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Chinese yuan wilts again, cushioning the blow of Trump tariffs

Trump added, referring to the Fed's rate increases: "The United States should not be penalized because we are doing so well". The outbursts were another crosswind for Wall Street, which struggled to find direction and finished the day a hair's breadth in negative territory. Read More »

Ryanair cancels flights due to stewards’ strike, 50, 000 passengers affected


Ninety-nine percent of the airline's directly-employed Republic of Ireland-based pilots voted in favour of action, but Ryanair said that they make up just 25% of its Irish flight crew. A spokesperson said anyone affected had already been alerted by text message or by email , while also being offered an alternative. " Ryanair cabin crew enjoy great pay -- up to 40,000 euros ($47,000) p.a". Read More »

Target Says Its ‘Prime Day’ Sale Was A Success


Haq Se Single, Chacha Vidhayak Hain Humare, and hit Bollywood movies Padmaavat and Sonu ke Titu Ki Sweety, have been particular hits on-demand, said Amazon. Prime Day also put the spotlight on small and medium-sized businesses that sell on Amazon's platform. "This has been a growing change in Amazon's business model because today, it's not enough for retailers to compete only online". Read More »

Ailing Marchionne replaced by Elkann as Ferrari chairman


Reports suggest the Fiat-Chrysler board's decision to accelerate Marchionne's succession plan is rooted in a medical condition from which the 66-year-old manager is now suffering, and which could bring forth a departure initially scheduled for later this year. Read More »

Asian stocks gain after Fed's Powell gives upbeat comments; Japan leads advance


The WSJ Dollar Index, which measures the USA currency against a basket of 16 others, rose less than 0.1% to 88.71, closing at its highest level since June 26, 2017. USA crude futures slipped 0.54 percent to trade at $67.71 per barrel and Brent crude futures edged down by 0.46 percent to $71.83. Telecoms stocks fell the most, down 1.2 per cent, weighed down by a 4 per cent drop in Telenor after the Norwegian telecoms operator posted second-quarter results that lagged forecasts. Read More »

GST Council reduces tax rates on more than 50 items


Sanitary napkins that were taxed at 12% earlier, has been put under the exempted category following widespread demand on the essential commodity. ► Rakhis exempted from GST, tax on ethanol cut to 5%. Two new simpler return formats have also been approved. The revised tax rates will be applicable from July 27. Asked about the revenue impact of the tax rate cut, Goyal said it will only be "nominal". Read More »

Burberry burned $36.5M of unsold clothes past year


According to Burberry, excess stock is burned so that garments don't end up on the "grey market", where they might fall into the hands of illegal counterfeiters. Tim Jackson, head of the British School of Fashion at the Glasgow Caledonian University in London, said luxury fashion firms such as Burberry faced a "paradox". Read More »

'Chaos' at Heathrow after British Airways suffers 'systems issue'


Terminal Five at the London airport was filled with disgruntled passengers frustrated at the lack of information after the computer system went down. Hundreds of passengers were told to return on Thursday. Virgin Atlantic said it is not affected by any IT issues at Heathrow. The disruption comes as airports across the country gear up for the busiest part of the year as the summer holiday season begins in earnest. Read More »

Donald Trump willing to slap tariffs on all Chinese imports

The yuan fell to 6.7943 per dollar by late morning on Friday, down 0.28 per cent, according to Bloomberg data, and is at its lowest levels in a year following an accelerating slide in recent weeks as the trade conflict heated up. The fiscal stimulus provided by tax reform is expected to lead to additional inflation and tighter labor markets, said Mazen Issa, senior FX strategist at TD Securities in NY. Read More »

Boeing claims air-show victory against Airbus


The plane maker also reached an agreement at the airshow with GE Capital Aviation Services for 35 737-800 converted freighters. The first Boeing 787s are expected to arrive in 2021, the companies said in March. However, Airbus secured orders and commitments for 431 aircraft, with a late order from AirAsia pushing numbers up yesterday morning. One of the biggest orders of the day came from Republic Airways who signed a letter of intent for up to 200 of the E-Jets. Read More »

China's ambassador to the U.S


President Donald Trump's top economic adviser, Larry Kudlow , said he anticipates great economic growth and more tax cuts by the Trump administration. The Chinese Ministry of Commerce has warned of an equal response if the USA goes through with a second round. China's ambassador to the USA warned the Trump administration Wednesday that tariffs on China will backfire and Washington will "only end up hurting itself and the world". Read More »

Employment regains its mojo with booming growth in June


Nearly 3000 jobs were added in the month, taking overall employment to more than 1.34 million. The Federal Opposition argues the government is ignoring under-employment in Australia's jobs market. Labor's employment spokesman Brendan O'Connor blamed temporary visa holders, global students and working holiday makers for keeping underemployment close to its peak at 8.5 per cent. Read More »

Trade War Spills Into Uranium as US Weighs Import Tariffs


The two uranium mining companies said at the time they submitted their petition, "As recently as 1980, US producers supplied almost 100% of our domestic uranium needs, and in 1989 the DOC initiated a Section 232 investigation at the request of the US Department of Energy because of concerns that uranium imports exceeded 37.5% at that time". Read More »

Tesla Model 3 buyers lose patience, maybe tax credits


Another 250 Tesla owners that bought the Model S won't receive the payment, the office said. Tesla said it plans to appeal the agency's decision. That's what Germany said Wednesday, alleging that 1,050 Tesla buyers weren't eligible for an incentive aimed at spurring electric vehicle sales. Read More »

Britain vows to intensify talks with European Union for Brexit deal


Mr Johnson, a thorn in Mrs May's side when he was in office, used a parliamentary convention to explain his decision to resign from government 10 days after quitting. He then went on to explain why he lost faith in the Prime Minister's Brexit plans . The Tory MP for Shipley revealed he had written the letter after he "lost trust" in Theresa May's ability to deliver the referendum result. Read More »

President Trump says he's ‘not happy' with interest rate hikes

In a Friday tweet the president laments rising USA interest rates, a day after he cast aside concerns about the Federal Reserve's independence to say he was unhappy with the central bank's recent actions. Economists say state intervention in the affairs of central banks can have disastrous consequences, leading to hyper-inflation and devalued currencies. Read More »

Trump threatens tariffs on all $500 billion of Chinese imports

The Trump administration imposed tariffs on $34 billion worth of Chinese products last month, which China quickly matched with tariffs on the same value of American goods. A weaker United States dollar leads to higher exports. The Trump administration has also angered key allies by imposing tariffs of steel and aluminum imports earlier this year. Read More »

Trump gripes about Fed in rare rebuke by sitting president

President Donald Trump on Friday said monetary policy tightening "hurts all that we have done", suggesting that higher borrowing costs undermine the economy's gains. President Trump took a pot shot Thursday at the Federal Reserve for eyeing another interest rate hike that could slow America's strong economic growth. Read More »

‘Ready to go’ with $500 billion in tariffs on China

Stock markets in Europe have fallen sharply after President Trump said he was willing to impose tariffs on all Chinese goods imported to America. Trump told CNBC in an interview that ran on Friday that he is "ready to go to 500" on tariffs on Chinese imports. Read More »

US oil inventories increase in week ending July 13


Despite worldwide oil markets being well balanced in the third quarter, he said there would still be substantial stock draws due to robust demand. The kingdom initially planned to reach record output of 10.8 million barrels a day, people briefed on production policy said late last month, although that level was always dependent on the strength of domestic and global demand. Read More »

Trump rips Fed for raising interest rates

Business media figures immediatly expressed alarm, noting that Trump was breaking presidential tradition by publicly revealing his opinion about the Federal Reserve, threatening the independence of the institution. Higher interest rates mean higher borrowing costs for consumers and higher mortgage rates. The US dollar lost ground against rival currencies following the comments. Read More »

Trump slams rate increases by independent Federal Reserve

After Trump's interview with CNBC was made public, Lindsay Walters, a White House spokeswoman, said the president "respects the independence of the Fed". Mr Trump argued that higher rates put the United States at a disadvantage and impede faster growth. Rubin argued for that policy to be maintained in a New York Times op-ed piece past year when the White House was mulling the choice of Yellen's successor. Read More »

USA auto industry warns Trump administration of painful tariff fallout

Trump imposed duties of 25 per cent on steel imports and 10 per cent on aluminium in March, but had given temporary exemptions to the European Union and some other close trading partners as talks continued. The auto industry has banded together in a full-scale campaign to oppose the tariffs, with companies warning of slower auto sales due to higher prices, lost jobs as well as reduced spending on self-driving cars. Read More »

August rate hike 'less of a dead cert' after surprise inflation figures


There have been some signs of recovery which could encourage the BoE to raise interest rates in August, to counter the high levels of Inflation that have been seen since the Brexit vote. Comments from BoE officials over the next week could be a "game-changer", Monks said, drawing parallels with May, when a spate of poor data thwarted a widely expected rate hike. Read More »

Google Announces Dunant, Its First Private Transatlantic Subsea Cable


Named Dunant, after Henri Dunant, the first Nobel Peace Prize victor and founder of the Red Cross, the cable is expected to become available in late 2020, Google's Strategic Negotiator Jayne Stowell wrote in a blog post on Tuesday. Google is involved in several other subsea cable projects across both the Atlantic and Pacific oceans. In January, it announced plans to commission three new cables in 2019 as part of a plan to expand its cloud computing infrastructure. Read More »

Commerce reviewing impact of uranium imports on national security

Uranium is used in the US nuclear arsenal and powers the Navy's nuclear aircraft carriers and submarines, along with 99 USA commercial nuclear reactors that produce 20 percent of the electricity consumed in the United States. Thiryy years ago, the United States produced nearly half of the uranium it consumes, but that ratio has dropped to just five per cent today, Ross said in a release. Read More »

WestJet co-founder commits to Airbus A220 order


JetBlue Airways aircrafts are pictured at departure gates at John F. Kennedy International Airport in New York June 15, 2013. The two companies have already announced more than $43 billion in orders for their aircraft at the Farnborough Airshow in London this week, mostly single-aisle, which make up the majority of the world's commercial travel space. Read More »

Deutsche Bank earnings beat analyst forecasts as profits bounce back in Q2


Those earnings include a €100 million gain on an asset sale and debt valuation adjustments reflecting a widening of Deutsche Bank's credit spreads during the quarter. The bank, trying to bounce back from three consecutive years of losses, has had a run of negative headlines, including an abrupt management reshuffle, a downgrade by Standard & Poor's and failing the U.S. Read More »

Singapore Airlines the World's Best Airline in 2018


The Singapore-based airline was presented with the award on Tuesday at a ceremony in London. The top nine airlines in the world were Asian airlines, with Singapore Airlines taking the number one spot for the fourth time. The online survey operated from August 2017 to May 2018, together with invitations sent to previous year respondents in the survey database (total 24.45 million customers). Read More »

Tesla Model 3 is most profitable electric vehicle: consultant


Munro also pointed to a comprehensive side-by-side comparison of the parts and materials used by the Model 3, General Motors Co.'s Chevrolet Bolt, and BMW AG's i3, in which the Model 3 comes out favourably. But this week Tesla lost one after a teardown of its Model 3 sedan turned one of the company's most outspoken critics into a true believer. He says in his post that the auto being shown in the pictures above portray the Model 3 after being involved in a crash while driven by his wife. Read More »

In Face Of Protectionism, EU And Japan Sign Huge Open-Trade Deal


The deal eliminates about 99 per cent of the tariffs on Japanese goods to the EU, but remaining at around 94 per cent for European imports into Japan for now and rising to 99 per cent over the years. The EU officials and Japan will also look to present a united front against USA tariffs on steel and aluminium, which Tokyo has called "deplorable". Read More »

Brexit rebellion costs British PM May another minister


The prime minister has committed to leaving the EU's single market and customs union, but proposes a post-Brexit "common rule book" for the trading of goods but not services. In her article, Greening criticised May's plan: "We'll be dragging Remain voters out of the European Union for a deal that means still complying with many European Union rules, but now with no say on shaping them". Read More »

Dozens injured after mid-air pressure drop on Ryanair flight


Police said Ryanair was trying to organize for another plane to take passengers on to their final destination of Zadar on Saturday morning around 9 a.m. Numerous passengers had been taken to hospital suffering from burst eardrums and have been advised by doctors not to fly for another week. Ryanair said the flight was diverted because of "in-flight depressurisation". Read More »

Papa John's Founder Says 'It Was a Mistake' to Resign


Schnatter is still a member of the board, but is no longer allowed to use the offices at Papa John's headquarters in Louisville, Ky., and will be removed from all advertising and marketing materials. "We know we can do better and I'm confident that we will", Ritchie said in May. A spokeswoman for Laundry Service has previously declined to comment on the Schnatter incident and did not immediately respond to a second inquiry on Tuesday. Read More »

Walmart inks 5-yr deal with Microsoft to strengthen digital innovation


Walmart announced a strategic tie-up with Microsoft on cloud technology. With the new partnership, both Walmart and Microsoft will be working together to compete with Amazon . Mumbai: Retail giant Walmart on Tuesday said it has entered into a five-year partnership with Microsoft to leverage its cloud solutions for making shopping faster for its customers globally. Read More »

Europe, Japan sign free trade deal


EU Council President Donald Tusk and Commission head Jean-Claude Juncker landed in Japan late Monday after talks in Beijing, where they urged global trade cooperation and warned against trade wars. However, Japan's dairy industry is expected to lose market share to European products once tariffs of up to 40 per cent on some cheese imports start coming down. Read More »

UK PM defeats rebels over plans to remain in EU customs union


So as I suggested earlier looked likely to happen , Theresa May seems to have capitulated and accepted all the rebel Brexiter ERG amendments to the Customs Bill. She told MPs: "I would not have gone through all the work that I did to ensure that we reached that agreement only to see it changed in some way through these bills". Read More »

India, Iran pledge to maintain trade levels


Mnuchin's comments were embargoed for release on Monday as other USA officials were expected to begin talks in India this week on cutbacks in Iranian oil supplies . Enthused at the Indian government granting approval to an Iranian bank recently after nearly 8-9 years of waiting, the two sides are also looking at "different banking mechanisms" to overcome the sanctions imposed by the US. Read More »

European Union to sign its biggest free trade deal with Japan

Japan and the EU account for about a third of global GDP and their trade relationship has room to grow, according to EU officials, who expect the deal to boost the EU economy by 0.8% and Japan's by 0.3% over the long term. Trump has unsettled America's allies and provoked the ire of its rivals with bombastic statements, hefty trade tariffs, and threats of a trade war. Read More »

Bradford Poundworld stores in Darley Street and Forster Square to close


The company's administrators, Deloitte, said talks to sell remaining parts of the business continue. Other stores confirmed to close include Liverpool and Chester and overall it is believed 1,024 jobs will be lost as a result. Among the latest cull are stores in Norwich, which employs 10 people, King's Lynn, which has 26 staff, and Chelmsford, which has 16 staff. Poundworld went into administration last month after failing to cope with rising costs, fewer shoppers and greater competition. Read More »

IMF Still Expects Global Economy to Grow 3.9% This Year


The rate of expansion appears to have peaked in some major economies and growth has become less synchronised. "The balance of risks has shifted further to the downside", it said. Alongside the threat of greater trade disputes, Obstfeld said: "Financial markets seem broadly complacent in the face of these contingencies". "An escalation of trade tensions could undermine business and financial market sentiment, denting investment and trade", the International Monetary Fund report said. Read More »

No laughing matter after Netflix shares take tumble

Sixteen analysts surveyed by Zacks expected $3.94 billion. In second quarter previous year, Netflix posted $2.79 billion in sales. Analysts were looking for 79.4 cents a share. While it's one thing for Netflix to fall short of Wall Street expectations, it's another matter entirely for Netflix to fall short of its own internal projections. Read More »

Amazon Prime Day vs Black Friday price comparison


Be sure to have your notifications turned to "on" in the settings section of the app, however, if you want to receive notifications. According to the landing page, the Prime Day Sale will also bring huge discounts on the products from the categories like clothing, smart devices, home appliances, interiors and much more. Read More »

Apple Loses Three Senior Sales Executives in India


The executive exodus is a symptom of Apple's persistent malaise in India, where high tariffs inflate the price tags of imported gadgets such as the iPhone and consumers gravitate toward cheaper alternatives from the likes of Xiaomi Corp. Read More »