Business


Global Markets: Asian stocks retreat as Turkey worries weigh, dollar buoyant Global Markets: Asian stocks retreat as Turkey worries weigh, dollar buoyant
- August 16, 2018

Investors were also comforted by news that finance minister Berat Albayrak would hold a conference call with investors from the United States, Europe and the Middle East tomorrow, his first since assuming the post nearly two months ago. Some investors are anxious that the market turbulence caused by Turkey's economic meltdown might delay the ECB's monetary normalisation timetable, said Commerzbank FX analyst Esther Maria Reichelt. (more...)
After raising tariffs on Ankara, US raps Turkish retaliation After raising tariffs on Ankara, US raps Turkish retaliation
- August 16, 2018

Lots of countries had been the target of similar USA trade measures, he said, and Turkey would navigate this period with other parties such as Germany , Russia and China . The White House on Wednesday condemned Turkey for boosting tariffs on USA imports, the latest confrontation between the two North Atlantic Treaty Organisation allies. (more...)
Unemployment falls to 1.36 million Unemployment falls to 1.36 million
- August 16, 2018

Responding to the news, the pro-Brexit group Get Britain Out tweeted : "Wait, didn't [the anti-Brexit People's Vote group] say Brexit is causing mass unemployment?..." The CBI said the size of the United Kingdom workforce was shrinking at the same time as vacancies for skills and labour were growing. (more...)
Constellation Brands pumps $5-billion more into Canopy to fuel global growth Constellation Brands pumps $5-billion more into Canopy to fuel global growth
- August 16, 2018

Canopy shares closed at $32.15 on the Toronto Stock Exchange on Tuesday. Constellation clearly expects that growing pot could bring magic back to its own revenue growth, which was 6% in the June quarter. Constellation also will get warrants to acquire additional shares, and majority control, in the future. Canopy's target acquisition list exceeds $1 billion for worldwide assets and non-cultivation assets in Canada, Linton said. (more...)
Russia Favors Trade With National Currencies, Not US Dollar Russia Favors Trade With National Currencies, Not US Dollar
- August 16, 2018

Turkey's Foreign Minister Mevlut Cavusoglu (R) and his Russian counterpart Sergei Lavrov attend a joint press conference following their meeting in Ankara on August 14, 2018. In a direct threat against the White House, Erdoğan warned U.S. president Trump, who signed off the sanctions, of unspecified consequences for punishing Turkey. (more...)
Trump's latest boost to the dollar: U.S.-Turkey spat Trump's latest boost to the dollar: U.S.-Turkey spat
- August 16, 2018

Erdogan suggested Turks would stop procuring US-made iPhones and instead buy Korean Samsung or Turkish-made Vestel. Investors are anxious not only about Turkey's souring relations with the United States, a longtime North Atlantic Treaty Organisation ally, but also Erdogan's economic policies and the country's high debt accumulated in foreign currencies . (more...)
China to send negotiator to US for trade talks this month China to send negotiator to US for trade talks this month
- August 16, 2018

China and the US reached a modest breakthrough in their standoff over trade, saying they will hold lower-level talks later this month on the spiraling dispute. side by the Treasury Department, not the U.S. Trade Representative (USTR). Easing trade tensions helped lift Chinese copper futures off 14-month lows. (more...)
Turkey doubles tariffs on some USA imports over economy 'attacks' Turkey doubles tariffs on some USA imports over economy 'attacks'
- August 16, 2018

Washington´s move came during an ongoing dispute over Turkey´s holding of an American pastor for two years. Andrew Brunson's continued detention with charges of terrorism and espionage was cited as the basis of USA sanctions on two Turkish ministers on 1 August, which was followed by a doubling on 10 August of U.S. (more...)
Ethereum (ETH) Price Hits Nine-Month Low, Plunges Below $300 Ethereum (ETH) Price Hits Nine-Month Low, Plunges Below $300
- August 16, 2018

Bitcoin has now dropped about 23 per cent in August, extending its retreat this year to 58 per cent. At the time of writing, Bitcoin was up 0.59% to $6,351, some early support seeing Bitcoin recover from a start of a day $6,306.8 low to an early morning $6,380 high, before easing back, the early moves leaving the major support and resistance levels untested. (more...)
Genoa Bridge Collapse: Death Toll Rises As Rescuers Continue Search Genoa Bridge Collapse: Death Toll Rises As Rescuers Continue Search
- August 16, 2018

Residents near the bridge told RAI state TV they would hear maintenance work being done nearly nightly. "There can not be such slaughter without guilt", said Matteo Salvini, minister of the interior, one of two deputy prime ministers and the most powerful politician in the country. (more...)
Turkey increases tariffs on certain US imports
- August 16, 2018

The lira, which has weakened 34% against the dollar this year, firmed to 5.7500 against the dollar by 0722 GMT from a close of 5.95. Earlier on Wednesday, Qatar pledged $15 billion in investment to Turkey , which will be channeled into banks and financial markets, a Turkish government source told Reuters . (more...)
Turkish president says the country will boycott United States electronics
- August 16, 2018

Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, August 2018. The tit-for-tat measures are part of a broader dispute between the two countries over the fate of an American citizen, Andrew Brunson, who is being prosecuted by Turkish authorities on terrorism-related charges. (more...)
Stephen King has strong words following Trump's tweet about Omarosa Stephen King has strong words following Trump's tweet about Omarosa
- August 15, 2018

When Omarosa Manigault Newman revealed that she had secretly recorded conversations in the Situation Room earlier this week, Souza posted a photo of Obama and his security team in one of the room's conference areas with the caption: "Telephones and other communication devices were not allowed in any of the three rooms. (more...)
Turkey doubles tariffs on some US imports; Turkish lira rallies Turkey doubles tariffs on some US imports; Turkish lira rallies
- August 15, 2018

Hovenier has called for the cases against Brunson and others held in Turkey to be resolved "without delay" and in a "fair and transparent manner". In a joint statement Tuesday, Turkish business groups called on the government to institute tighter monetary policy in order to combat the currency crisis . (more...)
Tencent's shares down as China declines new game Tencent's shares down as China declines new game
- August 15, 2018

China's regulators have frozen approval of game licences amid a government shake-up, according to people familiar with the matter, throwing the world's biggest gaming market into disarray. He said the block follows concern over Tencent's ability to monetise popular game PlayerUnknown Battleground (PUBG), which it was forced to alter previous year after the regulator branded it too gory and violent. (more...)
Erdogan says Turkey to 'boycott' U.S. electronic goods Erdogan says Turkey to 'boycott' U.S. electronic goods
- August 15, 2018

He said: "If they have the iPhone, there is Samsung elsewhere. And we have our own telephone brands", he said in clear-worded remarks. "There is a cost for those who are plotting the operation" against Turkey, Erdogan said in the first of two speeches in Ankara , without specifying when the boycott would start or how it would be enforced. (more...)
Turkey to boycott United States products including iPhone, says Erdogan
- August 15, 2018

Explaining the new tariffs, Turkish Vice-President Fuat Oktay said the rises were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the United States administration". The hikes were published in Turkey's Official Gazette in a decree signed by President Recep Tayyip Erdogan . The country's Official Gazette announced on Wednesday the higher tariffs on a series of products including rice, vehicles, alcohol, coal and cosmetics. (more...)
Retail inflation slows to 9-month low at 4.17% Retail inflation slows to 9-month low at 4.17%
- August 15, 2018

He said: "Given the recent weakness of the pound, inflation may remain sticky at around this rate for the next few months, keeping real wage growth to a minimum". Tej Parikh, senior economist at the Institute of Directors, said the rise in inflation showed the cost of living squeeze was not yet a thing of the past. (more...)
Bayer shares nosedive after Monsanto weedkiller cancer ruling Bayer shares nosedive after Monsanto weedkiller cancer ruling
- August 15, 2018

Kennedy Jr., a member of Johnson's legal team, told the Associated Press . "This should send a strong message to the boardroom of Monsanto". Monsanto argues the U.S. A California state jury awarded Johnson $ 289 million (£226m) in compensation on Friday after finding Monsanto had not adequately warned users of the herbicide's risks. (more...)
Erdogan: Turkey can do without U.S. electronic goods Erdogan: Turkey can do without U.S. electronic goods
- August 15, 2018

But Sanders, at a Tuesday press briefing, declined to say how the US government plans to apply more pressure on Ankara, which repeatedly has ignored calls from Trump and others to free Christian pastor Andrew Brunson . Erdogan again urged Turks to convert their USA dollars into the Turkish currency - the lira - to give it a boost as it continues to drop in value. (more...)
Primaries in Connecticut, Vermont, Minnesota and Wisconsin Primaries in Connecticut, Vermont, Minnesota and Wisconsin
- August 15, 2018

She said she plans to appeal to voters with a progressive message that includes a livable wage, Medicare for all, free public college education and high-speed broadband access even to those who live on remote back roads. She said turnout appeared slightly higher in the 5th Congressional District where there is a three-way Republican primary and a two-way Democratic primary. (more...)
Saudi cuts oil output as OPEC points to 2019 surplus Saudi cuts oil output as OPEC points to 2019 surplus
- August 15, 2018

Oil rebounded early from the previous session's slide, supported by gains in equity markets, but pared gains at mid-day as the US dollar index touched its highest since late June 2017. "The energy complex is being increasingly jostled by fresh daily headlines that don't necessarily have much effect on current supply or demand on a short term basis but could dramatically affect oil balances when looking down the road just a few months", he said. (more...)
Turkey Financial Crisis: Stocks at Record Low as Lira Plunges Again Turkey Financial Crisis: Stocks at Record Low as Lira Plunges Again
- August 15, 2018

President Donald Trump and Turkish President Tayyip Erdoğan reportedly met on the sidelines of July's North Atlantic Treaty Organisation summit to cut a deal on prisoner releases - which would later become an economic disaster for the lira , and potentially the world. (more...)
USA dollar rises to 13-month high against Singdollar on Turkish crisis USA dollar rises to 13-month high against Singdollar on Turkish crisis
- August 14, 2018

Systemic monetary problems such as high external debt and a current account deficit boiled over when the USA, a North Atlantic Treaty Organisation ally, imposed sanctions on Ankara over the continued detention of Andrew Brunson , an American pastor accused of espionage on behalf of terrorist groups. (more...)
Turkey to boycott U.S. electronic goods: Erdogan Turkey to boycott U.S. electronic goods: Erdogan
- August 14, 2018

The lira was around 6.55 per dollar Tuesday, up 6 percent from the previous day, when the central bank freed up cash for banks. Erdogan has also repeatedly aired the unorthodox view that low interest rates can help bring down inflation . (more...)
Elon Musk says talks with Saudis led him to tweet Elon Musk says talks with Saudis led him to tweet "funding secured"
- August 14, 2018

Musk tweeted on August 7 that he had " funding secured " to buy Tesla shares at $420 per share. Following that, Musk met with the Saudi fund representatives on July 31, which has already accumulated nearly 5% of Tesla stock via public markets. (more...)
Vienna topples Melbourne in 'most liveable city' ranking Vienna topples Melbourne in 'most liveable city' ranking
- August 14, 2018

Osaka, Calgary and Sydney completed the top five in the survey, which the EIU says tends to favor medium-sized cities in wealthy countries, often with relatively low population densities. Hong Kong - whose ranking on Economist Intelligence Unit's (EIU) Global Liveability Index fell dramatically in 2015 due to heightened fears of unrest as part of the so-called Umbrella Revolution - was overtaken by Singapore in the rankings for the first time past year. (more...)
Erdogan blames Trump for Turkey's financial woes Erdogan blames Trump for Turkey's financial woes
- August 14, 2018

He added: 'We have seen our currency sales surge by 198 per cent compared with the same time a year ago'. The sanctions caused market turmoil, which the central bank attempted - but failed - to soothe with a series of market-boosting measures. (more...)
How serious is Turkey's lira crisis and what are the implications?
- August 14, 2018

In an interview with the Hurriyet online newspaper on Sunday, Finance Minister Berat Albayrak described the lira's downfall as "an attack", echoing recent comments by Erdogan . He has threatened to impose more sanctions on Turkey too. It is not clear if this comes after Mr Erdogan's pressure. It could also play a key role in shifting the country from relying on the West to aid its economic development and turning east to Russian Federation and China for growth and investment. (more...)
Firefighter dies battling Northern California's Mendocino Complex blaze Firefighter dies battling Northern California's Mendocino Complex blaze
- August 14, 2018

There were few details on how the firefighter died in the Mendocino Complex Fire , northeast of Ukiah, California . With the firefighters' progress, authorities lifted evacuation orders in several neighborhoods in Lake Elsinore, the city most threatened by the fire. (more...)

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