Economy

Tesla’s Elon Musk mocks SEC as judge demands they justify fraud settlement

Tesla’s Elon Musk mocks SEC as judge demands they justify fraud settlement Mr Musk, chief executive of Tesla , described the SEC as the " Shortseller Enrichment Commission " hours after a federal judge ordered him and the agency to justify how they arrived at their settlement . Musk's sarcastic tweet could cause Nathan to reject the settlement if it gives her reason to believe that he "has no intention or ability to change his conduct", said Erik Gordon, a business pro... [Full Article...]

Vice President Pence accuses China of meddling in U.S.

Washington has long identified China as a major culprit in the cyber hacking of US government and corporate databases but USA officials and independent analysts say they have not detected the kind of systematic manipulation of social media and hacking of emails that Russian Federation is alleged to have engaged in during the 2016 election, which Trump won. [Full Article...]

Steelworkers president says tariffs should have been lifted before trade deal signed

Steelworkers president says tariffs should have been lifted before trade deal signed This will create high-quality jobs and strictly enforce the rule of origin requirement , he added. Mexico's future foreign relations secretary said the new trade agreement between Mexico, the United States and Canada "provides certainty for financial markets, investment and job creation". [Full Article...]

Apple categorically denies bombshell report on Chinese 'spy' microchips in iCloud servers

Apple categorically denies bombshell report on Chinese 'spy' microchips in iCloud servers China's Ministry of Foreign Affairs did not immediately respond to a written request for comment on Thursday. The extent of the data China collected from the surveillance chips was not clear from the report, and no consumer information was known to have been stolen, according to Bloomberg Businessweek . [Full Article...]

Centre announces ₹2.5 cut in fuel prices, urges States to match it

Centre announces ₹2.5 cut in fuel prices, urges States to match it The Finance Minister had also urged the state governments to cut the Value-Added Tax on fuel by an equal amount. The governments of Maharashtra , Gujarat , Chhattisgarh , Jharkhand and Uttar Pradesh - all under the rule of the Bharatiya Janata Party - have already said they will do so. [Full Article...]

India's currency falls to all-time low against US dollar

India's currency falls to all-time low against US dollar The rupee Monday tumbled 43 paise to end at a two-week low of 72.91 against the United States dollar on steady capital outflows. The current account has faced additional pressure as India, like many emerging market economies, has also suffered due to rising USA interest rates drawing investors away. [Full Article...]

Dow Gains 184 Points as U.S. and Canada Reach Trade Deal

Dow Gains 184 Points as U.S. and Canada Reach Trade Deal The U.S. and Canada reached a deal to replace the North American Free Trade Agreement , signed a quarter-century ago, with a new pact that the Trump administration says is easier to enforce. "That's dealing with China , dealing with European Union , with everybody, Japan, Mexico, Canada, everybody", he said. "China is not playing by the rules often, and this helps us to have Canada and Mexi... [Full Article...]

Trump says Saudi king wouldn't last 2 weeks without U.S. support

Trump says Saudi king wouldn't last 2 weeks without U.S. support Trump made an undiplomatic remark about close ally Saudi Arabia on Tuesday, saying he warned Saudi Arabia's King Salman he would not last in power "for two weeks" without the backing of the US military. The average cost of a gallon (3.78 litres) of petrol in the USA was $3 in May, according to AP. The Trump administration has had a close relationship with Saudi Arabia. [Full Article...]

New NAFTA deal could have impact on regional auto industry

New NAFTA deal could have impact on regional auto industry The loonie soared higher in the wake of news that Canada has reached a deal to join the United States and Mexico in a new North American trade agreement. "They're happy but not delighted", said Doug Porter, chief economist at the Bank of Montreal. Where those included language reinforcing seven worldwide environmental agreements, the new agreement has only weak language on some and no language... [Full Article...]

Oil hits four-year peak ahead of sanctions on Iran

Oil hits four-year peak ahead of sanctions on Iran US West Texas Intermediate (WTI) crude futures CLc1 marked $75.90 a barrel around 0630 GMT on Tuesday, their strongest since November 2014. In October, on average since 1990, Brent crude and WTI prices have declined by roughly 2.8%. Estimates vary widely on how much Iranian crude US sanctions could remove from the market, from 500,000 barrels per day (bpd) to 2 million bpd. Where OPEC is anx... [Full Article...]

Tesco to launch discount store format called Jack's

Tesco to launch discount store format called Jack's Shoppers have a new supermarket option to consider as Tesco launches a new cut-price brand named after the firm's founder. The group intends to both open new supermarkets and to transform a few shops Tesco in Jack's, which will create 250 jobs. [Full Article...]

Amazon Raises Minimum Wage to $15 for All Employees

Amazon Raises Minimum Wage to $15 for All Employees Online retailing giant Amazon is raising pay for hundreds of thousands of workers in the United States and the UK. In a statement released on Tuesday , Amazon said the salary increase, which is more than double the federal minimum wage of $7.25, will come into effect on November 1. [Full Article...]

Elon Musk's $2.4 billion windfall as Tesla shares bounce back

Elon Musk's $2.4 billion windfall as Tesla shares bounce back Billionaire businessman Elon Musk has stepped down as the Chairman of Tesla following a tweet where he claimed he has the funding and investor support to buy the publicly-traded company. Tesla is expected to release third-quarter production this week, and investors are watching to see if it hit targets for the Model 3, a high-volume auto. [Full Article...]

Amazon raising minimum wage to $15 an hour for US workers

The new minimum wage will benefit more than 250,000 employees in the US, as well as over 100,000 seasonal employees who will be hired at Amazon sites across the country this holiday, the company said in a statement . One of its harshest critics is U.S. Senator Bernie Sanders . Competition among companies for qualified workers is growing more intense, and they are increasingly willing to pay. [Full Article...]

Trade deal largely spares Canada, Mexico from any Trump auto tariffs

Trade deal largely spares Canada, Mexico from any Trump auto tariffs President Donald Trump on Monday celebrated a revised North American trade deal with Canada and Mexico as a return of the United States to a "manufacturing powerhouse", vowing to sign the agreement by late November. Stock markets rose on news of the agreement, with the Dow Jones in NY up 1.0 percent in late morning, just shy of a record high. "We've been sacrificed", he said in an interview. [Full Article...]

Canada and US reach tentative NAFTA deal

Canada and US reach tentative NAFTA deal Discussions between the United States and Canada had stalled amid souring relations between Trudeau and Trump, who lashed out at Canada last week during the United Nations General Assembly meeting for mistreating the United States on trade. [Full Article...]

Facebook hacked: Is your account safe?

Facebook hacked: Is your account safe? As a precaution, Facebook is temporarily taking down the " view as " feature - described as a privacy tool to let user see how their own profiles would look to other people. "And we don't yet know who was behind these attacks and where they might be based". The company then stated that the source of the vulnerability, the "View As" feature, has been disabled for the time being, adding that the f... [Full Article...]

GE shares soar after CEO John Flannery ousted; Larry Culp takes helm

GE shares soar after CEO John Flannery ousted; Larry Culp takes helm We will be working very hard in the coming weeks to drive superior execution, and we will move with urgency. The company also said its power business had weaker-than-expected results and that its free cash flow and per-share earnings will fall short of its previous guidance for the year. [Full Article...]

Trump administration sues California over hours-old net neutrality bill

Trump administration sues California over hours-old net neutrality bill However, the Attorney General for California, Xavier Becerra, said that the Trump administration was ignoring millions of Americans who supported net neutrality rules. "The fundamental issue here is that the Internet and Internet access is interstate commerce", said Jonathan Spalter, president of USTelecom, an industry trade group. [Full Article...]

Tesla shares jump on Model 3 numbers, Musk settlement

Tesla shares jump on Model 3 numbers, Musk settlement Investors anxious that heralded a long-drawn out fight with the regulator that would see Tesla lose its talismanic leader, undermine its ability to raise capital and cripple operations as it ramps up production of its crucial Model 3 sedan. [Full Article...]


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