• Euro Gaps Lower After Lira Tumbles and Dollar Rallies, Eyes GDP
Euro Gaps Lower After Lira Tumbles and Dollar Rallies, Eyes GDP

Also caught up in the sell-off is Russia's ruble, which today hit its lowest level against the U.S. dollar since April 2016 and its lowest level against the euro since April this year, partly reflecting the high amount of borrowing in foreign currencies by Russian corporates, but also concern about the damage that the latest round of USA sanctio...

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  • Turkish lira drops to new record low overnight
Turkish lira drops to new record low overnight

Turkey's detention of Andrew Brunson on security-related charges is one of a series of disputes at the heart of deteriorating ties between the two countries. From left, Iranian President Hassan Rouhani, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan shake hands previous year.

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  • Saudi fund expressed support for taking Tesla private: Musk
Saudi fund expressed support for taking Tesla private: Musk

While the entrepreneur owns 20 percent of Tesla , more than $60 billion would be needed to buy the business from public shareholders. The Saudi wealth fund's current stake in the company is valued at about $2 billion. Wall Street is awash with speculation on who might team up with Musk to do a deal. Tesla founder and CEO Elon Musk used Tw...

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  • Speculation rife that Apple IS planning to build a driverless auto
Speculation rife that Apple IS planning to build a driverless auto

The interesting part? At Tesla, Field was employed as the Vice President of Vehicle Programs with a role overseeing development of new electric vehicles for the company. Engineer Doug field returned to Apple . But in July, however, it was announced Field had left. The move strengthens the view that Apple's stalled vehicle initiative may ha...

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  • Turkey: US won't achieve aims through sanctions
Turkey: US won't achieve aims through sanctions

On August 10, U.S. President Donald Trump said he had approved the doubling of tariffs on Turkish steel and aluminum. Turkey has been hit by financial turmoil, with the lira plunging over deepening concerns about the government's economic policies and a diplomatic spat with the United States.

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  • Who Will Fund Elon Musk's Tesla Takeover? It Could Be Saudi Arabia
Who Will Fund Elon Musk's Tesla Takeover? It Could Be Saudi Arabia

In a letter to employees on Tuesday, Musk suggested a choice for shareholders of selling their shares for $420 each or remaining investors in a private Tesla . The Saudi fund hasn't made any firm decisions on whether to increase its stake, or by how much, but talks are ongoing, they said. The stock has since given back more than two-thirds of th...

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  • British pound falls lower against dollar, euro
British pound falls lower against dollar, euro

Three-month sterling volatility rose to its highest since March. Travellers exchanging currency at Heathrow were being offered as little as $1.08 or €0.93 for £1. "The next move by the central bank could be a cut rather than another hike". Risk reversals - used commonly to hedge against expected currency moves - in sterling/dollar fell to their...

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  • Fall of the Turkish Lira raises concerns for emerging markets
Fall of the Turkish Lira raises concerns for emerging markets

The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism. The Turkish currency has been a casualty of a deepening crisis spurred by the administration's growth-at-all-costs agenda and a worsening spat with the United States, whi...

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  • Mexico says 'very close' on NAFTA issues with the U.S.
Mexico says 'very close' on NAFTA issues with the U.S.

After a second day of meetings with US Trade Representative Robert Lighthizer in Washington , Guajardo said talks were "advancing" but that it was not clear how long it would take to settle US-Mexico issues before Canada would come back to talks.

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  • McDonald's new McGold Card contest offers winners free food for life
McDonald's new McGold Card contest offers winners free food for life

To enter the contest, consumers must use McDonald's mobile ordering system. Customers are restricted to one entry per day. McDonald's says the victor will be drawn at random and be notified within two days. Or, to be more specific, two meals per week for 50 years. For the coffee giant's fourth annual sweepstakes, which ended in January, fiv...

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  • Canada’s Jobless Rate Expected This Morning; Trouble In Turkey
Canada’s Jobless Rate Expected This Morning; Trouble In Turkey

Nationally, employment rose by 54,000 in July, with the unemploymet rate dropping slightly to 5.8 per cent. The gain, reported by Statistics Canada on Friday, was far greater than the additional 17,000 jobs predicted by economists in a Reuters poll.

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  • FBI seeks motive after man stole plane, crashed it
FBI seeks motive after man stole plane, crashed it

Authorities said they don't know why Russell took the plane, but could be heard on audio recordings telling air traffic controllers that he was "just a broken guy ". NORAD said the fighters did not fire on the stolen airplane. Its believed the pilot was killed in the crash, and authorities are still trying to figure out how someone could steal...

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  • Lawsuits accuse Tesla's Musk of fraud over tweets, going-private proposal
Lawsuits accuse Tesla's Musk of fraud over tweets, going-private proposal

Musk, often the center of controversy, did not prove he had the funds to finance the operation - despite tweeting "funding secured". He then answered a number of questions from some of his 22.3 million followers, reiterating these points.

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  • Telecom lifts Nasdaq, Dow and S&P close with modest losses
Telecom lifts Nasdaq, Dow and S&P close with modest losses

The stock ended down 4.8 percent. JPMorgan , Wells Fargo and Bank of America were also lower. "Banks are leverage plays on the global economy. About 6.7 billion shares changing hands on USA exchanges. Chip stocks fell after Morgan Stanley downgraded the USA semiconductor industry, saying upside to estimates is hard to come by.

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  • IKEA brings big-box shopping to India
IKEA brings big-box shopping to India

The IKEA store in Hyderabad is the first of 25 such outlets planned to be set up in India by 2025. About 10,000 customers had visited the store by 4 p.m. But Brodin admitted having to give Ikea's business model a local twist of Indian spice to try to attract a vast middle class not used to a company which expects them to assemble products...

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  • ‘Suicidal’ mechanic steals plane from Seattle airport
‘Suicidal’ mechanic steals plane from Seattle airport

The airline tells The Associated Press that the plane was a Horizon Air Q400 and it believed no passengers were on board. There were no passengers aboard. Audio captured emotional conversations between the man, named as " Rich ", and air traffic controllers trying to help him land safely. Local media citing sources at Joint Base Lewis-McChord...

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  • Horizon Air worker accused of stealing, crashing plane had Alaska ties
Horizon Air worker accused of stealing, crashing plane had Alaska ties

One user tweeted , "Some dude stole a plane from #Seatac (Allegedly), did a loop-the-loop, nearly crashed into #ChambersBay, then crossed in front of our party, chased by fighter jets and subsequently crashed". It appeared the ground worker used a tow vehicle to rotate the plane 180 degrees on the tarmac before climbing into the cockpit, taxiing to...

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  • SEC Examining Musk's Tweets on Taking Tesla Private
SEC Examining Musk's Tweets on Taking Tesla Private

Such is the unusual nature of Elon Musk's varied business ventures, there tends to be considerable attention on pretty much everything he does and says. Doubts are growing over his outlandish plan to take the electric vehicle maker off the Nasdaq index. And because shares would no longer be traded on an exchange, short sellers would be shut out.

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  • China Paper Rebuts Trade War Criticism, Says
China Paper Rebuts Trade War Criticism, Says "An Elephant Can't Hide"

China's refined products exports last month were 4.57 million tonnes, almost flat from a year earlier. China announced late Wednesday that it will impose an additional 25 percent tariffs on $16 billion of USA imports. "We expect export growth to cool in the coming months, though this will primarily reflect softer global growth rather than USA ta...

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  • Turkey Lira crisis in pictures: Locals sell wealth to save currency
Turkey Lira crisis in pictures: Locals sell wealth to save currency

President Donald Trump escalated a feud with North Atlantic Treaty Organisation ally Turkey by doubling tariffs on metals imports. "Don't heed them. A delegation of Turkish officials held discussions with their counterparts in Washington this week but there was no sign of a breakthrough. "Emerging market economies move more aggressively; th...

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