Money


Samsung is done building smartphones in China Samsung is done building smartphones in China
- October 03, 2019

Samsung has closed its last factory in China – production at the facility in Huizhou was slashed a few months ago and has now Reuters reports that the factory has been completely shut down. "Samsung has little hope there to revive its share", said Park Sung-soon, an analyst at Cape Investment & Securities. Sony also said it was closing its Beijing smartphone plant and would only make smartphones in Thailand. (more...)
How major USA stock indexes fared Wednesday How major USA stock indexes fared Wednesday
- October 03, 2019

KEEPING SCORE: The S&P 500 fell 52 points, or 1.8%, to 2,887. The Nasdaq dropped 123.44, or 1.6%, to 7,785.25. The latest wave of selling came after a report showed hiring by US companies slowed more than economists expected last month, with mining and manufacturing particularly weak. (more...)
Australia's central bank cuts rates to record low Australia's central bank cuts rates to record low
- October 03, 2019

This is based on overnight-index-swap rates which imply an October 1 cash rate of 0.80%. The RBA's board implemented the third 25-basis point cut of 2019, following the ones implemented in June and July. "Small businesses have been doing it tough over the past year". CBA said it will lower rates by 13 basis points for owner-occupiers and investors taking out principal-and-interest-rate home loans . (more...)
Schwab Ends Commissions, Brokerage Stocks Tank Schwab Ends Commissions, Brokerage Stocks Tank
- October 03, 2019

Wall Street isn't rejoicing. E*Trade was an early disruptor in stock trading, offering retail investors a way to trade online. The brokerage firm's stock was down 10% in the afternoon.Its competitors took a bigger hit, with TD Ameritrade shares falling 25% and E-Trade down about 17%. (more...)
General Motors temporarily lays off 6,000 workers in Mexico General Motors temporarily lays off 6,000 workers in Mexico
- October 03, 2019

According to the union, they responded on Tuesday with a counterproposal and are now waiting on GM's next proposal. GM said in a statement that it continues "to negotiate and exchange proposals, and remain committed to reaching an agreement that builds a stronger future for our employees and our company". (more...)
USA wheat, corn, soybeans softened by technical trading USA wheat, corn, soybeans softened by technical trading
- October 03, 2019

Stocks of old crop corn in storage reached about 2.11bn bushels as of September 1, the department said. CBOT wheat futures eased in a turnaround from a seven-week high on Monday and were down 0.9% at $4.91-1/2 a bushel. The outlook is uncertain, there are some Chinese purchases, but the U.S. Chinese firms bought up to 600,000 tonnes of US soybeans on Monday as part of a tariff-free quota allotted to the importers to buy up to 2 million tonnes this week, two sources with knowledge of the ... (more...)
Stars Group Trades Higher On All-Stock Merger With Flutter Entertainment Stars Group Trades Higher On All-Stock Merger With Flutter Entertainment
- October 02, 2019

Combined annual revenue at the two companies would have been £3.8bn (€4.3bn) past year, making it the largest gaming operator globally. The companies said that the combination is anticipated to deliver "substantial value creation for shareholders from pre-tax cost synergies of £140 million per annum, along with potential revenue cross-sell in global markets and lower finance costs". (more...)
Hong Kong Home Market Cools But Remains in Bubble-Risk Territory Hong Kong Home Market Cools But Remains in Bubble-Risk Territory
- October 02, 2019

Residential property prices in five US cities examined, which include NY and San Francisco, hovered above what the study considers a fair assessment rate, but cities outside of the USA are at risk of real estate bubbles. Prices in the capital have been falling from their mid-2016 peak amid uncertainty over the U.K.'s exit from the European Union and higher property taxes. (more...)
Saudi Arabia to invest $100bn in India Saudi Arabia to invest $100bn in India
- October 02, 2019

Worldwide benchmark Brent crude futures slumped 8.7% since the end of June after a brief spike earlier this month due to drone strikes on the Abqaiq processing facility and Khurais oil field. On Monday, an Iranian government spokesman said Saudi Arabia had sent messages to Iran's president through the leaders of other countries, but did not specify their content. (more...)
WTO to back USA tariffs on Europe in clash over Airbus subsidies
- October 02, 2019

The American plane-maker said in a statement that the prospect of tariffs has only arisen because Airbus "has refused for years to comply with WTO rulings ". The Trump administration has concluded tariffs were effective in bringing China to the negotiating table over trade, and in convincing Japan to open its agricultural market to United States products. (more...)
Offshore Yuan Unchanged As Pressure Over Chinese Firms Delisting Mounts Offshore Yuan Unchanged As Pressure Over Chinese Firms Delisting Mounts
- October 02, 2019

The report added that the exact mechanisms to enact the said outcomes have yet to be identified and the overall plan to subject to approval by U.S. President Donald Trump. Over the weekend, a Treasury spokeswoman said "the administration is not contemplating blocking Chinese companies from listing shares on the USA stock exchanges at this time". (more...)
South Korea Consumer Prices Fall For First Time On Record South Korea Consumer Prices Fall For First Time On Record
- October 02, 2019

The outbound shipment continued to slide since December previous year on lower export prices for major export items such as semiconductors and petrochemicals. Unusually high food prices past year are part of the reason the inflation numbers look soft now, a factor that has given government officials reason to downplay the risk of price falls becoming entrenched. (more...)
Navarro Decries Fake News on Chinese Investment Restrictions Navarro Decries Fake News on Chinese Investment Restrictions
- October 02, 2019

Chinese share markets will trade only on Monday this week ahead of China's National Day holiday, which runs until 7 October. Bestbond, a Chinese apartment rental company, had been planning on a Nasdaq flotation in one to two years but as US-China trade tensions racheted higher, the Hong Kong stock exchange emerged as a possible candidate. (more...)
US Stocks Plunge in the Wake of Alarming Manufacturing Data US Stocks Plunge in the Wake of Alarming Manufacturing Data
- October 02, 2019

The U.S. stock market plunged anew on Tuesday after a report on manufacturing showed the nation's producers entered recession at the end of the third quarter. Elsewhere on the data front, U.S. construction spending barely rose in August, with spending up just 0.1%, while data for July was revised down to show flat construction outlays, according to the Commerce Department . (more...)
FAA clears UPS to expand drone use for medical supply delivery FAA clears UPS to expand drone use for medical supply delivery
- October 02, 2019

The company says that the flight was not only the first BVLOS flight for drone delivery, but also the first revenue-generating delivery flown BVLOS. Upon receiving the Part 135 Standard certification on September 27, UPS Flight Forward subsequently launched the first drone delivery flight by any company under Part 135 Standard at WakeMed's hospital campus in Raleigh, N.C. (more...)
Thomas Cook's auditor under investigation by authorities Thomas Cook's auditor under investigation by authorities
- October 02, 2019

Package holidays booked with Thomas Cook - the majority of its business - are covered by the Air Travel Organiser's Licence (Atol) scheme. If the FRC's investigation finds any wrongdoing, it could lead to a severe reprimand and a fine for those involved. (more...)
PMI for Poland drops to 47.8 pts in September PMI for Poland drops to 47.8 pts in September
- October 02, 2019

The vast majority of firms kept selling prices unchanged (97%) during September. THE Philippine manufacturing sector continued to be the second best performing manufacturing sector in the region in September this year, a report from an worldwide think tank showed. (more...)
Elizabeth Warren Responds After Mark Zuckerberg Labels Her 'Existential' Threat Elizabeth Warren Responds After Mark Zuckerberg Labels Her 'Existential' Threat
- October 01, 2019

Senator Elizabeth Warren's plans to break up the company if elected president, to the rocky rollout of Libra and a new product to compete with TikTok. And he acknowledged that getting Libra off the ground was going to be "a long road". We kind of expected this - that this is what big engagement looks like. (more...)
Ford parks India operations into a new jt venture with Mahindra Ford parks India operations into a new jt venture with Mahindra
- October 01, 2019

However, the American company will retain its engine manufacturing plant in Sanand, Gujarat. The transaction is expected to be completed by mid-2020, after which the JV will become operational, according to a joint statement issued by the two companies. (more...)
IPhone 11 Performs Similarly to iPhone 11 Pro in Bend, Scratch Tests IPhone 11 Performs Similarly to iPhone 11 Pro in Bend, Scratch Tests
- October 01, 2019

Download an archive containing them for your iPhone 11 or iPhone 11 Pro/Max from below. The Apple iPhone 12, 12 Pro and 12 Pro Max aren't due to be announced until September 2020 and we will no doubt see multiple rumours, leaks and renders over the next 12 months claiming to know what the devices might offer. (more...)

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