoggi was killed inside the consulate, but have not made them public. Khashoggi, a Virginia-based critic of Saudi Crown Prince Mohammed bin Salman's policies, entered the Saudi consulate in Istanbul last week for some paperwork regarding his divorce, but he never exited the mission. (more...)
International Monetary Fund raises Zim growth forecast International Monetary Fund raises Zim growth forecast
- October 11, 2018

In the latest report , Taiwan's major trade partner South Korea is projected to grow 2.8% and 2.6% for 2018 and 2019, respectively, downward revisions by 0.2 and 0.3 percentage points from previous forecasts. Growth in the 19-nation zone is forecast to slow further to 1.9 percent in 2019, unchanged from the July estimate. It also said inflation in India is on the rise, estimated at 3.6 per cent in fiscal year 2017/18 and projected at 4.7 per cent in fiscal year 2018/19, compared with 4.5 ... (more...)
Latest Updates on Hurricane Sergio, Michael, Tropical Storm Leslie Latest Updates on Hurricane Sergio, Michael, Tropical Storm Leslie
- October 09, 2018

The current forecast would bring Michael into the region as a moderate to strong tropical storm . Chief Meteorologist Brad Panovich said anywhere from Panama City to Cedar Key, Florida could see significant storm surge from Hurricane Michael . (more...)
Musk Sees Musk Sees "Victory" Tuesday, SEC Deal: Tesla Jumps
- October 02, 2018

Tesla jumped in pre-market trading after Elon Musk settled a United States lawsuit over his take-private tweet storm, reassuring investors that the billionaire will keep calling the shots at the electric-car maker he's said is on the verge of profitability. (more...)
Canada sticks to plan to stay at NAFTA talks despite Trump attack
- September 28, 2018

Trump and several of his top aides have said Canadians were refusing to rework NAFTA because they want to continue protecting their local dairy industry through a controversial management program. A recent Reuters/Ipsos/UVA Center for Politics poll showed a majority of voters in the industrial states of Michigan, Ohio, Pennsylvania and Wisconsin opposed tariffs on Canada. (more...)
Michael Kors Rumored To Purchase Versace For $2 Billion This Week Michael Kors Rumored To Purchase Versace For $2 Billion This Week
- September 27, 2018

Michael Kors already owns Jimmy Choo , is reportedly signing a deal to buy Gianni Versace SpA. The leader of the pack is every mom's favorite handbag maker, Kors. Versace declined to comment. "It was overpriced", the source said. Donatella Versace , sister of late founder Gianni Versace , has called a staff meeting for Tuesday, according to a Reuters source with links to employees at the company. (more...)
China accuses USA of China accuses USA of "trade bullyism" as both sides impose fresh tariffs
- September 25, 2018

China accused the United States of engaging in "trade bullyism" and intimidating other countries to submit to its will through measures such as tariffs, the official Xinhua news agency said Monday, hours after the two sides imposed fresh duties. (more...)
Amazon May Open 3,000 Stores in Next Three Years Amazon May Open 3,000 Stores in Next Three Years
- September 21, 2018

The cashierless shops allow customers to load up on snacks and walk out without the hassle of standing in line as the store sends a bill later.While Seattle and Chicago are already living the dream, Amazon is now considering a plan to open upwards of 3,000 cashierless stores over the course of the next few years, according to AdAge . (more...)
Bloomberg Reports Coca-Cola is Considering Cannabis Infused Beverages Bloomberg Reports Coca-Cola is Considering Cannabis Infused Beverages
- September 20, 2018

Instead of developing beverages that would give consumers that "buzz" similar to smoking marijuana, such as some alcohol industry big names tried to do, Coca-Cola and Aurora Cannabis aim to come up with some beneficial drinks to reduce inflammation, pain, and cramping. (more...)
Apple Watch, AirPods excluded from next round of tariffs says new report
- September 18, 2018

White House economic adviser Larry Kudlow has indicated that Trump could be willing to meet face-to-face with China President Xi Jinping to smooth over trade tensions at the United Nations General Assembly later this month or at the Group of 20 nation summit in Argentina in November. (more...)
Canada, US resume talks to salvage NAFTA trade pact Canada, US resume talks to salvage NAFTA trade pact
- September 08, 2018

Mexico is also taking on a leadership role in the Alliance of the Pacific, a grouping of Latin American countries linked by free markets, while Canada a year ago struck a comprehensive trade deal with the European Union. US business and labour leaders have warned Trump not to dump Canada from NAFTA. But other issues have yet to be worked out, including Canada's cultural exemption in NAFTA. (more...)
Chinese billionaire arrested for criminal sexual conduct in Minneapolis Chinese billionaire arrested for criminal sexual conduct in Minneapolis
- September 04, 2018

Elder declined to provide details about the allegations but said authorities are not overly concerned about Liu leaving the country. The Minneapolis arrest wasn't the only harsh spotlight on Liu this year. He had to shut it down in 2003 after severe acute respiratory syndrome struck China causing people to stay at home for fear of catching the deadly disease, the Hong Kong based South China Morning Post reported. (more...)
Trump Celebrates Labor Day by Attacking Labor Leader Trump Celebrates Labor Day by Attacking Labor Leader
- September 04, 2018

The Worker in America is doing better than ever before. And, while not all experts agree, he said he believes Trump would need congressional approval to end the agreement. -Mexico talks, but if the deal is not signed before he takes office he could add new demands and complicate the deal. And Congress, which has to approve any NAFTA rewrite, might refuse to endorse a deal that excludes Canada. (more...)
China offers Africa billions, 'no strings attached' China offers Africa billions, 'no strings attached'
- September 04, 2018

The financing will be provided in the form of government assistance as well as investment and financing by financial institutions and companies, Xi said in a keynote speech at the opening ceremony of the 2018 Beijing Summit of the Forum on China-Africa Cooperation. (more...)
Trump cancels pay raises for federal employees Trump cancels pay raises for federal employees
- September 01, 2018

Meanwhile, the largest union representing government workers is rejecting the move to eliminate the pay increase for fiscal 2019 and calling for Congress to follow the Senate's lead. Officials did not immediately say whether the pay freeze would also apply to White House staffers. It is a harsh indictment of President Trump's values that he is freezing workers' pay to offset his multi-billion-dollar tax cuts for millionaires and billionaires. (more...)
US, Mexico reach NAFTA deal as attention turns to Canada US, Mexico reach NAFTA deal as attention turns to Canada
- August 29, 2018

It later morphed into the US-Mexico deal's requirement of 40 to 45 per cent of a vehicle's value to be made in high wage areas paying at least $16 an hour, requiring significant automotive production in the United States. "If they want Canada to ditch [dairy] supply management, I don't see how the Liberals could sell that to Canadians in an election year", he said. "A lot of people thought we'd never get here, because we all negotiate tough", Trump said as he walked into the Oval Office ... (more...)
Fed to continue further, gradual rate hikes: Chair Fed to continue further, gradual rate hikes: Chair
- August 27, 2018

Most people who want jobs can find them. The Fed seems to be "doing as good a job as they cannot to overshoot" the tightening of monetary policy , said David Levy of Republic Wealth Advisors. The odds of two additional hikes this year increased this week as Fed officials were seen as more hawkish. Long-dated bonds are meanwhile being supported by restrained inflation and demand by foreign central banks that are continuing bond purchase programs. (more...)
Lewandowski: I warned Trump about Cohen Lewandowski: I warned Trump about Cohen
- August 27, 2018

Cohen's attorney Lanny Davis says Trump ordered his client to make hush-money payments to porn star Stormy Daniels and Playboy model Karen McDougal to keep them quiet about alleged affairs, which he argues makes the president similarly guilty of a felony. (more...)
President Trump asks SEC to study abolishing quarterly earnings reports President Trump asks SEC to study abolishing quarterly earnings reports
- August 20, 2018

He said that after meeting with business leaders he had asked the US Securities and Exchange Commission to investigate making such a change . Abolishing the rule would "allow greater flexibility & save money" for businesses, Mr. Under Trump appointee chairman Jay Clayton, the SEC has taken steps to relax rules for issuers, including allowing firms going public to file information confidentially, and is now discussing relaxing some other compliance rules. (more...)
U.S. threatens more sanctions in Turkey crisis U.S. threatens more sanctions in Turkey crisis
- August 18, 2018

ANKARA , TURKEY-A detained American pastor has become a symbol of a growing rift between Turkey and the United States , but problems in the Cold War-era alliance as well as Turkey's own financial crisis are unlikely to dissipate even if he is released and Washington eases economic penalties. (more...)
Turkey aims new tariffs at USA as court rejects pastor's appeal Turkey aims new tariffs at USA as court rejects pastor's appeal
- August 16, 2018

The Turkish officials did not provide any further information on the nature of the investments, according to AP. Doha has $20 billion worth of investments in Turkey , official figures showed last month, and Ankara is now one of the top exporters to the emirate. (more...)
Erdogan says crash of lira 'political plot' against Turkey Erdogan says crash of lira 'political plot' against Turkey
- August 13, 2018

He did not name any countries. Erdogan framed Turkey's crisis as a "national battle" against economic enemies including the United States at a rally in the Black Sea town of Ünye on Saturday. "Without Turkish cooperation, US goals in Syria, Iran, Russia, and even Europe become more hard". Financial upheaval risks further destabilising an already volatile region. (more...)
Washington receives widespread criticism for reimposing sanctions on Iran Washington receives widespread criticism for reimposing sanctions on Iran
- August 10, 2018

Moreover, Votel said there were no unsafe or unprofessional interactions between the Iranians and American warships during the exercise, continuing a roughly year-long pattern of professional interactions between the two sides. British Defense Secretary Gavin Williamson said Tuesday that the current JCPOA was the "best possible" and "achievable" deal to address the West's concerns on Iran, in sharp contrast with Trump's abhorrence of the deal. (more...)