economy
ECB cuts key rate, relaunches QE to shore up eurozone economy
The European Central Bank delved deep into its tool box on Thursday, cutting its deposit interest rate further into negative territory, launching a new round of monthly bond purchases and taking other steps to stimulate a flagging eurozone economy. In outgoing ECB President Mario Draghi’s next-to-last meeting, the central bank, as expected, delivered a 10 …
Trump delays tariff hikes by two weeks in ‘good will’ gesture to China
US President Donald Trump and China’s President Xi Jinping attend a bilateral meeting on the sidelines of the G20 Summit in Osaka on June 29, 2019. Brendan Smialowski | AFP | Getty Images President Donald Trump on Wednesday tweeted that he will be delaying the increased tariffs on $250 billion in Chinese goods to Oct. …
China waives tariffs on some US goods for the first time since the trade war began
The Chinese government issued tariff exemptions on 16 products, including shrimp, fish meal and cancer treatment drugs. Chinese importers can apply for a refund of tariffs already levied on 12 of the products. Four products, including whey, are eligible for the exemption but not for refunds. The exemptions will start September 17 and last for …
California Passes Landmark Bill to Remake Gig Economy
SACRAMENTO — California legislators approved a landmark bill on Tuesday that requires companies like Uber and Lyft to treat contract workers as employees, a move that could reshape the gig economy and that adds fuel to a yearslong debate over whether the nature of work has become too insecure. The bill passed in a 29 …
China, emerging Asia sustaining global economy, says Oxford professor
Scooter drivers in Ho Chi Minh City on November 01, 2016. Thomas Koehler | Photothek | Getty Images Growth in emerging markets has been the linchpin holding up the global economy at a time when advanced countries are threatening to unravel it. That’s the view of former World Bank vice president Ian Goldin, who told …
Book Review: The Technology Trap: Capital, Labour and Power in the Age of Automation by Carl Frey
In The Technology Trap: Capital, Labour and Power in the Age of Automation, Carl Benedikt Frey explores automation and its consequences, taking the reader on a long sweep of UK and US industrial history that demonstrates the distinction between labour-enabling and labour-replacing technologies. As arguably the most comprehensive account of automation to date, this book deserves …
The jobs report is even weaker than it seems, shows an economy on tenterhooks at Trump’s trade war
On it’s face, the August jobs report from the Bureau of Labor Statistics doesn’t look too bad for the economy. The economy added 130,000 jobs, missing the 150,000 mark expected by economists. Unemployment is steady at an excellent 3.7%. But buried in the numbers are key details that indicate a fragile economy. For one thing, …
Economy Added Fewer Jobs Than Expected In August
Job creation slowed in August, with only 130,000 jobs added to the U.S. economy compared to expectations of around 160,000. The unemployment level held steady at 3.7 percent. Job gains for June and July were downgraded by a total of about 20,000. According to Yahoo Finance, the jobs report comes at a critical time as …
Stripe, the world’s most valuable private fintech company, is getting into lending
Stripe co-founders Patrick and John Collison Source: Stripe The world’s most valuable private fintech company is moving into a new area of banking: loans. Stripe, valued at $22.5 billion after its last funding round, announced the launch of a lending arm called Stripe Capital on Thursday. The new venture is meant to help online companies …
How fire shaped humans, and forged the modern economy
Image copyright Forest History Society, Durham, NC “The canyons seemed to act as chimneys, through which the wind and fires swept with the roar of 1,000 freight trains. The smoke and heat became so intense that it was difficult to breathe. The whole world seemed to us men back in those mountains to be aflame. …
