Economy

China trade war could get India new oil suppliers from US

China trade war could get India new oil suppliers from US Beijing has said it may include a 25 percent tariff on US crude oil imports, although it has not specified a date on which it would include that duty. An additional fact to consider: Tariffs would make USA oil uncompetitive in China. Energy consultancy FGE on Friday issued a warning of looming supply shortages due to USA sanctions against Iran , and because of disruptions elsewhere. [Full Article...]

Starbucks Announces Plans to Ban Single-Use Plastic Straws by 2020

Starbucks Announces Plans to Ban Single-Use Plastic Straws by 2020 The company's announcement comes a week after it's hometown, Seattle , banned single-use plastic straws and utensils at businesses that sell food or drinks in the city. A global rollout of the strawless lids will follow, beginning in Europe where they will be used in selected stores in France and the Netherlands, as well as in the United Kingdom. [Full Article...]

U.S. job growth was likely solid in June despite trade risks

U.S. job growth was likely solid in June despite trade risks The bank's overnight rate target is 1.25 per cent. With such an outlook, the Federal Reserve would most likely shy away from any abrupt funds rate increase, which would benefit markets that rise when bond rates are low. Several measures showed that the labour market still has slack to absorb. "It remains to be seen if a rebound in the private sector will occur given growing trade uncertainties... [Full Article...]

U.S. tariffs take effect, China announces retaliation

U.S. tariffs take effect, China announces retaliation Hours before Washington's deadline for the tariffs to take effect, US President Donald Trump upped the ante on its largest trading partner, warning that the United States may ultimately target over $500 billion worth of Chinese goods, or roughly the total amount of US imports from China past year. [Full Article...]

Business hiring forges ahead in June, with 213,000 jobs added

The unemployment rate rose from an 18-year low of 3.8% to 4% but that was because more people were drawn into the strong labor market. The central bank raised the benchmark lending rate last month, and is expect to hike twice more this year. [Full Article...]

Saudi Arabia tells OPEC it pumped 10.488 million bpd of…

Saudi Arabia tells OPEC it pumped 10.488 million bpd of… Brent, the worldwide benchmark, shed 0.5% to $77.77 a barrel. USA light crude jumped $1.17 to US$75.11 a barrel, its highest since November 2014. The clash over OPEC policy and the resumption of United States sanctions on Iran has been amplified this week as Trump continues to target the group which he blames for rising prices . [Full Article...]

U.S. chipmaker Micron denies receiving Chinese injunction on chip sales

U.S. chipmaker Micron denies receiving Chinese injunction on chip sales Micron has been in a legal battle with Taiwan-based, United Microelectronics since December, when Micron sued United, alleging theft of secrets, following which UMC sued Micron for patent infringement. The shares rose as much as 3.6 percent, rebounding from a fall of more than 5 percent on Tuesday when UMC claimed victory in the law suit. 'UMC is pleased with today's decision , ' crows Jason ... [Full Article...]

What are trade tariffs and who will they affect?

What are trade tariffs and who will they affect? The Trump administration contends that China has deployed predatory tactics in a push to overtake USA technological dominance. A record volume of USA crude oil is heading to China even as Beijing's planned tariffs threaten to cut off a relatively new and burgeoning business for US exporters. [Full Article...]

Boss of China's HNA conglomerate dies in French accident, firm says

Boss of China's HNA conglomerate dies in French accident, firm says Wang spearheaded the group's expansion in recent years, when it spent more $40 billion snapping up trophy assets and became the largest shareholder in worldwide giants like Deutsche Bank AG and Hilton, according to people close to HNA. Last year, Beijing set its sight on HNA during a crackdown on risky financing, which had long fueled expansion for Chinese companies. Under pressure from Beijing,... [Full Article...]

Canada not helping itself by hitting U.S. with tariffs: White House

Canada not helping itself by hitting U.S. with tariffs: White House Mexican president-elect Andres Manuel Lopez Obrador said he supports the continued renegotiation of NAFTA, and wants his own team of experts to be part of the talks before he takes office December 1. President Donald Trump . Talks between Mexico, Canada and the United States to renegotiate the terms of the North American Free Trade Agreement began in August previous year and are still underwa... [Full Article...]

China warns of 'counterattack' as U.S. tariffs take effect

China warns of 'counterattack' as U.S. tariffs take effect The Trump administration's tariffs on $34 billion worth of Chinese imports is set to kick in on Friday, with the president threatening to impose at least $450 billion worth of Chinese goods if Beijing retaliates. and emphasising the country's readiness for a trade war. China's central bank moved to calm jittery markets on Tuesday after the yuan hit its lowest level in nearly a year. [Full Article...]

Peoples Bank of China officials verbally prop up yuan amid trade tensions

Peoples Bank of China officials verbally prop up yuan amid trade tensions USA markets are set to close early for the Fourth of July holiday. The yuan extended losses and has fallen around eight percent since the end of March - it is now at an 11-month low - adding to fears about the mainland as leaders struggle to cap a debt mountain while also supporting growth. [Full Article...]

Lower oil prices or we will not ‘defend’ you

Lower oil prices or we will not ‘defend’ you The price of West Texas Intermediate crude oil is now around $74 a barrel. While Trump says he wants lower oil prices, U.S. sanctions against OPEC members Iran and Venezuela are adding uncertainty to the market, causing prices to spike. [Full Article...]

Saudi Arabia 'ready to use spare oil capacity when needed'

Saudi Arabia 'ready to use spare oil capacity when needed' Interestingly, the price of oil did not rise in these two wars. The State Department said new sanctions, which it described as "snap back" sanctions, will begin on August 4, targeting Iran's automotive sector and its trade in gold and other key metals. [Full Article...]

ICC responds to draft USA tariff act

ICC responds to draft USA tariff act Legislative Affairs Director Marc Short earlier this year said that the bill was "dead on arrival" and would not receive support from Capitol Hill. Read Axios' story for more details about the bill. The same source added that for now Trump's aides have managed to "push back" against the idea of the U.S. leaving the WTO by ensuring that the country actually "does well" in the organization. [Full Article...]

Trump’s tariffs will lead to a ’smaller GM’, automaker warns

Trump’s tariffs will lead to a ’smaller GM’, automaker warns European Commission spokesman Margaritis Schinas said Monday the USA investigation into the possibility of auto tariffs "lacks legitimacy, factual basis and violates worldwide trade rules", just like last month's US tariffs on steel and aluminum imports. [Full Article...]

China warns its citizens: Travel to US carries high-cost risks

China warns its citizens: Travel to US carries high-cost risks Yesterday, the EU's top two officials warned about greater trade tensions with the USA as Mr Trump weighs tariffs on foreign cars after irking American allies with metal-import levies. On Thursday, China's state media lambasted the United States. A Reuters analysis found just 1% of the 1,102 categories of products imported from China to the US are consumer goods. [Full Article...]

China will counterpunch U.S. with $34 billion in tariffs

China will counterpunch U.S. with $34 billion in tariffs As the world's most powerful economy, the United States plays a vital role in global economic and trade rule-setting and it is always able to find seemingly plausible reasons for its initiative targeting China. The U.S.is due to put tariffs on $34 billion worth of Chinese goods on Friday. Still, China's stance is striking given Washington's deep economic and security ties with European nations. [Full Article...]

Lakers may be willing to wait on Kawhi Leonard until next summer

Lakers may be willing to wait on Kawhi Leonard until next summer After landing James, the Lakers have also signed Lance Stephenson and JaValve McGee. While LeBron James quickly chose to sign with the Los Angeles Lakers , there was a meeting with the Philadelphia 76ers . LaVar on how many championships he believes the Lakers will win: "LeBron got a four-year deal , right?" UFC heavyweight champion Stipe Miocic is reacting a lot better than most Clevel... [Full Article...]

US auto industry dispute intensifies and prepares for worst case scenario

US auto industry dispute intensifies and prepares for worst case scenario US Chamber president Thomas Donohue said: "Tariffs are simply taxes that raise prices for everyone". The EU says that for some goods, such as trucks, USA import duties are higher. The initiative is also enlisting 2,000 local and state chambers of commerce to call on Congress to review the "real costs" of the tariffs, Murphy said. [Full Article...]


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