Markets
Germany forces more than 1,000 Tesla owners to forgo electric vehicle bonus
Germany has said 1,050 owners of the Tesla Model S must forgo a 2,000 euro electric auto subsidy because the value of their vehicles surpasses an eligibility threshold. The government deal is worth 4,000 euros, with half of that paid to consumers by the automaker. Tesla provided enough evidence to show customers can order a 60,000 euro Model S and take delivery of the base model in Germany. [Full Article...]
US Dollar Sinks as President Trump Hits Fed on Hikes
Trump . President Donald Trump has threatened tariffs on all Chinese goods imported by the US. After the interview, Trump reiterated criticism of planned interest-rate hikes by the Federal Reserve, saying in a Twitter post that tightening policy would diminish any USA advantage in trade and exacerbate losses from "BAD trade deals". [Full Article...]
Trump threatens tariffs on $500 billion of Chinese imports
Additionally, Business Insider reports that "manufacturers from China's Jiangsu and Hebei provinces, who have reportedly produced hundreds of "Make America Great Again" hats, have said the cost of their product is likely to spike due to impending tariffs". [Full Article...]
Microsoft beats 4Q expectations as annual revenue tops $100 billion
Microsoft returned $5.3 billion to shareholders in the form of dividends and share repurchases in the fourth quarter of fiscal year 2018, an increase of 16 per cent compared to the fourth quarter of fiscal year 2017. Revenue of $110.4bn was up 14 per cent from $96.6bn in FY2017. Net income of $16.6bn was down 34 per cent from $25.5bn a year ago, thanks in large part to a $13.7bn one-time charge ... [Full Article...]
Trump amps up criticism of Fed interest rate rises
The dollar relinquished gains from earlier in the day and Treasury yields dropped following the president's remarks. Most economists believe the Fed's current policy of raising interest rates is sound monetary policy given USA consumer price inflation is at an annual rate of 2.9% and the unemployment rate was at 4% in June. [Full Article...]
Donald Trump threatens tariffs on all $505 billion of Chinese imports
The US$500 billion figure is about the value of Chinese goods imported into the USA previous year. In the same interview, taped on Thursday at the White House, Trump broke with a long-standing tradition at the White House and voiced displeasure about recent actions at the US Federal Reserve. [Full Article...]
Oil down on record USA output, stock build
Hyundai Oilbank shipped in 7.6 million barrels or 11.4 percent of its total crude oil imports between January and May this year from Iran . While Saudi Arabia and Russian Federation pledged last month that OPEC would soon decide how to distribute a collective output boost of about 1 million barrels a day, the committee didn't give a recommendation on how they should share out the planne... [Full Article...]
Donald Trump 'not happy' with Fed interest rates
A Fed spokesman declined to comment on Mr Trump's remarks but referred a reporter to comments Powell made this month in public radio interview in which he said he was "not concerned" by any threat to central bank's independence. "We do our work in a strictly nonpolitical way, based on detailed analysis, which we put on the record transparently". Outside of his comments on the Fed, Trump touted... [Full Article...]