1) Several state attorney generals will investigate Facebook for possible stifling competition and putting users at risk. This comes after reports that Google will face antitrust investigations from state attorney generals. The investigations will center on actions that endangered consumer data, reduced the quality of consumers’ choices or increased the price of advertising. States investigating include New York, Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee and the District of Columbia.
2) President Trump unhappy at GM for decision to close four of its domestic auto plants. General Motors, which was once the giant automaker in Detroit, is now one of the smallest. GM has gone from 33 plants in the US to 29, but has an additional 27 manufacturing plants in China. Presently, GM sells more cars in China than it does in America. This accounts for $16 billion dollars in profit for GM.
3) The American consumer is carrying the U.S. economy in last quarter. The personal expenditures rose last quarter while business and residential investment, net exports and inventories have declined. There are concerns that consumers may rein in spending from fears of economic future. Global commerce is slowing, partly in response to the trade war, and without strong consumer spending it’s hard to see alternate sources of economic growth.
4) Stock market closings for – 6 SEP 19:
Dow 26,797.46 up 69.31 Nasdaq 8,103.07 down 13.75 S&P 500 2,978.71 up 2.71
Could a possible “trade war” be on the horizon, over Pres. Trump’s aluminum & steel tariffs? It could be the case says economic and international business negotiators.
Many economists have indicated that the tariffs imposed could be detrimental to the US economy, while others believe that the impact is minimal, because the tariffs Trump is planning to issue, will only cost American taxpayers a few cents more on the dollar, to support home grown/home based manufacturers, in the steel and aluminum industries.
Gary Cohen, White House director of the National Economic Council is against imposing a tariff on steel and aluminum, while Commerce Secretary Wilbur Ross and White House National Trade Council Director Peter Navarro, are for imposing the tariffs on steel and aluminum goods & products. –SB
The stock market reacted wildly Friday October 28, 2016. New revelations on Secretary Hillary Clinton’s emails, sent the markets on a roller coaster Friday. FBI Director James Comey announced to Congress that the FBI would be investigating more leaked emails; which were discovered when investigating former Congressman Anthony Weiner (Huma Abedin’s separated and estranged husband).
The emails are said to be in the tens of thousands and the FBI is staking the lead in the investigation. Director Comey has indicated he does not know how long the investigation will take and if there is any fraudulent activity within regards to the email, what is noticed is that the financial markets did not react well to the news at all.
All markets (Dow, S&P, Nasdaq, & Crude) ended in red by the end of the trading day. More info to be revealed hopefully sooner then later….. TO BE CONTINUED….-SB
The TFTA pact allows member African countries to trade goods amongst themselves. 26 African nations signed the trade agreeement in Cairo, Egypt. Three different trade organizations collectively bonded together to make the TFTA happen. The organizations that participated in consolidating to make,the Tripartite Free Trade Area (TFTA), are the Southern African Development Community (SADC); the East African Community (EAC) and the Common Market for Eastern and Southern Africa (COMESA).
The countries agreed to minimize and even get rid of their respective trade zones, to allow trading and commerce be established set up easily then the past. Analysts who have followed the development of the TFTA and commerce within Africa, indicate this a monumental step within Africa, since the countries represented make up about 1 trillion dollars of GDP in African. -SB