Economy

Venezuela issues new currency in attempt to fight inflation

Venezuela issues new currency in attempt to fight inflation After a decade-long oil bonanza that spawned a consumption boom in the OPEC member, many poor citizens are now reduced to scouring through garbage to find food as monthly salaries currently amount to a few USA dollars a month. During the current bolivar, the minimum income will rise from $ 5.2 million (less than a dollar at the black market rate, which dominates the economy) to $ 180 million (abou... [Full Article...]

State capture inquiry kicks off

State capture inquiry kicks off But on the first day of hearings presiding judge Raymond Zondo , the country's deputy chief justice , complained that the country's spy agency, which was seen as loyal to Zuma , was stalling the probe. Former South African President Jacob Zuma dances after his court appearance in Pietermaritzburg, South Africa, July 27, 2018. That report, which stopped short of asserting crimes had been... [Full Article...]

Oil firm on tighter US outlook, but strategic reserve release caps market

Oil firm on tighter US outlook, but strategic reserve release caps market The September contract CLc1 expired on Tuesday and settled 92 cents higher to $67.35 a barrel. However, it remains to be seen whether the sanctions will be as big a disaster to the Iranian industry as some think: China , which has cut imports of USA crude as part of its trade war with Washington , opposes the sanctions, and on Monday sources told Reuters that Chinese buyers of Iranian oil... [Full Article...]

S&P 500 hits record high on way to longest market rally

S&P 500 hits record high on way to longest market rally The VIX Volatility Index closed at 12.78 for a gain of 0.29 points or 2.32%. The S&P consumer discretionary index rose 1.15%, the most among the 11 major S&P sectors, as TJX rose on strong results and Toll Brothers' encouraging quarterly report boost shares of homebuilders. [Full Article...]

Singapore: 'Crazy Rich Asians' author skipped service duty

Singapore: 'Crazy Rich Asians' author skipped service duty The government said in a statement that 44-year-old Mr Kwan was wanted for "defaulting on his NS obligations" for failing to register as required in 1990, and for staying overseas without a valid exit permit. The story follows Chinese-American Rachel Chu as she travels with her boyfriend Nick Young to Singapore to meet his family and discovers they are ultra-wealthy. [Full Article...]

Trump demands Fed help on economy, complains about interest rate rises

Trump demands Fed help on economy, complains about interest rate rises It followed reports earlier in the day that Trump had criticised Powell at a private GOP fundraiser. The Fed has raised interest rates twice this year already and is expected to do so again next month with consumer price inflation rising to 2.9 percent in July, its highest level in six years, and unemployment at 3.9 percent, the lowest level in about 20 years. [Full Article...]

Erdoğan: Currency crisis an "attack" on Turkey

Erdoğan: Currency crisis an The goal is to bring Turkey and the Turkish people to their knees, to take it prisoner". "We see your game and we challenge it", Erdogan said Saturday at the Justice and Development Party's (AKP) sixth grand congress. Trump, who counts evangelical Christians among his core supporters, has become a vocal champion of the pastor's case. Asked if the United States questioned Turkey's membership in... [Full Article...]

Michael Cohen Enters Into Plea Deal With Federal Prosecutors

Michael Cohen Enters Into Plea Deal With Federal Prosecutors Cohen said he worked " at the direction of a candidate for federal office ", ostensibly Trump, for the goal of influencing the election. He said he arranged to make payments "for (the) principal goal of influencing (the) election" at the direction of a candidate for federal office but did not give the candidate's name. [Full Article...]

Alarm over Donald Trump complaints about his pick for US Fed chair

The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Powell. "It's likely that in either December or March the Fed will pause the rate hikes, not because of Trump's pressure but because it would be the right thing to do, with the funds rate approaching neutral and still likely no inflation threat", said Cornerstone Macro... [Full Article...]

Iran tells EU to speed up efforts to save nuclear deal

Iran tells EU to speed up efforts to save nuclear deal An NITC spokesman said it would forward a request from Reuters for a comment to the country's Ministry of Culture and Islamic Guidance. Insurers, which are mainly US - or European-based, have begun winding down their Iranian business to comply with the sanctions. [Full Article...]

Russian Federation vows response to latest USA sanctions

Russian Federation vows response to latest USA sanctions But then, Russian Federation is a menace on so many different levels, today, that Congress can be compelled to act with a single voice". Menendez vowed that Congress will act, with or without the administration. The issues that Mr. Hunt plans to raise with Mr. Pompeo and his team include the US withdrawal from the 2015 nuclear accord with Iran-a move strongly opposed by the U.K, France and Germa... [Full Article...]

Fed criticism drives dollar to eight-week low against yen

In an interview with American Public Media's "Marketplace" radio show in July, Powell said he was "deeply committed" to maintaining the Fed's tradition of preserving its independence from political concerns. However, JP Morgan Asset Management global market strategist Tai Hui said: "Given the little progress made on the US-China negotiations in the past six months, investors' expectations ar... [Full Article...]

Post Malone's Private Plane Circling for Crash Landing After Tires Blow

Post Malone's Private Plane Circling for Crash Landing After Tires Blow After it was made known that the tires had blown on the runway, the pilot rerouted the jet for the Westfield-Barnes Regional Airport in Westfield, Mass. Air traffic control told the pilot to continue flying to MA to burn more fuel for a safer possible crash landing, TMZ reports. The plane, which departed from an airport in New Jersey, was originally destined for London . [Full Article...]

Goats roam subway tracks in Brooklyn: MTA

Goats roam subway tracks in Brooklyn: MTA Seemingly making light of the situation, NYC Transit posted another tweet calling the goats, "Two very baaaaad boys". Stewart, the former host of The Daily Show , is a long-standing animal welfare activist. But it's how this story ends that makes it a tale worthy of the Big Apple: The goats were eventually rescued by Jon Stewart . Officials stopped trains to safely remove the cat. [Full Article...]

PepsiCo buys SodaStream to reach consumers 'beyond the bottle'

PepsiCo buys SodaStream to reach consumers 'beyond the bottle' Israeli Prime Minister Benjamin Netanyahu welcomed PepsiCo's commitment to the country, saying "recent large acquisitions of Israeli companies prove not only their technological abilities but also the business abilities which have been developed in Israel". [Full Article...]

The environmental cost of contact lenses

The environmental cost of contact lenses About 45 million people in the USA alone use contact lenses, according to a survey conducted by the researchers, and between 15 percent and 20 percent of those users said they flush their used lenses down the toilet or sink. The next part of the research was to figure out what happens to those lenses. "We found that 15 to 20 per cent of contact wearers are flushing the lenses down the sink or ... [Full Article...]

Whiteboards used as Gatwick flight information screens fail

Whiteboards used as Gatwick flight information screens fail Airport staff had to write out flight information on whiteboards instead . Images shared on social media show hundreds of people gathered around the whiteboards trying to find out where their gates are. However, he added that "tens of thousands" of passengers managed to catch their flights and depart on time. Why not pre-assign gates like Canadian airports?' "We are keeping Gatwick Airport const... [Full Article...]

Annual inflation rate jumped to highest reading since 2011

Annual inflation rate jumped to highest reading since 2011 The Canadian dollar traded up at 76.38 cents USA compared with an average of 76.03 on Thursday after Statistics Canada reported the annual inflation rate hit 3.0 per cent in July, its highest level since September 2011. BMO strategist and expert Benjamin Reitzes also noted in his Friday report that core inflation remained at 2% and that one month does not make a trend. [Full Article...]

Netflix is Testing Video Promotions Between TV Episodes

Netflix is Testing Video Promotions Between TV Episodes But the damage had already been done, with many voicing their discontent and plans to cancel their subscriptions if they had to watch ads. With users threatening to quit over the addition of ads, Netflix issued a statement on Friday reading, "we are testing whether surfacing recommendations between episodes helps members discover stories they will enjoy faster". [Full Article...]

President Trump Hammering Out New NAFTA Deal With Mexico

President Trump Hammering Out New NAFTA Deal With Mexico President Donald Trump has said he was in "no rush" to complete a deal to rewrite the trade pact with Mexico and Canada . Officials from each country have insisted there's nothing unusual about the one-on-one discussions on the three-country deal because it's allowing the US and Mexico sort tough bilateral issues, such as their differences on autos. [Full Article...]


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