• The trade deal between the U.S. and China may have eased tensions, but European and Latin American officials are worried it will come at a cost Link
    NYT Business Thu 23 Jan 2020 11:05

    DAVOS, Switzerland — When the United States and China reached a temporary truce in their costly trade war last week, many wondered how Beijing could live up to its commitment to buy $200 billion more of American-made goods over two years. Surely, critics said, China will either renege on the deal, or it will switch to buying products from American farms and factories that it is currently purchasing from other countries.

    In the halls of Davos this week, where global leaders gathered at the World Economic Forum to discuss fraying international ties, two realities were becoming clear: China plans to honor the deal, and everybody except the United States may be about to lose a lot of business.

    The United States and China are already gearing up for the sale of tens of billions of dollars in American-made products to Chinese buyers in the coming months, according to people familiar with the thinking of officials in both countries. If carried through, that would strengthen...

  • RT @JackEwingNYT: Climate change could cause the next financial crisis, according to a report by an organization of the world's central ban…
    NYT Business Thu 23 Jan 2020 10:50
  • The next global financial crisis could be caused by climate change, according to a new report. Central banks are trying to prepare. Link
    NYT Business Thu 23 Jan 2020 10:35

    FRANKFURT — Climate change has already been blamed for deadly bush fires in Australia, dying coral reefs, rising sea levels and ever more cataclysmic storms. Could it also cause the next financial crisis?

    A report issued this week by an umbrella organization for the world’s central banks argued that the answer is yes, while warning that central bankers lack tools to deal with what it says could be one of the biggest economic dislocations of all time.

    The book-length report, published by the Bank for International Settlements in Basel, Switzerland, signals what could be the overriding theme for central banks in the decade to come.

    “Climate change poses unprecedented challenges to human societies, and our community of central banks and supervisors cannot consider itself immune to the risks ahead of us,” François Villeroy de Galhau, governor of the Banque de France, said in the report.

  • As President Trump renewed his criticism in Davos, Switzerland, that the Fed's interest rate policy prevented the U.S. economy from reaching 4 percent growth, economists said that claim was not realistic, @jeannasmialek writes. Link
    NYT Business Thu 23 Jan 2020 07:35

    WASHINGTON — President Trump has repeatedly blamed the Federal Reserve’s interest rate policy for preventing the American economy from reaching the 4 percent growth he had promised. On Wednesday, Mr. Trump renewed that criticism from the sidelines of an elite gathering in Davos, Switzerland.

    “No. 1, the Fed was not good,” Mr. Trump told CNBC when asked why economic growth was closer to 2 percent last year. Data for the full year isn’t in yet, but the economy probably expanded at 2.2 percent or 2.3 percent relative to the fourth quarter of 2018, economists estimate.

    Mr. Trump also pointed to the grounding of Boeing’s 737 Max plane and severe storms as factors that held back the economy, but added that “with all of that, had we not done the big raise on interest, I think we would have been close to 4 percent.”

    Economists said that claim was not realistic.

    The central bank’s nine interest rate increases between 2015 and late 2018 — three of which it...

  • “Recent media reports that suggest the Kingdom is behind a hacking of Mr. Jeff Bezos’ phone are absurd,” the Saudi Embassy said on Twitter. “We call for an investigation on these claims so that we can have all the facts out.” Link
    NYT Business Thu 23 Jan 2020 06:45

    SAN FRANCISCO — On the afternoon of May 1, 2018, Jeff Bezos received a message on WhatsApp from an account belonging to Saudi Arabia’s crown prince, Mohammed bin Salman.

    The two men had previously communicated using the messaging platform, but Mr. Bezos, Amazon’s chief executive, had not expected a message that day — let alone one with a video of Saudi and Swedish flags with Arabic text.

    The video, a file of more than 4.4 megabytes, was more than it appeared, according to a forensic analysis that Mr. Bezos commissioned and paid for to discover who had hacked his iPhone X. Hidden in that file was a separate bit of code that most likely implanted malware that gave attackers access to Mr. Bezos’ entire phone, including his photos and private communications.

    Mr. Bezos has been on a singular quest to find out who penetrated the device since early 2019, when he said The National Enquirer’s parent company had threatened to release private photographs and texts, and...

  • Digital assistants are in a plethora of digital devices, including computers, smart speakers, dashboards and watches, and they can help you ease into the day and keep the household running smoothly, @jdbiersdorfer writes. Link
    NYT Business Thu 23 Jan 2020 06:15

    Apple added its Siri assistant to the iPhone 4S model in 2011, giving users a hand-free way to schedule appointments, play music, look up information and perform other basic tasks. Less than a decade later, digital assistants are in a plethora of digital devices, including computers, smart speakers, dashboards and watches, and they can help you ease into the day and keep the household running smoothly.

    While the assistants can make life more efficient, it can take time to learn all their abilities. If you received a smart speaker as a gift and don’t know where to start, or you’ve just dabbled with the assistant app on your phone and want to make it useful, here’s a quick introduction to life with a digital companion. Also, we have some pointers for protecting your privacy.

  • Surpassing a threshold that could ultimately unlock hundreds of millions of dollars in bonus compensation for its chief executive, Tesla’s share price hit a record high, @nirajc writes. Link
    NYT Business Thu 23 Jan 2020 05:15

    Tesla’s share price hit a record high on Wednesday, surpassing a threshold that could ultimately unlock hundreds of millions of dollars in bonus compensation for its chief executive, Elon Musk.

    The award is contingent on a $100 billion market capitalization for Tesla — the milestone reached Wednesday — over a sustained period. The stock closed at $569.56 per share, giving the company a valuation just shy of $103 billion.

    If the market capitalization remains above $100 billion on average over a six-month period, including at least 30 consecutive days, Mr. Musk will have the option to buy about 1.69 million shares at about $350 each — a payout worth more than $370 million before taxes at the current stock price.

    Forbes and Bloomberg estimate Mr. Musk’s current net worth at about $32 billion, about half of it composed of Tesla shares.

  • How did the Fed’s policies affect growth? Here are a few ways to think through how the economy might have shaped up had the Fed acted differently. Link
    NYT Business Thu 23 Jan 2020 04:10

    WASHINGTON — President Trump has repeatedly blamed the Federal Reserve’s interest rate policy for preventing the American economy from reaching the 4 percent growth he had promised. On Wednesday, Mr. Trump renewed that criticism from the sidelines of an elite gathering in Davos, Switzerland.

    “No. 1, the Fed was not good,” Mr. Trump told CNBC when asked why economic growth was closer to 2 percent last year. Data for the full year isn’t in yet, but the economy probably expanded at 2.2 percent or 2.3 percent relative to the fourth quarter of 2018, economists estimate.

    Mr. Trump also pointed to the grounding of Boeing’s 737 Max plane and severe storms as factors that held back the economy, but added that “with all of that, had we not done the big raise on interest, I think we would have been close to 4 percent.”

    Economists said that claim was not realistic.

    The central bank’s nine interest rate increases between 2015 and late 2018 — three of which it...

  • China faces the spread of another disease, which so far has killed 17 people and infected more than 540. And while Beijing’s response has improved in some ways from the SARS disaster, it has regressed in others, @liyuan6 writes Link
    NYT Business Thu 23 Jan 2020 03:40

    The SARS disaster was supposed to drag China into a new era of openness and responsibility. The deadly disease rippled across the world 17 years ago, abetted by a Chinese government that covered up its spread. As the scope of it became clear, China’s journalists, intellectuals and other critics helped shame Beijing into opening up about the problem.

    “SARS has been our country’s 9/11,” said Xu Zhiyuan, then a young newspaper columnist and a fierce critic of the government’s handling of SARS, in a 2003 interview with The New York Times. “It has forced us to pay attention to the real meaning of globalization.”

    Today, China faces the spread of another mysterious disease, a coronavirus, which so far has killed 17 people and infected more than 570. And while Beijing’s response has improved in some ways, it has regressed in others. It is censoring criticism. It is detaining people for spreading what it calls “rumors.” It is suppressing information it deems...

  • While the assistants can make life more efficient, it can take time to learn all their abilities. Here’s a quick introduction to life with a digital companion. Also, we have some pointers for protecting your privacy. Link
    NYT Business Thu 23 Jan 2020 03:05

    Apple added its Siri assistant to the iPhone 4S model in 2011, giving users a hand-free way to schedule appointments, play music, look up information and perform other basic tasks. Less than a decade later, digital assistants are in a plethora of digital devices, including computers, smart speakers, dashboards and watches, and they can help you ease into the day and keep the household running smoothly.

    While the assistants can make life more efficient, it can take time to learn all their abilities. If you received a smart speaker as a gift and don’t know where to start, or you’ve just dabbled with the assistant app on your phone and want to make it useful, here’s a quick introduction to life with a digital companion. Also, we have some pointers for protecting your privacy.

  • In some ways, Equifax’s initial settlement period was a success: According to a court document, the fund is expected to pay in full all legitimate claims for out-of-pocket losses, @tarasbernard writes. In others, it was an exercise in frustration. Link
    NYT Business Thu 23 Jan 2020 02:15

    Roughly two years ago, nearly half the American population had their personal information compromised by hackers in Equifax’s enormous database. Consumers were outraged, lawmakers upbraided the chief executive and Equifax ultimately reached a settlement with regulators for up to $700 million.

    Despite the anger, the vast majority of the 147 million consumers eligible for the settlement are sitting it out. As of Dec. 1, just more than 10 percent of the consumers affected had filed for some type of compensation.

    Wednesday was the deadline for initial claims under the settlement, including requests for free credit monitoring services or the so-called alternative compensation — a payment of up to $125 for those who already had some form of monitoring in place. It was also the initial deadline to seek payment for time spent dealing with the inconvenience, and for claims for out-of-pocket expenses or losses incurred because of the breach.

    In some ways, the initial...

  • A little more than 10 percent of consumers affected by the Equifax breach had made settlement claims as of Dec. 1. Link
    NYT Business Thu 23 Jan 2020 01:05

    Roughly two years ago, nearly half the American population had their personal information compromised by hackers in Equifax’s enormous database. Consumers were outraged, lawmakers upbraided the chief executive and Equifax ultimately reached a settlement with regulators for up to $700 million.

    Despite the anger, the vast majority of the 147 million consumers eligible for the settlement are sitting it out. As of Dec. 1, just more than 10 percent of the consumers affected had filed for some type of compensation.

    Wednesday was the deadline for initial claims under the settlement, including requests for free credit monitoring services or the so-called alternative compensation — a payment of up to $125 for those who already had some form of monitoring in place. It was also the initial deadline to seek payment for time spent dealing with the inconvenience, and for claims for out-of-pocket expenses or losses incurred because of the breach.

    In some ways, the initial...

  • Jack Van Impe, the end times preacher, has died at 88. Known for his prodigious memorization of the Bible, he mingled scripture with commentary on public affairs in a television broadcast that reached a wide audience. Link
    NYT Business Thu 23 Jan 2020 00:10

    Jack Van Impe, a televangelist who reached a wide audience interpreting current events through apocalyptic passages of the Bible and prophesying the end of the world, died on Saturday at a hospital in Royal Oak, Mich. He was 88.

    His death was announced by his organization, Jack Van Impe Ministries International, which did not specify a cause. He had been hospitalized after a fall this month, his longtime consultant E. Dale Berkey said.

    Mr. Van Impe (pronounced IMP-ee) often pronounced the imminent return of Jesus Christ and mingled discussion of Bible passages with the news of the day on his weekly television program, “Jack Van Impe Presents.” The program aired on the Trinity Broadcasting Network, through cable and satellite, for more than two decades and was said to have reached about 25,000 cities.

    “He was something of a pioneer televangelist, someone who was utterly confident about his esoteric interpretations of biblical prophecies,” Dr. Randall Balmer,...

  • A report renewed questions about the shadowy world of private hackers for hire. For the right client, or the right sum, such hackers apparently infiltrated the phone of one of the world’s wealthiest and most powerful men. Link
    NYT Business Thu 23 Jan 2020 00:00

    SAN FRANCISCO — On the afternoon of May 1, 2018, Jeff Bezos received a message on WhatsApp from an account belonging to Saudi Arabia’s crown prince, Mohammed bin Salman.

    The two men had previously communicated using WhatsApp, but Mr. Bezos, Amazon’s chief executive, had not expected a message that day — let alone one with a video of Saudi and Swedish flags with Arabic text.

    The video, a file of more than 4.4 megabytes, was more than it appeared. Hidden in 14 bytes of that file was a separate bit of code that most likely implanted malware, malicious software, that gave attackers access to Mr. Bezos’ entire phone, including his photos and private communications.

    Those details were part of a forensic analysis that Mr. Bezos had commissioned to discover who had hacked his phone, an iPhone X. He has been on a singular quest to find out who penetrated the device after he said The National Enquirer’s parent company threatened to release his private photographs and...

  • Hallmark's top television executive is leaving after the network drew a backlash for dropping a commercial that showed brides kissing Link
    NYT Business Wed 22 Jan 2020 23:35

    Hallmark's top television executive, Bill Abbott, is leaving the company weeks after the Hallmark Channel confronted a withering backlash over its decision to pull commercials that featured a same-sex wedding.

    Mr. Abbott had been chief executive of Crown Media, the division of Hallmark Cards that oversees the network, for 11 years.

    “I will begin a search for Bill’s replacement,” Mike Perry, the chief executive of Hallmark Cards, said in an abrupt announcement on Wednesday.

    In December, after pressure from a conservative group, the Hallmark Channel removed four commercials that showed brides kissing at the altar. Most of the ads in the series, for the wedding planning website Zola, featured a female couple along with heterosexual couples. One of the others focused on only the lesbian couple.

  • Tesla's stock is now worth more than $100 billion. That could mean a big payday for its chief executive, Elon Musk. Link
    NYT Business Wed 22 Jan 2020 23:10

    Tesla’s share price hit a record high on Wednesday, surpassing a threshold that could ultimately unlock hundreds of millions of dollars in bonus compensation for its chief executive, Elon Musk.

    The award is contingent on a $100 billion market capitalization for Tesla — the milestone reached Wednesday — over a sustained period. The stock closed at $569.56 per share, giving the company a valuation just shy of $103 billion.

    If the market capitalization remains above $100 billion on average over a six-month period, including at least 30 consecutive days, Mr. Musk will have the option to buy about 1.69 million shares at about $350 each — a payout worth more than $370 million before taxes at the current stock price.

    Forbes and Bloomberg estimate Mr. Musk’s current net worth at about $32 billion, about half of it composed of Tesla shares.

  • The central bank’s nine interest rate increases between 2015 and late 2018 — three of which it reversed last year — probably reined in business investment and the housing market, economists say. But not by 2 full percentage points. Link
    NYT Business Wed 22 Jan 2020 22:40

    WASHINGTON — President Trump has repeatedly blamed the Federal Reserve’s interest rate policy for preventing the American economy from reaching the 4 percent growth he had promised. On Wednesday, Mr. Trump renewed that criticism from the sidelines of an elite gathering in Davos, Switzerland.

    “No. 1, the Fed was not good,” Mr. Trump told CNBC when asked why economic growth was closer to 2 percent last year. Data for the full year isn’t in yet, but the economy probably expanded at 2.2 percent or 2.3 percent relative to the fourth quarter of 2018, economists estimate.

    Mr. Trump also pointed to the grounding of Boeing’s 737 Max plane and severe storms as factors that held back the economy, but added that “with all of that, had we not done the big raise on interest, I think we would have been close to 4 percent.”

    Economists said that claim was not realistic.

    The central bank’s nine interest rate increases between 2015 and late 2018 — three of which it...

  • SmileDirectClub, which sells teeth aligners online, has worked to limit information about customer dissatisfaction Link
    NYT Business Wed 22 Jan 2020 21:45

    To fix some crowding in her teeth, Taylor Weakley, an environmental scientist in Denver, ordered teeth aligners two years ago from SmileDirectClub, a start-up she had seen advertised on social media.

    At $1,850, the products were cheaper than braces, and she did not have to visit an orthodontist to get them.

    But when the aligners did not correct Ms. Weakley’s teeth as promised, she asked for a refund. After a lengthy back-and-forth, SmileDirectClub said she would get her money back if she signed a nondisclosure provision as part of a general release form. In September, Ms. Weakley, 25, agreed.

    “Going forward, I can’t say anything,” she wrote in an email.

    What Ms. Weakley experienced was part of SmileDirectClub’s methods to limit information about customers’ dissatisfaction with its products. Seven people who ordered teeth aligners from the company described to The New York Times how the products did not fix their teeth; four said the aligners had created...

  • The announcement came a day after the 2 countries appeared to strike a temporary truce in a trans-Atlantic spat Link
    NYT Business Wed 22 Jan 2020 21:20

    DAVOS, Switzerland — France’s finance minister, Bruno Le Maire, said Wednesday that the United States and France had reached a broad framework for using a plan being developed by the Organization for Economic Cooperation and Development to set digital taxes, but that further talks were needed and would take place Thursday.

    The announcement came a day after the two countries appeared to strike a temporary truce in a trans-Atlantic spat. President Emmanuel Macron agreed to suspend a French tax on American technology giants in exchange for a postponement of threatened retaliatory tariffs on French goods by the Trump administration.

    Any tax framework developed by the O.E.C.D. must meet certain standards, Mr. Le Maire said. “We want the basis to be solid, credible and fair,” he said, later adding, “There is still some work to be done.”

    Further talks were also needed among European nations, he said. If a deal could be reached at the O.E.C.D., he said, that would be...

  • Digital assistants have learned thousands of new skills since Siri popped up on the iPhone nine years ago. Here's how to find out all the things you can do with your virtual helper. Link
    NYT Business Wed 22 Jan 2020 21:05

    Apple added its Siri assistant to the iPhone 4S model in 2011, giving users a hand-free way to schedule appointments, play music, look up information and perform other basic tasks. Less than a decade later, digital assistants are in a plethora of digital devices, including computers, smart speakers, dashboards and watches, and they can help you ease into the day and keep the household running smoothly.

    While the assistants can make life more efficient, it can take time to learn all their abilities. If you received a smart speaker as a gift and don’t know where to start, or you’ve just dabbled with the assistant app on your phone and want to make it useful, here’s a quick introduction to life with a digital companion. Also, we have some pointers for protecting your privacy.

  • Elon Musk could receive a stock bonus worth hundreds of millions thanks to a surge in Tesla's market value  Link
    NYT Business Wed 22 Jan 2020 20:50

    Tesla’s share price hit a record high on Wednesday, surpassing a threshold that could ultimately unlock hundreds of millions of dollars in bonus compensation for its chief executive, Elon Musk.

    The award is contingent on a $100 billion market capitalization for Tesla — the milestone reached Wednesday — over a sustained period. In afternoon trading, shares were at $567, putting its valuation above $104 billion.

    If the market capitalization remains above $100 billion on average over a six-month period, including at least 30 consecutive days, Mr. Musk will have the option to buy about 1.69 million shares at about $350 each — a payout worth nearly $400 million before taxes at the current stock price.

    Forbes and Bloomberg estimate Mr. Musk’s current net worth at about $32 billion, about half of it composed of Tesla shares.

  • The spillover effects are clearest in the transportation sector, where business slowed for railroads and trucking companies as trade slumped last year Link
    NYT Business Wed 22 Jan 2020 20:25
    Kevin Luke, who transports goods from the Port of Long Beach near Los Angeles to local distribution centers, says his business has clearly felt the impact of the trade war.Credit...Rozette Rago for The New York Times
  • RT @LiYuan6: Now that Wuhan is locking down the city to combat the coronavirus epidemic, I recommend my column on how Wuhan gov’t mishandle…
    NYT Business Wed 22 Jan 2020 20:10
  • As a deadly virus spreads, the Chinese government tries to control the narrative. The consequences could be severe. Link
    NYT Business Wed 22 Jan 2020 19:40

    The SARS disaster was supposed to drag China into a new era of openness and responsibility. The deadly disease rippled across the world 17 years ago, abetted by a Chinese government that covered up its spread. As the scope of it became clear, China’s journalists, intellectuals and other critics helped shame Beijing into opening up about the problem.

    “SARS has been our country’s 9/11,” said Xu Zhiyuan, then a young newspaper columnist and a fierce critic of the government’s handling of SARS, in a 2003 interview with The New York Times. “It has forced us to pay attention to the real meaning of globalization.”

    Today, China faces the spread of another mysterious disease, a coronavirus, which so far has killed 17 people and infected more than 540. And while Beijing’s response has improved in some ways, it has regressed in others. It is censoring criticism. It is detaining people for spreading what it calls “rumors.” It is suppressing information it deems...

  • RT @LiYuan6: Beijing has responded faster to the new threat than it did with SARS, but it still silences and punishes those who veer from t…
    NYT Business Wed 22 Jan 2020 19:30
S&P500
VIX
Eurostoxx50
FTSE100
Nikkei 225
TNX (UST10y)
EURUSD
GBPUSD
USDJPY
BTCUSD
Gold spot
Brent
Copper
Last update . Delayed by 15 mins. Prices from Yahoo!