Economy

Fed hikes key rate for third time this year

Fed hikes key rate for third time this year The Fed lifted its short-term rate - a benchmark for many consumer and business loans - by a modest quarter-point to a range of 2 percent to 2.25 percent. Chairman Powell's press conference began by saying, "Our economy is strong". It also stuck with a previous forecast for three more rate hikes in 2019. [Full Article...]

Trump and Trudeau have cold encounter at United Nations reception

Ramos told AFP that Mexico was prepared to release the text of the agreement with the United States on Friday, the next step in advancing the renegotiation of the North American Free Trade Agreement . Trump and several of his top aides have said Canadians were refusing to rework NAFTA because they want to continue protecting their local dairy industry through a controversial management progra... [Full Article...]

Fox sells Sky stake to Comcast in $15-billion deal

Fox sells Sky stake to Comcast in $15-billion deal The announcement comes four days after the two U.S. giants went head-to-head in a dramatic shoot-out to take control of Sky, overseen by the Takeover Panel. "Today, Sky is Europe's leading entertainment company and a world-class example of a customer-driven enterprise". A Fox spokesman said: "When we launched Sky in 1989 it was four channels produced.in an industrial park on the fringes of west ... [Full Article...]

Oil jumps, then pares gains as Trump pressures Opec again

US President Donald Trump earlier this week in a speech to the United Nation's General Assembly reiterated sanctions on Iranian oil exports will take effect on November 5 and that the US is working with countries that import Iranian oil to cut their purchases substantially. [Full Article...]

Federal Reserve Raises Interest Rates For Third Time

So while they could raise rates to a long-term neutral stance, that would not necessarily be above short-term neutral. Since the Fed's last meeting, job creation and GDP numbers have shown robust health, wages have risen and inflation has firmed, while measures of industrial activity and the housing market are among the few that have softened. [Full Article...]

NAFTA deal ‘meaningless’ without protection from Trump auto tariffs, Canadian ambassador says

Canadian Prime Minister Justin Trudeau has indicated he may be willing to jump on a deal with the USA and Mexico, but time is running out. The chief US trade negotiator is scheduled to meet with Canadian Foreign Minister Chrystia Freeland on the sidelines of the annual United Nations General Assembly meeting in NY. [Full Article...]

OPEC raises forecast based on United States oil production

OPEC raises forecast based on United States oil production Brent crude futures LCOc1 were at $81.39 per barrel at 0042 GMT, up by 19 cents, or 0.2 percent from their last close. Bank of America Merrill Lynch said it has lifted its average Brent crude oil price forecast for 2019 from $75 per barrel to $80 per barrel, while it increased its WTI crude oil forecast by $2 to $71 per barrel in 2019. [Full Article...]

Oil falters as Trump ups pressure while Goldman dissuades bulls

On Tuesday, Brent oil hit $82 per barrel for the first time since 2014. Earlier on Monday, Oil prices rose by nearly 2 percent as the USA sanctions restricted Iranian crude exports, which helped tighten the total global supply. Even so, US officials, including President Donald Trump, are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed O... [Full Article...]

Michael Kors confirms €1.8 billion take over of Versace

Michael Kors confirms €1.8 billion take over of Versace As part of the deal, Michael Kors agreed to buy all of Versace's outstanding shares for a total enterprise value of €1.83 billion, to be funded in cash, debt and shares in Michael Kors Holding, which will be renamed Capri Holdings. Versace chief executive Jonathan Akeroyd on Tuesday said that since joining the company two years ago, "focus has been on leveraging the company's heritage and... [Full Article...]

XRP (XRP) Market Capitalization Achieves $22.78 Billion

XRP (XRP) Market Capitalization Achieves $22.78 Billion There are a good number of reasons why XRP is struggling with its value. Ripple describes its xRapid product as using XRP as "bridge" between currencies, which executives say allows payment providers and banks to process faster cross-border transactions. [Full Article...]

Barrick and Randgold merger creates £14bn gold mine giant

Barrick and Randgold merger creates £14bn gold mine giant If the all-share, no-premium deal closes as expected in 2019, Barrick shareholders would control two-thirds of the company while Randgold would control the rest. He added: "We will need to take a very critical view of our asset base and how we run our business, and be prepared to make tough decisions". The company's production is scheduled to decline this year from 5.3 million ounces of gold i... [Full Article...]

Needles found in strawberries at NZ supermarket

Needles found in strawberries at NZ supermarket It last week announced it had stopped importing Australian strawberries as a precaution following scares across the states, while competitor Foodstuffs halted distribution to its stores. Countdown , which owns 181 supermarkets across New Zealand , has urged shoppers to cut up any strawberries already purchased. "I'm not too casual about it either", he said. [Full Article...]

US, China Exchange New Round of Tariffs in Trade War

US, China Exchange New Round of Tariffs in Trade War China said on Tuesday (Sept 25) it was impossible to hold trade talks with the United States while Washington is imposing tariffs that are like "holding a knife to someone's throat". Taiwan split with the mainland in 1949, but China claims it as part of its territory and has threatened to invade if necessary to reunite Taiwan with the mainland. [Full Article...]

Instagram co-founders resign in latest Facebook shake-up

Instagram co-founders resign in latest Facebook shake-up Building new things requires that we step back, understand what inspires us and match that with what the world needs; that's what we plan to do. The departures at Facebook's fastest-growing revenue generator come just months after the exit of Jan Koum, co-founder of Facebook-owned messaging app WhatsApp , leaving the social network without the developers behind two of its biggest services. [Full Article...]

Supply stand-off pushes oil to four-year high

Supply stand-off pushes oil to four-year high Sales of Iranian crude have fallen as buyers remain wary of penalties from sanctions due to take effect from November. "The OPEC monopoly must get prices down now!" But a meeting of OPEC and non-OPEC energy ministers in Algiers ended without any formal recommendation for a supply boost. [Full Article...]

SiriusXM to Acquire Music Streaming Company Pandora

SiriusXM to Acquire Music Streaming Company Pandora George Soros' hedge fund owned a $56 million stake in Pandora at the end of the second quarter on June 30. The company recovered this year after showing it could attract new paying subscribers and fend off music-streaming competitors ranging from Spotify to Amazon.com Inc. [Full Article...]

Michael Kors set to snap up Italy's Versace

Michael Kors set to snap up Italy's Versace Private-equity giant Blackstone Group, which owns 20% of Versace , is selling its stake in the business as part of the deal, one person said. Investors were skeptical: Shares in Michael Kors dropped 7% on Monday. Such a big number extinguished interest from most potential strategic buyers, including Tapestry , save for Kors, which pulled out a bigger checkbook and pursued exclusive negotiation... [Full Article...]

Could you spend 30 hours in a coffin?

Could you spend 30 hours in a coffin? The Fright Fest 30-Hour Coffin Challenge will take place on Saturday, October 13 and reward those who make it through the night with more than just bragging rights. The Six Flags website states: "Coffin dwellers will be allowed to bring a friend along during Fright Fest operating hours, but they must courageous the non-operating hours alone". [Full Article...]

US, China hike tariffs as trade row intensifies

US, China hike tariffs as trade row intensifies With no settlement in sight, forecasters say the conflict between the two biggest economies could trim global growth through 2020. Beijing set its new levies on $60 billion of USA goods at 5 and 10 percent and warned it would respond to any rise in U.S. [Full Article...]

Oil price up as Trump calls OPEC to lower prices

Oil price up as Trump calls OPEC to lower prices The OPEC /non-OPEC monitoring committee next meets on November 11 in Abu Dhabi, followed by a full OPEC gathering at its Vienna headquarters on December 6-7. When Trump in May announced plans to reimpose sanctions on Iran's oil exports, the market estimated a cut of about 300,000 to 700,000 barrels a day, according to Trafigura's Luckock. [Full Article...]


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