Economy

Ikea to launch e-commerce operations in India by March 2019

Ikea to launch e-commerce operations in India by March 2019 But with the rise of online rivals such as Amazon and made.com , and signs consumers' enthusiasm for DIY home improvements is waning, IKEA is now investing in e-commerce, city-center showrooms and services such as furniture assembly. Excluding new stores opened during the 12 months, sales growth in local currencies was also 1 percent. The company now has online stores in 35 markets after its op... [Full Article...]

Facebook's United Kingdom tax bill triples to £15.7m

Facebook's United Kingdom tax bill triples to £15.7m Media reported however that Facebook UK's net tax bill for 2017 will stand at £7.4 million, due to a tax relief credit of more than £8.4 million on employee stock awards. Large technology companies have been condemned for moving sales through other countries and paying modest amounts of tax in the UK. The chancellor raised the prospect of Britain pushing forward with a digital services tax in ... [Full Article...]

China's September trade surplus with USA widens to record $34.13 billion

China's September trade surplus with USA widens to record $34.13 billion The September surplus with the US was larger than China's overall trade surplus of $31.69 billion for the month. An imbalance of trade is at the center of an increasing bitter dispute between the world's two biggest economies. "With global growth likely to cool further in the coming quarters and United States tariffs set to become more punishing, the recent resilience of exports is unlikely to b... [Full Article...]

Former UK envoy says May's Brexit plan a 'pipe dream'

Former UK envoy says May's Brexit plan a 'pipe dream' As key Cabinet members met in Downing Street, they were warned by DUP leader Arlene Foster that they could not in "good conscience" accept the proposals now on the table from the EU. Downing Street also announced a further 29 no-deal notices would be published on Friday afternoon, setting out what businesses and consumers should do in the event of there being no agreement by 29 March 2019. [Full Article...]

Trump says he has 'a lot more to do' on China trade

China's record high surplus with the United States could add to tensions in the trade relationship between the world's two largest economies. The two countries imposed new tariffs on a massive amount of each other's goods mid-September, with the United States targeting $200bn in Chinese imports and Beijing firing back at $60bn worth of USA goods. [Full Article...]

The IMF again downgrades outlook for the global economy

The IMF again downgrades outlook for the global economy The rupiah has indeed been under strong downward pressure, especially over the last three months, as a result of monetary tightening and stronger economic growth in the USA, which has caused higher capital outflows, and the upward trend in global oil prices, which has increased Indonesia's trade deficit and consequently the current account deficit to more than 2.5 percent of gross domestic product... [Full Article...]

FT: British PM May briefs inner Cabinet that Brexit deal is close

FT: British PM May briefs inner Cabinet that Brexit deal is close Mrs May is expected to chair a meeting of her most trusted Cabinet members on Thursday in order to finalise her backstop plans before sending them to Brussels. The Government has said it will publish revised proposals for the Irish border "in due course". It came as Mrs May's "inner cabinet" was briefed last night on plans for a no-deal Brexit amid reports that progress ahead of a crucial Euro... [Full Article...]

International Monetary Fund chief defends Powell after Trump says Fed has 'gone crazy'

International Monetary Fund chief defends Powell after Trump says Fed has 'gone crazy' Trump selected Powell, a Republican who served in the George H.W. Bush administration, to lead the Fed over a number of other candidates - including several who favoured even more aggressive rate hikes. The gradually rising rates, Fed officials say, are meant to guard against any quick run-up in inflation, while remaining low enough so far for the recovery and a strong run of job growth to continu... [Full Article...]

James Murdoch In Driver’s Seat To Replace Elon Musk As Tesla Chairman

James Murdoch In Driver’s Seat To Replace Elon Musk As Tesla Chairman The SEC intends to distribute the penalties to affected investors, it said . Tesla's board has been criticized for lacking independence , and while Murdoch has frequently sided with Musk in matters before the board, he remains financially independent in a way that the other major candidate for the job , Antonio Gracias, isn't. [Full Article...]

Tech stocks lead Wall Street slump as investors shun risk

Tech stocks lead Wall Street slump as investors shun risk Nasdaq losers also include big names like Netflix , Nvidia, Adobe and Amazon - which also dropped somewhat similar to their cousins in the crypto market. The FAANGs, spread over three sectors, were down between 1.4 percent and 5.4 percent. Technology stocks fell especially sharply. Insurance companies dropped as Hurricane Michael continued to gather strength and came ashore in Florida bringing ... [Full Article...]

Trump calls stock market sell-off 'a correction'

Trump calls stock market sell-off 'a correction' Ahead of a campaign rally for the United States mid-term elections next month, Trump told reporters: "I think the Fed is making a mistake ". "They're so tight. Fed spokeswoman Michelle Smith declined to comment on Trump's remarks. The benchmark Nikkei 225 dropped almost two percent at the open and extended losses to below the three-percent mark, as traders fretted about surging interest rates... [Full Article...]

China Tells the USA to Stop Criticizing Beijing's Policies

China Tells the USA to Stop Criticizing Beijing's Policies But the senior US official said the United States still expected cooperation with Beijing on efforts to denuclearize North Korea, whose chief ally is China. We believe this has been a direct attack on our mutual trust, and has cast a shadow on China-US relations. We demand that the U.S. side stop this kind of misguided action. [Full Article...]

China Tells the USA to Stop Criticizing Beijing's Policies

China Tells the USA to Stop Criticizing Beijing's Policies But the senior US official said the United States still expected cooperation with Beijing on efforts to denuclearize North Korea, whose chief ally is China. We believe this has been a direct attack on our mutual trust, and has cast a shadow on China-US relations. We demand that the U.S. side stop this kind of misguided action. [Full Article...]

Google appeals the EU's record-breaking $5bn antitrust fine against Android

Google appeals the EU's record-breaking $5bn antitrust fine against Android The EU has said that it will be looking whether to also include evidence that the company is trying to circumvent its other ruling about Google Shopping, which was also found to be non-competitive. Google's lawyers could be hard at work for years to come battling the decision, as the firm tells Reuters that it has "now filed our appeal of the EC's Android decision at the General Court of the Eur... [Full Article...]

Dow plummets 800 points, biggest drop in 8 months

Dow plummets 800 points, biggest drop in 8 months The benchmark S&P 500 and the Dow Jones Industrial Average fell almost 1.5 percent and at the day's low had retreated 3.7 percent and 3.6 percent, respectively, from their all-time highs. The gains translate to higher borrowing costs, which are rippling through the housing and automotive markets. Microsoft dropped 4 per cent to $107.82. [Full Article...]

Trump Criticizes Central Bank for Raising Rates

Trump Criticizes Central Bank for Raising Rates Reporters asked the president as he deplaned in Erie, Pennsylvania, if he was concerned about Wednesday's market selloff. They include the USA trade war with China and the potential impact on global growth while rising bond yields have diverted attention from equities - stocks - which have been offering the most attractive returns for years because central bank stimulus had flooded markets with ... [Full Article...]

Dow ends brutal session with 3.1% loss, Nasdaq down 4%

Stock in all 30 blue-chip index companies fell, with Boeing and Caterpillar dropping at least 3.8 per cent. BHP was down 2.75 per cent at $33.765, a fall only marginally worse than fellow mining giant Rio Tinto's 2.37 per cent to $77.29. [Full Article...]

Wall Street dives, setting the ASX up for heavy losses at open

Stocks retreated Wednesday, with the Dow Jones industrial average losing more than 800 points in a selloff that accelerated in the final minutes of trading. The stock fell 15 per cent to 50 cents. And if history is any guide, we won't have to endure too much, as the S&P has been up an average of 14.5% a year after all midterm elections going back to 1946, while all 18 midterms saw higher returns... [Full Article...]

Sears hires advisers to prep bankruptcy filing

Sears hires advisers to prep bankruptcy filing Sears' borrowings totaled $5 billion as of August 4. Where we're headed: If Sears does file for bankruptcy, it could help some property owners, while being a problem for others. It could attempt to emerge as a profitable company. Toys "R" Us' creditors lost faith in the retailer after revenue during last year's holiday season failed to meet their expectations. [Full Article...]

International Monetary Fund slashes global growth forecasts

International Monetary Fund slashes global growth forecasts While the IMF's outlook for the Chinese economy stayed at 6.6% this year, its forecast for next year of 6.2% represents the slowest growth rate the Asian country has seen since 1990. "It was a combination of factors that basically affected emerging and frontier markets". The Pakistan Stock market PSX on Monday recorded a decline of 1,328 or 3.39 percent, the biggest in five months. [Full Article...]


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