Economy

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...]

Qatar promises $15 billion investment in Turkey

Qatar promises $15 billion investment in Turkey A boycott of USA electronics goods was proposed by Erdogan on Tuesday, who is accusing Washington of waging a targeted economic war on his country. Relations between Turkey and the United States have been soured by Brunson's detention, as well as diverging interests on Syria. [Full Article...]

Indian rupee drops to 19.03 vs UAE dirham

Indian rupee drops to 19.03 vs UAE dirham The Turkish currency crisis has strained emerging market currencies such as India. The currency opened at 69.84 against the dollar and touched a high of 69.75 before falling to 70.08 at 10.34 am, Mint reported. He said the rupee's fall was mainly due to external factors and any further selling of dollars by the Reserve Bank of India (RBI) - it has already spent about $23 billion on interventio... [Full Article...]

Musk bid for Tesla: no formal offer, no firm deals with advisers

Musk bid for Tesla: no formal offer, no firm deals with advisers Elon Musk is moving forward with his plan to take Tesla private . Things aren't all rainbows and kittens at Tesla as the board forms a special committee to act on any potential proposal to go private from CEO Musk. According to Musk, the tweet followed a meeting with the managing director of Saudi Arabia 's Public Investment Fund. Tesla's board said on August 8 that Musk had held talks wi... [Full Article...]

Erdogan: Turkey can do without U.S. electronic goods

Erdogan: Turkey can do without U.S. electronic goods Erdogan said his country will boycott USA -made electronic goods amid a diplomatic spat that has helped trigger a Turkish currency crisis. It was unclear how the Turkish leader planned to implement the boycott. It also eased rules that govern how they manage their lira and foreign-currency liquidity, while the banking regulator limited swaps transactions to make shorting the currency more ... [Full Article...]

Airline employee who stole plane highlights insider threats

Airline employee who stole plane highlights insider threats Sea-Tac Airport confirmed via Twitter that an airline employee conducted an unauthorized takeoff of a Horizon Air Turbo Prop without passengers on board. In conversation with an air-traffic controller, he described himself as "just a broken guy", said he "wasn't really planning on landing" the aircraft, and claimed he didn't want to hurt anyone else. [Full Article...]

Turkish Currency Lira Plunges As Trump Piles On The Pressure

Turkish Currency Lira Plunges As Trump Piles On The Pressure In the New York Times , Erdogan warned Washington not to risk its relations with Ankara , saying it would look for "new friends and allies". The Russian rouble dropped to its weakest since late 2016 after Washington said it would impose fresh sanctions on Moscow, while the Turkish lira plumbed a record low in the wake of a diplomatic rift with the United States . [Full Article...]

Ryanair strike: find out if you’re affected by cancelled flights

Ryanair strike: find out if you’re affected by cancelled flights A spokesperson said: "Ryanair fully complies with all EU261 legislation, however as these flight cancellations were caused by extraordinary circumstances, no compensation is due". DW reporter Lars Halter at Berlin-Schönefeld airport said the situation was "very calm". But Ryanair pilots say they earn less than counterparts at other airlines like Lufthansa. [Full Article...]

Turkey is a 'target of economic war,' Erdogan says

Turkey is a 'target of economic war,' Erdogan says At the end of a "tragic day", Turkish lira lost 20 percent of its value, the biggest one-day fall since a 2001 financial crisis in Turkey. He declared: "Our relations with Turkey are not good at this time! ". Markets InsiderAs a result of the ensuing panic, the dollar strengthened sharply against major currencies as global investors sought a safe-haven, something that runs directly against T... [Full Article...]

Markets Now: Dow Drops 105 Points as Turkey Finally Matters

Markets Now: Dow Drops 105 Points as Turkey Finally Matters The Nasdaq is up 79.77 points, or 1 percent . The S&P 500 is up 159.67 points, or 6 per cent. The TSX's energy group rose 0.22 points, or 0.11 per cent, while the financials sector slipped 1.81 points, or 0.59 per cent. The biggest drag on the S&P 500 was Booking Holdings BKNG.O , which fell 5 percent after it forecast third-quarter profit below expectations. Tribune shares rose 2.9 per... [Full Article...]


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