Money


Almost 50000 Workers Walk Out Nationwide as UAW Strikes Against General Motors Almost 50000 Workers Walk Out Nationwide as UAW Strikes Against General Motors
- September 16, 2019

The AP reported Monday the strike will bring to a halt GM's USA vehicle and parts production, and will likely stop the company from making vehicles in Canada and Mexico as well. GM was picked because it's the most profitable of the three, and because its plans to close four USA factories have angered union members. But the recent strike authorization vote was held before the dramatic events of the last few weeks, which included a late August FBI raid on Jones' home and other locations as ... (more...)
Monday Sunrise Briefs: Drones attack Saudis, UAW strikes Monday Sunrise Briefs: Drones attack Saudis, UAW strikes
- September 16, 2019

The price of oil futures spiked by 20% at the open in London, the most on record, amid the fall in supply and escalating tensions in the key oil producing region. Asked about the possibility of a retaliatory attack against Iranian oil assets, as suggested by Senator Lindsey Graham, a South Carolina Republican close to the USA president, Conway said the Trump administration is keeping "many options on the table". (more...)
How will Saudi Arabia respond to attacks on oil facilities? | Inside Stor How will Saudi Arabia respond to attacks on oil facilities? | Inside Stor
- September 16, 2019

Iran-backed Houthi rebels in Yemen claimed responsibility for the attacks, but U.S. Secretary of State Michael Pompeo blamed Iran directly without offering evidence for that conclusion. Oil-rich Kuwait also said it would increase security around the country's "vital sites" over the attacks. Iranian foreign ministry spokesman Abbas Mousavi dismissed Mr Pompeo's remarks as "blind and futile comments". (more...)
Iran Dismisses Claim It Was Behind Saudi Oil Attacks, Ready for War Iran Dismisses Claim It Was Behind Saudi Oil Attacks, Ready for War
- September 16, 2019

The attack in the Saudi Arabia , the world's top oil exporter, immediately wiped out half its production of ten million barrels a day, which experts said would take weeks to restore. Worldwide benchmark Brent crude futures rose $7.06 a barrel or 11.7% from their NY close on Friday to stand at $67.28 per barrel by 08.08am, after soaring more than 19% to a session high of $71.95 per barrel at the opening. (more...)
Trump offers support to Saudi crown prince for Kingdoms self-defense Trump offers support to Saudi crown prince for Kingdoms self-defense
- September 16, 2019

Saudi Arabia raced to restart operations at oil plants hit by drone attacks which slashed its production by half, as Iran dismissed United States claims it was behind the assault. "The plant is a major source of supply and a prolonged outage as a result of the attack has the potential to negatively impact global energy markets". (more...)
France says Libra will not be allowed in Europe France says Libra will not be allowed in Europe
- September 14, 2019

LEGAL LIMBO Meanwhile, European Union authorities are sending Facebook a clear message that Libra is not welcome in Europe. Libra could cause risks to consumers , financial stability and even "the sovereignty of European states", France's Bruno Le Maire told reporters at a meeting of EU finance ministers in Helsinki. (more...)
GM Recalls More Than 3.4 Million Pickups, SUVs To Fix Brake Issues GM Recalls More Than 3.4 Million Pickups, SUVs To Fix Brake Issues
- September 13, 2019

The NHTSA said in a statement the "vehicles may experience brake boost failure, which would require increased brake pedal effort, leading to a hard brake pedal feel, and potentially increased stopping distance". Owners were to be notified starting September 6. The National Highway and Traffic Safety Administration, the US government's road safety agency, began investigating the problem a year ago after getting 111 complaints from owners of poor brake performance. (more...)
European Central Bank injects fresh stimulus in bid to inspire sluggish eurozone European Central Bank injects fresh stimulus in bid to inspire sluggish eurozone
- September 13, 2019

The ECB also will also introduce a tiered system to exclude some of the banks that would be suffering from negative rates - something that has been done in Japan and Denmark already. Researchers cut their 2019 growth forecast to 0.5 percent from 0.6 percent, and warned its outlook could be downgraded further. The Federal Reserve is due to meet next week as economic indicators give mixed signals about whether the record-long expansion will end soon. (more...)
Industrial production growth up 4.3% in July, retail inflation touches 3.21% Industrial production growth up 4.3% in July, retail inflation touches 3.21%
- September 12, 2019

The Index of Industrial Production (IIP) grew 6.5% in July 2018. Inflation in rural areas of the country was at 2.18% and 4.49% in the urban areas in August. Data released today showed the CPI core index rose 0.3% during August. Consumer price-based inflation at 3.21 per cent is well below the Reserve bank of India's (RBI's) medium-term target of 4 per cent. (more...)
Annual core CPI in August rose to 2.4% vs. 2.3% expected Annual core CPI in August rose to 2.4% vs. 2.3% expected
- September 12, 2019

The CPI gained 0.3 per cent in July. Echoing similar sentiments, Devendra Kumar Pant, Chief Economist with India Ratings & Research, said that with first quarter GDP growth falling to 5 per cent and private final consumption expenditure growth declining to 3.1 per cent, the pressure will be on the RBI to take monetary measures to support growth. (more...)
European Central Bank announces fresh stimulus as eurozone economy falters
- September 12, 2019

In a wide-ranging package of measures that will ensure outgoing President Mario Draghi leaves his mark on ECB policies long after he departs next month, the bank cut one key interest rate further below zero. The ECB also said it was re-starting quantitative easing. The central bank for the 19 countries that use the euro said it would cut the rate on deposits it takes from banks to minus 0.5% from minus 0.4%. (more...)
IEA says oil demand subdued on economic uncertainty IEA says oil demand subdued on economic uncertainty
- September 12, 2019

Oil prices traded higher on Wednesday after an industry report said USA crude stockpiles fell last week by more than twice the amount that analysts in a Reuters poll had forecast. "The world often asks: what does that mean?" The concessions also preceded a planned meeting in coming days aimed at defusing the long-running trade row between the world's two largest economies. (more...)
China to exempt 16 categories of U.S. products from tariffs China to exempt 16 categories of U.S. products from tariffs
- September 12, 2019

Earlier, China on Wednesday unveiled the first set of USA goods to be excluded from the first round of additional tariffs on U.S. products, which Trump described as a goodwill gesture. Beijing has said it would work on exempting some USA products from tariffs if they are not easily substituted from elsewhere. The Chinese Commerce Ministry responded Thursday morning saying that it welcomes a delay in US tariffs on Chinese goods. (more...)
Saudi Arabia wants to enrich uranium for nuclear power, says energy minister Saudi Arabia wants to enrich uranium for nuclear power, says energy minister
- September 12, 2019

Saudi Arabia's new energy minister Prince Abdulaziz bin Salman has assured India that his country will remain a reliable supplier to the world's third-largest energy consumer and is committed to investing in the country. "Some people will say this is a normal situation, but if you look at where prices are, Saudi Arabia is not satisfied with US$60-a-barrel oil", he said. (more...)
Tesla claims one track record, plans to go for another Tesla claims one track record, plans to go for another
- September 12, 2019

The Model S seen here at a facility near the Nurburgring certainly isn't a standard-issue road-going model, its most prominent additions being the wheel arch extensions to accommodate the wider wheel and tyre combination for more grip. The A Model S P100D already held the production electric sedan record around the 2.2-mile track at 1:43, but the overall mark was set a year ago by the Jaguar XE SV Project 8 at 1:37.54. (more...)
Iran urges USA to 'put warmongers aside' after Bolton firing Iran urges USA to 'put warmongers aside' after Bolton firing
- September 12, 2019

He helped lead the effort to apply more pressure on Iran, and frankly, his policies were working. Ali Rabiei, a government spokesman, said after the meeting that Bolton's dismissal may help the USA have a "less biased" attitude toward Iran. (more...)
Trump Demands Zero Interest Rates From Trump Demands Zero Interest Rates From "Boneheads" at the Federal Reserve
- September 12, 2019

Lower interest rates are generally reserved for when the economy is in or nearing a recession, which makes the president's repeated calls for such low rates now particularly unusual. "A once in a lifetime opportunity that we are missing because of "Boneheads" ". After raising the benchmark lending rate four times a year ago, to a range of 2.0-2.25 per cent, the central bank cut in July for the first time in more than a decade, partly as insurance against the impact of trade uncertainties on ... (more...)
US median household income barely budged in 2018: Census US median household income barely budged in 2018: Census
- September 11, 2019

The poverty rate was 11.8% in 2018, its lowest mark since 2001 and the first time the rate has been significantly lower than it was in 2007, the new data shows . House Speaker Nancy Pelosi on Tuesday blamed Trump's "cruel health care sabotage" for the rising number of uninsured people. He is now asking a federal appeals court to overturn it as unconstitutional. (more...)
Richard Hammond meets the new Land Rover Defender Richard Hammond meets the new Land Rover Defender
- September 11, 2019

The 2020 Land Rover Defender will only be offered in a 5-door version (Defender 110) initially, and then in even a smaller, 3-door version (Defender 90). Either way, each Defender features a standard ZF eight-speed automatic transmission and permanent four-wheel drive, and is capable of towing an impressive 8,201 lbs. (more...)
Johnson 'rejected NI-only backstop' in meeting - DUP Johnson 'rejected NI-only backstop' in meeting - DUP
- September 11, 2019

Ms McDonald said a Northern Ireland backstop is not a Nationalist ask, but a necessary solution for the whole island, adding that Sinn Féin has always argued for a bespoke arrangement for Northern Ireland as part of the Brexit negotiations. (more...)

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