Economy

Bank of Canada raises its benchmark interest rate to 1.5%

Bank of Canada raises its benchmark interest rate to 1.5% But Mortgages of Canada CEO Samantha Brookes says those with variable-rate mortgages will now face higher interest payments, a concern for many Canadian households that are already saddled with hefty debt loads. He added that the unknowns around trade could also include positive developments such as the successful renegotiation of the North American Free Trade Agreement over the coming months. [Full Article...]

Trump slams Pfizer and other drug companies over high prices

Trump slams Pfizer and other drug companies over high prices During his presidential campaign, he promised lower U.S. drug costs. The Pfizer price hikes, most of which were more than 9 percent, embarrassed Trump and came amid an ongoing push by his administration to find a solution to rising drug prices. [Full Article...]

Turkey's new finance chief, Erdogan's son-in-law, vows to bring inflation down

Turkey's new finance chief, Erdogan's son-in-law, vows to bring inflation down Erdogan, the most popular and divisive leader in recent Turkish history, has now formally become the most powerful leader since Mustafa Kemal Ataturk founded the republic from the ruins of the Ottoman Empire. "Most importantly, there is increasing evidence that the central bank's independence may already be compromised on Erdogan's (likely to be successful) attempts to extend full control over i... [Full Article...]

Bank of Canada raises rates, says more hikes to come

Bank of Canada raises rates, says more hikes to come OTTAWA-The Bank of Canada on Wednesday raised its benchmark interest rate by a quarter of a percentage point to 1.50% in response to solid economic data and expectations that exports and business investment will continue to grow. CPI and the Bank's core measures of inflation remain near 2 per cent, consistent with an economy operating close to capacity. Talks to renegotiate the North American Free... [Full Article...]

China warns U.S. 'opening fire' on world with tariff threats

China warns U.S. 'opening fire' on world with tariff threats The Chinese currency fetched 6.6715 per dollar in early Asian trade, off Tuesday's 11-month low of 6.7344 after China's central bank moved to calm jittery financial markets. Prices are rising, especially for steel and aluminium, and companies are starting to feel reticent about investments or plan to shift production overseas to avoid retaliation against USA exports. [Full Article...]

Pompeo talks tough on Iran while visiting the Emirates

Pompeo talks tough on Iran while visiting the Emirates While the U.S. wants all countries, India included, to reduce oil imports from Iran to zero, Washington's ambassador to the UN Nikki Haley had said a fortnight ago that the Americans were open to working with New Delhi on Chabahar in view of its strategic importance, particularly with regard to Afghanistan. [Full Article...]

Will oil prices hit $120 a barrel?

Will oil prices hit $120 a barrel? Oil futures are trading near three-year highs as disruptions in Canada and Libya, along with slumping production in Venezuela and a USA call for allies to stop buying from Iran, have overshadowed a pledge by OPEC and allies to add 1 million barrels a day. [Full Article...]

JetBlue crew rescues dog in distress with oxygen mask

JetBlue crew rescues dog in distress with oxygen mask When the dog became distressed, Michele noticed that its tongue and gums had turned blue, a sign of lack of oxygen. A French bulldog was rescued on a JetBlue flight by a quick-thinking airline crew - and the owners could not be more pleased. [Full Article...]

US lists US$200b in Chinese goods to be hit with tariffs

US lists US$200b in Chinese goods to be hit with tariffs The United States has made a decision to impose tariffs on $200 billion worth of imports from China after efforts to negotiate a solution to the trade dispute failed to reach an agreement, senior administration officials said on Tuesday. But China only bought about $135 billion in US goods a year ago, meaning it will run out of American products to tax before it matches Trump's latest move. [Full Article...]

Turkey's Erdogan appoints son-in-law as finance minister

Turkey's Erdogan appoints son-in-law as finance minister Russian Prime Minister Dmitry Medvedev will attend, in a new sign of the warm ties between Ankara and Moscow, as will Venezuelan President Nicolas Maduro , regarded with disdain by Washington but an ally of Erdogan. No major Western leader featured on a list of 50 presidents, prime ministers and other high-ranking guests. Erdogan took the oath of office on Monday in the Turkish parliament, ... [Full Article...]

Woman on oxygen machine dies after power company cuts off electricity

Woman on oxygen machine dies after power company cuts off electricity We extend our honest condolences to her family", Karen A. Johnson said. Daniels' granddaughter Armiya Daniels said it was hard watching her grandmother suffer before her death. "We are reviewing our records to determine what transpired", Namiotka told NJ.com. They also say they were unaware of Daniels' medical condition. PSEG claims it wasn't aware of the woman's medical issues. [Full Article...]

Canada creates more jobs than expected, rate hike seen likely

Canada creates more jobs than expected, rate hike seen likely Analysts in a Reuters poll predicted a gain of 24,000 positions and said the jobless rate would remain unchanged. However, with more people searching for work, the unemployment rate increased to six per cent. The labour force in Northeast B.C. also increased last month, from 41,800 to 42,700. The main reason is "the group's view that Canadian economic data in the second quarter have rebounded ... [Full Article...]

Timehop’s database breached compromising data of 21 million users

Timehop’s database breached compromising data of 21 million users Timehops also says there is no evidence that the hackers gained access to any accounts. The company said names, email addresses, and some phone numbers for the 21 million users were lifted. But prior to that its Twitter account was only noting that some "unscheduled maintenance" might be causing problems for users accessing the app... "But this employee was here for so long, from back when w... [Full Article...]

Turkey's Erdogan sworn in with new presidential powers

Turkey's Erdogan sworn in with new presidential powers Turkey is expected to adopt an increasingly nationalistic line in its foreign policy with the conservative and Islamic-leaning AKP and the nationalist MHP in parliament. He won re-election on June 24, with 52.59 per cent of votes. Opponents say the move marks a lurch to authoritarianism, accusing Erdogan of eroding the secular institutions set up by modern Turkey's founder, Mustafa Kemal Atatur... [Full Article...]

Crude oil prices increase due to continued market tightening

Crude oil prices increase due to continued market tightening But the US oil market is still tightening. " Standing in the line of fire are US crude supplies to China, which have surged from virtually zero before 2017 to 400,000 barrels per day (bpd) in July". Iranian OPEC Governor Hossein Kazempour Ardebili told Reuters that Trump "should have expected" when blocking Iran's access to the global markets that it would end up as "hostage (to) Saudi Ar... [Full Article...]

Chinese customs clears some USA goods as new tariffs take effect

Chinese customs clears some USA goods as new tariffs take effect Whoever can take the pain better will not be the one to blink first. Eastern time Friday on $34 billion worth of Chinese imports, a first step in what could become an accelerating series of tariffs. "On one hand, the United States hopes to attract foreign investment, which brings jobs". Surprisingly, the people taking the brunt of the economic hit still largely agree with him, NBC News reports , ... [Full Article...]

Britain's Brexit secretary suddenly resigns

Britain's Brexit secretary suddenly resigns Some Brexiteers dream of replacing May with a staunch Brexiteer, such as Foreign Secretary Boris Johnson, who in the past has disagreed publicly with his boss. "And I think without David Davis there, without his imprimatur, it will be very hard for them to get the support of Conservative MPs and therefore the prime minister would be well advised to reconsider them". [Full Article...]

Starbucks, citing environment, is ditching plastic straws

Starbucks, citing environment, is ditching plastic straws Starbucks will begin rolling out the new lids for all drinks this fall, starting with stores in Vancouver, Canada , and Seattle . At Starbucks, executives said the efforts are part of a $10 million plan to develop cups and lids that are fully recyclable and compostable. [Full Article...]

Seattle is first major U.S. city to ban drinking straws

Seattle is first major U.S. city to ban drinking straws The Seattle ban actually began with an ordinance prohibiting one-time-use food service items in 2008, but the city has allowed exemptions on certain items every year since. Counted among food service businesses are restaurants, delis, coffee shops, food trucks, cafeterias, and grocery stores. Proposals to ban plastic straws are being considered in other cities, including NY and San Francisco... [Full Article...]

China to keep on reform, market opening path, says PM

China to keep on reform, market opening path, says PM Bulgarian Prime Minister Boyko Borissov and Chinese Premier Li Keqiang pose for a picture during the 7th Summit of Heads of Government of CEEC and China in Sofia , Bulgaria, July 7, 2018. Li said China would sponsor a "global partnership cooperation center" to study European Union trade rules. Meanwhile Li stressed China's "huge market and potential for growth" Friday, adding that "the global... [Full Article...]


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