(WASHINGTON) JUST IN: $50 billion in tariffs could be placed on Chinese products as Trump has approved moving forward with the potential new trade policy, a source has told CNN after a meeting Thursday with top economic officials, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer #AceFinanceDesk reports

#AceFinanceReport – June.15: President Donald Trump has given his approval for the United States to put tariffs on $50 billion of Chinese exports, according to a source with knowledge of the situation: An official announcement is expected on Friday…………The president’s green light came after a meeting Thursday with top economic officials, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer #AceFinanceDesk reports

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The move represents a serious escalation of trade tensions between the world’s two largest economies — just as Trump has also picked fights with allies Canada, Mexico and the European Union over steel and aluminum:

It was first reported by Bloomberg.

Beijing previously said it would respond to American tariffs on $50 billion worth of Chinese exports with retaliatory tariffs on $50 billion of US products such as cars, planes and soybeans.

For months, Trump has slow-walked threats of tariffs against China as punishment for intellectual property theft.

Related: China is killing his business. Tariffs could make or break it

He first announced that the United States would impose trade penalties on about $50 billion of Chinese goods in March.

“We have a tremendous intellectual property theft problem,” Trump said at the time. “It’s going to make us a much stronger, much richer nation.”

After China warned it would retaliate, Trump threatened tariffs on a further $100 billion of Chinese products.

In mid-May, both sides announced a ceasefire after two rounds of trade negotiations.

The countries said in a joint statement that China would “significantly increase” purchases of US agricultural and energy products to reduce the trade imbalance, a top Trump administration demand. Mnuchin subsequently declared the trade war “on hold.”

Ten days later, the White House abruptly said it would proceed with the tariffs, along with new limits on Chinese investments in the United States.

The Trump administration said it would finalize the list of goods that would be subject to 25% tariffs by June 15, and that the tariffs would go into effect “shortly thereafter.” An initial list, which including items ranging from artificial teeth to flamethrowers, was released at the beginning of April.

A further round of trade talks in Beijing earlier this month failed to yield any breakthroughs.

On Thursday, Chinese Foreign Ministry spokesman Geng Shuang reiterated that China would not honor its pledge to increase purchases of US goods if tariffs were imposed.

IMF chief warns US about trade, deficits

The Trump administration last week cut a deal with Chinese telecommunications firm ZTE to end a crippling ban that prevented the company from buying American parts. ZTE’s fate had become entwined in the trade talks. But the agreement to save the company has faced resistance from lawmakers in Congress, who argue the ban should stay in place because ZTE allegedly poses a security threat.

Trump’s decision to move forward with tariffs on China follows his recent imposition of steep tariffs on steel and aluminum imports from Canada, Mexico and the European Union on national security grounds.

Those penalties have been met with consternation by world leaders, and led to a fraught G7 meeting with Canada, France, Germany, Italy, Japan and the United Kingdom last weekend.

After the G7 summit, Trump sent out an angry pair of tweets in which he slammed Canadian Prime Minister Justin Trudeau as “very dishonest & weak,” and ordered US representatives not to sign a joint communique with the G7 leaders.

The European Union and Canada have said they will enact retaliatory tariffs starting in July. Mexico has already retaliated with its own tariffs on US goods.

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(BERLIN, Germany.) German lawmakers approved on Wednesday a $600 million military deal to lease several Heron TP drones manufactured by Israel Aerospace Industries (IAI), part of a deal with Israel estimated at roughly a billion dollars #AceFinanceDesk reports

#AceFinanceReport – June.14: IAI confirmed the agreement was signed with Airbus to lease the company’s Heron TP Medium Altitude Long Endurance (MALE) RPASs (remotely piloted air vehicle system) to Germany’s Federal Ministry of Defence pending approval of the German federal budget, which is expected in the second half of 2018 #AceFinanceDesk reports

Under the nine-year deal, Airbus DS Airborne Solutions GmbH will serve as the prime contractor responsible for managing all aspects of the project, including operational support and maintenance throughout the term of the agreement.
Israeli Prime Minister Benjamin Netanyahu commended the German government and parliament for approving the deal, stating that he discussed it with German Chancellor Merkel during his meeting with her in Berlin last week.

“This is a great contribution to the Israeli security industry and to the Israeli economy. The giant deal is an expression of the strategic partnership between Germany and Israel and attests to the potential of Israeli industry to contribute to countries such as Germany,” Netanyahu said.

According to reports in Hebrew media, details of the deal include a payment of approximately €720 million to IAI for the leasing of the drones and another €180 billion to be transferred directly to the government of Israel for the use of airports and other infrastructures that belong to the Air Force.
The drones will serve as a stop-gap measure for the German army before a European-based system is introduced.

The Heron TPs are IAI’s most advanced UAVs with a 40h endurance, maximum take-off weight of 11,685 pounds and a payload of 2,204-pounds. They can be used for both reconnaissance as well as combat and support roles and can carry air-to-ground missiles to take out hostile targets.

In early April it was reported that Germany was set to sign a €1 billion contract with IAI to lease five armed Heron-TP UAVs but the deal faced opposition from the center-left Social Democrats (SPD) because the drones could be equipped with weapons.
According to DPA, Defense Minister Ursula von der Leyen stated that the decision marks “an important signal” to the German army as the UAVs could deliver images with better resolution, fly longer distances and provide the German Army with intelligence capabilities and support for its missions around the world.

In 2009, IAI delivered Heron-1 systems to the German air force that became operational six months later and have since been used extensively in collaboration with Airbus, which handles the upkeep of the drone.
The deal comes several months after IAI opened a new office in the German capital of Berlin to support its growing business in the European market.

The office replaced the company’s market in Paris “due to Germany’s central role in Europe and its strong alliance with Israel,” read a statement released by IAI at the time, adding that Germany is regarded as a key European market and as a partner for co-development of defense and aeronautic technologies.
“We regard Europe in general and Germany in particular as high-potential markets for military and civilian solutions,” IAI executive vice president of marketing Eli Alfassi said. “The opening of the Berlin office is part of our marketing strategy to bring our technological solutions closer to our customers and personalize them to their needs with high quality and in real time.”

Israel and Germany green light billion dollar killer drone deal https://t.co/ZjaaQH1XlD
— The Jerusalem Post June 14, 2018: https://t.me/acebreakingnews/848945

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MARKETS: #US Markets lose ground after Fed signals faster rate hikes. Dow falls 120 points, or 0.4%. Nasdaq ekes out record high. Media stocks jump after AT&T wins Time Warner court ruling. 21st Century Fox leaps 8% and CBS jumps 4%. #AceFinanceDesk reports

#AFNews – 14/06/18: Markets lose ground after Fed signals faster rate hikes. Dow falls 120 points, or 0.4%. Nasdaq ekes out record high………….Media stocks jump after AT&T wins Time Warner court ruling. 21st Century Fox leaps 8% and CBS jumps 4%.

https://cnnmon.ie/2sSJ43Y #AceFinanceDesk reports

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(WASHINGTON) JUST IN: Federal Reserve raises interest rates for second time this year by a quarter of a percentage point and more are on the way with policy makers promising at least three more this year #AceFinanceDesk reports

#AceFinanceReport – June.13: The Federal Reserve on Wednesday lifted its benchmark rate by a quarter of a percentage point, the second hike this year: And a majority of policy makers now expect a total of four interest rate increases this year. Fed officials had been split about whether to raise rates three times this year or four………Policy makers said in a one-page statement that the labor market “has continued to strengthen” and than economic activity “has been rising at a solid rate.” ……………..The federal funds rate, which helps determine rates for mortgages, credit cards and other borrowing, now stands at a range of 1.75% to 2% #AceFinanceDesk reports

Discover the English innovator who has found a way to convert the every day act of walking into an energy source for the future: Investors were expecting Wednesday’s quarter-point increase. The Fed is raising rates gradually to keep the economy in check as inflation creeps higher and the job market grows even tighter.

The unemployment rate is 3.8%, the lowest since 2000 and tied for the lowest reading since 1969……………The Fed offered an improved forecast for unemployment this year, lowering its forecast to 3.6%. It also forecast an even lower unemployment rate of 3.5% for 2019 and 2020: CNNMoney (Washington) First published June 13, 2018: 2:01 PM ET: https://t.co/Ed3hWyNraKhttps://t.co/UCZfjIQD8H

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(NEW YORK) Oil prices fall on worries that global supply is climbing after US inventories rose #and could peak in early 2020 if countries hit climate targets #AceFinanceDesk reports

#AceFinanceReport – June.07: Oil prices fell on Wednesday on worries that global supply is climbing after U.S. inventories rose unexpectedly and Saudi Arabia and other big producers signaled that they may increase output: U.S. crude inventories rose 2.1 million barrels in the week to June 1, the Energy Information Administration said, a surprise after analysts had forecast a decrease of 1.8 million barrels. Fuel inventories also rose …….. “Oil prices are being clobbered by a surprise build to crude stocks as total imports jumped higher, blunting the impact of higher refinery runs,” said Matthew Smith, director of commodity research at ClipperData in Louisville, Kentucky #AceFinanceDesk reports

U.S. crude output hit a record of 10.8 million barrels a day in the week, according to the EIA’s weekly report. Rising production has prompted selling since global benchmark Brent climbed above $80 a barrel last month: “The continuing increase in crude oil production is weighing on the market, and quite significantly compared to this time last year,” Andrew Lipow, president of Houston-based Lipow Oil Associates. U.S. oil production is up 1.5 million bpd from a year earlier.

U.S. light crude settled down 79 cents, or 1.2 percent, at $64.73 a barrel. Brent pared losses late in the session, settling down 2 cents at $75.26 a barrel. In post-settlement trade, Brent turned positive, rising 18 cents a barrel.

As U.S. crude dropped more quickly than Brent, the spread between the two widened by 6.5 percent from the previous session to as much as $10.74 a barrel. <WTCLc1-LCOc1>.

India’s oil minister said his Saudi counterpart told him the kingdom was revisiting its policy of cutting production, which has supported prices.

The U.S. government has unofficially asked Saudi Arabia and other OPEC producers to boost output, sources told Reuters on Tuesday.

OPEC and Russia will meet on June 22/23 to decide whether to increase production. The producers have been considering a supply increase of up to 1 million barrels per day, sources told Reuters.

“The oil price is being driven by OPEC and views on how much and how quickly ‘OPEC plus’ will raise output,” Energy Aspects analyst Virendra Chauhan said.

Balancing those expectations has been falling production in Venezuela, which has the world’s biggest oil reserves and is a key supplier to American fuel markets. Its output has been hampered by inadequate investment, mismanagement and U.S. sanctions.

Three sources have told Reuters Venezuelan state firm PDVSA is considering declaring force majeure on some exports.

U.S. sanctions on Iran also threaten to reduce oil exports from that OPEC producer.

“It’s a tug of war between the loss of supply from Venezuela and Iran and the potential output increase from OPEC and U.S. shale,” said Tony Nunan, risk manager at Mitsubishi Corp. “$80 is a temporary ceiling for oil until we hear from OPEC.”

Oil prices fell on Wednesday on worries that global supply is climbing after U.S. inventories rose: Mail Online https://ift.tt/2HoQwbjhttps://t.me/acenewsgroup/514592 (Additional reporting by Florence Tan in Singapore and Osamu Tsukimori in Tokyo and Christopher Johnson in London Editing by David Gregorio and Chizu Nomiyama)

Global oil demand could peak in the early 2020s if countries pull together to hit climate goals, or keep growing until 2050: https://ift.tt/2Hp44Duhttps://t.me/acenewsgroup/514594
#AceFinanceNews

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(BASRA, Iraq.) JUST IN: Iraq and Iran have not begun exchanging crude #oil due to technical reasons, Iraqi Oil Minister Jabar al-Luaibi said on Wednesday, contradicting Iran’s oil ministry news agency #AceFinanceDesk reports

#AFNews – 07/06/18: Iraq agreed last year to ship crude from the northern Kirkuk #oil field to Iran for use in its refineries after which Iran would deliver the same amount of oil to Iraq’s southern ports: Iran’s oil ministry news agency SHANA said on Sunday the exchange had started #AceFinanceDesk reports

Luaibi, speaking to Reuters on the sidelines of an oil agreement signing ceremony in Basra, also said OPEC would meet on June 23 but a production increase was not on the table as the market is stable and prices are good:

(Reuters) https://ift.tt/2sN6kPEhttps://t.me/acenewsgroup/514595: Reporting by Aref Mohammed; Writing by Ahmed Aboulenein; Editing by Mark Potter)

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(BAGHDAD, Iraq.) JUST IN: Iraq has started exporting the first cargo of crude oil to US through its Al-Iraqia Shipping Services and Oil Trading (AISSOT) joint venture, the oil ministry said on Wednesday #AceFinanceDesk reports

#AFNews – 07/06/18: The two million barrel cargo is destined for the United States, the ministry said in a statement: AISSOT is owned by state firm Iraqi Oil Tankers Co (IOTC) and Arab Maritime Petroleum Transport Co (AMPTC), a pan-Arab company in which Arab oil producers such as Saudi Arabia, the United Arab Emirates and Kuwait hold a share #AceFinanceDesk reports

(Reporting by Ahmed Aboulenein; Editing by Mark Potter): June 6 (Reuters) https://ift.tt/2kTs2OJhttps://t.me/acenewsgroup/514429

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(BEIJING) Latest: ZTE Corp has signed an agreement in principle on that would lift a U.S. Commerce Department ban on buying from U.S. suppliers, allowing the Chinese telecommunications equipment maker to get back into business, according to sources familiar with the matter: Reports say its to prevent US sanctions on North Korea applying to China one of their largest suppliers #AceFinanceDesk reports

#AceFinanceReport – Editor says heres what we know so far: ZTE (0763.HK) ceased major operations and has been on life support since the seven-year ban was imposed in April on the company for breaking a 2017 agreement reached after it was caught illegally shipping goods to Iran and North Korea: Commerce Department spokesman James Rockas said on Tuesday that “no definitive agreement has been signed by both parties.” ZTE did not immediately respond to requests for comment 000063.SZShenzhen Stock Exchange #AceFinanceDesk reports

000063.SZ

The preliminary deal includes a $1 billion fine against ZTE plus $400 million in escrow in the event of future violations, sources said, adding that the terms were in line with Reuters reporting on the U.S. demands on Friday: The Commerce Department plans to amend its settlement agreement from last year and count the $361 million ZTE paid as a part of that, allowing the U.S. to claim a total penalty of as much as $1.7 billion, sources said.

Over the weekend, ZTE signed the agreement in principle drawn up by the United States, but the amended settlement agreement has not been signed, sources said……….As part of the deal, ZTE must also allow unfettered site visits to verify that U.S. components are being used as claimed by the company, post calculations of the U.S. components in its products on a public website, and replace its board and executive team in 30 days, sources said……..U.S. companies provide an estimated 25 to 30 percent of components in ZTE’s equipment, which includes smartphones and gear to build telecommunications networks.

Reporting by Karen Freifeld; Editing by Richard Chang

Reuters: Top News https://ift.tt/2kU3WDb
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JUST IN: (MOSCOW) Putin signs ‘ Counter-Sanctions-Bill ‘ in response to US and it will be applied to any ‘ Hostile Actions ‘ against Russia #AceFinanceDesk reports

#AFNews – 05/05/18: Putin signs US counter-sanctions bill: Russian President Vladimir Putin has signed a counter-sanctions bill in response to the US’ latest sanctions against the country #AceFinanceDesk reports

The Monday signed legislation will be applied to any state or person for “hostile actions” against Russia and permits authorities to halt international cooperation with foreign states, and to impose import and export restrictions and other measures: The new measures, designed to safeguard “economic interests and security,” was drafted by State Duma Speaker Vyacheslav Volodin and the heads of all four parliamentary caucuses in mid-April and approved by Russian lawmakers by the end of May: http://ptv.io/2ad4

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MARKETS: #US #Nasdaq Composite set a record for the first time in nearly three months Monday, the latest sign that investors questioning the global growth story are funneling their money into shares of fast-growing companies #AceFinanceDesk reports

#AceFinanceReport – June.04: The index, which heavily weights shares of technology companies, rose 0.7% Monday to about 7606, topping its March 12 record of 7588.32 and snapping its longest streak without a fresh high since 2016: The broader S&P 500 and Dow Jones Industrial Average have yet to eclipse their Jan. 26 highs #AceFinanceDesk reports

The gains mark a dramatic turnaround after investors dumped shares of everything from software makers to biotechnology firms in the spring. Technology stocks stumbled in March, hurt by blowback over Facebook Inc.’shandling of its users’ information and fears that increasing scrutiny from regulators and politicians could hurt profitability at a number of U.S. tech giants: Yet in recent months, middling economic data from the eurozone and fears of tighter trade policies have dented investors’ confidence in the global growth story that had driven stocks to records last year.

That has helped drum up fresh enthusiasm for technology companies, which many investors believe can reliably grow earnings even as the global economy looks like it could be losing momentum. The Nasdaq is up 10% for the year, with heavyweights like Amazon.com Inc., Apple Inc. and Microsoft Corp. all up double-digit percentages and setting records Monday.

In comparison, the S&P 500 has risen 2.7% this year, while the Dow Jones Industrial Average has advanced 0.4%.

“Investors are going back to the growth engines of their portfolios at a time when many other catalysts seem to be fading,” said Michael Arone, chief investment strategist at State Street Global Advisors. “In an environment where U.S. GDP growth is a little over 2%, I’m willing to pay a small premium [for tech] for nearly double the sales growth.”

Technology firms are expected to post solid earnings growth throughout the year, something that analysts say has helped boost the sector’s allure. Earnings for S&P 500 technology companies are expected to increase by 23% in the second quarter from the year-earlier period, according to FactSet, outpacing the broader S&P 500’s estimated earnings growth rate of 19%.

The promise of strong earnings has helped investors look past issues like Facebook’s data practices and user privacy, said Dan Morgan, senior portfolio manager at Synovus Trust.

Another factor that has helped technology stocks rebound: bets among investors that technology firms are less likely to be hurt by ongoing negotiations over U.S. trade policies, Mr. Morgan said.

Some say investors should remain cautious, noting the potential for tighter regulations hasn’t fully dissipated.

“The interesting thing is when we look at regulation in general—it happened in the banks, financials, it happened in utilities—it seems to engulf the prominent sectors, sectors that have a defining role in everyday life,” said Quincy Krosby, chief market strategist at Prudential Financial. “Right now they may have bought some time, but this is not an issue that is going to evaporate.”

Yet for now, many investors appear to be looking past regulation risks.

“Investors seem to be sticking to what’s worked with them—they’re going back to the growth engines of their portfolios,” Mr. Arone said.

—Danielle Chemtob and Allison Prang contributed to this article: https://t.co/aWsh1siwkT #AceFinanceNews

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