Business


Bank of England leaves bank rate at 0.5 pct, rise expected Bank of England leaves bank rate at 0.5 pct, rise expected
- June 24, 2018

Howard Archer, chief economic adviser at the EY Item Club, said: "It is now touch and go as to whether the Bank ofEngland raises interest rates in August or holds off until November". Mr Haldane was a new addition to the pro-rate hike contingent and this news boosted hopes for an August interest rate hike. The Banks of England has been holding off raising interest rates as it awaits an improvement in the economy, which grew just 0.1% in the first three months of the year. (more...)
Eurozone creditors reach deal on Greek debt relief Eurozone creditors reach deal on Greek debt relief
- June 24, 2018

Finance Ministers from the 19 countries that use the single currency are seeking to agree on debt relief and a sizeable cash cushion for Greece that will reassure financial markets on the ability of Athens to stand on its own. They also agreed to disburse 15 billion euros ($17.5 billion) to ease Greece's exit from its rescue programme. Greece's borrowing costs could spike after it leaves the bailout programme if investors are not confident about the sustainability of its debt, amid ... (more...)
Airbus warns no-deal Brexit could see it leave UK Airbus warns no-deal Brexit could see it leave UK
- June 24, 2018

The union Unite, which is the main union representing Airbus workers, said a "cliff-edge" Brexit was becoming a "cold hard reality". Katherine Bennett, Airbus's senior vice president in the United Kingdom, told the Press Association: "We don't deal in idle threats". (more...)
Take Your Dog To Work Day 2018: Memes, Jokes & Photos Take Your Dog To Work Day 2018: Memes, Jokes & Photos
- June 24, 2018

That's why many companies with such policies also have designated pet areas and require dogs to be trained before they are brought to the office. Having dogs around can have a calming effect and make the working day more relaxed and productive. (more...)
Greece ‘turning a page’ as eurozone declares crisis over: Gov’t Greece ‘turning a page’ as eurozone declares crisis over: Gov’t
- June 24, 2018

Athens faces bond repayments of around 7 percent of its output next year, the first after its third bailout ends in August. This would leave Greece with a hefty €24 billions safety cushion, officials said . An activist who urged Greeks not to pay their taxes, claiming he had access to enough money to pay off the country's enormous debt, has been remanded in custody pending trial on criminal fraud charges. (more...)
Tens of thousands rally for new vote on Brexit Tens of thousands rally for new vote on Brexit
- June 24, 2018

The IT consultant went on: "I'm married to a French wife, I have two children who are dual national, and we live in Holland and are caught up in this administrative mess". "We didn't know about the cost of the divorce bill, about the fact that we'd have less not more revenue for the NHS, we didn't know about the Irish frontier problem. (more...)
Warburg Research Analysts Give Daimler (DAI) a €74.00 Price Target Warburg Research Analysts Give Daimler (DAI) a €74.00 Price Target
- June 24, 2018

In a tit-for-tat response to the United States moves, Beijing announced 25% import tariffs on $50bn of U.S. products last week, including cars, which kick in on 6 July, following a similar move from Donald Trump . As a result, EBIT at its Mercedes-Benz Cars division would now be slightly below the previous year, and significantly below the previous year's level in the vans division, Daimler said . (more...)
The Supreme Court just caused stocks of online retailers to tumble The Supreme Court just caused stocks of online retailers to tumble
- June 24, 2018

But the opposition, including the well-funded online retailers and some members of Congress who believe it is their purview to create this type of legislation, could be just as potent in a legislative fight. But many online sellers, such as Etsy or EBay , that serve as a third party portal for thousands of small homegrown businesses that do not pay sales taxes, point to confusing tax rules that could expose them to costly audits for any revenue shortfall. (more...)
President Trump Threatens 20% Tariff on All European Union Autos President Trump Threatens 20% Tariff on All European Union Autos
- June 23, 2018

While she did not see a serious "direct impact of tariff increases.it's a trend that is worrying, the breach of confidence that undermines confidence", she said on the sidelines of eurozone ministerial talks in Luxembourg. Leaders from the UK, Germany, and France slammed Trump's decision to hit the European Union with steel and aluminum tariffs, and the bloc responded with tariffs of its own. (more...)
Tesla layoffs prompt solar facility closures in 9 states Tesla layoffs prompt solar facility closures in 9 states
- June 23, 2018

Tesla in rebuttal has said Tripp's claims were misconstrued or false, and, contrary to other allegations made by Tripp, that CEO Musk has never misreported the Model 3's production numbers. Tesla confirmed receiving a call. Musk's company appealed that it was entitled to damages. Because of Tripp's conduct, lawyers said, Tesla had suffered "cruel and unjust hardship" and "lost business , lost profits and damage to its goodwill". (more...)
Ferrari 250 GTO could become world’s most expensive vehicle Ferrari 250 GTO could become world’s most expensive vehicle
- June 23, 2018

The 250 GTO is an incredibly rare vehicle - just 36 were manufactured between 1962 and 1964 - but its sublime looks, racing pedigree and road manners also contribute to its status as the Holy Grail of classic cars. Ferrari built just 36 of them. Other owners included racer Edoardo Lualdi-Gabardi and Gianni Bulgari, who ran the Bulgari jewellery company for two decades, Sotheby's said. (more...)
Oil prices rise ahead of OPEC’s June 22 meeting Oil prices rise ahead of OPEC’s June 22 meeting
- June 23, 2018

But the direction of prices over the next year will be more influenced by less visible developments in the major oil-consuming countries, especially the United States, Europe, China and India . The final production hike is expected to be less than the one million barrels as many producers may struggle to increase production. The convoluted plan shows the difficulty Saudi Arabia has in bridging the gap between the competing interests of different members. (more...)
OPEC to raise oil production from July OPEC to raise oil production from July
- June 23, 2018

By avoiding setting individual country targets, the deal appears to give Saudi Arabia the leeway to produce more than its official OPEC target and fill the gap left by those like Venezuela who can not pump enough to meet their official allocation. (more...)
Donald Trump calls on OPEC to increase output Donald Trump calls on OPEC to increase output
- June 23, 2018

Questions remain, however, over the ability of some OPEC nations - Iran and Venezuela in particular - to increase production as they struggle with domestic turmoil and sanctions. "We want to prevent the shortage and the squeeze that we saw in 2007-2008", Falih said, referring to a time when oil rallied close to $150 per barrel. (more...)
Saudi bourse will be ready for capital inflows after MSCI EM inclusion Saudi bourse will be ready for capital inflows after MSCI EM inclusion
- June 23, 2018

Likewise, Darius McDermott, managing director at Chelsea Financial Services, opposed this as he said the MSCI inclusion is "not super exciting news" and the inclusion of Saudi Arabia is likely to be based on the "heavily discussed floatation" of part of Aramco , the country's national oil. (more...)
Italy to seize NGO rescue ships as migrant row deepens Italy to seize NGO rescue ships as migrant row deepens
- June 22, 2018

The UNHCR has issued a new new statement on the situation: "UNHCR, the UN Refugee Agency, is shocked and saddened by reports that some 220 people drowned off Libya in recent days while attempting to cross the Mediterranean Sea to Europe". (more...)
New sales tax ruling to spike retail prices online
- June 22, 2018

Last year, the Government Accounting Office estimated that state and local governments were collecting 75% to 80% of the taxes they are owed from "remote sellers", but they were nonetheless losing between $8 billion and $13.4 billion a year in uncollected taxes for online sales. (more...)
Energy Stocks To Watch Ahead Of OPEC Meetings
- June 22, 2018

The International Energy Agency, which represents consuming nations, expects demand to grow more slowly in the second half of this year partly due to rising oil prices - but still 1.35 million barrels a day higher than the same period in 2017. (more...)
USA agency shuts down Tesla autopilot 'nag reduction device' USA agency shuts down Tesla autopilot 'nag reduction device'
- June 22, 2018

The cease and desist order mandates that the Autopilot Buddy company respond by June 29, 2018. Autopilot Buddy offered a workaround to the steering wheel sensors that Tesla uses to ensure that drivers are still paying attention and ready to take over, should the adaptive cruise control and lane-keeping assistance need to disengage unexpectedly. (more...)
United Kingdom to charge European Union citizens £65 to stay after Brexit United Kingdom to charge European Union citizens £65 to stay after Brexit
- June 22, 2018

Further, without a deal he said Airbus believed the impacts on its United Kingdom operations could be "significant". The company is set to abandon plans to build aircraft wings in British factories over concerns that European Union regulations will no longer apply from March 2019 and uncertainty over customs procedures, instead opting to transfer production to North America, China or elsewhere in the EU. (more...)
China threatens to go after Dow index giants next in trade war China threatens to go after Dow index giants next in trade war
- June 22, 2018

If the plan were accepted, it would mean scrapping the EU's 10 percent tax on vehicle and auto imports from the USA and other nations and the US dropping the 2.5 percent duty it puts on similar imports from the EU. Indian-U.S. trade relations are thorny even in the best of times, analysts say, with the United States pushing for market access and voicing concerns over intellectual property rights while India wants protections for its citizens on foreign worker visas. (more...)
European Union to impose duties on United States imports on Friday after Trump tariffs European Union to impose duties on United States imports on Friday after Trump tariffs
- June 22, 2018

It cut its 2018 profit forecast and German rival BMW said it was considering "possible strategic options" in light of the rising trade tensions between China and the United States. "I've been honoring my words with actions", Xi told a group of foreign chief executives in Beijing on Thursday. The continued harsh rhetoric from Washington appeared to cast doubt on that, however. (more...)
India urges Opec to tackle high oil prices
- June 22, 2018

Brent oil is solidly bid in Asia, trades above $74/barrel. Benchmark U.S. crude hit its highest level in more than three years in May, but U.S. and global prices have eased since then in anticipation that OPEC will approve more drilling. (more...)
Tariffs on 29 U.S. goods to be hiked after 45 days Tariffs on 29 U.S. goods to be hiked after 45 days
- June 22, 2018

On Wednesday, the European Commission notified that it will start imposing 25% import duty on a range of USA products from Friday, in response to U.S. The duty on boric acid and binders for foundry moulds has been hiked to 7.5 per cent, while that on domestic reagents was raised to 10 per cent. Sources said out of 30 items proposed, India has "excluded motorbikes above 800 cc". (more...)
Interest rates held by Bank of England Interest rates held by Bank of England
- June 22, 2018

He added: "Sterling jumped on the news, gaining nearly a cent against the dollar as traders factored in a bigger chance of a move in August". Minutes from the meeting showed that the Banks chief economist Andy Haldane has joined two other members of the rate-setting committee in voting for an interest rate hike. (more...)
Intel CEO resigns over relationship with employee Intel CEO resigns over relationship with employee
- June 22, 2018

Krzanich had been chief operating officer before that, and joined the Silicon Valley tech giant as an engineer in 1982, right out of San Jose State University. Google's Project Zero team disclosed the vulnerability not long after Intel said it's working to patch it. He has served in the role since Bryant's departure in May 2017. (more...)
Volvo unveils its first American-made vehicle at new SC factory Volvo unveils its first American-made vehicle at new SC factory
- June 21, 2018

Urquhart said Volvo needs additional capacity for SPA-based cars, which include the 90-series and 60-series family, because its main plant for the models in Torslanda, Sweden, is being "squeezed" by high global demand. The maximum speed is unchanged. The T5 will only be offered in front-wheel drive, with the turbocharged E-Drive engine providing 250 horsepower. There is also the T6 supercharged all-wheel-drive unit with 310hp, which will come with with a plug-in hybrid option. (more...)
Merkel rejects ultimatum on migrants, has two weeks to reach European Union deal Merkel rejects ultimatum on migrants, has two weeks to reach European Union deal
- June 21, 2018

The Merkel party, Christian Democratic Union, CDU, and Seehofer, Christian Social Union, CSU, are twinned formations for decades and toger y form conservative bloc that shares government in Berlin with Social Democrats. Experts also say crowded temporary holding facilities can lead to fights among the groups living there, which are reported as assaults. And 86 percent want faster deportations of rejected asylum seekers, a process now often held up by bureaucratic hurdles and legal ... (more...)
Trump threatens additional tariffs on $200 billion of Chinese goods Trump threatens additional tariffs on $200 billion of Chinese goods
- June 21, 2018

The US "practice of extreme pressure and blackmail departed from the consensus reached by both sides during multiple negotiations and has also greatly disappointed global society", China's commerce ministry said in a statement on its website. (more...)
Audi boss Rupert Stadler arrested over 'dieselgate' scandal Audi boss Rupert Stadler arrested over 'dieselgate' scandal
- June 21, 2018

VW has so far set aside around $ 30 billion to cover the cost of fines, vehicle refits and lawsuits related to its emissions test cheating. In early June, Munich prosecutors summoned Stadler to answer questions alongside ex-VW Group CEO Martin Winterkorn, former Audi technical director Ulrich Hackenberg, and other Group execs concerning the emissions investigation. (more...)

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