As part of the trade deal agreement President Trump left approximately two-thirds of the tariffs already imposed on China in place as insurance that they abide by their commitment to buy 200 billion dollars more from the US in the next 2 years which includes produce purchases of 40 billion next year and the 32 billion amount this year is 6 billion more yearly than they have ever bought from the US
Target Corp reports sales growth of just 1.4% for 2019. This was lower than it had projected and analysts expected. Comparable sales growth a year ago was 5.7%. Last week several other U.S. retailers including Kohl’s, J.C. Penney, and Macy’s reported lower sales for the key shopping period, raising doubts about the broader health of the retail sector. The company’s stock dropped 8% on the news.
Forbes has released the awards for the Car of The Year, Truck of The Year, & SUV of The Year awards. The winners are the Chevrolet Corvette Stingray, Jeep Gladiator, & Kia Telluride. See the Forbes article below for more info.
Tesla’s stock on Tuesday surpassed the $500 level per share, taking the company’s valuation to roughly $94.6 billion. This makes Tesla America’s most valuable car company. The valuation surpasses the combined value of Ford and GM. In 2019, the company managed to ship an impressive 367,500 vehicles.
As per Deloitte’s latest CFO Signals Survey, 97% of CFOs said that an economic downturn has already begun or will begin in 2020. This is up from 88% who said the same thing last year. The external risk most frequently cited by CFOs in a separate Newsweek survey was a combination of trade policy and tariffs. This is followed by the risk of political turmoil and general instability.
Ryanair has said it could receive its first deliveries of up to 10 grounded 737 MAX aircraft from Boeing by April. This is earlier than the date indicated by Ryanair boss Michael O’Leary when he said the airline might not receive its first 737 MAX until October. Separately, American Airlines on Tuesday said it is pulling the Boeing 737 Max from its schedules until early June.
The Gambling Commission of UK has announced a ban on the use of credit cards for both offline and online gambling starting from April 14th. People will have to place bets using either a debit card or cash deposited into an account. However, the commission has made an exception for the National Lottery. The ban aims to minimize harm that consumers face from gambling with money they do not have.
The Labor Department said Tuesday that its consumer price index rose 0.2% last month, triggered by a 2.8% increase in gasoline prices. Over the past year, consumer inflation is up 2.3%. Over the past year, gasoline prices are up 7.9%.
The Academy of the Motion Picture Arts and Sciences has announced the full list of nominees for the 92nd Academy awards. ’Joker’ leads the nominations with a total of 11, followed by ’The Irishman’, ’Once Upon a Time in Hollywood’ and ’1917’ with 10 nominations each. The Oscars is set to take place on February 9th, in Hollywood, Los Angeles.
The UK economy shrank by 0.3% in November. Over the three months to November, growth came in at 0.1%. Manufacturing contracted by 0.8% in the quarter while the services sector grew 0.1%. Longer term, the economy grew at its weakest annual rate since 2012 in November.
Asian shares rose to new 19-month highs Monday ahead of the expected signing on Phase 1 China-US trade deal as investors shrugged off weaker-than-expected American jobs data. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.47% higher, touching its highest point since June 2018. South Korea’s Kospi added 0.73% and Hong Kong’s Hang Seng was up 0.74%, while Taiwan shares added 0.6%.
State-owned oil company Saudi Aramco said on Sunday it had exercised its greenshoe option to sell an additional 450 million shares, raising the size of its initial public offering to a record $29.4 billion. A greenshoe option allows companies to issue more shares in an IPO when there is greater demand from participants in the initial offer. Thursday’s closing price valued Aramco at $1.87 trillion.
Britain’s biggest regional airline, Flybe, is reported to be on the brink of collapse. The carrier is in last-ditch negotiations to secure additional funding. If Flybe is unable to stitch together a rescue deal, it would be the second major airline collapse in 4 months, following Thomas Cook Group’s implosion. Flybe operates 75 aircraft and serves more than 80 airports across the UK and Europe.
As part of the January 15th signing of Phase One in the ongoing trade deal negotiations between US and China, officials at all levels from their governments will start meeing on a semi-annual basis to address a wider range of issues concerning each nation.
Department store chain Beales has announced that it may be at the brink of facing collapse. The Bournemouth-based retailer has said that 22 stores and 1,000 jobs were at stake if it cannot find a buyer. The firm is negotiating to get rent reductions from landlords.