(SEOUL, S.K.) JUST IN: Samsung said on Monday its opening the ‘ Worlds Largest Mobile Phone Factory ‘ in India according to a report #AceFinanceDesk reports

#AceFinanceReport – July.09: Samsung said on Monday that it is opening what it said is the world’s biggest mobile phone manufacturing facility as the South Korean giant seeks to expand production in the world’s fastest growing mobile phone market from a report #AceFinanceDesk reports

The new Samsung factory will have the capacity of 120 million smartphones per year, and make everything from low-end smartphones that cost under $100 to its flagship S9 model, according to the company: Earlier this year, China’s Xiaomi displaced Samsung from the No. 1 smartphone spot in the country, breaking its long-held dominance. Indians favor low-end smartphones priced at $250 or less, given the low average annual income of its people, according to Bloomberg Intelligence……………………That’s one reason why Apple has struggled to gain market share in India, with most iPhone models priced beyond $500, according to a Bloomberg Intelligence report earlier this month:

World’s Largest Mobile Phone Factory Set To Open in India
Published on July 09, 2018 at 07:20AM: Source: BM

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(BEIJING, China.) JUST IN: ITS THE BIGGEST TRADE WAR IN HISTORY: After Trump administration 25% affect 800-Chinese products that include industrial machinery, medical devices and auto parts that began just after midnight on Thursday Chinese Foreign Ministry has said #AceFinanceDesk reports

#AceNewsReport – July.06: The Trump administration’s 25% tariffs affect more than 800 Chinese products worth $34 billion such as industrial machinery, medical devices and auto parts: They kicked in just after midnight ET, which is noon in Beijing: China’s tariffs on US goods came into effect immediately afterward, a spokesman for the Chinese Foreign Ministry said Friday #AceNewsDesk reports

Can the US win a trade war with China?

Trump and his advisers argue the tariffs are necessary to pressure China into abandoning unfair practices such as stealing intellectual property and forcing American companies to hand over valuable technology: Beijing insists it’s the injured party……………………..”China is forced to strike back to safeguard core national interests and the interests of its people,” the Commerce Ministry said in a statement on Friday. It accused the United States of “typical trade bullying.” ……………..The government said previously it would hit more than 500 US export items — including cars and major agricultural goods such as soybeans and meat — worth the same as the Chinese products targeted by the United States……………..Even before Friday, the trade dispute between the world’s top two economies had rattled markets and prompted warnings from companies of damage to their bottom lines and higher prices for consumers.

American companies doing business in China are particularly worried: “Increased tensions in the US-China economic relationship will negatively impact … operations in China,” William Zarit, chairman of the American Chamber of Commerce in China, said in a statement Friday:

Trump threatens another $500 billion

The big question is how far the hostilities between Washington and Beijing will go…………………………The United States is also set to impose 25% tariffs on another $16 billion in Chinese exports later in the summer, and China has vowed to retaliate against US goods worth a similar amount……………….Economists say that if the back-and-forth stops there, the overall impact on both economies will be minimal even though some industries will suffer.

Daimler warns US-China trade war will hit its profits

This is what a trade war looks like

But Trump has said his administration will respond to retaliation from Beijing with much bigger waves of tariffs, raising the prospect of worsening tit-for-tat reprisals. On Thursday, he suggested the possibility of tariffs on almost $500 billion more of Chinese goods………………………He described the potential escalation to reporters aboard Air Force One: “Thirty-four, and then you have another 16 in two weeks and then, as you know, we have 200 billion in abeyance and then after the 200 billion we have 300 billion in abeyance. OK?” Trump said. “So we have 50 plus 200 plus almost 300.” ………………That amount is higher than an earlier threat from Trump to target as much as $450 billion of Chinese exports. It’s also bigger than the $506 billion of goods that the United States imported from China last year……………………”We urge the two governments to come back to the negotiation table with the aim of having productive discussions based on achieving results — focused on fairness and reciprocal treatment — instead of escalating the current situation,” said Zarit of the American Chamber of Commerce.

china shipping containers qingdaoShipping containers at a port in Qingdao, China’s eastern Shandong province, on April 13.

Trade clash is coming at a bad time for China’s economy: Underpinning the dispute is Trump’s angerat America’s $376 billion deficit in goods trade with China……………..Despitethree rounds of negotiations between the two sides, including a Chinese pledge to significantly increase purchases of American products, Trump decided to go ahead with the tariffs………………The clash with China comes as the Trump administration is also fighting over trade with American allies such as Canada and the European Union. US tariffs on steel and aluminum imports have provoked retaliatory measures against billions of dollars of American exports. Trump has added to the tension by threatening new tariffs on cars.

Angela Merkel: US auto tariffs could start trade war

auto imports californiaBrand new cars sit in a lot at the Auto Warehousing Company near the Port of Richmond on May 24 in Richmond, California.

For the time being, analysts say it’s hard to see Washington or Beijing backing down in the dispute………………..”By threatening unilateral action without having any allies and not reducing domestic discord on trade, the Trump administration has invited China to stand tough,” said Scott Kennedy, director of the Project on Chinese Business and Political Economy at the Center for Strategic and International Studies……………..”The Trump administration also believes that at least starting a trade war is in its interests; the US economy is strong enough to endure a crimp in trade, the president’s domestic political standing is as strong as ever amongst Republicans, and pushing China hard on trade may help restore US credibility on other issues,” he added.

Reaching a deal will be tough

The two giant economies appear ready to see which side can endure the most pain. The damage could also spread to other economies, hurting business confidence and prompting companies to delay investments……………….Kennedy say he thinks the Trump administration’s enthusiasm for the conflict “will erode as the economic pain and political fallout from a trade war begin to take hold. At that point, the US will be more interested in negotiations, and the Chinese side will also want to come to the table.” ……………..But reaching a deal that’s palatable to both sides will be tough. For example, the US government wants China to rein in government subsidies for policies like “Made in China 2025,” which seeks to pump hundreds of billions of dollars into industries such as robotics, electric cars and computer chips with the aim of becoming a global leader.

China is killing my business. Now tariffs are too.

Analysts say China is unlikely to budge on those plans, which it sees as crucial for developing its huge economy……………….”It’s still hard for me to believe the Trump administration could develop and negotiate an overarching package with China that genuinely sticks,” Kennedy said. “And so I’d expect the two sides to pursue some sort of face-saving deal that looks good on paper but is not enduring.”

(WASHINGTON) The proposed “United States Fair and Reciprocal Trade Act” would give the Donal d Trump unilateral power to renegotiate with individual countries or apply tariffs, bypassing international WTO rules for collective negotiation according Axios who published the leaked draft but this is just the beg inning of renegotiating trade agreements #AceFinanceDesk reports

#AceFinanceReport – July.03: The Trump administration has drafted legislation that would allow the U.S. to ditch World Trade Organization rules and give President Donald Trump tighter control over U.S. trade policy, according to Axios, which published the leaked draft: The proposed “United States Fair and Reciprocal Trade Act” would give the president unilateral power to renegotiate with individual countries or apply tariffs, bypassing international WTO rules for collective negotiation #AceFinanceDesk reports

The leaked draft emerged a few days after Axios reported that Trump has repeatedly told White House officials that he wants to withdraw the U.S. from the WTO. “The WTO is designed by the rest of the world to screw the United States,” Axios’s source quoted Trump as saying: The proposed legislation is far from a done deal, according to other media reports and the White House itself. A CNN source said the draft is just the “beginning of a conversation” on trade. Axios reported that “most officials involved in the bill’s drafting … think the bill is unrealistic or unworkable.”

White House spokeswoman Lindsay Walters told Axios that Trump has asked for ideas on how to address “the unfair imbalance of tariffs that put the U.S. at a disadvantage.” She said the main people involved haven’t yet met to review the draft legislation.

“The only way this would be news is if this were actual legislation that the administration was preparing to rollout, but it’s not,” Walters told the publication.

White House press secretary Sarah Huckabee Sanders said it’s “not accurate that the U.S. is leaving the WTO,” telling reporters at a press briefing that Trump “would like to see an overall more fair trading system.”

The rhetoric surrounding Trump’s trade war has escalated recently, with American businesses, including motorcycle manufacturer Harley-Davidson, shifting some production overseas due to retaliatory tariffs by the European Union. General Motors recently told Trump’s Commerce Department that the president’s threatened tariffs on imported cars and parts could backfire with “less investment, fewer jobs and lower wages” for its American workers.

This article has been updated to include comments from Sarah Huckabee Sanders.

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(TORONTO, Canada.) In response to US tariffs on steel and aluminum, they start retaliatory tariffs on $13B in US goods, on Sunday including maple syrup, coffee beans, strawberry jam and toffee other US imports will be taxed at the border by 10% as Trudeau asks citizens to boycott US goods #AceFinanceDesk reports

#AceFinanceReport – July.02: Canada Imposes Counter-Tariffs On A Long List Of U.S. Goods as the tariffs went into effect Sunday and are in retaliation for President Trump’s tariffs on Canadian steel and aluminum. Noel King talks to Christophe Bondy, a former trade negotiator for Canada NPR.org reports

Canada began imposing tariffs Sunday on $12.6 billion in U.S. goods as retaliation for the Trump administration’s new taxes on steel and aluminum imported to the United States.Some U.S. products, mostly steel and iron, face 25% tariffs, the same penalty the United States slapped on imported steel at the end of May: Other U.S. imports, from ketchup to pizza to dishwasher detergent, will face a 10% tariff at the Canadian border, the same as America’s tax on imported aluminum.

Trump had enraged Canada and other U.S. allies by declaring imported steel and aluminum a threat to America’s national security and therefore a legitimate target for U.S. tariffs: Canada is the United States’ second-biggest trading partner in goods, just behind China………………………Speaking Sunday in Leamington, Ontario, Prime Minister Justin Trudeau thanked Canadians for standing united against President Donald Trump’s sanctions…………………….He urged Canadians to “make their choices accordingly” in considering whether to buy American products………………..The selection of Leamington, known as Canada’s tomato capital, was no accident……………The town is home to a food-processing plant that supplies tomato paste and other products to French’s, a major competitor of Kraft Heinz……………..Heinz left Canada and sold its Leamington plant in 2014, after 105 years of Canadian operations.The new Canadian tariffs, which took effect at 12:01 a.m. Sunday, are hitting a long list of U.S. consumer goods, including ketchup and other Kraft Heinz products……………………As part of his combative America First approach, Trump has repeatedly attacked the trade policies of the United States’ northern neighbor, citing Canada’s triple-digit tariffs on dairy products, which account for only about 0.1% of U.S.-Canada trade.………………………The United States, in fact, last year enjoyed a $2.8 billion overall trade surplus with Canada.Trump has also tried to pressure Canada and Mexico into agreeing to rewrite the 24-year-old North American Free Trade Agreement (NAFTA) to shift more auto production and investment to the United States………………But that effort has stalled, and Trump said Sunday that he didn’t expect a deal that he could support until after the U.S. midterm elections in November

In response to US tariffs on steel and aluminum, Canada slaps retaliatory tariffs on $13B in US goods, including maple syrup, coffee beans, strawberry jam and toffee https://cnnmon.ie/2tHn1xy pic.twitter.com/qR8gNh0SEM

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(WASHINGTON) Harley Davidson will move some production out of the US to avoid EU retaliatory tariffs: It was a sign of an early administration strategy as companies wrestle with Trump’s trade fights, which he says will benefit American workers but first there will be upheaval and pain before the real gain #AceFinanceDesk reports

#AceFinanceReport: June.26: Editor says here’s what we know of their decision and reasons for proposed partial move: President Donald Trump on Monday had sought to frame Harley-Davidson’s decision to move production of some motorcycles overseas as the result of European tariffs and as it was revealed later by Harley-Davidson will move some production out of US after retaliatory tariffs which they say will be devastating to their business #AceFinanceDesk reports

Surprised that Harley-Davidson, of all companies, would be the first to wave the White Flag. I fought hard for them and ultimately they will not pay tariffs selling into the E.U., which has hurt us badly on trade, down $151 Billion. Taxes just a Harley excuse – be patient! #MAGA

— Donald J. Trump (@realDonaldTrump) 10:28 PM – Jun 25, 2018

“Surprised that Harley-Davidson, of all companies, would be the first to wave the White Flag,” Trump wrote on Twitter as he flew aboard his Marine One helicopter from the White House to Joint Base Andrews.

“I fought hard for them and ultimately they will not pay tariffs selling into the E.U., which has hurt us badly on trade, down $151 Billion. Taxes just a Harley excuse – be patient!” he wrote.

Trump continued to train his focus on the company Tuesday, tweeting: “A Harley-Davidson should never be built in another country-never! Their employees and customers are already very angry at them. If they move, watch, it will be the beginning of the end – they surrendered, they quit! The Aura will be gone and they will be taxed like never before!”

A Harley-Davidson should never be built in another country-never! Their employees and customers are already very angry at them. If they move, watch, it will be the beginning of the end – they surrendered, they quit! The Aura will be gone and they will be taxed like never before!

— Donald J. Trump (@realDonaldTrump) 1:17 PM – Jun 26, 2018

The Wisconsin-based motorcycle firm announced on Monday it would shift production of motorcycles intended for European consumers out of the United States, hoping to avoid European Union retaliatory tariffs. Those were applied last week in response to Trump’s own tariffs on steel and aluminum.

For motorcycles, the European bloc raised its 6% tariff to 31%. That will make each bike about $2,200 more expensive to export, Harley-Davidson said.

In a regulatory filing, Harley wrote that shifting production was “not the company’s preference, but represents the only sustainable option.”

Trump has made a manufacturing revival central to his economic message, hoping to retain his political base of white blue-collar workers. He’s said the tariffs he’s applying will realign trade imbalances that harm US workers.

But companies have warned that retaliatory tariffs could be devastating for business, or lead to higher prices for US consumers.

Trump’s tweet on Monday is a sign the administration will continue placing blame on US trading partners, even as American companies shift production or lay off workers amid escalating trade battles.

President Trump says he’s surprised that Harley-Davidson “would be the first to wave the White Flag” after the motorcycle company said it will move some production overseas as a result of tariffs https://cnn.it/2tuT7w5 pic.twitter.com/281tmUtgQW

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MARKETS: China: The benchmark Shanghai Composite slid into bear market territory on Tuesday, closing more than 20% below its recent high in January. The index fell 0.5% on the day following last plunge of 4% as Donald Trumps tariffs slow their economic growth and hitting their sovereign currency the Yuan #AceFinanceDesk reports

#AceFinanceReport – June.26: Chinese stocks have come under pressure in recent weeks from concerns over an economic slowdown and an emerging trade war with the United States: The trade fears have intensified this week following reports the US government is set to announce restrictions on Chinese investment in American companies, potentially escalating the confrontation between the two giant economies, analysts said…………………”It’s a combo effect of concerns about the trade war and China’s GDP growth,” said Dickie Wong, head of research at Hong Kong-based broker Kingston Securities: Last week, Chinese stocks plunged nearly 4% in a single trading day after President Donald Trump threatened to hit China with further waves of tariffs on its exports……………….The Shanghai Composite is one of the world’s worst performing stock indexes this year, and Wong predicts it has further to fall………..The Chinese economy performed strongly last year, growing 6.9%, according to government figures. That momentum continued into the start of this year, but many economists were skeptical it would hold. Signs of a slowdown are starting to appear #AceFinanceDesk reports

shanghai composite 2018 chart

Official economic data for May showed that growth in important areas like exports, investments by companies and consumer spending all declined compared with the same month a year ago.

Shanghai stocks previously suffered extended declines in 2015 and early 2016, which were also triggered by anxieties over the health of the Chinese economy.

China’s currency, the yuan, has also been suffering in recent weeks.

After spending most of last year strengthening against the dollar, the yuan has fallen almost 2.4% since June 14 as fears of a trade war have risen.

A weaker yuan is worsening the rout in stocks, according to Tai Hui, chief market strategist at JPMorgan Asset Management in Asia. It’s “raising concerns that companies who have been heavy dollar debt issuers could face challenges” paying back their loans, he said.

The dollar had already been gaining ground against the yuan and other currencies as the US Federal Reserve raised interest rates.

As China is unleashing more than $100 billion into its economy but the People’s Bank of China, meanwhile, isn’t on the same track. It announced this week that it’s cutting the amount of deposits most commercial banks are required to store with it, which could free up more cash for lending and promote new economic activity.

Analysts at investment bank Nomura say they expect headwinds — including the trade clash with the United States — to further weigh on the Chinese economy in the second half of the year.

“We believe the Chinese economy has yet to bottom out, and the situation could worsen before getting better,” they wrote in a research note late Sunday.

CNNMoney (Hong Kong) First published June 26, 2018: 3:17 AM ET: https://cnnmon.ie/2K6s7gZ pic.twitter.com/HKGaq1oKCmChina’s economy shows signs of slowing. A trade war won’t help

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(SEOUL, S.K.) JUST IN: South Korea’s military has picked Boeing Co to supply the country’s m aritime patrol aircraft in a contract worth around 1.9 trillion won ($1.71 billion), a senior company execut ive said on Monday #AceFinanceDesk reports

#AceNewsReport – June.25: The South Korean procurement agency Defense Acquisition Program Administration (DAPA) said separately that it had decided to buy the P-8 Poseidon aircraft through the U.S. government foreign military sales program: Kang Hwan-seok, a DAPA spokesman, told a media briefing the decision was made after a comprehensive review of legal aspects, cost, schedule and performance…………Saab and Airbus had also shown interest in meeting the government’s needs with the Swordfish and C295 MPA models respectively, but the Boeing contract was ultimately awarded on a “sole-source” basis that did not require a competitive tender process #AceFinanceDesk reports

BA.NNew York Stock Exchange

BA.N

South Korea said in February that it would procure from overseas new maritime patrol aircraft with stronger anti-submarine capabilities in order to better respond to the threat of North Korea’s submarine-launched ballistic missiles.

The February decision came before relations between the two Koreas thawed rapidly this year, with United States and South Korea indefinitely suspending two military training exercises, after the summit between U.S. President Donald Trump and North Korean leader Kim Jong Un this month.

Boeing’s P-8A Poseidon had been the likely candidate as its features such as its large payload and distance of flight more than clears South Korea’s requirements, a military source with direct knowledge of the matter said earlier on Monday on condition of anonymity.

Yang Uk, a senior research fellow at the Korea Defence and Security Forum, said it was not a “bad choice,” given Poseidon’s features.

“Even if South Korea and U.S. decided not to hold military drills this year, we have to maintain security until North Korea fully denuclearizes and we also needed to replace our old maritime patrol aircraft,” Yang said.

South Korea has an existing fleet of aging Lockheed Martin P-3 Orions.

Reporting by Christine Kim and Joyce Lee; Additional reporting by Jamie Freed and Jane Chung; Editing by Himani Sarkar and Vyas Mohan: Reuters Top News: https://t.co/JzVOQRypbA

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(VIENNA) #OPEC looks to have agreed to a 1 per cent increase in world oil production after believing that it has overcome differences between Saudi Arabia and Iran: The decision was taken after major consumers warned of supply shortages #AceFinanceDesk reports

#AceFinanceReport – June.24: According to Reuters, Saudi Arabia and Russia – a non-OPEC member – said that an increase in production by about 1 million barrels per day, equivalent to about 1% of global supplies, from early July, has almost been agreed upon by the group and its allies: However, OPEC sources said that the actual increase in oil production would be less than expected because several countries which have produced less than their quotas will find it difficult to return to their full output, and other producers will not be allowed to fill the gap #AceFinanceDesk reports

Organisation of the Petroleum Exporting Countries [file photo]Organisation of the Petroleum Exporting Countries [file photo]

June 23, 2018 at 12:36 pm

OPEC met in Vienna amid calls from the US, China and India to cut the price of crude oil and prevent a shortage that may harm the global economy: The 14 OPEC member states, along with the 10 non-members, are producing less oil than the amount agreed upon in late 2016. This is due to the political crises in Venezuela and Libya, as well as Iran’s preparation to face the effects of renewed US sanctions.

In theory, OPEC needs the approval of all members in order to conclude an agreement. However, in the past, it has approved agreements without the consent of Iran, which has criticised the idea of increasing supplies because rising prices are in Tehran’s interest due to its heavy reliance on oil revenues.

Middle East Monitor: OPEC looks set to increase oil production by 1 million barrels per day https://t.co/3NlQxskB29

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PayPal Holdings Inc has agreed to acquire fraud prevention technology company Simility for $120 million in cash, it said on Thursday #AceFinanceDesk reports

#AceFinanceReport – June.22: Palo Alto, California-based Simility sells machine-learning-based technology to help online merchants spot fraudsters and improve risk management: PayPal plans to make Simility’s services available to its merchants following the close of the transaction, which is expected by the end of the third quarter, it said #AceFinanceDesk reports

The acquisition underscores PayPal’s broader ambition to offer small online merchants the same capabilities of bigger e-commerce providers, Bill Ready, the company’s chief operating officer said in an interview: “We are buying a company that provides great tools that merchants can use on their own,” Ready said.

For example, merchants will be able to use Simility’s technology to adjust their fraud controls based on what kind of products they sell………..The acquisition is the fourth deal announced by PayPal in little over a month, as it continues to aggressively expand its business beyond just online payment processing…………….Since separating from online marketplace eBay in 2015, PayPal in San Jose, California, has sought to transform itself via partnerships and acquisitions from mostly processing online transactions for its parent company to offering a suite of digital financial services………….These range from lending to small businesses to facilitating money transfers between merchants and customers…………In May it said it had agreed to acquire Swedish payments company iZettle for $2.2 billion, in its largest ever acquisition. [nL3N1SO5IE.]

PYPL.O

This week it announced an agreement to acquire Hyperwallet Systems Inc, a company that helps online individual and small business sellers accept payments, while earlier this month it revealed plans to buy prediction platform Jetlore……………The Simility deal comes as the threat of fraud for e-commerce companies continues to grow, as more business moves online and fraudsters refine their techniques……….The rate of e-commerce fraud in the United States grew more than 30 percent in 2017 from a year earlier, according to a study by credit bureau Experian Plc.

Simility’s services will benefit from the ability to draw upon PayPal’s extensive data set on fraud, he added…………“We have one of the largest data sets about how online fraud happens,” Ready said.

Reuters Top News: Reporting by Anna Irrera in New York; Editing by Cynthia Osterman: https://t.co/qM0yliQEed

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(BRUSSELS) JUST IN: The European Commission approves $3.2 billion in retaliatory tariffs on US exports: The penalties on products including motorcycles and denim will go into effect Friday #AceFinanceDesk reports

#AceFinanceNews – June.20: The European Commission announced Wednesday that it had approved initial retaliatory tariffs on US exports worth €2.8 billion ($3.2 billion): The tariffs will hit American products including motorcycles, orange juice, bourbon, peanut butter, motor boats, cigarettes and denim. They are a response to the Trump administration’s tariffs on steel and aluminum exports from Europe #AceFinanceDesk reports

“We did not want to be in this position,” said EU trade official Cecilia Malmström. “The unilateral and unjustified decision of the US to impose steel and aluminum tariffs on the EU means that we are left with no other choice.”

The European Union has also filed a case at the World Trade Organization: If the trade dispute continues or is not resolved by the WTO, the European Union said a second batch of American exports worth around €3.7 billion ($4.3 billion) a year could eventually be targeted…………………….That list includes roughly 160 products such as US sunbeds, paper towels, corduroy pants and porcelain tableware.

The United States imposed tariffs on steel and aluminum from the European Union, Canada and Mexico last month. The Trump administration justified the move on national security grounds…………Canada and Mexico have also announced retaliatory tariffs against the United States………..Earlier in June, Mexico imposed a series of tariffs on $3 billion worth of US exports of pork, apples, potatoes, bourbon as well as different types of cheese…………Canada said its tariffs of up to 25% on nearly $13 billion of US products will take effect on July 1.