Its The Economy, Stupid - Economic & Business News From Around The World

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Tesla likely to face ‘a few rough quarters’ from end of U.S. EV support, Musk says

Company posted the worst quarterly sales decline in more than a decade and profit that missed Wall Street targets
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"A series of high-profile executive exits, including a longtime Elon Musk confidant who oversaw sales and manufacturing in North America and Europe and left Tesla last month, is also adding to the concerns."

Poor Elon
 
www.bbc.com

Philippine court strikes down landmark impeachment bid against Sara Duterte

Duterte faced impeachment over accusations of misusing public funds and threatening to kill the President.
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Josh Hawley Running GIF by GIPHY News
 
www.bbc.com

'Nightmare' tariff wall emerges for US companies

Businesses both small and large are already reckoning with Trump's tariffs, and new levies are set to start this week.
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"They are bringing back US manufacturing, he said, opening up overseas markets and raising money for the US government - which has already collected more than $100bn in tariff revenue this fiscal year, a record."

Too bad spending on the new tax bill is in the trillions, not billions.
 
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U.S. economy rallies in second quarter, with higher-than-expected GDP growth of 3%

Main GDP figure distorted by subsiding imports and a moderate increase in consumer spending
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USA! USA! USA!

"A rush to beat the duties boosted imports in the first quarter, resulting in a record goods trade deficit that weighed on the economy. That trend reversed last quarter. Imports are a subtraction in the calculation of GDP."

8 Ball No GIF
 
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U.S. deficit grows to $291-billion in July despite tariff revenue surge

Overall year-to-date budget results showed a US$1.629-trillion deficit, up 7%, or US$112-billion, from the same period a year earlier
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"For the first 10 months of the fiscal year, customs duties totalled US$135.7-billion, up US$73-billion, or 116 per cent, from the year-earlier period."

....except the spending in the OBBB is in the trillions no?
 
July. President Trump. "Our Fed Rate is AT LEAST 3 Points too high."

August. Secretary Bessent. "Rates are too constrictive...We should probably be 150 to 175 basis points lower,"

If Powell can hold out till September maybe the they will only clamour for 100 basis points.
 
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Government seeking equity stake in Intel, U.S. Commerce Secretary says

Government wants stake in exchange for cash grants approved during Biden administration, Howard Lutnick says
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"U.S. Commerce Secretary Howard Lutnick said on Tuesday the government wanted an equity stake in in exchange for cash grants approved during the administration of former President Joe Biden."

Beyond shaking down other countries with tariffs, shaking down NATO to buy your weapons, shaking down your own Nvidia and AMD chip companies for a 15% cut of sales, you're going to treat doling out federal aid as equity stakes in private firms now?

Ryan Gosling Clap GIF
 
news.sky.com

Pound drops as 30-year gilt yields at highest level this century

Sterling is on course for the biggest one-day drop since April, when US President Donald Trump's announcement of country-specific tariffs spooked markets.
news.sky.com news.sky.com

Why bother with CD or GIC, just get some 30 year gilt and chill.

“It comes as the yield - the interest rate demanded by investors - on 30-year government bonds - loans taken by the state - hit 5.72%, the highest rate this century.”
 
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Taiwan flexes its economic muscle, sparking fears of job losses in trade partners

The country, which produces the majority of the world’s most advanced semiconductor chips, recently announced restrictions on exports to South Africa
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"Taipei sent shock waves through South Africa last week when it announced restrictions on its chip exports to the country, triggering fears of massive job losses in South African factories."

Hell why not, everyone is doing it. Although you might want to take into consideration China backs South Africa.


big-brother-alpha.gif
 
Grand Potentate said:
The next version of Flight Simulator is going to be lit!
Click to expand...

Bloomberg is hyping the deal up because of Battlefield 6, but I guess it's too late to rename the principal character to Marwan and have his special capability to be a suicide bomb.

More realistically they can stick LIV and Ronaldo into the covers of the golf and footy games respectively.
 
www.theglobeandmail.com

Carney faces sustained criticism over Trump meeting in fiery question period

Poilievre accuses the Prime Minister of betraying Canadian workers by promising $1-trillion worth of investments in the U.S.
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“'You aren’t going to annihilate our steel sector. You aren’t going to annihilate manufacturing in Ontario. And you sure the heck aren’t going to annihilate the auto sector,' Mr. Ford said.

'If we can’t get a deal, we have to hit him back twice as hard.'

'If he wants to destroy our auto sector and destroy our steel sector and for Quebec the aluminum sector – there won’t be a grain of critical minerals going south of the border. There won’t be one ounce of energy coming from Ontario.”'
 
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