Category Archives: Economy

SEARS Files For Bankruptcy

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Sears Holdings shares traded down more than 23% Monday, hitting a record low of $0.28 apiece, after the company filed for Chapter 11 bankruptcy early Monday morning.

The iconic American retailer, which has seen sales cut in half since 2014, announced it would close 142 stores before the end of year and that CEO Eddie Lampert will step down. Lampert will remain the company’s chairman.

“Over the last several years, we have worked hard to transform our business and unlock the value of our assets,” Lampert said in a statement on Monday.

“While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company’s immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer.”

Business Insider

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President Trump on Losing “Billions” as President: “Worth Every Penny”

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Presidential pay isn’t shabby at $400,000 but for Trump, despite what critics say, the income isn’t why he enjoys running the country.

“You see these people that said oh Trump gets rich being president, I’ll bet you I’ve lost billions of dollars,” Trump said during an interview on Fox & Friends. “And it’s worth every penny of it — I don’t need the money.”

Trump, who donates his quarterly salary to various organizations, announced this month that the Small Business Administration, will get his second-quarter paycheck.

During Thursday’s interview, he blasted fake claims over his personal finances calling the reports “nasty,” “vicious,” and dishonest, then took a victory lap for increasing American’s wealth.

Fox Business

MSM Spins Criticism of Private ‘Federal’ Reserve

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To Wall Street denizens, it’s alarming to hear President Trump say Federal Reserve policy is “crazy,” “loco,” and “going wild.”

But Trump isn’t trying to dictate Fed policy. He may even feel the Fed is doing the right thing. What Trump wants is a villain he can blame for negative turns in the economy, thereby exempting himself.

Trump blasted the Fed after an ugly day in the stock market on Oct. 10, basically arguing that the Fed’s policy of raising interest rates is harming the economy. “They are raising interest rates and it’s ridiculous,” Trump told Fox News. “There is no reason for them to do it and I’m not happy about it.”

Yahoo Finance

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English Judges to Receive Massive Raise Despite Education Budget Cuts

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Judges in England and Wales could be set for a whopping £60,000  pay rise.

The Senior Salaries Review Body  (SSRB) has recommended the huge pay hike, at a time when other public sector workers are being offered considerably less.

Police and prison officers, for example, have been restricted to pay rises of less than 3%.

Teachers have been awarded a 3.5% pay rise while those in the armed forces 2.9%.

The judges pay award works out at a rise of 32%.

Yahoo UK

Central Bank Chief Demands Italy Stop Questioning Euro

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Italy must stop questioning the euro, European Central Bank (ECB) President Mario Draghi warned.

Rome’s eurosceptic government needs to “calm down” over its bitter ongoing budget stand off with Brussels, Mr Draghi threatened.

Italy’s populist coalition is embroiled in a war of words with European officials over Rome’s plans to triple its deficit next year.

Express UK

Home Depot Co-Founder Offers to Fly Socialist Millennials to Venezuela

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Just after the 10th anniversary of the fall of Lehman Brothers, co-founder of the Home Depot (HD) Ken Langone cited the market crash that followed as the reason many millennials have a negative view of capitalism.

“They were 8, 9, 10, 11, 12 years old,” Langone told Yahoo Finance’s Julia La Roche at the All Markets Summit on Sept. 20. “So capitalism did not present itself very well.”

Langone went on to suggest that countries that have adopted a socialist system aren’t doing well. To the millennials who seem to favor socialism, Langone said: “I’ll put you in my plane and I’ll fly you down to Venezuela, and let’s see how good socialism is doing down there.”

Yahoo

MSM Negatively Spins Record Low Unemployment Under President Trump

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The U.S. unemployment rate is at a historic low.

The September jobs report released Friday morning showed the U.S. economy added 134,000 jobs during the month while the unemployment rate fell to a new generational low of 3.7%. This is the lowest unemployment rate since December 1969.

Nonfarm payrolls were forecast to rise by 185,000 in September while the unemployment rate was expected to drop to 3.8%, according to estimates from Bloomberg.

Yahoo Finance

EU Trying to Tie Billions in Debt to Brexit

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Britain’s multi-billion pound Brexit divorce bill could rise even further because of Brussels’ spending commitments.

European Union spending promises and pension costs have risen by billions in the past year, which means Britain could get a bigger leaving bill.

The EU’s auditor has said member countries’ annual budget fees are ‘moveable’, because they are linked to commitments that could change.

Currently the UK says it will pay £39 billion – which it has described as ‘reasonable’ – to leave the EU when it ends its membership next March.

It comes amid reports that Prime Minister Theresa May has said France’s president, Emmanuel Macron, believes he can stop Brexit altogether.

Yahoo UK

Amazon Takes Away Employee Incentives, Raises Wages Instead

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Amazon’s decision to raise workers’ minimum wage to $15 per hour was welcome news, even Sen. Bernie Sanders praised the move.

But for some Amazon employees, the excitement didn’t last very long as they learned that existing financial incentives and bonus programs, including stock and monthly bonuses, that usually boost paychecks will be eliminated starting November 1.

Several Amazon warehouse workers in the U.S., who spoke to Yahoo Finance on the condition of anonymity fearing reprisals, talked about how the change will negatively affect them. After the removal of these perks, some workers said they will be making less. Most of the workers who voiced concerns have been working for the company for more than two years, and have been earning close to $15 an hour before the raise.

While these workers’ hourly rates will rise modestly, they said they could lose thousands of dollars that they would have collected from the stock and monthly-bonus programs. Amazon said those who are already making $15 an hour will see an increase in pay but did not specify how much.

Yahoo Finance

Trump Told Saudi King He Wouldn’t Last Two Weeks Without US Support

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The Saudi Arabian monarchy would fall “within two weeks” if it wasn’t for the military support that the US has provided to the Gulf kingdom over the decades, Donald Trump noted in remarks to the King.

“We protect Saudi Arabia,” Trump proclaimed at a rally in Southaven, Mississippi. “And I love the King, King Salman. But I said ‘King, we’re protecting you, you might not be there for two weeks without us. You have to pay for your military.’”

While Trump failed to mention when the undiplomatic remarks were made to King Salman, it is known that the two leaders held a phone conversation on Saturday to discuss global oil supplies.

RT