Business


U.S. ends steel, aluminum import tariff exemption on EU, Canada, Mexico U.S. ends steel, aluminum import tariff exemption on EU, Canada, Mexico
- June 01, 2018

The imposition of the tariffs on Canada and Mexico added another layer of complexity to the sluggish renegotiation of the North American Free Trade Agreement. French Finance Minister Bruno Le Maire warned enacting steel and aluminum tariffs would trigger swift retaliation. Wilbur Ross came a little closer to honesty about the government's policy when he stated: "We take the view that without a strong economy, you can not have strong national security". (more...)
U.S. jobless rate falls to 18-year low U.S. jobless rate falls to 18-year low
- June 01, 2018

The Bureau of Labor Statistics is set to release the May jobs report at 8:30 a.m. ET. Former White House Press Secretary Sean SpicerSean Michael SpicerTrump bragged to Obama about size of his rallies in meeting after Election Day: book NYT corrects crowd size estimate at Nashville rally after Trump criticism Spicer: Kim gets "everything he wants" by sitting down with Trump MORE also broke the rule in March of that year by tweeting praise for the February jobs report, Trump's first as ... (more...)
OECD ups GDP growth forecast for Poland
- June 01, 2018

Though the number of trade restrictions has crept higher over the last decade, further measures could create a significant drag on growth because the global economy is now more interconnected than ever before, the OECD said. Regarding that in the eurozone, the OECD revised up its forecast to 2.2 percent in 2018 and 2.1 percent next year compared to 2.1 percent and 1.9 percent previously. (more...)
Italy's next prime minister announces cabinet as populists agree new deal Italy's next prime minister announces cabinet as populists agree new deal
- June 01, 2018

Italy's two populist parties have reached a new agreement to form a government, days after a standoff with Italy's president over the parties' stance on the euro abruptly ended their first bid to assume power. "Germany didn't change its idea on its role in Europe after the end of Nazism, even is it abandoned the idea of imposing itself militarily", he writes. (more...)
Wall Street Profits Just Aren't High Enough, Darn It Wall Street Profits Just Aren't High Enough, Darn It
- June 01, 2018

Volcker? We barely knew her! Sen. Jeff Merkley, who-authored the Volcker Rule, condemned the move as a "backdoor attempt to roll back financial reform laws without going through Congress". Proprietary trading is still curbed. Among the proposed changes, the definition of "trading activity" would be modified to permit more activities, including nixing the automatic classification of assets held less than 60 days as short-term and subject to regulation. (more...)
Southwest Airlines jet makes emergency landing after passenger lit cigarette Southwest Airlines jet makes emergency landing after passenger lit cigarette
- June 01, 2018

The difficulty, Southwest explained in a statement, was a passenger who appeared to be smoking in a lavatory. The new Southwest flight is part of the airline's continued expansion of flights to and from Norman Y. The incident was in fact the alarm in the plane's restroom being set off following "indications a customer was allegedly smoking". "The first time he was 'finishing, ' he used his left hand and gripped my right forearm, pinning it down to the armrest between us", the woman told ... (more...)
Fed says Deutsche, NYC’s most active CRE lender, is "troubled"
- June 01, 2018

The Journal cited sources that said a subsidiary of the bank, Deutsche Bank Trust Company Americas, was given a "problem bank" rating by the Federal Deposit Insurance Corporation, the government body that provides it with insurance. "We see significant execution risks in the delivery of the updated strategy amid a continued unhelpful market backdrop", S&P said in a statement. The Financial Times also reported that the Federal Deposit Insurance Corporation added Deutsche Bank's U.S. (more...)
US Cannabis Companies Head to Canadian Securities Exchange US Cannabis Companies Head to Canadian Securities Exchange
- June 01, 2018

In a reversal, Canadian cannabis companies are listing on major US stock exchanges, while American ones are heading to Canada because they are barred from listing in the U.S. "New York City matters". They will also receive $10 million in redeemable MedMen units, based on share price, and $30 million in units carved out for a long-term incentive plan that will vest over two years. (more...)
GM gets $2.25B to speed up commercialization of autonomous vehicle unit GM gets $2.25B to speed up commercialization of autonomous vehicle unit
- June 01, 2018

SoftBank also has invested billions of dollars in "dozens" of transportation-related startups, including many involved in some aspect of self-driving technology. At that point, Softbank would own about 20% of GM Cruise. SoftBank's investment will be made through its Vision Fund, which focuses on the technology sector. (more...)
Extra super accounts cost Aussies .6bln Extra super accounts cost Aussies .6bln
- June 01, 2018

A report into Australia's trillion-dollar superannuation industry will urge the government to establish a new body to allocate some of the 350 billion USA dollars in retirement savings for workers who do not nominate their preferred fund. But the Productivity Commission says that if those two problems are fixed, that a worker, aged 55 today, could gain an additional $61,000 for retirement and for a 21-year-old today that figure could be as high as $407,000 by 2065. (more...)
Euro recovers against the dollar on May 30 after Italian scare Euro recovers against the dollar on May 30 after Italian scare
- June 01, 2018

The Milan stock exchange opened slightly higher on Thursday, after already showing relief with a close up 2% on Wednesday. The Dow Jones Industrial Average rose 199.21 points, or 0.82 percent, to 24,560.66, the S&P 500 gained 25.37 points, or 0.94 percent, to 2,715.23 and the Nasdaq Composite added 60.50 points, or 0.82 percent, to 7,457.09. (more...)
United States to slap restrictions on some Chinese investments United States to slap restrictions on some Chinese investments
- June 01, 2018

The White House announced Tuesday that the crackdown on Chinese trade would take effect in June. The White House also says the United States is planning new investment restrictions and export controls. The Commerce Department informed Congress on Friday of a plan to ease penalties on ZTE ( ZTCOF ), the Chinese phone and telecom equipment maker that was crippled by an export ban issued in April as punishment for what the United States said were violations of its sanctions against North ... (more...)
Steel industry braces for US tariffs on European exports Steel industry braces for US tariffs on European exports
- June 01, 2018

The US put in place exemptions for key allies after first announcing the tariffs in March. The EU, Canada and Mexico together account for about 40 percent of USA steel imports. Weber adds that Trump's decision has to be a wake-up call for us Europeans: "with the U.S. closing in on itself, we should be bridge-builders & reliable partners for the rest of the world". (more...)
Erdogan asks Turks to help prop up plunging lira Erdogan asks Turks to help prop up plunging lira
- June 01, 2018

Investors have hammered the lira this year on concerns about President Tayyip Erdogan's grip on monetary policy and broader worries about his growing authoritarianism following a widespread crackdown against opponents. The Turkish lira gained sharply against the USA dollar today, rising by more than 2.5 per cent against the United States dollar as its central bank continued its efforts to stem a steep decline in value. (more...)
Starbucks Closes 8,000 Stores for Anti-Bias Training Starbucks Closes 8,000 Stores for Anti-Bias Training
- June 01, 2018

The guidelines encourage workers to ask if they would take the considered action with any customer, to verify the perceived situation with a co-worker and to dial 911 if the situation becomes unsafe. Jason, the only African-American employee at his Hollywood-based Starbucks location who asked TIME to identify him by his first name out of concerns over job security, said the program reiterated common conversations surrounding race like inclusion, acceptance and understanding. (more...)
Hotel valet parks Porsche underneath vehicle Hotel valet parks Porsche underneath vehicle
- June 01, 2018

The valet drove the soft-top Porsche Carrera under a sports utility vehicle outside the Hyatt Regency Hotel in the city's Darling Harbour, local media reported. The soft-top Porsche, which retails from $240,000, had to be towed away after the incident. He will probably have to pay for his expensive mistake, as not only the two cars were damaged, but the Porsche had to be chopped to save him. (more...)
Trump to impose steel, aluminum tariffs on EU, Europe ready to retaliate Trump to impose steel, aluminum tariffs on EU, Europe ready to retaliate
- June 01, 2018

The White House is expected to confirm today that it will impose the tariffs after failing to win concessions from... The United States on placed tariffs on aluminium and steel imports from Canada , Mexico and the European Union on Thursday, ending a two-month exemption and inviting promises of counter-measures from Canada and the EU. (more...)
Waymo expands autonomous driving partnership with Fiat Chrysler Waymo expands autonomous driving partnership with Fiat Chrysler
- June 01, 2018

On the same day of a massive $2.25 billion Softbank investment into General Motors' Cruise, Fiat Chrysler Automobiles ( FCA ) is announcing an expanded partnership with Waymo that will add up to 62,000 more Chrysler Pacifica minivans to Waymo's self-driving vehicle fleet later this year. (more...)
Indian PM Narendra Modi on 3-day official visit to Singapore Indian PM Narendra Modi on 3-day official visit to Singapore
- June 01, 2018

Former prime minister Najib Razak says cancelling the HSR project will affect the country's economy. He arrived at Perdana Putra at 11.35am and was greeted by Dr Mahathir. "Malaysia is a strategic partner and a priority country in our Act East Policy". Malaysia and India have close ties with culture and history as well as in various key areas, particularly infrastructure development, education, tourism and defense. (more...)
Tesla Model 3 global launch delayed Tesla Model 3 global launch delayed
- June 01, 2018

Musk has been closely monitoring Model 3 production as the company faces tough questions about its ability to deliver the pending Model 3 order pipeline. The right-hand drive model, created to suit the road laws for a handful of countries, including the UK, Australia and Ireland, should be available from the middle of next year. (more...)
Canada would rather have no Nafta than bad deal, Trudeau says Canada would rather have no Nafta than bad deal, Trudeau says
- May 31, 2018

Foreign Affairs Minister Chrystia Freeland ended trade talks with USA trade czar Robert Lighthizer a day early with the threat of US tariffs on imports of steel and aluminum and election deadlines still hovering over the renegotiation of the North American Free Trade Agreement. (more...)
India's growth likely topped 7 pct again in January-March quarter
- May 31, 2018

This is the period before the government introduced note ban outlawing old currency notes valued at Rs 500 and Rs 1,000. "Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction sectors (11.5%) contributed to the overall growth", the Indian government said. (more...)
Bombardier Unveils Two New Large Cabin Jets Bombardier Unveils Two New Large Cabin Jets
- May 31, 2018

Bombardier's unveiling of the new Global 5500 and 6500 was quite a surprise to the crowd at EBACE in Geneva, as the company had kept the programs completely top secret. Also at the show, business aviation advocacy groups said they plan to "redouble their focus" on advancing the development and adoption of sustainable alternative jet fuels, with the goal to reach "carbon neutrality" by 2020. (more...)
ASX drops as Italy concerns cause Wall Street plunge ASX drops as Italy concerns cause Wall Street plunge
- May 31, 2018

Banks rose along with bond yields Wednesday after sustaining big losses a day ago. Wholesale gasoline rose 1.9 percent to $2.18 a gallon. Global markets had stumbled the day before on worries over the possibility of new elections that could become a referendum on Europe's third-largest economy leaving the euro. (more...)
Bank strike hits services, impact to continue today Bank strike hits services, impact to continue today
- May 31, 2018

There are as many as 21 public sector banks control 75 per cent of the total business in the country. The bankers are striking work demanding early revision of the wages. Thus, it is likely that our bank will also be impacted to some extent by the said strike calls. They argued that they have worked tirelessly to implement various government initiatives such as Jan-Dhan Yojana, demonetization, Mudra and Atal Pension Yojana, among others. (more...)
Trump reportedly wants to push German luxury cars out of the US Trump reportedly wants to push German luxury cars out of the US
- May 31, 2018

US President Donald Trump wants to escalate his trade war to include a total ban on German luxury cars, says a report in WirtschaftsWoche . A report from Germany's Wirtschaftswoche magazine cited several unnamed European and U.S. But even if Trump gets his wish, an import ban is highly unlikely to have the effect he's looking for. German authorities have criticized the investigation into vehicle imports, which could lead to tariffs of up to 25 percent on the same " national security " ... (more...)
U.S. stocks rebound from prior session selloff
- May 31, 2018

Small-cap USA companies generally are more domestically focused than their large-cap counterparts. CHINA MANUFACTURING: Chinese factory activity grew at its fastest rate in eight months on stronger demand, a survey showed Thursday, in a positive sign for the world's No. (more...)
Global Markets in Turmoil as Italy Fails to Form New Government Global Markets in Turmoil as Italy Fails to Form New Government
- May 31, 2018

Prices for United States government bonds surged as investors shifted money from stocks into lower-risk investments. Bond yields dropped, and with them, interest rates on mortgages and other kinds of loans, hitting bank stocks on expectations lenders would earn thinner profits. (more...)
Commerce Secretary Ross Brings EU to the Negotiating Table with Tariff Threats
- May 31, 2018

U.S. President Donald Trump is placing steel and aluminum tariffs on Canada, effective midnight tonight. The US war on the European auto industry seems to be ready to worsen, as a bombshell report published earlier today by a German magazine announced Mr Trump wants to ban German cars from the US. (more...)
Singapore Airlines to launch world's longest commercial flight in October Singapore Airlines to launch world's longest commercial flight in October
- May 31, 2018

They will be configured with 94 premium economy seats and 67 business class seats. Qantas has said it is considering buying the Airbus A350-900ULR so it can fly non-stop from Sydney to London from 2022 - a route which would trump Singapore-New York for length and would be welcomed by business travellers. (more...)

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