Merkel told an aviation conference in Leipzig that her talks with Johnson later Wednesday will include how to achieve this goal. Britain and the remaining 27 EU countries have been at loggerheads recently over a clause in the exit agreement concerning the Irish border.
Nigeria's President Muhammadu Buhari swore members of his cabinet into office on Wednesday, assigning a new minister of state for petroleum in Africa's top producer of crude oil in a cabinet of 43 ministers. Buhari kept the petroleum portfolio for himself, as in his first term, and appointed Timipre Silva as minister of state for petroleum, who will manage the portfolio on a day-to-day basis.
Amazon.com Inc on Wednesday launched its biggest campus in the world in the southern Indian city of Hyderabad, underscoring its expansion plans in the country that has been one of its fastest growing overseas markets. Amazon then picked Arlington, Virginia as the site for its upcoming second headquarters. The new campus in India, spread over 9.5 acres and costing "hundreds of millions of dollars", will house over 15,000 employees, the company said.
China's cabinet said on Wednesday it will speed up the distribution of subsidies for pigs culled because of African swine fever as part of a plan to stabilise the country's pig production and pork supply. China's rules stipulate that farmers must receive 1,200 yuan ($170) for each pig culled to stop the spread of the deadly disease that has devastated the country's pig industry. There is no cure and no vaccine for African swine fever, which has hit every province in the world's top pork producer after first being reported in the country a year ago.
Stablecoin issuer Tether is going to issue a new stablecoin, dubbed “CNHT,” pegged to offshore Chinese yuan (CNH). Zhao Dong, a shareholder of Tether’s sister company Bitfinex, told ChainNews on Wednesday that CNHT will be launched “in the near future.” Dong further told the news source that his cryptocurrency lending platform RenrenBit will be the […]The post Tether to issue new stablecoin ‘CNHT’, pegged to offshore Chinese yuan appeared first on The Block.
Target topped expectations in just about any way measureable during the second quarter as it pushed faster delivery for customers and invested heavily in new private label brands. Comparable store sales, which include online sales, rose 3.4 % as customer traffic jumped 2.4%. The measure includes sales at stores open at least a year and online sales.
(Bloomberg) -- Wealthy buyers are pulling back from some of the most expensive housing markets in the U.S., the latest sign that sky-high prices and fears of a recession are weighing on a key sector of the economy.Toll Brothers Inc., the nation’s largest publicly traded luxury-home builder, said late Tuesday that purchase agreements fell 3% from a year earlier, worse than a decline of less than 1% that was expected by a Bloomberg survey of six analysts. The company’s orders in California, home to some of the priciest markets in the country, tumbled 36% from a year earlier.The results underscore a shift taking place in the U.S. housing market. The return of low mortgage rates is heating up competition for starter homes and fueling steep price gains in cities that have long been more affordable. Meanwhile, expensive markets, like San Jose and Seattle, as well as the luxury homes that Toll builds, have seen a drop-off in demand.“Their buyers are a little more sensitive to what’s going on in the broader economy,” said Drew Reading, an analyst at Bloomberg Intelligence. “They’re paying more attention to the stock market.”Slowdown SignsWall Street and Washington have been buzzing this month about the potential for an economic slowdown after U.S. equities suffered one of the deepest sell-offs of the year on Aug. 14 and a key portion of the U.S. Treasury yield curve inverted for the first time in 12 years. New-home sales also were weaker than expected in June.Homebuilders that cater to entry-level buyers are better positioned to weather shifting demand, Reading said. Shares of D.R. Horton Inc., which focuses on starter homes, have climbed 41% this year, while Toll Brothers is up 12%. The stock slipped 1.9% in premarket trading Wednesday.The luxury builder’s biggest challenge may be its concentration in California, where its homes under contract had an average price of $1.74 million in the quarter. Chinese buyers have pulled back there and the federal tax overhaul limited deductions for property levies and mortgage interest.As at other homebuilders, Toll’s profits have gotten squeezed by the need to drive sales with buyer incentives. Fewer California deals, with their relatively fat margins, also didn’t help. Toll’s full-year guidance for adjusted gross margin of 23% was slightly lower than the consensus of 23.2%, based on a Bloomberg survey of analysts.‘Tailwinds’ IntactToll is off to a good start in the current quarter that started Aug. 1, Chief Executive Officer Doug Yearley said in the earnings statement.“Low mortgage rates, a limited supply of new and existing homes, and a strong employment picture are providing tailwinds,” he said.The company has been looking to scale up its business in other parts of the country and build less-expensive homes.“They are diversifying the type of product they’re building, but it’s not a transformation that happens overnight,” said Alex Barron, an analyst with the Housing Research Center in El Paso, Texas. “Toll Brothers is luxury. They’re not going to go from being a Nordstrom to being Walmart.”(Updates shares in sixth paragraph.)To contact the reporters on this story: Noah Buhayar in Seattle at firstname.lastname@example.org;Prashant Gopal in Boston at email@example.comTo contact the editors responsible for this story: Debarati Roy at firstname.lastname@example.org, Josh Friedman, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
China has said it hopes the Philippines will ban online gaming to support its crackdown on cross-border gambling, which it said foreign criminals had used to embezzle funds and illegally recruit workers. The Philippine gaming regulator has banned licenses for new online gaming firms, as lawmakers and some ministers have called for tighter controls on Chinese visitors, saying many are illegal workers whose presence fans security concerns.