Economy

BHP Lines Up Iron Ore Replacement Mine

BHP Lines Up Iron Ore Replacement Mine First ore from South Flank is targeted for 2021, with the project expected to have a mine life of more than 25 years. RBC Capital Markets analyst Paul Hissey, who expects Yandi to cease production by the end of 2022, welcomed the South Flank announcement . [Full Article...]

Beijing Ready to Retaliate Against US Tariffs on Chinese Goods

Friday's actions are only aimed at China . Which products are covered by the new tariffs? A lot, but not a lot. The announcement was sure to spark countermeasures by Beijing, which yesterday vowed to strike back quickly if the USA hurts its interests, bringing the world's two largest economies to the brink of an all-out trade war long feared by markets and industry. [Full Article...]

Simply Be and Jacamo owner N Brown mulls closing all stores

Simply Be and Jacamo owner N Brown mulls closing all stores In the last few weeks, department store group House of Fraser said it needed to close 31 stores to survive, a plan likely to result in as many as 6,000 job losses, while Marks & Spencer said it planned to close more than 100 stores in Britain by 2022. [Full Article...]

Australian jobs market continues to soften

The labor force underemployment rate increased by 0.1 pts to 8.5 percent. Australian employment rose by less-than-expected in May with gains led wholly by part-time work while the jobless rate ticked down to its lowest since November, a mixed outcome that points to tepid wages growth. [Full Article...]

Rolls-Royce, preparing to cut thousands of jobs

Rolls-Royce, preparing to cut thousands of jobs The majority of the cuts are expected to be middle-management and back-office staff rather than the skilled workforce, although it's Derby base, is expected to be hardest hit. On Monday, in response to stories in The Sunday Times and other publications, the company said its cost-reduction programme was aimed at "improving performance across the group as a whole" and that it would provide details... [Full Article...]

Trump, Iran trade sharp words over oil prices ahead of OPEC meeting

Trump, Iran trade sharp words over oil prices ahead of OPEC meeting Various sources show that "considerable uncertainty as to world oil demand and non-Opec supply prevails", Opec said, leading to a wide range of estimates for the remainder of 2018. "Higher production in Saudi Arabia , Algeria and Iraq was partially offset by decreased crude oil production, mainly in Nigeria, Venezuela and Libya", the oil cartel said. [Full Article...]

China will slap $50 billion in tariffs on USA goods

China will slap $50 billion in tariffs on USA goods Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerMcConnell urges GOP senators to call Trump about tariffs Companies brace for trade war MORE said in an interview on Fox Business Network on Friday. The wording contrasts with attempts from some US officials such as Trump trade advisor Peter Navarro to use more toned-down vocabulary-with Navarro characterizing the back-and... [Full Article...]

Facebook confirms it tracks everything about you. And, it's creepy

Facebook confirms it tracks everything about you. And, it's creepy She said, "To be apparent, this bug didn't affect anything users had posted previously-and they can still select their audience merely as they always have". On top of this, there are the 39 questions that were submitted to Facebook by United Kingdom members of parliament that, according to committee investigating Facebook's data privacy and fake news issues, the social network had failed to ful... [Full Article...]

One officer killed, another critically injured by inmate at Kansas City courthouse

One officer killed, another critically injured by inmate at Kansas City courthouse Bailiff said their own firearms could have been used against them. Kansas City, Kansas, police have taken over the investigation. The suspect was also shot and was being treated at the same hospital, Bailiff said. The Rev. Vernon Howard, president of the Southern Christian Leadership Conference of Greater Kansas City, bemoaned the "fatality on top of fatality". [Full Article...]

Seattle's City Council Has Repealed The Controversial 'Amazon Tax'

Seattle's City Council Has Repealed The Controversial 'Amazon Tax' They booed council members, imploring them to keep it and fight a coalition of businesses trying to get a referendum overturning the tax on the November ballot. "Councilwoman Kshama Sawant said on Twitter that the repeal "is a capitulation to bullying by Amazon" and other big business" and called it a "backroom betrayal" that didn't involve her office. [Full Article...]

UK Supreme Court rules plumber in gig economy entitled to worker rights

UK Supreme Court rules plumber in gig economy entitled to worker rights The court's decision that a self-employed plumber is entitled to workers' rights is ominous for companies like Uber which depend on casual labour. A number of similar cases are now progressing through the courts, and Mr Smith's case could set a precedent for those workers. [Full Article...]

Elizabeth Holmes reportedly steps down at Theranos after criminal indictment

Elizabeth Holmes reportedly steps down at Theranos after criminal indictment Holmes will remain chair of the privately held company's board and David Taylor, the firm's general counsel, has been appointed its CEO, Theranos said. Theranos claimed its product could test a small drop of blood for a number of diseases, but it was never able to back that up. But in June 2016, Forbes estimated that its value had fallen to close to zero. [Full Article...]

President announces USA tariffs on $50 billion in Chinese imports

President announces USA tariffs on $50 billion in Chinese imports The latest list specifically targets products that benefit from China's industrial subsidies, including the " Made in China 2025 " technology plan. China said Friday it is retaliating against USA tariffs by imposing penalties on the same scale against the United States. [Full Article...]

Some Chattanooga Airport flights canceled

Some Chattanooga Airport flights canceled The airline says the problem with a system that affects crew scheduling and dispatch operations was resolved and service was expected to resume at noon today. Meanwhile, auto rental companies said they are bringing in extra cars to help accommodate the stranded airline passengers. "Customers are encouraged to check their flight status on the American Airlines app or at aa.com before heading to t... [Full Article...]

Kellogg recalls Honey Smacks cereal over salmonella risk

Kellogg recalls Honey Smacks cereal over salmonella risk However, no deaths have been reported. The U.S. Food & Drug Administration said it worked with Kellogg to issue the recall after preliminary evidence linked the product to more than 60 illnesses. The U.S. health regulator also said it is inspecting the facility that manufactures Honey Smacks. The larger, "Family Size" boxes are sold only in the United States. [Full Article...]

McDonald's to phase out plastic straws from September

It hopes all plastic straws will have been replaced by next year. The move coincides with the UK's proposal to ban single-use plastic straws and similar products, the first country to propose such a widespread ban. "Over the past few months we've been working closely with supplier partners to find a solution that works both for our customers, and that the supply is there given the size of our bu... [Full Article...]

Wetherspoon to dump Champagne for Surrey fizz

Wetherspoon to dump Champagne for Surrey fizz The FTSE 250 company said it would replace sparkling wine from the Champagne region of France with bubbly stuff from Surrey, via British winemaker Denbies, as well as a sparkling pinot chardonnay from Australian budget brand Hardys. "We intend to honour existing contracts with European Union suppliers, some of which have several years to run", he added. Major British employers groups have urged ... [Full Article...]

Trump approves plan to impose tough China tariffs

Trump approves plan to impose tough China tariffs Press officials at the U.S. Commerce Department and U.S. Trade Representative's office declined to comment on the tariff list plans. "I stressed how important it is for President Trump to rectify that situation so that trade becomes more balanced, more reciprocal and more fair, with the opportunity to have American workers be treated fairly". [Full Article...]

Microsoft is developing its own cashierless store technology, says report

Microsoft is developing its own cashierless store technology, says report Cameras and sensors identify what they remove from the shelves. In 2016, Amazon surprised everyone with an innovation in brick and mortar stores - an unexpected development from a company that had done more than anyone else to drive people away from physical shops and towards virtual shopping baskets. [Full Article...]

Donald Trump to meet top trade advisers on China tariffs

Donald Trump to meet top trade advisers on China tariffs Donald Trump is sworn in as the 45th president of the United States on the West front of the U.S. Capitol in Washington, U.S., January 20, 2017. The move toward imposing USA tariffs on Chinese goods follows negotiations between US and Chinese officials centered on increased purchases by Beijing of American farm and energy commodities and cutting the US trade deficit with China. [Full Article...]


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