EU disintegration? Here’s the probability of France’s far right ending the largest civilization project of the 20th century

With Marine le Pen transforming her National Front (NF) into a party for the populist era, analysts have been carefully assessing how French elections in May could deal a “severe blow” to the European Union (EU). “It’s difficult to imagine how the European Union could function should such a Euroskeptic (as Le Pen) be at the helm of one if its major economies … It would likely precede its fracturing,” Michael Hessel, political economist at Absolute Strategy Research, told CNBC via telephone. He said that that low voter turnout would be Le Pen’s best hope of securing an unlikely election victory. Continue reading “EU disintegration? Here’s the probability of France’s far right ending the largest civilization project of the 20th century”

Google’s Eric Schmidt: Trump administration will do ‘evil things’

Eric Schmidt, the executive chairman of Google’s parent company, told an audience of Google employees on Thursday that the Trump administration is “going to do these evil things as they’ve done in the immigration area and perhaps some others.” Schmidt’s remarks were made during the company’s weekly meeting at its headquarters in Mountain View, California, on January 26, when reports were surfacing about the sweeping immigration order that President Donald Trump would sign the next day. Continue reading “Google’s Eric Schmidt: Trump administration will do ‘evil things’”

Trump Nominates Judge Gorsuch as His Supreme Court Justice Pick

President Donald Trump nominated Judge Neil Gorsuch on Tuesday night to fill the current Supreme Court vacancy that was left after the death of Justice Antonin Scalia nearly a year ago. Gorsuch, 49, graduated from Harvard Law School and received the prestigious Marshall scholarship to attend Oxford University. He has served on the Colorado-based U.S. 10th Circuit Court of Appeals since 2006 and previously was a clerk for Supreme Court Justices Byron White and Anthony Kennedy. Continue reading “Trump Nominates Judge Gorsuch as His Supreme Court Justice Pick”

Merkel rejects US comments, says Germany cannot influence euro

Chancellor Angela Merkel on Tuesday rejected a U.S. trade adviser’s charge that Germany was using an “undervalued” euro to gain advantage, saying her government had always called on the European Central Bank to pursue an independent policy. “Germany is a country that has always called for the European Central Bank to pursue an independent policy, just as the Bundesbank did that before the euro existed,” Merkel told a news conference with Swedish Prime Minister Stefan Lofven. Continue reading “Merkel rejects US comments, says Germany cannot influence euro”

OPEC achieves 82 pct of pledged oil output cut in January-Reuters survey

OPEC’s oil output is set to fall by more than 1 million barrels per day (bpd) this month, a Reuters survey found on Tuesday, pointing to a strong start by the exporter group in implementing its first supply cut deal in eight years. The Organization of the Petroleum Exporting Countries agreed to cut its output by about 1.20 million bpd from Jan. 1 – the first such deal since 2008 – to prop up oil prices and get rid of a supply glut. Continue reading “OPEC achieves 82 pct of pledged oil output cut in January-Reuters survey”

Trump’s Trade War May Have Already Begun

America’s traditional allies are on the lookout for new friends. They have heard the mantra “America First” from the new president, divining a Trump doctrine: global cooperation last. Europeans have taken note of Mr. Trump’s denigration of the European Union and his apparent esteem for the Russian president, Vladimir V. Putin. In Asia and Latin America, leaders have absorbed the deepening possibility that Mr. Trump will deliver on threats to impose punitive tariffs on Mexican and Chinese imports, provoking a trade war that will damage economic growth and eliminate jobs around the world. Continue reading “Trump’s Trade War May Have Already Begun”

Uber strikes deal with Daimler to add self-driving Mercedes-Benz to fleet

Uber Technologies Inc [UBER.UL] has signed another deal with a major automaker as the popular ride service accelerates efforts to build out one of the world’s first fleets of autonomous vehicles. Uber on Tuesday announced a partnership with Germany’s Daimler AG, maker of the luxury Mercedes-Benz cars and trucks. In the coming years, Daimler plans to incorporate its own self-driving Mercedes-Benz into Uber’s growing fleet of self-driving cars. Uber did not offer a specific timeline. Daimler is the first auto company to join Uber as it opens up its platform for manufacturers to introduce their own self-driving cars. Continue reading “Uber strikes deal with Daimler to add self-driving Mercedes-Benz to fleet”

Trump pushes drugmakers for lower prices, more U.S. Production

U.S. President Donald Trump in a meeting on Tuesday with pharmaceutical executives called on them to manufacture more of their drugs in the United States and cut prices, while vowing to speed approval of new medicines and ease regulation. Trump told them the government was paying “astronomical” prices for medicines in its health programs for older, disabled and poor people and said he would soon appoint a new U.S. Food and Drug Administration leader. Continue reading “Trump pushes drugmakers for lower prices, more U.S. Production”

Bridgewater’s Dalio says Trump’s populist policies could hurt world economy

Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates LP, said he is increasingly concerned about the Trump administration’s “populist” policies that could hurt the world economy. The detrimental effects of these policies could be more powerful than the beneficial effects of Trump’s pro-business policies, Dalio and co-Chief Investment Officer Bob Prince said on Tuesday. “We are now in a period of time when how this balance tilts will be more important to the economy, markets, and our well-beings than normally dominant drivers such as central bank policies,” Dalio and Prince said in a note. Continue reading “Bridgewater’s Dalio says Trump’s populist policies could hurt world economy”

U.S. President Trump poses grave risk to world trade: French Finance Minister

U.S. President Donald Trump’s administration poses a grave risk to international trade and Europe will have to stand up to him to prevent the collapse of global economic institutions, French Finance Minister Michel Sapin said on Tuesday. “Our American partner appears to want to take unilaterally protectionist decisions which could destabilise the whole world economy,” Sapin said in a speech to an audience of international economists gathered at the French finance ministry. Continue reading “U.S. President Trump poses grave risk to world trade: French Finance Minister”

Dakota pipeline: US Army to allow work on final section

The US Army has been ordered to allow the construction of the final section of a controversial oil pipeline. North Dakota Senator John Hoeven said the Army Corps of Engineers had been directed to allow work under Lake Oahe, a reservoir on the Missouri River. Native Americans, who have protested against the Dakota Access Pipeline for months, vowed legal action to stop it. President Donald Trump recently signed an executive order signalling his support for the pipeline. Continue reading “Dakota pipeline: US Army to allow work on final section”

Iran Launches a Missile, Testing Trumps Vows of Strict Enforcement

Iran conducted its first missile test since President Trump took office, American and Israeli officials said Monday, posing an early test of whether the Trump administration will make good on its promises to strictly enforce all aspects of the Iranian nuclear deal and a side agreement on missile testing. The Iranian missile traveled about 600 miles, but its re-entry vehicle reportedly exploded before the flight was complete. Continue reading “Iran Launches a Missile, Testing Trumps Vows of Strict Enforcement”

Mexico Vows $50 Million Legal Fund to Fight U.S. Deportations

Mexico’s top diplomat said Monday his country will spend about $50 million to hire lawyers for migrants in the United States facing deportation. The money will be channeled through Mexican consulates in the U.S. and also go to outreach programs “to promote respect for Mexicans’ rights.” Foreign Relations Secretary Luis Videgaray said the effort “isn’t about obstructing the enforcement of the law in the United States, or much less opposing law enforcement.” “We are going to focus the money on one fundamental objective, which is the defense of the rights of Mexicans. Continue reading “Mexico Vows $50 Million Legal Fund to Fight U.S. Deportations”

Robot arm is surprisingly good at picking up fruit

British online grocery store Ocado has been on the hunt for a robot. It wants to even further automize its grocery process by getting a robot to pick and pack orders. So in coordination with the SoMa Project — a robotics project funded by the European Union — Ocado has been testing and developing possible solutions. The team’s been working on this project for 18 months, but today’s the first time the public is getting a look at the progress they’ve made. Continue reading “Robot arm is surprisingly good at picking up fruit”

Goldman Sachs CEO says bank does not support Trump travel ban

Goldman Sachs Group Inc CEO Lloyd Blankfein told employees that President Donald Trump’s order to halt arrivals from seven Muslim-majority countries was not a policy the bank endorsed, according to a source familiar with the matter. “This is not a policy we support, and I would note that it has already been challenged in federal court, and some of the order has been enjoined at least temporarily,” Blankfein told employees in a voicemail on Sunday. Continue reading “Goldman Sachs CEO says bank does not support Trump travel ban”

Deutsche Bank’s future capital needs uncertain: Handelsblatt

There is still some uncertainty over whether Deutsche Bank may need to increase its capital, management board member Christian Sewing was quoted as saying in German daily newspaper Handelsblatt. “There is still some uncertainty. Only when this is gone will be know exactly what our capital resources look like for the long term,” the paper quoted Sewing as saying in an interview published on its website on Monday. “Currently we fulfill all capital requirements comfortably,” Sewing added. Continue reading “Deutsche Bank’s future capital needs uncertain: Handelsblatt”

Former HBOS bankers found guilty in $307 million fraud trial

Two former HBOS bankers and four other people were found guilty on Monday in a $307 million fraud trial. They are among the first people to have been found guilty for contributing to losses that led to taxpayer-funded rescues of several of Britain’s top banks during the financial crisis. Former HBOS bankers Lynden Scourfield and Mark Dobson, businessmen Michael Bancroft, David Mills and his wife Alison Mills and accountant Tony Cartwright were convicted for various crimes following a five month jury trial in London. Continue reading “Former HBOS bankers found guilty in $307 million fraud trial”

Emboldened by Trump, some police unions seek to overhaul Obama’s reforms

Steve Loomis, president of the Cleveland Police Patrolmen’s Association, had a blunt message for Donald Trump during a meeting in September: court-ordered reforms aimed at curbing police abuses in the midwestern city are not working. Loomis and two other attendees said Trump seemed receptive to Loomis’s concerns that federally monitored police reforms introduced during the Obama administration in some cities in response to complaints of police bias and abuse are ineffective and impose an onerous burden on police forces. Continue reading “Emboldened by Trump, some police unions seek to overhaul Obama’s reforms”

Your Fired: Trump dumps top lawyer who defied immigration order

U.S. President Donald Trump fired top federal government lawyer Sally Yates on Monday after she took the extraordinarily rare step of defying the White House and refused to defend new travel restrictions targeting seven Muslim-majority nations. Yates said late on Monday that the Justice Department would not defend the order against court challenges, saying that she did not believe it would be “consistent with this institution’s solemn obligation to always seek justice and stand for what is right.” Hours later, she was fired. Continue reading “Your Fired: Trump dumps top lawyer who defied immigration order”

Trump’s heartland voters shrug off global uproar over immigration ban

Many of President Donald Trump’s core political supporters had a simple message on Sunday for the fiercest opponents of his immigration ban: Calm down. The relaxed reaction among the kind of voters who drove Trump’s historic upset victory – working- and middle-class residents of Midwest and the South – provided a striking contrast to the uproar that has gripped major coastal cities, where thousands of protesters flocked to airports where immigrants had been detained. Continue reading “Trump’s heartland voters shrug off global uproar over immigration ban”

Donald Trump: John McCain and Lindsey Graham ‘Looking to Start World War III’

President Donald Trump ridiculed the duo of Senator John McCain and Senator Lindsey Graham after they criticized his executive order restricting immigration into the United States from high risk countries in the Middle East. “The joint statement of former presidential candidates John McCain & Lindsey Graham is wrong – they are sadly weak on immigration,” Trump wrote on Twitter. He accused the neocon senators of failing to focus on border security and instead trying to involve the United States in foreign conflicts around the world. Continue reading “Donald Trump: John McCain and Lindsey Graham ‘Looking to Start World War III’”

EU’s Donald Tusk sees Trump as threat to Europe

European Council President Donald Tusk has warned that “worrying declarations” from US President Donald Trump are among the challenges faced by the EU. He said the change in Washington was part of an external threat that also included an assertive China, an aggressive Russia and radical Islam. In a letter to 27 European leaders, Mr Tusk also said he believed most of them agreed with him. Several statements from Washington have prompted alarm in Europe’s capitals. Continue reading “EU’s Donald Tusk sees Trump as threat to Europe”

US travel ban: Diplomats ‘prepare unprecedented dissent memo’

Hundreds of US diplomats around the world are set to formally criticise President Donald Trump’s immigration restrictions, officials tell the BBC. A “dissent cable” has been drafted for senior state department officials. The White House said those complaining should “get with the programme”. In the wake of Mr Trump’s ban on nationals from seven Muslim-majority countries, ex-President Barack Obama has spoken out against discrimination “based on faith or religion”. Continue reading “US travel ban: Diplomats ‘prepare unprecedented dissent memo’”

In the last 24 hours, four federal courts have objected to Trump’s actions

Last night, a Federal District court issued an emergency stay on deportations for passengers affected by President Donald Trump’s executive order banning entry to the US from seven majority-Muslim countries. Since that first decision, three other courts have issued their own rulings, putting a halt to deportations for those detained at airports across the country. Despite the rulings, there appears to be some uncertainty surrounding the judicial orders. The New York Post reports that some customs agents have ignored the orders, and have not allowed access to detainees. Continue reading “In the last 24 hours, four federal courts have objected to Trump’s actions”

Merkel critical of US immigration ban, spokesman tells Spiegel

German Chancellor Angela Merkel has criticized a new U.S. travel ban on people from seven Muslim-majority countries, the online site of German news magazine Der Spiegel reported Sunday. “She is convinced that even the necessary, decisive battle against terrorism does not justify putting people of a specific background or faith under general suspicion,” Merkel’s spokesman, Steffen Seibert, told the magazine. Continue reading “Merkel critical of US immigration ban, spokesman tells Spiegel”

Growing Number of G.O.P. Lawmakers Criticize Trumps Refugee Policy

A growing group of Republican lawmakers criticized President Trump’s refugee policy on Sunday even as party leaders in Congress continued to show restraint. The executive order Mr. Trump issued on Friday, which targets Syrian refugees and all travelers from several predominantly Muslim nations, had drawn little dissent from Republicans initially even as Democrats denounced it and protests erupted around the country and the world. Continue reading “Growing Number of G.O.P. Lawmakers Criticize Trumps Refugee Policy”

Trump imposes lifetime ban on some lobbying, five years for others

President Donald Trump acted Saturday to fulfill a key portion of his pledge to “drain the swamp” in Washington, banning administration officials from ever lobbying the U.S. on behalf of a foreign government and imposing a separate five-year ban on other lobbying. Trump has said individuals who want to aid him in his quest to “Make America Great Again” should focus on the jobs they will be doing to help the American people, not thinking ahead to the future income they could rake in by peddling their influence after serving in government. Continue reading “Trump imposes lifetime ban on some lobbying, five years for others”

Trump puts Bannon on security council, dropping joint chiefs

President Donald Trump is reshuffling the US National Security Council (NSC), downgrading the military chiefs of staff and giving a regular seat to his chief strategist Steve Bannon. Mr Bannon, formerly the head of the populist right-wing, Breitbart News website, will join high-level discussions about national security. The order was signed on Saturday. The director of national intelligence and the joint chiefs will attend when discussions pertain to their areas. Continue reading “Trump puts Bannon on security council, dropping joint chiefs”

Judge blocks US from deporting visa holders detained after Trump’s refugee order

A federal judge granted an emergency stay Saturday to bar deportation of people with valid visas who landed in the U.S., following chaos and detentions after President Donald Trump’s executive order related to immigration from seven Muslim-majority countries. The American Civil Liberties Union estimates it will affect between 100 and 200 people detained at or in transit to U.S. airports, though they do not have to be released from detention. Continue reading “Judge blocks US from deporting visa holders detained after Trump’s refugee order”

Facebook’s Mark Zuckerberg opposes Trump’s immigration order

Facebook Inc. Chief Executive Mark Zuckerberg on Friday publicly opposed two executive orders signed by President Donald Trump aiming to curtail immigration and bolster border security, contrasting with the neutral stance the tech executive has taken since the election. “Like many of you, I’m concerned about the impact of the recent executive orders signed by President Trump,” Zuckerberg wrote on his Facebook page. Continue reading “Facebook’s Mark Zuckerberg opposes Trump’s immigration order”

George Soros-Financed Groups Scheme to Stop Trump’s Temporary Refugee Halt Order

Immigration lawyers from groups financed by billionaire George Soros, a champion of open border policies, were signatories to a lawsuit filed Saturday to block President Donald Trump’s executive order halting visas for 90 days for “immigrants and non-immigrants” from Syria, Somalia, Sudan, Libya, Yemen, Iran, and Iraq. The executive order further suspended the entry of all refugees for 120 days, indefinitely blocks Syrian refugees from entering and lowers the ceiling to 50,000 for refugees allowed to enter the U.S. during Fiscal Year 2017. Continue reading “George Soros-Financed Groups Scheme to Stop Trump’s Temporary Refugee Halt Order”

Trump orders strict new refugee screening, citing terrorists

President Donald Trump has barred all refugees from entering the United States for four months, and indefinitely halted any from Syria, saying the ban is needed to keep out “radical Islamic terrorists.” The order Friday immediately suspended a program that last year resettled in the U.S. roughly 85,000 people displaced by war, political oppression, hunger and religious prejudice. Trump indefinitely blocked those fleeing Syria, where a civil war has raged, and imposed a 90-day ban on entry to the U.S. from seven Muslim majority nations. Continue reading “Trump orders strict new refugee screening, citing terrorists”

Britain’s May in Turkey for talks with Erdogan

British Prime Minister Theresa May on Saturday met with Turkish President Recep Tayyip Erdogan, a day after a friendly meeting in Washington with U.S. President Donald Trump. May flew overnight to Ankara by RAF Voyager jet from the U.S., where she and Trump proclaimed a new chapter in the trans-Atlantic “special relationship.” She arrived for talks with Erdogan to find her own image dominating television screens in the presidential palace, which were showing images of her visit to the White House on Friday. Continue reading “Britain’s May in Turkey for talks with Erdogan”

Billionaire Carlos Slim tells Mexico not to fear Trump

On the day before his 77th birthday, Mexican billionaire Carlos Slim said he was celebrating, not his birth, but the unity of his country. The world’s fourth-richest person, according to Forbes, on Friday entered a standing-room-only press conference in the same building from which he runs his empire, holding a set of papers with handwritten notes and a book with several pages marked, titled: “Great Again: How to Fix our Crippled America,” by Donald Trump. Continue reading “Billionaire Carlos Slim tells Mexico not to fear Trump”

Democratic congressman: President Trump is ‘mentally unstable’

Arizona Rep. Ruben Gallego said Friday that he thinks President Donald Trump is “mentally unstable.” “Yes, I do believe the president is mentally unstable,” Gallego, a Democrat, said on KTAR News 92.3 FM’s Mac & Gaydos. “I’ve said this thousands of times.” Gallego made similar comments on CNN in August when Trump was the Republican nominee, arguing at the time that, “this man is unstable, he’s unfit to be a presidential candidate.” Continue reading “Democratic congressman: President Trump is ‘mentally unstable’”

Spanish PM Warns Populist Victories Would ‘Destroy Europe’

Victory at the polls later this year for Alternative for Germany (AfD), or Marine Le Pen in France would be a “disaster” that would “destroy Europe”, Spain’s Prime Minister said on Thursday. In an interview with radio station Onda Cero, Mariano Rajoy slammed populism, claiming it “serves only to create poverty and division”, and ranted against anti-mass migration and Eurosceptic movements that are growing in power across Europe. “I don’t even want to think about it, that would be a disaster. Continue reading “Spanish PM Warns Populist Victories Would ‘Destroy Europe’”

Judge Blocks Trump Order on Refugees Amid Chaos and Outcry Worldwide

A federal judge in Brooklyn came to the aid of scores of refugees and others who were trapped at airports across the United States on Saturday after an executive order signed by President Trump, which sought to keep many foreigners from entering the country, led to chaotic scenes across the globe. The judges ruling blocked part of the presidents actions, preventing the government from deporting some arrivals who found themselves ensnared by the presidential order. Continue reading “Judge Blocks Trump Order on Refugees Amid Chaos and Outcry Worldwide”

Tim Cook says Trump’s executive orders are ‘not a policy we support’

In a message to employees obtained by The Verge, Apple CEO Tim Cook noted that he was concerned about Donald Trump’s executive orders limiting immigration from seven countries, and that “it is not a policy we support.” In the memo, Cook noted that there were employees that were affected by the executive orders, and that the company’s human resources, legal, and security teams were in touch to support them. He also noted that the company had reached out to the White House to protest the orders. Continue reading “Tim Cook says Trump’s executive orders are ‘not a policy we support’”

Trump’s cabinet is worth $14 BILLION

so no wonder they’re living the lifestyles of the super-rich (down to forgetting to mention the odd $100 million, say experts. Total net worth of men and women at the top of the Trump administration is calculated at $14 billion. Richest cabinet in history has been found to have forgotten millions of assets and tax liabilities during confirmation hearings. Continue reading “Trump’s cabinet is worth $14 BILLION”

Certain flight crew barred from U.S. entry after Trump order – IATA memo

A new ban on U.S. travel for nationals of seven Middle Eastern countries caught the airline industry unprepared, with flight crew from those states also barred from entering, the International Air Transport Association said on Saturday. U.S. Customs and Border Protection (CBP) has briefed the global trade group that passport-holders from states such as Iran and Iraq, including cabin crew, will be barred entry to the United States, IATA said in an email to its member airlines, seen by Reuters. Continue reading “Certain flight crew barred from U.S. entry after Trump order – IATA memo”

Euro zone bailout fund – Greek public debt is manageable

Greece’s public debt can be manageable, the euro zone bailout fund said on Sunday, responding to a leaked report by the International Monetary Fund that the country’s debt will explode to 275 percent of GDP by 2060. A spokesman for the bailout fund, the European Stability Mechanism (ESM), said the path for Greek public finances agreed between Athens and the euro zone was credible and backed by contingency measures in case of unforeseen events. Continue reading “Euro zone bailout fund – Greek public debt is manageable”

Global backlash grows against Trump’s immigration order

A global backlash against U.S. President Donald Trump’s immigration curbs gathered strength on Sunday as several countries including long-standing American allies criticized the measures as discriminatory and divisive. Governments from London and Berlin to Jakarta and Tehran spoke out against Trump’s order to put a four-month hold on allowing refugees into the United States and temporarily ban travelers from Syria and six other Muslim-majority countries. He said the move would help protect Americans from terrorism. Continue reading “Global backlash grows against Trump’s immigration order”

Trump Mexico wall will destroy lives, Berlin mayor warns

Berlin Mayor Michael Mueller has urged US President Donald Trump “not to go down the road of isolation” with his planned border wall with Mexico. Mr Mueller warned such divides cause “slavery and pain” and would “destroy the lives of millions”. The German city was divided by the Berlin Wall from 1961 to 1989. Mr Mueller’s statement came as Mr Trump and Mexican President Enrique Pena Nieto agreed to “work out their differences” over the issue. Continue reading “Trump Mexico wall will destroy lives, Berlin mayor warns”

GM to cut 625 jobs in Canada, move some work to Mexico: union

General Motors Co will cut 625 jobs at its auto assembly plant in Ingersoll, Ontario, by the end of July as it moves some production work to Mexico, the president of Canada’s largest auto workers union said on Friday. The union blamed the North American Free Trade Agreement and Mexico’s cheaper labor costs for the job losses, which it called unjustified given strong sales of the Chevrolet Equinox crossover and GMC Terrain sport utility vehicle assembled in the southern Ontario plant. Continue reading “GM to cut 625 jobs in Canada, move some work to Mexico: union”

U.S. drillers add oil rigs for 12th week in 13 -Baker Hughes

U.S. energy companies this week added oil rigs for a 12th week in the last 13, extending an eight-month recovery as drillers take advantage of a deal by OPEC to cut production that has kept crude prices over $50 a barrel since early December. Drillers added 15 oil rigs in the week to Jan. 27, bringing the total count to 566, the most since November 2015, energy services firm Baker Hughes Inc said on Friday. Continue reading “U.S. drillers add oil rigs for 12th week in 13 -Baker Hughes”

American Airlines profit plunges

American Airlines Group Inc, the No. 1 U.S. airline by passenger traffic, reported a fall in profit from a year earlier, when it recorded a $3 billion tax benefit. The company said its net income fell to $289 million, or 56 cents per share, in the fourth quarter ended Dec. 31, from $3.28 billion, or $5.09 per share, a year earlier. Excluding items, the airline earned $1.48 per share.

UBS annual net profit nearly halves but CEO sees ‘turning point’ after Trump’s win

UBS fourth-quarter net profit fell from the equivalent period in 2015 but still surpassed analyst expectations with the Swiss bank on Friday blaming macroeconomics and geopolitics for negatively impacting client sentiment and trading volumes. Switzerland’s largest bank delivered 738 million Swiss francs ($737.3 million) of fourth-quarter net profit, coming in short of last year’s comparable 949 Swiss francs, but clearly ahead of a Reuters consensus forecast of 339 million Swiss francs. Continue reading “UBS annual net profit nearly halves but CEO sees ‘turning point’ after Trump’s win”

South Sudan aims to more than double oil output in 2017/18

South Sudan plans to more than double oil production to 290,000 barrels per day (bpd) in fiscal 2017/2018, the finance minister said on Friday, indicating a target higher than the level recorded shortly before conflict erupted in late 2013. The nation, which seceded from Sudan in 2011 but plunged into civil war just over two years later, aimed to add 160,000 bpd to existing output of 130,000 bpd in the financial year starting in July, Minister Stephen Dheiu Dau told Reuters. Continue reading “South Sudan aims to more than double oil output in 2017/18”

Oil will ‘massively disappoint’: Macro investor Raoul Pal

Oil extended its earlier losses in Friday trading on concerns about production. At session lows it was down $1 a barrel. And crude will likely continue to slide much, much lower, according to Raoul Pal, a macro investor and strategist, and founder of financial publication The Global Macro Investor. Pal said in a wide-ranging interview Wednesday on CNBC that speculative positioning on oil futures contracts is the “biggest in all of history.” Continue reading “Oil will ‘massively disappoint’: Macro investor Raoul Pal”

BOJ surprises by bond buying increase, yields dip

The Bank of Japan surprised the government bond market on Friday by increasing its buying in five- to 10-year bonds, helping to bring down their yields from 11-month highs touched earlier this week. There was an impression that the BOJ wasn’t trying to bring down bond yields. But I suspect the BOJ could not stay silent if the 10-year yield was to go above 0.1 percent,” said Hideaki Chida, chief fixed income strategist at NLI Research Institute. Continue reading “BOJ surprises by bond buying increase, yields dip”

Trump signs executive order to keep out ‘radical Islamic terrorists’

President Donald Trump signed an executive order Friday that indefinitely suspends admissions for Syrian refugees and limits the flow of other refugees into the United States by instituting what the President has called “extreme vetting” of immigrants. Titled “Protection Of The Nation From Foreign Terrorist Entry Into The United States,” the executive order would start to make good on Trump’s promise to tighten borders and halt certain refugees from entering the United States. Continue reading “Trump signs executive order to keep out ‘radical Islamic terrorists’”

US-Mexico trade war could hit Mexico economy, spur migration

If President Donald Trump makes good on threats to gut NAFTA and impose stiff tariffs on Mexican goods, economists say he risks a trade war that could lead to the very thing he is hoping to avoid a huge surge in Mexican migration to the United States. The result would be catastrophe for the Mexican economy. Recession. A dramatic weakening of the peso, even below the historic lows it has already set amid Trump’s bellicose rhetoric. Continue reading “US-Mexico trade war could hit Mexico economy, spur migration”

US economic growth slowed to 1.9 percent rate in Q4

U.S. gross domestic product slowed to 1.9% in the fourth quarter. That means annual growth failed to reach 3% for the 11th-straight year, reflecting the hurdles the new Trump administration faces in trying to speed up a 7 ½-year-old expansion. The U.S. economy lost momentum in the final three months of 2016, closing out a year in which growth turned in the weakest performance in five years. Continue reading “US economic growth slowed to 1.9 percent rate in Q4”

Gold’s 4th-straight drop sends metal down 1.4% for the week

Gold futures ended lower Friday for a fourth day in a row, losing more than 1% for the week as strength in the dollar and recent all-time highs in major U.S. stock indexes dulled demand for so-called haven investments. “Gold found itself exposed to painful losses this week after the renewed investor risk appetite from the [President Donald] Trump effect and dollar’s resurgence encouraged sellers to attack the metal incessantly,” said Lukman Otunuga, research analyst with FXTM. U.S. stocks paused their run, which helped to limit precious metals’ downside Friday. Continue reading “Gold’s 4th-straight drop sends metal down 1.4% for the week”

Ex-Mexican President Vicente Fox mocks Trump: He’s a ‘child’

Former Mexican President Vicente Fox blasted President Donald Trump on Friday, calling him a “child” and mockingly referring to him as a corporate “CEO” rather than president of the world’s most powerful country. In an interview on CNBC’s “Squawk Box,” the outspoken Fox said Mexico won’t pay for the wall Trump wants to build along the border, “not now, not ever.” Fox also said he doesn’t believe Trump is an American “in his soul and his beliefs.” He added he does not understand the current state of the United States. Continue reading “Ex-Mexican President Vicente Fox mocks Trump: He’s a ‘child’”

Durable-goods orders fall for 2nd month in a row

Orders for long-lasting goods made in the U.S. fell in December for the second month in a row, largely because of a cutback in demand from the Pentagon. New orders for durable goods dropped 0.4% last month, the government said Friday. Economists polled by MarketWatch had forecast a 2.2% increase. In premarket action, stock futures were little changed. The S&P 500 was on track to open flat after gaining 21% over the last 52 weeks. Bookings for defense-related equipment, including jets and other major hardware, accounted for the unexpected decline. Continue reading “Durable-goods orders fall for 2nd month in a row”

Chevron shares drop as oil giant badly misses profit forecasts

Chevron executives pointed to lower margins in its refining business and tax charges as drags on earnings during a conference call. They also said layoffs were largely behind them, but the company would continue looking for ways to drive down costs. The company also said it will be able to fund spending and dividends in 2017 with cash generated from operations, following a downturn that forced oil giants and smaller drillers alike to tap debt and other to sources to pay for normal business operations. Continue reading “Chevron shares drop as oil giant badly misses profit forecasts”

Bitcoin firm gets approval to operate in Switzerland

Bitcoin wallet provider Xapo said it has received conditional approval from Switzerland’s financial market watchdog to operate in the country in a regulatory breakthrough for companies that provide safekeeping for the virtual currency. “After almost two years of substantial effort and investment, Xapo has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in Switzerland,” Xapo CEO Wences Casares said in a blog on the company’s website. Continue reading “Bitcoin firm gets approval to operate in Switzerland”

Beer, snacks and cars: How a 20% Mexico tariff could cost US shoppers

American consumers may have to pay more for products ranging from Toyotas to vegetables to beer if a proposal floated by President Trump to impose a 20% tariff on Mexican imports goes into effect. Trump raised the idea of the new tax as a possible way to finance a wall that would straddle the border separating the U.S. from Mexico, currently its third largest partner in the trade of goods, according to the U.S. Trade Representative. Continue reading “Beer, snacks and cars: How a 20% Mexico tariff could cost US shoppers”

Algeria top gas supplier to Spain in 2016, eyes more EU exports

Algeria expects to increase exports of natural gas in 2017 as it looks to build on its top spot in sales to Spain last year and strong sales to Italy and Portugal, a source at state energy firm Sonatrach said. Gas exports are expected to grow to 57 billion cubic metres (bcm) after sales of 54 bcm last year, the source said. Algeria sold 20 bcm of gas to Spain last year, covering 55 percent of Spain’s needs. It supplied 16 percent of Italy’s demand and 15 percent of Portugal’s, the source said. Continue reading “Algeria top gas supplier to Spain in 2016, eyes more EU exports”

Tata Steel UK’s pensions trustee expects 1-2 bln pound deficit

The trustee for Tata Steel UK’s pension scheme is set to tell its members it expects to report a scheme deficit of between 1 billion and 2 billion pounds at its next actuarial valuation at end-March. In a letter to members seen by Reuters, the trustee said Tata Steel UK has confirmed that it does not expect to be able to pay contributions needed to close the deficit. The trustee added that the deficit estimate had increased sharply because the actuary has to take into account the fact that Tata Steel UK might no longer be able to access extra capital from the wider Tata Steel group, which is based in India.

Starbucks shares tumble on lowest same-store sales growth since 2009

Starbucks earnings hit Wall Street’s target in the latest quarter, but shares fell 3.5 percent in aftermarket trading on Thursday after the company posted its lowest same-store sales growth since 2009. The coffee giant said same-store sales grew 3 percent during the fiscal first quarter, lower than analyst’s expectations of 3.8 percent. Same-store sales in the Americas rose 3 percent for the quarter, which was shy of the 3.9 percent estimate. Continue reading “Starbucks shares tumble on lowest same-store sales growth since 2009”

Insurers say ‘we have to get out’ if Obamacare repealed without replacement

If Republicans repeal the Obamacare individual mandate without a concrete replacement plan, we could see another year of big price increases and insurer withdrawals for open enrollment in 2018, according to a new report. “The greater the uncertainty, the higher the rates,” said Sabrina Corlette, a Georgetown University research professor and one of the authors of the new report, which was published by the Urban Institute and the Robert Wood Johnson Foundation. Continue reading “Insurers say ‘we have to get out’ if Obamacare repealed without replacement”

Steve Bannon: Media should ‘keep its mouth shut’

President Donald Trump’s chief strategist has escalated the administration’s war with the media, labeling it “the opposition party” and suggesting that it “keep its mouth shut.” “The media should be embarrassed and humiliated and keep its mouth shut and just listen for awhile,” Steve Bannon said during a rare interview with The New York Times on Wednesday. “I want you to quote this,” Bannon told the Times. “The media here is the opposition party. They don’t understand this country. Continue reading “Steve Bannon: Media should ‘keep its mouth shut’”

Mexican President Pena Nieto cancels meeting with Trump

Mexico’s president said Thursday he has canceled a meeting scheduled for next week with President Donald Trump. President Enrique Pena Nieto’s announcement comes a day after Trump signed an order to build a wall along the Mexican border. Trump has insisted Mexico will pay for the wall but Pena Nieto has never agreed to that. Earlier Thursday, Trump said on Twitter it would be better to cancel the meeting “if Mexico is unwilling to pay for the badly needed wall.” The Mexican peso weakened 1.1% against the U.S. dollar after Pena Nieto’s announcement.

Russia sells giant gold deposit to Polyus-led joint venture

A joint venture between Russia’s top gold producer Polyus and state conglomerate Rostec has bought the rights to develop Sukhoi Log, one of the world’s largest untapped gold deposits, for 9.4 billion roubles ($158 million). Russia competes with Australia for second place among the world’s largest gold producers and has one of the world’s largest gold reserves. The ore of Sukhoi Log, which translates as “dry gully” in English, contains about one fifth of Russia’s gold reserves. Continue reading “Russia sells giant gold deposit to Polyus-led joint venture”

In Mexico auto factories. Most workers make parts, not cars

Donald Trump talks a lot about how cars that are made in Mexico and sold in the U.S. destroy American jobs. But he’s missing the point. The vst majority of auto jobs in Mexico are devoted to making car parts, not building the autos themselves. And those parts are crucial to U.S. auto plants. ndeed, only about 63,000 of the 766,000 auto industry jobs in Mexico are devoted to assembling passenger cars and trucks — just 8%. Continue reading “In Mexico auto factories. Most workers make parts, not cars”

Morgan Stanley’s top US economist says people are worried Trump optimism could be a ‘house of cards’

Concern among U.S. policymakers about the reliability of fiscal policy proposals is growing as markets reach new highs on expectations of economic stimulus from the Trump administration, Morgan Stanley economist Ellen Zentner told CNBC on Thursday. “When I’m meeting with policymakers, there’s this undercurrent of discomfort,” Zentner told “Squawk on the Street.” “They’ve become more upbeat on the outlook, but they know a lot of it hinges on … that fiscal stimulus coming through, and they’re uncertain how much market sentiment may be built on a house of cards.” Continue reading “Morgan Stanley’s top US economist says people are worried Trump optimism could be a ‘house of cards’”

Trump on Dow 20,000: ‘Now we have to go up, up, up’

So much for Trump warning of a “big, fat, ugly” bubble. Now that he’s in the White House, the new U.S. president is actively cheering on the stock market to go higher — much higher. Trump wasted little time taking a victory lap for the Dow soaring above 20,000 for the first time ever during his first full week in office. “We just hit a record, and a number that’s never been hit before. So I was very honored by that,” The new president correctly pointed out the market has “gone up a lot since I won.” Continue reading “Trump on Dow 20,000: ‘Now we have to go up, up, up’”

Donald Trump: ‘Had we taken the oil, you wouldn’t have ISIS’

Donald Trump said Wednesday there would be no ISIS had the US kept Iraq’s oil, following the US invasion into the country. “We should have kept the oil when we got out. And you know, it’s very interesting. Had we taken the oil, you wouldn’t have ISIS, because they fuel themselves with the oil. That’s where they got the money,” the President told ABC’s David Muir. “We should have taken the oil. You wouldn’t have ISIS if we took the oil.” Continue reading “Donald Trump: ‘Had we taken the oil, you wouldn’t have ISIS’”

Pension, scrapping Mexico plant hurt Ford 2016 net profit

Ford Motor Co.’s net income fell nearly 40 percent last year as a big pension adjustment and the cost of scrapping a new plant in Mexico outweighed an otherwise strong performance. The company on Thursday posted $4.6 billion in net income, down nearly $2.8 billion from a year earlier. But Ford said its pretax profit for the year hit $10.4 billion, the second-best ever, while revenue rose slightly to $151.8 billion. Ford’s 56,000 U.S. hourly workers will reap the benefits. Continue reading “Pension, scrapping Mexico plant hurt Ford 2016 net profit”

Trump proposes big import tax, triggering fight with Mexico

Determined to wall off America’s border with Mexico, President Donald Trump triggered a diplomatic clash and a fresh fight over trade Thursday as the White House proposed a 20 percent tax on imports from the key U.S. ally and Mexican President Enrique Pena Nieto abruptly scrapped next week’s trip to Washington. The swift fallout signaled a remarkable souring of relations between Washington and one of its most important international partners just days into the new administration. Continue reading “Trump proposes big import tax, triggering fight with Mexico”

Dutch regulator mistakenly reveals Soros short positions

The Dutch market regulator mistakenly published the details of hundreds of previously private short selling trades by international hedge funds, including bets against Dutch banks by George Soros and the positions of Renaissance Technologies’ enigmatic Medallion fund. An error by the AFM, the Netherlands’ watchdog, meant that details of hedge fund short trades going back to 2012 were published on its website on Tuesday evening before being quickly removed. Continue reading “Dutch regulator mistakenly reveals Soros short positions”

Caterpillar reports bigger quarterly loss

Caterpillar Inc, the world’s largest construction and equipment maker, reported a bigger fourth-quarter loss on Thursday, hurt by higher-than-expected restructuring costs. The company’s loss ballooned to $1.17 billion, or $2.00 per share, in the quarter ended Dec. 31, from $94 million, or 16 cents per share, a year earlier. Net sales fell 13.2 percent to $9.57 billion. Continue reading “Caterpillar reports bigger quarterly loss”

US new-home sales tumble in December

Americans pulled back sharply from buying new homes in December, but sales for all of 2016 were the highest since 2007. The Commerce Department says new-home sales last month fell 10.4 percent to a seasonally adjusted annual rate 536,000. Sales totaled 563,000 in 2016, up 12.2 percent over the past year. New-home purchases fell in the Midwest, South and West last month and increased in the Northeast. Continue reading “US new-home sales tumble in December”

Australia’s LNG projects face major delays, benefiting U.S. Producers

Australia’s plans for a huge increase in its production of liquefied natural gas are being dealt a big blow by a series of production delays, as energy companies struggle with technical problems and cost overruns. The country is still likely to become the world’s biggest LNG exporter, dispatching about 85 million tonnes a year by the end of the decade, up from 30.7 million tonnes in 2015 and 45.1 million tonnes last year. Continue reading “Australia’s LNG projects face major delays, benefiting U.S. Producers”

$200 surcharge for Made in America iPhone could solve Apple’s big problem, according to one analyst

The president’s steep border tax proposals will be a net negative for Apple, even with the repatriation of Apple’s “huge” overseas cash pile, Brian White, global head of technology hardware and software at Drexel Hamilton, told CNBC’s on Thursday. One solution: White suggests a special-edition “Made in America” iPhone that costs an extra $100 to $200. “There will be a lot of pressure to bring some manufacturing back to the U.S.,” White said. Continue reading “$200 surcharge for Made in America iPhone could solve Apple’s big problem, according to one analyst”

America’s farmers stand to lose the most in a China trade war

If the United States and China have a trade war, American farmers could be the ones who take the biggest hit. “A significant part of U.S. exports in China and greater China are agricultural products,” said Brad Setser, a senior fellow at the Council on Foreign Relations. “The Chinese have made it clear that if the U.S. were to impose some kind of duties, … China would respond in some way and on exports to China,” he said. Continue reading “America’s farmers stand to lose the most in a China trade war”

Alphabet lost a billion on its moonshots this quarter

It was another solid quarter for the search giant. Analysts were expecting revenue to jump around 18 percent to more than $25 billion. Alphabet bested that with revenue of just over $26 billion, up 22 percent over the same period last year. Some analysts had predicted income of $9.64 per share, a new record for profit in a single quarter by the company. Alphabet fell a little short of that, notching $9.36 per share, which translates to a profit of $6.59 billion. Continue reading “Alphabet lost a billion on its moonshots this quarter”

Artificial intelligence can spot skin cancer as well as a trained doctor

Researchers at Stanford University have created an AI algorithm that can identify skin cancer as well as a professional doctor. The program was trained on nearly 130,000 images of moles, rashes, and lesions using a technique known as deep learning. It was then tested head-to-head against 21 human dermatologists, where its creators say it performed with an accuracy on par with humans (“at least” 91 percent as good). Continue reading “Artificial intelligence can spot skin cancer as well as a trained doctor”

BOJ surprises by bond buying increase, yields dip

The Bank of Japan surprised the government bond market on Friday by increasing its buying in five- to 10-year bonds, helping to bring down their yields from 11-month highs touched earlier this week. The move came only two days after the central bank also caught markets by surprise when it abruptly skipped a widely anticipated buying in shorter maturities and sent their yields soaring, adding to talk the central bank might be preparing to taper its massive stimulus. Continue reading “BOJ surprises by bond buying increase, yields dip”

Fmr Mexican President Vicente Fox: Trump Reminds Me of Hitler

Thursday on CNN International, former Mexican President Vicente Fox said today while addressing Republicans in Philadelphia President Donald Trump reminded him“of Hitler addressing the Nazi party.” When I saw today’s gathering of the Republican party retreat and Trump being there reminded me of Hitler addressing the Nazi party. And I think it’s important to remind to congressmen from the Republican party that above all on their responsibilities is their own conscious. Continue reading “Fmr Mexican President Vicente Fox: Trump Reminds Me of Hitler”

It looks like Donald Trump has picked his next US industry to go after

President Donald Trump has publicly shamed car companies, defense contractors and an air conditioner manufacturer — and now he appears to have pipeline makers in his sights. On Thursday, Trump doubled down on a presidential memo he signed on Tuesday, which instructs the secretary of Commerce to develop a plan that would require any company that builds a pipeline within U.S. borders to use American-made materials. Continue reading “It looks like Donald Trump has picked his next US industry to go after”

Morgan Stanley’s top US economist says people are worried Trump optimism could be a ‘house of cards’

Concern among U.S. policymakers about the reliability of fiscal policy proposals is growing as markets reach new highs on expectations of economic stimulus from the Trump administration, Morgan Stanley economist Ellen Zentner told CNBC on Thursday. “When I’m meeting with policymakers, there’s this undercurrent of discomfort,” Zentner told “Squawk on the Street.” “They’ve become more upbeat on the outlook, but they know a lot of it hinges on … that fiscal stimulus coming through, and they’re uncertain how much market sentiment may be built on a house of cards.” Continue reading “Morgan Stanley’s top US economist says people are worried Trump optimism could be a ‘house of cards’”

Caterpillar sees ’17 profit below expectations as restructuring continues

Caterpillar Inc, the world’s largest construction and equipment maker, forecast 2017 profit sharply below analysts’ estimates, hurt by sluggish demand in the construction and energy industries. Peoria, Illinois,-based Caterpillar has already slashed its workforce by more than 16,000 to cope with a slumping economy and said it would take another $500 million in restructuring costs in 2017 at a time when U.S. President Donald Trump is calling on manufacturers to expand employment. Continue reading “Caterpillar sees ’17 profit below expectations as restructuring continues”

U.S. new home sales fall; weekly jobless claims rise

New U.S. single-family home sales fell to a 10-month low in December after three straight months of solid gains. While other data on Thursday showed a bigger-than-expected increase in the number of Americans filing for unemployment benefits last week, the four-week moving average of claims dropped to levels last seen in 1973. The Commerce Department said new home sales dropped 10.4 percent to a seasonally adjusted annual rate of 536,000 units last month. Continue reading “U.S. new home sales fall; weekly jobless claims rise”

T. Rowe Price reports fourth-quarter outflows, shares slide

Asset manager T. Rowe Price Group Inc on Thursday reported net withdrawals of investor cash during the fourth quarter, including from its target-date retirement portfolios, sending shares sliding 5.6 percent. The Baltimore asset manager said total assets under management at Dec. 31 stood at $810.8 billion, after market gains of $2.9 billion during the quarter were more than offset by $5 billion of net client withdrawals. The withdrawals included $1.9 billion from its target-date retirement portfolios as investors moved to passive products, the company said. The withdrawals marked T. Rowe Price’s first-ever quarterly outflow in the target-date area.

Yellen may be the foil of the Trump administration

President Donald Trump seems in pole position to get potentially budget-busting corporate tax cuts and infrastructure spending plans through a pliant Congress. Fed chief Janet Yellen is not likely to be as flexible. The Fed is likely to respond to fiscal stimulus that requires borrowing by jacking up interest rates. That seems to be the signal that Yellen, and at least one of the central bank’s other top officials, are sending. Continue reading “Yellen may be the foil of the Trump administration”

Trump may reinstate secret CIA ‘black site’ prisons: U.S. Officials

President Donald Trump may order a review that could lead to bringing back a CIA program for holding terrorism suspects in secret overseas “black site” prisons where interrogation techniques often condemned as torture were used, two U.S. officials said on Wednesday. The black sites were used to detain suspects captured in President George W. Bush’s “war on terrorism” after the Sept. 11, 2001, attacks and were formally closed by former President Barack Obama. Continue reading “Trump may reinstate secret CIA ‘black site’ prisons: U.S. Officials”

Trump vows federal intervention to quell Chicago gun violence

U.S. President Donald Trump vowed on Tuesday to bring federal intervention to bear in Chicago to quell the “carnage” of gun violence plaguing America’s third-largest city unless local officials can curb the murder rate on their own. Trump appeared to be seizing on a story published by the Chicago Tribune on Monday reporting at least 228 people shot in the city so far this year, up 5.5 percent from the same period last January, with at least 42 homicides to date, an increase of 23.5 percent. Continue reading “Trump vows federal intervention to quell Chicago gun violence”

U.S. gasoline stockpiles build for fourth week on weak demand

Inventories of gasoline rose sharply in the United States for the fourth straight week amid weaker-than-usual demand, while crude oil stocks were also higher, the Energy Information Administration said on Wednesday. Crude inventories rose 2.8 million barrels in the week to Jan. 20, in line with expectations. However, gasoline stocks surged 6.8 million barrels, compared with expectations in a Reuters poll for a 498,000-barrel gain. Continue reading “U.S. gasoline stockpiles build for fourth week on weak demand”

Republicans to kill U.S. rules on corruption, environment, labor and guns next week

Congressional Republicans are set to overturn a slew of Obama-era regulations next week, including a controversial anti-bribery rule aimed at U.S. resource companies such as Exxon Mobil Corp and Chevron Corp according to a top lawmaker. After six years of legal battles, the U.S. Securities and Exchange Commission in June approved the rule requiring companies to disclose payments to foreign governments. Continue reading “Republicans to kill U.S. rules on corruption, environment, labor and guns next week”

Plans to remove nuclear fuel at Fukushima delayed again: Nikkei

A plan to remove spent nuclear fuel from Tokyo Electric Power Co Holdings Inc’s Fukushima Daiichi nuclear plant hit by the March 2011 tsunami has been postponed again due to delays in preparation, the Nikkei business daily reported on Thursday. Work is now set to begin in fiscal 2018 at the earliest, the Nikkei said. Removal of the spent fuel from the No. 3 reactor was originally scheduled in the first half of fiscal 2015, and later revised to fiscal 2017 due to high levels of radioactivity around the facilities, the Japanese business daily reported. Continue reading “Plans to remove nuclear fuel at Fukushima delayed again: Nikkei”

BT Group faces U.S. lawsuits as Italian accounting scandal deepens

BT Group Plc has been hit by at least two shareholder lawsuits in the United States, after one-fifth of the telecommunications company’s market value was wiped out on Tuesday, due in part to an accounting scandal in Italy. The lawsuits accusing the British company and three top executives of securities fraud were filed on Wednesday in the U.S. District Courts in Manhattan and in nearby Newark, New Jersey, on behalf of BT investors over the last few years. Continue reading “BT Group faces U.S. lawsuits as Italian accounting scandal deepens”

Exclusive: Germany calls bankers to Frankfurt for Brexit move talks – sources

German regulators will meet more than 20 foreign banks on Monday to spell out requirements for moving some operations to Frankfurt, people familiar with the matter said, as the city accelerates plans to win over business from London after Brexit. The meeting, the first such gathering of its kind in Germany, is being hosted by financial supervisor Bafin to cope with increasingly detailed inquiries from banks as Britain prepares to trigger EU divorce talks, people involved said. Continue reading “Exclusive: Germany calls bankers to Frankfurt for Brexit move talks – sources”

U.S. business borrowing for equipment falls 3 pct in Dec – ELFA

U.S. companies’ borrowing to spend on capital investment fell 3 percent in December, compared with a year earlier, the Equipment Leasing and Finance Association (ELFA) said. Companies signed up for $12.1 billion in new loans, leases and lines of credit last month, down 3 percent from a year earlier. ” Continue reading “U.S. business borrowing for equipment falls 3 pct in Dec – ELFA”

After Trump Rejects Pacific Trade Deal, Japan Fears Repeat of 1980s

President Trumps decision to pull the United States out of the Trans-Pacific Partnership trade deal should have been good news for Hitoshi Kondo, a Japanese rice farmer. The sweeping 12-nation agreement, negotiated by the Obama administration and formally rejected by Mr. Trump on Monday, would have opened swaths of Japan’s highly protected agricultural sector, and was bitterly opposed by farmers. Now, without American involvement, the deal looks as good as dead. Continue reading “After Trump Rejects Pacific Trade Deal, Japan Fears Repeat of 1980s”

Facing Trump, Mexicans Think the Unthinkable: Leaving Nafta

Mr. Trump has said he wants to renegotiate Nafta, a growing number of Mexican officials and business people are asking what price is worth paying to stay in it. Many of them are concluding that Mexico could have more to lose from years of haggling and economic uncertainty than from simply opting out. There could be no other option, Mexicos economy minister, Ildefonso Guajardo, said on Tuesday in a televised interview. Continue reading “Facing Trump, Mexicans Think the Unthinkable: Leaving Nafta”

Trump threatens Mexico’s biggest cash source

The country’s largest source of cash comes from Mexicans living in the United States. That is now under the microscope after Trump issued an executive order Wednesday to start building a wall on the border. During his campaign, Trump said multiple times that Mexico will pay for the wall. He even threatened to halt or tax cash transfers — known as remittances — from the U.S. to Mexico if the country refused to pay for it. Continue reading “Trump threatens Mexico’s biggest cash source”

Freeport-McMoRan shares slump on earnings miss, Indonesia woes

Freeport-McMoRan Inc, the world’s biggest publicly-listed copper miner, warned on Wednesday that it would need to start slashing output and jobs at its Indonesia mine by mid-February if it fails to get an export permit from the government. The Phoenix, Arizona-based miner also reported weaker-than-expected fourth-quarter earnings and cut its 2017 copper and gold production forecasts because it expects lower output at its massive Grasberg mine in Indonesia, sending its shares tumbling. Continue reading “Freeport-McMoRan shares slump on earnings miss, Indonesia woes”

Ex-Commerce secretary warns Trump of dire consequences of abandoning Asia trade

President Donald Trump’s move to exit the 12-nation Trans-Pacific Partnership opens the door for China to “step into the void” left by the United States in Asia, said Bill Daley, who was as Commerce secretary in Bill Clinton’s administration. Daley said Trump needs to “follow up getting out of the TPP with an aggressiveness in Asia.” “That’s the future growth of the world right now,” Daley added. Continue reading “Ex-Commerce secretary warns Trump of dire consequences of abandoning Asia trade”

Department stores need to close 800 locations to restore their 2006 productivity

As department store chains cede market share to off-price, fast-fashion and online competitors, they would need to close about 800 locations to achieve their inflation-adjusted sales productivity level of 2006, according to Green Street’s 2017 Mall Outlook. That’s the equivalent of all anchor space at 200 malls, or 20 percent of U.S. mall anchor space, according to the report. Sears and J.C. Penney are the biggest culprits behind the industry’s sales productivity gap, Green Street said in its report. Continue reading “Department stores need to close 800 locations to restore their 2006 productivity”

China is becoming ‘increasingly risky’ because of its economy, Goldman Sachs wealth manager says

A major risk to U.S. markets is looming, and it’s bigger than headlines and President Donald Trump’s tweets, Goldman Sachs’ Sharmin Mossavar-Rahmani told CNBC on Wednesday. The threat is the Chinese economy, the Goldman Sachs Private Wealth Management chief investment officer told “Squawk on the Street.” “We use the term that China could ‘submerge’ under the burden of its own debt,” Mossavar-Rahmani said. Continue reading “China is becoming ‘increasingly risky’ because of its economy, Goldman Sachs wealth manager says”

Germany’s Schaeuble warns UK against trying to become tax haven

Germany’s finance minister on Wednesday warned Britain against trying to turn itself into a tax haven to woo companies after it leaves the European Union, saying any such attempt would go “awry”. Britain’s finance minister said last week the government could cut taxes to stay competitive as international banks weigh moving some of their London operations to the continent out of fear Britain would lose access to the European Union’s single market as a result of Brexit. Continue reading “Germany’s Schaeuble warns UK against trying to become tax haven”

DOW HITS 20,000 FOR THE FIRST TIME

The Dow crossed 19,000 on Nov. 22 and continued to gain, as the Trump trade swept the market higher. The best performing Dow stocks since then are Goldman Sachs, Disney and Boeing. Gains in Caterpillar, Boeing, JPMorgan and Travelers helped push the Dow across the 20,000 marker on the opening Wednesday. “Individual investors have started buying again, really since the election,” said Jeff Kleintop, chief global investment strategist at Charles Schwab. ” Continue reading “DOW HITS 20,000 FOR THE FIRST TIME”

Royal Bank of Scotland sets aside $3.8 billion for fines

Taxpayer-owned Royal Bank of Scotland says it has set aside an additional $3.8 billion to cover fines and litigation costs related to its sale of bonds backed by U.S. subprime mortgages before the global financial crisis. The decision pushes provisions for the sale of such securities to $8.3 billion. RBS says it remains in talks with the U.S. Justice Department regarding its investigation into residential mortgage-backed securities and “substantial” additional provisions are possible. CEO Ross McEwan says “putting our legacy litigation issues behind us” is a key priority. RBS announced the decision before markets opened Thursday in London.

Fear of US trade sanctions grows among German managers

A closely-watched survey of business confidence in Germany, Europe’s largest economy, dropped in January as managers worried about the uncertainty associated with the advent of Donald Trump’s presidency. The Ifo index released Wednesday fell to 109.8 points in January from 111 points in December, as companies’ greater satisfaction with their current situation was offset by a drop in their expectations. Continue reading “Fear of US trade sanctions grows among German managers”

Pension charge brings Ford 1st quarterly net loss since 2009

Ford Motor Co. reported its first quarterly net loss in seven years due to largely to a pension accounting change. The Dearborn, Michigan, automaker reported a fourth-quarter net loss of $783 million, compared with a $1.9 billion profit a year ago. The loss was due largely to a $3 billion noncash adjustment of its pension obligations. For the full year, the company still posted its second-best pretax profit ever at $10.4 billion and net income of $4.6 billion. Continue reading “Pension charge brings Ford 1st quarterly net loss since 2009”

Homeland Security Secretary Has Said Border Wall Alone Will Not Work

President Trumps Homeland Security secretary, John F. Kelly, has been clear about his views on a border wall with Mexico: It won’t work. When asked by senators about his views on a border wall during his confirmation hearing this month, Mr. Kelly, a retired general, said a physical barrier will not do the job. Mr. Trump said on Wednesday that he would order the construction of a wall along the United States-Mexico border, fulfilling his campaign promise to crack down on illegal immigration and stop the flow of drugs coming into the United States. Continue reading “Homeland Security Secretary Has Said Border Wall Alone Will Not Work”

Trump Orders a Wall Built, but Congress Holds the Checkbook

On Wednesday, Mr. Trump signed an order to build it and announced that work would begin immediately on a project that is estimated to cost more than $20 billion. He offered few details, including any that would address the fact that Congress, not the White House, writes the checks. The Antideficiency Act prohibits the government from spending money for any reason that Congress has not appropriated. Continue reading “Trump Orders a Wall Built, but Congress Holds the Checkbook”

Bill and Hillary Clinton are reportedly mapping a political comeback

The Clintons are already plotting their comeback, a new report details. Hillary Clinton is looking for a path to return to the political fray, as both she and her husband, former President Bill Clinton, examine how the former secretary of state suffered the most surprising, epic political defeat in recent memory, Politico reports.“[D]espite the grave disappointment, resilience is in the Clintons’ DNA. Continue reading “Bill and Hillary Clinton are reportedly mapping a political comeback”

SEC fines Citigroup, Morgan Stanley over forex trading program

Citigroup Inc and Morgan Stanley each agreed to pay more than $2.96 million to settle civil charges that they made misleading statements about a foreign exchange trading program they sold to investors, the U.S. Securities and Exchange Commission said on Tuesday. The SEC said neither bank admitted or denied wrongdoing in connection with the marketing of CitiFX Alpha to Morgan Stanley customers in 2010 and 2011, when Citigroup held a 49 percent ownership stake in Morgan Stanley Smith Barney. Each payout includes a $2.25 million civil fine, the SEC said.

EU to Trump: Trade barriers, building walls ‘doomed to fail’

The European Union trade chief says the trade policies U.S. President Trump has set out are “doomed to fail” and that the world’s biggest trading bloc remains committed to open borders and economies. EU Trade Commissioner Cecilia Malmstrom said Tuesday that most countries still share the same vision of open trade and investments. She said that “building a wall is not the answer. Continue reading “EU to Trump: Trade barriers, building walls ‘doomed to fail’”

Trump signs orders advancing Keystone, Dakota pipelines

President Donald Trump moved to advance construction of the Keystone XL and Dakota Access oil pipelines Tuesday, a pair of projects that were blocked by the Obama administration due in part to environmental concerns. Both orders are subject to renegotiations of the agreements. Trump also signed a notice requiring the materials for the pipelines to be constructed in the United States, though it was unclear how he planned to enforce the measure. Continue reading “Trump signs orders advancing Keystone, Dakota pipelines”

Senate Democrats to propose $1 trillion infrastructure plan

Senate Democrats on Tuesday will propose spending $1 trillion on transportation and other infrastructure projects over 10 years in an attempt to engage President Donald Trump on an issue where they hope to find common ground. Details of the plan provided to The Associated Press include $200 billion for a “vital infrastructure fund.” An example of the types of projects that could be eligible for financing from the fund is the Gateway Program to repair and replace rail lines and tunnels between New York and New Jersey, some of which are over 100 years old and were damaged in Superstorm Sandy in 2012. Continue reading “Senate Democrats to propose $1 trillion infrastructure plan”

Italian accounting errors force BT to warn on 2017 and 2018 profit

Britain’s BT cut its revenue, earnings and cash flow forecasts for the next two years on Tuesday after finding that improper accounting at its Italian business went far deeper than previously thought, sending its shares 15 percent lower. The telecoms company, which had revealed an initial investigation into historical accounting practices in Italy in October, said a review had found a complex set of improper sales, purchase and leasing transactions. Continue reading “Italian accounting errors force BT to warn on 2017 and 2018 profit”

You can’t use US law to search foreign servers, appeals court confirms

Microsoft cemented a major legal victory today, as a federal appeals court declined to hear the government’s appeal in a landmark cloud computing case. The government sought to search data stored on Microsoft servers in Ireland as part of a US drug case, arguing the servers were still subject to US warrant laws. A lower court dismissed the government’s case in July, and today’s en banc ruling means that ruling will not be overturned. Continue reading “You can’t use US law to search foreign servers, appeals court confirms”

Mnuchin Backs Fed Independence and Signals Reform Isn’t Priority

U.S. Treasury Secretary nominee Steven Mnuchin isn’t jumping on the Republican bandwagon to audit the Fed. In written questions by senators following his confirmation hearing on Thursday, Mnuchin was asked about his thoughts on “politicizing decisions made by the Federal Reserve Board of Governors and the benefits of an independent central bank.” Mnuchin’s answer was crafted carefully. Continue reading “Mnuchin Backs Fed Independence and Signals Reform Isn’t Priority”

Gazprom says investment decisions needed due to European gas demand

Long-term gas demand in Europe means immediate investment decisions are needed to build new infrastructure, Alexander Medvedev, a deputy chief executive officer at Russian gas giant Gazprom, said on Tuesday. He also said the implementation of the Nord Stream-2 underwater gas pipeline to Europe was on schedule as new pipelines were being commissioned in Russia to supply the route with gas from Siberia.

Samsung is hoarding Qualcomm’s supply of Snapdragon 835 chips until Galaxy S8 release

A report from Forbes, corroborated by The Verge today, has revealed that Samsung is grabbing the lion’s share of the first Qualcomm Snapdragon 835 processors, and in the process forcing its competitors to use the older Snapdragon 821 chipset. Forbes indicates an April 14th release date for Samsung’s next flagship phone, the Galaxy S8, and says that no Android flagship phones released before then will feature the 835 chip. Continue reading “Samsung is hoarding Qualcomm’s supply of Snapdragon 835 chips until Galaxy S8 release”

S&P 500, Nasdaq close at new records

U.S. stocks finished higher Tuesday with the S&P 500 and Nasdaq setting record highs driven by President Donald Trump’s pro-business agenda. The Dow Jones Industrial Average rose 112.86 points, or 0.6%, to finish at 19,912.71, with shares of DuPont and International Business Machines Corp. leading gainers. The S&P 500 index closed up 14.87 points, or 0.7%, at 2,280.07, with the materials and financials sectors the strongest performers. The Nasdaq Composite index finished up 48.01 points, or 0.9%, at 5,600.96.

Trump just opened door to $17 billion worth of energy projects

Trump signed executive orders Tuesday advancing both the controversial Keystone XL Pipeline and the Dakota Access Pipeline, based on approvals. Trump separately signed an order requiring pipeline builders to use American steel. Additionally, he signed orders expediting environmental review and approval process for high-priority infrastructure projects. Continue reading “Trump just opened door to $17 billion worth of energy projects”

Trump’s budget chief on collision course with Republican hawks | auto CEOs at White House Tuesday

Defense hawks may be disappointed with Donald Trump’s pick for White House budget chief. That’s because South Carolina Rep. Mick Mulvaney is a tea party stalwart who has fought for years to chop defense spending, often with help from Democrats such as former Rep. Barney Frank and Sen. Chris Van Hollen, writes Politico. Mulvaney, whose confirmation hearing is scheduled for Tuesday, has cheered the automatic budget cuts known as sequestration, which have slowed the rise of federal spending. Continue reading “Trump’s budget chief on collision course with Republican hawks | auto CEOs at White House Tuesday”

Japan exports up for first time in 15 months, U.S. protectionism poses risks

Japan’s exports rose for the first time in 15 months in December on strong sales of electronics and car parts, a positive sign for the export-reliant economy even as U.S. protectionism threatens to hurt trade across the region and dent external demand. Ministry of Finance data showed on Wednesday that exports rose 5.4 percent year-on-year in December, compared with a 1.2 percent annual increase expected by economists in a Reuters poll. Continue reading “Japan exports up for first time in 15 months, U.S. protectionism poses risks”

How Russia sold its oil jewel: without saying who bought it

More than a month after Russia announced one of its biggest privatizations since the 1990s, selling a 19.5 percent stake in its giant oil company Rosneft, it still isn’t possible to determine from public records the full identities of those who bought it. The stake was sold for 10.2 billion euros to a Singapore investment vehicle that Rosneft said was a 50/50 joint venture between Qatar and the Swiss oil trading firm Glencore. Continue reading “How Russia sold its oil jewel: without saying who bought it”

How a Trump tariff could sideswipe US auto industry

The threat from President Donald Trump to tax Mexican-made cars sold in the U.S. would throw the auto industry into disarray, analysts say, forcing some uncomfortable choices: Raise car prices or swallow the cost. Stop selling Mexican-made cars in the U.S. but risk losing customers. Move production to the U.S. but make less money. “I don’t think the auto industry would turn up its feet and die, but it would be a terrible shock. Continue reading “How a Trump tariff could sideswipe US auto industry”

Euro group chief warns Britain against tax haven temptation

The head of the council of euro zone finance ministers said Britain would be taking a “crazy step backwards” if it opted to turn itself into a tax haven after leaving the European Union, warning that such a move would hurt both Britain and the EU. “It would be bad for Europe, but also bad for England, bad for the United Kingdom, to end up as a kind of tax paradise off the European coast,” Jeroen Dijsselbloem told Dutch RTL television on Tuesday. Continue reading “Euro group chief warns Britain against tax haven temptation”

U.S. Republican ties lower business tax rate to border adjustment

A leading Republican lawmaker warned on Tuesday that Congress will not be able to lower the U.S. corporate tax rate to the 15 to 20 percent range sought by President Donald Trump unless a controversial “border adjustment” proposal remains part of tax reform. The proposal, known as border adjustability, represents a dramatic departure from current U.S. policy. It would exempt export revenues from taxation but impose a 20 percent tax on imports. Continue reading “U.S. Republican ties lower business tax rate to border adjustment”

U.S. fund managers betting Trump fails to rewrite Obamacare

Some prominent U.S. fund managers are betting that former President Barack Obama’s signature healthcare law will not undergo the widespread changes that President Donald Trump promised on the campaign trail. Portfolio managers from Fidelity, Gamco, Thornburg and other large firms say they see the broad outlines of the Affordable Care Act – commonly known as Obamacare – remaining intact despite Trump’s signing of an executive order on Friday, his first day in office, that sought to weaken it. Continue reading “U.S. fund managers betting Trump fails to rewrite Obamacare”

Canada to Mexico on NAFTA: you might be on your own

Canada will focus on preserving its U.S. trade ties during talks to renegotiate NAFTA and may not be able to help Mexico avoid being targeted by the Trump administration, Canadian government sources say. “We love our Mexican friends. But our national interests come first and the friendship comes second,” a source said on the sidelines of a cabinet retreat in Calgary, Alberta. “The two are not mutually exclusive,” the source added. Continue reading “Canada to Mexico on NAFTA: you might be on your own”

Trump talks to U.S. automakers, pushes for new American plants

U.S. President Donald Trump urged the chief executives of the Big Three U.S. automakers on Tuesday to build more cars in the country, pressing his pledge to bring jobs to America and discourage the car industry from investing in Mexico. Trump, who has threatened to impose 35 percent tariffs on imported vehicles, opened a White House meeting with General Motors Co CEO Mary Barra, Ford Motor Co’s Mark Fields and Fiat Chrysler Automobiles NV’s Sergio Marchionne by saying he wanted to see more auto plants in the United States. Continue reading “Trump talks to U.S. automakers, pushes for new American plants”

Top Senate Democrat urges Trump to name China a currency manipulator

Senator Chuck Schumer, the top Democrat in the U.S. Senate, urged Republican President Donald Trump on Tuesday to implement one of his campaign promises and declare China a currency manipulator. “Mr. President: if you really want to put America first, label China a currency manipulator,” Schumer told reporters. Trump’s Treasury secretary nominee Steven Mnuchin has told senators that he would work to combat currency manipulation but would not give a clear answer on whether he currently views China as manipulating its yuan, according to a Senate Finance Committee document seen by Reuters on Monday.

Trump signs executive orders on manufacturing, infrastructure

U.S. President Donald Trump on Tuesday signed an executive order directing that the permitting process and regulatory burden for domestic manufacturers should be streamlined to reduce what he called “the incredibly cumbersome, long, horrible” process. “Sometimes it takes many, many years and we don’t want that to happen. If it’s a ‘no,’ we’ll get a quick ‘no.’ If it’s a ‘yes,’ it’s like, let’s start building,” he said. Continue reading “Trump signs executive orders on manufacturing, infrastructure”

FedEx CEO calls Trump’s withdrawal from trade deal ‘unfortunate’

U.S. President Donald Trump should reconsider his positions on international trade and work to embrace China and its vast market, FedEx Corp’s chief executive officer said on Tuesday, one day after Trump made good on a campaign promise to pull out of a major trade deal with Asian allies. CEO Fred Smith, in separate media appearances on Tuesday, questioned Trump’s decision to formally withdraw from the Trans-Pacific Partnership (TPP). Continue reading “FedEx CEO calls Trump’s withdrawal from trade deal ‘unfortunate’”

Whirlpool to cut 500 EMEA jobs in dryer manufacturing unit

Whirlpool Corp said on Tuesday it would restructure its Europe, Middle East and Africa dryer manufacturing operations, and cut about 500 jobs in the region. The world’s No. 1 maker of home appliances said production at its Amiens, France, facility would cease in 2018 as part of the restructuring. The company said its Yate, UK, facility would now focus on manufacturing for UK consumers solely, and the production of dryers for non-UK consumer needs would be concentrated in Lodz, Poland. Whirlpool said it expects to incur about $88 million in costs related to the restructuring. The company previously said it expects restructuring charges of up to $200 million for 2016.

Verizon reports 5.6 percent fall in quarterly revenue

Verizon Communications Inc, whose deal to buy Yahoo Inc’s core assets has been cast into doubt by data breaches at the internet company, reported a 5.6 percent fall in quarterly revenue on Tuesday as it struggles to fend off rivals in a maturing U.S. wireless market. Verizon added a net 591,000 retail postpaid subscribers – those who pay their bills on a monthly basis – in the fourth-quarter ended Dec. 31, far fewer than the 726,00 analysts had expected, according to market research firm FactSet StreetAccount. Continue reading “Verizon reports 5.6 percent fall in quarterly revenue”

China hits back at US over South China Sea claims

China has asserted its “indisputable sovereignty” over parts of the South China Sea after the Trump administration vowed to prevent China from taking territory in the region. The Chinese foreign ministry said Beijing would “remain firm to defend its rights in the region”. White House spokesman Sean Spicer said on Monday the US would “make sure we protect our interests there”. Barack Obama’s administration refused to take sides in the dispute. Continue reading “China hits back at US over South China Sea claims”

Report: George Soros Tied to More Than 50 ‘Partners’ of Anti-Trump Women’s March

Billionaire George Soros has provided financing to or has close relationships with at least 56 “partners” of Saturday’s “Women’s March on Washington,” according to a report at a website affiliated with the New York Times. Writing the website for Women in the World, a summit in a joint venture with The New York Times, former Wall Street Journal reporter Asra Q. Nomani relates her findings on the Soros ties to the march. Continue reading “Report: George Soros Tied to More Than 50 ‘Partners’ of Anti-Trump Women’s March”

Former US Trade Representative: Ditching TPP ‘devastating’ for farmers

The U.S. withdrawal from the Trans-Pacific Partnership (TPP) trade deal won’t just leave the U.S. on the outside looking in, it will devastate American agriculture, a former U.S. Trade Representative told CNBC. “We’re now going to be competing against other countries who are going to reduce over 18,000 tariffs. Those tariffs will now stay in place for the U.S.,” Ron Kirk, who was the U.S. Trade Representative (USTR) from 2009-2013, told CNBC on Tuesday. Continue reading “Former US Trade Representative: Ditching TPP ‘devastating’ for farmers”

Ford teams with startup for online car shopping

The lending arm of Ford Motor Co. has tapped a San Francisco startup to make it easier for its customers to buy and finance a car without going into a showroom. Ford Motor Credit Co. said Monday that it would use software developed by AutoFi Inc. to let car buyers shop for a Ford or Lincoln car and secure a loan online through its dealers’ websites. As part of the new deal, Ford Motor Credit also announced an equity investment in AutoFi. Continue reading “Ford teams with startup for online car shopping”

These nine states will serve as testing grounds for self-driving cars

Last week the US Department of Transportation designated 10 sites in nine states to serve as proving grounds for self-driving cars. The selection came after a nationwide contest among testing centers that began in November, Bloomberg reports. The states that will host automated vehicle testing sites are Pennsylvania, Texas, Maryland, Michigan, California (which will host two sites), Iowa, Wisconsin, Florida, and North Carolina. Continue reading “These nine states will serve as testing grounds for self-driving cars”

Donald Trump Will Not Release Tax Returns, White House Adviser Says

Kellyanne Conway, counselor to President Donald Trump, said Sunday that the president would not be releasing his tax returns, reversing months of repeated campaign-trail promises to do so after an audit is completed. Conway’s comments came in response to a Whitehouse.gov petition with more than 200,000 signatures calling on Trump to release his tax returns. Continue reading “Donald Trump Will Not Release Tax Returns, White House Adviser Says”

Luxury property developer starts making and selling homes built almost entirely in factories

Houses built almost entirely in a factory are being made and sold by one of the country’s biggest developers. Berkeley Group is undertaking a massive push on ‘modular’ homes, which are pre-built before arriving on-site, shaving 19 weeks off the estimated completion time. The house’s rooms are built individually by machines at a Midlands factory, which it is claimed leads to fewer defects than when built by workers on a building site. Continue reading “Luxury property developer starts making and selling homes built almost entirely in factories”

Wells Fargo admits to signs of worker retaliation

After Wells Fargo admitted last fall to creating as many as 2 million fake accounts, nearly half a dozen former employees told CNNMoney they were retaliated against after they tried to stop these illegal sales tactics. Now, Wells Fargo says it has found evidence that at least some of these whistleblower retaliation claims published by CNNMoney and elsewhere may have merit. Continue reading “Wells Fargo admits to signs of worker retaliation”

Trump labor pick in 2011 on his fast-food workers: We hire ‘the best of the worst’

In two speeches in 2011, Donald Trump’s nominee for secretary of labor, fast-food executive Andrew Puzder, described the employees hired at his restaurants as the “best of the worst” available in the employment pool. Puzder, who is the CEO of CKE Restaurants, the company that operates the fast-food chains Hardee’s and Carl’s Jr., is scheduled to appear before a Senate committee on Feb. 2 for his confirmation hearing. Continue reading “Trump labor pick in 2011 on his fast-food workers: We hire ‘the best of the worst’”

Pope Warns That Rising Populism Could Produce a New Hitler

Pope Francis has warned against growing populism in Europe, saying such movements could result in the election leaders of like Germany’s Adolf Hitler. “In times of crisis, we lack judgment, and that is a constant reference for me,” the pontiff said in an in-depth interview with Spanish newspaper El Pais. “The most obvious example of European populism is Germany in 1933. Continue reading “Pope Warns That Rising Populism Could Produce a New Hitler”

Qualcomm downgraded on mounting lawsuits against the chipmaker by FTC, Apple

Nomura’s Instinet lowered its rating on Qualcomm to neutral from buy, citing increased regulatory scrutiny of its NXP Semiconductors deal due to concerns over its patent licensing practices. Qualcomm agreed to buy chipmaker NXP Semiconductors in October for about $38 billion. “Investigations into Qualcomm’s licensing practices in the U.S., Europe, and Asia were known risks at the time of the NXPI acquisition announcement. Continue reading “Qualcomm downgraded on mounting lawsuits against the chipmaker by FTC, Apple”

Trump’s $1 trillion infrastructure promise may run into a conservative buzz saw, advisor says

President Donald Trump’s desire to spend $1 trillion to rebuild the nation’s airports, roads and bridges may end up getting cut nearly in half, infrastructure advisor Richard LeFrak told CNBC on Monday. LeFrak, also a billionaire real estate mogul, said that the president would like his infrastructure efforts “to start with a ‘T’ but I think the number I heard tossed around is about $550 billion.” Continue reading “Trump’s $1 trillion infrastructure promise may run into a conservative buzz saw, advisor says”

Citigroup fined $28.8 million for harm to home borrowers

Citigroup Inc mortgage units have been fined $28.8 million for keeping home borrowers in the dark about options to avoid foreclosure and making it difficult for them to apply for relief, the U.S. consumer finance watchdog said on Monday. CitiMortgage will pay an estimated $17 million to compensate wronged consumers, as well as a civil penalty of $3 million, the Consumer Financial Protection Bureau said. Continue reading “Citigroup fined $28.8 million for harm to home borrowers”