despite Archive

  • DETROIT -- Tesla Inc. may be behind on internal production targets for the new Model 3, but that doesn't mean Consumer Reports hasn't predicted its reliability. In its 2017 Auto Reliability Survey released Thursday, Consumer Reports predicted that the Model 3 will have an average reliability score, despite the fact that the compact Tesla is still in the early stages of production. Jake Fisher, Consumer Reports' director of automotive testing, explained the shopping guide's scoring process during an Automotive Press Association luncheon in Detroit on Thursday by pointing to the records of the larger Tesla Model S and Model X. "We have over 1,500 owners of Tesla models right now," Fisher said. "We have had data on the Tesla Model S going back about four years." The 2017 survey marked the first year that Model S reliability was above average. "Out of the gate, the car was average," Fisher said, referring to the Model S. "It's had some growing pains, but now i..

    Despite startup hurdles, Tesla Model 3 wins early praise

    DETROIT -- Tesla Inc. may be behind on internal production targets for the new Model 3, but that doesn't mean Consumer Reports hasn't predicted its reliability. In its 2017 Auto Reliability Survey released Thursday, Consumer Reports predicted that the Model 3 will have an average reliability score, despite the fact that the compact Tesla is still in the early stages of production. Jake Fisher, Consumer Reports' director of automotive testing, explained the shopping guide's scoring process during an Automotive Press Association luncheon in Detroit on Thursday by pointing to the records of the larger Tesla Model S and Model X. "We have over 1,500 owners of Tesla models right now," Fisher said. "We have had data on the Tesla Model S going back about four years." The 2017 survey marked the first year that Model S reliability was above average. "Out of the gate, the car was average," Fisher said, referring to the Model S. "It's had some growing pains, but now i..
    Read More
  • Dollar Mixed Despite Some Positive Economic News The dollar is turning in a mixed performance Thursday afternoon. The buck is rising against the British pound after a drop in UK retail sales, but is losing ground against both the Euro and the Japanese Yen. U.S. economic data was largely positive this morning. Weekly jobless claims fell by more than expected and the Philly Fed index logged an unexpected increase. However, the leading economic index decreased for the first time this year. A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits fell by much more than anticipated in the week ended October 14th, with claims sliding to their lowest level in over forty years. The report said initial jobless claims dropped to 222,000, a decrease of 22,000 from the previous week's revised level of 244,000. Economists had expected jobless claims to edge down to 240,000 from the 243,000 originally reported for the previous week...

    Dollar Mixed Despite Some Positive Economic News

    Dollar Mixed Despite Some Positive Economic News The dollar is turning in a mixed performance Thursday afternoon. The buck is rising against the British pound after a drop in UK retail sales, but is losing ground against both the Euro and the Japanese Yen. U.S. economic data was largely positive this morning. Weekly jobless claims fell by more than expected and the Philly Fed index logged an unexpected increase. However, the leading economic index decreased for the first time this year. A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits fell by much more than anticipated in the week ended October 14th, with claims sliding to their lowest level in over forty years. The report said initial jobless claims dropped to 222,000, a decrease of 22,000 from the previous week's revised level of 244,000. Economists had expected jobless claims to edge down to 240,000 from the 243,000 originally reported for the previous week...
    Read More
  • Crude Oil Slumps Despite Supply Cut Optimism Crude oil futures fell Thursday despite a prediction from OPEC's top man that oil demand will surge in the coming years. Oil will top 100 million barrels a day in 2020, OPEC Secretary-General Mohammad Barkindo said. He also said the global oil glut is quickly dwindling. "A balanced oil market is now fully in sight," added Barkindo. OPEC favors a nine-month extension to the OPEC/Russia supply quota deal, Reuters reports. The news comes after Iran's oil minister said the deal should go beyond this year. WTI light sweet crude oil was down 75 cents, or 1.4%, to settle at $51.29/bbl, easing from multi-week highs. For the first time in the last twelve months, the Conference Board released a report on Thursday showing an unexpected drop by its index of leading U.S. economic indicators in the month of September. The Conference Board said its leading economic index dipped by 0.2 percent in September after climbing by 0.4 percen..

    Crude Oil Slumps Despite Supply Cut Optimism

    Crude Oil Slumps Despite Supply Cut Optimism Crude oil futures fell Thursday despite a prediction from OPEC's top man that oil demand will surge in the coming years. Oil will top 100 million barrels a day in 2020, OPEC Secretary-General Mohammad Barkindo said. He also said the global oil glut is quickly dwindling. "A balanced oil market is now fully in sight," added Barkindo. OPEC favors a nine-month extension to the OPEC/Russia supply quota deal, Reuters reports. The news comes after Iran's oil minister said the deal should go beyond this year. WTI light sweet crude oil was down 75 cents, or 1.4%, to settle at $51.29/bbl, easing from multi-week highs. For the first time in the last twelve months, the Conference Board released a report on Thursday showing an unexpected drop by its index of leading U.S. economic indicators in the month of September. The Conference Board said its leading economic index dipped by 0.2 percent in September after climbing by 0.4 percen..
    Read More
  • Euro Climbs Despite Catalonia Crisis The euro strengthened against its major rivals in the European session on Thursday, despite political uncertainty in Spain after the Spanish government threatened to take control over Catalonia, as the region's leader Carles Puigdemont refused to abandon a push for independence. Spanish government is set to convene a special Cabinet meeting on Saturday to trigger process to take control of Catalonia's powers. The government said the cabinet session would activate Article 155 of Spain's 1978 Constitution, which allows it to restore the legality of self-rule in Catalonia. The move came after Catalonia's leader threatened a unilateral declaration of independence, if the Spanish government continues to refuse talks on the issue. The currency initially fell against its major rivals after the news of Puigdemont proceeding with declaration of independence in Catalonia. The currency has been trading in a positive territory in..

    Euro Climbs Despite Catalonia Crisis

    Euro Climbs Despite Catalonia Crisis The euro strengthened against its major rivals in the European session on Thursday, despite political uncertainty in Spain after the Spanish government threatened to take control over Catalonia, as the region's leader Carles Puigdemont refused to abandon a push for independence. Spanish government is set to convene a special Cabinet meeting on Saturday to trigger process to take control of Catalonia's powers. The government said the cabinet session would activate Article 155 of Spain's 1978 Constitution, which allows it to restore the legality of self-rule in Catalonia. The move came after Catalonia's leader threatened a unilateral declaration of independence, if the Spanish government continues to refuse talks on the issue. The currency initially fell against its major rivals after the news of Puigdemont proceeding with declaration of independence in Catalonia. The currency has been trading in a positive territory in..
    Read More
  • Oil Slides Despite Bullish Talk From OPEC Chief Crude oil futures slipped Thursday morning despite a proclamation from OPEC's top official that oil demand will surge in the coming years. Oil will top 100 million barrels a day in 2020, OPEC Secretary-General Mohammad Barkindo said. He also said the global oil glut is quickly dwindling. "A balanced oil market is now fully in sight," Barkindo said. "I have gauged the industry's temperature. There is no doubt that we are starting to feel a warmer glow. There is now more talk of a brighter outlook. It is a feeling that has been missing from the industry for far too long. This positivity is underscored by recent data," he went on. Still, WTI light sweet crude oil was down 66 cents at $51.38 a barrel, unable to sustain yesterday's gains. Crude inventories fell 5.7 million barrels in the week to Oct. 13, EIA data showed, a slightly larger decline than expected. U.S. crude production dropped to 8.4 million barrels p..

    Oil Slides Despite Bullish Talk From OPEC Chief

    Oil Slides Despite Bullish Talk From OPEC Chief Crude oil futures slipped Thursday morning despite a proclamation from OPEC's top official that oil demand will surge in the coming years. Oil will top 100 million barrels a day in 2020, OPEC Secretary-General Mohammad Barkindo said. He also said the global oil glut is quickly dwindling. "A balanced oil market is now fully in sight," Barkindo said. "I have gauged the industry's temperature. There is no doubt that we are starting to feel a warmer glow. There is now more talk of a brighter outlook. It is a feeling that has been missing from the industry for far too long. This positivity is underscored by recent data," he went on. Still, WTI light sweet crude oil was down 66 cents at $51.38 a barrel, unable to sustain yesterday's gains. Crude inventories fell 5.7 million barrels in the week to Oct. 13, EIA data showed, a slightly larger decline than expected. U.S. crude production dropped to 8.4 million barrels p..
    Read More
  • Fed’s Beige Book: U.S. Economy Expands Despite Hurricanes A report from the U.S. Federal Reserve showed that the economic activity across the country continued to expand at a measured rate in September and October despite devastations by a recent string of hurricanes in the Southern and Eastern U.S.The Fed's Beige book economic report, which is derived from anecdotal data collected by 12 regional Fed banks, said economic activity increased despite “major disruptions" on areas that were hit by hurricanes Harvey and Irma. But it noted that price pressures were still “modest". The rate of growth was divided between moderate and modest among the 12 districts, according to the central bank. Expansion occurred alongside Richmond, Atlanta, and Dallas districts posting major disruptions from the catastrophes that hit their areas. Dallas saw an increase in auto sales due to storm-damaged automobiles, while Richmon saw an increase in manufacturing prices, especially in some raw materials...

    Prime News: Fed’s Beige Book: U.S. Economy Expands Despite Hurricanes

    Fed’s Beige Book: U.S. Economy Expands Despite Hurricanes A report from the U.S. Federal Reserve showed that the economic activity across the country continued to expand at a measured rate in September and October despite devastations by a recent string of hurricanes in the Southern and Eastern U.S.The Fed's Beige book economic report, which is derived from anecdotal data collected by 12 regional Fed banks, said economic activity increased despite “major disruptions" on areas that were hit by hurricanes Harvey and Irma. But it noted that price pressures were still “modest". The rate of growth was divided between moderate and modest among the 12 districts, according to the central bank. Expansion occurred alongside Richmond, Atlanta, and Dallas districts posting major disruptions from the catastrophes that hit their areas. Dallas saw an increase in auto sales due to storm-damaged automobiles, while Richmon saw an increase in manufacturing prices, especially in some raw materials...
    Read More
  • Related Stories GM to begin testing autonomous vehicles in N.Y. General Motors will keep its business units working on self-driving vehicles and car-sharing despite analysts suggesting they could be spun off and valued at as much as $30 billion, according to a top executive. The automaker is moving faster than its foes because it has the capability to engineer, develop and manufacture vehicles using advanced software under one roof, President Dan Ammann said Tuesday. GM shares have been rising as analysts led by Deutsche Bank’s Rod Lache have issued bullish reports about its burgeoning mobility businesses. “All of our focus right now is on moving as fast as we can to get to commercial deployment of this technology in the safest way possible,” Ammann said in an interview with Bloomberg Television. “We believe the best way to do that is having all the capability under one roof.” GM, which acquired Cruise Automat..

    GM clutches tech units despite hype of $30 billion spinoff

    Related Stories GM to begin testing autonomous vehicles in N.Y. General Motors will keep its business units working on self-driving vehicles and car-sharing despite analysts suggesting they could be spun off and valued at as much as $30 billion, according to a top executive. The automaker is moving faster than its foes because it has the capability to engineer, develop and manufacture vehicles using advanced software under one roof, President Dan Ammann said Tuesday. GM shares have been rising as analysts led by Deutsche Bank’s Rod Lache have issued bullish reports about its burgeoning mobility businesses. “All of our focus right now is on moving as fast as we can to get to commercial deployment of this technology in the safest way possible,” Ammann said in an interview with Bloomberg Television. “We believe the best way to do that is having all the capability under one roof.” GM, which acquired Cruise Automat..
    Read More
  • Related Stories GM to begin testing autonomous vehicles in N.Y. General Motors will keep its business units working on self-driving vehicles and car-sharing despite analysts suggesting they could be spun off and valued at as much as $30 billion, according to a top executive. The automaker is moving faster than its foes because it has the capability to engineer, develop and manufacture vehicles using advanced software under one roof, President Dan Ammann said Tuesday. GM shares have been rising as analysts led by Deutsche Bank’s Rod Lache have issued bullish reports about its burgeoning mobility businesses. “All of our focus right now is on moving as fast as we can to get to commercial deployment of this technology in the safest way possible,” Ammann said in an interview with Bloomberg Television. “We believe the best way to do that is having all the capability under one roof.” GM, which acquired Crui..

    GM hanging on to tech units despite hype of $30 billion spinoff

    Related Stories GM to begin testing autonomous vehicles in N.Y. General Motors will keep its business units working on self-driving vehicles and car-sharing despite analysts suggesting they could be spun off and valued at as much as $30 billion, according to a top executive. The automaker is moving faster than its foes because it has the capability to engineer, develop and manufacture vehicles using advanced software under one roof, President Dan Ammann said Tuesday. GM shares have been rising as analysts led by Deutsche Bank’s Rod Lache have issued bullish reports about its burgeoning mobility businesses. “All of our focus right now is on moving as fast as we can to get to commercial deployment of this technology in the safest way possible,” Ammann said in an interview with Bloomberg Television. “We believe the best way to do that is having all the capability under one roof.” GM, which acquired Crui..
    Read More
  • Uber will stay in Quebec after new, stricter driver rules take effect, reports CBC News. The ride-hailing company had threatened to leave the Canadian province after an announcement that drivers would be required to complete 35 hours of training (up from 20) and have background checks.Instead of pulling out, Uber will reportedly negotiate with the Quebec government over the new rules. Uber has operated in Quebec for the past year under a government-sanctioned pilot program, and that program was just renewed for another year with the stricter rules for driver training.The Quebec government said it will not compromise on the rules, which call for background checks as well as more driver training. New drivers have eight weeks to complete their background checks, while existing drivers have two years. Background checks have proved to be a problem for Uber in the past. When Massachusetts instituted them earlier this year, more than 8,000 Uber and Lyft drivers failed.Uber faces increased ..

    Uber Will Remain In Quebec Despite New Driver Training Rules

    Uber will stay in Quebec after new, stricter driver rules take effect, reports CBC News. The ride-hailing company had threatened to leave the Canadian province after an announcement that drivers would be required to complete 35 hours of training (up from 20) and have background checks.Instead of pulling out, Uber will reportedly negotiate with the Quebec government over the new rules. Uber has operated in Quebec for the past year under a government-sanctioned pilot program, and that program was just renewed for another year with the stricter rules for driver training.The Quebec government said it will not compromise on the rules, which call for background checks as well as more driver training. New drivers have eight weeks to complete their background checks, while existing drivers have two years. Background checks have proved to be a problem for Uber in the past. When Massachusetts instituted them earlier this year, more than 8,000 Uber and Lyft drivers failed.Uber faces increased ..
    Read More
  • Yellen Sees Inflation Gaining Momentum Despite Present Weakness Federal Reserve Chair Janet Yellen said that the U.S. central bank projects continuing hiking interest rates gradually given the solid growth, the robust and the healthy global economic conditions drive up inflation despite noting the persistently low price pressures. Speaking on Sunday during an event in Washington, the Fed chief expressed her belief that the soft readings will not prevail and with the ongoing tightening of the labor markets, she anticipates inflation to pick up its pace in the coming year. She also noted that the most unexpected development in the U.S. economy so far this year is the inflation. While Yellen expects a rise in price pressures, she and other policymakers acknowledge that this year's inflation could indicate something more persistent than what is seen in the Fed's baseline projections. In August, core inflation clocked in at 1.3 percent, significantly below the Fed's targ..

    Prime News: Yellen Sees Inflation Gaining Momentum Despite Present Weakness

    Yellen Sees Inflation Gaining Momentum Despite Present Weakness Federal Reserve Chair Janet Yellen said that the U.S. central bank projects continuing hiking interest rates gradually given the solid growth, the robust and the healthy global economic conditions drive up inflation despite noting the persistently low price pressures. Speaking on Sunday during an event in Washington, the Fed chief expressed her belief that the soft readings will not prevail and with the ongoing tightening of the labor markets, she anticipates inflation to pick up its pace in the coming year. She also noted that the most unexpected development in the U.S. economy so far this year is the inflation. While Yellen expects a rise in price pressures, she and other policymakers acknowledge that this year's inflation could indicate something more persistent than what is seen in the Fed's baseline projections. In August, core inflation clocked in at 1.3 percent, significantly below the Fed's targ..
    Read More