Economy

Iconic US retailer Sears files for Chapter 11 bankruptcy

Iconic US retailer Sears files for Chapter 11 bankruptcy Meanwhile, Sears workers are nervous about what kind of severance they'll receive if their store closes. The company, which owns the discount chain Kmart, has filed for chapter 11 bankruptcy in NY as it struggles with a debt burden of $5.6bn (£4.3bn). [Full Article...]

At IMF-World Bank meetings, Powell praised as Trump calls Fed 'crazy'

At IMF-World Bank meetings, Powell praised as Trump calls Fed 'crazy' While Trump said rising rates after years near zero are "good for people with money in the bank and now they can get interest on their money for first time in a long time", he insisted Thursday Fed was "making a mistake ". "The problem in my opinion is Treasuries and the Fed". Both Powell and the president confirmed in recent days that they have not spoken to each other about interest rates. [Full Article...]

Patisserie Valerie finance chief arrested as company teeters on brink of collapse

Patisserie Valerie finance chief arrested as company teeters on brink of collapse The probe is being led by the Serious Fraud Office (SFO). It says that it would have to enter administration without an immediate £20m cash injection. "The loan is for a three-year term and made on an interest-free/fee-free basis and will be secured in due course". Historical statements on the cash position of the company were misstated and subject to fraudulent activity and accounting irreg... [Full Article...]

Rubio: Trump must respond with 'more than words' over Jamal Khashoggi

Rubio: Trump must respond with 'more than words' over Jamal Khashoggi Upon noticing the watch, Khashoggi's assailants tried to unlock the Apple Watch with multiple password attempts, ultimately using the journalist's fingerprint to unlock the smart watch. However, Trump said he did not want to block military sales to Saudi Arabia, one option that has rattled USA defence contractors, saying "there are other ways of punishing ". [Full Article...]

Almost $13 billion wiped off of cryptocurrency market as major coins plunge

Almost $13 billion wiped off of cryptocurrency market as major coins plunge Major ones like Bitcoin and Ethereum are significantly lower and altcoins copied them. Bloomberg contacted Chainalysis , which discovered that "50 transactions involving a total of 50,500 Bitcoins originating from that whale's wallet were moved between August 23 and 30". [Full Article...]

Saudi rejects 'baseless' murder claims over missing journalist

Saudi rejects 'baseless' murder claims over missing journalist He said that allegations about orders to murder Khashoggi were "lies" targeting the government, according to the official Saudi Press Agency . Here is a look at what we know about the disappearance. Turkish officials told The Associated Press one of those men was an "autopsy expert". Hatice Cengiz, right, the Turkish fiancee of missing Saudi Arabian journalist Jamal Khashoggi , wants Dona... [Full Article...]

OPEC oil supply rises to one-year high

OPEC oil supply rises to one-year high Canada's main benchmark crude index, Western Canada Select (WCS) is now trading at $26.2 per barrel, which is nearly $55 barrel per barrel discount to Brent and $45 per barrel discount to WTI. Oil prices have been creeping upwards for more than a year, quietly gaining ground as emerging-market investors fretted about trade and the end of cheap money. [Full Article...]

2.8 percent benefit increase announced

2.8 percent benefit increase announced Retirees in 2019 are likely to get the biggest increase in Social Security benefits in seven years.Retired Americans who collect Social Security can look forward in 2019 to the biggest increase in benefits in seven years. The benefits are supposed to increase with inflation, which has been tied to the rise in gas prices, health care, and higher rents. This year, for the first time, most people w... [Full Article...]

United Kingdom government slashes subsidies for hybrid and electric cars

United Kingdom government slashes subsidies for hybrid and electric cars Motoring officials have condemned the move to slash the hybrid grants with Mike Hawes from the SMMT saying it "sends yet more confusing signals to auto buyers". John Pryor, ACFO Chairman commented; "The government's decision to reduce financial support for plug-in vehicles is, quite frankly bonkers". Though the scheme has helped increase the uptake of hybrid auto ownership (according to the DfT... [Full Article...]

Mortgage rates leap to 7-year highs; 30-year at 4.9 percent

Mortgage rates leap to 7-year highs; 30-year at 4.9 percent The Market Composite Index, a measure of mortgage loan application volume, fell 1.7% on a seasonally adjusted basis and slipped 2% on an unadjusted basis. Mortgage rates moved to the highest level in seven years this week, with the average rate for a 30-year fixed-rate mortgage climbing to 4.90%, up from 4.71% the previous week, according to Freddie Mac's Primary Mortgage Market Survey . [Full Article...]

Chinese tech stocks are getting slammed

Chinese tech stocks are getting slammed A sell-off in Chinese and Hong Kong shares deepened Thursday, following a slump in USA equities and as concerns about a trade war persist. A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa. [Full Article...]

Fracking to start in Lancashire after council wins High Court legal challenge

Fracking to start in Lancashire after council wins High Court legal challenge Media captionJudith Moritz shows us around one of the UK's first horizontal exploration wellsDismissing the application, the judge said: "The claimant first has to establish that there is a serious issue to be tried."I am satisfied that the claimant falls at the first hurdle". [Full Article...]

Woman's emotional support squirrel kicked off flight

Woman's emotional support squirrel kicked off flight On Tuesday night, the Orlando Police Department was forced to remove a woman from a Frontier Airlines plane after she brought a squirrel on board. Exotic animal exploits aside, NPR's David Schaper reported, emotional support animals can address very real problems as some passengers "with severe anxiety , phobias, PTSD or other disabilities cannot travel without them". [Full Article...]

BMW to take full control of Chinese joint venture

BMW to take full control of Chinese joint venture Harald Krüger, BMW's CEO, said Chinese Prime Minister Li Keqiang personally supported the negotiations with Brilliance . "We see this as a game changing strategic achievement", Arndt Ellinghorst, a London-based analyst at Evercore ISI, said in a note to clients. [Full Article...]

Secretary Mnuchin says China trade talks must include currency issues

Secretary Mnuchin says China trade talks must include currency issues Indonesia President Joko Widodo delivers a speech during a plenary session at International Monetary Fund-World Bank Annual Meeting 2018 in Nusa Dua , Bali , on Friday. Tensions have soared in recent months with Donald Trump's administration rolling out billions of dollars in tariffs against China in a bid to tackle its trade deficit and rein in what Washington views as unacceptable trade ... [Full Article...]

10-Year Bond Yield at Multi-Year High with Massive Selloff

10-Year Bond Yield at Multi-Year High with Massive Selloff U.S. inflation expectations for both one and three years into the future were unchanged last month, according to a Federal Reserve Bank of NY survey that painted a picture of price stability among consumers. "Short-term bonds are getting to be a compelling place to hang out", he said. On stock markets, Wall Street stocks showed a mixed picture, with the Dow Jones Industrial Average fell 0.... [Full Article...]

Brexit deal 'rests on Irish border issue', says former minster

Brexit deal 'rests on Irish border issue', says former minster However, Britain would nearly certainly have to pay billions more for continued access to the customs union and single market during an extended transition, as the £39 billion Brexit "divorce" bill only covers the financial period up to 2020, when the EU's current seven-year budget cycle expires. [Full Article...]

Passengers ready for World’s longest flight

Passengers ready for World’s longest flight It covered the 9,000 nautical miles (9,537 miles) in 17 hours and 25 minutes and landed on Friday at 5.24 am NY time, CNBC reported . The route, combined with the airline's plans to restart non-stop services to Los Angeles and add more non-stop flights to San Francisco next month, will give the premium Asian carrier its biggest-ever U.S. [Full Article...]

Patisserie Valerie owner discovers 'accounting irregularities'

Patisserie Valerie owner discovers 'accounting irregularities' Now Patisserie Valerie , which has more than 200 stores in the United Kingdom, has seen its owner make the shock admissions in a statement to investors today. With British high-streets taking a sustained battering in 2018, amid declining consumer spending power and Brexit pricing pressures, the news could probably not have come at a worse moment. [Full Article...]

Winning numbers for $548 million Mega Millions jackpot

Winning numbers for $548 million Mega Millions jackpot No one has won since July. The largest, just $2 million more, was drawn in March 2012. Numbers have been drawn for a lottery jackpot that would be the ninth-largest lottery in USA history. The next drawing is Tuesday night with the jackpot expected to be around $654 million. The biggest prize won on a single ticket was for $543 million. [Full Article...]


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