• China, Europe warn trade war could trigger global recession

    China, Europe warn trade war could trigger global recession

    Finance

    Treasury Secretary Steven Mnuchin took to Twitter today to contradict reports that companies with at least 25 percent Chinese ownership will be barred from buying USA companies with "industrially significant technology". "The US has benefited enormously from having an open investment regime", Phil Levy, senior fellow on the global economy at the Chicago Council on Global Affairs, told CNNMoney late last month.
  • Erdogan’s triumph takes Turkey into the era of one-man rule

    Erdogan’s triumph takes Turkey into the era of one-man rule

    Finance

    But predictably, state media announced Mr Erdogan as the victor earlier on - saying he had won 53 percent of 99 votes cast, beating nearest rival Mr Ince on 31 percent. The paper also alleges that on election day, "there were reported cases of fraud, including ballot stuffing, [such as] an incident where a auto filled with ballots was pulled over heading to a polling station near the southern city of Urfa".
  • Canada becomes 2nd country to fully legalize marijuana

    Canada becomes 2nd country to fully legalize marijuana

    Finance

    Come October 17 and Canada will become the first member of the Group of Seven to legalise the growing and consumption of cannabis, Prime Minister Justin Trudeau announced on Wednesday, June 20. Quebec and Manitoba have already chose to ban home-grown pot, even though the bill specifies that individuals can grow up to four plants per dwelling.
  • Iran signals compromise for modest rise in OPEC crude oil output

    Iran signals compromise for modest rise in OPEC crude oil output

    Finance

    Zanganeh said it was Trump who had created difficulty for the oil market by imposing sanctions against Iran and Venezuela yet he now expects OPEC to deal with the consequences by pumping more. Some OPEC members have been opposed to a production increase, and others don't want to go as far as Saudi Arabia. An import duty would make US oil less competitive than other crudes, nearly certainly resulting in a sharp fall of Chinese purchases, forcing USA oil firms to find other buyers.
  • EU to respond to any U.S. auto tariff move

    EU to respond to any U.S. auto tariff move

    Finance

    European Union trade commissioner Cecilia Malmstrom adresses a news conference on the US tariffs on steel and aluminium in Brussels on June 1. The goods targeted include typical American products such as bourbon, peanut butter and orange juice, in a way that seems designed to create political pressure on President Donald Trump and senior U.S.
  • Supreme Court's online sales tax ruling gives states a win

    Supreme Court's online sales tax ruling gives states a win

    Finance

    Amazon , which accounts for more than 40% of online retail sales, already collects sales taxes on direct purchases from its site. "It was an issue of fairness since brick-and-mortar businesses must pay property and sales taxes while online retailers were exempt", said England, who serves as chairman of the House's appropriations committee.
  • EU slaps retaliatory tariffs on US goods

    EU slaps retaliatory tariffs on US goods

    Finance

    The European Union will start imposing duties on a list of USA products as of Friday in response to President Donald Trump's decision to slap tariffs on steel and aluminium imports from Europe. "The fast-shrinking Chinese investment in the U.S. reflects the damage being done to China-U.S. -trade relations.by the trade crusade of Trump and his trade hawks", it said.
  • Oil Drops in Choppy Trade Ahead of OPEC Meeting

    Oil Drops in Choppy Trade Ahead of OPEC Meeting

    Finance

    On the other side, less privileged OPEC members like Iran, Venezuela, Iraq, Angola, Libya and Nigeria whose production levels have been under pressure by different geopolitical and economic factors like USA sanctions and budget deficit need the prices to stay at current levels.
  • China may have 'underestimated' Trump's resolve

    China may have 'underestimated' Trump's resolve

    Finance

    Southeast Asian indexes were mostly lower . ASIA'S DAY: Japan's benchmark Nikkei 225 index dropped 0.8 percent to close at 22,680.33. In tit-for-tat retaliation last week, the Chinese government made a decision to impose additional duties of 25 per cent on 659 items of United States products worth about Dollars 50 billion .
  • Disney Ups Fox Bid to $71.3 Billion, Outflanking Comcast

    Disney Ups Fox Bid to $71.3 Billion, Outflanking Comcast

    Finance

    Both Comcast and Disney are keen to buy Fox's entertainment assets, including Sky, in order to acquire film and television content that would enable them to compete more effectively with digital giants, like Netflix and Amazon, who sell their content directly to viewers.
  • Trump Tariffs on Chinese Solar and Battery Products to Have Minimal Impact

    Trump Tariffs on Chinese Solar and Battery Products to Have Minimal Impact

    Finance

    Last week Mr Trump announced the U.S. would impose 25% tariffs on $50bn worth of Chinese goods. China will "fight back firmly" with comprehensive "qualitative" and "quantitative" measures if the United States publishes an additional list of tariffs on more Chinese goods, the Ministry of Commerce said on Tuesday.
  • Trade war looms as Trump announces China tariffs

    Trade war looms as Trump announces China tariffs

    Finance

    The US has in recent weeks also slapped tariffs on products from other countries, including its allies. According to the state media, Xinhua, the Chinese government imposed additional duties of 25 per cent on 659 items of American products, while also revealed a list of items which will be subjected to additional tariffs .
  • Seth Meyers, Trevor Noah unpack 'infuriating' details in James Comey report

    Seth Meyers, Trevor Noah unpack 'infuriating' details in James Comey report

    Finance

    Now that one day's worth of dust has settled following the release of the report on the actions of the FBI during the 2016 election campaign from the Office of Inspector General, we can say the truth - not surprisingly - is somewhere between the "total disaster" for the Bureau that President Trump says it is and the nothing burger Democrats and left-wing media claim it is.
  • European Central Bank says euro 'irreversible'

    European Central Bank says euro 'irreversible'

    Finance

    The Hong Kong Monetary Authority (HKMA) raised the base rate charged through overnight discount window by 25 basis points on Thursday to 2.25 per cent after the Fed raised interest rates by a quarter of a percentage point. The European Central Bank ( ECB ) has announced that it will end its bond-buying stimulus programme this year. Then, it did not commit to a specific end or any subsequent steps.
  • Federal Reserve raises rates amid stronger economy

    Federal Reserve raises rates amid stronger economy

    Finance

    The unanimous vote brings the federal funds rate to a range of 1.75 to 2 per cent, but the quarterly economic forecasts show central bankers now expect the rate to end the year at 2.4 per cent rather than the 2.1 per cent projected in March.
  • Judge approves AT&T-Time Warner merger without conditions

    Judge approves AT&T-Time Warner merger without conditions

    Finance

    The deal, if approved, would merge Comcast-owned Universal Studios and the NBC television network with Hollywood rival 20th Century Fox, Fox's cable entertainment networks and worldwide TV businesses. It's also $5 billion more than Comcast's own earlier bid of about $60 billion, which Fox rejected, reportedly over suspicion that regulators would forbid the deal from going through.
  • Trump says he will stop 'war games' with South Korea

    Trump says he will stop 'war games' with South Korea

    Finance

    The Republican leader said: "People are going to be very impressed and people are going to be very happy and we are going to take care of a very unsafe problem for the world". "I am hoping for denuclearization and a peace agreement and also for North Korea's economy to open up". Donald Trump says he will have a "terrific relationship" with Kim Jong Un as they appear together for the first time in Singapore .
  • Tesla Autopilot: Elon Musk promises 'full self-driving features' by August

    Tesla Autopilot: Elon Musk promises 'full self-driving features' by August

    Finance

    However, Elon Musk did confirm the rockets on the forthcoming Roadster will be "pure electric", ruling out the use of any petrol-based booster technology in the all-electric sports vehicle. Being "full self-driving", as Elon Musk calls it, doesn't mean that the vehicle will drive itself, though it could. Musk has been known to exaggerate and even post jokes in his Twitter feed that are often mis-read as serious comments.