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Latest 24 Hour Economy News
Source: New York Times

What Trump Should Learn From the ‘Banana War’

Friday 14:38 GMT

Although history suggests that no one really wins a trade war, some in the Trump camp cite an exception: the “banana war” waged by the Clinton and Bush administrations against the European Union in the late 1990s and early 2000s.

With China retaliating, America’s allies reeling and markets skidding, maybe it’s time to take off the gloves in America’s burgeoning trade war. By taking off the gloves, I mean that literally: a tariff on imported leather gloves would hit China, France, Belgium and Italy, which all are in President Trump’s cross hairs.

Source: Common Domain

Amazon could actually benefit from the Supreme Court ruling on sales tax

Friday 17:21 GMT

Read: Amazon shares fall after Supreme Court ruling on sales tax, as brick-and-mortar retailers gain. Details about who will now have to pay sales tax, how much and where still have to be worked out.

And: State credit quality will benefit from Supreme Court online sales tax ruling: S&P. “Still, we see a relatively limited exposure for Amazon, which already collects a sizable amount of sales taxes across many states where it qualifies as taxable due to its sufficiently large physical presence. Thus, Amazon is unlikely to cede a meaningful portion of its market share to traditional retailers as a result of the ruling, which could leave smaller online retailers more exposed.”

Source: Common Domain

Supreme Court Rules States Can Collect Sales Tax on Web Purchases

Friday 11:50 GMT

By a 5-to-4 vote, the court closed a loophole that helped fuel the early growth of internet sales, overruling a half-century of its own precedents that forbid states from requiring merchants to collect sales tax unless those sellers maintain a “physical presence” within the state’s borders.

States have the authority to make online retailers collect sales taxes, the Supreme Court ruled Thursday, a milestone marking e-commerce’s treatment as a mature player in a marketplace no longer defined by trips to the corner store or the shopping mall.

Source: Common Domain

Today’s economy is good! Almost as good as it was in 2014

Friday 09:04 GMT

By this yardstick, the economy of today (including the blockbuster growth of the second quarter) is nearly the same as the economy of 2014.

I could run dozens of additional comparisons, but it wouldn’t change my conclusion that 2014 was as good as (or slightly better) than today’s economy. In the past year (through May), the Wilshire 5000, with reinvested dividends, returned 12% after inflation, a bit better than the 11.3% total real return in 2014.

Source: Common Domain

The Morning Ledger: States Can Force Online Merchants to Collect Sales Tax

Friday 17:21 GMT

By a 5-to-4 vote, the court closed a loophole that helped fuel the early growth of internet sales, overruling its own 1992 precedent that forbid states from requiring merchants to collect sales tax unless those sellers maintained a “physical presence” within the state’s borders. Justice Anthony Kennedy said the “physical presence” rule, always doubtful, had become untenable in the digital age.

The Supreme Court ruled that states have the authority to make online retailers collect sales taxes as the digitial transformation of the U.S. economy took a historic step, write the WSJ's Brent Kendall, Jess Bravin and Laura Stevens.

Source: Common Domain

What you need to know about Turkey’s election this Sunday

Friday 20:03 GMT

Turkey will head to the polls on Sunday to vote for a new president, but the snap election called by incumbent President Recep Tayyip Erdogan comes as the emerging economy is beset by a flagging currency and economy, setting the stage for a downbeat stretch for the country.

It would keep pressure on Turkey’s lira, which has weakened on the back of the political turmoil and as the U.S. dollar has become resurgent against many emerging-market and developed-world currencies, buffeting the economies of country’s with dollar-denominated debts.

Source: New York Times

Biggest Banks Pass Fed’s Stress Tests

Friday 09:05 GMT

The nation’s biggest banks are strong enough to continue lending if the economy plunges into a severe downturn, an assessment by the Federal Reserve on Thursday that could fuel Wall Street’s calls to further relax financial regulations.

The results of the first phase of the Fed’s annual “stress tests” showed that the country’s banks have more than enough capital to survive the combination of a recession, cratering of housing prices and double-digit unemployment.

Source: Washington Post

After Nevada GOP push, Treasury quietly changed lucrative policy benefiting one county

Friday 20:03 GMT

The Treasury Department last week quietly reversed itself after lobbying by Nevada Republicans and agreed to let a previously ineligible county reap huge benefits from the new tax law.

After weeks of prodding from Nevada officials, Treasury relented and gave the designation to Storey County using new data. The successful campaign to win this lucrative designation illustrates how political pressure can redirect billions of dollars in federal benefits, which are supposed to be distributed in a non-arbitrary manner.

Source: Common Domain

Inside One of The United Kingdom’s Hottest Real-Estate Markets

Friday 20:03 GMT

According to Hometrack, a property-analytics firm, Edinburgh is the most buoyant real-estate market of the 20 cities it tracks across the U.K. Prices in the Scottish capital rose 7.2% between April 2017 and this year to an average £222,800, or almost $300,000.

Now, however, confidence is returning, bolstering the real-estate market, says Edward Douglas-Home, a partner at Knight Frank. Scotland was hit hard by the global recession and then suffered a series of confidence-shaking bombshells: two referendums (Scottish independence in 2014 and Brexit in 2016), property-tax increases in 2015, and then the political uncertainty caused by the 2017 general election.

Source: NBC News

Supreme Court rules states can require online retailers to collect sales tax

Friday 11:49 GMT

Online shopping will soon become more expensive, after the U.S. Supreme court ruled Thursday that states can require Internet retailers to collect sales taxes.

The 5-4 decision broke with 50 years' worth of legal rulings that barred the states from imposing sales taxes on most of the purchases their residents make from out-of-state retailers. The decision was a victory for South Dakota, which asked the court to uphold its recently passed law imposing an Internet sales tax.

Source: Common Domain

U.S. dollar heads for weekly loss after hitting 1-year high against Canadian counterpart

Friday 20:03 GMT

The U.S. dollar rallied to its best level in a year against its Canadian rival Friday morning, thanks to sluggish Canadian economic data that underlined the fragility of Canada’s economy.

As the U.S. currency came off its highs, the loonie—as the Canadian dollar USDCAD, -0.3079% is also known—regained its footing. The greenback last bought C$1.3278, compared with C$1.3316 late Thursday, having hit a high of C$1.3373 earlier.

Source: Common Domain

This is what the stock-market indicator with the best track record is telling us

Friday 20:03 GMT

For more information, including descriptions of the Hulbert Sentiment Indices, go to The Hulbert Financial Digest or email mark@hulbertratings.com.

Every other major stock-market top of the last seven decades, in contrast, occurred when households’ equity allocation was lower than today’s level. There’s been only one other occasion since 1951 in which this allocation was any higher than it is today: At the top of the internet bubble, when it rose to 47.6%.

Source: Common Domain

What to Watch in the Fed’s Stress Tests

Friday 06:09 GMT

Under a bank deregulation bill signed into law by the president last month, bank holding companies with less than $100 billion in assets will no longer be subject to the first round of stress tests.

(June 20, 2018). Keep an eye on Deutsche Bank, Wells Fargo in this year’s exams, tougher than previous years’ versions due to the strong economy

Source: CBS News

Gina Rodriguez uses Emmys campaign money to fund scholarship for undocumented student

Friday 06:09 GMT

Rodriguez is using her "For Your Consideration" Emmys campaign stipend from CBS TV Studios to fund a college scholarship for a girl who will attend Princeton University, according to The Hollywood Reporter. Emmy campaigns are "a bizarre dance," Rodriguez told THR. "Whatever you do requires an insane amount of money."

Thanks to Rodriguez, the student will now be able to complete all four years at the Ivy League school without financial burden.

Source: The Guradian

Scott Pruitt spent $1,500 of taxpayer money on fancy pants

Friday 19:09 GMT

On Wednesday the Intercept reported that Scott Pruitt has now spent more more than $4.6m in taxpayer money on security, according to documents obtained under the Freedom of Information Act.

The pants costs a remarkable $1599.68 for eight pairs, which makes one wonder if Pruitt has heard of a handy tool called google dot com. This includes $2,749.62 on “tactical pants” and “tactical polos” for the EPA administrator.

Source: New York Times

Matt Murphy, Master of Blues Guitar, Is Dead at 88

Tuesday 22:48 GMT
Source: CBS News

Johnny Depp: "I was as low as I believe I could have gotten" after money and marital problems

Thursday 21:55 GMT
Source: CBS News

This "Hot Dog Water" sells for $37.99 a bottle

Thursday 21:55 GMT
Source: CBS News

Yrsa Daley-Ward on raw Instagram poetry and her new memoir, "The Terrible"

Thursday 21:55 GMT
Source: Common Domain

Mexico Criticizes U.S. Over Policy Removing Immigrant Children From Parents

Wednesday 18:15 GMT
Source: Reuters

In Mexico, Trump's child separations trigger wrenching decisions

Thursday 05:16 GMT
Source: NBC News

'The lucky ones': Families who slip through the gap in Trump's zero-tolerance border policy

Wednesday 15:30 GMT
Source: Common Domain

In the U.K., the Average Asking Price is 45% Above the Average Sale Price

Friday 06:09 GMT
Source: Global News

Reduce taxes, fees to help grow Canada’s airline industry, lower prices: study

Friday 03:25 GMT
Source: CBS News

Florida teen is first known human to contract virus usually found in animals

Friday 20:03 GMT
Source: CBS News

Make Music Day celebrates the musician in everyone

Friday 09:03 GMT
Source: Common Domain

Here’s what could happen to Apple’s average selling prices in the next iPhone cycle

Friday 20:03 GMT
Source: New York Times

Magnetic Sense Helps Billions of Moths on an Australian Migration

Friday 09:04 GMT
Source: New York Times

Chinese Fans Paid Dearly for World Cup Tickets That Never Materialized

Friday 09:03 GMT

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