Economy

Fed Chairman Jerome Powell Senate Testimony

Fed Chairman Jerome Powell Senate Testimony Trade policy "has significant effects on the economy", Powell said, and "there is no precedent for this kind of broad trade discussion". Asked whether he viewed the European Union as an economic foe of the US, Powell said "no, I do not". For the Pound , it's the start of 3 particularly important days on the data front, with this morning's stats including May's wage growth and unemployment number... [Full Article...]

No GST on sanitary pads, rakhis; rates slashed on shoes, several appliances

No GST on sanitary pads, rakhis; rates slashed on shoes, several appliances In footwear category the value limit was enhanced from Rupees 500 to 1000 for 5 percent GST. Tax rate on ethanol has been slashed to 5 percent from 18 percent at present. In another women friendly measure, with the upcoming Raksha Bandhan festival coming up, rakhis were exempted from the tax, Goyal said. It also approved an amendment which will enable taxpayers to opt for multiple registration... [Full Article...]

Fashion firm burns items worth billions to prevent them being sold cheaply

Fashion firm burns items worth billions to prevent them being sold cheaply The value of surplus stock sent to be burned has increased from £26.9m a year ago and £18.8m in 2016. The company sent surplus stock to incinerators in what a waste expert said was an apparent breach of United Kingdom regulations aimed at minimising waste and maximising recycling. [Full Article...]

Boeing dominates, beats Airbus in orders at Farnborough Airshow

Boeing dominates, beats Airbus in orders at Farnborough Airshow Muilenburg added: "We will continue to win in the marketplace thanks to our talented team, who innovate across our enterprise with One Boeing collaboration and deliver on our proven portfolio with relentless customer focus". The subsequent 55 737 MAX airplanes are commitments until both companies finalise them into firm orders. That represents a 6-percent increase over last year's forecast. [Full Article...]

Heathrow Airport at 'standstill' due to alarm

Heathrow Airport at 'standstill' due to alarm Despite only being suspended for about an hour, it is likely thousands of passengers had flights delayed or cancelled, and other travellers will have missed connecting flights. The alert affected BA services at Terminal 5. The airline blamed a "combination" of problems - including a systems issue and the temporary closure of Heathrow's air traffic control tower. [Full Article...]

China says US blaming Xi for blocking trade deal is "bogus"

China says US blaming Xi for blocking trade deal is Speaking Wednesday morning at CNBC's Delivering Alpha conference in NY, he said the additional fiscal stimulus measures, coming after Trump's late-2017 corporate tax cuts, could boost gross domestic product to a range around 4%. "We are waiting for him (Xi)". The U.S. this month slapped tariffs on $34 billion of Chinese goods, prompting Beijing to respond with retaliatory tariffs of the sa... [Full Article...]

We walked the talk on electrification, says Narendra Modi

We walked the talk on electrification, says Narendra Modi Most of the 18,000 villages that have been electrified were in remote, hilly areas, areas with poor connectivity. He said it was not easy to reach those villages but a dedicated team of people did it. Young Aarti Sharma from Jammu and Kashmir thanked Prime Minister Modi for this wonderful gift. Breaking down money figures spent on PM Modi's foreign trips, then Rs 1088.42 crore was spent on the mai... [Full Article...]

United States opens national security probe into uranium imports

United States opens national security probe into uranium imports Those investigations are unusual in their reliance on a national security justification for limiting imports in such broad categories - or potentially limiting them, in the case of autos - from close US allies. Congress would likely have an easier time supporting restrictions on uranium imports - given their use as nuclear power plant fuel - than it did backing measures on steel and aluminum, ... [Full Article...]

Trump threatens to hit all $505bn of Chinese imports with tariffs

Trump threatens to hit all $505bn of Chinese imports with tariffs President Donald Trump upended almost three decades of presidential precedent by commenting on the Federal Reserve's interest rate policy on Thursday, but at least one economist thinks the president's remarks could come back to bite him. [Full Article...]

Trump ready to hit all Chinese imports with tariffs

In a Friday tweet, Trump said: "The United States should not be penalized because we are doing so well". On Thursday, Trump told CNBC he was "not thrilled" about the Federal Reserve's interest-rate hikes, breaking with the long-standing precedent of American presidents not commenting on Fed policy out of respect for the central bank's independence from political influence. [Full Article...]

Microsoft Posts Monster Numbers for Quarter, Fiscal Year

Microsoft Posts Monster Numbers for Quarter, Fiscal Year Microsoft today released its earnings report for FY18 Q4 , showing revenues of $30.1 billion and $8.9 billion in net income. Revenue was $30.1 billion (up 17 percent, year on year), operating income was $10.4 billion (up 35 percent), net income was $8.8 billion (a rise of 10 percent), and earnings per share were $1.14 (an increase of 11 percent). [Full Article...]

Trump threatens putting tariffs on all imports from China

The FTSE 100 , which had edged up 11 points in early trading, fell almost 18 points to 7,666.00 after Donald Trump told CNBC's Joe Kernen in a Squawk Box interview today that he was prepared to tax all of the $505.5 billion of imports from China. [Full Article...]

Trump gripes about Fed in rare rebuke by sitting president

President Donald Trump lashed out at China and the European Union for their weak currencies and said a stronger dollar and rising interest rates are undermining America's "competitive edge", taking a fresh jab at the Federal Reserve. "Every time you go up they want to raise rates again", Trump complained. "But at the same time I'm letting them do what they feel is best", he added. [Full Article...]

Trump threatens tariffs on all US$505b of Chinese imports

The administration has also released a list of 10 per cent tariffs on an additional US$200 billion of Chinese goods, which could take effect as early as next month. Trump has ordered Commerce to investigate whether auto imports pose a threat to US national security that would justify tariffs or other trade restrictions. [Full Article...]

Oil Prices Rebound As Saudis Expect Reduced Exports In August

Oil Prices Rebound As Saudis Expect Reduced Exports In August Iran could make the case that the economic war on the country is being deepened by the transit of oil from Saudi Arabia , the UAE and Kuwait to worldwide markets. For its part, South Korea announced that they will end Iranian crude imports by the end of July, halting all shipments. More is likely to come to market before long, Rystad Energy said. [Full Article...]

Trump rips Fed for raising interest rates

The rare rebuke was likely to stir a backlash, as it broke with the long-established practice of the executive branch not commenting on the Federal Reserve's decisions out of respect for its independence. "I'm not thrilled", he said in the interview with United States business network CNBC. It's always been speculated that the taboo of commenting on USA monetary policy could change under Trump... [Full Article...]

Elon Musk Apologizes for Calling Thailand Rescuer a Pedophile

Elon Musk Apologizes for Calling Thailand Rescuer a Pedophile Unsworth hasn't said whether or not he will still pursue the lawsuit against Musk. "It has to start with an apology". Thankfully, the road to regaining investor confidence is well traveled. In Thailand, Musk also met with government officials there about the possibility of using it to help. He tweeted that Osottanakorn was "not the subject matter expert", and downplayed his role in the rescue op... [Full Article...]

Trump slams EU over $5 billion fine on Google

Trump slams EU over $5 billion fine on Google It coincides with the European Commissioner for Competition's decision to fine Google the biggest antitrust penalty levelled on a single company, over its abuse of its dominant Android mobile operating system. Mr Pichai added the decision from the European Union had the chance to "upset the careful balance" Google has "struck with Android". Pichai argues that Google doesn't force anyone to use eit... [Full Article...]

Tory MP Philip Davies urges 'no confidence' vote in Theresa May

Tory MP Philip Davies urges 'no confidence' vote in Theresa May With the Conservative party deeply divided over Brexit, some at Westminster had expected Johnson to urge his colleagues to dislodge the prime minister. "We must try now because we will not get another chance to do it right", he said. "We have put forward a proposal for what the future relationship should be. [Full Article...]

Inflation holds steady as clothing sales offset higher energy and fuel prices

Inflation holds steady as clothing sales offset higher energy and fuel prices Bank Governor Mark Carney earlier this month said that a revision in the first quarter growth rate from 0.1% to 0.2% gave him "greater confidence" that softer United Kingdom activity in the first three months of the year was "largely due to the weather, not the economic climate". [Full Article...]


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