Business

Threat of new US sanctions puts pressure on fragile lira

The lira's collapse has plunged the entirety of the emerging market space into chaos, with contagion causing the likes of the South African rand, the Argentine peso, and the Indonesian rupiah, to slump in response . He said Turkey has no plans to ask for International Monetary Fund for support with the falling lira. Turkey's finance chief tried to reassure thousands of global investors on a conference call Thursday, in which he pledged to fix the economic troubles.

Qatar pledges $15bn of direct investments in Turkey - Ankara

The Turkish lira has dropped to record lows in recent weeks, having fallen some 42 per cent this year. Turkey's currency, the lira, bounced back sharply Wednesday morning, falling back below six per dollar . The emir of Qatar also arrived in Turkey on Wednesday on a "working" visit aimed at strengthening mutual cooperation. Bar owner Burhan Coban said consumer and distributor prices for American whiskey are the same, for now, despite the currency plunges and the new Turkish tariffs.

Tesla: Musk's tweet a bridge too far?

Here are some of the key events in Tesla Inc's turbulent history as a public company. But there is one major factor that gives this rumor some credibility: the fact that Saudi Arabia under Crown Prince Mohammad bin Salman bin Abdulaziz Al Saud, known to many as simply MbS, is very keen on his country shedding its oil revenue dependency.

What impact will U.S. sanctions on Iran actually have?

The officials accuse Iran's rulers of being the biggest funders of terrorism in the world, supporting dictators, and playing a destabilizing role in the Middle East. The European Union has launched an attempt to protect European businesses from Donald Trump's sanctions on Iran as the U.S. administration voiced its intent to apply "maximum pressure" on Tehran by vigorously applying its punitive measures.

Mexico, Latam allies commit to free trade amid Trump threats

President Donald Trump saying a NAFTA deal would need to happen fast or he would "go a much different route". But both men say they had a positive phone call the day after Mexico's July 1 election, and Lopez Obrador has invited Trump to his inauguration.

Tesla shares hit by report it is seeking refunds

The Wall Street Journal had reported on Sunday that Tesla had turned to some suppliers for a refund of previously made payments in a bid to turn a profit, citing a memo sent by a Tesla global supply manager. It is unclear how much cash back Tesla has requested, or how many of its suppliers have received this request. So even though Tesla may be able to show its investors a pleasant surprise in the second half, Musk may want suppliers to help him shore up cash flow and profits now.

Ritz Cracker products containing cheese recalled over Salmonella fears

Mondelez Canada is recalling cheese and pizza flavoured Ritz Bitz due to possible salmonella contamination . No other Mondelez Global LLC product is included in this recall. No illnesses have been reported in connection with the recall. In a news release issued Saturday, the company said while the product is sold across Canada, the recall only pertains to products sold in eastern Canada.

Trump slams European Union over US$5 billion fine on Google

The EU is also targeting Google's payments to telecoms operators and manufacturers who exclusively install Google search on devices and contracts that prevent handset makers selling phones using other versions of Android . Having its apps pre-installed is a huge revenue driver for Google. A team of 100 engineers have been working in Fuchsia OS and they expect to achieve this goal in 5 years.

Government wins key Commons vote despite Tory backbench rebellion

He was also the face of Vote Leave - the official pro-Brexit campaign group that was recently fined for breaking electoral law by overspending nearly US$600,000. "We dithered and we burned through our negotiating capital", he said, noting the agreement to pay billions of pounds to settle Britain's financial commitments before any deal on future trade .

Google 'fined $5bn' by EU over Android

Speaking in Brussels, Vestager said preinstallation was an advantage that could create a "status quo" bias, in which people are far more likely to use search apps and browsers already present on their devices and are unlikely to download competing apps.

5 things to know about Tesla’s China plans

In November, Mr Musk said Tesla was about three years away from starting production in the world's biggest auto market. But Tesla faces growing competition from Chinese and foreign brands that are developing dozens of electric models. The company's $5 billion Nevada battery factory was financed with help from a $1.6 billion investment by battery maker Panasonic Corp. Tesla says an agreement signed recently with a Shanghai city government agency calls for construction to start in the near ...

Oil slips as United States crude stockpiles show surprise build

U.S. West Texas Intermediate (WTI) crude futures were down 37 cents, or 0.5 percent, at $73.77 per barrel. Trump has lashed out at OPEC producers to reduce prices, making a claim - later backtracked by the White House - in a tweet on Saturday that Saudi Arabia had agreed to increase oil output by up to 2 million barrels.

Halting Iranian oil export is an illusion: Jahangiri

Paradoxically, U.S. President Donald Trump, with one eye on the U.S. driving season ahead of the U.S. 4 of July holiday, has been grumbling about high oil prices and on Jun.30 tweeted that he had directly asked Saudis to open the taps to make up for the shortfall.

Amazon buys online pharmacy PillPack

Inc. (AMZN.O) agreed to buy the online pharmacy startup PillPack , jumping into the health-care business with a deal that will give the retail giant an immediate nationwide drug network. Watch Walgreens , CVS , and Rite Aid trade here. Drugs are sorted by day and time, rather than medication. With its user-friendly packaging and design, PillPack has shaken up the pharmacy business, generating more than $100 million in revenue past year.

Donald Trump Warns Harley-Davidson, Says 'We Won't Forget'

But now, Trump has attacked Harley-Davidson saying that the motorcycle manufacturer is using the tax row as a cover to move production overseas, warning to "fix it". "Hence, they were just using Tariffs/Trade War as an excuse", he said. The EU's tariffs on motorcycles were put in place as a response to Trump's steel and aluminum tariffs.

Harley Davidson Motorcycles Shifts Production Overseas In Response To EU Tariffs

The company's move is one of the most visible consequences of the trade disputes triggered by Mr Trump's decision to levy tariffs on steel and aluminium imports. But Trump appears to believe Harley-Davidson will manufacture products for the USA market overseas, which it so far has not indicated it plans to do with this move.

OPEC and allies agree to share oil production increase

In an interview with Bloomberg Hossein Kazempour Ardebili confirmed yesterday that the three OPEC founders would oppose the proposal: "If the Kingdom of Saudi Arabia and Russian Federation want to increase production this requires unanimity".

Fed Raises Interest Rates, Signals 2 More Hikes This Year

Federal Reserve Chair Jerome "Jay" Powell said job gains are boosting income and confidence, while foreign expansion and tax cuts support additional growth. "Higher rates and higher payments will squeeze the buying power of households without a compensating increase in wages". It is not until the stimulus starts to fade in late 2019 to mid-2020 that a recession is likely, according to half of the respondents to a National Association of Business Economics survey.

Pizza company asking for town nominations for pot hole repairs

The pizza maker says that cracks, bumps, potholes and other road conditions can put good pizzas at risk after they leave the store, so Domino's is hoping to help smooth the ride home for its pizzas. Just go to pavingforpizza.com and enter your zip code. Bartonville town administrator Michael Montgomery praised the company's input. The company has repaired potholes in cities across the country, including 40 potholes in Milford, Delaware.

China suggests North Korea sanctions relief as Trump, Kim meet

China is North Korea's most important economic and diplomatic backer, despite its anger at Pyongyang's saber rattling. US President Donald Trump speaks while North Korea's leader Kim Jong Un looks at the signed document that acknowledge the progress of the talks and pledge to keep momentum going, after their summit at the Capella Hotel on Sentosa island in Singapore .