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US imports push Japan into trade deficit in May

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WASHINGTON: Imports of US aircraft helped push Japan to a trade deficit in May, official data showed on Monday, but experts said it was a temporary effect not linked to ongoing trade tensions. Japan’s imports rose 14.0 per cent in May from a year earlier, according to finance ministry data. Exports also enjoyed an 8.0 percent rise but the overall ... Read More »

US stocks tumble on latest Trump-China trade threats

Wall Street Premarket

New York :Wall Street stocks tumbled in opening trading on Tuesday as fresh tariff threats by the United States and China against each other exacerbated trade war fears. About 10 minutes into trading, the Dow Jones Industrial Average was down 1.2 percent to 24,699.90. The broad-based S&P 500 dropped 0.7 percent to 2,753.79, and the tech-rich Nasdaq Composite Index also ... Read More »

ZTE drops 25 per cent after US lawmakers advance effort to restore export ban

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ZTE Corp dived on Tuesday after American lawmakers green-lit a bill to restore severe penalties on the Chinese telecoms gear-maker, potentially upending a deal struck with President Donald Trump to allow it to get back in business. The company’s Hong Kong shares slid to their lowest level in two years, down 25 per cent to HK$9.85, while its Shenzhen stock ... Read More »

Tesla to cut 9% of workforce, Model 3 production not affected by layoffs

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NEW YORK: Electric carmaker Tesla Motors announced Tuesday it was cutting nine percent of its workforce to enhance profitability but said the move would not affect an ambitious production ramp-up of its Model 3 sedan. The job cuts are part of a company-wide restructuring to address excess staff in some areas due to the company’s speedy growth, Tesla chief Elon ... Read More »

Rights group hits Amazon, Foxconn over poor China labor conditions

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NEW YORK: A US watchdog group criticized Amazon.com and contract manufacturer Foxconn over what it described as harsh working conditions at a plant in China that makes the retail giant’s Echo Dot smart speaker and Kindle e-reader. The 94-page report by New York-based China Labor Watch cited excessive hours, low wages, inadequate training and an overreliance on “dispatch” or temporary ... Read More »

US jobs bonanza all but ensures fed rate hike in june

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Washington :The US Federal Reserve this week will raise the key interest rate for the second time in 2018, working to stay one step ahead of inflation. A hiring spree in May helped drive the unemployment rate down to levels eerily similar to those recorded almost 50 years ago — just before an era of high inflation and economic pain ... Read More »

US household wealth tops $100 trillion for first time

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Washington :US household wealth topped the $100 trillion mark for the first time ever in the first quarter of 2018, the US Federal Reserve said on Thursday. Rising US house prices, a market suffering a long-term shortage, pushed up the net worth of households even as stock markets were roiled by volatility. The Fed said the net worth of the ... Read More »

US stocks edge up as tense G7 meeting opens

Wall Street Premarket

New York :Wall Street stocks moved cautiously on Friday in the shadow of a tense Group of Seven meeting in Canada amid trade conflicts, finishing a choppy session slightly higher. The Dow Jones Industrial Average gained 0.3 percent to 25,316.53. The broad-based S&P 500 also advanced 0.3 percent to 2,779.03, while the tech-rich Nasdaq Composite Index edged up 0.1 percent ... Read More »

China-US trade war is making American soybean farmers anxious

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China: When China tentatively agreed last month to increase its imports of US goods, American soybean farmers sighed with relief. They had been holding their breath since April when Beijing, in response to the Trump administration’s tariffs on steel and aluminium in March, first proposed retaliatory duties on industrial and agricultural products, including soybeans. The threat caused the price of ... Read More »

Stock markets slide ahead Of G7 summit 08 june 2018

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London:World stock markets slumped on Friday before a Group of Seven summit that could see world leaders clash with US President Donald Trump over his latest tariff moves. European stock indices were down across the board following a slump in Asia — and after a week of largely strong gains in the wake of robust US jobs data and easing ... Read More »

US-China relations deteriorating fast over flashpoint issues

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China’s expanding efforts to impose its will on neighbours through diplomatic, commercial and military pressure – the so-called Xi doctrine – have drawn the sharpest riposte to date from the Trump administration, with Taiwan once again the main flashpoint in a sea of accelerating Sino-American rivalry. Following recent verbal clashes over US “freedom of navigation” patrols in disputed South China ... Read More »

Bayer To Ditch Monsanto Name After Mega-merger

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US :German chemicals and pharmaceuticals giant Bayer will discard the name Monsanto when it takes over the controversial US seeds and pesticides producer, the group said Monday. “Bayer will remain the name of the firm. Monsanto will be discontinued as the name of the business,” the Leverkusen-based group said in a statement, adding that it expects to close the $63 ... Read More »

EU joins global battle against Trump tariff onslaught

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Whistler :The EU on Friday launched its first counteroffensive against Washington’s punishing steel and aluminum tariffs while the US began meetings in Canada with outraged finance ministers from its top trading partners. Meanwhile in Washington, US President Donald Trump floated the possibility of scrapping the 24-year-old North American Free Trade Agreement in favor of separate bilateral deals with Canada and ... Read More »

US commerce secretary wilbur ross in China for talks to avoid trade war

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Beijing :US Commerce Secretary Wilbur Ross arrived in Beijing Saturday for talks aiming to ease tensions over tariffs that have heightened fears of a trade war between the world’s two biggest economies, officials and Chinese state media said. Despite announcing a truce earlier this month, the United States is working to finalise planned sanctions on Beijing — including restrictions on ... Read More »

China lowers tariffs, rejects US trade war escalation

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Beijing:China said Thursday it wanted to avoid an escalation of trade tensions with the United States, as the two sides held new talks and Beijing decided to lower some tariffs. The overture came two days after the White House said its planned trade sanctions against China were still in the works despite the announcement of a truce following a previous ... Read More »

US to impose steel tariffs on eu: report

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Washington:President Donald Trump intends to impose steep import duties on steel and aluminum imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported Wednesday. Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the ... Read More »

US stocks fall on political turmoil in Italy, Spain

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New York :US stocks retreated early Tuesday, following European markets lower as political turmoil in Italy and Spain accentuated worries about the eurozone. About 10 minutes into trading, the Dow Jones Industrial Average had dropped 0.8 percent to 24,549.50. The broad-based S&P 500 shed 0.7 percent to 2,701.38, while the tech-rich Nasdaq Composite Index lost 0.5 percent to 7,395.74. Italian ... Read More »

US Nvidia reports major increase in revenue for first quarter fiscal 2019

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SAN FRANCISCO – Nvidia Corporation, a world leading company on visual computing technologies, reported a major rise in its revenues of 66 percent from a year earlier to hit a record of $3.21 billion in the first quarter of fiscal 2019 ending on April 29, 2018. The Silicon Valley-based American graphics processing units (GPUs) manufacturer said in a statement on ... Read More »

Congress just approved a bill to dismantle parts of the Dodd-Frank banking rule

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The House voted late on Tuesday to pass a bill that will change significant aspects of Dodd-Frank, the banking reform bill introduced after loose lending and risky maneuvers by financial institutions led to the country’s worst recession since the Great Depression. Since it passed in 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act has been the target of ... Read More »

Wall street sees split finish amid energy dip, political uncertainty

Wall Street Premarket

New York :Wall Street had a split finish on Friday, as energy shares slid and continued whiplash from geopolitical headlines weighed on the Dow and S&P 500 while the Nasdaq rose. The lackluster finish came amid light trading volume ahead of a three-day holiday weekend, the traditional start of the US summer when many market players are on vacation. Despite ... Read More »