Markets

Markets Trump Talks Down the US Dollar
Author: 0 Trump Talks Down the US Dollar

U.S. President Donald Trump on Friday launched a fresh attack on American trading partners, saying the European Union and China were manipulating their currencies , and he threatened to hit all imports from China with high tariffs. The S&P 500 Index slipped less than 0.1 percent to 2,801.83 as of 4:08 p.m.in NY. The Hang Seng on Friday rose 213.62 points, or 0.8 percent, to 28,224.48, but fell 1.1 percent from 28,525.44 on July 13.

Markets Certain Ritz products recalled over salmonella concerns
Author: 0 Certain Ritz products recalled over salmonella concerns

The makers of Ritz Crackers have warned customers not to consume some of their popular products over fears they have been contaminated with the harmful bacteria salmonella. Mondelez says no illnesses have been reported yet. Symptoms of Salmonella poisoning include fever, vomiting, abdominal cramps and diarrhea. Salmonella can cause serious and sometimes fatal infections in young children, elderly people and those with a weakened immune system.

Author: 0 Two Uncle Ben's rice products recalled over Salmonella concerns

Mars Food said most of the products have been pulled from shelves and it's working with several retailers in eastern Canada to have the rest of the product removed from stores. It said it is voluntarily withdrawing the two products "out of an abundance of caution" and added that there have been no reports of illness associated with the products.

Markets Ryanair cancels 600 flights due to strike of flight attendants
Author: 0 Ryanair cancels 600 flights due to strike of flight attendants

Next week's insane summer holiday getaway disaster scenario is going to be even more miserable than usual for some, thanks to a Ryanair strike causing hundreds of flights to be cancelled across Europe. "We can readily re-accommodate this small number of customers on other flights", added Mr Wilson. Ryanair said Wednesday it had cancelled 600 flights due to planned cabin crew strikes in Belgium, Portugal and Spain.

Markets Trump 'ready' to tax all Chinese imports
Author: 0 Trump 'ready' to tax all Chinese imports

The tradition that puts comments about the Fed out of bounds for a president, however, has a much more recent and questionable provenance than the reaction to Trump's remarks suggest. Trump told CNBC in an interview broadcast Friday, referring to USA trade with China. Even while threatening China, Trump tried to reassure the Chinese administration that he is not looking to "scare" the country.

Markets Meet the 5 rookie members of Trudeau's new cabinet
Author: 0 Meet the 5 rookie members of Trudeau's new cabinet

At the same time, there is a new government in Canada's most populous province, Ontario (where both Toronto and Ottawa are located), led by Premier Doug Ford of the province's Progressive Conservative Party. The United States takes 75 per cent of all Canadian goods exports and Trudeau says Canada needs to find new export markets. Finance Minister Bill Morneau is preparing to leave for this weekend's meeting with his G20 counterparts in Buenos Aires, Argentina.

Markets Marchionne replaced as head of carmaker Fiat Chrysler
Author: 0 Marchionne replaced as head of carmaker Fiat Chrysler

Marchionne was also CEO of Ferrari which had been spun off of FCA . The man rumoured to be the new boss of Ferrari is Louis Camilleri, the former CEO of Philip Morris International who is now the chairman of the cigarette company which owns Marlboro and is Ferrari's primary sponsor, although the branding no longer appears on the cars.

Markets Gold hits year low as dollar steadies ahead of Fed testimony
Author: 0 Gold hits year low as dollar steadies ahead of Fed testimony

In late morning trading, the dollar index, a gauge of its value against a basket of six major currencies, was up 0.37 percent to 95.432, after touching a one-year high at 95.652. Though concerns remain the US economy may be nearing a peak as evident from a flattening yield curve, the widening rate differentials between the United States and other major markets have lifted the dollar.

Markets Finally, sanitary napkins to be exempt from GST
Author: 0 Finally, sanitary napkins to be exempt from GST

After a year-long campaign, the GST on sanitary napkins has finally been abolished. Ahead of the Rakshabandhan festival, which celebrates the brother-sister bond, Rakhis have also been exempted from GST. In a boost for the textile industry, unclaimed input tax credit will henceforth be refunded to firms. Mr Goyal said, simplification in tax is a government priority.

Markets Burberry burned $37 million worth of goods to protect its brand
Author: 0 Burberry burned $37 million worth of goods to protect its brand

Lawmaker Tim Farron, environment spokesman for the opposition Liberal Democrat party, said: "It is outrageous that Burberry think setting fire to their unsold stock is an acceptable solution". The logic behind this process is to ensure that the clothes are not sold at discounted prices. Burberry previously talked up its commitment to cyclical economies, joining forces with Stella McCartney and Nike on the Make Fashion Circular initiative.

Markets Farnborough Air Show Sees Major Freight Orders for Boeing
Author: 0 Farnborough Air Show Sees Major Freight Orders for Boeing

The order, valued at $9.6 billion at current list prices, expands ALC's 737 MAX portfolio to 213 jets. Several top delegates cautioned against overstating the link with trade tensions, however. Planemakers often strike deals during the year with customers without disclosing their identity, especially in countries like China with complex government approval processes.

Markets British Airways sorry after IT 'chaos' at Heathrow
Author: 0 British Airways sorry after IT 'chaos' at Heathrow

Although flights are operating today, BA says some "knock on disruption" can be expected. "Utter chaos at LHR, no communication, no emergency processes and no clue", one passenger Dominic Hill said on Twitter. The airline blamed a contractor for the computer outage, tweeting that "As with a number of airlines we are experiencing some disruption at Heathrow as a result of an issue with a supplier IT system".

Markets White House's Kudlow blames China's Xi for blocking US trade deal
Author: 0 White House's Kudlow blames China's Xi for blocking US trade deal

Mr. Kudlow said other Chinese officials, including Vice Premier Liu He , a key economic advisor, are open to reducing tariffs but Mr. Xi is stalling. The United States and China this month slapped tariffs on $34 billion of each other's imports in an escalating trade tussle that has roiled financial markets.

Markets Trade war continues: Now, US opens investigation into uranium imports
Author: 0 Trade war continues: Now, US opens investigation into uranium imports

In a statement citing idle USA mines and massive layoffs in the us uranium mining sector over the past two years, Ross announced that he had accepted a petition from two USA energy companies to launch the probe. Canada, Kazakhstan, Australia and Russian Federation exported most of the uranium used in the U.S.'s power plants in 2016, according to the Energy Information Administration .

Markets Trump threatens tariffs on all US$505b of Chinese imports
Author: 0 Trump threatens tariffs on all US$505b of Chinese imports

An afternoon recap of the day's most important business news, delivered weekdays. In a statement to news channel CNBC , the US President said, "I'm ready to go 500", alluding to the United States dollars 505.5 billion in Chinese imports into the US in 2017.

Author: 0 Trump threatens to slap tariffs on all $505bn of Chinese imports

Trump followed up the CNBC comments with a tweet on Friday , in which the president said the Fed's interest-rate tightening "hurts all that we have done". "While inflation expectations are now well anchored, history shows us that a pervasive lack of central bank independence can rapidly, and without warning, lead to rising inflation and economic instability".

Markets Microsoft's Cloud Proves It's Worth the Big Price
Author: 0 Microsoft's Cloud Proves It's Worth the Big Price

Microsoft stock jumped over 4 per cent in after-hours trading as it beat Wall Street expectations. "We had an incredible year, surpassing $100 billion in revenue as a result of our teams' relentless focus on customer success and the trust customers are placing in Microsoft", CEO Satya Nadella said in a prepared statement.

Author: 0 Trump says U.S. ready to tax all Chinese imports should need arise

Trump said in an interview with CNBC that the U.S.is "down a tremendous amount" in terms of trade with China saying that China "can't match us because otherwise we're always going to be behind the 8-ball". On Thursday, automakers and vehicle-making nations such as Mexico criticized the administration's study into whether auto imports pose a risk to national security , which could lead to tariffs.

Author: 0 Trump slams the Federal Reserve for raising interest rates

US Federal Reserve Chair Jerome "Jay" Powell, who was appointed by Mr Trump earlier this year, said this week that policymakers remain committed to further, gradual increases. However, they break with longstanding tradition of USA presidents withholding comments on Fed policy to preserve the central bank's independence from political pressure.

Author: 0 Trump's threat of tariffs on all $505bn of Chinese imports knocks markets

The U.S. has identified a further $200 billion in Chinese goods the U.S. may target for tariffs, for a total of $250 billion. U.S. export duties on Chinese products came into force on July 6 with China retaliating hours later. "We're down a tremendous amount", said Mr Trump, reiterating his view that China's trade surplus with the U.S. amounts to unfair trading practices.

Markets Oil prices fall amid record U.S. output, stockpile build
Author: 0 Oil prices fall amid record U.S. output, stockpile build

Russian Federation and Saudi Arabia are helping Trump's cause by increasing their supply so it will be a challenge for bullish traders to overcome resistance on the basis of increased gasoline demand. When Trump was in Europe, he reminded the Europeans about the sanctions and the new US posture toward Iran . Lower oil demand in the United States and China caused by an economic slowdown from their trade war would likely weigh heavily on oil markets.

Author: 0 Trump tells Fed not to raise rates

During an interview with CNBC, Trump said that while Federal Reserve Chair Jerome Powell , who took over the role in February, was a "a very good man", he did not like the central bank's recent interest rate hikes. Mr Trump argued that higher rates put the U.S. at a disadvantage and impede faster growth. Indeed, overall financial conditions in the USA are largely unchanged since Trump took office in January 2017 despite the Fed's gradual tightening campaign, and looser than they were on ...

Markets Elon Musk apologises for calling Thai rescue diver a 'pedo'
Author: 0 Elon Musk apologises for calling Thai rescue diver a 'pedo'

In a series of tweets on Wednesday, Musk said his words "were spoken in anger" but labelled Unsworth claims that the mini-sub was not adapted to the situation as "untruths". On Tuesday, venture capitalist Gene Munster urged Musk to apologize, adding that his behavior was "fueling an unhelpful perception" of the entrepreneur's leadership.