Business


Rupee breaches the 70 mark: How it's bad, and how it's good Rupee breaches the 70 mark: How it's bad, and how it's good
- August 14, 2018

The under-pressure rupee touched 70.09 briefly during mid-morning trade as fears grow that the plight of Turkey's lira will spread to other emerging countries. This has strained emerging market currencies such as India. The Indian rupee and 10-year bond prices rose on Tuesday after retail inflation slowed to a nine month low, providing comfort to the government and Reserve Bank of India. (more...)
Why Turkey's currency is plunging and what it means
- August 14, 2018

The dispute between the two North Atlantic Treaty Organisation allies - which reached new intensity over the detention of an American pastor in Turkey - has hammered the lira and also raised questions over the future partnership between Washington and Ankara. (more...)
Turkey: US won't achieve aims through sanctions Turkey: US won't achieve aims through sanctions
- August 14, 2018

The lira has lost more than 40 per cent against the dollar this year, largely over worries about President Recep Tayyip Erdogan's influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States. (more...)
Erdogan vows action against 'economic terrorists' over lira plunge Erdogan vows action against 'economic terrorists' over lira plunge
- August 14, 2018

The U.S. has responded by slapping financial sanctions on two ministers and later doubled steel and aluminum tariffs on Turkey , driving the concerns over Turkey's economy which are rattling global financial markets. Erdogan's comments on interest rates - and his recent appointment of his son-in-law as finance minister - have heightened perceptions that the central bank is not independent. (more...)
Family of airline worker who crashed stolen plane 'shocked' Family of airline worker who crashed stolen plane 'shocked'
- August 14, 2018

Ekrote said that the flight data recorder - commonly known as the airplane's "black box" - was burned but was otherwise intact. It is expected to arrive in Washington, D.C., on Tuesday, she said. "He was a nice guy", Kaelin said. "Our information now is there was only one person on the plane". Price said you could risk pulling back too far on the stick, and the aircraft could stall. (more...)
Giant Saudi fund emerges as backer of bid for Elon Musk's Tesla Giant Saudi fund emerges as backer of bid for Elon Musk's Tesla
- August 13, 2018

While the entrepreneur owns 20 percent of Tesla , more than $60 billion would be needed to buy the business from public shareholders. The group's Vision Fund - an nearly $100 billion pool of capital dedicated to investing in the industry - has recently invested in coworking company WeWork Co. (more...)
Head Tesla engineer leaves for Apple to possibly reboot self-driving vehicle Head Tesla engineer leaves for Apple to possibly reboot self-driving vehicle
- August 13, 2018

If he's really working on Project Titan , that would mean he has reunited with Bob Mansfield, who's leading the project. Field, 53, previously worked at Apple as a top hardware engineer for product design and Mac computers from 2008 until 2013 when he left for Tesla. (more...)
Erdogan Says US Set Deadline for American Pastor's Release
- August 13, 2018

Turkey's spat with the United States has further weighed on the lira. Turkey is facing a deepening economic crisis, as the Lira fell sharply by about 22% in Friday's early morning trading and the yields on government debt rose further, said a press statement by the Central Bank of Egypt (CBE) on Friday, adding that doubling the tariffs applied to Turkish aluminium and ssteel coincide with the Turkish delegation's failure to reach a compromise with the U.S. (more...)
US, Mexico NAFTA negotiators to resume talks next week: minister US, Mexico NAFTA negotiators to resume talks next week: minister
- August 13, 2018

In a tweet , the president also said a Nafta deal with Mexico "is coming along nicely". Teams worked through the night "changing the text" and "got a lot of work done", Guajardo said. U.S. and Mexican officials have said they aim to conclude discussions this month and it is the third straight week ministers have traveled to Washington for meetings. (more...)
McDonald's new McGold Card contest offers winners free food for life McDonald's new McGold Card contest offers winners free food for life
- August 13, 2018

The victor will be awarded a rare McGold Card "in mobile form", entitling them to free McDonald's for the next five decades. McDonald's is offering free food "for life" in a new contest as part of a campaign to promote its mobile app and online ordering system. (more...)
Trade Desk Inc (TTD) Impresses Wall Street With Big Earnings Beat Trade Desk Inc (TTD) Impresses Wall Street With Big Earnings Beat
- August 12, 2018

Also, CFO Paul Ross sold 13,305 shares of Trade Desk stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $80.90, for a total value of $354,503.80. (NASDAQ: TTD ) analysts on average have given a price target of $85.67 on TTD stock. The company had seen its current volume reaching at 1.85 million shares in the last trade. (more...)
Nike sued for sex discrimination by former female employees Nike sued for sex discrimination by former female employees
- August 12, 2018

Nike's brand nightmare continues with a new lawsuit alleging sex-discrimination against female employees at the Beaverton, Oregon-based sportswear giant. She again tried to lodge a complaint with human resources but the department took no action and the male co-worker was promoted to a position where he would work more closely with Johnston, who chose to quit, according to the suit. (more...)
Hijacked Plane Stolen From Seattle Airport Crashes On Nearby Island Hijacked Plane Stolen From Seattle Airport Crashes On Nearby Island
- August 12, 2018

In one, the controller can be heard telling the pilot: "What we don't want to see is you get hurt or anyone else get hurt, so like I said , if you want to land, that's probably the best way to go". He crashed almost an hour after the plane was taken from a maintenance area, though officials said that it did not appear that the fighter jets were involved in the crash of the aircraft. (more...)
Ikea starts off inaugural day with a bang Ikea starts off inaugural day with a bang
- August 12, 2018

This led to a massive traffic jam. Swedish International Furniture Maker, IKEA finally opened its first Indian Store in Hyderabad on Thursday. And since children often sleep in the same room as their parents, one model bedroom includes a child's bed amid all the furniture. (more...)
TSX, Wall Street end lower as Turkey woes hit banks TSX, Wall Street end lower as Turkey woes hit banks
- August 12, 2018

The Dow slid 149.44 points, or 0.6 per cent. The Toronto Stock Exchange's S&P/TSX fell 90.47 points, or 0.55 per cent, to 16,326.51, led lower by the health care, consumer staples and utilities sectors. At 12:28 a.m. EDT the Dow Jones Industrial Average was down 61.82 points, or 0.24 percent, at 25,567.09, the S&P 500 was down 2.30 points, or 0.08 percent, at 2,856.15 and the Nasdaq Composite was down 4.03 points, or 0.05 percent, at 7,879.64. (more...)
Sterling slumps to new low as fears grow of no Brexit deal Sterling slumps to new low as fears grow of no Brexit deal
- August 12, 2018

Sterling shed 0.3% versus the dollar to leave it at 86p, its lowest level for nearly a year. Most recently was the UK's International Trade Secretary Liam Fox , who predicted that there is now a 60/40 chance that the United Kingdom will crash out of the European Union with no deal in place. (more...)
Horizon Air worker accused of stealing, crashing plane had Alaska ties Horizon Air worker accused of stealing, crashing plane had Alaska ties
- August 12, 2018

Kethleen Reichel said she watched the planes pass by for about two minutes. Toward midnight on Friday, the investigation was handed off to the FBI, which was working with the National Transportation Safety Board, the Federal Aviation Administration and other agencies, the Seattle Times reported. (more...)
Stolen plane crashes near Sea-Tac International Airport; no passengers onboard Stolen plane crashes near Sea-Tac International Airport; no passengers onboard
- August 12, 2018

After the plane approached Ketron Island, Waldron saw a thick column of smoke followed by a loud explosion, he said. The man who stole a Horizon Air turboprop plane from Sea-Tac International Airport in Seattle and flew it for almost an hour is not believed to have a pilot's license, authorities said Saturday. (more...)
Authorities Probe How 'Suicidal' Employee Could Steal Plane
- August 12, 2018

The man, who was called Rich by air traffic control personnel, is an Alaska Air Horizon employee who allegedly stole a Horizon Air Q400, shutting down the airport temporarily. He said he didn't want to disappoint them but that he was "just a broken guy, got a dew screws loose, I guess". "Well I would hope it would be for a guy like me". (more...)
News Corp tops estimates as Foxtel, books unit drive gains News Corp tops estimates as Foxtel, books unit drive gains
- August 12, 2018

The growth was partially offset by lower print advertising revenues at the news and information services segment. Adjusted revenues (which exclude the foreign currency impact, acquisitions and divestitures) increased 5%. Digital revenues represented 30% of News and Information Services segment revenues in the quarter, compared to 26% a year ago. We generated strong revenue and Segment EBITDA growth in the Digital Real Estate Services and Book Publishing segments, which, together with the ... (more...)
Tesla's board might not know where Elon's 'secure' funding is coming from Tesla's board might not know where Elon's 'secure' funding is coming from
- August 12, 2018

One lawsuit, filed by Tesla investor Kalman Isaacs, said Musk's tweets amounted to a " nuclear attack " on short-sellers, created to " completely decimate " them for not believing in Tesla's stock to date. "Because Musk has not secured financing, and has issued false and materially misleading information into the market, short sellers of Tesla stock were forced to cover their positions by purchasing shares at artificially inflated prices after 12:48pm on August 7, 2018". (more...)
Changes to ICBC premiums would see bad drivers pay more Changes to ICBC premiums would see bad drivers pay more
- August 12, 2018

David Eby, Attorney General, said the submission ICBC is making to the BC Utilities Commission (BCUC) would include revenue-neutral proposals aimed at levelling that playing field. A "transition cap" will limit how much a driver's premium can change from year to year, Eby said, but most drivers will see the full impact of the new model within three years of implementation. (more...)
Tesla going private: Wheres the money coming from, Elon Musk? Tesla going private: Wheres the money coming from, Elon Musk?
- August 12, 2018

Bloomberg said a potential deal between Aramco and SABIC could enable the PIF to raise billions of dollars it had hoped to collect from Aramco's stalled IPO. Some are speculating the recent moves could all be part of a Musk plot to punish the short-sellers. Musk, who normally doesn't shy away from social media, didn't tweet about the subject Thursday. (more...)
Trump going ahead with taxes on $16B in Chinese imports Trump going ahead with taxes on $16B in Chinese imports
- August 11, 2018

Customs officials will begin collecting the border tax August 23, the Office of the U.S. Trade Representative said. New Chinese tariffs are to apply to imports of all scrap commodities from the United States, including ferrous and non-ferrous metal scrap, recovered paper and plastic scrap, and to various other goods categories. (more...)
USA to Increase Tariffs on Turkish Aluminum, Steel USA to Increase Tariffs on Turkish Aluminum, Steel
- August 11, 2018

Following the tweet, Turkey responded by imposing duties on $1.8 billion in USA goods including coal and paper. Corporate foreign currency loans total about $250 billion, much of which is due to be repaid in a year. President Tayyip Erdogan told Turks not to panic - but paradoxically urged them to buy lira to fight an " economic war ". Erdogan said during an address to supporters: "Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our ... (more...)
Monsanto failed to warn of Roundup risk, jury finds Monsanto failed to warn of Roundup risk, jury finds
- August 11, 2018

Furthermore, the jury found Monsanto officials acted with "malice and oppression" in their selling of the product despite its risks being known. Johnson is one of some 5,000 plaintiffs across the USA and his victory is likely to lead to many more claims against Monsanto, which was recently bought by Geman chemical giant Bayer AG. (more...)
‘Suicidal’ mechanic steals plane from Seattle airport ‘Suicidal’ mechanic steals plane from Seattle airport
- August 11, 2018

No passengers were onboard and normal operations have resumed at the airfield, the airport said on Twitter. Sea-Tac officials said the airline employee had "conducted an unauthorised takeoff without passengers". I would like to apologize to each and every one of them. According to the Seattle Times, air traffic control, who referred to the man by what is believed to be his first name, tried to encourage him to land. (more...)
Erdogan calls on Turks to buy lira 'in response to economic war' Erdogan calls on Turks to buy lira 'in response to economic war'
- August 11, 2018

U.S. President Donald Trump said on Friday he had authorised higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminium and 50 percent one on steel, as tensions rose between the two North Atlantic Treaty Organisation allies over Ankara's detention of an evangelical pastor and other diplomatic issues. (more...)
Turkey's Erdogan calls on Turks to buy lira for 'national battle' Turkey's Erdogan calls on Turks to buy lira for 'national battle'
- August 11, 2018

Turkey's woes shook world markets, pushing down stock indexes and lifting the dollar, which traders around the world typically buy in times of concern. The currency's drop - 40% so far this year - has become a gauge of fear over a country facing the fallout of years of debt-fuelled growth, worldwide concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the US. (more...)
Turkish lira continues downward spiral, hits new record low
- August 11, 2018

Trump wrote . "Aluminum will now be 20% and Steel 50%". High-level meetings in Washington between US and Turkish officials over Brunson ended this week , apparently without a resolution. The currency slid almost 8 percent in relation to the dollar to a record low of 6.59 shortly after Trump announced the increase on metals duties on Twitter . (more...)

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