Business


US, Saudi Arabia on economic collision course US, Saudi Arabia on economic collision course
- October 16, 2018

One of those two individuals said he was told by those close to the Saudi leadership that the kingdom will claim that rogue operatives killed Khashoggi during an interrogation or a rendition attempt that went horribly awry. "We are going to try to get to the bottom of this very soon". We have seen Saudi Arabia killing Naser al-Sa'id in 1979 in Lebanon - he was kidnapped, taken back to Saudi Arabia and was killed. (more...)
Trump Says Sears Bankruptcy Is a ‘Very, Very Sad’ Moment Trump Says Sears Bankruptcy Is a ‘Very, Very Sad’ Moment
- October 15, 2018

He's shuttered hundreds of money-losing stores, cut more than US$1 billion in annual expenses, and spun off units such as Lands' End. The company had 506 Sears stores and 360 Kmart stores in August. Sears said 142 stores would close in the next three months. Sears Canada Inc liquidated a year ago and about 12,000 people lost their jobs. Benton Harbor-based Whirlpool Corp.is Sears' seventh-largest creditor, owed more than $23 million. (more...)
Turkey to search Saudi consulate in missing journalist case Turkey to search Saudi consulate in missing journalist case
- October 15, 2018

Turkish officials have said they fear a Saudi hit team killed and dismembered Khashoggi . In the US, White House economic adviser Larry Kudlow said Saudi Arabia should take Trump's warning over the journalist's fate seriously. Asked when the public prosecutor could make an announcement, the official said: "He was instructed to work quickly". JP Morgan CEO Jamie Dimon has cancelled plans to attend an investment conference in Riyadh amid growing tensions between the U.S. (more...)
Rescue plan for Patisserie Valerie Rescue plan for Patisserie Valerie
- October 15, 2018

Further updates will be released in due course as appropriate".Hertfordshire Police said: "A 44-year old man from St Albans has been arrested on suspicion of fraud by false representation. To compound its troubles, Patisserie Holdings has also received a winding-up petition for its principal trading unit Stonebeach, with a hearing now scheduled for October 31. (more...)
Sears files for Chapter 11 bankruptcy protection Sears files for Chapter 11 bankruptcy protection
- October 15, 2018

The beleaguered 125-year-old retailer, once the largest in the United States, hopes to sell stores and other assets, including its Kenmore appliances brand and home services business, in court-supervised auctions while under bankruptcy protection, the sources said. (more...)
Central Bankers Defend Fed After Trump Accuses It of ‘Going Loco’ Central Bankers Defend Fed After Trump Accuses It of ‘Going Loco’
- October 15, 2018

But in August, Trump said he was "not thrilled" with Powell, though he took his criticism much further on Wednesday when he said the Fed was "crazy". Money Map Press chief strategist Keith Fitz-Gerald, Fox Business correspondent Kristina Partsinevelos and Capital Wave forecast editor Shah Gilani discuss President Trump's criticism of the Federal Reserve . (more...)
Oil prices hold ground, but set for 4 pct weekly fall Oil prices hold ground, but set for 4 pct weekly fall
- October 15, 2018

In the group's updated oil supply and demand forecasts released Thursday, they cut their demand estimates due to expectations for lower economic growth while supplies should increase from non-OPEC producers, writes Reuters . “They include rising trade tensions, Fed policy tightening, and emerging-market weakness.”. According to data from cargo tracking and intelligence company Kpler, China purchased 1.58 million barrels of heavy Canadian crude oil for loading in September, up by almost 50 ... (more...)
Saudi vows to 'hit back' at sanctions over Khashoggi Saudi vows to 'hit back' at sanctions over Khashoggi
- October 15, 2018

The market clawed back some of the losses, trading down over 4 percent later on. Asked whether bin Salman gave an order to kill Khashoggi, Trump said: "Well, nobody knows yet, but we'll probably be able to find out". But he added, "There are other ways of punishing , to use a word that's a pretty harsh word, but it's true". Saudi Arabia came under increasing pressure on Sunday over the disappearance of journalist Jamal Khashoggi as the foreign ministers of the UK, France and Germany ... (more...)
Government scraps plug-in auto grant for hybrids Government scraps plug-in auto grant for hybrids
- October 14, 2018

Changes to the Plug-in Car Grant (PICG) mean that the grant rate for Category 1 (pure electric) vehicles will be cut from £4,500 to £3,500 and Category 2 and 3 (hybrid) vehicles will no longer be eligible for the grant. Funding support for purchases of electric vehicles is to be reduced or stopped altogether for some categories but will run for a further 35,000 vehicles. (more...)
Shanghai at four-year low; Hang Seng down as Tencent plunges Shanghai at four-year low; Hang Seng down as Tencent plunges
- October 14, 2018

Benchmark indices extended their morning gains with Sensex trading higher with 2 percent gains. Some have pointed to the continuing trade war between China and The United States , according to CNBC , while others have said that the fall is a market correction. (more...)
Woman kicked off plane for bringing 'emotional support' squirrel Woman kicked off plane for bringing 'emotional support' squirrel
- October 14, 2018

Frontier said the passenger had noted in her reservation that she was bringing an emotional support animal with her on Flight 1612, but she did not indicate it was a squirrel . The objective of a support animal is to help with people with their mental health, in the way that guide dogs help people with their physical health and wellbeing. (more...)
BMW Extends Contract with Brilliance Automotive to 2040, Invests €3 Billion BMW Extends Contract with Brilliance Automotive to 2040, Invests €3 Billion
- October 14, 2018

BMW stated that it will take majority control of its main Chinese joint venture for €3.6 billion ($4.1 billion), raising its stake in its venture with Brilliance China Automotive Holding Ltd . The agreement will conclude in 2022, the year from which foreign manufacturers will no longer need joint ventures to operate in the country, the report said. (more...)
Donald Trump vows ‘severe punishment’ if Saudi Arabia murdered journalist Donald Trump vows ‘severe punishment’ if Saudi Arabia murdered journalist
- October 14, 2018

His remarks came a day after US President Donald Trump told CBS that Washington is poised "to get to the bottom" of Khashoggi's disappearance. The Times has pulled out as a media sponsor of the conference, as did CNBC . In a piece for the New York Times on Saturday, Hatice Cengiz , Khashoggi's fiancee, has said "condemnation" alone was not good enough if the journalist had been murdered . (more...)
Longest flight to NY draws curious flyers Longest flight to NY draws curious flyers
- October 14, 2018

It's a bit after midnight this as I'm wrapping up, less than 20 miles from its destination as it happens. The airline will operate the flight three times a week but are looking to increase frequency to a daily service later this year. "The biggest concern is Deep Vein Thrombosis from a combination of sitting for too long and also from dehydration", Gail Cross, an associate consultant at the National University Hospital in Singapore . (more...)
Gerard Butler Saudi cancels trip after journalist's disappearance Gerard Butler Saudi cancels trip after journalist's disappearance
- October 14, 2018

The moments of his "interrogation, torture and killing were audio recorded and sent to both his phone and to iCloud", CNN quoted the privately-owned Sabah daily as saying. Cengiz also didn't just call for an investigation into Khashoggi's disappearance, she urged for the responsible party, "irrespective of their political positions", to be punished. (more...)
Mega Millions drawing Friday offers awful odds, huge jackpot Mega Millions drawing Friday offers awful odds, huge jackpot
- October 14, 2018

No one has won since July. Tuesday's drawing could eclipse the largest ever Mega Millions jackpot , a $656 million prize from 2012, according to Mega Millions. The immediate cash value of the prize, which winners can opt to take, is $309 million. The Powerball lottery holds the overall record with a $1.586 billion payout in 2016. (more...)
Oil slips as International Monetary Fund cuts outlook, Michael hits U.S. Gulf Oil slips as International Monetary Fund cuts outlook, Michael hits U.S. Gulf
- October 14, 2018

Brent crude fell $1.74 a barrel to a low of $81.35, its lowest since September 27, before recovering a little to trade around $81.70 by 0850 GMT. West Texas Intermediate (WTI) crude futures fell $1.76 to $71.41 a barrel, a 2.4 per cent loss. (more...)
Crude Oil Tests Bullish Trendline - Quick Trade Setup Crude Oil Tests Bullish Trendline - Quick Trade Setup
- October 13, 2018

Oil prices dropped 2 percent on Wednesday as U.S. equity markets broadly fell, even though energy traders anxious about shrinking Iranian supply from U.S. As per to the primary tanker tracking data collected by Bloomberg , the exports of Iran's condensate and crude oil dropped down in last month to 1.72 Million bpd that was down by 260,000 bpd and the lowest level since February 2016. (more...)
Trump says Chinese 'lived too well for too long' Trump says Chinese 'lived too well for too long'
- October 13, 2018

Meanwhile, Ford says that it anticipates about twenty thousand in layoffs and $1 billion in losses thanks to Trump's tariffs. He likes low interest rates. "That doesn't seem especially surprising". It was the latest in series of recent barrages the president has unleashed at the Fed, which under his hand-picked chairman, Jerome Powell, has been gradually raising rates as the economy has strengthened to prevent a run-up in inflation. (more...)
Singapore Airlines hikes India fares by up to 2% Singapore Airlines hikes India fares by up to 2%
- October 13, 2018

The A350-900 ULR's cabin is split into two classes, comprising of 67 flat-bed business class seats and 94 premium economy seats. Geoffrey Thomas, editor-in-chief of Airlineratings.com, said the time passed swiftly and had not seemed like a 17-and-a-half hour flight. (more...)
Boston Dynamics Robot Leaps Through Parkour Obstacle Course Boston Dynamics Robot Leaps Through Parkour Obstacle Course
- October 13, 2018

The last time we saw the humanoid robot, it had managed to ideal its running skills, and it managed to hop over logs even though it was a clumsy one. "Atlas' ability to balance while performing tasks allows it to work in a large volume while occupying only a small footprint". Per The Verge : "Think of it like a reboot of the DARPA robotics challenge, but with bleachers full of loud fans, lots of flashing lights and loud music, and plenty of #robotfails". (more...)
Elon Musk says James Murdoch will not replace him as Tesla chair Elon Musk says James Murdoch will not replace him as Tesla chair
- October 13, 2018

James Murdoch , who serves as a director on Tesla's board, is set to end his innings as 21st Century Fox's CEO. Speaking during the event about his time as a member of Tesla's board, Murdoch said: "It's been a really fascinating experience". (more...)
Facebook says attackers stole details from 29 million users Facebook says attackers stole details from 29 million users
- October 13, 2018

Now we know roughly what information the attackers accessed, and the number of people they had access to - as well as a help service for those who were effected. The company said hackers were able to access personal information for almost half of those accounts. Those tokens, which were stolen by taking advantage of three software bugs relating to the platform's View As profile feature, essentially allow an attacker to hijack the Facebook profiles of affected individuals. (more...)
IKEA to invest Rs 2000 crore in its Bengaluru store IKEA to invest Rs 2000 crore in its Bengaluru store
- October 13, 2018

Ikea noted that it has seen continued growth despite a challenging and changing retail environment, with customers continuing to travel to Ikea stores to touch, try, shop and be inspired by their home furnishing solutions. This year alone, the company rose 1.3 per cent to 38.8 billion euros ($44.5 billion) from 38.3 billion euros a year earlier, the company said in a statement on Thursday. (more...)
As Russia pivots to the east, trade with China is booming As Russia pivots to the east, trade with China is booming
- October 12, 2018

That's significantly higher than the $196 billion recorded between January and September past year. "China's trade surplus will keep rising because the domestic economy is cooling down", said Andy Xie, a Shanghai-based independent economist. (more...)
International Monetary Fund lowers global growth estimates International Monetary Fund lowers global growth estimates
- October 12, 2018

The body now expects the USA economy to grow at a rate of 2.5 percent in 2019, a 0.2 percentage point decline from its April estimates. Pakistan's foreign currency reserves have fallen to $9 billion, half of what they were two years ago, according to the State Bank of Pakistan, despite GDP growth of 5.8 per cent, the highest in a decade, reports Efe news. (more...)
'The Fed has gone crazy': Trump lashes out amid market plunge 'The Fed has gone crazy': Trump lashes out amid market plunge
- October 12, 2018

After President Donald Trump warned that the Federal Reserve is "going loco" and "making a big mistake", his chief economic adviser Larry Kudlow stepped in front of reporters at the White House and insisted the President wasn't "calling out the Fed ". (more...)
May to hold Brexit War Cabinet to agree backstop plan May to hold Brexit War Cabinet to agree backstop plan
- October 12, 2018

Next Wednesday (17 October) over dinner the EU-27 leaders will hope to seal the outlines of a withdrawal agreement, ahead of the Brexit "exit" date less than six months away in March 2019. For industrial goods, he said it could be done by "market surveilance authorities", on-site in the companies. Besides the Irish border issue, the key areas still to be negotiated are the geographical indications of products and the governance of the implementation of the deal. (more...)
Tech stocks lead Wall Street slump as investors shun risk Tech stocks lead Wall Street slump as investors shun risk
- October 11, 2018

US consumer prices rose less than analysts had forecast in September, reducing expectations the pace of inflation is accelerating despite a tightening labor market. The stock market as a whole, however, had solid reasons behind the fall: rising interest rates. Luxury retailers tumbled. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96. (more...)
Trump Takes Swipe at Fed as Stocks Tumble Trump Takes Swipe at Fed as Stocks Tumble
- October 11, 2018

The president took aim at the Federal Reserve, led by Jerome Powell whom he personally chose to lead the bank, after the Dow Jones Industrial Average fell 3%, or more than 800 points, in Wednesday trading - its worst drop in eight months . (more...)

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