Tag: Business

Wall Street Drags down as Coronavirus Continues to Run Rampant

Wall Street Drags down as Coronavirus Continues to Run Rampant

Business
U.S. stocks usually remain unaffected to an extent in times of crisis. However, due to the rise of the novel virus strain, U.S. stocks have sold off and the Nasdaq had their worst daily percent growth in three weeks on Friday as growing fears overturned economic growth. The biggest drags on the S&P index were caught by the technology sector affecting big-boys such as Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and Apple Inc (APPL.O). The S&P technology index (.SPLRCT) dropped 2.3% which shows an indirect response from China’s economic slowdown. China recently reported new increases in cases with South Korea becoming the latest hotspot with 100 new cases and a further 80 people being infected in Japan. “It’s creating a wild card” for companies and investors, said Peter Tuz, p
The Rise and Fall of Tesla Stock During the Week – The Reasons Behind Tesla’s Wild Rollercoaster Ride

The Rise and Fall of Tesla Stock During the Week – The Reasons Behind Tesla’s Wild Rollercoaster Ride

Business
Tesla began its rollercoaster ride at the beginning of February surpassing their share price by almost $1,000 with the highest intra-day stock price recorded at $968.99. Elon Musk was mentioned in the halls of Wall Street during last week as Tesla’s stocks swung hundreds of dollars in both directions. To begin the story, the stock begun with a record high price of $670 a share. This did not however, come as a surprise after Tesla’s better-than-expected quarterly earnings. However, that was nothing compared to what was to come for Tesla. Share prices continued to climb up after two consecutive days of trading and climbed almost 20% on Monday and 14% on Tuesday rising to the highest share price during the intra-day trading. However, the rocketed rise for Tesla’s stock came due to a phenome
China’s Economy Taking a Hit After Coronavirus Has Started Turning into an Epidemic

China’s Economy Taking a Hit After Coronavirus Has Started Turning into an Epidemic

Business
The latest continent to be added to the list of countries to be affected by the coronavirus is Australia. While the origin of the virus has been scaled down to China, the Chinese have been more than quick to take the required steps to contain the virus amongst themselves. However, the mere outbreak of a new virus has certain effects on the country, in addition to the obvious, as dictated by the Chinese officials at a recent press conference. The most affected sector that has taken the most hit seems to be the traveling sector as sales from travel dropped 28.8% from the previous year, as quoted Liu Xiaoming (Vice Minister of Transport). Furthermore, China also faces a severe shortage of medical supplies as the population of China exceeds far than that of any country on Earth. Furthermore, ...
As UK Begins Celebration in Awe of Brexit, Johnson Warns that Businesses Might Suffer

As UK Begins Celebration in Awe of Brexit, Johnson Warns that Businesses Might Suffer

Business
The newly formed British government has planned a special event for the night of 31st January as the country finally leaves the European Union, a lifelong dream for the British as it seems. However, the country’s treasury chief brings a stern warning that the sudden dropout from the EU will severely affect U.K.’s business sectors. Sajid Javid told the Financial Times in an interview on Saturday that Britain’s future regulations will not be aligned with the EU and that the changes implemented may hurt some businesses. Notably, the EU is Britain’s largest trading partner in all aspects of businesses. “There will not be alignment, we will not be a rule-taker, we will not be in the single market and we will not be in the customs union and we will do this by the end of the year," he said, ref
What Changes Occurred in the Market When you Were Sleeping. Top 5 Things to Know in Under a Minute

What Changes Occurred in the Market When you Were Sleeping. Top 5 Things to Know in Under a Minute

Business
The market opened up a bit dry in India owing to the crippling economic conditions with a 6.5-point loss (0.05%). The Sensex ended at 635 points (+1.55%) at 41,452.35, while the Nifty50 closed at 191 points (+1.58%) at 12,215.90. Nifty Banks closed at 2.29% at 32,092.40. The U.S market showed a breath of fresh air owing to the free-flowing details from the trade war with China surfaced in a positive manner. Apple and other tech firms in the space showed strong gains. The Dow Jones Industrial Average increased to 211.811 points (+0.74%) to 28,956.9, while the S&P500 Index gained 21.65 points (0.67%) settling at 3,274.7 points. The Nasdaq Composite added 74.18points (0.81%) to increase to 9,203.43. Asian Stock markets continued to be in a positive trajectory on Friday following the loo...
Trump To Delay 15% Tariffs on Chinese Imports Scheduled to Take Effective on Sunday

Trump To Delay 15% Tariffs on Chinese Imports Scheduled to Take Effective on Sunday

Business
Trump’s administration delays recent tariffs on Chinese imports as trade talks continue. As part of the trade war between the United States and China, Trump's administration imposed several tariffs on Chinese imports. The last round of tariffs was about 15% on $160 billion in Chinese imports including phones, toys, clothes, and laptops. The recent report by the Wall Street Journal indicates that negotiators from China and the United States are making plans to delay the tariff from taking effect on Sunday 14th December 2019. Trade War Continues But Trump's Administration Suspends Tariffs The trade war between the United States and China has been ongoing for a long time. As both countries battle, there have been upsides and downturns. A few months ago, Trump announced that he may cons
United Auto Workers Union Gives Approval To New Labor Deal With Ford Motor

United Auto Workers Union Gives Approval To New Labor Deal With Ford Motor

Business
The members of the UAW have ratified a new four-year deal with Ford Motor and the terms of the agreement are similar to those reached with General Motors. The union announced on Friday night that it has successfully reached the four-year deal with Ford. The contract agreement was backed by 56% of Ford members who voted. The deal demands that Ford makes over $6 billion in investments in its U.S. manufacturing operations. It will create or retain 8500 jobs in the U.S. The deal also allows Ford to shut down an engine plant in Michigan. The automaker will pay ratification bonuses to full-time workers and temporary employees. The former will get $9,000 and the later $3,500. The deal has been described by the acting UAW President Rory Gamble as "a life-changing contract for many” of Ford’
Trump’s Threat of More Tariffs Affects Global Stock Market

Trump’s Threat of More Tariffs Affects Global Stock Market

Business
Trump’s threat of more tariffs has dampened hopes of a breakthrough in the trade war between the U.S. and China. Traders have hoped that the President would freeze the 15% on $156m of China’s imports in the next raft of tariffs. However, their hopes were dashed as Trump declared otherwise. During a lunchtime event held at the Economic Club of New York, Trump threatened that he would impose more tariffs on Chinese imports. According to him, the threat will take effect if an interim agreement isn’t reached in the ongoing talks between the two countries. Expectations were high that they will make a deal as Beijing is likely to opt for an agreement. Global Stock Markets Records Losses Though the U.S. economy still booms, it slowed in the last quarter. Besides, Trump’s speech on trade affair
Key Witness Agrees to Cooperate With Congress on Trump’s Impeachment Inquiry

Key Witness Agrees to Cooperate With Congress on Trump’s Impeachment Inquiry

Business
Congress continues to fish for dirt against Trump. Key witness, Lev Parnas, agrees to cooperate with impeachment investigations. Congress has been trying to impeach Trump for a while now but getting hardcore evidence against him has been difficult. Now, Lev Parnas, a businessman who was indicted in relation to the Ukraine scandal, has agreed to testify against Trump and present evidence against him. Parnas was chosen to testify because of his close ties with Rudy Giuliani, Trump's personal lawyer. Parnas to Testify Before Congress Just before the news about Parnas' plans to testify was announced, everyone was focused on the revised testimony of Gordon Sondland, the United States' ambassador to Europe. The document stated that Trump's administration was trying to secure a "quid pro quo" ...
Federal Judge Halts Trump’s Immigrant Health Insurance Rule

Federal Judge Halts Trump’s Immigrant Health Insurance Rule

Business
The rule could potentially block two-thirds of prospective legal immigrants On Saturday, an Oregon federal judge blocked a rule requiring immigrants who are applying for a U.S. visa to show that they have health insurance. Prospective immigrants are also to show that they can afford all medical costs and the rule was set to go into effect Sunday. The Trump-led administration has said the rule would not apply to those who are in the country already. White House says the rule is for people taking advantage of the public health system The district judge Michael Simon ordered a temporary restraining order pending when the federal lawsuit is heard. The suit was brought by a non-profit organization and seven U.S. citizens who believe that such a rule would block up to two-thirds of potential ...