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Erdogan to ban USA electronics in spat while lira plunges

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USA sanctions , including the latest round targeting Turkey , undermine all principles of global trade and in time this move will undermine the role of US dollar as a settlement currency , he said. Just days after President Trump tweeted his decision to double tariffs on Turkish steel and aluminum, Turkey has announced that it, too, is ratcheting up retaliatory tariffs . Read More »

Turkish lira trades below 6.0 against the dollar

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The decision came after Qatar's emir, Sheikh Tamim bin Hamad Al Thani, met with Turkish President Recep Tayyip Erdogan in Ankara . Erdogan has also called on Turks to help defend the country against the U.S. "No one has an interest in the economic destabilization of Turkey", Merkel said in Berlin this week. Facing Turkey's gravest currency crisis since 2001 in his first month in the job, Albayrak has the daunting task of reassuring the investors that the economy is not hostage to ... Read More »

UK unemployment reaches 40-year low

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The British unemployment rate shrugged off Brexit worries to reach a low not seen for 43 years, according to data released on Tuesday. Record rates of ethnic minority people in work also show that more families across our society are benefiting from the security of a job, with wages also on the increase. Read More »

Canopy Growth marijuana stock surges after new Constellation stake

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Spirits company Constellation Brands announced Wednesday it will significantly boost its investment in Canada's Canopy Growth in a big bet on the growth of cannabis-based products. "There will be nothing federally illegal in what we do", he said. A big focus of the deal is acquiring businesses in other countries where cannabis use is federally approved, he said. Read More »

US sanctions hurting its own reputation: Turkish FM

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For decades, the world's de facto currency of record has been the United States dollar. "We confirm willingness to lift the visa regime in certain categories for Turkish citizens", it said. Russia's Foreign Ministry said on Monday that a four-way Syria summit "is planned in the upcoming future", with the leaders of Russia, France, Turkey and Germany attending. Read More »

Turkish lira stages rally after crackdown on short-selling

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On August 10, Trump announced that his administration was doubling steel and aluminum tariffs on Turkey . U.S. President Donald Trump and Erdogan, seen on July 11, have appeared to get on well personally, but the North Atlantic Treaty Organisation allies have several areas of economic and political conflict. Read More »

Bitcoin's Price Falls Below $6K to Near 2018 Low

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At the moment, the entire cryptocurrency market cap stands at, $214 billion, with Bitcoin having a market cap of $108 billion. The Bitcoin once again came to the threshold level at $6000 losing more than 6% in the past 24 hours. The low point on June 29th was only marginally higher. Ether has tumbled about 40% this month, while Bitcoin has dropped about 26%. U.S SEC declaring that Bitcoin is a commodity, ICE's announcement and a potential for a ( Bitcoin) ETF , amongst other. Read More »

Turkey's economy suffers amid USA sanctions and tariffs

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Officials from Erdogan's office said during their conversation on Wednesday the two leaders confirmed their commitment to maintaining high-level visits and contacts to strengthen cooperation. Turkish Trade Minister Ruhsar Pekcan told the state run Anadolu news agency that the doubling of tariffs on some imported USA products would amount to $533m. Read More »

China, US to hold trade talks in late August

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While the engagement was seen by analysts and business officials as positive, they cautioned that the talks were unlikely to lead to a breakthrough given they are among lower level officials and led on the U.S. FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. Previous rounds of talks between the two sides failed to make much progress, resulting in the outbreak of a trade war. Read More »

Anger rises over Genoa bridge collapse as death toll climbs

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Cars are blocked on the Morandi highway bridge after a section of it collapsed, in Genoa, northern Italy , Tuesday, Aug. 14, 2018. One lorry driver said he had been saved because he slowed down when a vehicle overtook him. Salvini, who is co-deputy prime minister and leader of the nationalist League party in the new coalition government, vowed to hold those responsible for the disaster accountable. Read More »

A pastor from NC is confined in Turkey. Free Andrew Brunson

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The lira continued its recovery against the dollar on Wednesday as Turkey increased tariffs on United States goods and introduced measures to restrict bets against the embattled currency. Following the latest announcement, Turkey's presidential spokesman Ibrahim Kalin has called on the U.S.to engage in diplomacy. Qatar has moved closer to countries like Turkey and Iran after Saudi Arabia and other Arab states severed diplomatic, trade and travel ties with the Gulf state previous year, ... Read More »

Rail fares rises: Grayling pleads with unions and train firms

He told Shelagh Fogarty: "We have Chris Grayling down there in Westminster giving himself and the other MPs - voting themselves - above inflation pay rises above, RPI every year while doing their second jobs, sitting on their backsides filling in their expenses forms every day". Read More »

Turkey to boycott USA products including iPhone, says Erdogan

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In a direct threat against the White House, Erdoğan warned U.S. president Trump, who signed off the sanctions , of unspecified consequences for punishing Turkey. The hikes were published in Turkey´s Official Gazette in a decree signed by President Recep Tayyip Erdogan , who has repeatedly described the crisis as an "economic war" that Turkey will win. Read More »

Erdogan says Turkey to boycott iPhone, other U.S. electronics

But Sanders, at a Tuesday press briefing, declined to say how the US government plans to apply more pressure on Ankara, which repeatedly has ignored calls from Trump and others to free Christian pastor Andrew Brunson. "Significantly more than just official promises of action are needed to exit the current crisis", said Andy Birch, principal economist at IHS Markit, calling for "a sharp central bank rate rise". Read More »

Tencent's shares down as China declines new game

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Regulators have also been concerned about violence and gambling in some games, according to one person. After soaring into the ranks of the world's biggest companies, Tencent has lost more than $150 billion of market value as the company struggles to monetise new games. Read More »

Sarah Sanders Corrects Her False African American Jobs Claim

Sanders erroneously reported that Barack Obama created 195,000 jobs for African-Americans during his presidency when he really created millions. Job growth for everyone, including African-Americans, has been somewhat faster in the first two years of Trump's presidency than the first two years of Obama's, but that is because Obama spent his early presidency digging the USA economy out of a severe recession. Read More »

Bayer Has a Reason to Feel Monsanto Buyer’s Remorse

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Kennedy Jr., one of Johnson's lawyers. It was expedited because court filings indicated that Johnson was dying. "We are sympathetic to Mr Johnson and his family", Monsanto said in a statement, but promised to "continue to vigorously defend this product". Read More »

Turkey doubles tariffs on some United States imports over economy "attacks"

Turkey doubled tariffs on U.S. passenger cars, alcohol and tobacco amid increased tension between the two North Atlantic Treaty Organisation allies over Ankara's imprisonment of a pastor and other diplomatic issues. Turkish President Recep Tayyip Erdogan has accused the United States of stabbing Turkey in the back and on Tuesday called for a boycott of USA electronics products. Read More »

Turkey's Erdogan Threatens Boycott of US Goods

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Relations between the two North Atlantic Treaty Organisation allies have plummeted in one of their worst crises in decades after the detention of U.S. Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency . The external funds entered the Turkish economy to finance deficits, massive government spending and company borrowing. Read More »

In first, transgender woman wins Democratic nomination for Vermont governor

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Phil Scott is looking to secure his party's nomination once again. The polls have closed in Vermont, where voters were picking nominees for governor, US Senate, and US House. While many transgender people eschew their name given at birth that they change upon transition, Hallquist has made David her middle name and comfortably speaks about her previous identity. Read More »

Turkey’s president wants to boycott American electronics. Good luck with that

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Turkey's problems are particularly acute because it has more than $300bn of dollar-denominated corporate debt, which is getting more expensive to finance by the day. Independent economists caution it would be hard to unseat the dollar as the top reserve currency as it is used widely in the global economy, for example to trade in oil and for commercial deals. Read More »

Retail inflation at 9-month low; rate hike seems unlikely

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The next bi-monthly policy is to be unveiled on October 5. Within the index, food category inflation was 1.73% in July, easing from 3.11% in June. Whilst there continues to be upward pressure from increasing oil costs, on both petrol and oil for heating, travel costs have been causing less pressure on inflation than in previous months. Read More »

Nvidia officially announces Turing architecture, launches new RTX Quadro series

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In the video (which you can watch below), Nvidia shows off what is clearly a new video card, but its hard to make out details due to clever camera angles. The technology firm also noted that its GPU nodes can outperform CPU nodes by 30 times when used for final-frame rendering for film effects. "This means we can iterate faster, more frequently and with higher quality settings". Read More »

Omarosa says Trump is trying to silence her

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Ms. Manigault Newman - who first gained fame as a contestant on Trump's reality show "The Apprentice ", and then secured a $180,000-a-year staff job at the White House - released a recording of a private conversation she had with the president after she was sacked. Read More »

Saudi Arabia reins in oil production as demand forecasts waver

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Oil production from the Organisation of Petroleum Exporting Countries (OPEC) rose in July, despite supply shortfalls from Libya, Iran and Saudi Arabia. But output from non-OPEC countries, particularly the United States, is rising quickly, limiting demand for OPEC oil. This was attributed to a weaker-than-expected demand in Latin America and the Middle East during the second quarter of the year. Read More »

Turkey plans boycott on United States electronics

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Jeffrey Hovelier, the U.S. Charge d'Affaires, spoke to reporters Tuesday after visiting Pastor Andrew Brunson who is being held under house arrest in the Turkish city of Izmir. The lack of interest-rate action has coincided with a marked worsening of Turkey's relations with the US. Turkish President Recep Tayyip Erdogan has announced a boycott of electronic goods from the United States, including Apple products. Read More »

Unemployment hits lowest level in 40 years

That was the lowest since the three months to February 1975, beating the figure expected by economists. Dr Stuart McIntyre, of the Fraser of Allander Institute, an economic think-tank based at Strathclyde University, said Scotland and the United Kingdom were experiencing "historically low levels of unemployment and high levels of employment". Read More »

Turkish president says country will boycott iPhones

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Against a basket of currencies, the USA currency rose to 96.289 in European trading. Turkish actions against US economic interests will be largely symbolic. Mr. Erdogan last week renewed a call for Turks to convert their dollars into the Turkish lira, to help underwite the currency's value. "We will boycott U.S. Read More »

Tesla Special Committee to Evaluate Possibility of Taking Company Private

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Musk is going full steam ahead and working with financial advisors Silver Lake and Goldman Sachs as well as receiving legal advice from law firms Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson. Musk says that the managing director has requested additional details and has said that support is also subject to due diligence and the fund's internal review process. Read More »

Britain’s FTSE dips as Turkey’s lira crisis shakes world markets

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On Friday, that relentless slide turned into a crash and the lira dropped as much as 18 percent, hitting USA and European stocks as investors took fright over banks' exposure to Turkey . Benchmark 10-year U.S. Treasury notes last fell 5/32 in price to yield 2.875 percent, from 2.859 percent late on Friday. The flip side of that is that with the U.S. Read More »

Erdogan slams United States for preferring terrorists as partner

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Turkey's decision to hold an American pastor, Andrew Brunson, under house arrest on disputed terrorism charges, has prompted Donald Trump to impose sanctions and double tariffs on imports of Turkish steel and aluminium . On Sunday, speaking to supporters in Trabzon on the Black Sea coast, Erdogan dismissed suggestions that Turkey was in a financial crisis like those seen in Asia two decades ago. Read More »

Rupee hits lifetime low of 70 per dollar

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Around 11.00 a.m., the rupee plunged to 70.08 to the USA dollar. The ten-year benchmark bond yield inched up to 7.82% after staying muted in early trade. Experts believe that a possible intervention by the Reserve Bank of India (RBI) could have stemmed the rupee's fall. JP Morgan economist David Hensley said that strains in most other emerging markets would be contained. Read More »

Turkey must ensure independence of central bank: Merkel

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Asian and European markets tumbled Monday as the Turkish lira dropped eight percent against the dollar, with fears it could spill over to the global economy. Albayrak dismissed any suggestions that Turkey might intervene in dollar-denominated bank accounts, saying any seizure or conversion of those deposits into Lira was out of the question. Read More »

Turkey pledges action to calm markets

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It comes after the Turkish currency fell to a new low of 7.2 lira to the dollar, dragging the MSCI world equity index, which tracks shares in 47 countries, down 0.6 per cent as markets opened. The lira slipped below 7.0 to the United States dollar and was down 12 percent on Friday's value at one point this morning. More than a third of Turkish banks' lending is in foreign currencies, according to Reuters . Read More »

Turkish lira pulls back from record low, markets rattled

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Investors globally headed for safe harbors including the us dollar as the selloff in Turkey spread to emerging markets overseas, including South Africa's rand. "You (the United States) are trying to sacrifice our strategic relations on the sole basis of a priest", said Erdogan Sunday, warning furthermore that Turkey will eventually say "farewell" to its American ally. Read More »

Saudi Arabia's sovereign wealth fund looking to take Tesla private

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The amount of funding needed would depend on how many current investors want to remain part of the $60.9 billion company if it goes private. It wasn't immediately clear how much the fund would invest in Tesla . In laying out why he is considering taking Tesla private, Musk pointed in part to shorts. The Public Investment Fund approached Musk several months ago to discuss buying a minority stake, but he initially resisted the investment and said there were no plans to issue new shares, ... Read More »

Doug Field Returns to Apple from Tesla for Project Titan

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At Apple , Field will re-join with Bob Mansfield, Apple's former senior vice president of technologies, who was tapped in 2016 to run Project Titan . Rumors of his departure emerged in May, but Tesla waved them off saying Field is just "taking some time off". Interestingly, though, Tesla over the past few months has seen an exodus of its own, with numerous company's more notable engineers and executives opting to leave the company under somewhat mysterious circumstances. Read More »

Erdogan says crash of lira 'political plot' against Turkey

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The Turkish currency plunged 25 per cent against the United States dollar last week, with most of that depreciation happening on Friday amid escalating tensions with the Trump administration and market uncertainty about the ability of President Recep Tayyip Erdogan to manage the mounting problems in the Turkish economy. Read More »

The pound falls amidst "no deal" Brexit projections

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Against the euro, the pound has held up far better as demand for dollars has kept the euro on the back foot. In his accompanying note, Mr Patel explained that trading was light and in the last nine years, sterling has fallen more than 0.5% on seven occasions. Read More »

Erdogan Says US Set Deadline for American Pastor's Release

In an interview with Hurriyet newspaper, Albayrak said a plan has been prepared for banks and the real economy sector including small to mid-sized businesses, which are the most affected by the foreign exchange fluctuations. "President Trump on Friday doubled steel tariffs on Turkey as its government battled the currency collapse". It said it would support steel and aluminium exporters on all worldwide platforms, and the USA remained an important trade partner. Read More »

Trump Threatens Tariffs on Canadian-Made Cars

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The renegotiation of the North American Free Trade Agreement ( NAFTA ) could see a "window of opportunity" to resolve some of the thorny issues, the president of the Mexican Confederation of Industrial Chambers has said. At the close of the 3rd consecutive week of discussions in Washington , Guajardo said a deal was still possible by the end of the month. -Mexican issues were resolved, Canada could rejoin the talks to work on tri-lateral issues. Read More »