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  • 21 Aug 2019 09:59 | Divjot S. Mehton (Administrator)

    President Donald Trump on Tuesday described the prospect of the US falling into recession as "irrelevant" and defended his decision to wage a trade war with China.

    During a White House visit by Romanian President Klaus Iohannis, Trump was asked about concerns that his trade war with China was dragging down the US economy.

    "Somebody had to take China on," Trump replied. "And it's about time, whether it's good for our country, or bad for our country short term.

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  • 12 Aug 2019 12:03 | Divjot S. Mehton (Administrator)

    Facebook Inc. is participating in a $125 million fundraising for an Indian startup that is aiming to bring more commerce to social networks like, well, Facebook.

    Meesho, based in Bangalore, is what’s known in the tech industry as a social commerce startup, allowing people to build connections online and then sell through services such as Facebook and its WhatsApp and Instagram services. The funding round was led by South Africa’s Naspers Ltd. and also included Sequoia, Shunwei Capital, Venture Highway and Arun Sarin, the former chief executive officer of Vodafone Group Plc.

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  • 09 Aug 2019 15:06 | Divjot S. Mehton (Administrator)

    Here’s an item on President Donald Trump’s trade agenda that relies on Democrats’ help that’s progressing surprisingly well: his new Nafta, dubbed the U.S.-Mexico-Canada Agreement.

    The key ingredient so far? His day-to-day outbursts against the opposition are far removed from the process, people involved in the talks say.

    After weeks of discussions between Trade Representative Robert Lighthizer and lawmakers, negotiators last week put pen to paper and are now working full steam to get to a resolution on issues that House Speaker Nancy Pelosi and her caucus want changed before the agreement could come up for a vote.

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  • 08 Aug 2019 12:35 | Divjot S. Mehton (Administrator)

    Mitchell Cohen writes policy papers and show tunes about affordable housing. He wears a pork pie hat, favors fleece over pinstripes and is easy to tear up when talking about local “empowerment.”

    He’s also president of The Daniels Corp., one of Canada’s biggest developers. 

    The closely held firm has built about 30,000 homes around Toronto, a quarter of which were sold below-market prices. It’s also a lead developer in the transformation of Regent Park, one of North America’s biggest social-housing makeovers -- and the subject of Cohen’s musicals.

    Being an affordable housing advocate and a big-time developer may not be a contradiction for Cohen. But he said governments are going to have to nudge more companies into action to tackle the growing affordability crisis.

    “Without the government engagement, the private sector is not going to create affordable housing,” said the 68 year old in an interview at Bloomberg‘s Toronto office.

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  • 02 Aug 2019 21:03 | Divjot S. Mehton (Administrator)

    Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here.

    Beijing pledged to respond if the U.S. insists on adding extra tariffs to the remainder of Chinese imports, as President Donald Trump’s abrupt escalation of the trade war between the world’s largest economies sent stocks tumbling across three continents.

    Trump announced Thursday that he would impose a 10% tariff on a further $300 billion in Chinese imports, a move set to hit American consumers more directly than his other tariffs so far. The new duties, which Trump said could go “much higher,” will be imposed beginning Sept. 1 on a long list of goods expected to include smart-phones, laptop computers and children’s clothing.

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  • 26 Jul 2019 11:51 | Divjot S. Mehton (Administrator)

    Canadians are starting to see a pickup in their wages, a positive sign for the domestic economy amid growing global uncertainty.

    Average weekly earnings for Canadian workers rose 3.4% in May from a year earlier to C$1,031 ($784), the fastest pace of growth since February 2018, Statistics Canada said Thursday in Ottawa. The Survey of Employment, Payrolls and Hours also showed firms added 32,600 jobs on the month, the most since January.

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  • 26 Jul 2019 11:50 | Divjot S. Mehton (Administrator)

    President Donald Trump failed to achieve his much-ballyhooed 3% target for economic growth in 2018 after all.

    Updated government figures show that gross domestic product expanded 2.5% on a fourth-quarter-over-fourth-quarter basis last year. That compares with a previous estimate of 3% and an upwardly revised 2.8% in 2017, the first year of Trump’s presidency.

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  • 16 Jul 2019 13:38 | Divjot S. Mehton (Administrator)

    Silicon Valley tech giants are coming under fire.

    On Tuesday, executives from the biggest tech companies in the world will appear before a Congressional antitrust subcommittee and respond to questions about their practices and market power. Executives from Apple, Amazon, Google, and Facebook will all be in attendance, where they'll face questions over "the impact of market power of online platforms on innovation and entrepreneurship."

    Firms like Facebook, Google, Apple, and Amazon have recently been under increased scrutiny from regulators questioning whether their size or impact is hurting competition and consumer choice.

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  • 16 Jul 2019 13:21 | Divjot S. Mehton (Administrator)

    Facebook is about to get slapped with a $5 billion fine by the Federal Trade Commission because of the Cambridge Analytica scandal, where data from over 50 million users was used without permission.

    In a surprising twist, Facebook's stock value actually rose by 1% on Friday following the news of the FTC's landmark fine — and Facebook CEO Mark Zuckerberg owns a whopping 88.1% of Facebook's shares.

    Per an April financial filing, Zuckerberg owns 410,497,115 shares of Facebook. At their price of $202.31 before the news broke around 3:45 p.m. ET, his shares would be worth $83 billion. At their price of $204.87 around 4 p.m., those shares would be worth $84.1 billion.

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  • 10 Jul 2019 13:21 | Divjot S. Mehton (Administrator)

    The Bank of Canada has begun to count the potential costs of escalating trade wars on the nation’s economy in a series of analyses released Wednesday as part of a rate decision in which tensions featured prominently.

    Here are how their scenarios play out:

    Immediate

    The trade war is already creating an C$18 billion ($13.7 billion) crater in the Canadian economy, according to the central bank.

    The fallout from higher tariffs between the U.S. and China prompted the Bank of Canada to increase its estimate for how much the enduring clash over cross-border commerce is weighing on domestic and global exports as well as business investment relative to April.

    These negative effects, plus China’s import restrictions on Canadian canola and meat, more than offset the positive impact from the withdrawal of American tariffs on steel and aluminum and optimism surrounding the passage of the renegotiated North American free trade agreement.

    This uncertainty means Canadian exports will be 1.5% lower by the end of 2021 than would otherwise be the case, and capital spending will be curbed by 3% over the same time frame, the bank said.

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