(DELHI, India.) India decided to proceed with the long-anticipated $5.5 bln deal to purchase Russia’ s S-400 surface-to-air missile units despite the US saying the purchase may affect the relations between Washington and New Dehli over Russian sanctions #AceFinanceDesk reports

#AceFinanceReport – June.02: According to the Hindustan Times, India’s Defense Ministry is to ask the apex Cabinet Committee to approve the purchase of the five S-400 Triumf systems, thus finalising the agreement: The deal is set to go through despite the fact that the Trump administration warning New Delhi of the possible ramifications of India’s intention to cultivate military ties with Russia, that would imminently jeopardise its relations with the US #AceFinanceDesk reports
India to buy Russian S-400 systems despite Washington’s warnings - report

Chairman of the U.S. Arms Service Committee Mac Thornberry has said that “the acquisition of this technology will limit, the degree with which the United States will feel comfortable in bringing additional technology into whatever country we are talking about.”

In case the purchase officially goes through, the Trump administration’s reaction might go as far as punishing India for violating the sanctions imposed against Russia.

Forced to choose between Russia and the US, New Delhi highlighted the need for a strong air defense given the fact the neighbouring China and Pakistan have already obtained advanced aerial capabilities.

India’s decision to rely on the Russian-made S-400 systems that have drawn a lot of interest from international buyers, could jeopardize sales of US-built Predator drones and Patriot missile defense systems. Though the US has been talking up the effectiveness of Patriots, the missile has reportedly been less than effective when used recently by Saudi Arabia.

According to NATO classification, S-400 Triumf is Russia’s most advanced air defense hardware, boasting unique and unparalleled capabilities. Capable of firing three types of missiles create a layered defense, the S-400 integrates a multifunction radar, autonomous detection and targeting systems, missile launchers and command posts. It can bring down aircrafts as well as missiles at the range of up to 400km.

With Russia being India’s largest arms supplier, Moscow accounted for 62 percent of arms sales to New Delhi over the past five years, according to the Stockholm International Peace Institute.

India is not the only country that has been experiencing tough pressuring from Washington. The US has been very explicit in its criticism of its “strategic partner”, Turkey and its deal with Russia to purchase the S-400 systems.

According to State Department spokesperson Heather Nauert, Washington is seriously concerned about the fact Turkey as a NATO member would choose to purchase weapons not made in the US. In a bid to pressure Ankara, Assistant US Secretary Wess Mitchell said that unless Turkey backed out, the purchase “could lead to sanctions.”

Testifying before the House Foreign Relations committee last week, Secretary of State Mike Pompeo said the US was making efforts to “keep the Turks in a place where they will never acquire the S-400.”

Moreover, US lawmakers introduced a bill which would virtually ban F-35 deliveries to Turkey to punish it for its increased “hostility.” The US has also criticized Ankara over the announcement it would look elsewhere in case Washington failed to deliver the F-35s.

RT: India to buy Russian S-400 systems despite Washington’s warnings – report https://t.co/b56ouna9Gxhttps://t.co/l1xOteWiAO

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MARKETS REPORT: Wall Street reacts as Italian & Spanish crisis begins to bite and Trump announces $50-billion in China tariffs on Tuesday on ‘ goods and investments in US tech industries ‘ as fears rise of another ‘ financial crisis ‘ looming with some major players considering decampment to higher ground #AceFinanceDesk reports

#AceFinanceReport – May.29: The Dow falls more than 400 points as investors fear US-China trade tensions and Italy’s political crisis https://cnnmon.ie/2J1ldor after earlier at opening at 200 points, or 0.8%, down as political chaos in global markets. S&P 500 falls 0.7%. Energy stocks dip as oil loses 1% on concerns about OPEC and Russia pumping more: Also on Tuesday, the White House said the administration would proceed with its proposal to impose 25% tariffs on $50 billion worth of goods from China, and place new limits on Chinese investments in US high-tech industries #AceFinanceDesk reports

The decision comes after top administration officials have tried to dampen fears of a trade war: Treasury Secretary Steven Mnuchin said a trade war with China was “on hold” less than 10 days ago. And Commerce Secretary Wilbur Ross is expected in Beijing on Saturday to help ease trade tensions between the two major trading partners:

Beijing has previously pledged to retaliate against the 25 percent tariffs.

In a brief statement, the White House said the president plans to take “multiple steps” to protect domestic technology and intellectual property from certain “discriminatory and burdensome trade practices by China.”

The latest step follows a March report by the US Trade Representative Office, which undertook a seven-month investigation of China’s handling of technology transfers and intellectual property, according to the White House’s statement.

“The United States will implement specific investment restrictions and enhanced export controls for Chinese persons and entities related to the acquisition of industrially significant technology, the White House said in a statement.

The final list of covered imports subject to tariffs will be announced by June 15. Those tariffs will take effect “shortly thereafter.”

Proposed investment restrictions will be announced by June 30 and also take effect at a later date.

CNNMoney (New York) First published May 29, 2018: 9:16 AM ET: Last week, the administration said it would negotiate to avoid a trade war. https://cnnmon.ie/2JdDWAFpic.twitter.com/n6HO0St8r4: Breaking144 Just tweeted ********************************************** Wall Street futures fall as Italy, Spain worries turn investors risk averse https://t.co/BhsyrvlrSRhttps://t.co/fczlCQEW8x:https://t.me/SterlingPublishingPanel/158920 #AceFinanceNews

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring

(WASHINGTON) According to a ‘ Congressional Report ‘ released Monday ‘ tax break ‘ for mortgage interest disappearing for half of those who claimed it and only 13.8-million will be able to claim the ‘ mortgage interest deduction ‘ in 2018 down from more than 32.3-million in 2017: Here’s the chart on how it affects you #AceFinanceDesk reports

#AceFinanceReport – Apr.24: The number of homeowners who will benefit from the mortgage tax break is expected to plummet this year by more than half, according to a congressional report released on Monday: About 13.8 million taxpayers will be able to claim the mortgage-interest deduction in 2018, down from more 32.3 million in 2017, estimates from the Joint Committee on Taxation show……………That’s about a 57 percent drop #AceFinanceDesk reports

Tax returns using mortgage interest deduction

Income 2017 tax returns 2018 tax returns
less than $10,000 under 500 under 500
$10,000-$20,000 105,000 42,000
$20,000-$30,000 244,000 73,000
$30,000-$40,000 540,000 143,000
$40,000-$50,000 961,000 281,000
$50,000-$75,000 3,967,000 1,343,000
$75,000-$100,000 4,563,000 1,826,000
$100,000-$200,000 14,227,000 5,402,000
$200,000-$500,000 6,575,000 3,681,000
$500,000-$1 million 797,000 657,000
$1 million and over 328,000 314,000

Source: Joint Committee on Taxation estimates

Already, the deduction was not used by most taxpayers. Of the 150 million or so tax returns the IRS has received annually in recent years, just 20 percent claimed the deduction, according to research from the Urban Brookings Tax Policy Center:

The anticipated drop is largely due to the near-doubling of the standard deduction that took effect Jan. 1 under the new tax law. Fewer taxpayers are expected to itemize their deductions, which is the only way to take advantage of the tax break for interest paid on mortgages.The new report estimates that 18 million households will itemize deductions this year, down from 46.5 million last year:

Taxpayers would need deductions worth more than the standard deduction for itemizing to make financial sense. And with few deductions left for taxpayers to turn to, that threshold will be a harder hurdle to clear.

For example, married couples filing jointly now get a standard deduction of $24,000, up from $12,700 last year. That amount for single filers is $12,000, up from $6,350. For heads of households, it’s now $18,000, up from $9,350. In combination with raising those amounts, the new tax eliminated personal exemptions: Tax break for mortgage interest disappearing for half of those who claimed it https://t.co/KE71rXsqTH— CNBC (@CNBC) April 24, 2018: https://t.me/acebreakingnews/679338 #AceFinanceNews

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(TEHRAN, Iran.) Iran’s media say the country’s national airline ‘ Iran Air ‘ has signed an agreement with unnamed Chinese company to provide funding for the company’s plane purchase campaigns – most notably those pursued with Airbus and Boeing as China becomes Iran’s top trading partner providing non-oil trade between Iran and China amounted to $19.7 billion during the 11 months to Feb.19: with $3-billion 18% growth compared to last years $16.8-billion #AceFinanceDesk reports

#AceFinanceReport – Mar.14: The Persian-language newspaper Iran reported that the agreement had been signed on Monday at Iran Air premises in Tehran, citing a statement by the country’s Ministry of Roads and Urban Development: “After months of negotiations, a Chinese company has accepted to provide funding for purchases of Iran Air planes, wrote the newspaper without mentioning the name of the Chinese company:

The problem of providing funds for new plane purchases has thus been resolved.”

In December 2016, Boeing sealed deals with Iran’s flag-carrier airliner Iran Air over sales of 80 jets valued at $16.6 billion. They include 50 narrow-body Boeing 737 passenger jets and 30 wide-body 777 aircraft.  Iran Air also sealed deals with Airbus over purchases of 100 planes worth $18-20 billion at list prices and has already received three of them: Iran Air has also signed a deal with the Franco-Italian aviation player ATR in early 2017 over a total of 20 turboprop planes and has already received six planes #AceNewsDesk reports

The arrival of the first new Airbus passenger plane was celebrated in a hanger in Tehran’s Mehrabad Airport in January 2017.

Iran signed an agreement with Boeing over the purchases of dozens of new planes in 2017.

Officials in Tehran had already said Iran Air would under deals with Airbus and Boeing pay only 15 percent of the amount for the planes purchased and that the remaining 85 percent would be provided by funders.

“This has obstructed further deliveries of planes,” Iran added in its report, emphasizing that deliveries of new planes could resume in summer.

“Iran Air had to purchase three Airbus planes that have been delivered in cash to make the contract effective,” it wrote. “It had been agreed that the amount would be considered as pre-payment for planes once the problem over finding would be resolved. Now that the problem of funding has been resolved, the next plane would be expected in Tehran after 21 June 2018, as per the agreement with Airbus”.

Iran had already announced that it expected to receive the first Boeing around May 2018. However, the future of the deal with the American aviation giant was thrown into doubts after US President Donald Trump increased his rhetoric against the Islamic Republic last year.

There have even been speculations that Trump might move to stop Boeing’s deal with Iran. http://ptv.io/2YHY

China Cementing Its Position as Iran’s Top Trade Partner: From bilateral trade to finance contracts and civil projects, China arguably has the strongest presence in Iran among all other countries: The Islamic Republic of Iran Customs Administration’s monthly data, reviewed by Financial Tribune, shows non-oil trade between Iran and China amounted to $19.7 billion during the 11 months to Feb. 19, marking a $3 billion (18%) growth compared with last year’s $16.8 billion goo.gl/CYd7j8

Iran says the Export-Import Bank of China (EXIM) is set to provide funds for the development of the Iranian petrochemical and telecommunication projects.

China’s EXIM bank has sealed a deal with Iran’s Bank Tejarat to provide funds for Iran’s petrochemical and telecommunication projects as well as those in other sectors:

The media in Tehran said on Thursday that this has been envisaged as per an agreement that China’s EXIM bank has signed with Iran’s Bank Tejarat to jointly fund Iranian projects.

Bank Tejarat has reportedly announced in a statement that the next segments that could benefit from the scheme are the automobile industry as well as the energy sector.

Providing financial guarantees for projects that are to be carried out by Iranian and Chinese companies or those from a third country has also been envisaged in the deal between the two banks.

Bank Tejarat has further emphasized that China’s EXIM bank is even set to provide insurance coverage for Iran’s import and export activities.

China’s EXIM bank in January signed a basic agreement with Iran’s Ministry of Road and Urban Development based on which it would fund the construction of a high-speed trains service between Iran’s capital Tehran and Mashhad in the northeastern province of Khorasan Razavi.

The agreement to provide a fund of around $4 billion was signed during a landmark visit to Iran by China’s President Xi Jinping.

China reportedly owes Iran over $20 billion in outstanding oil payments. The cash has been frozen in overseas banks after the US-led sanctions made it difficult for Beijing to transfer money to Tehran.

The two countries have reportedly reached a deal to settle some parts of the frozen money through China’s funding of Iranian petrochemical projects. It is not clear if the scheme that China’s EXIM bank has devised with Iran’s Bank Tejarat addresses is part of this deal. http://ptv.io/26LiFive Iranian banks have jointly signed a finance deal worth $10 billion with CITIC Trust, a Chinese state-owned investment company, to fund development projects in Iran.CBI also signed a memorandum of understanding with the Development Bank of China on financing construction and manufacturing projects worth €15 billion https://t.me/fintribune/2404

China pushing billions into Iranian economy as Western firms stall: China is financing billions of dollars worth of Chinese-led projects in Iran, making deep inroads into the economy while European competitors struggle to find banks willing to fund their ambitions, Iranian government and industry officials said https://t.me/ReutersWorld/36438

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews