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Nigeria's inflation drops to 11.14% in July - NBS


Determined by Consumer Price Index (CPI), consumer or retail inflation in June was revised to 4.92 per cent, from a provisional 5 per cent previously. Other price rises in July included transport (0.7%) and food (0.5%). Meanwhile the Retail Prices Index (RPI) measure of inflation fell to 3.2%. "These figures show that the cost of living squeeze is not yet a thing of the past", Tej Parikh, a senior economist at business lobbyist the Institute of Directors said in an email. Read More »

Turkish lira trades below 6.0 against dollar after USA comments

The investment package was announced after Qatar's Emir Tamim bin Hamad Al Thani met President Recep Tayyip Erdogan in Ankara on Wednesday. "The import duties were increased on some products, under the principle of reciprocity, in response to the USA administration's deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter . Read More »

Erdogan spokesperson says problems with U.S. will be resolved


Turkey and the USA have been locked in a heated crisis emanating from unjust sanctions and the actions of Trump, as Washington levied sanctions on Interior Minister Süleyman Soylu and Justice Minister Abdulhamit Gül for not releasing American pastor Andrew Brunson, who faces terrorism charges in Turkey. Read More »

Saudi Arabia reins in oil production as demand forecasts waver


A stronger dollar makes oil more expensive to much of the world, so oil prices tend to fall as the dollar rises. The potential for a supply shortage appeared to have subsided for now, the International Energy Agency said on Friday. "Discount is part of the nature of the global markets being offered by all oil exporters", the source told IRNA. Not just the supply side rejig, but demand-side concerns popping up have also dwarfed the gains of around 24 percent seen till the first half of ... Read More »

Turkish President calls for iPhone boycott


Turkey's President threatened Tuesday to boycott USA electronic goods because of what he calls an economic war against Turkey by the United States. The country's Finance Minister will seek to reassure around 1,000 global investors in a teleconference scheduled for Thursday. Read More »

Erdogan says Turkey to 'boycott' U.S. electronic goods


It is not clear if this will be an official government boycott or just a call to the Turkish public to stop buying American electronics. The Turkish president has repeatedly been photographed while using Apple products such as iPhones and iPads. Read More »

Turkey's president threatens boycott of iPhones, other USA electronics


It is not clear if this will be an official government boycott or just a call to the Turkish public to stop buying American electronics. A US pastor standing trial in Turkey on terrorism charges has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday. Read More »

Tesla forms three-member panel to look at any Elon Musk deal


Mr Musk announced on Twitter on 7 August that he was considering taking Tesla private. While Musk used Monday's blog post as a way to show the tweets were part of an effort to be completely transparent with shareholders about wanting Tesla to be a private company, sources told the paper it was impulsive and was driven by feelings of anger for the auto maker's critics. Read More »

Canadian cities make top 10 on global ranking of most livable cities


In 9th place, Denmark's capital Copenhagen was the only other European city to rank in the top-10, while two other Australian cities feature in top-ranked places: Sydney (5th) and Adelaide (10th). Despite improving its scores in some of the judging criteria, Melbourne was relegated to bridesmaid, with Sydney in fifth place and Adelaide rounding out the top-10. Read More »

Largest fire in California's history continues to spread north


Among 14 active wildfires across California , the Holy Fire started on August 6 in Holy Jim Canyon of the Cleveland National Forest. The River Fire is nearly contained, and the larger Ranch Fire is 62% contained. The 190,873-acre (77,243-hectare) Carr Fire has destroyed almost 1,100 homes. "What we're seeing in California right now is more destructive, larger fires burning at rates that we have historically never seen", Cal Fire spokesman Jonathan Cox said. Read More »

Euro on defensive as lira, EM currencies seen vulnerable


The lira led losses among global peers after the nation's first steps to bolster the financial system were seen by some analysts as insufficient to protect markets in times of distress. The S&P 500 index lost 11.35 points, or 0.4 per cent, to 2821.93 after a drop of 0.7 per cent on Friday. Energy and industrial companies and basic materials companies took some of the worst losses. Read More »

Tesla CEO Musk says Saudi fund wants to take company private


The founder of the electric vehicle maker also indicated that he would need to raise about $23bn, not the $70bn that had been reported . Elon Musk issued a string of derogatory tweets over the weekend demeaning big hedge funds like Greenlight Capital, managed by David Einhorn, and Kynikos Capital, managed by Jim Chanos, that have sold short Tesla shares hoping the company financially fails. Read More »

Turkish lira drops to new record low overnight

Erdogan dismissed suggestions that Turkey was in a financial crisis such as those seen in Asia two decades ago, dampening expectations of a rate increase to support the currency. Presidential Communications Director Fahrettin Altun described the rumors as "disinformation campaign" based on a statement by President Recep Tayyip Erdoğan, who had said on August 12 that "You must know that keeping this nation on its feet is not just our duty but also the duty of industrialists and merchants". Read More »

'Suicidal' mechanic steals plane from Seattle airport


Horizon Air is a division of Alaskan that flies shorter routes in the western US. Pierce County Sheriff Paul Pastor said the man "did something foolish and may well have paid with his life". The air traffic control staffer assures him they don't have that, and says they just want to find a safe place for him to land. He crashed almost an hour after the plane was taken from a maintenance area, though officials said that it did not appear that the fighter jets were involved in the crash of ... Read More »

Elon Musk's tweet draws Tesla investor lawsuit over share price swing


Kalman Isaacs, one of the investors who filed suit Friday in a San Francisco court, claimed Musk's tweets were "designed to completely decimate short-sellers". The two separate cases have been filed in a court in the Northern District of California, which is not far from where Tesla is located, Palo Alto. Late Friday Musk mocked short investors in a series of tweets, suggesting his antipathy toward them hasn't dimmed. Read More »

Turkey not in crisis, will fight ‘economic war’, says President Erdogan


Donald Trump took to Twitter yesterday to boast about the value of the dollar against the lira . He tweeted, "Our relations with Turkey are not good at this time! ". Turkey's president on Saturday blamed the country's economic downturn on the United States and other nations that he claims are waging "war" against his country. Read More »

Turkey turmoil rattles Wall Street, banks take a knock


The VIX Volatility Index was higher at 13.20 for a gain of 1.93 points or 17.13%. S&P 500 futures have fallen 0.5%, while Dow Jones Industrial Average futures have declined 105 points, or 0.4%. The S&P 500 closed at 2,833.28 for a loss of -20.30 points or -0.71%. The S&P is also less than half a percent shy of the record it hit in late January. Read More »

Stolen Horizon Air plane ‘a serious breach,’ raises questions about airport security


Later, Mr Russell said: "I've got a lot of people that care about me". Got a few screws loose, I guess. Performing barrel roles and flips before a fatal crash on the Ketron Island. On a SoundCloud site, Russell interviews fellow ground service agents, asking them questions that include: "What was one of your best travel experiences using your flight benefits?" "The tow team has access to talk to air traffic control". Read More »

How a Tesla Buyout Can Happen


Tesla CEO Elon Musk's tweets about taking the company private and having the funding to do it has the SEC's attention. Further skepticism came on Thursday following a report from the Wall Street Journal that the US Securities and Exchange Commission (SEC) had "made inquiries" into whether Musk's tweeted claim that funding was secured was in fact truthful, prompting speculation about a potential SEC investigation. Read More »

U.S. tariffs make no dent on China exports surge


In the first six months of 2018, total scrap exports from the China were valued at $2.2 billion, ISRI reported. A 25% import tariff on U.S. beans has seen soybean prices rise and, coupled with poor Chinese pig margins that has depressed demand for soymeal, helping turn Chinese crush margins negative for nearly all of the next six months. Read More »

Monsanto ordered to pay $289m damages in Roundup cancer trial


Hopefully this thing will start to get the attention it needs. Dewayne Johnson , 46, was a groundskeeper for the school district in Benicia, CA, north of San Francisco. Four years later Johnson - now near death, according to his doctors - has been awarded a staggering sum of $289 million dollars in damages in a case against agricultural giant Monsanto. Read More »

Bitcoin And Crypto Market Go Through Major Decline


This has aroused skepticism in die-hard bitcoin addicts. This means bitcoin would need to spike by over $10,000 in just 16 weeks if Lee's prediction is to come true. SEC leaders have publicly labeled bitcoin as a commodity and in June made it clear that cryptocurrencies would not be treated like securities , which offers a peek at how the agency might seek to regulate them. Read More »

Pantera Capital's Morehead Says Bitcoin Investors Have Overreacted to ETF News


The application received positive feedback, and the SEC later announced it was looking into newer, less stringent legislation that would make it easier to apply for open-ended ETFs. Do you think the SEC will eventually approve this bitcoin ETF? Optimism for ETFs have been gathering steam and has helped to fuel a bit of a recovery in Bitcoin over the past month so any sort of delays or stumbling blocks will have some form of negative impact on prices. Read More »

Ryanair strike hits 55,000 passengers across Europe


Officials said flights should return to normal Saturday. Ryanair has refused to issue a list of the flights cancelled, but The Times understands that at least 50 departures from the United Kingdom have been called off, with more than 250 cancelled in Ireland . Read More »

Trump's tariff tweet inflames Turkey's economic crisis and strained USA relations

On Friday, the euro sagged to a 13-month low against the dollar, down 0.7 per cent to $1.1450, after the Financial Times reported that the European Central Bank was anxious about possible losses at eurozone banks operating in Turkey. Investors will also be hoping for a more conciliatory tone from president Erdogan over the coming days. Erdogan on Thursday portrayed the currency drop as a "campaign" to harm Turkey and called on the people not to worry. Read More »

Turkish Currency Collapses After Trump Doubles Metals Tariffs

The increase in tariffs is considered a blow to the value of Turkey's lira , which reportedly fell further after the president's announcement. This is double the level the president imposed on a range of countries earlier this year, including European Union member states. Read More »

Snapchat's new design is driving users away in bunches


That's a 44 percent year-over-year increase and an 11.9 percent increase from last quarter. Snap shares jumped as much as 14 percent following the announcements. and Twitter Inc. last month caused stock plunges. Both companies shed some 19 percent in market value after reporting. "The number of people that watch Publisher Stories and Shows on iOS every day has grown by more than 15 percent this year", said Spiegel. Read More »

NYC Council approves cap on app-based ride-hail vehicles, citing congestion


Uber and Lyft users might have to wait a bit longer for a ride when the cap is put in effect - or they could just walk to the curb and lift up an arm, like we all used to. But Councilwoman Laurie Cumbo, a Democrat, said Uber will still be available despite the moratorium on new cars. The City Council is expected to vote today on a proposed cap on ride-share vehicles. Read More »

Tesla board confirms it will consider Musk's privatization plan


Teresa Goody, a former SEC official, said Musk "did something inappropriate and caused chaos in the market" in a way that would likely draw scrutiny from investigators. One Tesla shareholder said he thought a deal to take Tesla private was doable. The fund then reportedly proceeded to buy large amounts of Tesla stock on secondary markets, according to the Financial Times , and is now one of Tesla's eight biggest shareholders. Read More »

Oil rallies as Iran sanctions kick in


On Friday, crude oil futures ended down $0.47, or 0.70%, at $68.49 a barrel, after data showed oil output in Russian Federation to have increased sharply by 150,000 barrels per day in July, compared to a month earlier. we are going into a very, very tight oil market". Both U.S. West Texas Intermediate and worldwide benchmark Brent crude oil futures contracts are trading higher on Tuesday. Read More »

Unveiling of provincial buck a beer scheme expected today


Buck-a-beer is here. It's official. "Buck-a-Beer" is coming back to Ontario in time for the Labour Day long weekend. But University of Toronto professor David Soberman told Global News that's "absolutely not going to happen", because breweries have the option of completely staying out of the so-called "buck-a-beer challenge". Read More »

China fires salvo in trade war with United States


Beijing yesterday revealed more than 5,200 American-made products would be slapped with new levies in response to a threat by Donald Trump's administration to impose additional duties on $200bn of Chinese goods. China's exports are expected to have maintained solid growth in July despite the new tariffs on billions of dollars of shipments to the United States, though the outlook has darkened as both sides raised the stakes in the trade brawl. Read More »