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United States officials point to Beijing's long-range development plan, "Made in China 2025", which calls for creating powerful Chinese entities in such areas as information technology, robotics, aerospace equipment, electric vehicles and biopharmaceuticals.
  • Oil steady on high OPEC supply ahead of Iran sanctions

    Oil steady on high OPEC supply ahead of Iran sanctions

    Markets

    Read the full report at the AP. " Crude oil export losses from Iran due to USA sanctions, production decline in Venezuela and episodic outages in Libya are unlikely to be offset entirely by corresponding rises in Opec + production", Tchilinguirian said, referring the Organisation of the Petroleum Exporting Countries and countries including Russian Federation that reached a deal to curb output to counter low prices.
  • Ramaphosa says Chinese aid is not 'new colonialism'

    Ramaphosa says Chinese aid is not 'new colonialism'

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    According to data from John Hopkins University's China Africa Research Initiative, China has already loaned around $125 billion to the continent between 2000 and 2016. Every African country is represented at the business forum apart from eSwatini, self-ruled Taiwan's last African ally that has so far rejected China's overtures to ditch Taipei and recognize Beijing .
  • U.S. Congress skeptical of Trump's Mexico trade deal

    U.S. Congress skeptical of Trump's Mexico trade deal

    Markets

    Auto manufacturing: The new deal would require that 75% of the parts in any vehicle sold in North America be produced in the United States or Mexico. President Trump on Tuesday renewed his pledge to build a border wall paid for by Mexico, prompting a sharp rebuttal from the Mexican government one day after both countries announced plans for a sweeping new trade agreement.
  • US, Trump, Mexico NAFTA trade deal: auto, agricultural details

    US, Trump, Mexico NAFTA trade deal: auto, agricultural details

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    Trump strongly campaigned on the issue of repealing or completely redoing NAFTA, a trade deal he argues was "terrible" for the United States and destroyed manufacturing in states across the country. The US trade representative's office officially described the agreement as "a preliminary agreement in principle.to update the 24-year-old NAFTA with modern provisions representing a 21st century".
  • US softens stance on NAFTA sunset clause: Mexican official

    US softens stance on NAFTA sunset clause: Mexican official

    Markets

    A day earlier, President Donald Trump declared in a Twitter message that a resolution was near. The president and his aides have hailed a renegotiated trade agreement with South Korea as one major victory. manufacturing jobs but which in fact has helped the USA auto sector prosper. Trump has threatened to walk out of the pact in the absence of an agreement that is more favorable to US interests.
  • Shares rise on steady-as-it-goes line from Jackson Hole

    Shares rise on steady-as-it-goes line from Jackson Hole

    Markets

    St. Louis Federal Reserve President James Bullard said Friday that the central bank should hold off on rate hikes for the rest of 2018, while Cleveland Fed President Loretta Mester backed further increases. "Guiding policy by the stars in practice, however, has been quite challenging of late because our best assessments of the location of the stars have been changing significantly", Powell said.
  • China shipowners stop hauling Iranian oil as U.S. sanctions near

    China shipowners stop hauling Iranian oil as U.S. sanctions near

    Markets

    The actual report was a build rather than a draw due to higher than normal crude oil inputs to the refineries. The port district of Houston-Galveston accounted for 12 percent of total US crude oil imports as of May. A weaker dollar makes oil less expensive for buyers using other currencies. Moreover, oil-tanker owners are seen staying away from hauling Iranian supplies because of the risk of being cut off from the booming business of transporting crude pumped from shale fields in Texas or ...
  • New tariffs stanch 5-day US dollar slide, Jackson Hole begins

    New tariffs stanch 5-day US dollar slide, Jackson Hole begins

    Markets

    Talks between U.S. and China officials in Washington over trade will continue on Thursday , although most analysts do not expect much headway to be made. Similarly, Esther George , head of the Kansas City Fed , said she expects the central bank to raise rates twice more this year, with more next year.
  • Sears Holdings is closing another 46 stores, including one in Michigan

    Sears Holdings is closing another 46 stores, including one in Michigan

    Markets

    Associates displaced by the closures will be able to apply for open positions at area stores, Sears Holdings said . One location in MI is on the chopping block: Sears at the Jackson Crossing Shopping Center off I-94 in Jackson. It may not be over, either, the company implied in its statement announcing the closures . Lampert has described the deal as "critical" for Sears.
  • Most Americans favor diplomacy over sanctions for Russian Federation

    Most Americans favor diplomacy over sanctions for Russian Federation

    Markets

    In a statement published on the Russian Foreign Ministry website, Ryabkov said the latest sanctions were introduced under a "false pretense". The Treasury Department is going after two companies and two Russians suspected of trying to circumvent US sanctions imposed in June in response to cyberattacks and other malicious activities run by Moscow's military and spy services.
  • China trade talks end with no breakthrough as tariffs kick in

    Markets

    Meanwhile, a Reuters poll of more than 100 economists shows that majority expect economic growth to slow over the next two quarters as the boost created by last year's tax cuts fades and Americans begin to feel the costs of the tariffs. "You are great", said a presenter on the almost three-minute-long English-language clip, reading a letter that pays a satirical tribute to Trump. China has said its own tariffs on a list of US$16 billion worth of imports from the United States would be ...
  • Trump backs CEOs, proposes easing corporate reporting rules

    Trump backs CEOs, proposes easing corporate reporting rules

    Markets

    A top criticism is that if companies are striving to report profit gains every quarter, they are more likely to buy back shares and cut costs than invest in their businesses. "The difficulty in making better long-term decisions away from a quarterly reporting cycle certainly stands out as being beneficial", said Art Hogan at investment bank B.
  • United States threatens Turkey with more sanctions if it doesn’t free pastor

    Markets

    U.S. Treasury Secretary Steven Mnuchin told Trump at a cabinet meeting on Thursday that more sanctions were ready to be put in place if Brunson were not freed. The Turkish lira stood at 5.80 per dollar on Friday, up about 0.4 per cent against the dollar. Erdogan has cast the tariffs, and the sell-off in the lira, as an "economic war" against Turkey.
  • Crude oil futures higher on expected stock draw, OPEC report

    Crude oil futures higher on expected stock draw, OPEC report

    Markets

    Under the production cuts initiated in January, Saudi Arabia's quota is 10.058 million barrels a day. Russian oil producers have already returned oil production to record levels this year and will boost crude production further next year thanks to the launch of several greenfield projects, the Organization of Petroleum Exporting Countries (Opec) said in a report on August 13.
  • Turkey imposes up to 140% tax on rice, alcohol, cars from US

    Turkey imposes up to 140% tax on rice, alcohol, cars from US

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    It's not clear how Erdogan would enforce the boycott, the AP noted. President Erdogan has accused the United States of trying to "bring Turkey to its knees through threats over a pastor ". Berk Esen, an assistant professor of global relations at Bilkent University in Ankara , said China was not likely to be a substitute for North Atlantic Treaty Organisation or even Russian Federation in Turkey's security.
  • Rupee hits record low of 70 to dollar, touches 19.05 vs dirham

    Rupee hits record low of 70 to dollar, touches 19.05 vs dirham

    Markets

    The rupee recovered from all-time low of 69.91, gaining 11 paise to 69.80 against the United States dollar in early trade, on some macroeconomic boost. On Friday, the rupee had lost 15 paise to end at 68.83 against a resurging dollar. The weakness of the Turkish lira has strained market currencies in Asia.
  • Elon Musk claims Saudis would help him take Tesla private

    Elon Musk claims Saudis would help him take Tesla private

    Markets

    Musk's disclosure, made in a blog post on Tesla's website , comes six days after the Silicon Valley billionaire shocked investors with a post on Twitter saying he was considering taking Tesla private at $420 a share and that funding was "secured".
  • China slaps 25% tariffs on $16 billion worth of USA goods

    China slaps 25% tariffs on $16 billion worth of USA goods

    Markets

    The now proposed charge is 10%, but it could increase to 25% once a consultation period ends. On Tuesday, the Trump administration announced that it would proceed with previously announced 25 per cent tariffs on an additional $16 billion of Chinese imports starting August 23.
  • Turkey lira crashes as Donald Trump piles on pressure

    Turkey lira crashes as Donald Trump piles on pressure

    Markets

    After inconclusive talks this week on solving the spat, Trump took advantage of Turkey's turmoil on Friday to turn the screws on the country. The first one was Erdogan gave a speech doubling down on his failed policies, saying once again all their problems were the result of an " economic war " being waged against Turkey.
  • Tesla board confirms Elon Musk's buyout plans

    Tesla board confirms Elon Musk's buyout plans

    Markets

    The shares surged 11 percent to $379.57 on Tuesday after Musk said he's considering taking Tesla private at $420 a share, or an enterprise value of about $82 billion. Tesla's CEO also laid out what he envisions as the ideal path for going private. Musk's proposed move is seen as a strategy to avoid several issues: Wild stock swings, short-sellers who profit on stock value drops and shareholder pressure on quarterly performance, according to the Financial Times .
  • China places tariffs on another $16B worth of United States goods

    Markets

    The Trump administration has accused China of unfair trade practices, and President Donald Trump has long vowed to bring down the United States' trade deficit in goods with Beijing . The world's top two economies have repeatedly sparred over trade in recent months, in what experts warn may become a devastating cycle of retaliation.
  • Facebook in talks with banks to expand customer service

    Facebook in talks with banks to expand customer service

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    In a statement reported by CNBC , a Facebook spokesperson clarified that the company is not "actively asking financial services companies for financial transaction data". Facebook tried to persuade banks to give it their users' data by promising them features such as users being able to see their checking account balances or receiving fraud alerts within Facebook Messenger.
  • Tesla stock trading halted after Musk teases taking company private

    Tesla stock trading halted after Musk teases taking company private

    Markets

    Mr. Musk has a history of joking on Twitter and sending erratic tweets. Tesla shares, which were already rising on news of the Gulf investor, spiked in response. I think he's serious. A short squeeze is a trading scenario that occurs from time to time in heavily shorted stocks, when bearish traders are forced to buy shares to avoid big losses - something that ends up pushing the stock only higher.
  • Sales tax holiday is more than back-to-school items

    Sales tax holiday is more than back-to-school items

    Markets

    During this time, the following items will be exempt from sales and use tax: clothing priced $75 per item or less, school supplies priced $20 per item or less and school instructional material priced $20 per item or less. On the list this year are school uniforms, dresses, pants, shirts, sneakers and leather shoes. But lawmakers could seek to reinstate the sales tax holidays before then beginning in next year's Regular Session.
  • Apple becomes world's first public company worth $1 trillion

    Apple becomes world's first public company worth $1 trillion

    Markets

    Apple's final push to the $1 trillion mark came on the back of Tuesday night's fiscal-third-quarter earnings report - one that encouraged Wall Street's pros and individual investors alike by most measures. Apple CEO Tim Cook has a photo taken during an Apple event at the main store in Chicago. That has raised concerns that Apple has become far too dependent on the iPhone, especially since iPad sales tapered off several years ago.
  • Apple’s Market Cap Hits $1 Trillion

    Apple’s Market Cap Hits $1 Trillion

    Markets

    The California-based company born of a friendship between Steve Wozniak and the late Steve Jobs is credited with giving rise to smartphone lifestyles and "apps" for almost everything. He launched the iPhone in 2007, dropping "Computer" from Apple's name and super-charging the mobile phone industry, catching Microsoft Corp, Intel Corp, Samsung Electronics and Nokia off guard.
  • Over $109bn wiped off Facebook's market cap after growth shock

    Over $109bn wiped off Facebook's market cap after growth shock

    Markets

    The complaint filed by shareholder James Kacouris in Manhattan federal court accused Facebook , Zuckerberg and Chief Financial Officer David Wehner of making misleading statements about or failing to disclose slowing revenue growth, falling operating margins, and declines in active users.
  • Trump and Junker pull back from trade war

    Trump and Junker pull back from trade war

    Markets

    The trade disputes are reducing sales of US farm products overseas and sending the prices of those products lower. On Tuesday night, Trump set out his pitch, tweeting that both sides should drop all tariffs, barriers and subsidies, but that the European Union wouldn't agree to that.