Strike against GM nears three weeks

The main remaining issues in the negotiations between the United Auto Workers union and General Motors Co have narrowed to wages and pensions. Meanwhile the strike continues, nearing three weeks. The GM strike began on Sept. 16 with the 48,000 UAW members seeking higher pay, greater job security, a bigger share of the leading U.S. automaker’s profit and protection of healthcare benefits. The sides have been meeting daily and talks continued on Saturday. One of the major remaining issues includes the UAW’s desire to reduce the time it takes newer hires to earn the top wage scale of about $31 … Continue reading Strike against GM nears three weeks

Tim Draper: “Bitcoin will grow more than 25-fold by 2022”

Bitcoin to hit $250,000 by 2022? Investor Tim Draper thinks that is a conservative prediction. “$250,000 means that bitcoin would then have about a 5% market share of the currency world and I think that may be understating the power of bitcoin.” The venture capitalist said he may have underestimated bitcoin when he previously predicted it will reach $250,000 – a figure he first forecast when bitcoin was worth around $5,000 in 2018. A remarkable resurgence in 2019 means bitcoin is currently trading at just above $10,000, though it remains a long way off its record high from December 2017 of nearly … Continue reading Tim Draper: “Bitcoin will grow more than 25-fold by 2022”

China exempts 16 US products from tarriffs

China on Wednesday announced plans to exempt 16 types of U.S. products from additional tariffs, including food for livestock, cancer drugs and lubricants. The exemption, which is scheduled to go into effect from September 17, will be valid for a year through to September 16, 2020. The announcement comes as high-level trade officials from China and the U.S. prepare to meet in Washington next month. It will mark their latest attempt to resolve a protracted trade dispute. Washington and Beijing have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets … Continue reading China exempts 16 US products from tarriffs

Hungary unlikely to head into outright recession

Hungary’s Finance Minister Mihaly Varga mantains his optimism: “Risks to global economic growth are unlikely to trigger an outright recession”, he said on Saturday, adding that the best way to tackle a slowdown was to maintain fiscal discipline and market stability. “Whenever there is a slowdown and we cannot speak of an acceleration of growth cycles, positions of balance always come to the fore,” Varga told a meeting of Hungarian economists. “We must avoid fiscal profligacy and maintain fiscal discipline and rigour,” Varga said. On Thursday, central bank Governor Gyorgy Matolcsy said risks to global growth, such as Brexit, the … Continue reading Hungary unlikely to head into outright recession