Money

Saudi index win is stepping stone not step change

Saudi index win is stepping stone not step change NY time on Wednesday. Finally, social reform continues unabated leading to new investment opportunities across the economy. "Inclusion in the MSCI Emerging Market Index is an important milestone and further affirmation of the tremendous progress Tadawul has made in the past year", said its CEO, Khalid al-Hussan. [Full Article...]

Canada To Legalize Marijuana On Oct. 17

Canada To Legalize Marijuana On Oct. 17 Trudeau administration had initially meant to have the law rolled out by July 2018, but territories and provinces requested for additional time to come up with their own rules for weed sales. Trudeau's government is expected to decide a date that would legalize it in early or mid-September. "Until the actual coming into force date happens and the law is changed, there's no point looking at pardo... [Full Article...]

European Union slaps $3.4 billion in reprisal tariffs on US goods

European Union slaps $3.4 billion in reprisal tariffs on US goods John Murphy, a senior vice president at the U.S. Chamber of Commerce, estimates that $75 billion in U.S. products will be subject to new foreign tariffs by the end of the first week of July. Those personally in the line of fire are among the most concerned. U.S. President Donald Trump threatened to impose a 20 per cent tariff on all European Union-assembled cars coming into the United States... [Full Article...]

U.S. Oil Prices Slip a Bit Before OPEC Meeting

OPEC agreed on Friday on a modest increase in oil production from July after its leader Saudi Arabia persuaded arch-rival Iran to cooperate amid calls from major consumers to help reduce the price of crude and avoid a supply shortage. Regional rival Iran however is fiercely opposed to unwinding the agreed production curbs, as its oil industry is bracing for fresh sanctions following US Presid... [Full Article...]

Trade War Fallout: 5 ways the Trump tariffs could impact air cargo

Trade War Fallout: 5 ways the Trump tariffs could impact air cargo What happens in this regard is a possibility of trade diversion. And the EU's trade chief Cecilia Malmstrom said she was "very worried" the row with Mr Trump could trigger a "full trade war". "The rules of worldwide trade that we have developed over the years with our American partners can not be violated without a reaction from our side", Malmstrom said. [Full Article...]

Stocks fall with U.S. dollar; oil slips before OPEC

Stocks fall with U.S. dollar; oil slips before OPEC Weekly U.S. production remained at a record 10.9 million bpd. "An agreement was reached yesterday to release the equivalent of about 1m barrels to the market; it will be distributed pro rata", Al-Falih said on Friday, of an Opec committee meeting on Thursday. [Full Article...]

OPEC Works Toward Deal as Saudis Propose Plan for Higher Output

OPEC Works Toward Deal as Saudis Propose Plan for Higher Output The Saudi proposal involves a complex calculation based on how much the group has cut production beyond the initial target of 1.8 million barrels a day set in 2016, the delegates said, asking not be named discussing private meetings. Venezuela's oil industry is collapsing due to years of mismanagement and an economic crisis. Zanganeh has said the president is to blame for high prices because of hi... [Full Article...]

Trump's latest swipe at Canada? Smuggling US shoes

Trump's latest swipe at Canada? Smuggling US shoes That's after China and the US both levied a 25 percent tariff on $50 billion worth of goods. Those tariffs were matched by China's threat to penalize on US exports, a move that drew the president's ire. Trump said his move followed China's decision to raise tariffs on $50 billion in USA goods, which came after the White House announced similar tariffs on Chinese goods on Friday. [Full Article...]

European Union retaliates against Trump’s metal tariffs

Cranberries, cranberry juice, orange juice, sweetcorn and peanut butter are among the other food products targeted. The European Union will start imposing duties on a list of USA products as of Friday in response to President Donald Trump's decision to slap tariffs on steel and aluminium imports from Europe. [Full Article...]

Crypto Exchange Bithumb Hacked, Loses $31.5M

Crypto Exchange Bithumb Hacked, Loses $31.5M Whether this was somehow linked to the hack is unknown. Bithumb had managed to preempt what it interpreted as an imminent attack on its server by moving a large number of cryptocurrencies to its cold wallet after noticing the "number of unusual access attempts" had increased, which led it to "strengthening security". [Full Article...]

China 'underestimated' Trump, a key adviser says

China 'underestimated' Trump, a key adviser says The United States has now imposed tariffs on up to $450bn in Chinese goods, out of a total of $500bn. If Intel makes a chip at its USA plants in Oregon, Arizona or New Mexico, then sends it to China for low-level assembly work and then brings it back so it can be put into a device manufactured in the United States, the chip would get hit by the tariff . [Full Article...]

Trump says Canadians are smuggling shoes out of the US

Trump accused Canadians of crossing the border with the U.S.to buy products and "smuggle" them back into their country because their tariffs are so high. On July 1, Canada is set to impose retaliatory action of $16.6 billion on USA products after Trump slapped tariffs on aluminum and steel - and he has threatened more to come on automobiles. [Full Article...]

Trump threatens to impose more trade tariffs on China

Trump threatens to impose more trade tariffs on China Trump added that if Beijing hit back at this latest manoeuvre, the USA would find another $200 billion worth of goods to impose tariffs on. That sounds big. "Trade between our nations, however, has been very unfair, for a very long time ". Top US brands such as Apple , GM and Boeing generate large amounts of sales in China. [Full Article...]

Elon Musk: Tesla Is a Victim of Sabotage

Elon Musk: Tesla Is a Victim of Sabotage While noting most cases of corporate espionage are committed by individuals for personal reasons, he listed potential perpetrators who were motivated to see Tesla fail including Wall Street short sellers, oil and gas companies, and competing auto companies ("If they're willing to cheat so much about emissions, maybe they're willing to cheat in other ways?"). [Full Article...]

The burgeoning US-China trade war has entered a new phase

The burgeoning US-China trade war has entered a new phase Chinese officials have promised to respond accordingly if Trump continues to ratchet up tensions. In a subsequent statement issued Monday, Robert Lighthizer , head of the USTR office, said his staff was preparing the proposed tariffs as instructed by the president. [Full Article...]

Merkel accepts CSU deadline for European Union migration deal

Merkel accepts CSU deadline for European Union migration deal Trump's comments came after German Chancellor Angela Merkel agreed to find a solution to the migrant issue by the end of the month, with interior minister Horst Seehofer backing down from his threat to bypass her on border controls - for now. [Full Article...]

ICICI benches Chanda, at last

ICICI benches Chanda, at last In other news, ICICI Bank Board also recommended to the Board of Directors of ICICI Prudential Life Insurance Company to appoint NS Kannan as the Managing Director & Chief Executive Office (CEO) of the company subject to regulatory and other approvals. [Full Article...]

Trump threatens additional tariffs on $200 billion of Chinese goods

Trump threatens additional tariffs on $200 billion of Chinese goods After listing 545 US products, worth $34 billion, on which it will impose a 25 percent import duty from July 6, China announced another list of 114 goods , worth $16 billion, on which it will impose a similar tariff, with the final measures and the time they go into effect to be announced later . [Full Article...]

China retaliates against new USA tariffs by announcing its own

China retaliates against new USA tariffs by announcing its own Additional tariffs for 545 items worth about 34 billion USA dollars, including agricultural products, vehicles and aquatic products, will be effective from July 6, 2018, according to a statement of the commission. Officials said the list of products does not include common consumer products, such as cell phones and TVs. He added that the action comes "in light of China's theft of intellectu... [Full Article...]

Angela Merkel Faces Ultimatum From Ally Over Migrants

Angela Merkel Faces Ultimatum From Ally Over Migrants Mrs Merkel says she will report back on July 1. As the German chancellor met with leaders of her Christian Democrats (CDU) on Sunday in an attempt to divert the collapse of her fledgling administration, Seehofer emerged from emergency talks with his Christian Social Union (CSU) saying he had no intention of toppling Merkel. [Full Article...]


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