Markets

Supreme Court Holds That Part of CFPB's Structure Is Unconstitutional

Supreme Court Holds That Part of CFPB's Structure Is Unconstitutional The U.S. Supreme Court on Monday ruled that the legal stricture preventing the president from firing the head of the Consumer Financial Protection Bureau (CFPB) was unconstitutional, reasoning that the provision violated separation of powers doctrine. [Full Article...]

United States stocks lose steam as Apple re-closes some stores

United States stocks lose steam as Apple re-closes some stores The U.S. Securities and Exchange Commission told bankrupt Hertz Global Holdings Inc it has issues with the auto rental firm's plan to sell new shares, the agency's Chairman Jay Clayton told CNBC on Wednesday. Volume on USA exchanges was 15.84 billion shares, compared with the 13.17 billion average over the last 20 trading days. AMC Entertainment Holdings Inc, the world's largest movie theater op... [Full Article...]

Reliance Industries partly paid-up shares locked in upper circuit

Reliance Industries partly paid-up shares locked in upper circuit The stock rallied 5 percent to hit an all-time high of Rs 1,738.95 apiece on the BSE with a market cap of Rs 11.02 lakh crore. "Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them, in fulfilment of the vision of our Founder, Dhirubhai Ambani, to consistently increa... [Full Article...]

Supreme Court Rules Workers Can't Be Fired for Being Gay

Supreme Court Rules Workers Can't Be Fired for Being Gay Gorsuch wrote. "Today, we must decide whether an employer can fire someone simply for being homosexual or transgender". The answer is clear. "An employer who fires an individual for being homosexual or transgender fires that person for traits or actions it would not have questioned in members of a different sex ", Justice Neil Gorsuch wrote for the court. [Full Article...]

After Amazon & IBM, Now Microsoft Bans Sale Of Facial Recognition Tech

After Amazon & IBM, Now Microsoft Bans Sale Of Facial Recognition Tech Microsoft's announcement follows similar statements from Amazon and IBM . Both consumer advocates and civil liberties groups have long warned about the dangers of facial recognition technologies, particularly with respect to the police. [Full Article...]

Massachusetts, US see increase in new unemployment claims

This week's initial jobless claims data comes after the Bureau of Labor Statistics reported that the USA economy unexpectedly added 2.5 million nonfarm payrolls in May, exceeding economists expectations for 7.5 million job losses. edged lower to 1.54 million. Over the past 3 months, more than 44 million Americans have filed for unemployment insurance. Despite the staggering unemployment figure... [Full Article...]

Tesla shares top US$1000 for the first time

Tesla shares top US$1000 for the first time A surge in Tesla share prices has propelled the electric vehicle (EV) brand to become the world's most valuable auto manufacturer. Tesla is reportedly in advanced talks to use LFP batteries from CATL that contain no cobalt - one of the most expensive metals in electric vehicle (EV) batteries - in cars made at its China plant. [Full Article...]

USA consumer prices down for 3rd month in a row

USA consumer prices down for 3rd month in a row AAA says the national average for gasoline was $2.07 Wednesday, compared to $2.75 a year ago. The figure added up to an overall 0.1 percent index increase over the past 12 months, it noted. The core CPI, which excludes the volatile costs of food and fuel, fell 0.1% in May after a 0.4% decline in April. With global economies likely to see slow post-virus recoveries, China's foreign trade is expec... [Full Article...]

Iraq requesting rules on output cuts, agrees to OPEC

Iraq requesting rules on output cuts, agrees to OPEC On Monday, the WTI futures reached the lower half of 40 dollars a barrel in NY. On Saturday, OPEC+ agreed to extend the deal to withdraw nearly 10 per cent of global supplies from the market by a third month to end-July. Putting additional pressure on black gold was ramp-up in output from U.S. shale producers, refusal by Mexico to adhere to production and easing supply concerns relating to... [Full Article...]

Most Americans admitted that protest situation was out of control

Most Americans admitted that protest situation was out of control The campaign recently launched a television ad blitz in OH, a state the president carried by eight percentage points four years ago. From May 7-10, Biden's lead was 5 percentage points (51% to 46%). "A lot of Americans know of Joe Biden , but not too many know Joe Biden ". "He's sided with the rioters". By contrast, among President Donald Trump's strongest supporters within the Republican Pa... [Full Article...]

Canada unexpectedly adds 290000 jobs on gradual reopening

Canada unexpectedly adds 290000 jobs on gradual reopening The survey of establishments showed nonfarm payrolls rose by 2.509 million jobs last month after a record plunge of 20.7 million in April . "You're seeing some abatement of some of the historic job losses that we've been witnessing these last two months, which is exactly what you would expect to happen when the economy starts to open back up", said Philip Noftsinger, executive vice presid... [Full Article...]

The US stock market is growing steadily in early trading

The US stock market is growing steadily in early trading The benchmark Dow Jones Industrial Average ended at 27,110 on Friday, up 829 points, or 3.1 percent from the day before. The broad S&P 500 Index (SPY) of large-cap stocks gained 2.6% to close at 3,193.93. "If anything, it suggests we should be looking for more good news next month". "Something like this builds credibility for what the stock market has been telling you", said Brian Belkin, chie... [Full Article...]

Wall Street's rally zooms higher after surprise gain in jobs

Wall Street's rally zooms higher after surprise gain in jobs Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond US social unrest and pandemic worries. Rising U.S. -China tensions and the possibility of second waves of coronavirus infections are other reasons for caution, they say. Continuing a recent trend, investors on Friday continued to ... [Full Article...]

Tesla close to rolling out vehicle with 'million mile' battery

Tesla close to rolling out vehicle with 'million mile' battery New, low-priced batteries created to last for a million miles of use and enable electric Teslas to sell profitably for the same price or less than a gasoline vehicle are just part of Musk's agenda, people familiar with the plans told Reuters . [Full Article...]

China announces new list of US imports eligible for tariff waivers

China announces new list of US imports eligible for tariff waivers Malicious attacks by the United States have ignited a "tsunami of anger" among Chinese trade insiders, the Global Times said . " China refuses to allow the global community to go into the Wuhan lab to investigate", said Senator Lindsey Graham , another sponsor of the bill. [Full Article...]

Oil prices continue to show an upward trend

Oil prices continue to show an upward trend For the week, Brent was still up about 11% and WTI up about 18%. Saudi Arabia's state oil giant Aramco has raised the June price for its Arab light crude oil to Asia by $1.40 a barrel from May, setting it at a discount of $5.90 to the Oman/Dubai average, according to a document seen by Reuters on Thursday. [Full Article...]

Apple Launches Online Store Hub for Easy Shopping

Apple Launches Online Store Hub for Easy Shopping In contrast to many other countries, Apple was actually one of the few major retailers in Australia that actually ceased operations, and most shopping malls actually remained open throughout the crisis, merely adding new social distancing restrictions, making Apple Stores an outlier in that country. [Full Article...]

Berkshire sells entire stakes in U.S. airlines - Buffett

Berkshire sells entire stakes in U.S. airlines - Buffett But he said Americans have persevered and prospered through such crises as the Civil War in the 1860s, the influenza pandemic a century ago and the Great Depression, and the "American tailwind" would help them do it again. Buffett had predicted that a 2018 accounting rule would create "wild and capricious swings" in the company's reported profits or losses. The company also has major investments i... [Full Article...]

Buffett's Berkshire Posts Nearly $50 Bln Loss as Coronavirus Causes Pain

Buffett's Berkshire Posts Nearly $50 Bln Loss as Coronavirus Causes Pain All of the surrounding events, including a trade show where Berkshire companies sell their products, were canceled this year because of the coronavirus pandemic. Some businesses cut salaries and furloughed workers, and retailers such as See's sweets and the Nebraska Furniture Mart closed stores. "Historically, Buffett has been so visible in times of crisis, and encouraged investors to take advan... [Full Article...]

President To Keep Meat Plants From Closing

President To Keep Meat Plants From Closing His predecessors have used it on numerous occasions, although it's rarely been invoked for anything having to do with the food supply chain. The United Food and Commercial Workers International Union , which represents 1.3 million food and retail workers, said Tuesday that 20 food-processing and meatpacking union workers in the USA have died of the virus. [Full Article...]


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