Economy

Saudi wealth fund plunges $1bn into Tesla rival Lucid

Saudi wealth fund plunges $1bn into Tesla rival Lucid Founded in 2007 by former Tesla vice president and board member Bernard Tse and partner Sam Weng as Atieva Motors, Lucid started by building batteries for electric buses, cars, and motorcycles. Range will extend to 400 miles on a full charge, Lucid said. The Lucid investment, which PIF said is more than $1 billion but did not give an exact figure, is also part of Saudi Arabia's plan to build an ... [Full Article...]

USA wages trade war on China with new $200bn tariffs

USA wages trade war on China with new $200bn tariffs In a pair of early morning tweets on Monday, Trump hailed his combative trade policy as a boon to American economic health and said the USA steel industry, which the White House has championed in new protectionist measures, was now "the talk of the world". [Full Article...]

Apple Watch, AirPods excluded from next round of tariffs says new report

Tariffs increase the cost of goods to U.S. buyers, and lead to higher prices for the same items from domestic producers and imports from countries that have avoided tariffs. Washington has already imposed 25 percent duties on $50 billion of Chinese goods over what it alleges are unfair trade practices. At the same time, China introduced its own tariffs to the same value. [Full Article...]

Merger of Vijaya Bank, Dena Bank & Bank of Baroda announced

Merger of Vijaya Bank, Dena Bank & Bank of Baroda announced Bengaluru-based Vijaya Bank's Managing Director and Chief Executive Officer R A Sankara Narayanan said these three banks were the best possible combination for an amalgamation. Rationalisation of overseas operation in banking sector is in full swing. Rajiv Kumar, Department of Financial Services Secretary , announced that the decision was arrived at after meeting of the "alternative mechanism" ... [Full Article...]

Trump economic adviser says USA wants serious trade talks with China

Trump economic adviser says USA wants serious trade talks with China The ten percent tariff will take effect on September 24, and rise to 25 percent on January 1, 2019. Apple Inc and Amazon.com, the world's top two companies by market capitalisation, fell 2.6 percent and 3.2 percent respectively, marking their biggest fall since late April, on worries about new tariffs, which were unveiled after USA market close on Monday. [Full Article...]

USA impose new $200bn tariffs on China imports

If China does retaliate, Trump threatened to add a further US$267 billion (NZ$406 billion) in Chinese imports to the target list. Mr. Trump blasted America's trade track record with China in a meeting on the American workforce Monday afternoon before formally announcing the tariffs. [Full Article...]

Consequences of tariffs 'almost unnoticeable' for USA, says Trump

President Donald Trump said the latest round of tariffs was in response to China's "unfair trade practices, including subsidies and rules that require foreign companies in some sectors to bring on local partners". The planned tariff rate is less than half the 25 per cent level the administration had initially considered. China wants talks based on "mutual trust", said a foreign ministry spokes... [Full Article...]

Coca-Cola In Talks To Produce Pot-Infused Drink

Coca-Cola In Talks To Produce Pot-Infused Drink It says it hasn't made any decisions about using it in coke products. "We have no interest in marijuana or cannabis", read the company's short and terse sounding statement. Just last week, Coke announced a deal to buy Costa Coffee for $5 billion. Cannabidiol, a constituent of cannabis, can help ease inflammation, pain and cramping, but has no psychoactive effect. [Full Article...]

Labour MP Blasts Sadiq Khan For 'Attacking Democracy'

Labour MP Blasts Sadiq Khan For 'Attacking Democracy' May said that if she got a deal, she thought parliament would ultimately approve it. Despite strong opposition in her Conservative party and criticism in Brussels, May has stuck by the so-called Chequers proposal to keep close trade ties with the European Union after Brexit on March 29 next year. [Full Article...]

Oil prices steady after pull-back, up on the week

Oil prices steady after pull-back, up on the week But Iran's OPEC Governor Hossein Kazempour Ardebili, said in comments to Reuters that a "supply shortage" meant the United States would not be able to meet its zero export target. "Trump's efforts to cut Iran's access to the global crude market has prompted Russian Federation and Saudi Arabia to take the market hostage", he said. [Full Article...]

Salesforce CEO Marc Benioff buys Time Magazine for $190 million

The transaction is subject to customary closing conditions and regulatory approval and is expected to close within 30 days. The family does not plan to have any role in day-to-day operations and said they are not looking to buy other magazines. [Full Article...]

'Disgruntled ex-employee' blamed for needle in Woolworths strawberries

'Disgruntled ex-employee' blamed for needle in Woolworths strawberries The Queensland Strawberry Growers Association said it had reason to suspect that a disgruntled ex-employee may be behind the incident. "Driving up to the coast when Hoani van Dorp bites through a strawberry and swallows half a sewing needle". [Full Article...]

Cannabis stocks have whiff of 2006

Cannabis stocks have whiff of 2006 Recreational cannabis will become legal in Canada on October 17. If such history is learned about someone trying to cross the border , Owen explained, or they lie about it, "that's fraud and misrepresentation, which carries a lifetime ban". [Full Article...]

FDA Takes ‘Historic Action’ On Youth E-Cigarette ‘Epidemic’

FDA Takes ‘Historic Action’ On Youth E-Cigarette ‘Epidemic’ Most of the violations found in the undercover blitz, conducted from June through August, were for the illicit sale of Vuse, Blu, JUUL , MarkTen XL and Logic e-cigarette products, according to the FDA. Also, the agency is probing manufacturer's online shops for "straw" purchases in which buyers resell products to minors. Others, however, urged the FDA to go further and make good on its threat t... [Full Article...]

Hurricane Florence prompts Waffle House to activate storm center

Hurricane Florence prompts Waffle House to activate storm center Waffle House's decision to close or remain open also indicates the complexity and length of supply chains for food, fuel, and power. It's well-known among southerners that if the 24/7/365 restaurants ever close, real danger is afoot, and in advance of Hurricane Florence's landfall, at least two locations - in Myrtle Beach, South Carolina, and Morehead, North Carolina - have closed. [Full Article...]

OPEC sees global oil supply as robust

OPEC sees global oil supply as robust The Wall Street Journal said OPEC's total oil production climbed last month, in a sign the oil cartel is sticking with a decision to begin pumping out more barrels of crude this summer after more than a year of holding back output. Washington has told its allies to reduce imports of Iranian oil and several Asian buyers, including South Korea, Japan and India , appear to be falling in line. [Full Article...]

Sydney customer finds needle in 'Delightful' punnet of strawberries

Three more punnets were found contaminated with needles on Friday, according to ABC Australia . South West grower and market agent Paul Da Silva, from Grower Connect, said the wholesale price had fallen 50 to 70 per cent, compared with a week ago, even though WA had not imported strawberries from Queensland for a decade. [Full Article...]

Turkish leader Erdogan criticizes central bank’s rate hike

Turkish leader Erdogan criticizes central bank’s rate hike Turkish President Recep Tayyip Erdogan has accused the United States of launching what he called a "heinous economic attack" on Turkey after the national currency lira hit a record low following USA sanctions. The 2-year US2YT=RR Treasury note, heavily influenced by Fed policy expectations, fell 1/32 in price to yield 2.7606 percent, from 2.748 percent late on Wednesday. [Full Article...]

Jeff Bezos: Trump should welcome media scrutiny

Jeff Bezos: Trump should welcome media scrutiny The second will launch a network of "high-quality, full-scholarship" preschools in low-income communities, which a Day One Fund organization will directly operate. "All big institutions of any kind are going to be and should be examined, scrutinized and inspected", he said. As with most investment decisions by the Amazon founder, this one was likely grounded in data and science. [Full Article...]

Confirmed: Carney to stay on at Bank of England until January 2020

Confirmed: Carney to stay on at Bank of England until January 2020 The pound was little changed after the news, despite the extension being shorter than some reports had suggested. He extended it by a further year in the aftermath of the Brexit vote. Last month he warned that the risk of a "no deal" divorce with the European Union was "uncomfortably high" and "highly undesirable". The Canadian economist had been due to step down in June 2019, but will now stay ... [Full Article...]


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