Business


Germany forces 1050 Tesla owners to forgo electric vehicle bonus Germany forces 1050 Tesla owners to forgo electric vehicle bonus
- July 20, 2018

Tesla in response to prosecution claims that the cars basic value of 60 thousand euros was offered not only to buy, but shipped to customers. The federal office for economic affairs and export control said only vehicles costing €60,000 or less qualified for Germany's "environmental bonus", meant to encourage the purchase of electric cars. (more...)
Trump slams Fed's rate policy despite strong economy
- July 20, 2018

Indeed, overall financial conditions in the US are largely unchanged since Trump took office in January 2017 despite the Fed's gradual tightening campaign, and looser than they were on average in 2016, according to a Goldman Sachs index. Most economists believe the current economic climate, with the nation's unemployment at historic lows and inflation at the Fed's 2 percent target, justify recent interest rate rises and a strong USA dollar. (more...)
Microsoft’s solid Q4 bolstered by strong Xbox, Surface numbers Microsoft’s solid Q4 bolstered by strong Xbox, Surface numbers
- July 20, 2018

Soaring demand for cloud computing and business software helped to drive Microsoft's fourth-quarter profit past Wall Street's forecasts last night. Global Equities Research analyst Trip Chowdhry described Microsoft earnings and its financial path as " super solid ", noting that revenue and earnings per share beat market expectations. (more...)
Trump threatens tariffs on all US$505 billion of Chinese imports
- July 20, 2018

I'm doing this to do this right thing for our country. "We're down a tremendous amount", Trump said in the interview, which was recorded on Thursday, about trade imbalances with China. That figure references the $505 billion dollars worth of goods imported from China in 2017, according to Census Bureau data. Earlier this year, he used national security as a justification for taxing imported steel and aluminum. (more...)
Michel Barnier questions Theresa May's Brexit White Paper Michel Barnier questions Theresa May's Brexit White Paper
- July 20, 2018

But you all have a right to know. A vote of no confidence is a motion moved in the House of Commons with the wording: "That this House has no confidence in HM Government". The plan has infuriated fervent Brexit supporters, who think sticking close to the bloc would limit Britain's ability to strike new trade deals around the world. (more...)
I’m ready to put tariffs on every import from China, Trump warns
- July 20, 2018

American stock futures took a dive on Friday following the president's comments. The threat is likely to put further strain on a trade dispute between the world's two biggest economies. Washington imposed tariffs on US$34 billion of Chinese products on July 6 and last week threatened to slap 10 per cent duties on another US$200 billion worth of the goods. (more...)
Donald Trump Says He's 'Not Happy' About Federal Reserve Interest-Rate Increases
- July 20, 2018

Higher interest rates mean higher borrowing costs for consumers and higher mortgage rates. Eventually Burns relented, aiding Nixon but also helping to feed runaway inflation that dogged the US economy for almost a decade. The White House was forced to release a statement saying "of course" President Trump respects the "independence" of the Federal Reserve after he blasted the Fed's decision to raise interest rates. (more...)
U.S. oil inventories increase in week ending July 13 U.S. oil inventories increase in week ending July 13
- July 20, 2018

In June, Saudi Arabia pumped 10.49 million bpd (its OPEC limit is 10.06 million bpd). Nor does Russian Federation (not an OPEC member), which has also indicated - despite the USA sanctions against it - that it would pump part of its excess capacity of 300,000bpd. (more...)
Trump criticizes Federal Reserve, breaking long-standing practice
- July 20, 2018

Mr Trump said increased rates had resulted in a stronger dollar which put the United States at a disadvantage compared with places where central banks are holding interest rates steady. "I couldn't care less what they say, because my views haven't changed", he said. Eventually Burns relented, aiding Nixon but also helping to feed runaway inflation that dogged the USA economy for almost a decade. (more...)
European Union urging members to step up plans for no-deal Brexit European Union urging members to step up plans for no-deal Brexit
- July 20, 2018

A document expected to be released as Dominic Raab makes his first visit to Brussels as Brexit Secretary warns of the possibility of long queues at borders and ports, disruption to planes and new restrictions on data transfers. "We have changed tack once and we can change again". During "this short time", he said he and Raab had to oversee efforts for a deal on future political ties as well as finalise a withdrawal agreement. (more...)
Federal government threatens to retaliate if Trump imposes auto tariffs
- July 20, 2018

Trump was saying Tuesday that he has "full faith" in the US intelligence agencies in the aftermath of his Helsinki news conference when the lights in the White House Cabinet Room dimmed and briefly went out, leaving the room mostly in darkness. (more...)
Housing costs lead annual 1.5 percent inflation Housing costs lead annual 1.5 percent inflation
- July 20, 2018

The kiwi traded at 68.30 United States cents as at 5pm in Wellington versus 67.68 cents at 8am and 67.74 cents yesterday. Compared with May, consumer prices rose 0.1 percent in June, led by gains in housing rentals, fuel, fresh produce, food and transportation and telecommunications. (more...)
Trump gripes about Fed in rare rebuke by sitting president
- July 20, 2018

The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Chairman Jerome Powell, the president's pick to replace Janet Yellen . White House spokeswoman Lindsay Walters said in an emailed statement that the president "respects the independence of the Fed", adding that his views on rates "are well known and his comments today are a reiteration of those long-held positions". (more...)
Britain's Boris Johnson says 'not too late to save Brexit' Britain's Boris Johnson says 'not too late to save Brexit'
- July 19, 2018

Having delivered his speech, Mr Johnson quickly left the Chamber. According to the Yorkshire Post , he said he had been contacted by members and voters in his constituency about the Prime Minister's Chequers plan for a "common rule book" with the European Union on goods. (more...)
Surprise weakness of inflation data stirs debate over interest-rate rise Surprise weakness of inflation data stirs debate over interest-rate rise
- July 19, 2018

The Office for National Statistics says that weekly average earnings rose by2.5 percent on the year for the three months running up to May, a decline from the previous three months, which saw them grow by 2.6 percent. Prices in London alone house prices dropped by 0.4 percent on the year. That was largely down to the rising price of fuel, with petrol prices hitting their highest in four years in the month . (more...)
Walmart, Microsoft Join Forces to Compete With Amazon Walmart, Microsoft Join Forces to Compete With Amazon
- July 18, 2018

Walmart is signing a five-year-long tech partnership deal with Microsoft today. That includes migrating "a significant portion" of Walmart.com and SamsClub.com to Azure, the companies said, noting that cloud-powered checkout will enable Walmart to grow with rising customer demand and reach more global markets. (more...)
Florida mom blames teen's death on packaging for peanut cookies Florida mom blames teen's death on packaging for peanut cookies
- July 18, 2018

Friday's cautionary Facebook post by a Weston mother after her peanut allergic teen daughter died from eating a Chips Ahoy! cookie provided a window into seemingly casual actions that can be perilous for food allergy sufferers. The girl's death "tragically" illustrates the fact that teens and young adults are at the greatest risk for severe allergic reactions, said Lisa Gable, CEO of Food Allergy Research & Education, a national advocacy nonprofit organization. (more...)
Deutsche Bank Q2 results top estimates 'considerably' Deutsche Bank Q2 results top estimates 'considerably'
- July 18, 2018

But analysts and investors said it was too early to judge whether Deutsche was on a sustainable path to recovery. The bank will release its full earnings report on July 25. On the positive side, Deutsche Bank seems to have managed to hold on to its market share in the business of advising companies on acquisitions and providing them with access to capital markets as revenue in its advisory and origination rose two per cent, compared with a stagnant overall fee pool at the three reporting US ... (more...)
DHL Express to order 14 Boeing 777 Freighters in $4.7bn deal DHL Express to order 14 Boeing 777 Freighters in $4.7bn deal
- July 18, 2018

Beyond the order avalanche, manufacturers, suppliers and airlines use the event to haggle over contracts and float ideas for new planes and ventures. Employees are pictured as the first Boeing 737 MAX 7 is unveiled in Renton Thomson Reuters LONDON (Reuters) - Boeing Chief Executive Dennis Muilenburg said on Sunday both the USA and Chinese governments understood the importance of aerospace to their economies, despite mounting trade tensions between the two countries. (more...)
Singapore Airlines named world's best, as Virgin drops nine spots Singapore Airlines named world's best, as Virgin drops nine spots
- July 18, 2018

Aer Lingus have been named among the best airlines in the world after they were ranked 36th Skytrax, the global air transport rating organisation. "The recognition will further motivate us to improve upon the three main pillars of our brand promise - product leadership, service excellence and network connectivity - to ensure we retain our competitive advantage and continue to meet and exceed customer expectations". (more...)
International Monetary Fund warns of growing damage from trade fight, says US vulnerable International Monetary Fund warns of growing damage from trade fight, says US vulnerable
- July 18, 2018

But the fund cut its 2018 growth forecasts for euro zone countries and for Japan and Britain, citing a softer-than-expected first-quarter performance coupled with tighter financial conditions partly due to political uncertainty. "The risk that current trade tensions escalate further with adverse effects on confidence, asset prices and investment is the greatest near-term risk to global growth", IMF Chief Economist Maury Obstfeld told a news conference, noting that US trade deficits are ... (more...)
U.S. Expects China to Buy Even More Iranian Oil After Sanctions U.S. Expects China to Buy Even More Iranian Oil After Sanctions
- July 18, 2018

U.S. Secretary of the Treasury Steven Mnuchin testifies to the House Financial Services hearing on state of the worldwide financial system on Capitol Hill in Washington, U.S., July 12, 2018. "We've said very specifically, there's no blanket waivers, there's no grandfathering", Mnuchin said. "We want people to reduce oil purchases to zero, but in certain cases, if people can't do that overnight, we'll consider exceptions", Mnuchin said on Friday, clarifying some USA officials' comments that ... (more...)
EU, Japan sign landmark trade deal to eliminate nearly all tariffs EU, Japan sign landmark trade deal to eliminate nearly all tariffs
- July 18, 2018

European Council President Donald Tusk and European Commission President Jean-Claude Juncker inked the agreement, together with Japan's Prime Minister Shinzo Abe , at a ceremony in Tokyo . It will eliminate tariffs on Japan's mainstay products of automobiles in the eighth year and TVs in the sixth year following the pact's implementation. (more...)
European Union, Japan sign major free trade deal, denounce rising protectionism
- July 18, 2018

European Commission President Jean-Claude Juncker (left) and European Council President Donald Tusk smile after their joint press conference at the Japan-EU summit on Tuesday in Tokyo . The difference is due to exceptions such as rice, a product which is culturally and politically sensitive and has been protected for decades in Japan. (more...)
Ryanair flight diverted due to ‘inflight depressurisation’ Ryanair flight diverted due to ‘inflight depressurisation’
- July 18, 2018

People were still being treated as a replacement plane was sent to finish the journey Saturday morning. Passengers complained about being put up in "military style beds" on social media. Oxygen masks were deployed and a "controlled descent" was initiated. States that about 33 passengers of the plane were taken to a local hospital due to headaches and ear pain. (more...)
CVS managers who called Chicago police over coupon fired CVS managers who called Chicago police over coupon fired
- July 18, 2018

Our Region Director in Chicago contacted her as soon as we were made aware of this incident. The company says the two staffers involved are no longer employed. Starbucks swiftly apologized this spring after two black men in a Philadelphia store for a business meeting were arrested when an employee refused to let them use the restroom without making a purchase, and later called the police and accused them of trespassing. (more...)
Jeff Bezos becomes richest man in modern history, topping US$150b Jeff Bezos becomes richest man in modern history, topping US$150b
- July 18, 2018

The Amazon .com Inc founder's net worth cracked US$150 billion (RM607 billion) in NY yesterday, according to the Bloomberg Billionaires Index . Adjusted for inflation, Gates' net worth was around $149 billion at the time. "It's hard to even put it in perspective", said Michael Cole, CEO of Cresset Family Office. A Federal Reserve report found the top 1 percent of USA families controlled 38.6 percent of wealth in the U.S.in 2016, compared with 22.8 percent held by the bottom 90 percent. (more...)
Papa John’s further shuns founder, evicting him from offices Papa John’s further shuns founder, evicting him from offices
- July 18, 2018

Schnatter says the board asked him to step down as chairman without "any investigation" and he should not have complied, according to a letter his representative says was sent to the board Saturday. "They took what I said and they ran to Forbes and Forbes printed it and it went viral". In an interview with WLKY , Schnatter alleged that he was contacted by Laundry Service about two weeks after the media training and told there was an "issue". (more...)
Theresa May survives knife-edge customs vote Theresa May survives knife-edge customs vote
- July 17, 2018

In extraordinary scenes, the trade minister George Hollingbery engaged in open negotiations with the customs union rebels from the dispatch box, offering them a Lords amendment for a "customs arrangement" backstop if they backed down. "She can not be held hostage by them every time there is a hard vote in the House of Commons - and it now looks as though the Chequers plan is completely falling apart", Ms Blackman said. (more...)
Netflix plunges as subscriber growth disappoints
- July 17, 2018

In the second quarter past year, it added 5.2 million - 1.1 million U.S. subscribers and 4.1 million worldwide ones. 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. (more...)

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