Wednesday, 15 August 2018
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Canada central bank holds key lending rate at 1.25%


Bank of Canada Governor Stephen Poloz generally does not broadcast future rate moves with explicit forward guidance. "This is a clear warning shot that a July rate hike is solid possibility", he said. The August gold contract ended up US$2.40 to US$1,306.50 an ounce and the July copper contract rose one cent to close at US$3.07 a pound. The Bank of Canada has raised its overnight rate three times since last June, each time by a quarter of a percentage point. Read More »

Canada's Trudeau: NAFTA Talks Stalled After Pence Ultimatum

The two countries have been in talks since August 2017 to update the North American Free Trade Agreement (NAFTA), a three-way pact that has always been criticized by Trump. "There is no longer a very precise date when they may be concluded" so they were added to the tariff list, he said. Those days are over. The White House fired back at Trudeau in a Thursday statement. Read More »

Trump tariffs are about national security: Peter Navarro


The tariffs have been justified on the basis of Section 232 rules which allow trade protection from foreign imports that threaten national security. Negotiations with Europe had "made some progress" but not enough for additional exemptions, the commerce secretary said in a conference call from Paris . Read More »

OECD warns against ‘escalation in trade tensions


Still, residential investment will remain supported by demand in Auckland and government funding through the KiwiBuild programme while government infrastructure spending is expected to rise and business investment spending tipped to recover from weakness at the end of past year as capacity remains tight, it said. Read More »

Shares of Deutsche Bank fall on report of Fed downgrade

That's exactly how I feel. In a letter to staff on June 1, Sewing admitted the bank is "not getting any respite" but told staff there was no reason to be discouraged by the latest blows to its reputation. The secret designation from the Fed took place about a year ago and forced Deutsche to dial back its risk taking, The Wall Street Journal reported on Thursday. Read More »

Flawed super system costs older workers $61K in retirement savings


A landmark Productivity Commission report has found that not-for-profit industry super funds both generally outperform retail for-profit funds, and account for up to 10 of Australia's 26 underperforming default funds. The commission report says over an average fund member's working life, being stuck in a poor-performing default fund can leave them with nearly 40 per cent less to spend in retirement. Read More »

Italy renews push to form coalition, end turmoil


Italy 's political turmoil on a global stage The interim Italian Prime Minister Carlos Cattarelli failing to present a finalised list of ministers to the Head of State Sergio Mattarella doesn't bode well, nor does the warning from the Italian central bank chief that Italy could be on the brink of losing investors trust, both moves that sent jitters through the markets . Read More »

PM Modi meets his Malaysian counterpart in Kuala Lumpur


Putrajaya discontinued the proceedings at the International Court of Justice (ICJ) thus acknowledging Singapore's sovereignty of Pedra Branca. A spokesperson for the NGOs Bazeer Ahmad Mohamed Ibrahim expressed hope that Prime Minister Tun Dr Mahathir Mohamed would take considerable note of their memo. Read More »

Fans of Turkey's Erdogan push French newsstand to remove ad


Erdoğan and the longtime ruling Justice and Development Party (AKP), which he co-founded in 2001, are seeking another mandate ahead of snap parliamentary and presidential polls on June 24. "We are supporting our central bank with all our might". The move ended days of uncertainity on the markets over whether the bank would implement a rate hike after President Recep Tayyip Erdogan , who sharply opposes rate rises, pressed for lower rates to stimulate growth. Read More »

Starbucks to close this for anti-bias training this afternoon


From there, employees were to "move into a real and honest exploration of bias" where, in small groups, they can share how the issue comes up in their daily work life. McGhee said one of her earliest memories as a black girl was being chased from a penny candy store by a white store manager. "A lot of those employees won't be here next year or two years or three years down the line". Read More »

United States raises steel and aluminium tariffs on key allies


Protecting the U.S. steel industry might help USA workers in the short-term, but if the United States is unable to make steel as cheaply as foreign rivals have been able to, then American manufacturers would also face higher costs. South Korea has not negotiated an exemption for its aluminum exports. According to the Dutch bank ING, exports of steel and aluminium to the United States make up just 0.3% of worldwide goods exports from the European Union and represent a tiny 0.05% of the bloc's ... Read More »

Tesla Model 3 worldwide launch delayed


After getting off to an extremely slow start, and following a number of production delays, Tesla has since made a number of strides towards streamlining the production process. That's the good news when it comes to Model 3 production. If you've got your eye or money down on a Tesla Model 3 and live in Europe or Asia, you're going to have to wait a while for delivery. Read More »

Push for Nafta Deal Forges On as Congress, Tariff Deadlines Loom


Trudeau told reporters he had a "good conversation" with Pence and "impressed upon him the fact that I've been having direct conversations with the president for close to a year now". "There is definitely a path forward and we are making progress", Freeland said. It has come down to Trump threatening to impose the tariffs if Mexico and Canada don't cave to USA demands on NAFTA, and Canada refusing to link the tariffs to NAFTA. Read More »

India's growth likely topped 7 pct again in January-March quarter

Tushar Arora, senior economist at HDFC Bank, said: "Today's GDP number is very comforting and should put a lot of concerns to rest". It seems like we have moved beyond the teething troubles related to GST implementation . "There has been some downward revision by Moody's and others taking oil prices into consideration, but there is no one to one relation between oil price and GDP growth", Garg told reporters here. Read More »

Bombardier launches longer-range variants of Global business jets


Bombardier unveiled the Global 5500 and Global 6500 , claiming that it not only offers the smoothest rides, but also has the largest cabins and longest ranges in their class. The aircraft, it said, also feature a lounge chair option in the form of the Nuage chaise, which converts into a flat surface for sleeping or dining. Read More »

10 lakh bankers to go on 2-day strike May 30-31


For instance, in fiscal 2015-16, the banks earned a total operating profit of Rs 1.37 lakh crore, but banks set aside Rs 1.55 lakh crore towards bad loans thus wiping-off profits. There are about 10,000 bank branches across the state, including 3,000 in and around Bengaluru, with the State Bank of India (SBI) accounting for 1,000 of them after it merged its associate banks like SBM and SBH with it recently. Read More »

Trump Set To Ban German Auto Imports


The Trump administration last week opened a so-called Section 232 trade investigation into vehicle imports, which could result in a 25 percent tariff on cars on the same " national security " grounds Washington used to impose metals duties in March. Read More »

Stocks end sharply lower as Italy worries trigger global equity selloff

Banking stocks turned in some of the market's worst performances on the day, dragging the KBW Bank Index down by 3.9 percent. In any case, investors adopted a more benign view of the situation, bidding up bank shares that tumbled in Tuesday's session on what-ifs that included a eurozone implosion or widespread defaults. Read More »

Goldman Sachs cuts euro, dollar forecasts, citing Italian instability


The previous record weekly ADV for Italian debt was reached during the summer of 2011 at Euro 3.5bn, when Italy's 10Y benchmark bond yield rose from below 5 per cent to 6.25 per cent. "As people take a step back, it appears that the sell-off was overdone." The dollar received some support as signs of an easing in Italy's political crisis pulled US Treasury yields up from multi-week lows. Read More »

Sydney hotel valet parks Porsche under SUV


A hotel valet gave a whole new meaning to the term double-parking when he accidentally drove a Porsche sports auto under a sport utility vehicle outside a Sydney hotel. A valet was trying to park the Porsche when the crash occurred, Hyatt Regency's director of sales and marketing Matthew Talbot said, adding the valet was not injured. Read More »

Steel industry braces for USA tariffs on European exports

European and United States equities lost ground slightly on fears the U.S. measures could spark a trade war. The US has announced plans to impose tariffs on steel and aluminium from the European Union starting at midnight. tariffs. European officials argue that tit-for-tat tariffs will hurt growth on both sides of the Atlantic. 'We think on the contrary that global trade must have rules in a context of multilateralism. Read More »

Amazon to restrict Australian customers to local site in July


Before the change, GST only applied to items purchased overseas worth more than $1000. The primary reason behind the move seems to be the sheer scale of logistics involved in collecting the tax and depositing it with the government. Australians will be restricted to Amazon's local website from July. This is obviously a bit of a blow for Aussie shoppers - the USA version of the site has a vastly larger selection of goods available, many of which were cheaper even after factoring in ... Read More »

GDPR Compliance Presents Challenges That Moving to the Cloud Can Ease


As of last Friday, 25 May 2018 GDPR become law, with the new regulation aiming to give consumers more control over their online data. Mukul Shrivastava, Partner, Fraud Investigation and Dispute Services, EY, said the companies should be able to identify where PII (personally identifiable information) is stored and build infrastructure to access and delete data on request. Read More »

AirAsia CEO Tony Fernandes, others booked by CBI


The CBI has alleged that Fernandes allegedly lobbied with government servants for clearances, subversion of existing 5/20 rule and amendment in regulatory policies. After more than a decade of deliberation, India in 2016 scrapped a restrictive rule that only granted global licenses to carriers with five years of domestic operations and a minimum of 20 aircraft in their fleet. Read More »

Amazon to block Australian shoppers from its U.S. website


The move will drive traffic to Amazon's Australian website, which has drawn criticism for a thin product range and uncompetitive prices since it began taking orders in December. "As a result of changes to Australian GST law on 1 July, worldwide shopping options for Australian customers will change". Shoppers visiting those sites will be redirected to, which launched late past year. Read More »

Britain wants Brexit talks to be more constructive - UK PM May's spokesman

The EDPB, an EU body tasked with applying and regulating GDPR consistently across member states, comprises the head of each nation's regulator and the European Data Protection Supervisor (EDPS) or their representatives. This autonomy allows us to set standards for the whole of the European Union, but also to see these standards being replicated around the world. In response, the European Union chief Brexit negotiator said "We cannot, we will not be able to share this decisional autonomy ... Read More »