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Here’s What You Missed (12/6/18)

Daniel Chase

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Yes, sports fans, it is once again time for our favorite activity; translate one of my favorite songs into Shakespearean English. This time, we have a classic tune from 1985, recorded by dozens of the world’s leading recording artists at the time. 

Th’re cometh a timeth

at which hour we he’d a c’rtain calleth

at which hour the w’rld wilt cometh togeth’r as one

th’re art people dying

oh, and t’s timeth to lendeth a handeth to life

the greatest gift of all

we can’t wend on

pretending day-by-day

yond someone, somewh’re lief maketh a changeth

we’re all a parteth of god’s most wondrous big family

and the sooth, thee knoweth, loveth is all we needeth

Any guesses? If you thought it was ‘We Are The World” recorded by United Support of Artists for Africa, then you win the satisfaction of knowing you’re right. Congratulations! Well, here’s what you missed in the news yesterday.

Slip, Slip, Slip, Slide!

If you didn’t understand the reference made in the above title, no matter, the show must go on. Last month, both the northern and southern regions of California were hit by devastating fires, causing massive amounts of destruction and leaving unfortunately robbing the lives of innocent civilians. For those of us unfamiliar with forest fires, perhaps you are more inclined to understand the propensities of rain. Well, the 117 passengers aboard Southwest flight 278 shared an excitingly terrifying ride after landing at Burbank Airport, when their Boeing 737-700 slid off the runway during heavy rain. 

“Southwest Flight 278 from OAK to BUR landed safely and rolled to a stop at the end of the runway. Customers deplaned the aircraft via air stairs, with no reported injuries among the 112 Customers and give Crew members..We’re refunding the cost of customers’ roundtrip airfare and including an  additional gesture of goodwill.”

Southwest Official Tweet Regarding the Flight 278 Incident

Lena, What’s Going On, Dude?

Those of us who are die-hard fans of HBO’s “Girls,” will have no issue identifying the show’s leading lady, actress Lena Dunham. As for the rest of us, you’ve most likely seen Dunham in the news for the many instances in which she made fairly controversial comments. During a 2015 interview, she likened conversations on Bill Cosby to that of someone obsessed with the events of the Holocaust. 

In more recent news, Dunham wrote a formal apology to actress Aurora Perrineau for publicly disputing her account of being sexually assaulted by “Girls” writer Murray Miller, according to CNN.

Dunham’s letter said:

“When someone I knew, someone I had loved as a brother, was accused, I did something inexcusable. I publicly spoke in his defense. There are a few facts I could ever regret more in this life. I didn’t have the ‘insider information’ I claimed but rather blind faith in a story that kept slipping and changing and revealed itself to mean nothing at all. I wanted to feel my workplace and my world were safe, untouched but the outside world (a privilege in and of itself, the privilege of ignoring what hasn’t hurt you) and I claimed  that safety at cost to someone else, someone very special.”

Lena Dunham apology to Aurora Perrineau

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Trade Talks Fail, What’s Next For The Market?

Jon Phillip

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The trade war between the United States and China has probably been the biggest economic and diplomatic development since the turn of the year. Although the world’s two biggest economies were locked in talks for months over a new trade deal, it all unraveled quickly.

This happened when US President Donald Trump stated that the Chinese went back on their word. He then imposed tariff hikes on Chinese goods last Friday. The tariffs were raised to an astonishing 25% on goods worth $200 billion. Although Trump might believe this might bully the Chinese into submission, many experts believe that might not be the case.

Difficulty in Completing Deal

The President had imposed these tariff hikes right before the Chinese delegation was supposed to show up at Washington. This was for which many had believed was going to be the last round of talks. However, experts now feel that the escalation of tensions between the two countries following the latest developments will make it difficult to reach a deal that could be considered a win for the US. As soon as the tariffs kicked in, Beijing announced that it was looking at countermeasures as well. However, there were no specifics on the nature of these measures.

Last year, the two nations had been embroiled in a damaging retaliatory tariff war and it could lead to a protracted trade war, if the Chinese decided to resort of the same tactics. The Chinese delegation is going to be in Washington this week to engage in another round of talks but it is believed that a binding trade deal is unlikely to be signed.

Is A Trump Win Likely?

One of the biggest reasons why the deal might not be signed anytime soon is perhaps the fact that the US President needs to be able to claim it as a win for himself. The President has staked his personal weight behind a favorable deal for the US. But with every passing day, it is looking increasingly unlikely that it is going to happen.

If that is to happen, then China’s entire way of doing business will need to change. This is starting at intellectual property theft and expands to technology transfers by force from US companies. If those things are not part of the deal, then it would not be the sort of deal that can be claimed as a win for the US. It doesn’t help that today, China came in with its own tariffs. China will raise tariffs on $60 billion in U.S. goods, the Chinese Finance Ministry said Monday.

And in true Trump fashion, the U.S. may not be done retaliating. The U.S. President has threatened to put 25% tariffs on $325 billion in Chinese goods that remain untaxed. The president has signaled he is content leaving the duties in place, arguing they will damage China more than the U.S. What are your thoughts?

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Can 102 Words Really Impact Stock Prices?

Joe Samuel

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trump tweet

In short, the answer is yes.  We’ve witnessed, first hand, this week how just a few words can drastically impact the stock market.  If you’re just tuning in, at the beginning of the first full week of May, U.S. President Donald Trump Tweeted out a 102-word post that ended up triggering a sell-off costing the global markets around $1.36 TRILLION…with a “T”!

The “Trump Tweet” expressed that he would once again increase tariffs on Chinese goods by the end of this week. What followed has been a shock to the global markets with futures pointing at dramatic declines every day this week.  Though some say that the decline are all but a speed bump, it still hasn’t helped the fact that this drop is one of the worst seen all year. People like Kerry Craig of JPMorgan Asset Management think that a trade deal can still be reached.  The expectations, however, have been readjusted to reflect a more long-term time horizon.

Eyes Turn Toward The Second Half Of The Week

Other analysts like Oanda Asia Pacific’s Jeffrey Halley feel that investors are prudently “lightening their loads.” Halley said, “My feeling is that investors are lightening their portfolios as a precaution.”

All eyes are on the second half of this week.  As we reported on May 7th, Vice Premier Liu He, China’s top trade negotiator will be heading to the US to talk trade this week.  

“Liu will be in the U.S. from May 9-10. The invite comes from both the U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.” Regardless of what “will happen,” what has happened thus far has been an emotionally charged & very fragile global market. As this story develops we will continue to follow with more updates.

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Chinese Negotiators To Visit US As Tariffs Trigger More Concerns

Jon Phillip

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trump like a boss china

Vice Premier Liu He, China’s top trade negotiator will be heading to the US to talk trade this week.  The two countries have been at odds for months now with China trying to leverage the current US tariff situation. Of course, the US has not helped things either by continuing to increase tariffs on Chinese goods. 

Liu will be in the U.S. from May 9-10. The invite comes from both the U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. The markets took a hit on Monday after U.S. President Trump explained that he was not pleased with the speed of discussions and that he planned to raise tariffs by the end of the week.  Chinese authorities initially considered delaying talks in light of this.

What’s Next For China & The U.S.?

Both Mnuchin and Lighthizer were concerned after it was evident that talks weren’t making progress.  This was during a visit to Beijing just last week. Over the weekend, China sent a new draft of an agreement that outlined a pullback on certain language on several issues.  These issues had “the potential to change the deal very dramatically,” according to Mnuchin.

According to reports from the Global Times newspaper, China was prepared for other outcomes to the deal with the U.S. This also included a temporary breakdown. Furthermore, China had also planned to continue talks even if the U.S. decided to raise tariffs. Of course, time will tell but now we must see how the markets will react to these new developments coming from China.

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