• US factory activities on a sharp downfall for the first time in six months
US manufacturing units contracted last month, and they have started cutting jobs for their employees. It is estimated by the Institute for Supply Management said that its manufacturing units have dropped to 49.4 in August from 52.6 in July. The report also suggests that they will continue to struggle because business spends less on machinery, computers and other large equipment. One of the surprising factors is that the Auto sales have leveled off this year after breaking all the records in 2015. It is estimated that employment rate is felling to 48.3 which shows the sign that manufacturers are laying down off the workers at a fast rate.
• US anti-dumping decision on Chinese truck and bus tires – Abuse of trade measures
China’s ministry of commerce on this Friday said that the US preliminary anti-dumping rules which are targeting the “Chinese truck and bus tires are an abuse of trade measures.”
On the response of the Chinese Ministry, US commerce department said that the tires of trucks and buses were being dumped in the United States from China and that below the market price, which is becoming a serious threat to the US economy.
Shen said that the United States has continuously imposing anti-dumping measures on the Chinese tire exports since 2007 and these measures are strongly affecting the Chinese customers. So Shen called a negotiated resolution on trade issues.
In response, the US Commerce Department said that that they will settle this negotiation on the anti-dumping measures no later than 17th January 2017 but these preliminary determination means that they will instruct the US Customs and Border protection to deposit the cash deposits by these preliminary rates only.
• Egypt and India shake hands to set up security cooperation
Egypt and India decided together that apart from security cooperation they will join hands to expand trade and commercial ties to explore the untapped economic opportunities in the two countries.
Prime Minister Narender Modi and Egypt President Abdel Fattah al-Sisi had talks covering the entire expenses of the defense and security to deal with the challenges of the terrorism and radicalization. An important agreement named MOU on the maritime shipping between the two countries had also been signed. Prime Minister Narender Modi said that the two countries agreed on the special agenda termed as “action-oriented agenda.”
• Cloud-based Dropbox hacked millions of passwords leaked on the internet
It is estimated that the cloud-based company Dropbox hacked almost more than 67 million passwords that leaked on the internet. In 2012 the company has also warned all of its users that if they use the same password anywhere on the internet, they do have the risk of leaking it online, so to avoid this threat company advice all of its users to change the password to protect their accounts.
• CEO of Apple Inc. said that Apple might repatriate at least $5 billion in 2017
In an interview with Irish radio, Time Crook suggested that Apple may take more than $5 billion of its offshore funds into the United States next year. It is also said that the major giant Apple can credit all the tax it pays in foreign countries against the 35% it must pay to return its offshore profits.
Figures by the company estimated that it had $232 billion in cash at the end of June, and almost more than 214$ was kept outside the US only.
• Samsung notes seven issues over explosive batteries
Samsung Electronics is recalling its Galaxy Note seven smartphones and said that it’s the batteries which cause the problem and catching fires.
South Korean businesses, in contrast, are replacing the versions of the note and giving the new ones in exchange the faulty Galaxy seven note.
The president of the Samsung’s mobile business Koh Dong-jin said that there are very tiny problems in the manufacturing process of the phone which are very difficult to figure out. So replacing with the new one is the only option left with them.
• Pound Jumps as the manufacturing activities rebounds in the UK
Surveys have conducted, and they indicate a major jump in the value of the pound as Uk’s manufacturing sector rebounded strongly in August.
It is shown by the Purchasing Manager’s Index(PMI) because the sector raises to 53.2 from July figure to 48.3 and the figure of more than 50 indicates that the expansion is great for the industries.