Maraga to handle lawsuits over new currency Daily Nation
Two cases challenging the new-generation currency have been forwarded to Chief Justice David Maraga, who will form a three-judge bench to hear them.
How Vietnam Will Avoid Currency ‘Manipulator’ Label, Save its Economy VOA News
Vietnam is likely to make concessions to the United States so it can escape a U.S. watch list of possible currency manipulators and head off a hit to its fast-growing economy led by exchange rate-sensitive exports, analysts who follow the country say. The Southeast Asian country, they forecast, will probably talk to the U.S. side over the next six to nine months, consider approving fewer changes in its foreign exchange rate and accept more high-value American imports. Those measures would help Vietnam get off the U.S. Treasury’s list of nine countries that Washington will examine further fo…
Four charts show how much China’s economy has changed in 30 years CNBC
– Chinese officials sometimes divert conversation toward the country’s tremendous economic growth when they’re asked about the violent Tiananmen crackdown, which took place 30 years ago this week. – People who want to understand the rising assertiveness coming out of Beijing recently may be well served to examine the country’s economic growth. – Urban migration, growth in Chinese cities’ GDPs, trade levels, and the number of Chinese tourists visiting foreign countries all illustrate how dramatically the country’s economic power has grown in 30 years. The Chinese government doesn’t often tal…
JPMorgan Chase Seeks to Prohibit Card Customers From Suing The New York Times
WASHINGTON — JPMorgan Chase is trying to require its credit card customers to go into private arbitration to settle disputes — even if they involve an older account — by reintroducing provisions it dropped a decade ago. “With arbitration, you cannot go to court, have a jury trial or initiate or participate in a class action for your dispute(s) with us,” the bank said in notifications sent to customers. The change, which affects about 47 million accounts, including those for Chase’s popular Sapphire cards, reflects a broader effort by Wall Street firms to prevent customers and employees from…
Dow soars 500 points after Powell signals a rate cut is on the table, investors ignore global trade tensions Business Insider
– US stocks staged an impressive rally Tuesday after Federal Reserve Chairman Jerome Powell suggested the central bank was open to the possibility cutting interest rates. – Investors shrugged off unresolved tensions with key trading partners China and Mexico. – Technology stocks like Facebook and Alphabet rebounded after Monday’s brutal sell-off. – Visit Markets Insider’s homepage for more stories. The major averages soared Tuesday after Federal Reserve Chairman Jerome Powell signaled the central bank was open to the possibility of slashing interest rates in the face of international trad…
China and the US are trading blame as tariff threats loom Business Insider
– Progress toward a trade deal stalled last month after the US said China reneged on major commitments. – Tensions between Beijing and Washington have steadily risen since then. – That has left some bracing for the possibility that tariffs could remain in place for a prolonged period of time and be expanded to a broader range of products. Tensions between Beijing and Washington have steadily risen since a breakdown in negotiations in May, dimming hopes for a detente between the largest economies as they remained mired in an escalating trade war. That has left some bracing for the possibilit…
Kenya’s new banknotes and the battle against corruption BBC News
Kenya’s President Uhuru Kenyatta has announced that the country’s currency is to be replaced with a new generation of banknotes. Kenyans must return their …
Nasdaq drops more than 1%, enters correction territory as regulation fears batter big tech CNBC
Tech stocks fell on Monday, June’s first day of trading, amid reports that the U.S. government is planning to target a host of big companies in the industry with antitrust and business practice probes. Shares of Alphabet, Amazon, Facebook and Apple all weighed on the market during Monday’s session. The Nasdaq Composite dropped 1.6% to enter correction territory, closing more than 10% below its record high set in late April at 7,333.02. The S&P 500 slid 0.3% to 2,744.45 while the Dow Jones Industrial Average ended the day just above breakeven at 24,819.78. Alphabet shares pulled back 6.1% af…
This under-the-radar freight indicator is raising concerns that the US economy is slowing CNBC
– The Cass Freight Index, a broad measure of freight shipments, fell 3.2% year over year in April — even before the announcement of new tariffs on Mexico. – The April report outlined a “material and growing downside risk to the economic outlook.” – In notes to clients, Morgan Stanley and Credit Suisse warn of red flags in the transportation market that could signal trouble in the broader economy. A slowdown in trucking and transportation is causing some on Wall Street to worry about an impending deceleration in the U.S. economy. The Cass Freight Index, a broad measure of freight shipment ac…
What Bank of America’s Digital Assistant Tells Us About the Future of Banking Yahoo Finance
Erica is Bank of America’s latest weapon to win low-cost deposits.
