Economy

Top White House economist fact-checks Trump on GDP claim

Top White House economist fact-checks Trump on GDP claim Standing behind the same podium where the former White House press secretary Sean Spicer once falsely claimed that Trump's inauguration drew the largest crowd there had ever been, Hassett thanked the reporter for the chance to set the record straight. [Full Article...]

Judge strikes down bill to reduce Toronto council size

Judge strikes down bill to reduce Toronto council size Green Party Leader Mike Schreiner said the decision confirms that not even Ford is "above the law". Justice Edward Belobaba shot down the province's plan to downsize city council on Monday. The sections of the Charter that can be overwritten by the implementation of the notwithstanding clause are Section 2, regarding fundamental freedoms such as expression, conscience, association, and assembly;... [Full Article...]

White House Corrects Trump’s Tweet on GDP, Unemployment

Millions of Americans who can't stand Obama will just tune out the rhetoric, so different than Trump's and so missed by his supporters, but Obama's view of his successor is shared by prominent conservatives such as columnists George Will and Michael Gerson and Sens. [Full Article...]

Chinese billionaire Jack Ma confirms exit at Alibaba, announces successor

Chinese billionaire Jack Ma confirms exit at Alibaba, announces successor On Saturday, The South China Morning Post reported that Ma would unveil a succession plan, and in a press release on Sunday, Alibaba confirmed that Ma would continue as chairman of the company for 12 months, until September 10, 2019, before handing the chairmanship over to current CEO Daniel Zhang . [Full Article...]

Trump and Apple now at war

Trump and Apple now at war In its statement, Ford said, "It would not be profitable to build the Focus Active in the US", citing meager sales forecasts for the Focus Active in the states. Apple said the tariffs would raise the cost of its USA operations and put it at a disadvantage to foreign rivals. Of course, by the time Apple could build plants to accommodate the manufacturing, it would already be way late. [Full Article...]

Fox News Actually Corrects Donald Trump's Embarrassingly Blatant Economy Lie

The economy grew at a 4.2 percent rate in the second quarter, the best performance in almost 4 years. "What magic wand do you have?" he asked. Hassett told skeptical reporters that the GDP has been higher than unemployment for 10 years and speculated that someone may have given Trump that information with an extra zero accidentally added to the 10. [Full Article...]

Despite Trump tweet, Ford says it won't make hatchback in US

Despite Trump tweet, Ford says it won't make hatchback in US Shares in many Apple suppliers in Asia fell on Monday following Donald Trump's tweet warning that Apple should focus on manufacturing its iPhones in the US. Beyond the core products, Apple said accessories like the HomePod speaker, some Beats speakers, AirPort and Time Capsule internet routers, the Magic Mouse and Magic Trackpad, and leather cases for the iPhone , iPad, MacBook and Apple Pe... [Full Article...]

Indian Rupee Falling Against US Dollar to a Lifetime Low

Indian Rupee Falling Against US Dollar to a Lifetime Low However, the RBI wasn't seen actively intervening in the foreign exchange markets as it did on Friday. The Indian rupee , along with other emerging market currencies , sank to a fresh low on Monday due to global trade war fears, rising domestic fuel prices and growing trade deficit. [Full Article...]

Trump mocks Obama for doubting his economic plan

Obama apologists might agree with his former spokesman , Kevin Lewis, who says Obama is acting as a citizen, rather than as a former president or the leader of the Democratic Party. But, as Mallin pointed out, Obama never mentioned the GDP. "If you look at the collective body of evidence, the notion that what we're seeing right now is just a continuation of trends is not super defensible", Hass... [Full Article...]

Petrol, diesel prices scale new highs on rupee woes

Petrol, diesel prices scale new highs on rupee woes Oil Minister Dharmendra Pradhan on Sunday said that India as a stable economy should avoid any knee-jerk reaction to volatile crude oil prices, indicating no cut in taxes on fuel despite petrol and diesel prices breaching record levels in the national capital. [Full Article...]

Apple could be tax free if it makes products in the US

Ford may keep building the Focus Active in China, but won't not sell them in the United States. "The conclusion was for the iPhone (not now impacted by Tariffs ) moving production (100% of final assembly) to the US would need 20% price increases to offset the incremental labor costs", analyst Wamsi Mohan wrote. [Full Article...]

Ford Tells Trump Why it Won’t Make China-Built Car in US

In a tweet Sunday, Trump said Ford's decision not to import a new sport-utility vehicle from China means the Focus Active "can now be built in the U.S.A". But disagreements between the two major economic powers run deeper than just the trade balance and tensions remain over limits on USA firms' access to Chinese markets, intellectual property protection, technology transfers, and investmen... [Full Article...]

Andhra Pradesh Government Announces Reduction in Petrol, Diesel Prices by Rs 2

Andhra Pradesh Government Announces Reduction in Petrol, Diesel Prices by Rs 2 Pradhan had in May this year - when petrol, diesel prices had reached their earlier peaks - said that the government is working on a long-term solution to reign in fuel prices when they reach uncomfortable levels. However, Finance Minister Arun Jaitley denied the request saying global oil prices volatile and haven't shown any linear movement. In Chennai, petrol costs Rs 83.91 and diesel Rs 76.98... [Full Article...]

Alibaba's Jack Ma to step down as chairman in 2019

Alibaba's Jack Ma to step down as chairman in 2019 The NYT report was quickly denied by Alibaba whose spokesman told the Post on Saturday that Mr. Ma remains the company's executive chairman and will provide transition plans over a significant period of time. In the letter today, Ma said he had been planning his exit for ten years and has previously said he wants the company to last 102 years, choosing a specific number to motivate employees. [Full Article...]

Lyft Launches Scooter Service, Uber Soon to Follow

Lyft Launches Scooter Service, Uber Soon to Follow For example, in some areas, companies might "geofence" parts of the city, essentially blocking riders from activating the scooters there, Curbed reported . on July 13, 2018. At its meeting today, the Council has agreed to ask staff to consider the permit application by Lime Technology to run a user pays, app-based e-scooter share service for a three-month pilot period. [Full Article...]

Trump intensifies trade war, threatens duties on nearly all imports from China

Trump intensifies trade war, threatens duties on nearly all imports from China Trump, speaking on Friday aboard Air Force One, said the administration had tariffs planned for an additional $267bn worth of Chinese goods. "If the US$200 billion tariffs are imposed, American consumers will see that prices of consumer goods increase significantly", he said. [Full Article...]

Elon Musk mixes man and machine

Elon Musk mixes man and machine Shockingly this was nearly a complete blindside to the board of directors at Tesla and just two weeks after that tweet Musk recanted and did his best to explain why he had claimed he had funding "secured" . Shares of Tesla fell as much as 10 percent to $252.25 in morning trade, setting the stock for its worst day since June 2016. "This caused me to reconsider my future", Morton said. [Full Article...]

Unemployment rate edges up in August, Stats Canada says

Unemployment rate edges up in August, Stats Canada says The August employment numbers followed an increase of 54,100 positions in July, according to CTV News . The employment drop last month was fueled by a loss of 92,000 part-time positions - but on the positive side the number of full-time jobs rose by 40,400. [Full Article...]

More Women Accuse CBS' Les Moonves of Sexual Misconduct

More Women Accuse CBS' Les Moonves of Sexual Misconduct The New Yorker magazine reported the women's new accusations , which included Moonves forcing them to perform oral sex and retaliating when advances were turned away. The new allegations have made it untenable for Moonves to continue in his post, though it remains unclear whether he will be fired or allowed to resign. [Full Article...]

US wage growth hits nine-year high

US wage growth hits nine-year high US employers sped up their hiring in August, reversing several months of slowing gains. There were also gains in transportation and healthcare employment. Wholesalers added 22,400 jobs. Friday's jobs report showed that professional and business services, a category that includes both higher-paying fields such as engineering and accounting and lower-paying temp jobs, led August's job growth wit... [Full Article...]


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