Money

Tesla, China, Both to Benefit From 'Gigafactory' Deal

Tesla, China, Both to Benefit From 'Gigafactory' Deal If CEO Elon Musk and the rest of his team are successful, they could make a huge dent in the automotive market with a relatively affordable electric vehicle. The declining tax credit is seen as putting Tesla and GM at a disadvantage over newer entrants to the market, whose first 200,000 models will qualify for a full tax credit. [Full Article...]

The US economy has created more jobs than expected in June

The US economy has created more jobs than expected in June Despite strong hiring, wage growth remained sluggish, and was effectively erased by inflation: average hourly earnings rose just 0.2 per cent to US$26.98, putting wages up 2.7 per cent over the same month past year, the same as the 2.7 per cent rise in the Consumer Price Index. [Full Article...]

Oil slips as USA crude stockpiles show surprise build

Oil slips as USA crude stockpiles show surprise build USA crude slipped 2 cents to $72.92. USA crude futures were down 58 cents at $73.56 per barrel by 12:00 p.m. EDT (1600 GMT), still in sight of Tuesday's 3-1/2-year high above $75. Oil output cuts by the Organization of Petroleum Exporting Countries and allies including Russian Federation since January 2017 have reduced a glut of crude. [Full Article...]

Why higher unemployment signals a strengthening economy

Manufacturers hired 36,000 workers in June, the most in six months, adding to the 19,000 jobs created in May. That kept the annual increase in average hourly earnings at 2.7 per cent. It was 14.5 per cent in May, but 15.5 per cent in June. The labor force participation rate is still hovering near historic lows. But retailers shed 21,600 jobs, with the losses concentrated at general merchandise sto... [Full Article...]

Trump Tariffs Against China Take Effect

Trump Tariffs Against China Take Effect Minutes after the US tariffs went into effect at 12:01 Friday US time (0401 GMT), a spokesperson for China's ministry of commerce said, "China promised not to fire the first shot , but in order to safeguard the country's core interests as well as that of the people, it is forced to fight back", according to Xinhua . [Full Article...]

China issues warning for citizens travelling to US

China issues warning for citizens travelling to US Here's a look at what's happening this week and its likely impact. "U.S. government facilities worldwide remain in a heightened state of alert", the caution said. "While the Trump administration is anxious about gains and losses, Chinese people have unfaltering confidence in China's future". Implementation is set to start at midnight June 6 in both countries, which gives Beijing a 12-hour ad... [Full Article...]

Time difference gives China head start on tariff war with U.S.

Time difference gives China head start on tariff war with U.S. US companies ranging from whiskey distilleries to automakers like Ford and Tesla could be hit if China ramps up retaliatory measures. Asked whether USA companies will be targeted with "qualitative measures" in China in a trade war , Gao said the government will protect the legal rights of all foreign companies in the country. [Full Article...]

China defends trade record, promises more opening

China defends trade record, promises more opening Britain's FTSE 100 climbed 0.4 percent to 7,539. Germany's DAX was flat at 12,270 and France's CAC 40 added 0.3 percent to 5,298. Wall Street was poised for a subdued open. He urged Congress to strengthen existing laws that apply to all foreign countries instead. The state-owned China Daily newspaper, in a separate editorial on Wednesday, said US industries and workers could eventually "feel t... [Full Article...]

Tesla storms past Model 3 production goal

Tesla storms past Model 3 production goal Tesla , which Chief Executive Elon Musk hailed on Sunday as having become a "real auto company", said it now expects to boost production to 6,000 Model 3s per week by late August, signalling confidence about resolving technical and assembly issues that have plagued the company for months. [Full Article...]

As Toys "R" Us Closes For Good, Workers Campaign For Severance

As Toys Promise us just this one thing: Don't ever grow up. Toys "R" Us, one of the largest and most iconic toy retailers, shuttered stores across the county, closing 700 total, including all of North Carolina stores. "What we're asking is that the executives at Toys "R" Us would allow us to be the stewards of Geoffrey, their mascot, as a way for us to raise awareness for giraffe conservation". [Full Article...]

Catastrophic Exactis Database Leak Exposes Personal Info Of 230 Million Americans

Catastrophic Exactis Database Leak Exposes Personal Info Of 230 Million Americans But if the revelation that Exactis left 340 million records accessible to anyone who searched for it is any indicator, they aren't particularly good at protecting that data. Troia said he informed Exactis and the Federal Bureau of Investigation that he was able to access the database on the internet earlier this month. Among these results was the Exactis datatabase, totally unprotected. [Full Article...]

Trump asks Saudi Arabia to increase oil production

President Trump requested that Saudi Arabia's King Salman boost his country's oil production by 2 million barrels in order to offset any potential shortages caused by turmoil and unrest in Iran and Venezuela . The ministers announced they would ramp up oil production by around one million barrels a day from July. "Saudi Arabia obviously can deliver as much as the market would need, but w... [Full Article...]

Oil price drops after Opec deal, but markets stay tight

Oil price drops after Opec deal, but markets stay tight When prices fall, oil-reliant nations still have incentives to defect because increasing production can alleviate revenue shortfalls. Trying to make up for disrupted supply, the Organization of the Petroleum Exporting Countries (OPEC) said late last week it would increase output. [Full Article...]

Harley-Davidson to move production overseas thanks to Trump’s tariffs

Harley-Davidson to move production overseas thanks to Trump’s tariffs It said it would raise investment in its worldwide plants, though it did not say which ones. US President Donald Trump on Tuesday renewed his attacks on Harley-Davidson, accusing the motorcycle manufacturer of using the trade war as an "excuse" to move production for the European market out of the United States. [Full Article...]

Iran’s Rouhani: Iran will not give in to pressure from Trump

Iran’s Rouhani: Iran will not give in to pressure from Trump This compares to around 43,000 at the end of previous year. Facing potential escalations again, Iranian officials have threatened a crackdown. Analysts say the Indian government is unlikely to heed the USA call. "Even in the worst case, I promise that the basic needs of Iranians will be provided". If India believed that just like the first round of Iran sanctions , it could negotiate a so... [Full Article...]

Erdogan leads in Turkey’s presidential election - preliminary results

Erdogan leads in Turkey’s presidential election - preliminary results Erdogan won more than half of the votes in Sunday's snap presidential election after 97.2% of ballots had been counted, the head of Turkey's High Electoral Board (YSK) announced. Putin sent Erdogan a telegram to congratulate him on the victory, the Kremlin said in a statement Monday. "The nation has entrusted to me the responsibility of the presidency and the executive duty", the 64-year-old E... [Full Article...]

NRF applauds online sales tax decision

NRF applauds online sales tax decision But the Supreme Court ruled that the previous court case was no longer relevent in the modern broadband era. The Auto Care Association filed an amicus brief with other retail groups urging the Supreme Court to hear the case based on the price advantage that the current system provided online sellers, the association says . [Full Article...]

OPEC agrees ouput rise of ‘about’ 1 mln barrels -Saudi

OPEC agrees ouput rise of ‘about’ 1 mln barrels -Saudi He echoed earlier comments from OPEC Secretary-General Mohammad Barkindo. However, Iran's OPEC Governor Hossein Kazempour Ardebili told reporters his country would only accept a return to 100% compliance for each country on an individual basis. [Full Article...]

U.S. Oil Prices Slip a Bit Before OPEC Meeting

U.S. Oil Prices Slip a Bit Before OPEC Meeting Iran does at least "understand the necessity to reduce cuts" and has agreed to discuss the matter, Oman's Oil Minister Mohammed Al Rumhy said earlier in the day. Volatility was the theme on Wednesday as bearish traders continue to support the notion that Saudi Arabia and Russian Federation would push for at least a 1 million barrel per day increase in production, while bullish investors priced in... [Full Article...]

Stocks close down as U.S., China trade fire on tariffs

Stocks close down as U.S., China trade fire on tariffs Companies and trade groups in the United States and China have expressed concern over how the escalating trade spat between the world's two biggest economies could affect operations. After news of the American tariffs broke on Friday, National Association of Manufacturers President and CEO Jay Timmons released a statement calling for a bilateral trade agreement. [Full Article...]


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