U.S. plans to slap tariffs on aluminum imports from Canada: Bloomberg News By Reuters



© Reuters.

(Reuters) – The United States is planning to re-impose tariffs on aluminum imports from Canada, Bloomberg reported late on Monday, citing people familiar with the matter.

If Canada declines to impose export restrictions, the United States will announce on Friday the re-imposition of 10% tariffs on aluminum from the country, the report said.

The tariffs would then be implemented by July 1, the report added, which is also when a new U.S.-Mexico-Canada (USMCA) trade agreement is expected to take effect.

Some industries, including automakers, had been asking for a delayed implementation of the agreement due to the difficulties they are facing amid the coronavirus pandemic.

The USMCA replaces the 26-year-old North American Free Trade Agreement between the three economies.

The office of the United States Trade Representative did not immediately respond to a Reuters request for comment on aluminum tariffs outside regular business hours.

Earlier in the day, the U.S. Supreme Court turned away a challenge to President Donald Trump’s tariffs on imported steel brought by an industry group that had argued that a key part of the law under which he imposed the duties violates the U.S. Constitution.

Trump signed a proclamation this year increasing tariffs on derivative steel products by an additional 25% and on derivative aluminum products by an additional 10%, from which countries including Canada and Mexico were exempted.

 

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Euro, Sterling Drift Ahead of ECB, BoE News By Investing.com



© Reuters.

By Peter Nurse

Investing.com – The dollar edged lower in early European trade Thursday, ahead of two major monetary developments in Europe.

The European Central Bank will announce the results of its latest long-term lending operation, which is the first at which banks can borrow at the new lower limit of as low as 1%. Given the doubts over the effectiveness of negative interest rates, a high take-up would constitute a vote of confidence in the ability of the ECB to keep supporting the economy through monetary policy (and vice versa). ECB board member Isabel Schnabel last week trailed expectations of around 1.4 trillion euros in demand.

The TLTRO results will be followed by the Bank of England’s policy announcement at 7 AM ET (1100 GMT). 

Sterling edged lower in early trading Thursday, amid expectations that the central bank will boost its quantitative easing program by between 100 and 150 billion pounds. The U.K. economy has been particularly hard hit by the coronavirus outbreak, and is forecast to shrink the most of all G7 economies this year by the Organization for Economic Cooperation and Development.

“Our economist thinks the QE target will be raised by 150 billion [pounds] compared to consensus of only 100 billion [pounds],” said analysts at ING, in a research note. “Our expectation is driven in part by practical consideration. If purchases continue at the current pace, the target will be reached around the September meeting – leaving the MPC in a position to take a rushed decision after the summer.”

dropped 0.1% to 1.2538, while rose 0.2% to 0.8974.

At 3:40 AM ET (0740 GMT), the , which tracks the greenback against a basket of six other currencies, was down 0.1% at 97.013. gained 0.1% to 1.1251, dropped 0.1% to 106.86, while the risk-sensitive fell 0.2% to 0.6867.

Norway’s central bank is also scheduled to meet later Thursday, and is widely expected to keep its benchmark interest rates unchanged at 0.0%.

“Developments since the May meeting have clearly come out on the upside and at the very least the downside risk is much reduced,” said analysts at Danske Bank, in a research note. “We therefore expect Norges Bank to revise its projections upwards and that the accompanying interest rate path will indicate a gradual rise in the policy rates from the end of 2022.”

rose 0.1% to 9.5286 and rose 0.1% to 10.722.

The central bank operations are taking place against a backdrop of a spike in new Coronavirus cases in the U.S. and China, which has hit risk-sensitive currencies this week. 

“The markets are currently weighing two opposing forces for risk assets. The rise in Covid-19 cases in the US and China and its associated risk for the economies, and stimulus measures (both monetary and prospects of further fiscal),” ING analysts said. 

As such, the latest weekly U.S. at 8:30 AM ET (1230 GMT) may play a big role in whether greed or fear sets the tone for the rest of the day.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Iran prepared to retaliate if U.S. stopped Venezuela-bound tankers: news agency By Reuters



© Reuters. The Iranian tanker ship “Fortune” is seen at El Palito refinery dock in Puerto Cabello

DUBAI (Reuters) – An Iranian news agency close to the elite Revolutionary Guards said on Saturday Iran’s naval forces were preparing to target U.S. commercial vessels in the Gulf last month in case U.S. forces interfered with Venezuela-bound Iranian oil tankers.

Iran sent a flotilla of five tankers of fuel to gasoline-starved ally Venezuela in May, and Tehran has said it will continue the shipments if Caracas requests more, despite Washington’s criticism of the trade between the two nations, which are both under U.S. sanctions.

“According to reports received by Noor News, after increasing military threats against Iranian vessels headed for Venezuela, an order was issued to Iran’s armed forces to identify and track several U.S. merchant vessels in the Persian Gulf and the Gulf of Oman,” Noor News said on its website.

“Options for reciprocal action were immediately identified and monitored for possible operations,” the agency added.

Iran complained to the United Nations last month and summoned the Swiss ambassador in Tehran, who represents U.S. interests in the Islamic Republic, over possible measures Washington could take against the Iranian tankers.

The United States, which did not hinder Iran’s tanker cargoes, is considering imposing sanctions on dozens of additional foreign oil tankers for trading with Venezuela, a U.S. official told Reuters earlier this month.

Iran seized a British-flagged tanker in the Gulf last yearafter British forces detained an Iranian tanker off theterritory of Gibraltar. Both vessels were released after amonths-long standoff.

In an alert that appeared aimed squarely at Iran, the U.S. Navy issued a warning last month to mariners in the Gulf to stay 100 meters (yards) away from U.S. warships or risk being “interpreted as a threat and subject to lawful defensive measures”.

Tension between Washington and Tehran has escalated since 2018, when U.S. President Donald Trump withdrew from Iran’s 2015 nuclear deal with six world powers and reimposed crippling sanctions targeting particularly its vital oil industry.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



AstraZeneca approached Gilead about potential merger – Bloomberg News


FILE PHOTO: Gilead Sciences Inc pharmaceutical company is seen after they announced a Phase 3 Trial of the investigational antiviral drug Remdesivir in patients with severe coronavirus disease (COVID-19), during the outbreak of the coronavirus disease (COVID-19), in Oceanside, California, U.S., April 29, 2020. REUTERS/Mike Blake/File Photo

(Reuters) – AstraZeneca Plc (AZN.L) has approached rival drugmaker Gilead Sciences Inc (GILD.O) about a potential merger, Bloomberg News reported on Sunday, citing people familiar with the matter.

AstraZeneca contacted Gilead last month and it did not provide terms of any transaction, the report bloom.bg/3h2GU9e added.

The two companies were not immediately available for comment.

Reporting by Rama Venkat in Bengaluru; editing by Raissa Kasolowsky and Jason Neely



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Cryptocurrency News From Japan: May 24



Cryptocurrency News From Japan: May 24 – May 30 in Review

This week’s headlines from Japan included GMO Coin exchange polling customers on their view of digital assets, Lisk opening a base in Japan, Bitflyer showing 2019 net losses, blockchain startup LayerX securing significant funding, and two entities reported successful collaborative blockchain-based securities experiments.

Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Citigroup looks to return some staff to NY headquarters over the summer: Bloomberg News By Reuters



© Reuters. FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto

(Reuters) – Citigroup Inc (NYSE:) looks to return a small number of staff to its New York headquarters in July or possibly August, with workers reentering its London offices possibly even earlier, Chief Executive Officer Michael Corbat told Bloomberg News in an interview.

Corbat said on Thursday the return will be “granular, site-by-site and within those sites, job-by-job”, adding that sometime in July or possibly August is when the bank hopes to return about 5% of some 12,000 employees at Citigroup’s main building in Manhattan’s Tribeca neighborhood.

Staff returning to work will begin next month at the Canary Wharf complex in London, he added.

“The return of our colleagues to our sites will vary depending on local conditions and be driven by data, not dates,” Citi spokeswoman Jennifer Lowney said in a statement.

“We anticipate a slow and measured reentry once local conditions permit, beginning with only a small number of colleagues who have a clear and compelling need to operate from a given location,” the spokeswoman added.

Corbat told Bloomberg that he does not envision a “virtual bank”, but he was considering less business travel.

Goldman Sachs (NYSE:) President John Waldron said on Wednesday the bank plans to reopen its New York and London offices to a small, “core group” of global markets and strategy employees in the coming weeks.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Jaguar seeks state loan as coronavirus pandemic takes toll: Sky News


Jaguar Land Rover unveils the new Jaguar F-Type model during its world premiere in Munich, Germany, December 2, 2019. REUTERS/Michaela Rehle

(Reuters) – Jaguar Land Rover (TAMO.NS) is in talks with the British government about a request for temporary state funding of more than 1 billion pounds ($1.22 billion), Sky News said on Saturday, a report the company said was inaccurate.

The loan request had been lodged with the Department for Business, Energy and Industrial Strategy, the Sky News report said, citing a source close to Jaguar Land Rover, whose parent company is Tata Motors.

“The claim is inaccurate and speculative,” Jaguar Land Rover said in an emailed statement to Reuters. The statement said the company was in “regular discussion with government on a whole range of matters and the content of our private discussions remains confidential.”

The company recently restarted operations at Solihull plant in UK. “Manufacturing will resume at Halewood factory on 8 June, starting with one shift,” it said bit.ly/2zs6Wl8 in a statement on Wednesday.

Sky News, citing a spokesman, said about 20,000 of its employees had been furloughed under the government’s emergency wage subsidy program.

On May 1, rating agency Fitch downgraded its credit rating to the company, saying that “risks of the COVID-19 pandemic to both demand in JLR’s end-markets and disruption to operations has increased further”.

Sky News said the government’s position on JLR’s latest loan request was unclear this weekend.

Tata Motors did not immediately respond to a Reuters request for comment.

($1 = 0.8217 pounds)

Reporting by Roshan Abraham in Bengaluru; Additional Reporting by Aishwarya Nair. Editing by Jane Merriman and David Evans



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Several Chinese Media Outlets Setup a “Blockchain-Powered News” Department By Cointelegraph



Several Chinese Media Outlets Setup a

A group of 12 Chinese media organizations conformed by television stations, local newspapers, radio stations, and web media allied to create a “blockchain-powered news department” on May 21.

According to the report published by China Email, the group is made up of media companies from all over the country. They use solutions based on 4.0 and advantage of blockchain technology in favor of the distribution and exchange of content through the network.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Dollar Slips on Positive Vaccine News By Investing.com


© Reuters.

By Peter Nurse

Investing.com – The U.S. dollar drifted lower in early European trade Tuesday, continuing the sharp losses seen overnight as signs of progress in the search for a Covid-19 vaccine sparked growing risk appetite. 

At 2:45 AM ET (0645 GMT), the , which tracks the greenback against a basket of six other currencies, stood at 99.438, down 0.2%, well off Monday’s three-week high. rose 0.1% to 1.0738.

U.S. drugmaker Moderna (NASDAQ:) said late Monday that clinical results suggested its vaccine has a “high probability” to provide protection from coronavirus disease.

The positive update bolstered hopes that a vaccine may be found sooner rather than later, prompting investors to dump the safe haven dollar for currencies which may offer greater reward.

“There has been a big improvement in risk sentiment because of hopes for a vaccine,” said Junichi Ishikwa, senior FX strategist at IG Securities, told CNBC.

“Volatility is falling for stocks and dollar-funding costs are lower. It’s easy for the dollar to fall and for other currencies to ride the dollar’s losses higher.” 

Federal Reserve chairman Jerome Powell is to testify on Tuesday before the Senate Banking Committee, alongside Treasury Secretary Steven Mnuchin, to update government officials on the economic stimulus programs approved so far.

The thorny issue of negative interest rates could be raised, and Powell is expected to repeat that a negative policy rate is not on the cards right now.

Also of note was the news late Monday that France and Germany are proposing a 500 billion euro ($545 billion) European recovery fund to be distributed to EU countries worst affected by Covid-19, with the funds provided as grants rather than loans.

This marks a shift in position by Germany, who had previously rejected the idea of nations sharing debt.

Other EU countries must agree with the proposal, however, and the idea of shared debt has proved an extremely difficult hurdle to pass in the past.

Still, climbed 0.2% to 1.0936, reaching levels last seen at the start of this month.

While the U.S. central bank members are doing their best to rule out the possibility of negative interest rates, their U.K. equivalents are doing exactly the opposite. 

Over the weekend the Bank of England’s chief economist, Andy Haldane, said the central bank was looking more urgently at negative interest rates, while rate-setter Silvana Tenreyro Monday talked up the benefits of such rates, citing the experience of other countries in Europe. 

This comes as the number of Britons seeking jobless benefits soared by 856,500 to more than 2 million in April, the most on record.

At 02:45 AM ET, traded 0.5% higher at 1.2264.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Iran news agency warns U.S. against any move on fuel shipment to Venezuela By Reuters



DUBAI (Reuters) – An Iranian news agency close to the elite Revolutionary Guards said on Saturday there would be repercussions if the United States acted “just like pirates” against an Iranian fuel shipment to Venezuela.

A senior official in President Donald Trump’s administration told Reuters on Thursday the United States was considering measures it could take in response to Iran’s shipment of fuel to crisis-stricken Venezuela.

The oil sectors of Iran and Venezuela, members of OPEC, are both under U.S. sanctions. The Trump administration official declined to specify the measures being weighed but said options would be presented to Trump.

“If the United States, just like pirates, intends to create insecurity on international waterways, it would be taking a dangerous risk and that will certainly not go without repercussion,” Iran’s Nour news agency said.

At least one tanker carrying fuel loaded at an Iranian port has set sail for Venezuela, according to vessel tracking data from Refinitiv Eikon on Wednesday, which could help ease an acute scarcity of gasoline in the South American country.

“Venezuela and Iran are both independent states that have had and will continue to have trade relations with each other,” Iranian government spokesman Ali Rabiei was quoted as saying by the YJC news website, linked to Iran’s state broadcaster.

“We sell goods and buy goods in return. This trade has nothing to do with anyone else,” Rabiei said, adding that he had no information about the Venezuela-bound vessel.

The Iran-flagged medium tanker Clavel passed the Suez Canal on Wednesday after loading fuel at the end of March at Iran’s Bandar Abbas port, according to the data.

“News received from informed sources indicate that the U.S. Navy has sent four warships and a Boeing (NYSE:) P-8 Poseidon from the VP-26 squadron to the Caribbean region,” Nour said.

Venezuela is in desperate need of gasoline and other refined fuel products to keep the country functioning amid an economic collapse under socialist President Nicolas Maduro. Venezuela produces but its infrastructure has been crippled during the economic crisis.

A Venezuelan official said last month that Venezuela had received refining materials via plane from Iran to help it start a unit at the 310,000 barrel-per-day Cardon refinery, which is necessary to produce gasoline.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.