Finally, US announces steel, aluminum tariffs on key allies
Businessam Staff
May 31, 2018
The US Friday announced the imposition of tariffs on steel and aluminum imports from the European Union, Mexico, and Canada, saying the 25 percent tariffs on steel and 10 percent on aluminum will begin at midnight. The move, revealed by Wilbur Ross, commerce secretary, will affect several key US allies – and NATO members – […]
US energy stocks revive Dow as fears over Italy’s political crisis subside
Adesola AfolabiMay 31, 2018
American stocks rallied on Wednesday, having taken a big hit earlier in the week as news of Italy’s growing political crisis spread. The rebound is attributed to increased demand for energy shares amid a rally for oil prices and fading worries over Italy’s political crisis. The Dow Jones Industrial Average DJIA, +1.26% rose 306.33 points, […]
US household debt hit all-time high of $13.2trn in Q1 2018
Businessam StaffMay 18, 2018
US household debt has set yet another record high as it reached $13.2 trillion in the first quarter of 2018, a $63 billion increase from the previous quarter. Now, household debt is half a trillion dollars higher than its previous peak in 2008, according to the Federal Reserve Bank of New York, which uses data […]
US trade deficit drops to 6-month low as exports hit record high
Businessam StaffMay 3, 2018
The U.S. trade deficit narrowed sharply in March, the lowest level in six months, as exports increased to a record high amid a surge in deliveries of commercial aircraft and soybeans. The Commerce Department said Thursday the trade gap dropped 15.2 percent to $49 billion, the lowest level since September. Data for February was revised […]
Spiking costs to weigh on US building products coys’ margins, says Fitch
Businessam StaffMay 2, 2018
By Joel Eneogwe Rising input costs related to commodity and transportation price increases are likely to lead to lower gross margins for building products companies in the United States in 2018, according to a report by Fitch Ratings. The report further asserts that most companies should be able to respond to this development by increasing […]
U.S. visa applicants undergo ‘extreme vetting’, to be asked for social media history
Businessam StaffMarch 30, 2018
The U.S. government wants to require all US visa applicants, both immigrant and non-immigrant, to disclose their social media handles to the US government, State Department proposals showed on Friday as part of President Donald Trump’s policy of “extreme vetting.” In documents that the department will file to the Federal Register, it proposes that nearly every individual applying […]
Barclays to pay $2bn to resolve fraud claims over US mortgage misselling
Businessam StaffMarch 29, 2018
Barclays has agreed to pay $2 billion, the equivalent of £1.4 billion, in civil penalties to resolve claims for fraud in the sale of residential mortgage-backed securities, the US Department of Justice said Thursday. The US had alleged that Barclays caused “billions of dollars in losses to investors” by selling the deals in the lead […]
I don’t think Berkshire should avoid doing business with people who own guns- Buffett
Businessam StaffFebruary 26, 2018
Warren Buffett, the chief executive officer of Berkshire Hathaway, said business leaders should be careful not to impose their personal views on their organizations, as companies sought to distance themselves from the National Rifle Association after the mass shooting at a high school in Florida. The billionaire investor told CNBC on Monday in an interview. “I don’t believe in […]
Nestlé sales growth weakens to slowest pace in decades on North America, Brazil challenges
Businessam StaffFebruary 15, 2018
By Ademola Badmus with agency report Nestlé said a key measure of sales growth weakened to its slowest pace in decades, underscoring the challenge facing the Swiss consumer goods giant as it tries to reposition itself as a nimble provider of healthy food and drinks. Nestlé also said it is considering selling its Gerber Life […]
Dollar weakens further in Asia ahead of US inflation data
Businessam StaffFebruary 14, 2018
The dollar was softer in Asia trading ahead of a release of US inflation data later in the day, pushing the yen to a 15-month high, according to FT report. The yen was up as 0.6 percent against the greenback at ¥107.19, having earlier broke the ¥107 marker for the first time since November 2016. […]