Fed orders 1st emergency rate cut, a half-point, since financial crisis

The Federal Reserve ordered an emergency half-point interest rate cut Tuesday to respond to the coronavirus’ impact on the U.S. economy — the greatest single cut since the financial crisis a decade ago.

Source: Fed orders 1st emergency rate cut, a half-point, since financial crisis

Amazon may not have enough goods from China for Prime Day, report says

Some sellers on the platform are cutting back on online ads to make sure they don’t run out of stock, New York Times says.

Source: Amazon may not have enough goods from China for Prime Day, report says

Trump Blow Up US-China Relations, Trade War Ensues

Donald Trump lays down his law by placing increased tariffs on $250 billion of Chinese goods. China will return the favor.

NOBODY wins in a trade war. But Trump isn’t smart enough to know this. It’s just another big fat tax you get to pay when you shop.

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Source: Trump Xi trade war: Trump defiant as trade penalties kick in, warns China there is more to come – The Washington Post

Why Amazon’s Local Marketplace Will Be a Consumer Win

Retail giant Amazon’s rumored move into local services could have a massive impact on consumers if the Seattle-based firm successfully taps its vast trove of information.

Citing people familiar with the matter, Reuters reports that Amazon is planning to launch a marketplace for local services later this year. This would pit the online retailer against the likes of Yelp, Angie’s List and specialist review sites such as HomeAdvisor.com.

Read more about Amazon’s local marketplace.

A China-US Tech War Will Cost the World Dearly

Beijing has ordered its state-owned companies to cut ties with American consulting firms like McKinsey and Boston Consulting Group out of concern that they may leak state and trade secrets to American spooks, according to the Financial Times.

This news came just a few days after the American Justice Department publicly indicted five serving Chinese military officers on alleged corporate espionage charges. The unprecedented US move is part of a broader strategy to hit back at China’s growing cyber-attacks on American companies as well as government agencies.

For the full story, click here.