U.S. employment growth slowed more than expected in August, amid signs the trade war between Washington and Beijing are taking a toll on business sentiment, but wages saw their biggest jump in six months.
US President Donald Trump on Monday said that the US "has already responded" in many ways to the sanctions posed by Beijing on American officials and added that phase-1 deal with China means "very little". Trump told reporters here. He asserted that China should not have allowed the global spread of COVID-19. Trump further went on to say that China is treated "way more differently" than the US. Speaking about the Iran and US deal, the US President said, "Iran would make a deal with the US within a month if he wins the elections in November". However, with regard to a deal with China, he said that Washington "may not want" to have a deal with Beijing.
CNN reports Hong Kong media tycoon Jimmy Lai was arrested early Monday. Lai is known for his support of the city's pro-democracy movement and criticism of China. The arrest comes under the new security law imposed on the city last month by Beijing, which bans "collusion with foreign forces." The Hong Kong Police Force say seven people were arrested, aged 39 to 72. Charges against them include collusion with foreign forces to endanger national security, and conspiracy to commit fraud.
In a controversial move, Jimmy Lai, a media mogul in Hong Kong was arrested reportedly under a new security law. He is the owner of Next Digital Ltd which runs the flagship newspaper, Apple Daily. Police personnel were seen carrying boxes out of Lai's organisation's office. The news organisation has backed pro-democracy protests rocking the city since last year when Beijing tried to enforce a controversial extradition law which critics said was an assault on Hong Kong's autonomy. Large-scale, and sometimes violent, protests have gripped the territory in opposition to an alleged assault on the 'one country, two systems' principle which has ensured that the former British colony enjoys greater personal freedoms than mainland China. Beijing's critics have also slammed the new security law, calling it a tool to crush dissent and protests. It contains punishment for charges like secession, subversion, terrorism and collusion with foreign forces. Lai has reportedly been accused of the last one. Many countries like the United States of America and the United Kingdom have also unequivocally criticised the security law. However, pro-China voices claim that the legislation will help end unrest and bring 'normalcy' back to the city. Watch the full video for more.
Credit: HT Digital Content Duration: 02:17Published
Federal Reserve Chairman Jerome Powell on Wednesday repeated his pledge to use a "full range of tools" to support the U.S. economy and keep interest rates near zero for as long as it takes to recover from the fallout from the coronavirus outbreak, saying the economic path will depend significantly on the course of the virus.
The US Federal Reserve is expected to remain apolitical and stay out of the business of Congress. Even so, President Donald Trump has repeatedly jeered at Fed Chair Jerome Powell, even going so far as to call him 'an enemy of the state.' Nevertheless, Business Powell stuck his neck out in a Congressional hearing this week, calling for more government intervention in the economy.
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chairman Jerome Powell told Congress on Tuesday. Conway G. Gittens has more of his testimony.
Federal Reserve Chair Jerome Powell on Tuesday testified before the Senate Banking Committee and said that the U.S. economy appears to be entering the second phase of reopening assuming the virus remains under control.
The number of Americans who signed up for first-time jobless benefits remained stuck above 1 million for the 20th straight week, in the clearest signal yet of a stalled economic rebound. Conway G. Gittens dives into the numbers.
The US medical community has rejected Trump's belief that a vaccine could be ready by Election Day. There are 25 vaccines currently in clinical trials and more than 100 more in development. But this is not the space race, it's a worldwide pandemic and Putin is trying to claim victory. Critics say the country's push for a vaccine is partly due to political pressure from the Kremlin. CNN reports Putin and his team are keen to portray Russia as a global scientific force.
In a pair of interviews on Tuesday, President Donald Trump railed against his competitor. He attacked Biden for being weak on China... but stopped short himself, reports CNN. Trump refuses to condemn China's repression of its Uyghur ethnic minority. He has also avoided commenting on China's crackdown on political freedoms in Hong Kong. "China will own the United States if this election is lost by Donald Trump." Trump, referring to himself in the third person.
The Trump administration is considering ways to restrict people from entering the United States at the US-Mexico border. Citing coronavirus concerns, a White House draft memo says such restricted persons could include US citizens and lawful permanent residents. According to CNN, it's the latest attempt by the administration to seal off US borders. In March, the administration invoked a public health law to swiftly remove migrants, including children, who are apprehended at the border.
Joe Biden has named California Senator Kamala Harris as his running mate,making history by selecting the first black woman to compete on a majorparty's presidential ticket. In choosing Ms Harris, Mr Biden is embracing aformer rival from the Democratic primary who is familiar with the pressures ofa national campaign. The 55-year-old first-term senator is also one of theparty's most prominent figures and quickly became a top contender for thenumber two spot after her own White House campaign ended.
Credit: PA - Press Association STUDIO Duration: 01:13Published
Equity benchmark indices swung nearly 1 per cent lower during the afternoon session on July 30 ahead of the expiry day of monthly futures and options contracts. At the closing bell, the BSE S and P Sensex was down by 335 points or 0.88 per cent at 37,736 while the Nifty 50 lost 101 points or 0.9 per cent at 11,102. Most sectoral indices at the National Stock Exchange were in the red except for Nifty pharma which gained by 3.1 per cent and IT which crawled up by 0.6 per cent. Nifty bank slipped by 2 per cent, financial service by 1.8 per cent and metal by 1.2 per cent. Among stocks, energy majors were big losers with Bharat Petroleum Corporation down by 8 per cent to Rs 417.80 per share. IndianOil Corporation dipped by 4.1 per cent, ONGC by 2.4 per cent and Power Grid Corporation by 2.3 per cent. Banking scrips too witnessed losses with IndusInd Bank dipping by 5.4 per cent, Axis Bank by 3.4 per cent and State Bank of India by 2.4 per cent while home loan lender lost by 3.6 per cent. Pharma stocks, however, witnessed handsome gains with Dr Reddy's advancing by 4.6 per cent to close at Rs 4,500 per share. Sun Pharma and Cipla were up by 3.7 per cent and 0.8 per cent respectively. Wipro, Infosys, Vedanta, Maruti Suzuki, Britannia and Reliance Industries too traded with a positive bias. Meanwhile, Asian stocks were flat as the US Federal Reserve members voted to leave the target range for short-term rates between 0 and 0.25 per cent to support the country's virus-battered economy. Japan's Nikkei and Hong Kong's Hang Seng were down by 0.26 per cent and 0.69 per cent but South Korea's Kospi moved up by 0.17 per cent.
US Senator Dick Durbin is requesting the Fed probe card networks and issuers, such as Mastercard and Visa. The senator wants an investigation over potentially anticompetitive fees. Durbin's letter hi-lighted that merchants are paying excessive debit card fees during the pandemic. The companies have planned major fee changes for US-based merchants. The Feds are requesting a competition-based investigating into Visa, Mastercard, and major issuers.
Spartan Capital Securities' Peter Cardillo expects the Fed to say it'll do "whatever it takes" to keep adding liquidity to the markets when policymakers meet this week. But he also tells Reuters' Fred Katayama that he thinks there's a good chance the markets will pull back, regardless of the Fed, because "the economy is faltering."