Money


Fed Cuts Rates by Quarter Point While Hinting at Policy Pause Fed Cuts Rates by Quarter Point While Hinting at Policy Pause
- October 30, 2019

During its two-day meeting, the Federal Open Market Committee voted, as expected, to ease the benchmark federal funds rate by 25 basis points to a range between 1.5 percent and 1.75 percent. In recent months, the policy-setting Federal Open Market Committee has become divided over how to approach strains that have emerged against the backdrop of a still solid economy. (more...)
Fiat Chrysler and the PSA Group are talking mergers again, report says Fiat Chrysler and the PSA Group are talking mergers again, report says
- October 30, 2019

A deal between the two auto manufacturing groups would create a business with a combined market value of around $50bn (£39.9bn). " FCA confirms there are ongoing discussions aimed at creating one of the world's leading mobility groups" and " FCA has nothing further to add at this time ." . (more...)
How major USA stock indexes fared Friday How major USA stock indexes fared Friday
- October 30, 2019

The news also lifted other chip companies, including Micron Technology, Nvidia and Advanced Micro Devices. U.S. stocks rose early after the U.S. Trade Representative's office said deputy-level talks would continue. Consumer product makers, utilities and real estate companies lagged the market. During the session, the benchmark index peaked at 3,027.39, which surpassed its closing record of 3,025.86 on July 26. (more...)
Indonesia suspends export of nickel ores ahead of schedule Indonesia suspends export of nickel ores ahead of schedule
- October 30, 2019

The Indonesia's Investment Coordinating Board (BKPM) said the meeting aims to propose specific actions to promote investment in the metallurgy industry . Jakarta implemented an ore export ban in 2014 only to reverse course and relax it in 2017, when the government said that companies would have five years to prepare and start building homegrown smelters - which extract base metals from ore. (more...)
WeWork plans to lay off 4,000 employees WeWork plans to lay off 4,000 employees
- October 30, 2019

Son, however, has remained undeterred, trusting in his own vision and analysis about how WeWork can still become a global business titan. WeWork , in peril of being totally cash-strapped, has chosen Softbank's restructuring proposal over JPMorgan Chase & Company's rival program, according to sources with knowledge of the matter. (more...)
Trump has General Motors on his side in emissions fight Trump has General Motors on his side in emissions fight
- October 30, 2019

John Bozzella, president and chief executive of Global Automakers, a trade group representing major foreign firms, said the other companies had little choice but to back the administration. Now the standard is 26 mpg. California officials rebuffed and vowed to continue to enforcing their more stringent standards, which are in place through 2025. (more...)
Maker of China’s TikTok denies report it is planning Hong Kong listing Maker of China’s TikTok denies report it is planning Hong Kong listing
- October 30, 2019

Meanwhile , the company is experiencing a growing backlash from the USA, claiming that the app could pose a national security risk. "There has been a steady drumbeat from United States officials for weeks now suggesting TikTok could be the next target", said Samm Sacks, China Digital Economy fellow at New America, a Washington-based think tank. (more...)
American Airlines to launch increased New Zealand connections American Airlines to launch increased New Zealand connections
- October 30, 2019

American Airlines' flights between Dallas (DFW) and Auckland (AKL) will be seasonal as well and will operate from October 25, 2020, until March 27, 2021. The airport is working with American Airlines on plans for Terminal F, where a long-term projection of up to 24 gates will help address continued growth at the airport, as well as accommodate a changing aviation industry that incorporates innovative technology. (more...)
US Consumer Confidence Drops in October US Consumer Confidence Drops in October
- October 30, 2019

Present situation index 172.3 vs. 170.6 prior (revised from 169.0). The drop saw an improvement in the present situation, but there was less optimism about future job prospects and business conditions. Consumer spending accounts for 70 percent of economic activity in the US and confidence is closely watched this time of year for indications of holiday spending. (more...)
Fiat Chrysler Automobiles and Peugeot owner PSA reportedly in merger talks
- October 30, 2019

After Chrysler filed for bankruptcy during the 2009 economic collapse, the Italian-based Fiat purchased the Chrysler shares bought by the US government as part of its bailout, then completed a merger in 2011. If the talks are confirmed, it will be Fiat Chrysler's second attempt at a merger this year after it pulled out of an agreement with Renault in June. (more...)
Amazon makes 2-hour grocery delivery free for Prime members Amazon makes 2-hour grocery delivery free for Prime members
- October 29, 2019

Stephenie Landry , VP of Grocery Delivery for Amazon, said grocery delivery is one of the fastest growing businesses at Amazon, adding that they think this will be one of the most-loved Prime benefits. Amazon announced Tuesday that customers will be able to buy Whole Foods groceries through Amazon.com and the Amazon app, in addition to the Prime Now app. (more...)
HSBC Posts 24 Percent Profit Drop HSBC Posts 24 Percent Profit Drop
- October 29, 2019

The latest bid to restructure HSBC comes amid a gloomy business environment, including a Sino-US trade war, Britain's protracted withdrawal from the European Union, an easing monetary policy cycle and unrest in Hong Kong. In the results, pre-tax profit slipped 18 percent year-on-year to $4.8 billion in July-September with the vast majority - $4.7 billion - coming from Asia, according to the statement. (more...)
China's leaders have embraced blockchains (erm, minus the decentralized bit) China's leaders have embraced blockchains (erm, minus the decentralized bit)
- October 29, 2019

According to the draft proposal, the new law is aimed at securing products, technologies or services information through the use of encryption and cryptography. For example, those who discover vulnerabilities in core and common cryptography but fail to respond or report it to authorities in a timely manner will face legal consequences. (more...)
Microsoft scores $10bn Pentagon cloud contract Microsoft scores $10bn Pentagon cloud contract
- October 29, 2019

Analysts were widely expecting Amazon to win the contract because of its expertise in data-sharing platforms, automated compliance systems, and streamlined data transfer. If Amazon wants to stay in the running for the JEDI contract, it will need to protest the award to Microsoft. "What were the briefings that Esper was provided during his review?" How did we get here? Other industry competitors like IBM and Oracle were similarly ruled out early on, as they didn't meet the minimum ... (more...)
Asia Gold Steady, Fed is Expected to Cut Interest Rates Asia Gold Steady, Fed is Expected to Cut Interest Rates
- October 29, 2019

They did so again last month. Speculative bets on price rises for gold on the COMEX exchange have eased slightly from record highs in September, while those for silver have also dipped from a near two-year peak in July. Earlier, sources told Reuters the 27 European Union countries that will remain after Brexit hope to agree on Monday to delay Britain's divorce until January 31 with an earlier departure possible. (more...)
Alberta finance minister says first budget to attack spending, not services Alberta finance minister says first budget to attack spending, not services
- October 29, 2019

The statement also said the university must submit a plan to the provincial government by December 2 that outlines how it will make reductions. That's because the amount you're allowed to exempt will not increase, as it has in the past. "Reducing the corporate tax does not provide any financial advantage before you are profitable, which is true of most new ventures in the initial years", said Robert Price, founder of Calgary-based Bōde, a digital real-estate company. (more...)
Google's parent company just reported a significant drop in profits Google's parent company just reported a significant drop in profits
- October 29, 2019

The Google segment posted third-quarter revenues of $40.34 billion, up from $33.59 billion a year ago. Industry tracker eMarketer forecast that Google will generate $105.33 billion in net digital ad revenue this year, taking a 32 percent share of the worldwide digital ad market. (more...)
Oil prices clock strong weekly gains Oil prices clock strong weekly gains
- October 29, 2019

Meanwhile, Genscape Inc. said oil stored at a key Oklahoma storage hub expanded last week, reviving concerns over sluggish demand and ample inventories. Benchmark Brent crude dropped 0.8 percent to $61.53 a barrel, after having climbed over 4 percent last week to post its best weekly gain since September 20. (more...)
Virgin Galactic launches (on the New York Stock Exchange) Virgin Galactic launches (on the New York Stock Exchange)
- October 28, 2019

Virgin Galactic Holdings, Inc .is trading general stock, devices and warrants on the NYSE below the ticker symbols " SPCE ", "SPCE.U" and "SPCE WS." respectively. VG already has customer reservations from more than 600 people in 60 countries representing approximately $80 million in total collected deposits, and over $120 million of potential revenue. (more...)
When does Popeyes Chicken Sandwich return? Soon When does Popeyes Chicken Sandwich return? Soon
- October 28, 2019

Throw up the chicken sandwich signal, for the White Meat Knight has returned. The Popeyes chicken sandwich , originally introduced this summer, became so popular they sold on within months. Popeyes appears to be taking its beef with Chick-fil-A out of the kitchen and onto the streets. Nearly immediately after Popeyes started selling the sandwich on August 12, reports started circulating that the New Orleans-style fried chicken on a bun was selling out at some locations and leading to ... (more...)

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