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Latest 24 Hour Economy News
Source: CTV

CRA not treating all taxpayers equally when auditing and reviewing claims

Today 00:35 GMT

The Canada Revenue Agency is not treating all taxpayers equally when it comes to auditing or reviewing tax files, a new probe by the federal auditor general has found.

In order to make sure that all Canadians file their taxes properly, the CRA is responsible for auditing or reviewing submissions to insure compliance with the Income Tax Act. According to a new audit done by Auditor General Michael Fergson’s office, how your case is handled could depend on who you are, the CRA staff person conducting the review, or where you’re from.

Source: BBC

Airbnb removes Israeli West Bank listings

Today 00:35 GMT

Airbnb has previously been criticised by Palestinian officials and human rights campaigners for allowing listings of homes to rent in Israeli settlements on the occupied West Bank.

Saeb Erekat, secretary-general of the Palestine Liberation Organisation, said it was "crucial for Airbnb to follow the position of international law that Israel is the occupying power and that Israeli settlements in the West Bank, including occupied east Jerusalem, are illegal and constitute war crimes". But Israel's Israel Tourism Minister Yariv Levin said Airbnb's decision was "the most wretched of wretched capitulations to the boycott efforts".

Source: BBC

Markets drop as tech slowdown fears grow

Today 00:35 GMT

Connor Campbell at Spreadex described the sell-off as a "macro-car crash, with Brexit fears, the post-Apec pre-G20 US-China trade war flare-up and the continuation of a nasty US tech sell-off resulting in absolute carnage".

"Investors are concerned that sooner rather than later the tech sector is going to be fully embroiled in the US-China trade battle, exacerbating the softness caused by reports of a slowdown in iPhone demand," Mr Campbell added.

Source: Common Domain

Trump wants Fed to cut interest rates after stock-market wipeout, but history not on his side

Today 00:36 GMT

After the latest stock-market drubbing, President Donald Trump said Tuesday he’d like the Federal Reserve to cut interest rates.

The Fed has cut rates a few times when gross domestic product appeared strong, albeit it briefly, but almost never when both growth was stable and unemployment low. Shortly before flying to Florida for Thanksgiving, the president told reporters the Fed was somewhat to blame when asked about the plunging stock market and overall health of the economy.

Source: Fox News

Gallup Poll: Trump's Approval Rating on Economy Hits New High

Today 00:36 GMT

The Gallup poll noted that Trump's 53 and 50 percent economic approval ratings "are well above the average of 45 percent on this economic approval measure across presidents extending from Ronald Reagan through Barack Obama." "These things take time," he said.

Former Reagan economic adviser Art Laffer said Tuesday on "America's Newsroom" that the Trump administration has done "almost everything" correctly as it pertains to the country's economy. 'Miracle Matthew': 'Fox & Friends' Viewers Help Raise Money for Baby Born With Brain Condition. "The tax bill is spectacular, the deregulation is wonderful, the appointment of [Jerome] Powell as the head of the Fed is terrific," Laffer said.

Source: The Guradian

US stock markets continue to fall, erasing 2018 gains

Today 00:35 GMT

US stock markets continued to fall on Tuesday, wiping out all of 2018’s gains as technology stocks slid again and fears of a trade war with China worried investors.

Much of the fall has been driven by troubles at the so-called Faang companies (Facebook, Apple, Amazon, Netflix and Google) whose phenomenal growth had driven stock markets to record highs.

Source: Global News

Why the stock market is down — and how to turn losses into a bonus

Today 00:36 GMT

Canadian stocks have underperformed the U.S. stock markets for the past 10 years, with average annual returns in the mid-single digits compared to double-digit growth in the U.S.. Part of the problem is that Canada’s stock market is dominated by energy, materials and financial stocks.

North American stock markets continued their slide on Tuesday, clobbered by a selloff in technology shares, underwhelming earnings from U.S. retail giants like Target and Kohl’s and falling energy stocks.

Source: Common Domain

Secret political spending on track to reach $1 billion milestone

Today 00:36 GMT

She noted some organizations want to publicize their spending, rather than hide it: “There are advantages to doing that, in terms of getting credit for what you’re spending on.”

You don’t need judges to overturn Citizens United to end secret political spending, and you don’t need Congress to make a move, he added. You just need action by the FEC, but that is “simply not going to happen, at least not as the FEC is currently constituted,” said Noti, who worked as an FEC attorney for a decade.

Source: DW

PiS banking links under spotlight in Poland

Today 00:35 GMT

A scandal involving the financial regulator and a Polish bank puts ruling Law and Justice's claims to be Poland's anti-corruption party under scrutiny.

His comments followed big falls in Poland's banking stocks last week after allegations of corruption in the corridors linking the worlds of business and politics in Poland. The rumors had been swirling for months, but it was still a shock when the boss of the Financial Supervision Authority (KNF), Marek Chrzanowski, quit last week after claims published in the Financial Times and local daily Gazeta Wyborcza that he had attempted to solicit a bribe from Polish billionaire and bank owner Leszek Czarnecki in March.

Source: Common Domain

Cannabis stocks turn mixed but still offer a small patch of green in a sea of red

Today 00:36 GMT

Cannabis stocks turned mixed in afternoon trade Tuesday, but most of the bigger players remained higher, shrugging off the rout in the broader market as investors continued to sell off technology and internet stocks.

The company said Tuesday that its wholly-owned subsidiary Spectrum Cannabis has joined Cannabis Standard, a platform that aims to help patients create “patient-powered research” to show the clinical benefits of medical cannabis.

Source: CBS News

Fighting fires with "forest resilience" bonds

Today 00:35 GMT

It's here that insurers, environmentalists and venture capital firms are joining forces to create a "Forest Resilience Bond" aimed at solving a multibillion-dollar problem plaguing the wildfire-ravaged state.

Or, as Blue Forest suggests, it could join forces with other private investors and – just possibly – cut those losses.

Source: Common Domain

Dollar’s bounce drags rivals across the board

Today 00:36 GMT

The U.S. dollar Tuesday bounced back from a modestly negative performance at the start of the week, in turn putting pressure on a pair of major rivals, the euro and British pound.

The Turkish lira USDTRY, +1.3644%  saw the steepest decline, with one dollar buying 5.3875 lira, compared with 5.3136 lira late Monday in New York. In developed markets, the Australian dollar AUDUSD, -1.0010%  — risk and global growth bellwether — was sharply down versus the buck, buying $0.7220, compared with $0.7293 late Monday in New York.

Source: Common Domain

Stock-market bulls lose security blanket as junk bonds suffer, economist says

Today 00:36 GMT

In October, when high-yield bonds held on as equities buckled, stock market bulls pointed to the robust returns in junk bonds as evidence that the U.S. expansion still had plenty of legs.

With high-yield debt, or junk bonds, now slammed by an oil bear market and fears over excessive borrowing by U.S. corporations, stock buyers may no longer find solace from one of the strongest performing corners of the bond market this year.

Source: CBS News

Toys R Us workers finally get severance: $660 each

Today 00:35 GMT

A months-long campaign to get severance for more than 30,000 former Toys R Us workers is partially paying off, with two private-equity firms setting aside $20 million for a severance fund.

KKR and Bain Capital said they appointed Kenneth Feinberg, an expert on administering compensation funds, and his colleague Camille Biros to oversee distributions from the fund, a process expected to begin Dec. 15 and be complete by the end of April.

Source: Common Domain

The Extravagant Estate in California That Sold for Over 50% Off

Today 00:35 GMT

A massive compound that has been described as one of California’s most extravagant homes has sold at auction for $22.4 million, less than half its original listing price.

A gated-community compound in Los Angeles that has 25 bathrooms and was asking $53 million has finally sold at auction

Source: Global News

Ice cream, fruit and 3D printer launched to International Space Station

Saturday 20:55 GMT
Source: Common Domain

Le’Veon Bell and the Diminishing Value of Running Backs in the NFL

Saturday 02:26 GMT
Source: Fox News

Selfie saves Texas man from serving up to 99 years in prison

Friday 18:13 GMT
Source: The Guradian

A letter to… Gramps

Saturday 07:00 GMT
Source: The Guradian

‘Philosophically speaking, we can never fully trust our memory’

Sunday 12:40 GMT
Source: Common Domain

ABC Entertainment President to Step Down

Saturday 02:26 GMT
Source: The Guradian

The weight is over: kilogram redefined at 'emotional' conference

Friday 18:13 GMT
Source: Fox News

Drug companies snub Trump by hiking prices

Today 00:35 GMT
Source: Fox News

House Dems to probe Ivanka Trump, Jared Kushner and use of personal email accounts

Today 00:36 GMT
Source: Common Domain

Kaleo increased the price of its rescue medication to exploit U.S. opioid crisis, new report finds

Tuesday 14:31 GMT
Source: Fox News

Ivanka Trump’s lawyer slams ‘misinformation being peddled’ after report that she used private email for government business

Today 00:35 GMT
Source: DW

China's road from copycat to innovator

Tuesday 11:45 GMT
Source: Global News

Canada Post asks union for ‘cooling off’ period that would pause strike during holidays

Tuesday 17:15 GMT
Source: Common Domain

U.K. Home Sellers Respond to Brexit Fears, Drop Asking Prices

Tuesday 20:55 GMT

“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte