Singapore-based Broadcom said Wednesday it was abandoning efforts to take over US smartphone chipmaker Qualcomm, two days after its bid was blocked by President Donald Trump over national security concerns. “Although we are disappointed with this outcome, Broadcom will comply” with the order blocking its effort to buy Qualcomm, it said in a statement. Broadcom said… (more…)

Broadcom withdraws Qualcomm offer after Trump blocks bid

Singapore-based Broadcom said Wednesday it was abandoning efforts to take over US smartphone chipmaker Qualcomm, two days after its bid was blocked by President Donald Trump over national security concerns. “Although we are disappointed with this outcome, Broadcom will comply” with the order blocking its effort to buy Qualcomm, it said in a statement. Broadcom said… Read more

Economists warn Trump’s policies will start a 1930s-era trade war

Many economists are sounding alarm bells over President Donald Trump’s apparent push toward protectionism and an all-out retaliatory trade war. They say history is clear: It’s a bad idea. The Great Depression pushed millions of Americans into catastrophic poverty — which lasted for years. Savings were wiped out. Unemployment reached 25 percent, and in an age… Read more

‘No winner’ in US-driven trade war

China does not intend to become embroiled in a trade war with United States, and the two sides have agreed to continue communicating on trade issues in the near future, which in turn will create conditions for further cooperation, senior Chinese officials said on Sunday. The comments were made as the recently announced intention of the… Read more

Canada to seek to join South America trade pact

Canada will open trade talks next month with the four-nation Mercosur trading bloc in South America as part of an ongoing push to diversify its trade partnerships, a senior official said Friday. It comes as its main trading relationship with the United States — the North American Free Trade Agreement (NAFTA) — falters, and after Ottawa… Read more

Richest one percent made 82% of wealth created last year: Oxfam

The world’s richest one percent raked in 82 percent of the wealth created last year while the poorest half of the population received none, Oxfam said Monday, as the world’s elite prepared to mingle at the World Economic Forum in Davos. A new report from the charity also found that the wealth of billionaires has grown… Read more

German unemployment hits surprise record low

Unemployment in Germany hit a surprise new low in September, official data showed Friday, the latest in a string of sunny indicators as the upswing continues in Europe’s top economy. The rate of people out of work fell to 5.6 percent this month, the Federal Labour Agency said, while analysts had expected the figure to hold… Read more

City ranks 6th among world’s top financial centers

Shanghai has moved up to the sixth place in the 22nd Global Financial Centres Index, moving from the 13th place in the previous ranking. This is the first time Shanghai has joined the world’s top 10 since the inception of the index in 2007. In a subranking, Shanghai was ranked the world’s number one among insurers,… Read more

This Is What A Blockchain-Powered Economy Looks Like

Traditional banks officially caught the summer’s blockchain fever, in part propelled by the cryptocurrency boom. Quartz reported some of the world’s largest banks, including Barclays, HSBC and the Swiss banking giant UBS, recently started exploring ways to build a paywall with blockchain technology, the same distributed ledger technology behind innovations like bitcoin. Then last week the… Read more

US business economists fret over Trump policy agenda

US business economists worry about the prospects for President Donald Trump’s policy agenda, and the potential damage to the economy from his trade and immigration policies, according to a survey released on Monday. The survey findings add to Trump’s accelerating alienation with the business community. CEOs fled his advisory councils last week to distance themselves from… Read more

Will the Global Economy Recover?

Quora Questions are part of a partnership between Newsweek and Quora, through which we’ll be posting relevant and interesting answers from Quora contributors throughout the week. Read more about the partnership here. Answer from David McDonald, founder of The Global Millennial—an online publication for politics, economics and finance: The global economy obviously took a hit in… Read more

Hong Kong named most competitiveness economy

Skyscrapers line the harbor in Hong Kong, on Feb 9, 2016. [Photo/Xinhua] Hong Kong was rated as the most competitive economy for the second year in a row, while the Chinese mainland jumped up seven places on the 2017 World Competitiveness Yearbook released on Thursday. The rankings published by the International Institute for Management Development in… Read more

Can a Trade Deficit Mean Growth?

Quora Questions are part of a partnership between Newsweek and Quora, through which we’ll be posting relevant and interesting answers from Quora contributors throughout the week. Read more about the partnership here. Answer from David McDonald, MBA Student: Economics & Public Management: What is the correlation between the trade deficit and economic growth? This is a… Read more

Mega Oil Pipeline Projects to Spur Economic Growth

Mega Oil Pipeline Projects to Spur Economic Growth THE government, yesterday, announced plans to set up three mega oil-pipelines connecting the seaports of Tanga and Dar es Salaam to upcountry regions and neighbouring countries partly to reduce fuel prices and spur economic growth. The announcement was made here by Energy and Minerals Minister, Prof Sospeter […]

Why Millions Of American Households Have a Negative Net Worth

This article originally appeared on the Motley Fool. It’s a well-known fact that most Americans aren’t in great financial shape. An estimated 69% of U.S. adults have less than $1,000 in savings, while 34% have no savings at all. And the Economic Policy Institute reports that almost half of Americans have nothing to show for in… Read more

Mnuchin Says G-7 Nations More Comfortable With New US Economic Approach

Mnuchin Says G-7 Nations More Comfortable With New US Economic Approach U.S. Treasury Secretary Steven Mnuchin said Saturday after meeting with officials from the world’s other industrialized democracies that he thought they were more at ease with Donald Trump’s economic policies. “People are more comfortable today, now that they’ve had the opportunity to spend time […]

Trump Boom: Unemployment Lowest in 10 Years

The economy gave out a medium-sized roar on Friday, when the federal government announced unemployment dropped to 4.4 percent. The nation also added 211,000 jobs in April. The unemployment rate was 4.5 percent in March. “During the Obama years, growth was an abysmal 1.9 percent, which the Congressional Budget Office now says is the course we… Read more

Eurozone business activity at a six-year high

There has been more positive news on the eurozone’s economic recovery as we learned that the region’s businesses are racing ahead. Manufacturing and services companies said they increased activity at the fastest rate in six years in April. Surveys of thousands of firms suggest a broad based and sustainable recovery. Survey compiler IHS Markit said the… Read more

China-owned Volvo Cars’ first-quarter net profit rises 26 per cent

Stockholm (dpa) – China-owned Volvo Cars said on Friday that its first-quarter net profit rose 26 per cent compared to the same quarter last year, driven by strong sales in China and Western Europe. Net income for the period was 2.6 billion kronor (294 million dollars), compared to 2.06 billion kronor a year ago. The carmaker… Read more

Spain’s economic growth continues apace

Spain’s economy continues to turn in strong growth, making it one of the fastest-expanding in Europe. Preliminary figures from the national statistics institute show gross domestic product rose by 0.8 percent in the first three months of this year from the previous quarter. It was Spain’s 14th consecutive quarter of growth. The Madrid government has said… Read more

Economic growth stumbles to worst rate in 2 years, underscoring Trump’s challenge

WASHINGTON — The economy stumbled at the start of 2017, expanding at its slowest pace in two years in a demonstration of the difficulty President Donald Trump will have in boosting growth to a much stronger sustained level. Total economic output, also known as gross domestic product, increased at just a 0.7 percent annual rate from… Read more

US economic growth slowed sharply in first quarter

Washington (dpa) – The US economy grew at an annual rate of 0.7 per cent from January to March, the Commerce Department said Friday in its initial estimate of gross domestic product (GDP). Economic expansion in the first quarter slowed sharply from the previous quarter, when GDP grew at an annualized pace of 2.1 per cent… Read more

Britain’s economic growth slows sharply

The latest official figures show a sharp slowdown in Britain’s economic growth in the first three months of this year. Briton’s are spending less as inflation rises linked to the fall in the value of the pound after last year’s Brexit vote. Growth weakened to 0.3 percent in the period from January to March. That is… Read more

Jobs, Homes at Stake in US-Canada Trade Squabble

Canadian officials say a new tariff imposed by the Trump administration will raise the cost of new homes in the United States by $1,000 each, and shut 150,000 Americans out of home ownership. Washington’s decision also puts “thousands” of U.S. homebuilding jobs at risk, according to Canada’s ministers of natural resources and foreign affairs. The comments… Read more

China’s strong growth ensures stable world economy: Economists

SYDNEY – Leading Australian economic experts say China’s first quarter economic results have driven the global economy to success. For the first quarter of 2017, China exceeded expectations, recording a 6.9-percent increase in gross domestic product, or GDP. The result was incredibly positive according to the James Laurenceson, deputy director of the Australia China Relations Institute… Read more

Donald Trump’s dollar

President Donald Trump’s assertion this week that the “dollar is getting too strong” led to a sharp decline in the value of the greenback. The market’s reaction to Mr. Trump was a reminder that presidents often get the dollar they want. This has us worried Mr. Trump and his Treasury department will pursue a weaker currency… Read more

China’s economic growth to contribute $125b to Australian economy: Expert
CANBERRA — Strong growth of the Chinese economy, coupled with the Reserve Bank of Australia’s (RBA) decision to cut interest rates to record lows, are expected to deliver a AU$165 billion ($125 billion) boost to the Australian economy, according to Deloitte Access Economics. Recently, China reported an annual growth rate of 6.9 percent for the first… Read more

How Harvard Flunked Economics

Close In the aftermath of the 2008 financial crisis, much of the country was enraged because not a single Wall Street hotshot—the guys who got us into the mess—was prosecuted. While there are many financiers who could have been made to take the perp walk, there’s also a case to be made that the fault lies… Read more

World Economic Forum’s Young Global Leaders, Class of 2017

The World Economic Forum is now in its 47th year. It’s famous for its annual summit in Davos attended by luminaries in multiple industries. But It is also known for selecting and bringing together a yearly community of over 800 Young Global Leaders (YGL)—enterprising and socially-minded men and women, all under the age of 40. They… Read more

US Tourism Down After Trump Travel Bans

The U.S. could lose $18 billion from foreign tourists because of President Donald Trump’s proposed travel bans against refugees and people from select Muslim-majority nations. Although both iterations of the travel ban have been challenged in court, the perceived underlying message — foreigners are not welcome — has been disheartening for potential international travelers, according to… Read more

G20 ministers battle to break deadlock on trade

Baden-Baden, Germany (dpa) – Finance ministers from 20 world powers were struggling at talks in Germany on Saturday to find a common position on trade in the face of resistance from the United States. The administration of President Donald Trump is calling for the Group of 20 to drop its long-standing commitment to free trade and… Read more

We Need a Small Group to Steer the World Economy

This article first appeared on the Hoover Institution site. Confusion reigns over the future of our global economy. This is not surprising, given the earthquake election in the world’s largest economy and Donald Trump’s remarkable victory. Trump has a strikingly new and controversial agenda, increasingly comprehensive in its scope. Regulatory policy relief, far-reaching tax reform, an… Read more

US Markets Reach a Historic High Point

It was another historic week for U.S. markets as the Dow Jones Industrial Average closed above 21,000 for the first time, taking only 24 trading sessions to rise from 20,000 to 21,000 — the second-fastest 1,000-point move ever by the index. The S&P 500 closed higher lfor the week, completing a six-week win streak for the… Read more

President Trump complained that the media failed to report the debt decrease – there’s just one problem

On Saturday morning, President Donald Trump took to Twitter to lambast the media for not covering the fact that, during his first month in office, the debt had decreased by $12 billion as opposed to a $200 billion increase during Barack Obama’s first month in office. “The media has not reported that the National Debt in… Read more

Cannabis Industry Expected To See Quarter Million More Jobs By 2020

Throughout President Donald Trump’s campaign for the White House, and even after he was elected in November, he promised to create jobs — specifically, manufacturing jobs. But perhaps Trump should be looking somewhere else: the cannabis industry. The legal cannabis market was expected to create more than a quarter of a million jobs by 2020, according… Read more