Monday , April 23 2018
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U.S. economy still has plenty of fuel for growth

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WASHING TON: The leading economic index rose 0.3% in March, and while it was the smallest increase since last September, the gauge also showed little reason to be worried. The index “points to continued solid growth in the U.S. economy for the rest of the year,” said Ataman Ozyildirim, a senior economist at the Conference Board, publisher of the report. ... Read More »

Big U.S. banks saved $3.6B in taxes last quarter under new law

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WASHINGTON: The nation’s six big Wall Street banks posted record, or near record, profits in the first quarter, and they can thank one person in particular: President Donald Trump. While higher interest rates allowed banks to earn more from lending in the first quarter, the main boost to bank came from the billions of dollars they saved in taxes under ... Read More »

US shipping vessels hit by China tariffs turn away from Beijing

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WASHINGTON: Trade tensions between the US and China remain unresolved despite the markets’ hope for a peaceful conclusion, and news is hitting the wires that five US vessels that will be heavily impacted by China’s new tariffs on US goods have turned away from their destination port, and are heading back to the US. A fleet of US sorghum vessels have made a ... Read More »

US tax reform spurs investment in M&A

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WASHING TON: US companies have their sights on M&A opportunities as they seek to deploy anticipated tax savings from US Tax Reforms, according to the EY Tax Reform Dollar Deployment Survey. As companies combat digital disruption and seek innovation through a variety of avenues, 47 per cent said they will increase research & development (R&D) spend and 42 per cent ... Read More »

US people to pay for medicine levies

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WASHING TON: The Trump administration’s threat to impose extra tariffs on crude drugs manufactured in China will ultimately harm the interests of the American people, who will have to pay more for the final products made by local firms in the United States, said a leading industry analyst. Medicines and health products account for approximately 30 percent of the total ... Read More »

US finds dumping of imports from six countries

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WASHING TON: The US Department of Commercehas announced the affirmative final determinations in the antidumping duty (AD) investigations of imports of cold-drawn mechanical tubing from China, Germany, India, Italy, South Korea, and Switzerland.  The department also determined that critical circumstances exist for certain exporters/producers of cold-drawn mechanical tubing from Italy. “Today’s decision allows US producers of cold-drawn mechanical tubing to receive ... Read More »

U.S. tax reform May cause israel to drop key investment law

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WASHING TON: Data for 2015-16 shows that the average taxpayer in Horsham brought in £41,100 over the year, with some taxed on a combination of income from regular jobs, self-employment and pensions. It means that the average total income for taxpayers in the area was 23% higher than the UK average of £33,400. The HMRC data only includes those who ... Read More »

Customs plays down trade gap with US

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WASHING TON: A trade imbalance is a market phenomenon determined by the economic structure and industrial competitiveness of the countries involved, said Huang Songping, a spokesman of the General Administration of Customs, Xinhau reports. “China’s trade surplus with the United States is not as big as it looks if we take into account factors such as statistical approaches, entrepot trade ... Read More »

Russian lawmakers draft list of U.S. imports that could be banned

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MOSCOW: Russia’s lower house of parliament is considering draft legislation that would give the Kremlin powers to ban or restrict a list of U.S. imports, reacting to new U.S. sanctions on a group of Russian tycoons and officials. Senior lawmakers in the State Duma, which is dominated by Kremlin loyalists, said they had prepared the list ranging from food and alcohol to medicine and consulting services in response to ... Read More »

Minnesota has 11th highest tax burden in U.S.

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WASHINGTON: U.S. in fiscal 2016, according to a recent  produced Key Policy Data (KPD), a joint venture between Public Choice Analytics and Visigov. The report relies on an income-based analysis dividing the state’s total tax collections by its private sector personal income. The national average using this methodology was an overall local and state tax burden of 14.3 percent of income; ... Read More »

Gradual deployment of US troops to Mexico border underway

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WASHING TON: The deployment of National Guard members to the U.S.-Mexico border at President Donald Trump’s request was underway Tuesday with a gradual ramp-up of troops under orders to help curb illegal immigration. The Trump administration also announced that Homeland Security Kirstjen Nielsen will visit this week a stretch of new border wall breaking ground in New Mexico, putting additional ... Read More »

US exports to Iran increases versus huge imports fall

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WASHING TON: US witnessed a significant fall in 2018, meanwhile the US increased its exports to the Islamic Republic by over 67 percent. Trade turnover between Iran and the US stood at $27.5 million in the first two months of 2018. The figure is 7 percent more compared to January-February 2017, according to the statistics of the United States Census ... Read More »

US exports to Iran increases versus huge imports fall

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WASHINGTON: Trade turnover between Iran and the US stood at $27.5 million in the first two months of 2018. The figure is 7 percent more compared to January-February 2017, according to the statistics of the United States Census Bureau. The US exports to Iran accounted to $20.4 million in the 2-month period, which is 67.2 percent more year-on-year. Meanwhile Iran’s ... Read More »

U.S. to allow imports of Chilean lemons without fumigation

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WASHING TON: Instead the USDA said Chilean lemons will be allowed for import after Chilean growers and packers put in place a series of measures to lower the risk of introducing the Chilean false red mite (Brevipalpus chilensis) into the U.S., according to a news release. Previously, Chilean lemons were allowed into the U.S. only after they were treated with methyl bromide. ... Read More »

South Korea’s fruit trade deficit with US widening yearly

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SEOUL: Since the bilateral Free Trade Agreement came into effect in 2012, South Korea’s deficit in the fruit trade with the United States has been growing year after year. The report from the Korea Rural Economic Institute (KERI) shows South Korea imported US$631 million worth of fruits from the US in 2017, up 13.5 percent from the previous year. The ... Read More »

US Treasury grants 2-month extension on new transition tax

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WASHINGTON: However they said the tax continued to be flawed and potentially damaging to expatriates who owned stakes in overseas businesses, and that they would continue to campaign for it to be eliminated. As a result of the extension, which was announce yesterday, the first payment Transition Tax payment, for those American individuals who will be required to make it, ... Read More »

US tax reform boosted HP’s net income

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WASHING TON: During 1Q18, HP (HPQ) earned non-GAAP earnings of $0.48 billion, which increased from the year-ago quarter by $0.10 per share. The 1Q18 earnings included one-time income tax gains of $0.04 per share associated with the tax provision due to the revision in the US federal tax reform legislation. Adjusting for the tax reform benefit, HP’s earnings increased 16% ... Read More »

US agents arrest 20 in 4 separate incidents along Canadian border

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WASHINGTON: The U.S. Border Patrol says agents arrested 20 people who entered the country illegally in four separate incidents in upstate New York, Vermont and New Hampshire. The first case came early Friday when agents in Champlain, New York, arrested nine Haitian citizens who had just crossed into the United States near where I-87 reaches the Canadian border. On Saturday, ... Read More »

US China tensions could hurt local economic growth

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WASHING TON: A US-CHINA trade war will have severe implications on Malaysia’s economic growth, although the impact may be limited for now. Asian Strategy and Leadership Institute research and business development director Lau Zheng Zhou said any major disruption to the global trade environment and momentum will significantly affect Malaysia’s attractiveness for investment and hurt its growth prospects. “In the ... Read More »

U.S. Customs and Border Protection holds press conference

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WASHING TON; The press briefing is in regards to an update on border wall construction. President Donald Trump signed the $1.3 trillion spending bill to keep the federal government open last Friday. Trump cited misgivings about its contents but said it was needed for national security reasons as he spoke alongside his secretaries of Defense, Homeland Security and Commerce at ... Read More »