Page 3051 - Business Finance
Trump administration adds to China trade pressure with higher tariff plan
WASHINGTON/BEIJING (Reuters) - U.S. President Donald Trump sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports, his administration said on Wednesday.
Bank of England poised to raise rates in the face of Brexit risk
LONDON (Reuters) - The Bank of England looks set to raise interest rates on Thursday to their highest level since the financial crisis almost a decade ago, defying warnings that it is taking a gamble ahead of Brexit, the terms of which remain unclear.
Apple shares surge, approach $1 tillion market cap
Apple shares surged more than 5 per cent Wednesday in the wake of a strong 2018 fiscal third quarter earnings report, pushing the tech giant's market capitalization close to a record $1 trillion.
Trump threatens to raise tariffs on Chinese goods to 25 per cent, up from 10 per cent
The United States may jack up the tariff rate on the next USD 200 billion in Chinese imports it plans to target as it pressures Beijing to reform its trade practices, US officials has said. President Donald Trump asked the US Trade Representative to consider increasing the proposed tariffs to 25 per cent from the planned 10 per cent, USTR Robert Lighthizer said yesterday. "We have been very clear about the specific changes China should undertake. Regrettably, instead of changing its harmful behaviour, China has illegally retaliated against US workers, farmers, ranchers and businesses," Lighthizer said in a statement. Officials however downplayed suggestions the move was intended to compensate for the recent decline in the value of the Chinese currency, which has threatened to take much of the sting out of Trump's tariffs by making imports cheaper. The US dollar has been strengthening since April as the central bank has been raising lending rates, which draws investors looking for ...
Tesla steadies output of new Model 3 sedan, sees a profit
SAN FRANCISCO (Reuters) - Tesla said it would produce its new Model 3 sedan at a profit after several recent weeks in which output stabilized, buoying hopes that the electric vehicle maker led by Elon Musk will stanch its financial losses in the second half of the year.
S&P, Dow edge down after Fed decision; tech boosts Nasdaq
NEW YORK (Reuters) - The S&P 500 and Dow slipped on Wednesday as gains in Apple shares were offset by a drop in energy and industrial companies, while the U.S. Federal Reserve remained on course for an expected interest rate hike in September.
Union Cabinet approves extension of CFS for infrastructure projects abroad
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the first extension of Concessional Financing Scheme (CFS) to support Indian Entities bidding for strategically important infrastructure projects abroad for five years till 2023."Under the CFS, the Government of India has been supporting Indian Entities bidding for strategically important infrastructure projects abroad since 2015-16. Since the objectives of the Scheme continue to be relevant, it is proposed to extend the Scheme for another five years from 2018 to 2023," read a statement on behalf of the Cabinet.In the five-year period, the financial implications towards payment of Interest Equalisation Support (IES) for the existing projects will be about 96 million dollars or Rs 625 crore.The scheme envisages the government to provide counter guarantee and interest equalisation of 2 percent to EXIM Bank to offer concessional finance to any foreign government or foreign government owned or controlled ...
US Congress paves way for waivers from sanctions for India
The United States Congress has passed the conference report on National Defense Authorization Act-2019 (NDAA-19), which paves the way for waiver to India from punitive Countering America's Adversaries Through Sanctions Act or CAATSA, under which sanctions kick off on countries that purchase significant military equipment from Russia. The Senate passed the John McCain National Defense Authorization Act for Fiscal Year 2019 (NDAA) by an overwhelming, bipartisan vote of 87 to 10. Passed by the House last week, the bill, named after Senate Armed Services Committee Chairman John McCain, would provide USD 716 billion support in funding for national defense for fiscal year 2019. The bill, which now moves to the White House for President Donald Trump to sign it into law, among other things, provides a modified waiver to section 231 of CAATSA. Unlike the existing version of the act, the proposed modified waiver requires presidential certifications designed to protect US alliances, military ...
Stocks sink amid trade war fears but Apple results cap losses
NEW YORK (Reuters) - Stocks fell worldwide on Wednesday on persistent fears of an escalation of the trade war between the United States and China although robust results from Apple Inc helped cap losses and the Federal Reserve left U.S. interest rates untouched.
Tesla plans to build up to 55,000 Model 3s, profitably, in third quarter
SAN FRANCISCO (Reuters) - Tesla said it would build up to 55,000 Model 3s in the current quarter at a positive gross margin, buoying hopes that the electric vehicle maker led by Elon Musk will meet its goal of profitability and positive cash flow in 2018, as it strives to recover from manufacturing challenges.
Tesla expects to hit more than 6000/week Model 3 production rate
(Reuters) - Tesla Inc said on Wednesday it expects to increase Model 3 production to 6,000 per week by late August, buoying expectations that the Elon Musk-led electric vehicle maker will meet its goal of profitability and positive cash flow in the next two quarters.
US Fed leaves interest rates unchanged amid trade concerns
The US Federal Reserve on Wednesday left key interest rates unchanged amid concerns about trade tensions between the United States and its trading partners.
Oil falls 2 percent on rising supply, concern about trade tensions
NEW YORK (Reuters) - Oil prices fell about 2 percent on Wednesday as a surprise increase in U.S. crude stockpiles fed concerns about global oversupply, while investors worried that trade tensions could hit energy demand.
S&P, Dow lower after Fed decision; tech boosts Nasdaq
NEW YORK (Reuters) - The S&P 500 and the Dow edged lower but technology stocks buoyed the Nasdaq on Wednesday after the Federal Reserve held interest rates steady but remained on course for an expected hike in September.
Global factory growth slowing; China-U.S. trade war biting
LONDON/HONG KONG (Reuters) - Factory growth stuttered across the world in July, heightening concerns about the global economic outlook as an intensifying trade conflict between the United States and China sent shudders through trading partners.
MCX receives SEBI approval for MCXCCL
The Multi Commodity Exchange of India Ltd (MCX) on Wednesday said it has received the recognition from market regulator SEBI to launch operations of its subsidiary, Multi Commodity Exchange Clearing Corporation Ltd (MCXCCL) -- the first clearing corporation in the commodity derivatives market.
Wells Fargo to pay $2.09 billion fine over decade-old mortgage loans
(Reuters) - Wells Fargo has agreed to pay $2.09 billion in penalty to settle claims related to mortgage loans originated in the run-up to the financial crisis.
Trade tensions, labour shortages loom over U.S. factories
WASHINGTON (Reuters) - U.S. manufacturing activity slowed in July amid signs that a robust economy and import tariffs were putting pressure on the supply chain, which could hurt production in the long term.
Wells Fargo to pay $2.09 billion fine over loan quality: DoJ
(Reuters) - Wells Fargo will pay $2.09 billion in penalty for alleged misrepresentation of loan quality, the U.S. Department of Justice said on Wednesday.
Smartwatch sales prop Garmin's beat and raise quarter
(Reuters) - Garmin Ltd reported better-than-expected quarterly profit and raised its full-year forecast on Wednesday, boosted by higher demand for its activity-tracking wearable devices.