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Finance

Was Obama worse to the press than Trump?

GDP growth exceeded the jobless rate as recently as the first quarter of 2006, when unemployment was about 4.7% and quarterly GDP growth was 5.4%, government data show. "I have to kind of remind them, actually", he said in an address in IL, "those job numbers are the same as they were in 2015 and 2016". The International Monetary Fund now predicts 2.9% growth this year and next, marking the longest period of expansion in U.S.

Finance

US Businesses Plead With Trump Over New China Tariffs

Dell, Cisco, Juniper Networks and Hewlett Packard Enterprise wrote a joint letter to the U.S. Trade Representative seeking an exemption from $200 billion in new tariffs. In its letter, Apple argued that the way USA trade officials calculate the U.S. trade balance - attributing the entire value of a product to a country like China where final assembly happens - fails to reflect the true value that Apple generates in the United States.

Finance

US, Canada making 'good progress' on revised NAFTA

He said on Twitter that "there is no political necessity to keep Canada in the new NAFTA deal". Efforts to salvage the North American Free Trade Agreement as a three-country pact are due to resume Wednesday when Canada and the United States sit down at the negotiating table in a politically charged atmosphere.

Finance

Chinese billionaire arrested in Minneapolis for alleged sexual misconduct

Mr. Liu has returned to work in China ", the company said in a brief statement late on Monday, referring further questions to two USA -based lawyers representing Liu. Also known as Richard Liu, the founder of the Beijing-based e-commerce site was arrested in Minneapolis late Friday on suspicion of criminal sexual conduct, according to Hennepin County Jail records.

Finance

Trump's Labour Day surprise: an attack on union leader

But Trump issued a warning to both to Canadian Prime Minister Justin Trudeau and Congress on Saturday in a post on Twitter, writing he would go on without Canada and could unwind North American free trade if lawmakers would not support his approach.

Finance

China hosts African leaders amid aid criticism

Xi told African counterparts and business leaders Monday that China's investments on the continent have "no political strings attached", even as Beijing is increasingly criticised over its debt-heavy projects overseas. With all these developments, Africa Beyond Aid crusader Paul Kagame, President of Rwanda, maintains that "Africa is not a zero sum game". Chinese companies will be encouraged to invest no less than £7.7 billion ($10 billion) in the continent in the next three years, he said.

Finance

Trump cancels pay raise for federal workers

Specifically, I have determined that for 2019, both across the board pay increases and locality pay increases will be set at zero. "The President and his party, which controls both houses of Congress, have had every chance over the last 18 months to get serious about tackling our fiscal challenges", Warner said in a statement .

Finance

US, Mexico reach trade "understanding", Trump threatens to cut out Canada

Timelines set out under US trade law mean that would nearly certainly be done by the next US Congress, raising the prospect of further hurdles. Functionally, that likely means more vehicle parts will be built and assembled in the U.S. Trump said "we haven't started with Canada yet"-when in fact the USA has negotiated with Canada extensively, though Canada has been excluded from NAFTA talks in recent weeks-and "we'll start negotiations shortly".

Finance

Fed's Powell signals more hikes ahead if United States economy remains strong

To return to the nautical metaphor, the FOMC has been navigating between the shoals of overheating and premature tightening with only a hazy view of what seem to be shifting navigational guides", Powell said . "Inflation is near our two per cent objective and most people who want a job are finding one". Noting that the economy's " strong performance will continue" against a backdrop where there "does not seem to be elevated risk of overheating", Fed Chair Powell said that the "gradual ...

Finance

Trump Organization CFO Allen Weisselberg reportedly granted immunity

In addition to the two counts of violating campaign finance laws, Cohen also has pled guilty to six counts of fraud. The Times report notes that the Manhattan DA's inquiry is still in its early stages, and prosecutors have not yet decided whether they will proceed.

Finance

Turkish president blasts ‘economic coup’ amid heightened tensions with US

The lira dropped about 5 percent, to about 6.11 per US dollar, after US President Donald Trump posted a tweet warning the country of more punitive measures over the continued detention in Turkey of US pastor Andrew Brunson , an evangelical pastor who faces 35 years in prison on charges of espionage and terror-related charges.

Finance

White House says Turkish sanctions 'regrettable'

Brunson, from North Carolina, is under house arrest as his trial on terrorism charges continues. The Turkish lira has become volatile again at the end of a tumultuous week, after the United States warned of more sanctions against Turkey.

Finance

Erdogan says Turkey to 'boycott' United States electronic goods

The currency has been collapsing after Donald Trump doubled import duties on steel and aluminium as part of fresh sanctions on the country. Brunson's lawyer, Ismail Cem Halavurt, said the court had up to seven days to decide. sanctions on two Turkish ministers over the detention of American pastor Andrew Brunson, as well as President Donald Trump's doubling of tariffs on Turkish steel and aluminum imports last week, which resulted in a massive drop in the lira's value, ...

Finance

Man who stole plane and died in crash had North Dakota ties

Sea-Tac Airport confirmed via Twitter that an airline employee conducted an unauthorized takeoff of a Horizon Air Turbo Prop without passengers on board. The plane went through several 100-foot-high lines of trees and was fragmented from the crash into pieces tiny enough to pick up, NTSB Western Pacific Region chief Debra Eckrote said Sunday.

Finance

Turkey's finance chief: Action plan ready to ease markets

Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues.

Finance

How major US stock indexes fared Friday

The S&P 500 is up 159.67 points, or 6 percent. That was a drop of 0.7 percent from Thursday's close. On Wall Street, the benchmark S&P 500 index rose modestly and remained less than half a percentage point from breaching an all-time high that was set in January.

Finance

US Jewish, Pro-Israel Groups Praise Trump's Reimposition of Sanctions on Iran

Rouhani's comments come as the US attempts to establish agreements with both Iran and North Korea. But he said the United States and allies routinely train for that possibility and are prepared to insure that freedom of navigation and commerce continues in those waters.

Finance

Donald Trump reimposes sanctions on Iran that were lifted by Barack Obama

French carmaker Renault, which does not sell cars in the USA, has said it will remain in Iran despite the sanctions. Those sanctions will also target Iran's Central Bank, the country's port operators and shipping and ship building sectors, as well as the provision of insurance and financial messaging services.

Finance

Apple becomes the world’s first trillion-dollar company

Obviously, the stock market is extremely volatile, so shares might not remain at $207.05 for very long, but for now at least, Apple is technically worth $1 trillion. The iPhone maker was named as the only publicly listed U.S. company to be valued at $1,000,000,000,000 just before 5pm this afternoon. It may have been the vision of Steve Jobs that hurtled Apple towards this milestone, but it was the business acumen of Tim Cook that tipped them over.

Finance

Harley Davidson plans smaller bike with eye on India

Coming in 2019 is the LiveWire , Harley-Davidson's first electric motorcycle. This means better dealership network, improved retail experience, smaller stores for urban areas and more. While details are sketchy as of now, 2020 is said to be the year when Harley Davidson will start launching its all-new range of motorcycles targeted at younger buyers.

Finance

Mexico President-Elect Tells Trump, We Need a New NAFTA with Development Fund

Mexico Finance Minister Jose Antonio Gonzalez Anaya said there were still several chapters of NAFTA that had not yet been closed, but that the renegotiation could be completed before incoming President Andres Manuel Lopez Obrador takes office on December 1 after his landslide victory in this month's election.

Finance

Tesla pushes suppliers to return payments

The electric vehicle company declined to comment on the specific memo but confirmed that it is seeking price reductions from suppliers for projects, some of which date back that far. The company's rapidly weakening cash position has spooked investors, and comes despite the claims of founder Elon Musk that Tesla is now a "real" carmaker after hitting a weekly goal of producing more than 5,000 mass-market Model 3s, the rate of production that the manufacturer hopes will turn the company's ...

Finance

Tesla hits 200,000 U.S. sales, tax credit phase-out to commence

The milestone has been viewed as integral to CEO Elon Musk's Silicon Valley auto concern as it fights against new competition and makes a major stride into the mass market with its new sedan. A Tesla spokeswoman confirmed the change to Green Car Reports , but declined to comment further. After Tripp left the company, Tesla had filed a case against him claiming that he has stolen the confidential information about the company along with several other trade secrets and shared them with other ...

Finance

Iran says Trump 'destabilising' oil market

Brent crude futures were at $77.82 per barrel, up 6 cents from their last close. Trump late on Wednesday accused the Organization of Petroleum Exporting Countries (OPEC) of driving up fuel prices. Recent price rises have also been spurred by a US announcement that it plans to re-introduce sanctions against Iran from November, targeting oil exports.

Finance

Coast Guard searching for cruise ship crew member reported overboard near Cuba

The staff member was seen falling from the side of a Norwegian Cruise Line ship heading for Miami at about 3.20pm on Saturday, 28 miles north of Cuba . The crew member was found and rescued by Carnival Glory 21 miles north of Cuba. Passengers on the Getaway said the ship's captain announced that they were turning the cruise liner around.

Finance

Elon Musk under pressure - Saturday Extra

The company plans to close between 13 and 14 facilities, shutting its doors across nine states including California and NY. Tesla is seeking relief under the Defend Trade Secrets Act, in addition to Nevada's own trade secret statute. Tesla solar deployments have declined over the last few quarters. In February, Musk announced plans to expand the agreement. Most of Tesla's vehicle assembly occurs in a factory building in Fremont, California.

Finance

Dollar and stocks drop as Trump hits China with tariffs

China has said it would slap a 25 percent tariff on imports of USA crude, natural gas and coal on July 6 if Washington went ahead, as planned, with its own tariffs on Chinese goods that day. U.S. Steel fell 3.4 percent to $34.89 while aluminum producer Alcoa declined 4.3 percent to $43.84. Asian stocks had been poised for a mixed start to trading that sees Chinese markets reopen for the first time since trade tensions with the US escalated.

Finance

OPEC edges closer to raising oil output, Iran's agreement is key

Brent reached a 3-1/2-year high above $80 a barrel last month but has fallen steadily in recent weeks as Saudi Arabia , de facto leader of Opec, has signalled it intends to raise production to stabilise prices. "Globally, crude prices have gone beyond the threshold, which can be sustained by the world, particularly countries like India, which is a key driver of world economy", Mr.

Finance

One Deputy Killed, Another in Critical Condition After Kansas City Shooting

Authorities say they are not searching for any other suspects at this time . The shooting is under investigation. Moments later, the Wyandotte County sheriff's deputies were shot by one of the inmates shortly after 11am. Officers were called to a residential area of the city's north side. In May 2016 Officer Brad Lancaster was shot and killed near the Hollywood Casino.

Finance

Whataburger shades IHOP name change with savage tweet

IHOP said Monday that it's temporarily changing its branding to IHOB with the B standing for burgers. A flagship IHOb restaurant in Hollywood, California, has been rebranded and will host a "VIB launch party" Monday evening, the company said in a press release.

Finance

Trump proposes tariff free G7 at summit

Russian Federation joined the G-7 in the 1990s, making it the Group of Eight, but was expelled after its annexation of Crimea in 2014. "We're talking to all countries", Trump said, denouncing what he said were huge existing tariffs on U.S.

Finance

Buffett, Dimon say quarterly profit forecasts harming economy

In the op-ed, Dimon and Buffett said the pressure to meet short-term earnings estimates has contributed to a drop in the number of public companies in the U.S. "Short-term-oriented capital markets have discouraged companies with a longer-term view from going public at all, depriving the economy of innovation and opportunity", they said.

Finance

Chinese smartphone giant ZTE to pay $1bn fine in US

The Department of Commerce will also change its 2017 settlement agreement with ZTE, counting the $361 million it has already paid in penalties toward the sum, Reuters reported . A ZTE spokesman couldn't be reached for comment. Reuters reports that "ZTE promised to replace its board and executive team in 30 days". Last year, ZTE paid over $2.3 billion to United States suppliers, a senior ZTE official told Reuters last month.

Finance

Germany's Merkel to work with Italy's populist new govt

Merkel refrained from outright criticism of Trump in her comments to the newspaper, but noted that the US has withdrawn from multilateral agreements and imposed new tariffs on steel and aluminum imports, including from Europe. Merkel's proposals appeared to be somewhat more cautious, but with many points of agreement with her closest European ally. Merkel said she was willing to discuss with the new Italian government ways to boost employment rates among young people in Italy .

Finance

Sears (and Kmart) will close these stores in Pa.

Liquidation sales at the stores will begin as early as June 14 and all stores will close by early September, the company said . It reported a net loss of $424 million, compared to a profit of $245 million the same time past year. Revenue fell due to fewer stores and a 12 percent drop in same-store sales. The Davenport Sears is one of two in Iowa that are on the list. 'We believe these initiatives, among others, will help us to strengthen the Company and better position it for the future, ' ...

Finance

US to push steel, aluminum tariffs on EU, Canada and Mexico

And last week, he ordered an investigation into auto imports to the United States that could lead to 25-per-cent tariffs on cars and trucks, which would disproportionately hit Canada; about 80 per cent of Canadian-made vehicles are for the US market.

Finance

Gas prices nearing $3 gallon nationally

According to GasBuddy .com, gas prices are at an average of $2.87 per gallon in Green Bay, and in Appleton, the average gas price is at $2.83 per gallon, as of Friday morning. "This summer is poised to be the priciest at the pumps since 2014, when prices were in the upper $3 per gallon range". Jackson added that she'd like to go SC for the holiday, but gas prices are so high she sometimes has to choose between activities.

Finance

Fiat Chrysler warns millions of owners: Don't use the cruise

When a vehicle is traveling uphill with cruise control enabled, the system automatically accelerators to maintain the speed that has been set. The system would then need to increase the speed of the vehicle at the same time there's a short-circuit in a "specific electrical network".

Finance

Macron on GDPR: Europe should provide model for regulation

Facebook is among the first companies to be hit with a complaint under new European Union privacy laws. NPR's website is requiring visitors in Europe to agree to its tracking policy before they can enter. The right to object: If data is collected without consent but for legitimate business interests, for the public good, or by an official authority, the data subject can object.

Finance

U.S. vows 'strongest sanctions in history' on Iran - BBC News

They're also engaging with the agreement's remaining participants - Russia, China, Iran and the European Union - to salvage the deal without the U.S. The secretary appealed to Iran's supreme leader, Ayatollah Ali Khamenei, a hard-liner, to "summon the courage to do something historically beneficial" for his people.