Economy

USA hits Turkey with new sanctions over detained minister

USA hits Turkey with new sanctions over detained minister Turkish President Recep Tayyip Erdogan has said his government won't back down and may "go its own way" if the United States imposes sanctions . Since the failed coup attempt, Turkey has been unsuccessfully lobbying the U.S.to extradite Fethullah Gulen , an elderly cleric living in Pennsylvania who Turkey says masterminded it. [Full Article...]

Apple boosted by selling more expensive iPhones

Apple boosted by selling more expensive iPhones There are lots of things to expect from Apple's upcoming quarterly earnings to stay tuned for the latest. However, total iPhone revenues increased significantly, suggesting the company has lured its customers into paying more for its devices even in a slowing smartphone market. [Full Article...]

Amazon Q2 Profit Surges, But Revenue Miss View

Amazon Q2 Profit Surges, But Revenue Miss View Younger, higher-earning businesses, including cloud computing and advertising, along with a July event the company created to drum up sales during the summer shopping lulls, are helping Amazon overcome high costs in the third quarter. In percentage terms, that's the slowest growth for the first half of the year since the depths of the financial crisis in 2009. Chief Financial Officer Brian O... [Full Article...]

Pres. Trump, European Union leaders announce path forward on trade

Pres. Trump, European Union leaders announce path forward on trade US President Donald Trump accused China of targeting American farmers in a "vicious" way and using them as leverage to get concessions on trade , even as some farmers and farm-state lawmakers, including Republicans, blamed Trump, saying they would rather trade with no tariffs than share the $12 billion aid that Trump offered. [Full Article...]

Twitter Stock Drops More than 18% in Morning Trading

Twitter Stock Drops More than 18% in Morning Trading Twitter reported a revenue of $711 million, up 24 percent year over year. Twitter has warned investors that new investments in security and safety will impact user metrics. Twitter shares plunged up to 20% in premarket trading after the social media platform said monthly active users had fallen by one million. Twitter shares were up 79% year-to-date through Thursday. [Full Article...]

Facebook is sued after stock plunge 'shocked' market

Facebook is sued after stock plunge 'shocked' market The slump is the biggest drop in market capitalisation in history - far exceeding Intel's $91bn single-day loss in September 2000. Facebook shares fell another 0.8 per cent on Friday, closing at US$174.89 on the Nasdaq. The new $10 million bump works out to an extra $27,000 a day Facebook is spending on protecting its chief. " Facebook is actively choosing to make less money, deprioriti... [Full Article...]

Handouts to United States farmers

Handouts to United States farmers The US and European Union will "hold off on other tariffs" while negotiations proceed, Mr Juncker said. He's threatening to use the national security justification again to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that a year ago totaled $335 billion. [Full Article...]

Republicans and farmers alarmed as Trump trade wars grow

Republicans and farmers alarmed as Trump trade wars grow It's widely believed that the trade war is not aimed to reduce the US's trade deficit with Chinabut to hinder the Made in China 2025 program that would challenge the US's leading position in technology. "And the European Union is going to start, nearly immediately, to buy a lot of soybeans", Trump told reporters after the meeting. At a meeting in Washington on Wednesday, Juncker and ... [Full Article...]

Trump And EU Agree To Work Toward Zero Tariffs

Trump And EU Agree To Work Toward Zero Tariffs Trump's trade wars have seen the USA hit Canada, the European Union and Mexico with tariffs on aluminum and steel - a move that has seen the Great White North fire back with retaliatory tariffs on $16.6-billion of US steel, aluminium and consumer products. [Full Article...]

Facebook lost approximately US$150 billion in two hours

Facebook lost approximately US$150 billion in two hours His fortune tumbled in late trading Wednesday, as shares of the social media giant slid 20% in post-market trading in NY on disappointing results. The revenue shortfall reflects warnings from Chief Executive Mark Zuckerberg that Facebook's bottom line could be affected by costly measures it is taking to improve safety and security for its 2.23 billion monthly active users. [Full Article...]

Ramaphosa makes it rain as he secures $14.7-billion from China

Ramaphosa makes it rain as he secures $14.7-billion from China Speaking at the same event, Chinese President Xi Jinping said the world's second-biggest economy would take active measures to expand imports from South Africa to support development in Africa's most industrialised economy. "China is the most important trade country in this coalition and is likely to offset the negative impact from greater United States protectionism through increased domestic s... [Full Article...]

Mega Millions jackpot at $512M for Tuesday's drawing

Mega Millions jackpot at $512M for Tuesday's drawing No tickets with either five or six winning numbers were sold for Friday's drawing, sending the jackpot to $512 million for tonight's drawing. The drawing is at 11:00 p.m. One report says there's a one in 302 million chance of winning the $522 million jackpot. The winning numbers are 1, 2, 4, 19 and 29 and the Mega Ball number is 20. [Full Article...]

Mega Millions soars to $522 million for Tuesday

Mega Millions soars to $522 million for Tuesday After Tuesday's drawing, the jackpot had rolled to a $422 million annuity value or $254.8 million cash. The jackpot is the sixth largest in the game's history, according to the Arkansas Scholarship Lottery , and the 19th largest in US lottery history. [Full Article...]

Alphabet's Q2 profit triggers rally, despite $5.1B European Union fine

Alphabet's Q2 profit triggers rally, despite $5.1B European Union fine Google is appealing the ruling. Diluted earnings per share came to $11.75 or $4.54 after the fine; in Q2 2017, EPS was $8.90 and would have been $5.01 had the fine been taken into account. Its enterprise value, or market capitalization and debt minus cash, trades at 13 times expected earnings for the next 12 months, compared with about 14 times for Facebook , 24 times for Twitter and 26 times ... [Full Article...]

8@eight: Trump keeps markets on edge

8@eight: Trump keeps markets on edge As China's officials determine whether to respond to Trump's yuan manipulation charge, economists say there are clear arguments for a cheaper Chinese currency , justifying the current weakness. Later in a pair of tweets, Trump attacked China and the European Union for keeping their currencies low to gain a trade advantage, while again blasting the Federal Reserve for raising interest rates... [Full Article...]

GST Rate Cut: Small Televisions, Lithium Ion Batteries to Become Cheaper

GST Rate Cut: Small Televisions, Lithium Ion Batteries to Become Cheaper George Osborne announced as far back as 2016 that the government would seek to abolish the "tampon tax" but Britain now remains tied to European Union rules. It was meant to unify the over US$2 trillion economy into a single market, with four tax rates of 5, 12, 18 and 28 per cent. The council also deferred the implementation of reverse charge mechanism by another year and now it will come into ... [Full Article...]

Oil prices rise; still set for third weekly drop on oversupply

Oil prices rise; still set for third weekly drop on oversupply Saudi Arabia's OPEC Governor Adeeb Al-Aama said in a statement that the Kingdom expects crude exports to fall by roughly 100,000 barrels a day in August and there will be a substantial stockpile decline due to robust demand in the second half of this year. [Full Article...]

Here's Why Google Has to Pay a $5 Billion Android Antitrust Fine

Here's Why Google Has to Pay a $5 Billion Android Antitrust Fine Though $5 billion is a lot of money for anyone, Google would no doubt recover quickly from the fine . The EU's antitrust regulator began a probe into whether Google had abused dominance of the Android operating system to promote its own mobile apps and services including the company's search engine. [Full Article...]

Thai Cave Rescuer Threatens to Sue Elon Musk Over ‘Pedo’ Remark

Thai Cave Rescuer Threatens to Sue Elon Musk Over ‘Pedo’ Remark Elon Musk calls British diver who helped rescue Thai schoolboys " pedo guy " in Twitter outburst. Unsworth added that Musk's mini-submarine strategy " had absolutely no chance of working " despite the billionaire's claims on Twitter. [Full Article...]

Netflix Shares Fall After Streaming Service Reports Lower Than Expected Subscriber Numbers

Netflix Shares Fall After Streaming Service Reports Lower Than Expected Subscriber Numbers Internationally, the company added 4.47 million new subscribers, short of its guidance for 5 million. With all this, the stock is tanking. Netflix added 5.15 million customers from April through June, 1 million fewer than forecasts from Thomson Reuters I/B/E/S and down from 7.41 million in the first quarter. [Full Article...]


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