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  • 26 Jul 2019 11:50 | Anonymous

    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 | Anonymous

    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 | Anonymous

    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 | Anonymous

    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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  • 25 Jun 2019 13:23 | Anonymous

    Lawyers for Huawei Technologies Co.’s chief financial officer urged Canada’s justice minister to end extradition proceedings, arguing that he has the power to withdraw a process that’s been politicized by the U.S.

    Meng Wanzhou’s defense wrote to Minister of Justice David Lametti, saying it’s in Canada’s national interest to reject the U.S. request and to free Meng, who’s been living under house arrest in Vancouver since her detention last December.

    Under Canada’s extradition law, Lametti has the discretion to withdraw the proceedings against Meng at any time, the lawyers say. Doing so would be an extremely rare intervention and would effectively abort a lengthy court process that usually ends up with the person being handed over.

    https://www.bloomberg.com/news/articles/2019-06-24/huawei-cfo-s-lawyers-urge-canada-to-end-extradition-process?srnd=premium-canada


  • 05 Jun 2019 13:13 | Anonymous

    Nokia Oyj is aiming to score a 5G win in Canada as Huawei Technologies Co.faces increased scrutiny over its move into the superfast network.

    The Finnish company is working with telcos including BCE Inc., Telus Corp. and Shaw Communications Inc., to demonstrate its 5G capability and get selected for a field trial, lab trial, or contract, according to Richard Herald, president of the Canada division. Rogers Communications Inc. has already chosen Ericsson AB as its partner for 5G.

    While it will strictly be a government affair determining whether Huawei can proceed, it helps that the telcos are looking to evaluate possible options in the face of a potential ban, Herald said.

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  • 05 Jun 2019 13:12 | Anonymous

    The type of securities blamed for triggering a credit crisis in the U.S. a decade ago could now be part of the solution in Canada, where a cooling housing market is a key risk to its $1.7 trillion economy.

    The Bank of Canada is discussing ways to encourage a more robust market for residential mortgage-backed securities with potential investors. Only about C$1.5 billion ($1.1 billion) of Canadian uninsured mortgages have been pooled in RMBS deals, or about 0.1% of the country’s mortgage debt, according to rating company DBRS Ltd. No lender has widely marketed such a deal since September, when private lender MCAP sold C$254 million of the notes.

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  • 30 May 2019 15:50 | Anonymous

    When Venezuela suddenly dumped years of unpublished economic data onto its central bank’s website late Tuesday night, the most glaring trend that emerged was a slowdown in hyperinflation this year.

    Venezuelans immediately scoffed at such a notion, and the skepticism is understood, of course, given how little credibility the embattled Nicolas Maduro regime has at this point.

    But the odd thing is that the central bank report actually appears to be right in broad brush strokes: Inflation is slowing. Not only does the Bloomberg Cafe Con Leche Index show this -- the annual rate is down to 99,900% from 224,900% at the end of last year -- but so does the currency market, where the pace of the bolivar’s plunge against the dollar has eased markedly.

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  • 28 May 2019 16:51 | Anonymous

    A decline in global car sales likely reduced world gross domestic product by 0.2% last year, and a flat auto market will continue to dampen global manufacturing indicators in 2019, according to a report by Fitch Ratings on Tuesday.

    Demand for autos declined in 2018 for the first time since 2009 and while the 0.1% drop was modest, it compared to an average annual increase of 4.1% in prior years. Softness in the car industry ripples across the economy more than some other sectors because of the wide array of industries 

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  • 22 May 2019 14:16 | Anonymous

    It takes a trauma to shake up economics. After the Great Depression, and again during the stagflation of the 1970s, new orthodoxies emerged. Something similar may be under way now, a decade after the financial crisis, as economists and investors start to wonder if it’s time for a different approach.

    At the Start of the Central Bank Era, Inflation Was The Enemy

    For a half-century or so, there’s been broad agreement in developed countries that monetary policy is the most effective tool for managing the economy.

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