Markets

Markets 39 dead in Italy bridge collapse; maintenance company blamed
Author: 0 39 dead in Italy bridge collapse; maintenance company blamed

A bridge on a main highway linking Italy with France collapsed in the Italian port city of Genoa during a sudden, violent storm, sending vehicles plunging 90 meters (nearly 300 feet) into a heap of rubble below. A $22.7 million project to upgrade the bridge's safety had already been approved, with public bids to be submitted by September. According to business daily Il Sole, improvement work would have involved two weight-bearing columns that support the bridge - including one that collapsed ...

Author: 0 Turkish lira rebounds after Qatar pledges $15 billion

The United States on Wednesday ruled out removing steel tariffs that have contributed to a currency crisis in Turkey even if Ankara frees a USA pastor, as Qatar pledged $15 billion in investment to Turkey , supporting a rise in the Turkish lira.

Author: 0 Qatar pledges US$15 billion to Turkey as lira rallies

The two countries fell out during the election over Berlin's refusal to let Turkish politicians campaign on German soil. "Any help that Germany could give right now would be small compared to the problems at hand". Despite the political tensions, the lira rebounded 6 percent on Wednesday, strengthening to about 6.0 to the dollar. However, interest rates in the industrialized democracies are rising now.

Markets Turkey hits back at US with tariff hikes on key products
Author: 0 Turkey hits back at US with tariff hikes on key products

On August 10, Trump announced that his administration was doubling steel and aluminum tariffs on Turkey . 'The import duties were increased on some products, under the principle of reciprocity, in response to the US administration's deliberate attacks on our economy, ' Vice President Fuat Oktay wrote on Twitter.

Markets Turkey doubles tariffs on some USA imports; lira rallies
Author: 0 Turkey doubles tariffs on some USA imports; lira rallies

Speaking at a Symposium in Ankara , Erdogan said Turkish businesses must continue to produce and export the country's own goods. Singling out the iPhone, he suggested Turks buy Samsung Electronics Co. Erdoğan and Trump are locked in a dispute about the U.S. pastor Andrew Brunson, who was arrested nearly two years ago and accused of plotting against the Turkish government.

Author: 0 Turkey to boycott USA products including iPhone, says Erdogan

Ankara acted amid increased tension between the two North Atlantic Treaty Organisation allies over Turkey's detention of a Christian American pastor and other diplomatic issues, which have helped send the lira tumbling to record lows against the dollar.

Markets Consumer Inflation Eases To 4.17% In July
Author: 0 Consumer Inflation Eases To 4.17% In July

The rise in inflation was partly due to the increased cost of video games in the United Kingdom, as well as higher transport fares. There was a sharp drop in the rate of inflation last month, and it's now at its lowest level since the start of previous year.

Markets Bayer shares fall 10 percent after Monsanto's Roundup cancer trial
Author: 0 Bayer shares fall 10 percent after Monsanto's Roundup cancer trial

Bayer closed a deal to buy Monsanto for $66 billion in June. A San Francisco court ordered Monsanto, the German pharmaceutical and chemical company's subsidiary , to pay $ 289 million in damages for failing to warn groundskeeper Dewayne Johnson and other consumers about the cancer risks posed by its Roundup brand, the most popular weed killer in the world.

Markets Turkey to 'continue taking steps' to save lira's value
Author: 0 Turkey to 'continue taking steps' to save lira's value

While the decline accelerated last Friday after the Trump administration announced new tariffs on Turkey, the US denied responsibility for Turkey's economic state. "We will see that our Turkish lira will be even stronger", he added. What impact could the drop in the lira have on consumers in Hong Kong and NY? "The president has a great deal of frustration on the fact that Pastor Brunson has not been released as well as the fact that other USA citizens and employees of diplomatic ...

Markets Saudi Arabia reins in oil production as demand forecasts waver
Author: 0 Saudi Arabia reins in oil production as demand forecasts waver

OPEC agreed in June to increase output by one million bpd in a bid to prevent sharp rallies in crude prices that could potentially curb consumer demand. The International Energy Agency (IEA) said last week that global oil supply could become "very challenging" when USA sanctions on Iran return, but "trade tensions might escalate and lead to slower economic growth, and in turn lower oil demand".

Markets Erdogan says Turkey to 'boycott' U.S. electronic goods
Author: 0 Erdogan says Turkey to 'boycott' U.S. electronic goods

After the USA imposed sanctions on two Turkish ministers and amid growing domestic pressure from businesses and banks to contain a currency crisis, Erdogan said he wouldn't back down in the face of the economic attack against his country.

Markets Tesla board forms committee to consider going private
Author: 0 Tesla board forms committee to consider going private

Musk disclosed on Monday that he had been in talks with Saudi Arabia's sovereign wealth fund and other potential investors on a plan that would delist Tesla from the stock market. Musk said his decision to announce his negotiations publicly was in the interest of all investors, as it wouldn't have been fair to only tell the largest share holders.

Markets Turkey: Misunderstanding between Trump and Erdogan tanked economy
Author: 0 Turkey: Misunderstanding between Trump and Erdogan tanked economy

Turkey's president, Recep Tayyip Erdoğan, is opposed to raising interest rates to cool down the economy and support the currency, and has used his recent election victory to impose his unorthodox views on the country's central bank. Erdogan admitted the Turkish economy had problems - including a widening current account deficit and inflation of nearly 16 percent but added: 'Thanks to God, our economy is functioning like clockwork'.

Markets Vienna is the world's most liveable city
Author: 0 Vienna is the world's most liveable city

To determine the most liveable cities in the world, the index uses more than 30 qualitative and quantitative factors across five broad categories - stability, healthcare, culture and environment, education, and infrastructure. London's overall world "liveability" ranking improved in 2018, as it jumped five places up the table. "Nevertheless, with such high scores already in place, the impact of these improvements has not been enough to significantly affect livability in any of the top-tier ...

Markets Time for Erdogan to talk Turkey
Author: 0 Time for Erdogan to talk Turkey

In intra-day trade, it hit a fresh low of 69.62 against the greenback, tracking weakness in other emerging market currencies on concerns of a spill over from the Turkish crisis, according to Moneycontrol . Overall this year, the lira has lost more than 40 percent against the dollar. Terry Sandven, chief equity strategist at US Bank Wealth Management, said the dollar has strengthened because economic growth has picked up and other regions aren't doing as well.

Markets Rupee breaches 70/$ as investors turn jittery over Turkish currency turmoil
Author: 0 Rupee breaches 70/$ as investors turn jittery over Turkish currency turmoil

The Indian rupee on Monday declined to 69.61 per dollar during the day after opening at a record low of 69.47. The rupee was mainly impacted by fall in Turkish lira, said a treasurer of a state-owned bank. In the last two reviews, the RBI had raised the key repo rate by 0.25 per cent each on inflationary concerns. "The rupee is depreciating due to external factors which may ease as we go forward", Economic Affairs Secretary Subhash Chandra Garg told news agency ANI.

Markets Authorities say firefighter killed battling Northern California
Author: 0 Authorities say firefighter killed battling Northern California

Firefighters battling the Carr Fire further north - near Mount Shasta - did not have the same reprieve from scorching temperatures over the weekend, Jason Shanley, a Cal Fire spokesman told NPR. The fire spread quickly due to what officials said was a flawless combination of weather, topography and abundant vegetation turned into highly flammable fuel by years of drought.

Markets Tesla's Musk Faces Class Action Suits Over Tweet
Author: 0 Tesla's Musk Faces Class Action Suits Over Tweet

The amount of funding needed would depend on how many current investors want to remain part of the $60.9 billion company if it goes private. In turn, the fund bought almost US$2 billion (NZ$ 3 billion ) worth of Tesla shares on the market with the help of an investment bank, building up a stake just short of 5 per cent in the company.

Markets Apple rehires ex-Tesla engineering lead, stimulating Project Titan talk
Author: 0 Apple rehires ex-Tesla engineering lead, stimulating Project Titan talk

Field and Mansfield previously worked together on engineering Apple's line of Mac computers, including the Macbook Air and iPad. The former Tesla VP was on leave in May but then left the company in June. But in July, however, it was announced Field had left. The company has also received permission from the State of California to conduct on-road autonomous testing of 66 vehicles.

Markets Turkey says action plan ready after lira dives to record low
Author: 0 Turkey says action plan ready after lira dives to record low

Before that, Finance Minister Berat Albayrak had said in a Sunday interview with local media outlet Hurriyet that the government had a plan in place following the fall in the lira, Reuters reported. "I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars", he said. Do not take a stance saying "We are bankrupt, we are done, we should guarantee ourselves".

Markets United Kingdom firms struggle to hire with Brexit, record low jobless rate
Author: 0 United Kingdom firms struggle to hire with Brexit, record low jobless rate

Should the pound experience similar losses today, this could see the pound United States dollar exchange rate on track to touch a fresh one-year low by the end of the trading session. Options markets supported the idea that there would be little relief in the coming months for sterling. While there appeared to be no notable trigger to yesterday's pound sell-off, analysts suggest it is likely a result of growing anxiety that time is running for the United Kingdom to avoid a "no-deal" Brexit.

Markets Mexico says working hard with U.S. on new NAFTA auto rules
Author: 0 Mexico says working hard with U.S. on new NAFTA auto rules

But he threatened with auto tariffs if the US and can't forge a deal. Trump took a different tact, however, with Canada . United States and Mexican negotiators will resume talks next week on the update of the North American Free Trade Agreement , Mexico's Economy Minister Ildefonso Guajardo said Friday, August 10.