Global defense and security company Saab announced plans Wednesday (May 8) to locate a new U.S. manufacturing operation in Indiana. The facility, located at Discovery Park District Aerospace on the west side of the Purdue University campus, will support production of the U.S. Air Force’s next-generation T-X jet trainer and create up to 300 new […]
Finance
Latest News
Details of Beijing Reversal Surface – China Said: ‘trust us’ – USTR Lighthizer said: ‘go spit’…
USTR Robert Lighthizer has filed the official notification with the federal register for the increase in Section 301 tariffs from 10% to 25% effective Friday (full pdf below). Additionally Reuters has exclusive details of the collapse in U.S-China trade talks. As most CTH readers are aware, Lighthizer has focused heavily on the enforcement mechanisms within […]
Related
Morgan Stanley Downgrades Ratings of China’s Four Largest Banks…
Morgan Stanley reportedly lowered its ratings on some shares of China’s four biggest banks on Tuesday, a move that surprised many industry insiders. It also upgraded the ratings of A shares of Ping An Bank and China Everbright Bank. According to a report from domestic news site 21jingji.com on Tuesday, citing a Morgan Stanley research […]
White House Wins the Battle Over Export-Import Bank…
The U.S. Senate acted to revive the U.S. export credit agency by confirming President Donald Trump’s nominees, marking the White House’s victory over a vast network of political groups backed by the Koch brothers. The Senate voted May 8 to confirm three nominees to serve on the board of the U.S. Export-Import Bank (Ex-Im Bank), […]
Markets Re-Plunge as Lighthizer Confirms Tariff-Hikes After China Reneges on Promises…
While a Chinese delegation is still scheduled to visit Washington as planned this week, with talks to take place Thursday and Friday, U.S. Trade Representative Robert Lighthizer told reporters Monday that the Trump administration plans to increase duties on Chinese imports at 12:01 a.m. on Friday, accusing Beijing of backpedaling on commitments it made during […]
USTR Lighthizer: “We have seen an erosion of commitments by China” … “in our view unacceptable”…
To say there are conflicting reports of the U.S-China trade discussion, and possible breakdown therein, would be an understatement. However, mining through the various U.S. and China news agencies, a more clear picture emerges. U.S. Trade Representative Robert Lighizer is quoted today: “We felt we were on track to get somewhere. Over the course of […]
Related
MAGAnomics – April Jobs Report: +263,000, Unemployment Rate 3.6%, Wage Growth +3.2%…
The Bureau of Labor Statistics (BLS) releases the April 2019 jobs report and the results are excellent. It’s a home run for MAGAnomics as the trifecta continues: Job gains +263,000, Wage growth +3.2%, Inflation low at 1.4%. With a gain of 263,000 new jobs in April, the overall unemployment rate dropped to 3.6%. There are […]
Related
U.S. Steel Announces $1.2 Billion Investment to Upgrade Pennsylvania Facilities…
The U.S. Steel and Aluminum industry has been a key focus of President Trump in an effort to reestablish a critical industry for America. Part of the administration strategy was broad-based tariffs aimed at curbing China’s dumping of government subsidized product globally. The broad global application of the tariffs defeated the Chinese trans-shipment strategy to […]
Fed Keeps Interest Rates Steady, Maintains Its ‘Patient’ Policy Stance…
The Federal Reserve announced that it had left its benchmark federal-funds rate unchanged, after its two-day policy meeting concluded May 1. The central bank signaled more patience ahead. Fed policymakers gathered on April 30 and May 1 to assess the economic and financial conditions, and decide on monetary policy. As widely predicted, the central bank […]
Related
Nearly 200 U.S. Companies Looking to Shift Manufacturing Base from China to India…
The US-India Strategic and Partnership Forum’s (USISPF) President Mukesh Aghi said that the companies are talking to them about how to set up an alternative to China by investing in India. About 200 American companies are seeking to move their manufacturing base from China to India post the general elections, a top US-based advocacy group […]
Larry Kudlow Discusses Latest Economic Numbers – Senator Grassley Goes Full Donohue…
National Economic Council Chairman Larry Kudlow appears on Fox Business to discuss the latest strong economic numbers including GDP growth, rising wages, low inflation, and strong capital investment. Additionally, Kudlow discusses current status of U.S. trade negotiations with China and a looming battle against the Decpeticons for USMCA. On the latest Op-ed by Iowa Decepticon […]
Top 25 Fastest-Disappearing Jobs in the U.S….
If you’re searching for the perfect career Opens a New Window. or thinking about switching fields, you may want to do your homework first. While U.S. employers added 196,000 jobs Opens a New Window. in March — the 118th month of straight gains — and average hourly earnings rose by 4 cents ($27.70), that doesn’t […]
TurboTax Deliberately Hides its Free File Page from Search Engines…
This week, we reported on how TurboTax uses deceptive design and misleading advertising to trick lower-income Americans into paying to file their taxes, even though they are eligible to do it for free. There’s a new wrinkle: It turns out, Intuit, the maker of TurboTax, is deliberately hiding the truly free edition — TurboTax Free […]
Advance Estimate for Q1 2019 GDP Beats Forecast at Solid 3.2%…
The Bureau of Economic Analysis (BEA) “advance” estimate for first quarter (Q1) 2019 gross domestic product (GDP) came in at a 3.2% seasonally-adjusted annual rate (SAAR). Real GDP rose 2.2% in Q4 2018 and by 2.2% in Q1 2018. The consensus forecast was calling for a more moderate but still solid 2.3% SAAR. *Chart will […]
HSBC Whistleblower: Fraud Fight Still Has Long Way to Go…
Everett Stern, the whistleblower who provided information to law enforcement authorities on British bank HSBC’s international money laundering activities, which ultimately resulted in a $1.9 billion fine, says the crackdown on financial fraud still has a long way to go. And jailing those at banks who play a role in fraud could help with the […]
How to Explain Bitcoin to Your Friends and Family…
EVERY new technological development throughout mankind’s recorded history has been met initially with derision, protest, incarceration, torture, death, and sometimes war. From the Catholic Church’s restraint of Galileo, who insisted that Copernicus was correct in his assertion that the sun was the center of the solar system, rather than the Earth as center, as was […]
Mystery Surcharge Among Taxes, Fees Added to Gasoline in California…
A University of California, Berkeley professor is drawing attention to a gasoline “mystery surcharge” in the state – unexplained price increases in gasoline which have cost drivers $20 billion since 2015. Severin Borenstein, professor at UC Berkeley’s Haas School of Business and former chairman of the state’s Petroleum Market Advisory Committee, has spent several years […]
America’s Oil Boom – Sharyl Attkisson…
We begin with an amazing American economic story you probably haven’t heard much about. Quietly and without much fanfare, the U.S. has become the world’s largest producer of crude oil… defying many predictions. And the impact goes way beyond our oil fields. It’s a big stick that can be used to influence international policy. The […]
General Electric Agrees to Pay $1.5 Billion Penalty for Alleged Misrepresentations Concerning Subprime Loans Included in Residential Mortgage-Backed Securities…
The Department of Justice today announced that General Electric (GE) will pay a civil penalty of $1.5 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) to resolve claims involving subprime residential mortgage loans originated by WMC Mortgage (WMC), a GE subsidiary. WMC, GE, and their affiliates allegedly misrepresented the quality […]
Foreigners Dump a Record $205BN in U.S. Stocks in Past Year…
Led by selling from Belgium (whose Euroclear is often seen as a proxy for China), down $10.1 BN…foreign central banks dumped Treasuries for the 5th consecutive month (-$157bn), and 10th of last 11 months…although much of this was offset by buying from private accounts…