Economy

Turkish lira hits new high amid rate hike talk

Turkish lira hits new high amid rate hike talk The bank described the hike as a "strong monetary tightening to support price stability". The lira has lost roughly 40 percent of its value against the US dollar this year, and its inflation rate sits at about 18 percent . "Interest rates are the cause, inflation is the result. If you say 'inflation is cause, the rate is the result, ' you do not know this business, friend". [Full Article...]

White House Corrects Trump’s Tweet on GDP, Unemployment

White House Corrects Trump’s Tweet on GDP, Unemployment Wolfers went on Twitter to provide his proof against Trump's statements, taking two full tweets to show every time the GDP growth rate was higher than the unemployment rate in the last 100 years, a total of 60 times. Interested in Donald Trump? "It's the highest in 10 years". The economy was, however, struggling when Obama took office in 2009. At that time, the American jobless rate ... [Full Article...]

Trump to Apple: 'Make your products' in the U.S. to avoid tariffs

Trump to Apple: 'Make your products' in the U.S. to avoid tariffs US-CHINA TRADE: Traders fear that the Trump administration is on the cusp of imposing tariffs of up to 25 percent on an additional $200 billion in Chinese imports, once a public comment period ends Thursday. Apple said the tariffs would raise the cost of its USA operations and put it at a disadvantage to foreign rivals. On Friday, President Donald Trump announced the possibility that he will... [Full Article...]

Julie Chen steps away from CBS's 'The Talk' after Moonves fiasco

Julie Chen steps away from CBS's 'The Talk' after Moonves fiasco CNN reported CBS and Moonves will donate $20 million to organizations that support the #MeToo movement and other groups fighting for workplace equity for women. CBS is reshaping its board as it pursues an independent investigation into Les Moonves , its ousted board chairman, with additional allegations of sexual misconduct continuing to surface. [Full Article...]

British Airways says customer information stolen in data breach

British Airways says customer information stolen in data breach We also asked if a third-party was involved with British Airways investigation, a spokesperson would only say, "a third-party noticed some unusual activity and informed us about it. If the company is hit with the maximum fine, 4% of global turnover, it's likely to be as high as £500 million, based on BA's 2017 revenue reports. The important thing now, said the cybersecurity expert, is for the firm... [Full Article...]

Barack Obama encourages people to vote: "This is not Coachella"

Barack Obama encourages people to vote: In his speech, Obama specifically cited Trump having already put pressure on his AG to use the criminal justice system "as a cudgel to punish political opponents", and declared that a United States President should not "threaten freedom of the press because they say things or publish stories we don't like". [Full Article...]

Oil Climbs as Market Eyes Iran Supply Risks

Oil Climbs as Market Eyes Iran Supply Risks Each nation which was earlier deal with Iran for crude oil has reduced their supply after the U.S. sanctions. The United States has since been trying to persuade countries to economically isolate Iran. The secondary sanction could be in various forms but the most throbbing would be being blocked from American financial System which no country could afford. [Full Article...]

Amazon Hits $1 Trillion Valuation

Amazon Hits $1 Trillion Valuation Amazon on Tuesday became the second USA public company after Apple to hit the $1 trillion valuation mark. The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership program that offers fast, free shipping as well as music and video streaming perks. [Full Article...]

Petrol At A Record High, Oil Minister Blames Falling Rupee: 10 Points

Petrol At A Record High, Oil Minister Blames Falling Rupee: 10 Points In Kolkata, Chennai and Mumbai, the fuel was priced at Rs 82.06, Rs 82.24 and Rs 86.56 per litre, respectively, all a new record, against Rs 81.76, Rs 81.92, Rs 86.25 on Sunday. This came at a time when India's crude oil imports from Iran had increased by 52 percent in June 2018. Also, crude oil has gained $7 a barrel in a fortnight, driven by fears that the United States sanctions on Iran will ... [Full Article...]

Trump cancels pay raise federal workers were due in January

Trump cancels pay raise federal workers were due in January The letter did not estimate the overall savings, though it said $ 25 billion would be saved in a related move canceling raises that are based on the workers' location. Under President Barack Obama, federal pay was frozen between 2011 and 2013 as the economy recovered from the Great Recession, and no president has allowed full locality pay increases to take effect, according to Bloomberg. [Full Article...]

Trump Announces Pay Increase Freeze for Federal Employees

Trump Announces Pay Increase Freeze for Federal Employees Accordingly, I have determined that it is appropriate to exercise my authority to set alternative across-the-board and locality pay adjustments for 2019 pursuant to 5 U.S.C. Scrapping the raises will save more than $25 billion, Trump said. Mr. Trump informed House and Senate leaders in a letter sent Thursday. A judge struck down most of those provisions last week. [Full Article...]

Trump, Cohen lawyers stumble on facts

Trump, Cohen lawyers stumble on facts Now the U.S. Attorney's Office for the Southern District of New York (SDNY), which prosecuted Cohen upon a referral from Mueller, is looking into the Trump Organization and the payments Cohen made. "These are business investigations", Dershowitz explained. From his first job helping with the books for Trump's father, Fred, in 1973, the Pace University graduate has gotten his fingers into a... [Full Article...]

Verizon lifts data speed caps for first responders

Verizon lifts data speed caps for first responders The account by Bowden is part of a larger lawsuit, filed by 22 states that are seeking to overturn the government's decision to revoke net neutrality. Verizon said that it would be introducing a new data plan for first responders that doesn't include throttling after an ensuing uproar. Verizon has since said it will change its policies for public safety departments during emergencies. [Full Article...]

All eyes on Jackson Hole with the Fed’s Economic Policy Symposium

All eyes on Jackson Hole with the Fed’s Economic Policy Symposium Strong economic growth, strong earnings and low interest rates have combined to continue to move the US equity market higher, said Leo Grohowski, chief investment officer for BNY Mellon Wealth Management. Hawkish members of the Fed board have expressed fears that moving too slowly could risk rampant inflation, but more liberal officials see no need slow down the economy while prices stay mostly ... [Full Article...]

Another Trump loyalist granted immunity as prosecutors close in on Trump business

Another Trump loyalist granted immunity as prosecutors close in on Trump business The Wall Street Journal first reported Weisselberg's immunity deal. He arranged for the Trump Organization to reimburse Cohen , who paid $130,000 to adult film star Stormy Daniels in October 2016 in exchange for her silence on an alleged one-night stand with Trump in 2006, the Journal said . [Full Article...]

Trump, Cohen and campaign finance: What you need to know

Trump, Cohen and campaign finance: What you need to know Justice Department guidelines state that a sitting president can not be indicted for a crime and special counsel Robert MuellerRobert Swan MuellerSasse: US should applaud choice of Mueller to lead Russian Federation probe MORE has reportedly told Trump's lawyers he will abide by that policy. [Full Article...]

Trump, trade, Fed take sheen off S&P's record day

Trump, trade, Fed take sheen off S&P's record day US gold futures for December delivery settled up $3.30 at $1,203.30 per ounce. In any case, even before yesterday's comments by the President , there was already a debate going on in the markets, as to the wisdom of the Fed going too quickly where rates are concerned. [Full Article...]

USA threatens further retaliation against Turkey over pastor

USA threatens further retaliation against Turkey over pastor Turkey, home to the Incirlik air base which is used by USA forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s. The Turkish lira has been in a steady slide and reached an all-time low earlier this week. In retaliation, a Turkish court refused to release Brunson, and the Turkish government raised its tariffs on imports of American cars, alcohol and tobacc... [Full Article...]

Trump says his steel tariffs will save the USA industry

Trump says his steel tariffs will save the USA industry Previously, the United States took safeguard measures on imports of some photovoltaic products with additional tariffs of up to 30 percent. Despite Trump's praise, The Journal notes that, though some some steelmakers are expanding production in the US, other USA manufacturers are still dependent on imported metals. [Full Article...]

Turkey's higher court refuses to release US pastor Brunson

Turkey's higher court refuses to release US pastor Brunson The lira has lost almost 40 percent of its value against the dollar this year, sparking a sell-off in emerging market currencies and weighing on global stocks. Turkey has accused Brunson of espionage and having ties to the Kurdistan Workers Party and the movement led by cleric Fethullah Gulen . Erdogan, hinting at a trade for Brunson, said in a speech previous year that if the USA turned over G... [Full Article...]


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