Money


USA and China meet for trade talks USA and China meet for trade talks
- August 16, 2018

The two countries plan to launch a new round of tit-for-tat tariffs on $16 billion worth of goods from each country on August 23. The U.S. side will be lead by Under Secretary of the Treasury for International Affairs David Malpass. "Wang Yiwei, a professor at Renmin University's worldwide studies, said Wang's trip follows the Communist Party's annual closed door meeting at the Beidahe resort, where the trade war was likely to have been one of the main topics of discussion". (more...)
Corona beer owner invests $4bn in weed; what's the craze? Corona beer owner invests $4bn in weed; what's the craze?
- August 16, 2018

The alcohol firm wants to capitalise on the growing legalisation of the drug. "This is rocket fuel", Canopy Chief Executive Officer Bruce Linton said on the company's earnings call Wednesday. But in the coming years, Canopy's competition will be the likes of "big pharma", and "packaged beverage", rather than Canadian cannabis companies, Linton told analysts on a conference call Wednesday. (more...)
Turkish courts release detainees but reject US pastor's appeal Turkish courts release detainees but reject US pastor's appeal
- August 16, 2018

Turkey doubled tariffs on some U.S. imports including alcohol, cars and tobacco today in retaliation for USA moves, but the lira rallied further after central bank's liquidity moves had the effect of supporting the currency. military operations involving Incirlik Air Base and U.S. The currency drop is particularly painful for Turkey because it has accumulated a high debt in foreign currencies, and because recent trade tariffs from the US have further injured the economy. (more...)
US Condemns Turkey's New 'Regrettable' Tariffs US Condemns Turkey's New 'Regrettable' Tariffs
- August 16, 2018

The lira plunged to record lows on Monday, but has since clawed back some of its losses. The move came after U.S. President Donald Trump last week ramped up his attack on Turkey by doubling U.S. "Rates have gone up by 10 percent ..." The lira firmed as far as 5.75 against the dollar on Wednesday and stood at 6.030 at 1758 GMT. By driving up short-term borrowing costs, this makes it less appealing for investors, like hedge funds, to borrow liras on the offshore swap market so they can bet ... (more...)
Home Price Index rises, July CPI unchanged Home Price Index rises, July CPI unchanged
- August 16, 2018

In its latest report released yesterday in Abuja, the National Bureau of Statistics (NBS) indicated that the Consumer Price Index (CPI) which measures inflation declined by 0.09 per cent in July, 18th consecutive reduction in inflation since January 2017. (more...)
Turkey slaps retaliatory tariff hikes on key USA products Turkey slaps retaliatory tariff hikes on key USA products
- August 16, 2018

Emir Sheikh Tamim bin Hamad Al-Thani of gas-rich Qatar, one of Turkey s very closest allies, on Wednesday held talks with Erdogan which also included Albayrak. Qatar's banking sector has considerable exposure to Turkey, whose currency has lost almost 40 percent this year. Brunson's lawyer told CBS News that a higher court was still considering the appeal and could overrule that decision. (more...)
Asian gaming stocks tumble as China halts license approvals Asian gaming stocks tumble as China halts license approvals
- August 16, 2018

The outlook for Tencent, which has lost some $170 billion in market value since peaking in late January amid volatile trading, is overshadowed by tightening internet regulations in a country where the government can make or break a business. (more...)
Turkey doubles tariffs on some U.S. imports over economy 'attacks' Turkey doubles tariffs on some U.S. imports over economy 'attacks'
- August 15, 2018

Jurgen Odenius, economic counsellor at PGIM Fixed Income, said: "The root cause of the crisis lies in a leverage-financed domestic demand boom that increased the external financing requirement of Turkey's corporations, banks, and government ..." The case has strained ties between North Atlantic Treaty Organisation allies Turkey and the United States. (more...)
Turkey to boycott United States products including iPhone, says Erdogan Turkey to boycott United States products including iPhone, says Erdogan
- August 15, 2018

As President Recep Tayyip Erdogan lashed out at the USA, took higher rates off the table and said he wouldn't accept an worldwide bailout, traders pushed down Turkish assets in a selloff that spilled over to other developing economies. The Turkish currency has lost about 40 percent of its value this year against the US dollar. The currency strengthened to around 6.20 lira against the dollar on Wednesday after the government took steps to shore up the currency by reducing the daily ... (more...)
USA official warns of more actions against Turkey if pastor not freed
- August 15, 2018

The US doubled tariffs last week over Turkey's refusal to extradite a US pastor who is imprisoned there . On Tuesday, he said the government is working on steps to help banks and support companies affected by the currency crisis . "This is the usual smoke and mirrors. In our own country we have Vestel", said Erdogan. "Remarkable turnaround", Tim Ash, Bluebay Asset Management senior emerging markets analyst wrote in a client note. (more...)
Trump administration pressure on Tehran forces Iran to start selling discounted oil Trump administration pressure on Tehran forces Iran to start selling discounted oil
- August 15, 2018

Liberty Chairman & CEO Chris Wright says the Iran sanctions going into effect on Tuesday could have an impact on oil. Oil prices moved sharply lower on Monday after data suggested inventories at the USA crude delivery hub rose in the latest week, compounding worries that troubled emerging markets and trade tensions will dent the outlook for fuel demand. (more...)
Turkish President Erdogan Calls for Boycott of American Electronics Turkish President Erdogan Calls for Boycott of American Electronics
- August 15, 2018

Bloomberg News noted that Vestel's phones use American-made components, so it might have trouble rising to Erdogan's challenge over the long term, but in the short term, the company's stock rose nine percent after Erdogan's speech . If anything, the drop in the lira is making us a lot more money right now, so we're not anxious about it at all!”. Brunson, important to Trump and his Vice President Mike Pence as a Christian known in the evangelical community, then went on to become the stated ... (more...)
Transgender progressive Christine Hallquist wins Vermont governor primary Transgender progressive Christine Hallquist wins Vermont governor primary
- August 15, 2018

Former utility CEO Christine Hallquist won the Democratic party in the race for Vermont governor Tuesday. "November 8, 2016, I realized the world changed", she said. Still a few months from election day political handicappers rate the governor's race as solid Republican - meaning Hallquist has an uphill climb to victory in November. (more...)
Turkey's president threatens boycott of iPhones, other USA electronics Turkey's president threatens boycott of iPhones, other USA electronics
- August 14, 2018

The Turkish lira has nosedived in value in the past week over concerns about Erdogan's economic policies and after the US slapped sanctions on Turkey angered by the continued detention of an American pastor . "So it's not clear that investors are being rewarded for the risk that they're taking". Share prices of major European and USA banks have fallen, given the risks that their outstanding loans to Turkey won't be repaid. (more...)
Tesla forms three-member panel to decide on any Musk deal Tesla forms three-member panel to decide on any Musk deal
- August 14, 2018

Musk said he anticipates that most Tesla shareholders would remain invested in the company if it were to go private, and that reports of a $70 billion buyout are inflated. Meanwhile, Musk faces scrutiny of his tweet on secured funding. Tesla CEO Elon Musk's elaboration on his plan to engineer a buyout of the electric vehicle maker could get the Silicon Valley maverick into legal trouble by revealing that the deal is far more uncertain than how he initially described it in his brash tweet ... (more...)
Turkey to boycott U.S. products including iPhone, says Erdogan Turkey to boycott U.S. products including iPhone, says Erdogan
- August 14, 2018

Erogan also said Turkey was boycotting US electronic products. The Turkish president has repeatedly been photographed while using Apple products such as iPhones and iPads. But the lira posted gains on forex markets for the first time after days of losses, giving the currency much needed respite. Turkey has an action plan it will begin implementing on Monday morning to ease investor concerns, Finance Minister Berat Albayrak said on Sunday, after the lira plunged to a fresh record ... (more...)
Dhaka 2nd least liveable city in world Dhaka 2nd least liveable city in world
- August 14, 2018

This is according to the newly released ranking of the 2018 Global Liveability Index released by The Economist Intelligence Unit and World Bank. Two other Australian cities, Sydney (5th) and Adelaide (10th), were in the top 10. At the other end of the table, Damascus retained last place, followed by the Bangladeshi capital Dhaka, and Lagos in Nigeria. Ukraine's Kiev, the capital of a European country wracked by political violence, civil war and the loss of Crimea to Russian ... (more...)
Firefighter dies battling Northern California's Mendocino Complex blaze Firefighter dies battling Northern California's Mendocino Complex blaze
- August 14, 2018

Clark's bail was set at $1 million dollars, and he could face up to life in prison if convicted. Crews have been able to cut containment lines around 68 percent of the northern California fire, Cal Fire said. Wildfires are raging through California, destroying everything in their wake. "Now we can focus on the challenge of the Ranch Fire ", he said. Thus far, firefighters believe they have about half of the Carr fire contained, but concerns remain about the remote forest and grasslands ... (more...)
Turkey's central bank launches economic-stability plan Turkey's central bank launches economic-stability plan
- August 14, 2018

The flip side of that is that with the U.S. -Turkey relationship on the rocks, Ankara will "almost certainly not comply with the U.S. demand that it buy less oil from Iran now". In an interview with the newspaper Hurriyet , treasury and finance minister Berat Albayrak also said the government had no plans to seize foreign currency deposits or convert deposits to the Turkish lira. (more...)
Rupee plunge continues, crashes to all-time low of 70.08 against U.S. dollar Rupee plunge continues, crashes to all-time low of 70.08 against U.S. dollar
- August 14, 2018

It had breached the 69-mark against the USA dollar amid global uncertainties and concerns over inflation. The Indian rupee has slipped to 70 per dollar for the first time ever, after opening marginally higher at 69.85 per dollar today. The 10-year benchmark bond yield inched up to 7.82 percent after staying muted in early trade. "The good old issues of large unhedged exposure, worsening current-account deficit, worries on fiscal deficit and uncertainty heading into elections" are playing ... (more...)

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