Economy

GOP-led panel OKs bill to overhaul Dodd-Frank

GOP-led panel OKs bill to overhaul Dodd-Frank

While Republicans in Congress craft a bill to unwind the tighter financial rules that took effect after the 2008 crisis, President Donald Trump is looking in another, seemingly opposite direction: He's entertaining the idea of restoring the Depression-era firewall between commercial banking and its riskier investment side. Read More

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Trump Study of Gas Tax Could Run Afoul of GOP, Rural Voters

President Donald Trump said he's willing to raise the US gas tax to fund infrastructure development and called the tax-overhaul plan he released last week the beginning of negotiations. "I'm a big believer in a reciprocal tax", Trump said. Cohn added: "The President is going to seize this opportunity by leading the most significant tax reform legislation since 1986, and one of the biggest tax cuts in history". Read More

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US Economy Expands at Slowest Pace in Three Years

US Economy Expands at Slowest Pace in Three Years

The latest economic data indicate the USA economy is growing at the slowest rate in three years. The soft patch at the start of the year is bad news for the Trump administration's ambitions to significantly boost growth. Most economists expect the figure to rebound in the second quarter. The advance estimate of US first quarter economic growth was disappointing. "The increase in real GDP in the first quarter reflected positive contributions from nonresidential fixed investment, ... Read More

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Puerto Rico announces historic debt restructuring in court

Since this process has never been used before, there is no real precedent for the case - meaning that whomever Roberts appoints for the job will have a great deal of control over Puerto Rico's future. Puerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the US$3.8 trillion USA municipal bond market. Read More

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Warren Buffett Sells A Third Of Stake In IBM

The news led IBM to tumble as much as 3.8 percent to $153.00 Friday in NY, its lowest intraday price since November. Berkshire Hathaway still owns over 50 million shares of IBM and Buffett said he has stopped selling. Buffett told CNBC that he unloaded about 25 million IBM shares he started buying for Berkshire in 2011 because IBM hasn't performed the way he expected. Read More

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China's homegrown jumbo passenger jet takes to the sky — China Focus

China's first large homemade passenger jet, touted as a competitor to Boeing and Airbus, made its maiden flight from Shanghai on Friday, signalling the Communist country's entry into the global aviation industry. The handful of foreign customers includes GE Capital Aviation Services and Thailand's City Airways. The C919 can seat 168 passengers in a single-class, economy configuration, 158 across two classes or 174 in a high-density configuration. Read More

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Buffett cuts stake in IBM and shares slide

Speaking with CNBC, Mr Buffet said: "IBM is a big strong company, but they've got big strong competitors too". Over the last half-century, Buffett has taken a failing textile company and turned it into a legendary conglomerate. Representatives of Berkshire and IBM didn't respond to requests for comment. According to Zacks, "Shares of Berkshire Hathaway have underperformed the Zacks categorized Property and Casualty (P&C) industry year to date". Read More

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US opens criminal investigation into Uber

The program, called Greyball, which was first revealed by the New York Times in March , helped the company evade officials in cities where Uber was not yet approved. For example, it mined credit card information to see if the owner was affiliated with a credit union used by police and checked social media profiles to assess the likelihood that the person was in law enforcement. Read More

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Oil prices have plunged 14% in 3 weeks

Oil prices have plunged 14% in 3 weeks

OPEC, Russia and other producers have agreed to curb production by 1.8 million barre1ls per day until June 30. Oil prices extended the previous day's sharp losses on Friday, dragging energy firms and Asian markets with them as investors are snaggled by fresh global supply glut concerns. Read More

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Why are US Republicans gunning for the Dodd-Frank Act?

A House banking panel on Thursday passed a controversial bill that would drastically change how the USA government regulates the financial sector. Then, after growing calls to replace Dodd-Frank this year under the new Trump Administration, including an executive order from President Donald Trump to beginning rolling the act back, Hensarling released an updated version of the act, dubbed the Financial CHOICE Act 2.0, on April 19. Read More

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NZ dollar falls after Fed statement

NZ dollar falls after Fed statement

The Fed dismissed softer growth in the first quarter referring to it as transitory and stated that economic activity is expected to expand at a moderate pace. A statement the Fed issued Wednesday noted that the economy slowed sharply during the January-March quarter, but it expects that slump to be "transitory". Read More

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CONE Midstream Partners Q1 Profit Rises

CONE Midstream Partners Q1 Profit Rises

As the earnings date approaches, we can see that insider ownership is now 0.20% shares, and institutional ownership is at 40.80% for CONE MIDSTREAM PARTNERS LP (NYSE:CNNX) stock. The firm has "Outperform" rating given on Friday, February 19 by Credit Suisse. They issued an "accumulate" rating on the stock. These are 6 Hold Ratings, 5 Buy Ratings. Read More

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Trump's trade actions bring uncertainty to Canadian lumber country

The moves come as the relationship between the two North American nations is the focus of the Great Lakes Economic Forum, being held jointly in Detroit and Windsor. Canada's Justin Trudeau and President Trump spoke on Tuesday, and both countries had a different version of how that phone call went. Those tariffs are high, but not as high as the astronomical ones Canada imposes on dairy imports to protect its domestic market from the USA glut. Read More

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Baahubali 2: The Conclusion Grosses 860 Crores At The Worldwide Box Office

Continuing on its records breaking spree, "Baahubali 2" has earned a whopping Rs 860-crore ( all versions) at the worldwide box office in its opening week, becoming the biggest Indian Blockbuster of all time, trade sources said today. Baahubali 2 is also drumming up record business overseas - the USA box office posted weekend numbers of nearly Rs 70 crore. Besides becoming the poster boy of Indian films, the 37-year old Prabhas has also now become the latest Indian celebrity to have his ... Read More

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Le Pen steps down as party leader

Le Pen steps down as party leader

The European Union (EU) leaders have given a mixed reaction to the outcome of the first round of French presidential election which saw anti-euro far-right candidate Marine Le Pen and pro-EU centrist Emmanuel Macron surge through to the decisive second round in May, APA reports quoting Xinhua. Read More

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Chocolate milk, white bread could make school lunch comeback

Ahead of the announcement, the U.S. Department of Agriculture (USDA) said a new rule would provide "regulatory flexibility", though officials did not say what the changes would be. "We would not lower standards for reading, writing, and arithmetic just because students found them challenging subjects". Healthy lunch proponents expressed the most concern about relaxing efforts to reduce excessive dietary sodium , which is linked to high blood pressure, heart attack and stroke. Read More

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No charges expected in Louisiana police shooting of black man

Attorneys and Sterling's family said they hope state officials bring charges and that they left a meeting with federal investigators Wednesday feeling more enraged than they had before. Officer Salamoni then fired three shots into Sterling's chest. U.S. Attorney General Jeff Sessions has pledged to hold law enforcement officers responsible for civil rights offenses, but he also has said the Obama administration unfairly targeted police in such investigations. Read More

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Warren Buffett sells Stake in IBM

In February, he said that he'd built Berkshire's holding in Apple Inc. to more than $18 billion. "I've revalued it somewhat downward", Buffett told CNBC . stock for the consumer company's Duracell battery business. The billionaire also exited most of its stake in Graham Holdings, after that company sold the Washington Post newspaper. Read More

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Greece says new bailout terms agreed with lenders

Greece says new bailout terms agreed with lenders

After 12 hours of negotiations Greek Finance Minister Euclid Tsakalotos, speaking while exiting the Athens hotel where talks with creditors were taking place, said: "The negotiation is completed; there's white smoke". The date of the strike, aimed to coincide with the parliamentary vote on the measures, could change, ADEDY said. Promising to cut pensions and give taxpayers fewer breaks, Greece has paved the way for the disbursement of further rescue funds from worldwide lenders and ... Read More

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Dollar gains as Fed stays on track for gradual rate hikes

Dollar gains as Fed stays on track for gradual rate hikes

The US Federal Reserve had kept interest rates unchanged on Wednesday, downplaying weak first-quarter economic growth while emphasising the strength of the labour market, signalling it was still on track for two more rate rises this year. Eastern time. The moves might have reflected the Fed's dual message that while now isn't the time to resume raising rates, the economy remains durable enough to withstand further hikes soon. Read More

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Apple weighs on global equities, dollar higher

Apple weighs on global equities, dollar higher

The Indonesian rupiah exchange rate had depreciated 0.18 percent to IDR 13,332 per USA dollar by 09:50 am local Jakarta time on Thursday (Bloomberg Dollar Index). US gold futures fell more than 1 percent to $1,235.40 an ounce. Political concerns, which have taken a backseat recently, may re-emerge, with a U.S. Read More

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Tax Reform Delay Will Harm US Economy: CEOs

In Kansas, Gov. Sam Brownback eliminated state taxes on pass-throughs, which turned out to be a boon for Bill Self, the coach of the University of Kansas' men's basketball team. While the changes are significant, many details will need to be worked out as the process moves forward. Successful tax reform must embrace two fundamental principles: Competitive business tax rates and adoption of a modern global system that does not penalize USA companies for bringing back foreign earnings to the ... Read More

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1st large Chinese-made passenger jet takes its maiden flight

Even the name was carefully crafted: "C" stands for China as well as COMAC; the first "9" means "forever", since the word for "nine" sounds like "forever" in Chinese; and the "19" represents the fact that the plane can host 190 passengers. The C919 incorporated parts from over 30 global suppliers such as Honeywell International Inc. The first C919 will mainly test the flying conditions, the onboard equipment and the landing gear, while the second or No.102 jet will be tested mainly on the ... Read More

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Tribune-Star Editorial: Health care battle far from over

Tribune-Star Editorial: Health care battle far from over

Within an hour of the vote, Trump celebrated with House lawmakers in the White House Rose Garden. Rep. Jim Costa , D-Fresno, voted against the revamped repeal and replacement bill on Thursday. Also, federal auditors have not had time to analyze the plan. Attention now shifts to the U.S. Senate where the Republican Majority is smaller and the bill is expected to be modified after the Congressional Budget Office calculates and releases the impact the legislation will have on the health care ... Read More

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United Airlines reaches settlement with passenger dragged from plane

United Airlines reaches settlement with passenger dragged from plane

The controversy prompted calls from U.S. congressmen for new regulation of the airline industry, and led United's board of directors to reverse an agreement to make Mr Munoz the company's chairman in 2018. Meanwhile, Demetrio is representing another client against the airline industry, the woman in another incident caught on video showing an argument that broke out on an American Airlines flight after a male flight attendant allegedly forcibly took the woman's stroller - almost striking ... Read More

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Korean media issues criticism of China

Korean media issues criticism of China

Last Thursday, five North Korean-flagged oil tankers had loaded up at Vladivostok-area ports and identified North Korean ports as their destination. Kim, who also goes by his English name Tony Kim and is in his 50s, was detained at Pyongyang International Airport as he attempted to leave the country, the university's chancellor had said previously. Read More

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New auto registrations fall by 17.5% in Scotland

New auto registrations fall by 17.5% in Scotland

The worst fall was among private motorists, where sales volumes dropped by 28.4 per cent, while demand from businesses and large fleets was also down. "Ironically of course an introduction of such a scheme may well serve to bring a degree of ignition to the new auto market". Tombs said company fleet auto buyers, who have propped up the market since the Brexit vote a year ago, continued to provide all the momentum behind the market while private vehicle buying slumped. Read More

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Russia, Turkey, Iran ink deal on safe zones in Syria

Russia, Turkey, Iran ink deal on safe zones in Syria

The ministry says in a statement on Thursday that the agreement noted efforts to "end all use of weapons, including by aircrafts between clashing parties" and ensure the flow of humanitarian aid. Osama Abo Zayd, a spokesman for the Syrian military factions in Astana said the zones raise "a number of questions", adding that Moscow still has no answers on how to deal with any violations from its ally Damascus or from Iran , which has a number of fighters on the ground in Syria on the ... Read More

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