ECONOMY AND FINANCE


Ericsson Swings to Forecast-Beating Profit Amid 5G Momentum


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 12:13 - [CET]
Ericsson swung to a forecast-beating first-quarter net profit as operators in North America continued to splash out on new fifth-generation networks, but cautioned that margins could be squeezed as it builds market share.
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Why Apple rolled over in Qualcomm lawsuit


Reported to us by: TECHCENTRAL - Wed, 04/17/2019 - 12:06 - [CET]
Apple put its flagship product, the iPhone, ahead of distaste for the way Qualcomm does business in settling a bitter, two-year legal dispute with the chip maker.
Newsitem placed in category: ECONOMY AND FINANCE

DGCA notice to IndiGo COO over P&W engine, conducts safety audit


Reported to us by: The Hindu Biz. - Wed, 04/17/2019 - 12:00 - [CET]
Queries sent to Indigo’s COO Wolfgang Prock-Schauer and its spokesperson remained unanswered.
Newsitem placed in category: ECONOMY AND FINANCE

Long-Hidden Kafka Trove Within Reach After Series of Trials


Reported to us by: Voice of America -Economy - Wed, 04/17/2019 - 12:00 - [CET]
A long-hidden trove of unpublished works by Franz Kafka could soon be revealed following a decade-long battle over his literary estate that has drawn comparisons to some of his surreal tales. A district court in Zurich upheld Israeli verdicts in the case last week, ruling that several safe deposit boxes in the Swiss city could be opened and their contents shipped to Israel’s National Library. At stake are untouched papers that could shed new light on one of literature’s darkest figures, a German-speaking Bohemian Jew from Prague whose cultural legacy has been hotly contested between Israel and Germany. What’s in the vaults? Though the exact content of the vaults remains unknown, experts have speculated the cache could include endings to some of Kafka’s major works, many of which were unfinished when they were published after his death. Israel’s Supreme Court has stripped an Israeli family of its collection of Kafka’s manuscripts, which were hidden in Israeli bank vaults and in a squalid, cat-filled Tel Aviv apartment. But the Swiss ruling would complete the acquisition of nearly all his known works, after years of lengthy legal battles over their rightful owners. Kafkaesque saga The saga could have been penned by Kafka himself, whose name has become known as an adjective to describe absurd situations involving inscrutable legal processes. Kafka was known for his tales of everyman protagonists crushed by mysterious authorities or twisted by unknown shames. In “The Trial,” for example, a bank clerk is put through excruciating court proceedings without ever being told the charges against him. “The absurdity of the trials is that it was over an estate that nobody knew what it contained. This will hopefully finally resolve these questions,” said Benjamin Balint, a research fellow at Jerusalem’s Van Leer Institute and the author of “Kafka’s Last Trial,” which chronicles the affair. “The legal process may be ending, but the questions of his cultural belonging and inheritance will remain with us for a very long time.” Manuscripts not burned Kafka bequeathed his writings to Max Brod, his longtime friend, editor and publisher, shortly before his death from tuberculosis in 1924 at the age of 40. He instructed his protege to burn it all unread. Brod ignored his wishes and published most of what was in his possession — including the novels “The Trial,” “The Castle” and “Amerika.” Those works made the previously little-known Kafka posthumously one of the most celebrated and influential writers of the 20th century. But Brod, who smuggled some of the manuscripts to pre-state Israel when he fled the Nazis in 1938, didn’t publish everything. Upon his death in 1968, Brod left his personal secretary, Esther Hoffe, in charge of his literary estate and instructed her to transfer the Kafka papers to an academic institution. Instead, for the next four decades, Hoffe kept the papers stashed away and sold some of the items for hefty sums. In 1988, for instance, Hoffe auctioned off the original manuscript of “The Trial” at Sotheby’s in London. It went for $1.8 million to the German Literature Archive in Marbach, north of Stuttgart. When Hoffe died in 2008 at age 101, she left the collection to her two daughters, Eva Hoffe and Ruth Wiesler, both Holocaust survivors like herself, who considered Brod a father figure and his archive their rightful inheritance. Both have since also passed away, leaving Wiesler’s daughters to continue fighting for the remainder of the collection. Legitimate inheritance or cultural assets? Jeshayah Etgar, a lawyer for the daughters, downplayed the significance of the potential findings in Zurich, saying they were likely replicas of manuscripts Hoffe had already sold. Regardless, he said the ruling was the continuation of a process in which “individual property rights were trampled without any legal justification.” He said his clients legitimately inherited the works and called the state seizure of their property “disgraceful” and “first degree robbery.” Israel’s National Library claims Kafka’s papers as “cultural assets” that belong to the Jewish people. Toward the end of his life, Kafka considered leaving Prague and moving to pre-state Israel. He took Hebrew lessons with a Jerusalem native who eventually donated her pupil’s vocabulary notebook to the library. In recent years, the library also took possession of several other manuscripts the courts had ordered Hoffe’s descendants to turn over. “We welcome the judgment of the court in Switzerland, which matched all the judgments entered previously by the Israeli courts,” said David Blumberg, chairman of the Israel National Library, a nonprofit and non-governmental body. “The judgment of the Swiss court completes the preparation of the National Library of Israel to accept to entire literary estate of Max Brod, which will be properly handled and will be made available to the wider public in Israel and the world.” Other scholars question Israel’s adoption of Kafka, noting that he was conflicted about his own Judaism. The German Literature Archive, for instance, has sided with Hoffe’s heirs and aimed to purchase the collection itself, arguing the German-language writings belong in Germany. Dietmar Jaegle, an archive official, said he would not comment on the Zurich verdict as he had not yet seen it. Balint cautioned that the contents of the hidden archive may not live up to everyone’s expectations. “It is very unlikely we are going to discover an unknown Kafka masterpiece in there, but these are things of value,” Balint said, noting the fierce competition over any original Kafka material. “There is something about the uncanny aura of Kafka that is attracted to all this.”
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Iran closes oil wells in flood-hit Khuzestan province, output drops


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 11:53 - [CET]
Author: ReutersID: 1555494731937936600Wed, 2019-04-17 09:44

DUBAI: Iran has shut around a dozen oil wells in its oil-rich southwestern Khuzestan province because of massive floods, the semi-official Mehr news agency reported on Wednesday, leading to a drop of up to 20,000 barrels per day in crude production.
Iran’s worst flooding in 70 years, which started on March 19, has killed at least 76 people, forced more than 220,000 into emergency shelters and caused an estimated $2.5 billion in damage to roads, bridges, homes and farmland.
“There are no oil leaks at the Hoor Al-Azim wetland area. We have closed 10 to 12 oil wells there as a precautionary measure to prevent any environmental damages,” Mehr quoted Touraj Dehghani, the head of Iran’s Petroleum Engineering and Development Company (PEDEC), as saying.
“The oil production of the field has dropped between 15,000 to 20,000 barrels per day.”
Iranian media on Friday reported oil output had been reduced in Khuzestan, home to the Azadegan and Yadavaran oilfields.
Iranian authorities have said the floods have not affected crude exports.
The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. The sanctions have already halved Iranian oil exports.
US President Donald Trump eventually aims to halt Iranian oil exports, choking off Tehran’s main source of revenue. Washington is pressuring Iran to curtail its nuclear program and stop backing militant groups across the Middle East.

Main category: Business & EconomyTags: Iran Boxing: Iranian woman cancels return home after arrest warrant issuedSeoul trying to convince US to extend Iran oil waiver
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Philip Morris says it doesn’t want you to buy its cigarettes


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 11:41 - [CET]
Instead, it’s ramping up focus on its IQOS heat-not-burn device, already sold in about 44 countries.
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Pinterest and Zoom to Test IPO Market After Lyft's Stumble


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 11:30 - [CET]
A pair of tech unicorns will launch themselves into the public markets Thursday, hoping the messy debut of Lyft is in the rearview mirror.
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In SEC vs. Elon Musk, a Question of When Tweets Matter


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 11:30 - [CET]
Elon Musk last year agreed to have Tesla lawyers pre-approve tweets that “reasonably could contain” material information about the electric car maker’s business. Those words are now at the center of court-ordered talks between the two parties.
Newsitem placed in category: ECONOMY AND FINANCE

Big News for People Who Spend Hours Staring at Maps on Planes


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 11:30 - [CET]
The next generation of in-flight trackers will offer a much higher level of detail, taking fliers in a new, more commercial, direction.
Newsitem placed in category: ECONOMY AND FINANCE

Reclusive Singapore billionaire's gloss is too good for Dulux to refuse


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 11:30 - [CET]
Nippon Paint is 39 per cent-owned by Singaporean billionaire Goh Cheng Liang, who started in the paint business in 1949 when he bought British war surplus stock.
Newsitem placed in category: ECONOMY AND FINANCE

Emerging shares, currencies cheered by China data but gains limited


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 11:18 - [CET]
China's economic growth rose unexpectedly in Q1, defying expectations for a further slowdown.
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London slump drags UK house price growth to more than six-year low


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 11:06 - [CET]
Author: ReutersID: 1555490593227715900Wed, 2019-04-17 08:30

LONDON: British house prices rose in February at the weakest rate in six-and-a-half years, dragged down by the biggest slump in London for a decade as Brexit uncertainty sent chills through the market.
Official data on Wednesday also showed consumer price inflation unexpectedly held just below the Bank of England’s 2 percent target in March, offering some relief to consumers whose spending has helped Britain’s economy through the Brexit crisis.
British house prices stood 0.6 percent higher in February than a year ago, slowing sharply from a 1.7 percent annual rise in January, the Office for National Statistics said. In London, house prices plunged by 3.8 percent on the year — the biggest drop since mid-2009.
The malaise in the capital spread to the south-east of England, where prices fell for the first time since 2011.
Other surveys have shown Brexit to be a major drag on the property market in the capital, which is sensitive to flows of migrant workers from the European Union.
A surge in prices in London in previous years has also stretched affordability.
Separately, the ONS said consumer prices rose at an annual rate of 1.9 percent in March, the same rate as in February.
A Reuters poll of economists had pointed to 2.0 percent.
“Inflation is stable, with motor fuel prices rising between February and March this year, offset by falls in food prices as well as the cost of computer games growing more slowly than it did this time last year,” ONS statistician Mike Hardie said.
The recent weakening of inflation, combined with the lowest unemployment rate in 44 years and rising wages, has taken the edge off the uncertainty about Brexit.
Britain’s modest inflation rate is also helping the Bank of England to hold off on fresh interest rate hikes while it waits for the outcome of Britain’s Brexit impasse.
BoE policymakers have said they want to see firm evidence of domestic inflation pressure building before they vote to raise rates.

Main category: Business & EconomyTags: propertyLondonUK Middle East property investors shrug off Brexit bluesGulf helps Mayfair regain London property top spot
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Consumer inflation rises as fuel hikes hit transport costs


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 10:50 - [CET]
An uptick in the global crude price increased fuel prices in the past two months and analysts see inflation continuing to rise throughout 2019.
Newsitem placed in category: ECONOMY AND FINANCE

Five things that went wrong for Jet Airways


Reported to us by: The Hindu Biz. - Wed, 04/17/2019 - 10:41 - [CET]
Airfares on rival carriers have soared and Air France and KLM are operating additional flights to Mumbai.
Newsitem placed in category: ECONOMY AND FINANCE

Class action summons issued against Tiger Brands


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 10:09 - [CET]
The listeriosis outbreak caused a loss of life.
Newsitem placed in category: ECONOMY AND FINANCE

Tiger Brands to fight listeria class action


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 09:54 - [CET]
The company's shares were down 0.9% on Wednesday morning.
Newsitem placed in category: ECONOMY AND FINANCE

Rand lifted by faster Chinese growth


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 09:44 - [CET]
Consumer inflation and retail sales data expected on Wednesday.
Newsitem placed in category: ECONOMY AND FINANCE

Mediclinic expects core profit to drop 3.5% for full year


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 09:37 - [CET]
Citing a challenging healthcare environment.
Newsitem placed in category: ECONOMY AND FINANCE

Shareholders give MYOB takeover the green light


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 09:29 - [CET]
More than 80 per cent of voters agreed to pass the company into private equity.
Newsitem placed in category: ECONOMY AND FINANCE

Five things making headlines in South Africa today


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 09:25 - [CET]
March CPI and inflation rate, February retail sales, Clicks interims, Mediclinc trading update, BHP Group operational review.
Newsitem placed in category: ECONOMY AND FINANCE

AustralianSuper remains silent on $4.4b Healthscope bid


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 09:10 - [CET]
Healthscope’s largest investor, AustralianSuper has declined to say whether it would support the Brookfield takeover offer for the private hospital operator.
Newsitem placed in category: ECONOMY AND FINANCE

Loan, margin growth lift Emirates NBD quarterly net profit


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 09:09 - [CET]
Author: ReutersID: 1555484614257439000Wed, 2019-04-17 06:47

DUBAI: Emirates NBD, Dubai’s largest bank, on Wednesday reported a 15 percent rise in first-quarter net profit as loan growth and improved margins offset an increase in provisions and operating costs.
The bank made a net profit of $735.17 million (2.7 billion dirhams) in the three months ended March 31, it said, compared with 2.39 billion dirhams in the year-ago period.
Emirates NBD, which is 55.6 percent owned by state fund Investment Corp., and other banks in the United Arab Emirates benefited from a rise in interest rates in 2018.
The lender’s net interest margins grew 15 basis points from the corresponding period to 2.83 percent.
Net interest income grew by 14 percent during the first quarter, while non-interest income rose 18 percent.
The bank said a 9 percent increase in costs was due to investments in its digital transformation.

Main category: Business & Economy
Newsitem placed in category: ECONOMY AND FINANCE

Miners drags ASX lower


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 08:56 - [CET]
A surge in paint maker Dulux and positive data out of China were unable to lift the Australian sharemarket, which closed 0.3 per cent weaker on Wednesday.
Newsitem placed in category: ECONOMY AND FINANCE

Resurfacing: Collapsed WA wave energy company wants $5m for a rebirth


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 08:54 - [CET]
When administrators were called in Carnegie had just $3200 in the bank.
Newsitem placed in category: ECONOMY AND FINANCE

French food group Danone keeps profit outlook despite weak Q1


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 08:51 - [CET]
Author: ReutersID: 1555482019247365100Wed, 2019-04-17 06:18

PARIS: French food group Danone kept its forecasts for a further rise in sales and profits this year although weaker demand for infant formula products in China and a consumer boycott in Morocco weighed on first-quarter sales.
Danone, the world’s largest yoghurt maker, said first-quarter underlying sales had risen by a relatively modest 0.8 percent to $6.94 billion (€6.138 billion), marking a slowdown from 2.4 percent growth in the fourth quarter of 2018.
The company nevertheless expected sales growth to accelerate in the second half of the year.
“The first quarter showed a start of the year in line with expectations ... We are pleased with the momentum of the business which will become increasingly visible from the second quarter. This gives us every confidence that we will meet our full year guidance,” CEO Emmanuel Faber said in a statement.
Danone reiterated it was targeting group like-for-like sales growth of around 3 percent and an operating margin above 15 percent for 2019.
Danone added it was on track to deliver on its 2020 goals for an operating margin above 16 percent of its sales and like-for-like sales growth of 4-5 percent.
Danone’s waters division and its dairy business put in solid performances over the quarter, but sales of Danone’s Early Life Nutrition products in China fell around 15 percent in the quarter, partly due to a lower birth rate in China.
This compared with a 10 percent decline in the fourth quarter 2018 and a 20 percent decline in the third quarter, in that division.
China is an important source of growth for Danone, contributing about 30 percent of sales of the Early Life Nutrition business, which makes infant formula and general baby food products.
Danone said it still expected the business in China to return to growth in the second half of 2019.
Danone also said its sale of Earthbound Farm, announced last week, would improve its recurring operating margins in 2019.

Main category: Business & EconomyTags: retailDanone Danone’s profits curdled by Morocco boycottDanone Morocco saga highlights enduring role of consumer boycott
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Eskom CEO says ‘days of surprises’ over


Reported to us by: TECHCENTRAL - Wed, 04/17/2019 - 08:45 - [CET]
Almost 15 months into the job, and the boss of South Africa’s state-owned electricity company is getting to grips with issues spanning corruption to defective power plants that threatened to collapse the grid.
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Aramco in talks to buy stake in Reliance Industries’ refining and petchem businesses: sources


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 08:41 - [CET]
Author: ReutersID: 1555482917037384400Wed, 2019-04-17 06:21

DUBAI: State oil giant Saudi Aramco, the world’s biggest oil producer, is in talks to buy a stake in the refining and petrochemicals businesses of India’s Reliance Industries, two sources familiar with the matter told Reuters on Wednesday.
The Times of India reported earlier that Aramco was in talks to buy up to a 25 percent stake, which could be worth around $10-$15 billion, valuing the Indian company’s refining and petrochemicals businesses at around $55 billion to $60 billion.
Aramco did not immediately respond to a request for comment.

Main category: Business & EconomyTags: Saudi AramcoAramco Hyundai Heavy says Aramco buys 17% stake in S.Korean refiner unit for $1.2bnSaudi Aramco team arrives in Pakistan to discuss first ever LNG sale
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Strong health and beauty sales lift Clicks HY earnings


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 08:41 - [CET]
Half-year earnings up 13.2%.
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Eskom CEO says ‘days of surprises’ over as power plans in place


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 08:22 - [CET]
'We know what needs to be done and we have an idea of how it should be done,' says Hadebe.
Newsitem placed in category: ECONOMY AND FINANCE

Asian shares mixed after encouraging China GDP data


Reported to us by: ABC Business - Wed, 04/17/2019 - 08:19 - [CET]
Asian shares mixed after China reports economy expanded at 6.4% rate in first quarter
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Adani urges Australian government to give ‘a fair go’ for coal mine project


Reported to us by: The Hindu Biz. - Wed, 04/17/2019 - 08:11 - [CET]
Gautam Adani-led Adani Group entered Australia in 2010 with the purchase of the greenfield Carmichael coal mine in the Galilee Basin in central Queensland, and the Abbot Point port near Bowen in the north.
Newsitem placed in category: ECONOMY AND FINANCE

PlayStation 5 to support 8K graphics


Reported to us by: TECHCENTRAL - Wed, 04/17/2019 - 08:05 - [CET]
Sony’s next major console will allow gamers to play old PlayStation 4 games and will not be digital-only, a senior member of the company’s development team has revealed in an interview.
Newsitem placed in category: ECONOMY AND FINANCE

Apple and Qualcomm bury the hatchet in royalties battle royale


Reported to us by: The Hindu Biz. - Wed, 04/17/2019 - 08:00 - [CET]
Apple and American microchip manufacturer Qualcomm said on Tuesday they have agreed to “dismiss all litigation” against each other worldwide in what h
Newsitem placed in category: ECONOMY AND FINANCE

Price hikes, new rivals cloud Netflix outlook


Reported to us by: TECHCENTRAL - Wed, 04/17/2019 - 07:52 - [CET]
How much are customers willing to pay for Netflix? The streaming service is grappling with that question once again after raising prices in some of its largest territories over the past month.
Newsitem placed in category: ECONOMY AND FINANCE

SA’s decline worst of nations not at war, model shows


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 07:43 - [CET]
Social, economic and governance measures deteriorate drastically in the past 12 years.
Newsitem placed in category: ECONOMY AND FINANCE

Oil prices rise for a second day on China demand, US stockpile drop


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 07:39 - [CET]
Author: ReutersID: 1555478781687262500Wed, 2019-04-17 03:23

SEOUL: Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly.
International benchmark Brent crude oil futures rose 21 cents, or 0.29 percent, to $71.93 a barrel by 0319 GMT. Brent gained as much 0.5 percent to 72.08 a barrel, the highest since Nov. 8 and the highest this year.
US West Texas Intermediate (WTI) crude futures were at $64.45 per barrel, up 40 cents, or 0.6 percent from their previous settlement.
“Crude oil futures edged up as market sentiments were buoyed by a surprise drawdown in US crude oil inventories and tighter market fundamentals in the current term,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.
China’s refinery throughput in March rose 3.2 percent from a year earlier to 53.04 million tons, or 12.49 million barrels per day (bpd), data from the National Bureau of Statistics showed on Wednesday.
The steady demand growth in China is occurring as a deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, to limit their output by 1.2 million bpd in 2019 has curtailed global supplies.
Crude oil supply has also declined in 2019 as the United States imposed economic sanctions on OPEC members Venezuela and Iran.
The tightening supply and demand fundamentals have pushed WTI up more than 40 percent this year and Brent up by more than 30 percent.
In June, OPEC and its partners will decide whether to continue to curb their production, although concerns have arisen over Russia’s willingness to stick with the cuts.
Gazprom Neft, the oil arm of Russian gas company Gazprom, expected the global oil deal between OPEC and its allies to end in the first half of the year, a company official said on Tuesday.
“As the possibility of Russia ending the OPEC deal remains, that is capping further gains,” said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.
An unexpected fall in US crude inventories also supported higher oil prices.
US crude inventories fell by 3.1 million barrels in the week ended April 12 to 452.7 million, compared with analysts’ expectations for an increase of 1.7 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday.
Official data on US inventories from the Energy Information Administration is due to be released on Wednesday.

Main category: Business & EconomyTags: OilenergyMarketsOPECUSChinaRussia Russia and OPEC output in focus as oil extends lossesOil prices slip on economic worries, surging US crude supply
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Allegations of ‘cartel’ looting the PIC nonsensical, inquiry hears


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 07:35 - [CET]
Tshepo Mahloele, the CEO of a group of investment companies accused by UDM leader Bantu Holomisa of looting the PIC, fights back.
Newsitem placed in category: ECONOMY AND FINANCE

Landlord Dexus claims two Grocon firms unable to pay debts


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 07:30 - [CET]
The court stoush is another blow for the group that is currently developing a $2 billion development at Barangaroo Central on Sydney Harbour.
Newsitem placed in category: ECONOMY AND FINANCE

Intel is giving up on mobile phone chips


Reported to us by: TECHCENTRAL - Wed, 04/17/2019 - 07:29 - [CET]
Intel, whose products dominate the world of computing, said it’s going to wind down a multibillion-dollar, multi-decade effort to grab a viable stake of the mobile phone industry.
Newsitem placed in category: ECONOMY AND FINANCE

French President Macron hopes to rebuild Notre-Dame in five years


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 07:10 - [CET]
Public prosecutor says there is no sign of arson.
Newsitem placed in category: ECONOMY AND FINANCE

China’s Economic Growth Steady Amid Tariff Fight With US


Reported to us by: Voice of America -Economy - Wed, 04/17/2019 - 07:05 - [CET]
China’s economic growth held steady in the latest quarter despite a tariff war with Washington, in a reassuring sign that Beijing’s efforts to reverse a slowdown might be gaining traction. The world’s second-largest economy expanded by 6.4% over a year earlier in the three months ending in March, the government reported Wednesday. That matched the previous quarter for the weakest growth since 2009. “This confirms that China’s economic growth is bottoming out and this momentum is likely to continue,” said Tai Hui of JP Morgan Asset Management in a report. Government intervention Communist leaders stepped up government spending last year and told banks to lend more after economic activity weakened, raising the risk of politically dangerous job losses. Beijing’s decision to ease credit controls aimed at reining in rising debt “is starting to yield results,” Hui said. Consumer spending, factory activity and investment all accelerated in March from the month before, the National Bureau of Statistics reported. The economy showed “growing positive factors,” a bureau statement said. ​Recovery later this year Forecasters expect Chinese growth to bottom out and start to recover later this year. They expected a recovery last year but pushed back that time line after President Donald Trump hiked tariffs on Chinese imports over complaints about Beijing’s technology ambitions. The fight between the two biggest global economies has disrupted trade in goods from soybeans medical equipment, battering exporters on both sides and rattling financial markets. The two governments say settlement talks are making progress, but penalties on billions of dollars of each other’s goods are still in place. China’s top economic official, Premier Li Keqiang, announced an annual official growth target of 6% to 6.5% in March, down from last year’s 6.6% rate. Li warned of “rising difficulties” in the global economy and said the ruling Communist Party plans to step up deficit spending this year to shore up growth. Beijing’s stimulus measures have temporarily set back official plans to reduce reliance on debt and investment to support growth. Also in March, exports rebounded from a contraction the previous month, rising 14.2% over a year earlier. Still, exports are up only 1.4% so far this year, while imports shrank 4.8% in a sign of weak Chinese domestic demand. Auto sales fell 6.9% in March from a year ago, declining for a ninth month. But that was an improvement over the 17.5% contraction in January and February. Tariffs' effect long-lasting Economists warn that even if Washington and Beijing announce a trade settlement in the next few weeks or months, it is unlikely to resolve all the irritants that have bedeviled relations for decades. The two governments agreed Dec. 1 to postpone further penalties while they negotiate, but punitive charges already imposed on billions of dollars of goods stayed in place. Even if they make peace, the experience of other countries suggests it can take four to five years for punitive duties to “dissipate fully,” said Jamie Thompson of Capital Economics in a report last week. Chinese leaders warned previously any economic recovery will be “L-shaped,” meaning once the downturn bottomed out, growth would stay low. Credit growth accelerated in March, suggesting companies are stepping up investment and production. Total profit for China’s national-level state-owned banks, oil producers, phone carriers and other companies rose 13.1% over a year ago in the first quarter, the government reported Tuesday. Revenue rose 6.3% and investment rose 9.7%.
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Kenyan food, water scarcity will worsen as rains fail – Met Department


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 06:28 - [CET]
Farming accounts for nearly a third of economic output.
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Netflix forecast disappoints as streaming competition looms


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 06:22 - [CET]
Subscriber growth slowdown unnerves investors.
Newsitem placed in category: ECONOMY AND FINANCE

Japan reports exports, trade surplus slid in March


Reported to us by: ABC Business - Wed, 04/17/2019 - 06:21 - [CET]
Japan's exports declined in March as shipments to China dropped more than 9%, pulling the nation's trade surplus sharply lower
Newsitem placed in category: ECONOMY AND FINANCE

Wall St edges higher on generally positive earnings


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 06:17 - [CET]
Netflix, IBM dip in after-hours trading after posting earnings.
Newsitem placed in category: ECONOMY AND FINANCE

Santos posts bumper production as it prepares for tax pain


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 06:08 - [CET]
Santos has set new records as production jumped by a third and it announced new major gas discoveries but is readying itself for new oil taxes ahead.
Newsitem placed in category: ECONOMY AND FINANCE

IBM's Shares Slide as Growth Challenges Remain


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 06:01 - [CET]
Shares in International Business Machines were off over 4% after the company posted a third straight quarter of declining revenue, raising concerns about its turnaround and ability to compete in the cloud market.
Newsitem placed in category: ECONOMY AND FINANCE

China’s economic growth steady amid tariff fight with US


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 05:36 - [CET]
Author: By JOE McDONALD | APID: 1555471855026962900Wed, 2019-04-17 03:25

SHANGHAI: China’s economic growth held steady in the latest quarter despite a tariff war with Washington, in a reassuring sign that Beijing’s efforts to reverse a slowdown might be gaining traction.
The world’s second-largest economy expanded by 6.4% over a year earlier in the three months ending in March, the government reported Wednesday. That matched the previous quarter for the weakest growth since 2009.
“This confirms that China’s economic growth is bottoming out and this momentum is likely to continue,” said Tai Hui of JP Morgan Asset Management in a report.
Communist leaders stepped up government spending last year and told banks to lend more after economic activity weakened, raising the risk of politically dangerous job losses.
Beijing’s decision to ease credit controls aimed at reining in rising debt “is starting to yield results,” said Hui.
Consumer spending, factory activity and investment all accelerated in March from the month before, the National Bureau of Statistics reported.
The economy showed “growing positive factors,” a bureau statement said.
Forecasters expect Chinese growth to bottom out and start to recover later this year. They expected a recovery last year but pushed back that time line after President Donald Trump hiked tariffs on Chinese imports over complaints about Beijing’s technology ambitions.
The fight between the two biggest global economies has disrupted trade in goods from soybeans medical equipment, battering exporters on both sides and rattling financial markets.
The two governments say settlement talks are making progress, but penalties on billions of dollars of each other’s goods are still in place.
China’s top economic official, Premier Li Keqiang, announced an annual official growth target of 6% to 6.5% in March, down from last year’s 6.6% rate.
Li warned of “rising difficulties” in the global economy and said the ruling Communist Party plans to step up deficit spending this year to shore up growth.
Beijing’s stimulus measures have temporarily set back official plans to reduce reliance on debt and investment to support growth.
Also in March, exports rebounded from a contraction the previous month, rising 14.2% over a year earlier. Still, exports are up only 1.4% so far this year, while imports shrank 4.8% in a sign of weak Chinese domestic demand.
Auto sales fell 6.9% in March from a year ago, declining for a ninth month. But that was an improvement over the 17.5% contraction in January and February.
Economists warn that even if Washington and Beijing announce a trade settlement in the next few weeks or months, it is unlikely to resolve all the irritants that have bedeviled relations for decades.
The two governments agreed Dec. 1 to postpone further penalties while they negotiate, but punitive charges already imposed on billions of dollars of goods stayed in place.
Even if they make peace, the experience of other countries suggests it can take four to five years for punitive duties to “dissipate fully,” said Jamie Thompson of Capital Economics in a report last week.
Chinese leaders warned previously any economic recovery will be “L-shaped,” meaning once the downturn bottomed out, growth would stay low.
Credit growth accelerated in March, suggesting companies are stepping up investment and production.
Total profit for China’s national-level state-owned banks, oil producers, phone carriers and other companies rose 13.1% over a year ago in the first quarter, the government reported Tuesday. Revenue rose 6.3% and investment rose 9.7%.

Main category: Business & EconomyTags: ChinaUnited Statestariff warstrade wars Japan exports slump on weak China demand, heaping pressure on economyChina and North Korea open new border crossing
Newsitem placed in category: ECONOMY AND FINANCE

Intel withdraws from 5G smartphone modem business


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 05:36 - [CET]
Author: AFPID: 1555465856986627400Wed, 2019-04-17 01:45

SAN FRANCISCO: US electronics giant Intel said Tuesday it was withdrawing from the 5G smartphone modem business, hours after Apple and American microchip manufacturer Qualcomm announced they had clinched an agreement to end a battle over royalty payments.
The modems that connect smartphones to telecommunications networks were at the heart of the battle between Apple and Qualcomm.
Intel said it will “complete an assessment of the opportunities for 4G and 5G modems in PCs, Internet of things devices and other data-centric devices,” while pursuing investment opportunities in its 5G network infrastructure business.
“5G continues to be a strategic priority across Intel, and our team has developed a valuable portfolio of wireless products and intellectual property,” CEO Bob Swan said in a statement.
“We are assessing our options to realize the value we have created, including the opportunities in a wide variety of data-centric platforms and devices in a 5G world.”
The company said it would meet commitments to customers for its existing 4G smartphone modem product line, though it has no plans to launch 5G smartphone modem products, including those previously set to premiere in 2020.
Currently under deployment, ultra-fast 5G wireless networks require terminals equipped with 5G models and specific network infrastructure.
Apple, which had fought a multi-front brawl with Qualcomm for two years, had turned to Intel before reaching the agreement with Qualcomm.

Main category: Business & EconomyTags: 5G technology Super-fast 5G mobile to launch in Saudi Arabia within monthsSaudi Telecom Company makes MENA’s first 5G call
Newsitem placed in category: ECONOMY AND FINANCE

China Growth Beats Expectations Thanks to Humming Factories


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 04:48 - [CET]
China’s economic growth held to a 6.4% growth rate in the first three months of the year as factory production picked up sharply amid signs authorities worked forcefully to stabilize output.
Newsitem placed in category: ECONOMY AND FINANCE

Argentine Presidential Hopeful Massa Says Would Revamp IMF Deal


Reported to us by: Voice of America -Economy - Wed, 04/17/2019 - 04:45 - [CET]
Argentine presidential hopeful Sergio Massa would renegotiate the country's unpopular financing deal with the International Monetary Fund if he wins office later this year, the former congressman told reporters on Tuesday. The $56 billion IMF standby financing agreement includes fiscal cuts that have enraged wide segments of the public, denting the popularity of President Mauricio Macri. "We need to find a longer-term mechanism to ensure that Argentina meets its debt obligations, " the 46-year-old Massa said in a briefing with international correspondents. Macri was forced to negotiate the IMF deal last year amid a sell-off in the peso that raised questions about Argentina's ability to pay dollar-denominated bond obligations. Many Argentines blame the IMF for policies that set the stage for the country's 2002 sovereign debt default and economic meltdown. Popular protests supported by Massa's Peronist party have gained momentum in recent weeks as the Macri administration pursues IMF-backed public utility subsidy cuts and other austerity measures aimed at erasing the primary fiscal deficit this year, a goal included in the IMF pact. Massa, who wants to unseat Macri in the October election, spoke just hours after Macri's government announced that consumer prices shot 4.7 percent higher in March alone, bringing 12-month inflation to 54.7 percent. More than three years into his first term, Macri's re-election is less than certain as his government strains to jumpstart a shrinking economy while cutting the fiscal deficit and trying to tame one of the world's highest inflation rates. Previous Argentine leader and possible October candidate Cristina Fernandez, a free-spending populist with wide support among low-income voters, has risen in the opinion polls while discontent rises over Macri's policy of cutting public utility subsidies and other austerity measures. Massa once served in Fernandez's cabinet but broke with her over what he called her top-down leadership style. He is running behind both Fernandez and Macri in the opinion polls. Argentina's economy will remain subject to shocks until clarity emerges regarding the country's October presidential election, ratings agency Moody's said this month.
Newsitem placed in category: ECONOMY AND FINANCE

Venezuelan Scavengers Vie with Vultures for Brazilian Trash


Reported to us by: Voice of America -Economy - Wed, 04/17/2019 - 04:25 - [CET]
Surrounded by vultures perched on trees awaiting their turn, Venezuelan migrants scrape out a living scavenging for metal, plastic, cardboard and food in a Brazilian border town's rubbish dump. Trapped in a wasteland limbo, they barely make enough to feed their families and cannot afford a bus ticket to get away and find regular work in Brazilian cities to the south. They blame leftist President Nicolas Maduro for mismanaging their oil-producing nation's economy and causing the deep crisis that has driven several million Venezuelans to emigrate across Latin America. "I left because I was dying of hunger. We are trying to get ahead looking through this rubbish. Every night I pray to God to take me out of here," said Rosemary Tovar, a 23-year-old mother from Caracas. Tens of thousands of Venezuelans have fled the political and economic upheaval in their country through Pacaraima, the only road crossing to Brazil, overloading social services and causing tension in the northern border state of Roraima. More than 40,000 Venezuelans have swollen the population of state capital Boa Vista by 11 percent, Mayor Tereza Surita told Reuters. The influx has also been a headache for Brazil's new, far-right government of President Jair Bolsonaro, who has so far resisted U.S. pressure to take a more forceful attitude against Maduro. About 3.7 million people have left Venezuela in recent years, mostly via its western neighbor Colombia, according to the World Bank. A dozen Venezuelans scramble to grab bags of rubbish that tumble from the Pacaraima trash truck twice a day. They then sift through the piles as fetid plumes of smoke rise from the smoldering landfill. Sometimes they scavenge at night using headlamps. "We are looking for copper and cans, and hopefully something valuable, even food," said Astrid Prado, who is eight months pregnant. "My goal is to get out of here. Nobody wants to spend their life going through garbage." Charly Sanchez, 42, arrived in Brazil a year ago and has not been able to get to Boa Vista to get his work papers so that he can find employment. "We live off this. We make enough to buy rice, maybe some sausage, but not enough to buy a ticket to Boa Vista," he said. Copper pays best, 13 reais ($3.30) a kilo, but it takes Sanchez a whole week to gather that much "wire by wire." On a lucky day he said he had found a discarded cellphone, but not today. Some spaghetti, a small jar of sugar and a bit of cooking oil was Sanchez's pickings for the day. Samuel Esteban, using a breathing mask for the smoke, stuffed cardboard into a large sack. For 50 kilos he will earn five reais, one third of the minimum monthly wage in Venezuela but just enough to buy a liter of milk in Brazil and some bread. Tovar criticized Maduro for denying that Venezuela is facing a humanitarian crisis. "He is so wrong. Look at us here in this dump," she said. "If Maduro does not leave Venezuela, I will never return there."
Newsitem placed in category: ECONOMY AND FINANCE

Intel to Stop Making Modem Chips for 5G Smartphones


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 04:19 - [CET]
Intel dropped plans to make modem chips for 5G smartphones, it said Tuesday, hours after its chief rival in that market, Qualcomm, resolved a yearslong legal dispute with Apple.
Newsitem placed in category: ECONOMY AND FINANCE

China: Economic growth steady amid tariff battle with US


Reported to us by: ABC Business - Wed, 04/17/2019 - 04:10 - [CET]
China's economic growth holds steady at 6.4 percent in latest quarter amid tariff war with US, other data show consumer, factory activity accelerating
Newsitem placed in category: ECONOMY AND FINANCE

China reports economic growth held steady at 6.4 percent in latest quarter, the lowest level in a decade


Reported to us by: ABC Business - Wed, 04/17/2019 - 04:07 - [CET]
China reports economic growth held steady at 6.4 percent in latest quarter, the lowest level in a decade
Newsitem placed in category: ECONOMY AND FINANCE

Bill Ackman credits marriage to Neri Oxman for fund’s comeback


Reported to us by: NEW YORK POST -BUSINESS - Wed, 04/17/2019 - 04:02 - [CET]
The big secret to Bill Ackman’s comeback: marital bliss. Ackman’s Pershing Square hedge fund is up nearly 40 percent this year. Aside from lucrative investments in Chipotle and Starbucks, Ackman on Tuesday gave credit to his new wife, the MIT professor Neri Oxman. “It’s very helpful when you’re going through a difficult period to be...
Newsitem placed in category: ECONOMY AND FINANCE

Argentina Unveils New Measures to Shield Peso as Inflation Quickens


Reported to us by: Voice of America -Economy - Wed, 04/17/2019 - 03:55 - [CET]
Argentina's inflation rate accelerated for the third straight month in March, the government statistics agency said on Tuesday, prompting the central bank to unveil fresh measures to temper raging inflation and protect the embattled peso currency. The recession-hit country's consumer prices rose 4.7% for the month, taking the year-to-date increase to 11.8%. Rolling 12-month inflation is running at 54.7%, the National Institute of Statistics and Censuses (INDEC) said. "That's a very bad number," said Alberto Bernal, chief emerging markets strategist at XP Investments in New York, adding it would force the country's central bank to keep already-sky-high rates elevated to help protect the peso currency. Argentina has been taking measures to fight inflation since last year, when prices rose 47.6%, battering consumers' spending power and dampening President Mauricio Macri's popularity ahead of make-or-break national elections later this year. Latin America's No. 3 economy has also been hit by broader financial turmoil that has left a third of the population in poverty, forced interest rates upward and sent the beleaguered peso currency tumbling against the dollar. Argentine central bank chief Guido Sandleris said in a press conference after the data that the bank believed the pace of inflation would start to ease from April. He added the central bank would reinforce the "contractionary bias" of monetary policy, which includes freezing a non-intervention peso trading range until year-end and holding off from buying dollars to rein in the currency if it strengthens outside the range until the end of June. The bank had bought nearly $1 billion at the start of the year to help bring the currency back inside the range. The International Monetary Fund said it welcomed the central bank's announcements. "We are confident that continued efforts in this direction will help to bring inflation down in the coming months," IMF spokesman Gerry Rice said in a tweet. 'Intense' Data Goldman Sachs said in a client note that the significantly larger-than-expected jump had been driven by rising prices for food, clothing, regulated tariffs and seasonal school tuition fees. The investment bank described the March data as "intense," adding that while the annual inflation figure should moderate, it would still likely end 2019 at an "extraordinarily high" 36%. Argentina's peso, one of the year's worst-performing currencies globally, fell 1.79 percent on Tuesday after recovering last week from recent record lows against the dollar. Economists polled by Argentina's central bank earlier this month sharply raised their forecast for full-year 2019 inflation to 36% from a previous estimate of 31.9%. Analysts said price rises could be starting to peak and should start to slow from next month. March was the fastest rise since October last year when prices rose 5.4%. "Only in May we will be able to see monthly inflation slowing, due to lower impact of tariffs and because it is a month with few seasonal increases," said Lorenzo Sigaut Gravina, a director at consultancy Ecolatina.
Newsitem placed in category: ECONOMY AND FINANCE

Citigroup might chill out on pot drug testing for new hires


Reported to us by: NEW YORK POST -BUSINESS - Wed, 04/17/2019 - 03:44 - [CET]
Say no to drug testing. Citigroup, one of Wall Street’s biggest banks, is looking to relax its drug testing of new hires as New York City gets ready to pass a law that would make it illegal to screen applicants for pot, The Post has learned. The buttoned-up bank, led by Michael Corbat, tests all...
Newsitem placed in category: ECONOMY AND FINANCE

DOJ to meet with Big3 over allegations of dirty tricks by Charter


Reported to us by: NEW YORK POST -BUSINESS - Wed, 04/17/2019 - 03:38 - [CET]
The Department of Justice has called on representatives of Big3 Basketball — the pickup league co-founded by rapper Ice Cube — to a meeting over accusations of dirty tricks by cable giant Charter Communications, The Post has learned. The meeting, to be held with the DOJ’s antitrust team on Wednesday, is tied to Big3’s recent...
Newsitem placed in category: ECONOMY AND FINANCE

'Pushing citizens to mediocrity': Huawei exec lashes government over ban


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 03:28 - [CET]
A senior Huawei executive has lashed out at the Australian government's ban on the telco giant, saying it is pushing its citizens into "mediocrity".
Newsitem placed in category: ECONOMY AND FINANCE

Netflix brushes off streaming threats from Apple, Disney


Reported to us by: NEW YORK POST -BUSINESS - Wed, 04/17/2019 - 03:16 - [CET]
Netflix brushed off threats of competition from Apple and Disney on Tuesday even as it predicted its global subscriber base will grow at a slower pace next quarter.
Newsitem placed in category: ECONOMY AND FINANCE

Banks turn to a former rival to jump-start digital platforms


Reported to us by: AMERICAN BANKER - Wed, 04/17/2019 - 03:00 - [CET]
TD and several other banks are licensing credit underwriting and fraud prevention technology from the fintech Avant to get their digital-lending products to market faster.
Newsitem placed in category: ECONOMY AND FINANCE

BHP cuts iron ore guidance after wild weather impacts mines


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 02:46 - [CET]
Global miner BHP wants to pump up the petroleum as it recovers from iron ore setbacks caused by adverse weather around the world.
Newsitem placed in category: ECONOMY AND FINANCE

Japan exports slump on weak China demand, heaping pressure on economy


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 02:45 - [CET]
Author: Wed, 2019-04-17 03:38

TOKYO: Japan’s exports fell for a fourth straight month in March as China-bound shipments slumped again, reinforcing growing anxiety that weak external demand is likely to have knocked first quarter economic growth. Ministry of Finance data out on Wednesday showed exports fell 2.4 percent in March from a year earlier, compared with a 2.7 percent drop predicted by economists in a Reuters poll, and followed a 1.2 percent decline in February. The data reinforces worries that weak external demand may hurt company profits and in turn curb business expenditures, workers’ wages and consumer spending in a broad hit to growth. Some analysts expect Japan’s economy likely swung back to a mild contraction in the first quarter as declines in exports and capital expenditure dented private consumption. That would pile pressure on Prime Minister Shinzo Abe to once again delay a planned sales tax hike in October needed to fix the world’s heaviest public debt burden at twice the size of its economy. The economy grew at an annualized rate of 1.9 percent in the fourth quarter driven by business and consumer spending. Bank of Japan Governor Haruhiko Kuroda last week stuck to his optimism that Japan’s export-dependent economy will soon climb out of its doldrums as global growth recovers. Kuroda, however, did warn of lingering risks to the global outlook, including the outcome of US-China trade talks and Britain’s potentially messy departure from the European Union. Markets expect the BOJ to stand pat at a rate review next week, though some investors say the recent batch of soft indicators may pile pressure on policymakers to add to the central bank’s already massive stimulus later in the year. Wednesday’s data came on the heels of this week’s bilateral trade talks between Tokyo and Washington. US President Donald Trump has prodded Japanese automakers to boost more jobs in the United States as the White House has threatened to impose tariffs of up to 25 percent on imported vehicles, on the grounds of national security. Imports of Japanese cars make up about two-thirds of Japan’s $69 billion annual trade surplus with the United States. US-bound exports rose 4.4 percent in the year to March, driven by car shipments, which grew 5.1 percent. Imports from the United States declined 0.2 percent, resulting in Japan’s trade surplus with the country rising 9.8 percent year-on-year to 683.6 billion yen. Exports to China, Japan’s biggest trading partner, fell 9.4 percent year-on-year in March, reversing from a 5.6 percent gain in February. Asia-bound shipments, which account for more than half of overall exports, fell 5.5 percent, down for a fifth straight month. Japan’s overall imports rose 1.1 percent in the year to March, undershooting the median estimate for a 2.6 percent annual increase, resulting in a trade surplus of 528.5 billion yen. 

Main category: Business & EconomyTags: Japan economy Ghosn to reveal who he blames for arrest in Japan: wifeHelping, listening, caring: Japanese prefecture leads dramatic decrease in suicides
Newsitem placed in category: ECONOMY AND FINANCE

Sexual-Assault Accuser Sues JD.com Founder


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 02:40 - [CET]
A college student has filed a civil lawsuit accusing Chinese e-commerce company JD.com Inc. founder and Chief Executive Liu Qiangdong of sexually assaulting her, after prosecutors declined to charge him last year with rape.
Newsitem placed in category: ECONOMY AND FINANCE

Zimbabwe’s White Farmers Hopeful After Promise of Compensation


Reported to us by: Voice of America -Economy - Wed, 04/17/2019 - 02:30 - [CET]
In Zimbabwe, white farmers whose land was taken by the government are cautiously hopeful about a promise from President Emmerson Mnangagwa to give them at least partial repayment. The promise came a few days before Zimbabwe celebrates 39 years of independence. On Sunday, state media quoted President Mnangagwa promising partial compensation for white commercial farmers whose land was seized under former president Robert Mugabe and redistributed to blacks. He said the government would pay for improvements to the land, such as buildings or dams. Ex-farmers are now submitting requests for compensation at the offices of the Zimbabwe Commercial Farmers Union. One of them is Glen Johnston, whose mother, Agnes, was displaced from her farm about 17 years ago. Since then, she has been living in Harare with her son. Johnston says he is taking the president’s promise with caution. “Basically, it looks like we’ve been promised that we have steps to be taken. So now, taking the steps, will we get the money at the end of the day? Obviously time will tell,” he said. The land seizures began in 2000 with the backing of Mugabe, who said they would correct colonial imbalances. Farm production plunged, and critics blamed the seizures for the collapse of Zimbabwe’s economy. Others blamed the collapse on targeted Western sanctions imposed in 2002, in response to alleged election rigging and human rights abuses. Douglas Mahiya of the ruling ZANU-PF party does not think Zimbabwe should compensate white farmers, who in his view, took the country’s land at the point of a gun. “But we are saying that we compensate for their sweat. And when that happens, then the international world must accept Zimbabwe in the global family again economically and politically,” he said. The Zimbabwe Commercial Farmers Union says it has received nearly 1,000 applications for compensation, which it will submit to the government. Ben Gilpin, the director of the union, says the possibility for compensation gives his members some hope ahead of Zimbabwe’s Independence Day this Thursday. “I think for many people (farmers) the last 20 independence days have come and gone without such promises being hinted at, and now the promise is that this is being dealt with seriously, so we appreciate that,” he said. Meanwhile, Mnangagwa’s government says it hopes Zimbabwe’s cold relations with the West will thaw and that the ailing economy will improve, so that Zimbabweans can fully enjoy their political independence.
Newsitem placed in category: ECONOMY AND FINANCE

Panel: Pilots won't need simulator training for Boeing jet


Reported to us by: ABC Business - Wed, 04/17/2019 - 02:23 - [CET]
A group that advises the FAA says airline pilots won't need new training on flight simulators to master the anti-stall system on Boeing's troubled new jet
Newsitem placed in category: ECONOMY AND FINANCE

How to avoid being ghosted by a recruiter


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 02:19 - [CET]
Not hearing back from that job application or interview can be disheartening and stressful. So what steps can you take to prevent that happening?
Newsitem placed in category: ECONOMY AND FINANCE

Palestinian PM Accuses US of 'Financial War'


Reported to us by: Voice of America -Economy - Wed, 04/17/2019 - 02:00 - [CET]
The new Palestinian prime minister on Tuesday accused the United States of declaring "financial war" on his people and said an American peace plan purported to be in the works will be "born dead."   In his first interview with the international media since taking office over the weekend, Mohammad Shtayyeh laid out plans to get through the financial crisis he has inherited and predicted that the international community, including U.S. allies in the Arab world, would join the Palestinians in rejecting President Donald Trump's expected peace plan.   "There are no partners in Palestine for Trump. There are no Arab partners for Trump and there are no European partners for Trump," Shtayyeh said during a wide-ranging hour-long interview.   Shtayyeh, a British-educated economist, takes office at a difficult time for the Palestinians, with his government, the Palestinian Authority, mired in a dire financial crisis. The PA administers autonomous zones in the West Bank.   The Trump administration has slashed hundreds of millions of dollars of aid, including all of its support for the U.N. agency for Palestinian refugees.   Israel has also withheld tens of millions of dollars of tax transfers to punish the Palestinians for their "martyrs' fund," a program that provides stipends to the families of Palestinians imprisoned or killed as a result of fighting with Israel.   The Israelis say the fund rewards violence, while the Palestinians say the payments are a national duty to families affected by decades of violence. Furious about the withholding, the Palestinians have in turn refused to accept partial tax transfers from Israel. Loss of Revenue   Without its key sources of revenue, the Palestinian Authority has begun paying only half salaries to tens of thousands of civil servants, reduced services and increased borrowing. In a new report being released Wednesday, the World Bank said the Palestinian deficit will grow from $400 million last year to over $1 billion this year.   "Israel is part of the financial war that has been declared upon us by the United States. The whole system is to try to push us to surrender" and agree to an unacceptable peace proposal, Shtayyeh said. "This a financial blackmail, which we reject."   Shtayyeh laid out a number of proposals for weathering the storm. He said he has imposed spending cuts by reducing perks for his Cabinet ministers.   He said he would seek to develop the Palestinian agricultural, economic and education sectors and seek ways to reduce the Palestinian economy's dependence on Israel. For example, he proposed importing fuel from neighboring Jordan, instead of from Israel, and even floating a Palestinian currency. He also said the Palestinians would seek financial backing from Arab and European donors.   Despite the tensions with Israel and the U.S., Shtayyeh said the Palestinians remain committed to the establishment of an independent Palestinian state on areas captured by Israel in the 1967 war. That includes establishing a capital in east Jerusalem, which Israel has annexed and claims as part of its eternal capital. Netanyahu Electoral Victory   The two-state solution has enjoyed overwhelming international support for the past two decades. But Israeli Prime Minister Benjamin Netanyahu and his hard-line political allies reject Palestinian independence.   Netanyahu secured another term in office in elections last week and is expected to form a new coalition with religious and nationalist parties that oppose the two-state solution. On the campaign trail, Netanyahu even raised the possibility of annexing Israeli settlements in the West Bank, a step that could extinguish any remaining hopes for an independent Palestine.   Netanyahu has received a boost from Trump, who has given Netanyahu a number of diplomatic gifts since taking office. Trump has recognized Jerusalem as Israel's capital and moved the U.S. Embassy to the holy city, slashed aid to the Palestinians and shuttered the Palestinian diplomatic office in Washington.   In a departure from Republican and Democratic predecessors, Trump also has notably refused to endorse the two-state solution. His peace team, led by son-in-law Jared Kushner, has repeatedly pushed back the release of a peace plan it says it is preparing, and it remains unclear if or when it will be released.   Kushner's team has said little about their proposal. But their limited public statements have indicated it will call for large amounts of economic investment in the Palestinians, but given no sign that it will include their demand for independence.   Shtayyeh said that after all of the U.S. moves in favor of Israel, particularly the recognition of Jerusalem, there is nothing left to negotiate.   He said any proposal that ignores key Palestinian demands will be rejected by the international community. The European Union this week reiterated its call for peace talks aimed at establishing a Palestinian state.   "Where are we going to have the Palestinian state?" he asked. "We are not looking for an entity. We are looking for a sovereign state."   "Palestinians are not interested in economic peace. We are interested in ending occupation," he said. "Life cannot be enjoyed under occupation."
Newsitem placed in category: ECONOMY AND FINANCE

Japanese giant lobs $3.8b takeover bid for Dulux


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 01:55 - [CET]
The board of the Australian paint and homeware company is unanimously backing a $3.8 billion acquisition proposal by Japanese paint giant Nippon.
Newsitem placed in category: ECONOMY AND FINANCE

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NEW DELHI: Gearing up for its most challenging space mission, Indian Space Research Organisation (Isro) is leaving no stone unturned to make the Chandrayaan-2 (lunar-2) mission a success.

Feb 21 0 By POLITICAL AVENUE

Abwehr scored perhaps its greatest victories in the area of industrial espionage, as agents managed to steal the blueprint for every major American airplane produced in the war effort.

Feb 21 0 By POLITICAL AVENUE

Shorn on the sides, thick on top for the Kim Jong-un look; bright and blonde for the Donald Trump-loving customers. -A creative Hanoi barber is offering free cuts ahead of the leaders’ meeting in the next week in their Vietnamese capital.

Feb 21 0 By POLITICAL AVENUE

Time for a history lesson ! - Here's some old newspaper frontpages you might recognize in memory lane! *Hitler is dead* *Hindenburg* etc.
This is a relatively new post, and it will be updated later with more frontpage material.

Feb 21 0 By POLITICAL AVENUE

Hello. My name is Ed Snowden. A little over one month ago, I had family, a home in paradise, and I lived in great comfort. I also had the capability without any warrant to search for, seize, and read your communications. Anyone’s communications at any time.

Feb 21 0 By POLITICAL AVENUE

Here is the complete building, suit and telephone list to all United States Senators including the number to the Vice President (Printed in 2015 by the Sergeant at Arms).

Feb 18 0 By POLITICAL AVENUE

The definition of "political avenue" are built on the fact that a political decision affects the road of life-choices people have access to when they 'travel' through their lifes or the options politicians make available to them.

Dec 4 0 By POLITICAL AVENUE

VX nerve agent on North Korea’s brothers face ! Courts Chemist says Kim had 1.4 times lethal dosage of VX on his face.

Feb 23 0 By POLITICAL AVENUE

BECAUSE OF THIS FACT:


High taxes prevented us from hiring the person who would have written the page you requested.

-OR BECAUSE OF THIS FACT-


Most of the news published here, you can read in tomorrow's newspaper,
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We could adjust it to update every second (technically possible), but it will be considered overload of the news agencies websites, and not popular at all.
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Considering the amount of sources we update on (over 100 https:// news channels) per minute. Everything automated 24 hours and 7 days per week.
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Click on the orange button to subscribe to the WORLD NEWS AS REPORTED - RSS FEED!

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https://www.politicalavenue.com - All the world news as reported from Washington Post.All the Reuters News Directory at https://www.politicalavenue.comAll the CNN NEWS -click here!The BEST ACCOMPLISHED website WE KNOW of /says NSA about the political avenue - https://www.politicalavenue.com.Politicians are trustworthy says politicalavenue.comhttp://www.politicalavenue.com/TASS news agency page.





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