Business


Brexit: Third customs model devised ahead of cabinet talks Brexit: Third customs model devised ahead of cabinet talks
- July 04, 2018

Leading Brexiteer Jacob Rees-Mogg faced a backlash from fellow Conservative MPs after suggesting Theresa May could split her party and collapse the government unless she delivers the right Brexit deal. In a column for the Daily Telegraph he wrote: "Theresa May must stand firm for what she herself has promised ". Peel, a Tory leader in the 1840s, went against his manifesto and the majority of the party by backing the abolition of punitive tariffs installed by the "Corn Laws". (more...)
China presses Europe for anti-U.S. alliance on trade China presses Europe for anti-U.S. alliance on trade
- July 04, 2018

Donald Trump's administration is prepared to abandon numerous "fundamental World Trade Organization rules" that are now in place, according to a leaked document obtained by Axios . The global commercial order is being shaken by the Trump administration's use of an obscure USA trade-law provision on national security to justify steel and aluminium tariffs against a host of countries including defence allies. (more...)
Netflix is Testing a New, More Expensive 'Ultra' Subscription Netflix is Testing a New, More Expensive 'Ultra' Subscription
- July 04, 2018

Netflix now has three subscription plans: $7.99 Basic, $10.99 Standard and $13.99 Premium. This new Ultra tier of service would allow up to four devices to receive Ultra HD audio and video concurrently. You probably wonder what sets it apart from the Premium plan on Netflix. It's Premium subscribers who look to be hit hardest, who will not only see their maximum simultaneous streams drop from 4 to 2, but will lose out on the ability to view content in HDR entirely. (more...)
Donald Trump says Saudi king has agreed to ramp up oil production Donald Trump says Saudi king has agreed to ramp up oil production
- July 04, 2018

Vienna-based consultancy JBC Energy said the stronger the implementation and enforcement of U.S. sanctions, the higher the oil price will go. Trump wrote on Twitter that he had asked the king in a phone call to boost oil production "to make up the difference..." "Prices to [sic] high!" Trump was not specific on whether the additional 2 million barrels was a per-day figure - but worldwide daily demand is nearing 100 million bpd. (more...)
China issues United States travel warning amid trade tensions China issues United States travel warning amid trade tensions
- July 04, 2018

The warning, issued by the Chinese Embassy in Washington last week, says Chinese citizens should be aware that medical treatment is expensive in the U.S. Foreign Ministry spokesman Lu Kang told reporters that China is "fully prepared to take a package of necessary measures" to safeguard its national interests. (more...)
Washington blocks China Mobile from United States market Washington blocks China Mobile from United States market
- July 04, 2018

The agency on Monday cited "substantial and unacceptable national security and law enforcement risks" in recommending that the Federal Communications Commission not grant a license to China Mobile . While ZTE has been hit hard by the ban as nearly a third of the components used in its equipment come from USA suppliers, China Mobile , according to an analyst, will not be hurt much if blocked since it derives most of its income from home. (more...)
Russian Federation initiates WTO dispute over USA steel, aluminum duties
- July 04, 2018

The United States has "a big disadvantage with the WTO". Last week, a source familiar with Trump's thinking told Reuters that the president has privately expressed a desire to quit the WTO, but that it was not a serious proposal. Trump has already attacked individual countries, raising 25% steel and 10% aluminum tariffs on Canada, Mexico, the European Union, and China. Under the bill, Trump would be able to impose tariffs without congressional consent. (more...)
Trump Says Saudis Must Compensate For Drop In Iran Oil Supply
- July 04, 2018

President Trump lashes out at OPEC with a warning to stop manipulating oil markets and piles pressure on United States ally Saudi Arabia. The statement said the kingdom will coordinate with other producers. The bank said a "medium-intensity (trade) conflict would likely reduce global economic growth by at least 0.5 per cent, "before accounting for tighter financial conditions and sentiment shocks". (more...)
EU Warns US Imposing Car Import Taxes Could Backfire EU Warns US Imposing Car Import Taxes Could Backfire
- July 04, 2018

The EU sent comments to the US for consideration in the Department of Commerce investigation into whether auto imports pose enough of a threat to USA national security to justify tariffs and estimating the economic impact. The potential new European Union measures would apply "across sectors of the U.S. economy", the letter stated. Starting Friday, the US will tax 818 Chinese products, worth $34 billion a year, from the original list. (more...)
Merkel gives in: German chancellor agrees to tighten immigration policies Merkel gives in: German chancellor agrees to tighten immigration policies
- July 03, 2018

The future of Merkel's governing coalition between the CDU-CSU alliance and the center-left Social Democratic Party (SPD) appeared to hang by a thread, as media slammed what they called a reckless game of chicken. Party leader Andrea Nahles said "the CSU is on a risky ego trip that is paralyzing Germany and Europe". Within weeks, Seehofer openly attacked Merkel over the influx. (more...)
Mexico's next president is the ideal foil to Trump Mexico's next president is the ideal foil to Trump
- July 03, 2018

During a May debate, AMLO said he wants "a friendly relationship with the government of the United States, but not one of subordination". While what he does on the domestic front will surely be important, his administration will be defined by his approach to dealing with the United States. (more...)
Scaramucci mocks draft of Trump trade bill as 'FART Act' Scaramucci mocks draft of Trump trade bill as 'FART Act'
- July 03, 2018

Asked if he planned to pull out of the WTO, Trump said the trade organization had treated the U.S. Following news of the report, the U.S. Chamber of Commerce-a longtime capitalist juggernaut closely allied with Republican leaders and the Trump administration-launched a campaign to oppose the president's tit-for-tat tariff escalation. (more...)
Walmart Faces Boycott Threats Due To Donald Trump Impeachment T-Shirts Walmart Faces Boycott Threats Due To Donald Trump Impeachment T-Shirts
- July 03, 2018

The superstore's online platform sold apparel promoting impeaching the 45th president of the United States, Donald Trump . The shirt was removed from the store's website after the Radio Television Digital News Association sent a letter to the company about the shirt, according to the group . (more...)
What's behind the spike in gas prices? What's behind the spike in gas prices?
- July 03, 2018

With thousands of Arizonans ready to roll out of town for the Fourth of July holiday, gas prices are much more expensive than past year at this time - and it could get worse. "Undoubtedly, the second half of the summer will be pricier than the first, thanks to OPEC's production increase falling short of expectations, sanctions to be placed back on Iran by November and falling USA oil inventories", DeHaan said. (more...)
To Spite Harley, Trump May Have to Turn to Japanese Bike Makers To Spite Harley, Trump May Have to Turn to Japanese Bike Makers
- July 03, 2018

Asked about the tweet, White House senior adviser Kellyanne Conway had no comment. U.S. President Donald Trump says the administration is courting motorcycle companies that want to move to the U.S. It expects the tariffs to add an additional $ 100 million in costs on a full-year basis. Trump tweeted Tuesday. "Harley customers are not happy with their move - sales are down 7% in 2017". (more...)
Lyft adds bikes to its transportation services with Motivate acquisition Lyft adds bikes to its transportation services with Motivate acquisition
- July 03, 2018

The Brooklyn, N.Y. -based company's bike maintenance operations will stay as a standalone business under the current brand. Though Lyft did not disclose the exact number, the purchase could have been worth around $250 million, according to the New York Times . (more...)
Andrés Manuel López Obrador Wins Mexico's Presidential Election
- July 03, 2018

The morning after his crushing election victory, Mexico's president-elect Andres Manuel Lopez Obrador thanked President Donald Trump for his congratulation message and said he'll contact the USA leader to "reach an understanding". You shall not be disappointed", he vowed while crowds waved flags of his Morena party and chanted "President! Consulta Mitofsky for broadcaster Televisa showed Mr Lopez Obrador, who had maintained a healthy lead in polls ahead of the vote, winning between 43 per ... (more...)
Anil Agarwal’s family trust to buy rest of Vedanta Resources Anil Agarwal’s family trust to buy rest of Vedanta Resources
- July 03, 2018

Volcan is a holding company wholly owned by the Anil Agarwal discretionary trust. Volcan, the investment arm of Agarwal family, made an offer to buy public float at a price of 825 pence per share, 27.6 percent higher than closing of of 647 pence on 29 June, the company said in a filing to the London Stock Exchange . (more...)
European Union 'possibly as bad as China' on trade with US, Trump says
- July 03, 2018

Trump has said that allies such as the European Union are "as bad as China " on trade. At the weekend Moog sent out an appeal to its mailing list appealing for action to try and reverse the United States administration's trade tariff on imports of electrical components. (more...)
Amazon Prime arrives for Aussie customers Amazon Prime arrives for Aussie customers
- July 03, 2018

On Wednesday, Amazon announced its clothing home try-on service, Prime Wardrobe , is available for all Prime members in the U.S. The company launched an invite-only beta version of the service previous year. "And it worked - of the 17,500 total sellers, more than 2,500 have sent the majority of the catalog to FBA for storage, with 1,500 more sending at least one product to FBA". (more...)
Mexican peso rallies as exit polls show Lopez Obrador win Mexican peso rallies as exit polls show Lopez Obrador win
- July 03, 2018

Mr Lopez Obrado will succeed President Enrique Pena Nieto on December 1. "We're going to accompany the current government in this negotiation, we're going to be very respectful, and we're going to support the signing of the agreement", he told Milenio TV. (more...)
Trump predicts 'very good relationship' with Mexico's president-elect Lopez Obrador Trump predicts 'very good relationship' with Mexico's president-elect Lopez Obrador
- July 03, 2018

Rivals Ricardo Anaya and Jose Antonio Meade acknowledged Lopez Obrador's win even before official results were announced, in a break from past elections. "When a wall is built to segregate people or when the word "foreigner" is used to insult, disparage and discriminate our fellow men, humanity, intelligence and history are being insulted", said the president-elect, who will take office in December, in a speech in Los Angeles past year explaining the need to "counteract" Trump's strategy. (more...)
EU Warns US Against Car Tariffs EU Warns US Against Car Tariffs
- July 03, 2018

With state-by-state analysis, the business lobbying giant argues the new tariffs risk a global trade war that will harm Americans. It exports $494 million in grain sorghum to China . exports - could be affected, the submission said . Against China, the world's second-largest economy, the White House in mid-June announced stiff 25 percent tariffs on Chinese imports, sparking immediate retaliation from Beijing. (more...)
Facebook had data-sharing partnership with 52 tech firms Facebook had data-sharing partnership with 52 tech firms
- July 03, 2018

Not all of the companies are device makers; some make operating systems or other software. "These integrations were built by our partners, for our users, but approved by Facebook". Some BlackBerry devices appeared to access several categories of data, including messages. In June the company released a number of written replies to questions from Congress. (more...)
U.S. Chamber of Commerce assails Trump, warns of global trade war
- July 03, 2018

Trump has slapped tariffs on billions of dollars worth of steel and aluminum imports from China, the European Union, Canada and others, prompting retaliation against USA products . The commission also underlined that European vehicle companies were important contributors to the U.S. economy and "well established" there. Trump has sparked a global trade conflict by placing or threatening punitive tariffs on hundreds of billions of dollars' worth of goods from China, Mexico, Canada, and the ... (more...)
Iran vice president says private sector to buy, export oil Iran vice president says private sector to buy, export oil
- July 03, 2018

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May. Last week, Turkey's economy minister said his country does not plan to abide by the US demand for countries to stop importing Iranian oil, calling the request "nonbinding" on Turkey - a stinging rebuke from a North Atlantic Treaty Organisation ally. (more...)
Leaked Trump Draft Bill Would Ditch WTO Trade Rules
- July 03, 2018

Anthony Scaramucci , who was Trump's communications director for 10 days previous year, said the draft bill "stinks" because it would ask U.S. consumers to pay for tariffs. It would also allow "reciprocal tariffs", so Mr Trump could impose U.S. tariffs on particular goods equal to the tariff charged on United States exports of those goods by another country. (more...)
McGee, Stephenson Agree To Deals With Lakers McGee, Stephenson Agree To Deals With Lakers
- July 03, 2018

Fox Sports Show host Nick Wright said James will make an official announcement on Tuesday. "This will always be home". Stephenson and James both agreed to contracts with the Lakers on Sunday evening, with Lance's deal reportedly for 1 year and $4.5 million (the Pacers declined Lance's $4.3 million team option last week). (more...)
Michael Dell is taking his Texas computing company public again Michael Dell is taking his Texas computing company public again
- July 02, 2018

Following the deal, Michael Dell will own 47 percent to 54 percent of the combined company, while Silver Lake will own between 16 percent and 18 percent. Dell's stock (DVMT.N), which Dell issued to finance its purchase of data storage firm EMC Corp and which tracks the value of VMware's business, were up 13.5 percent at $96 in premarket trading. (more...)
HTC is firing 25% of its staff to cut costs once again
- July 02, 2018

The mobe maker has persistently failed to come up with anything that pushes it ahead of competitors, leading to a billion-dollar deal late a year ago with Google to effectively sell 2,000 of its handset engineers to the monster web corp. To further this initiative, HTC will complete laying off 1,500 employees by September this year. 2018 hasn't been the best year for HTC . Earlier this year, HTC reported a 55.5% plunge in April revenues year-over-year and a 46.7% slide in March sales. (more...)

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