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Bridging The Gap
Trump signs legislation to scrap Dodd-Frank rule on oil extraction Trump signs legislation to scrap Dodd-Frank rule on oil extraction
President Trump signed his first legislation Tuesday, scrapping an anti-corruption measure that requires oil and mining companies to disclose their payments to foreign governments. “This is a big signing, very important signing," Trump said in the Oval Office as he signed the legislation. "We're bringing back jobs big league. We're bringing them back at the plant level. We're bringing them back...
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GM's US workers to get $12,000 bonus GM's US workers to get $12,000 bonus
Workers paid hourly at General Motors in the US will receive bonuses of $12,000 (£9,700) after the firm made a profit of $12bn in North America. The United Automobile Workers union negotiated a profit sharing deal in 2011. It is worth up to $1,000 per $1bn of profit the company makes in the continent. However, net profit for the whole of GM dropped 2.7% last year to $9.43bn after foreign ...
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Lady Liberty to be black woman on new US $100 coin Lady Liberty to be black woman on new US $100 coin
The US Mint and Treasury will for the first time issue a commemorative coin depicting Lady Liberty as a black woman. The coin commemorates the Mint's 225th anniversary and shows Liberty with a crown of stars and a toga-like dress. The 24-carat coin will weigh 20g (1oz) and have a face value of $100 (£80). The US Mint says it plans to issue further coins depicting Liberty as women from eth...
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India sees long bank queues as rupee deadline passes India sees long bank queues as rupee deadline passes
There have been long queues outside many banks in India as people tried to deposit discontinued banknotes ahead of a deadline that has now passed. An estimated 40% of cash dispensers are empty, meaning people are unable to withdraw new notes to replace the old ones they have handed in. There has been widespread disruption since Prime Minister Narendra Modi said in November that 500 and 1,000...
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US raises key interest rate by 0.25% on strengthening economy US raises key interest rate by 0.25% on strengthening economy
The US Federal Reserve has raised its benchmark interest rate by 0.25%, only the second increase in a decade. The central bank voted unanimously to raise the key rate to a range of 0.5% to 0.75%, citing a stronger economic growth and rising employment. But the central bank said it expected the economy to need only "gradual" increases in the short term. Fed chairwoman Janet Yellen said the...
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Trump attacks China in Twitter outburst Trump attacks China in Twitter outburst
US President-elect Donald Trump has posted a series of tweets criticising China for its monetary policy and its operations in the South China Sea. "Did China ask us if it was OK to devalue their currency" and "build a massive military complex?" he asked. "I don't think so!" China said both sides should "stick to basic principles" of the relationship. Last week Mr Trump risked a diplomatic...
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Trump victory – markets spy an upside Trump victory – markets spy an upside
Buy into safe haven currencies like the Japanese yen and the Swiss franc (both up today); buy into gold (the ultimate save haven harbour); sell the obvious (the Mexican peso has taken a battering). But, trading volumes are average, the FTSE 100 is calm and there has been no rush to the stock market exit doors. After the turmoil of Brexit, this has not been a "plus, plus, plus" day in terms o...
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Samsung recalls 2.8m washing machines in the US Samsung recalls 2.8m washing machines in the US
Samsung has been forced to recall 2.8 million washing machines in the US after the doors detached mid-wash, leaving one person with a broken jaw. The company said 34 models of top-loading machines made between March 2011 and November 2016 may be faulty. Nine people have reported washing machine-related injuries and there have been 733 complaints of excessive vibration or detaching doors. ...
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Brexit Britain: Microsoft hikes U.K. prices by 22% Brexit Britain: Microsoft hikes U.K. prices by 22%
Obamacare premiums are set to skyrocket an average of 22% for the benchmark silver plan in 2017, according to a government report released Monday. The price hike is the latest blow to Obamacare. Insurers are raising prices and downsizing their presence on the exchanges as they try to stem losses from sicker-than-anticipated customers. Enrollment for 2017 will be closely watched since insurers w...
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Gas prices nudge annual inflation to 2-year high Gas prices nudge annual inflation to 2-year high
Rising gasoline prices pushed annual inflation to a nearly two-year high in September, while core inflation rose modestly. The consumer price index increased 0.3%, the most in five months, the Labor Department said Tuesday, matching economists’ estimates. The index was up 1.5% the past year, the largest annual rise since October 2014. Excluding volatile food and energy items, so-called core ...
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