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Lloyds Banking Group said on Thursday it would accelerate its cost cutting plan to help offset a more testing economic environment and a likely drop in demand for credit caused by Britain&#39;s vote to quit the European Union.

Britain&#39;s largest retail bank announced plans to save 400 million pounds by the end of&nbsp;2017 by laying off&nbsp;a further 3,000 people&nbsp;and closing an additional 200 branches to protect its earnings and ambitious dividend profile against lower-for-longer interest rates. Chief Executive Officer Antonio Horta-Os?rio is searching for ways to prop up shareholder returns and sustain profit growth in Lloyds&#39; core UK consumer and commercial lending market, still reeling from the Brexit result on June 24.

&quot;Given the uncertainty, it is too early to determine the impact on our formal longer term guidance at this stage,&quot; the bank said in a statement.

&quot;However, while the business will remain highly capital generative, it is possible that this capital generation may be somewhat lower in future years than previously guided.&quot;

So far this year, Lloyds has already said it would cut about 3,000 positions from its 75,000-strong workforce. The bank also said it would look to streamline its non-branch property portfolio by around 30 per cent by the end of 2018.

Lloyds reported a first-half statutory pretax profit of 2.45 billion Pounds ($3.3 billion) in the six months to June 30, more than double the sum achieved in the same period last year.

That figure was just ahead of the 2.35 billion Pound average estimate of 15 analysts surveyed by the bank. Income for the first half of the year came in at 8.9 billion Pounds, just below the 2015 figure.

The bank said its net interest margin (NIM) - a key performance measure that tracks the difference between what Lloyds receives in interest and lends out to customers &ndash; had widened to 2.74 per cent over the period. It affirmed previous guidance of about 2.7 per cent for the full financial year.

But a rise in impairments by almost a third to 254 million Pounds took the shine off the profit beat, and robust NIM result and offered a glimpse into tougher times to come. Lloyds, rescued in a 20.5 billion Pound taxpayer bail-out during the financial crisis, is the first major British bank to report results since the referendum and is the most exposed to any downturn in the British economy.

But as the vote to leave the EU came at almost the end of the bank&#39;s fiscal first half, the likely impact on lending volumes will remain unclear until the third quarter and beyond.

Lloyds said it will pay an interim dividend of 0.85 pence, up 13 percent on last year. This leaves it with a common equity tier 1 ratio, a measure of financial strength, of 13 per cent after the payout. 
 
(Reuters)

Lloyds is the first major British bank to to report results since referendum and is the most exposed to downturn in British economy

Lloyds Banking Group said on Thursday it would accelerate its cost cutting plan to help offset a more testing economic environment and a likely drop in demand for credit caused by Britain's vote to quit the European Union. Britain's largest retail bank announced plans to save 400 million pounds by the end of 2017 by laying off a further 3,000 people and closing an additional 200 branches to protect its earnings and ambitious dividend profile against lower-for-longer interest rates. Chief Executive Officer Antonio Horta-Os?rio is searching for ways to prop up shareholder returns and sustain profit growth in Lloyds' core UK consumer and commercial lending market, still reeling from the Brexit result on June 24. "Given the uncertainty, it is too early to determine the impact on our formal longer term guidance at this stage," the bank said in a statement. "However, while the business will remain highly capital generative, it is possible that this capital generation may be somewhat lower in future years than previously guided." So far this year, Lloyds has already said it would cut about 3,000 positions from its 75,000-strong workforce. The bank also said it would look to streamline its non-branch property portfolio by around 30 per cent by the end of 2018. Lloyds reported a first-half statutory pretax profit of 2.45 billion Pounds ($3.3 billion) in the six months to June 30, more than double the sum achieved in the same period last year. That figure was just ahead of the 2.35 billion Pound average estimate of 15 analysts surveyed by the bank. Income for the first half of the year came in at 8.9 billion Pounds, just below the 2015 figure. The bank said its net interest margin (NIM) - a key performance measure that tracks the difference between what Lloyds receives in interest and lends out to customers – had widened to 2.74 per cent over the period. It affirmed previous guidance of about 2.7 per cent for the full financial year. But a rise in impairments by almost a third to 254 million Pounds took the shine off the profit beat, and robust NIM result and offered a glimpse into tougher times to come. Lloyds, rescued in a 20.5 billion Pound taxpayer bail-out during the financial crisis, is the first major British bank to report results since the referendum and is the most exposed to any downturn in the British economy. But as the vote to leave the EU came at almost the end of the bank's fiscal first half, the likely impact on lending volumes will remain unclear until the third quarter and beyond. Lloyds said it will pay an interim dividend of 0.85 pence, up 13 percent on last year. This leaves it with a common equity tier 1 ratio, a measure of financial strength, of 13 per cent after the payout. (Reuters)

Lloyds plans 3,000 jobs cull, fresh branch closures after Brexit shock

Oracle Corp said it would buy NetSuite Inc in a deal valued at about $9.3 billion to expand into the fast-growing cloud market. 
 
Netsuite shares rose 18.6 per cent to $108.64 in premarket trading, just shy of the offer price of $109 per share. 
 
Like rivals SAP SE and Microsoft Corp, Oracle has focused on moving its business to the cloud-based model, essentially providing services remotely via data centers rather than selling installed software. 
 
NetSuite, founded in 1998, pioneered the cloud computing revolution, by creating the first company dedicated to providing business applications over the internet. 
 
Oracle has also acquired companies such as Textura and Opower to increase its competitiveness in the cloud market. 
 
The company expects the deal to immediately add to its adjusted earnings in the first full fiscal year after the transaction closes. 
 
Oracle shares were up 1.6 per cent at $41.6 in premarket trading. 
 
(Reuters)

NetSuite pioneered cloud computing revolution by creating the first company dedicated to providing business application over the internet

Oracle Corp said it would buy NetSuite Inc in a deal valued at about $9.3 billion to expand into the fast-growing cloud market. Netsuite shares rose 18.6 per cent to $108.64 in premarket trading, just shy of the offer price of $109 per share. Like rivals SAP SE and Microsoft Corp, Oracle has focused on moving its business to the cloud-based model, essentially providing services remotely via data centers rather than selling installed software. NetSuite, founded in 1998, pioneered the cloud computing revolution, by creating the first company dedicated to providing business applications over the internet. Oracle has also acquired companies such as Textura and Opower to increase its competitiveness in the cloud market. The company expects the deal to immediately add to its adjusted earnings in the first full fiscal year after the transaction closes. Oracle shares were up 1.6 per cent at $41.6 in premarket trading. (Reuters)

Tech giant Oracle to buy cloud computing pioneer in $9.3 billion deal

India has signed a billion-dollar deal with Boeing to buy four maritime surveillance planes, defence and aviation sources said Wednesday, as it looks to counter China in the Indian Ocean. 
 
The deal for four P-8I aircraft follows India&#39;s earlier purchase of eight of the planes from the American aerospace giant in 2009. 
 
&quot;The deal has been signed. The delivery dates are being worked out,&quot; a defence ministry source told AFP, adding that the deal was worth more than a billion dollars. 
 
India has already deployed its original eight long-range P-8I aircraft to track submarine movements in the Indian Ocean. 
 
The navy is looking to beef up its fleet to strengthen its capabilities against submarines and surface ships. 
 
&quot;India has a vast maritime border and these planes are meant for long-range surveillance,&quot; a Boeing official told AFP, adding that a clause in the earlier agreement provided for New Delhi to purchase four more planes. 
 
&quot;The navy will likely deploy them in the Indian Ocean and Bay of Bengal to counter Chinese influence in the seas,&quot; the official said. 
 
India, the world&#39;s number one defence importer, is in the midst of a multi-billion dollar upgrade of its Soviet-era military hardware. 
 
The country has signed several big-ticket defence deals since Prime Minister Narendra Modi&#39;s Bharatiya Janata Party stormed to power in 2014. 
 
Other deals have been mired in bureaucratic wrangles, however, notably the agreement to buy 36 Rafale fighter jets from France&#39;s Dassault Aviation which has been pending since 2012. 
 
Modi&#39;s government has raised the limit on foreign investment in the defence sector and encouraged tie-ups between foreign and local companies. 
 
Modi has also called for the manufacturing of defence equipment locally and cut down reliance on expensive imports. 
 
(AFP) 
&nbsp;

The P-8I Poseidons will help India bolster its navy as New Delhi tries to check China's presence in the Indian Ocean

India has signed a billion-dollar deal with Boeing to buy four maritime surveillance planes, defence and aviation sources said Wednesday, as it looks to counter China in the Indian Ocean. The deal for four P-8I aircraft follows India's earlier purchase of eight of the planes from the American aerospace giant in 2009. "The deal has been signed. The delivery dates are being worked out," a defence ministry source told AFP, adding that the deal was worth more than a billion dollars. India has already deployed its original eight long-range P-8I aircraft to track submarine movements in the Indian Ocean. The navy is looking to beef up its fleet to strengthen its capabilities against submarines and surface ships. "India has a vast maritime border and these planes are meant for long-range surveillance," a Boeing official told AFP, adding that a clause in the earlier agreement provided for New Delhi to purchase four more planes. "The navy will likely deploy them in the Indian Ocean and Bay of Bengal to counter Chinese influence in the seas," the official said. India, the world's number one defence importer, is in the midst of a multi-billion dollar upgrade of its Soviet-era military hardware. The country has signed several big-ticket defence deals since Prime Minister Narendra Modi's Bharatiya Janata Party stormed to power in 2014. Other deals have been mired in bureaucratic wrangles, however, notably the agreement to buy 36 Rafale fighter jets from France's Dassault Aviation which has been pending since 2012. Modi's government has raised the limit on foreign investment in the defence sector and encouraged tie-ups between foreign and local companies. Modi has also called for the manufacturing of defence equipment locally and cut down reliance on expensive imports. (AFP)

India orders 4 more maritime spy planes from Boeing worth $1 billion

Flush with the stunning popularity of the Pokemon GO mobile game, Nintendo&nbsp;aims to make more from marketing popular characters such as Super Mario, taking a leaf from the Walt Disney&nbsp;playbook where Mickey Mouse and friends bring in billions of merchandising dollars each year.

But, where Disney&#39;s animated characters often earn more than the films they star in, Super Mario, Pokemon and other Nintendo franchises have languished amid the Japanese firm&#39;s reluctance to push them beyond its struggling game console platform.

The success of Pokemon GO - created by Nintendo, Pokemon Company and Niantic, a Google&nbsp;spinoff - may signal that Nintendo&#39;s move to let its characters roam beyond that console universe could help revitalise a company that had grown from a card game maker in nineteenth century Kyoto to the world&#39;s top computer game and console maker.

&quot;We are now expanding how we leverage Nintendo IP in various ways beyond our traditional use of them predominantly within the dedicated video game platform business,&quot; Tatsumi Kimishima, the company&#39;s president, wrote in a message to investors.

It could be sitting on a goldmine.

&quot;We believe the value of Nintendo intellectual property is enormous and will eventually be unlocked over a 3-5 year period,&quot; Jefferies analyst Atul Goyal wrote in a Monday research note.

A spokesman for Japanese toymaker Takara Tomy&nbsp;said: &quot;We are seeing a resurgence of interest in Pokemon toys after the launch of Pokemon GO.&quot;

Nintendo, which yesterday partly blamed a strengthening yen for its April-June operating loss, is said to be doing more to expand the reach of its popular franchise characters, which also include The Legend of Zelda.

&quot;Nintendo used to have only few people in its licensing business and deal only with a limited number of merchandising companies,&quot; said a toy company official, who asked not to be named as he is not authorised to talk to the media. &quot;That&#39;s gradually changing as the company has made it clear it will boost its IP business.&quot;

Shigeru Miyamoto, the creator of the puppet-inspired Super Mario, has indicated Nintendo has more appetite now to allow its franchise characters to spread beyond console gaming, and into revenue generating licensing agreements.

&quot;These projects will take time to bear fruit, but they are something to look forward to,&quot; Miyamoto told Nintendo&#39;s shareholder meeting late last month, adding Nintendo had started licensing characters for attractions at Universal Studios theme parks and was working to expand Nintendo products.

Faded Wii

Since its Wii game console boom faded four years ago and its successor, the Wii U, flopped, Nintendo has been buffeted by losses that have more than halved its cash pile to around $5 billion.

Nintendo sold almost 100 million of its Wii consoles between its late-2006 launch and end-2011, the year before the Wii U was released. Subsequent sales of the Wii U have added only 13 million units. As casual gaming has shifted from the living room to the smartphone, sales of its handheld 3DS video game system are just a third of the older DS model.

Wary of losing focus on its ailing console business, Nintendo has largely steered clear from producing games for other platforms or agreeing lucrative licensing agreements.

In the year to end-March, the company&#39;s licensing revenue was just $54.2 million&nbsp;- around 1 per cent of overall sales, and a tiny fraction of what Disney earns from the likes of Mickey Mouse, Toy Story, Winnie the Pooh and, more recently, Star Wars.

Disney&#39;s revenue from consumer products - from Mickey Mouse tea pots and tie clips to books, magazines and even English language schools in China - totalled $4.5 billion in its last full business year - around 9 per cent of its total sales.

It was Disney&#39;s fastest growing business segment in the year to Oct. 3, 2015, with operating profit up 29 per cent from a year earlier. While the Toy Story 3 movie, released in 2010, earned Disney $1.7 billion at cinemas and from TV broadcasts, the franchise&#39;s licensed toys, books and a smartphone app have brought in $7.3 billion.

That&#39;s a merchandising masterclass that some investors reckon Nintendo will struggle to match.

&quot;Monetising IP is a whole different thing from selling games,&quot; said a fund manager at a Japanese asset management firm which owns Nintendo shares.

&quot;They say they&#39;re going to sell a wrist watch, but it&#39;s adults who are playing Pokemon GO&nbsp;and are they going to wear a Pokemon GO Plus watch?&quot; 
 
(Reuters)

Nintendo?aims to make more from marketing popular characters like Mario to revitalise a company struggling with its game console platform

Flush with the stunning popularity of the Pokemon GO mobile game, Nintendo aims to make more from marketing popular characters such as Super Mario, taking a leaf from the Walt Disney playbook where Mickey Mouse and friends bring in billions of merchandising dollars each year. But, where Disney's animated characters often earn more than the films they star in, Super Mario, Pokemon and other Nintendo franchises have languished amid the Japanese firm's reluctance to push them beyond its struggling game console platform. The success of Pokemon GO - created by Nintendo, Pokemon Company and Niantic, a Google spinoff - may signal that Nintendo's move to let its characters roam beyond that console universe could help revitalise a company that had grown from a card game maker in nineteenth century Kyoto to the world's top computer game and console maker. "We are now expanding how we leverage Nintendo IP in various ways beyond our traditional use of them predominantly within the dedicated video game platform business," Tatsumi Kimishima, the company's president, wrote in a message to investors. It could be sitting on a goldmine. "We believe the value of Nintendo intellectual property is enormous and will eventually be unlocked over a 3-5 year period," Jefferies analyst Atul Goyal wrote in a Monday research note. A spokesman for Japanese toymaker Takara Tomy said: "We are seeing a resurgence of interest in Pokemon toys after the launch of Pokemon GO." Nintendo, which yesterday partly blamed a strengthening yen for its April-June operating loss, is said to be doing more to expand the reach of its popular franchise characters, which also include The Legend of Zelda. "Nintendo used to have only few people in its licensing business and deal only with a limited number of merchandising companies," said a toy company official, who asked not to be named as he is not authorised to talk to the media. "That's gradually changing as the company has made it clear it will boost its IP business." Shigeru Miyamoto, the creator of the puppet-inspired Super Mario, has indicated Nintendo has more appetite now to allow its franchise characters to spread beyond console gaming, and into revenue generating licensing agreements. "These projects will take time to bear fruit, but they are something to look forward to," Miyamoto told Nintendo's shareholder meeting late last month, adding Nintendo had started licensing characters for attractions at Universal Studios theme parks and was working to expand Nintendo products. Faded Wii Since its Wii game console boom faded four years ago and its successor, the Wii U, flopped, Nintendo has been buffeted by losses that have more than halved its cash pile to around $5 billion. Nintendo sold almost 100 million of its Wii consoles between its late-2006 launch and end-2011, the year before the Wii U was released. Subsequent sales of the Wii U have added only 13 million units. As casual gaming has shifted from the living room to the smartphone, sales of its handheld 3DS video game system are just a third of the older DS model. Wary of losing focus on its ailing console business, Nintendo has largely steered clear from producing games for other platforms or agreeing lucrative licensing agreements. In the year to end-March, the company's licensing revenue was just $54.2 million - around 1 per cent of overall sales, and a tiny fraction of what Disney earns from the likes of Mickey Mouse, Toy Story, Winnie the Pooh and, more recently, Star Wars. Disney's revenue from consumer products - from Mickey Mouse tea pots and tie clips to books, magazines and even English language schools in China - totalled $4.5 billion in its last full business year - around 9 per cent of its total sales. It was Disney's fastest growing business segment in the year to Oct. 3, 2015, with operating profit up 29 per cent from a year earlier. While the Toy Story 3 movie, released in 2010, earned Disney $1.7 billion at cinemas and from TV broadcasts, the franchise's licensed toys, books and a smartphone app have brought in $7.3 billion. That's a merchandising masterclass that some investors reckon Nintendo will struggle to match. "Monetising IP is a whole different thing from selling games," said a fund manager at a Japanese asset management firm which owns Nintendo shares. "They say they're going to sell a wrist watch, but it's adults who are playing Pokemon GO and are they going to wear a Pokemon GO Plus watch?" (Reuters)

Nintendo's Mario to get a merchandising makeover

Apple announced yesterday the sale of its billionth iPhone, a milestone for the company as it seeks to keep momentum in a competitive smartphone market. 
 
Chief executive Tim Cook made the announcement at a staff meeting at the company&#39;s California headquarters. 
 
&quot;IPhone has become one of the most important, world-changing and successful products in history,&quot; he said in a statement. 
 
&quot;It&#39;s become more than a constant companion. IPhone is truly an essential part of our daily life and enables much of what we do throughout the day. Last week we passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we&#39;ve always set out to make the best products that make a difference.&quot; 
 
The news comes a day after Apple reported a drop in iPhone sales over the past quarter, a second straight drop after uninterrupted growth since its introduction in 2007. 
 
Apple sold 40.4 million iPhones in the quarter ending June 25, down 15 per cent from a year earlier, highlighting concerns over growth for the iconic smartphone. 
 
The quarterly results underscored the challenges for Apple, which has built a huge business around the iPhone but is unlikely to see continued growth, due to a saturated smartphone market and increased competition. 
 
Apple has been seeking to diversify its product line and move into services for a more stable revenue base, while keeping users in its ecosystem with offerings such as music, connected cars and its Apple Watch. 
 
(AFP)

'iPhone is truly an essential part of our daily life,' Apple CEO Tim Cook said in a statement

Apple announced yesterday the sale of its billionth iPhone, a milestone for the company as it seeks to keep momentum in a competitive smartphone market. Chief executive Tim Cook made the announcement at a staff meeting at the company's California headquarters. "IPhone has become one of the most important, world-changing and successful products in history," he said in a statement. "It's become more than a constant companion. IPhone is truly an essential part of our daily life and enables much of what we do throughout the day. Last week we passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we've always set out to make the best products that make a difference." The news comes a day after Apple reported a drop in iPhone sales over the past quarter, a second straight drop after uninterrupted growth since its introduction in 2007. Apple sold 40.4 million iPhones in the quarter ending June 25, down 15 per cent from a year earlier, highlighting concerns over growth for the iconic smartphone. The quarterly results underscored the challenges for Apple, which has built a huge business around the iPhone but is unlikely to see continued growth, due to a saturated smartphone market and increased competition. Apple has been seeking to diversify its product line and move into services for a more stable revenue base, while keeping users in its ecosystem with offerings such as music, connected cars and its Apple Watch. (AFP)

Apple announces sale of billionth iPhone

Volkswagen AG&#39;s $14.7 billion settlement of its US diesel emissions cheating scandal cleared another legal hurdle yesterday, as a federal judge gave the automaker preliminary approval to buy back up to 475,000 vehicles. 
 
US District Judge Charles Breyer in San Francisco set an October 18 hearing for final approval. Preliminary approval means Volkswagen will soon enable owners of the 2.0 liter diesel-powered vehicles to access a website to learn how much they are eligible to receive. 
 
The settlement, announced in June, centers around the largest-ever automotive buy-back offer in the United States. Coupled with possible vehicle repairs and payments to governmental agencies, that component of the settlement carries a $10 billion price tag. 
 
Volkswagen said it continues to work with regulators to get fix approvals. VW told dealers last week that a planned fix could consist of software upgrades and some new catalytic converters. 
 
Volkswagen also plans to offer a new proposal to fix 85,000 polluting 3.0 liter vehicles after regulators rejected an earlier plan, a Justice Department lawyer said on Tuesday. Earlier this month, the California Air Resources Board rejected as insufficient a plan to fix the vehicles, which include VW and Audi luxury cars from model years 2009-2016. 
 
At the hearing, Justice Department lawyer Joshua Van Eaton said the German automaker had been meeting with regulators in recent weeks and planned to offer a new fix proposal in August. 
 
Breyer said he wants another update on the 3.0 liter vehicle talks at an August 25 hearing. 
 
German carmaker set to make hirings to process claims&nbsp; 
 
VW plans to hire between 250 to 300 people in Michigan to process settlement claims and will be overseen full-time by 40 VW Group of America employees. If needed VW could double the number of people it is hiring to process claims, said VW lawyer Sharon Nelles. VW is contracting for storage space to house vehicles it repurchases, she said. 
 
German carmaker admitted in September that it installed secret software that allowed US vehicles to emit up to 40 times legally allowable pollution. 
 
Under the Justice Department deal, VW will provide $2 billion over 10 years to fund programs to promote construction of electric vehicle charging infrastructure and development of zero-emission ride-sharing fleets and other efforts. 
 
VW also agreed to put up $2.7 billion over three years to enable government and tribal agencies to replace old buses or to fund infrastructure to reduce diesel emissions. 
 
Separately, VW reached a settlement with 44 US states, the District of Columbia and Puerto Rico that will cost at least $600 million, bringing the total to as much as $15.3 billion. 
 
Last week, three states filed new lawsuits, saying that VW violated state environmental laws and seeking hundreds of millions in additional penalties. 
 
(Reuters)&nbsp; 
&nbsp;

The settlement, announced in June, centers around the largest-ever automotive buy-back offer in the United States?

Volkswagen AG's $14.7 billion settlement of its US diesel emissions cheating scandal cleared another legal hurdle yesterday, as a federal judge gave the automaker preliminary approval to buy back up to 475,000 vehicles. US District Judge Charles Breyer in San Francisco set an October 18 hearing for final approval. Preliminary approval means Volkswagen will soon enable owners of the 2.0 liter diesel-powered vehicles to access a website to learn how much they are eligible to receive. The settlement, announced in June, centers around the largest-ever automotive buy-back offer in the United States. Coupled with possible vehicle repairs and payments to governmental agencies, that component of the settlement carries a $10 billion price tag. Volkswagen said it continues to work with regulators to get fix approvals. VW told dealers last week that a planned fix could consist of software upgrades and some new catalytic converters. Volkswagen also plans to offer a new proposal to fix 85,000 polluting 3.0 liter vehicles after regulators rejected an earlier plan, a Justice Department lawyer said on Tuesday. Earlier this month, the California Air Resources Board rejected as insufficient a plan to fix the vehicles, which include VW and Audi luxury cars from model years 2009-2016. At the hearing, Justice Department lawyer Joshua Van Eaton said the German automaker had been meeting with regulators in recent weeks and planned to offer a new fix proposal in August. Breyer said he wants another update on the 3.0 liter vehicle talks at an August 25 hearing. German carmaker set to make hirings to process claims VW plans to hire between 250 to 300 people in Michigan to process settlement claims and will be overseen full-time by 40 VW Group of America employees. If needed VW could double the number of people it is hiring to process claims, said VW lawyer Sharon Nelles. VW is contracting for storage space to house vehicles it repurchases, she said. German carmaker admitted in September that it installed secret software that allowed US vehicles to emit up to 40 times legally allowable pollution. Under the Justice Department deal, VW will provide $2 billion over 10 years to fund programs to promote construction of electric vehicle charging infrastructure and development of zero-emission ride-sharing fleets and other efforts. VW also agreed to put up $2.7 billion over three years to enable government and tribal agencies to replace old buses or to fund infrastructure to reduce diesel emissions. Separately, VW reached a settlement with 44 US states, the District of Columbia and Puerto Rico that will cost at least $600 million, bringing the total to as much as $15.3 billion. Last week, three states filed new lawsuits, saying that VW violated state environmental laws and seeking hundreds of millions in additional penalties. (Reuters)

VW emission scandal: Car giant clears hurdle with $14.7 billion settlement

Asian stocks settled near one-year highs today while the safe-haven yen slumped after Japan&#39;s government announced a larger-than-expected economic stimulus package, which led most of the region&#39;s bourses higher. 
 
Japanese Prime Minister Shinzo Abe said today his government would compile a stimulus package of more than $265 billion to reflate the flagging economy, media reported, though it is unclear how much will be spent to directly boost growth. This would be more than expected earlier, but critics will be watching to see how much is actually new spending. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent, reversing earlier gains, having previously climbed to its highest level since August 11, 2015. It has risen 10 per cent so far this month. Japan&#39;s Nikkei rose nearly 2 per cent, leading the region higher. However, mainland China stock indexes bucked the regional rally, falling 2 to 4 per cent in midday trade on worries about regulatory restrictions. 
 
There is a near-consensus view among traders that the Bank of Japan (BOJ) will ease on Friday, most likely by ramping up its already massive purchases of government bonds and riskier assets. 
 
Cutting interest rates into negative territory has proved unpopular with the public and the government, so deepening those cuts is a less likely option, sources familiar with central bank thinking say. 
 
But some market watchers say the BOJ decision is too close to call with many central bank policymakers preferring to hold off on action as they expect a fiscal stimulus package and a delay in next year&#39;s sales tax hike to boost growth. 
 
Major central banks attempting to reflate economy&nbsp; 
 
Pressured by the weakness in Chinese shares, Hong Kong stocks also declined 0.4 per cent though mainland Chinese investors continued to snap up shares through a stock market connection scheme. &quot;Pockets of the world where yield and growth are present will continue to be rewarded by investors,&quot; said Daniel Morris, a senior investment strategist at BNP Paribas Investment Partners, citing India, Indonesia and China consumer-focused plays among his top picks. 
 
&quot;Still, we are cautious on the second half and we don&#39;t think central banks will rush into tightening policy with the global growth outlook bleak and uncertain,&quot; he said. 
 
Since the global financial crisis, major central banks have inflated their balance sheets and injected trillions of dollars to reflate their economies. On a monthly basis, they are adding about $180 billion into the world&#39;s financial system led by the ECB and the BOJ, according to Deutsche Bank.&nbsp; 
 
On Tuesday, US equity markets closed mixed while stocks in Europe traded slightly higher with all eyes were on the Fed, which concludes its two-day policy meeting later today. 
&nbsp; 
The US central bank is widely expected to stand pat on monetary policy and the markets will sift through its statements - a post-meeting news conference will not be held - for any hints of the timing on future interest rate hikes. Expectations of a September increase are clouded ahead of the U.S. presidential election in November, but markets see a roughly 50-50 chance of a rise in December. 
 
Lowdown on currency markets&nbsp; 
 
Price action was messy in currency markets, triggered by Australian price data where core inflation stayed at a record trough, though major pairs clung to well worn trading ranges. 
 
The Australian dollar was a shade weaker at 0.7488 after rising to as high as 0.7568 after the data. Investors slightly reduced the odds of a cut next week to 50 per cent, from 60 per cent before the data. 
 
The dollar was up slightly against a basket of currencies on a trade weighted basis nearing five-month high it hit last week. 
&nbsp; 
Against the yen, it was up 1 per cent at 105.65 after tanking more than 1 per cent overnight. 
&nbsp; 
&quot;It&#39;s good for equities. It&#39;s good for risk,&quot; said Stephen Innes, senior trader for FX broker OANDA in Singapore. &quot;There&#39;s still room for disappointment from the Bank of Japan.&quot; 
&nbsp; 
The euro stood steady at $1.0995 after edging up 0.3 per cent overnight thanks to the greenback&#39;s broad retreat versus the yen. 
&nbsp; 
The pound edged up 0.1 per cent to $1.3114 after touching a two-week low of $1.3057 overnight following dovish statements from Bank of England policymaker Martin Weale. 
&nbsp; 
In commodity markets, crude oil extended losses after suffering big hits overnight on renewed concerns about oversupply. US crude was down 0.05 percent at $42.88 a barrel. The contracts had touched $42.36 on Tuesday, their lowest in three months. 
&nbsp; 
Trade group American Petroleum Institute (API) said Tuesday that US crude stockpiles fell by 827,000 barrels last week, much less than analysts&#39; expectations for a drawdown of 2.3 million barrels. 
&nbsp; 
(Reuters) 
&nbsp;

?Japanese PM Shinzo Abe said today his government would compile a stimulus package of more than $265 billion to reflate flagging economy

Asian stocks settled near one-year highs today while the safe-haven yen slumped after Japan's government announced a larger-than-expected economic stimulus package, which led most of the region's bourses higher. Japanese Prime Minister Shinzo Abe said today his government would compile a stimulus package of more than $265 billion to reflate the flagging economy, media reported, though it is unclear how much will be spent to directly boost growth. This would be more than expected earlier, but critics will be watching to see how much is actually new spending. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent, reversing earlier gains, having previously climbed to its highest level since August 11, 2015. It has risen 10 per cent so far this month. Japan's Nikkei rose nearly 2 per cent, leading the region higher. However, mainland China stock indexes bucked the regional rally, falling 2 to 4 per cent in midday trade on worries about regulatory restrictions. There is a near-consensus view among traders that the Bank of Japan (BOJ) will ease on Friday, most likely by ramping up its already massive purchases of government bonds and riskier assets. Cutting interest rates into negative territory has proved unpopular with the public and the government, so deepening those cuts is a less likely option, sources familiar with central bank thinking say. But some market watchers say the BOJ decision is too close to call with many central bank policymakers preferring to hold off on action as they expect a fiscal stimulus package and a delay in next year's sales tax hike to boost growth. Major central banks attempting to reflate economy Pressured by the weakness in Chinese shares, Hong Kong stocks also declined 0.4 per cent though mainland Chinese investors continued to snap up shares through a stock market connection scheme. "Pockets of the world where yield and growth are present will continue to be rewarded by investors," said Daniel Morris, a senior investment strategist at BNP Paribas Investment Partners, citing India, Indonesia and China consumer-focused plays among his top picks. "Still, we are cautious on the second half and we don't think central banks will rush into tightening policy with the global growth outlook bleak and uncertain," he said. Since the global financial crisis, major central banks have inflated their balance sheets and injected trillions of dollars to reflate their economies. On a monthly basis, they are adding about $180 billion into the world's financial system led by the ECB and the BOJ, according to Deutsche Bank. On Tuesday, US equity markets closed mixed while stocks in Europe traded slightly higher with all eyes were on the Fed, which concludes its two-day policy meeting later today. The US central bank is widely expected to stand pat on monetary policy and the markets will sift through its statements - a post-meeting news conference will not be held - for any hints of the timing on future interest rate hikes. Expectations of a September increase are clouded ahead of the U.S. presidential election in November, but markets see a roughly 50-50 chance of a rise in December. Lowdown on currency markets Price action was messy in currency markets, triggered by Australian price data where core inflation stayed at a record trough, though major pairs clung to well worn trading ranges. The Australian dollar was a shade weaker at 0.7488 after rising to as high as 0.7568 after the data. Investors slightly reduced the odds of a cut next week to 50 per cent, from 60 per cent before the data. The dollar was up slightly against a basket of currencies on a trade weighted basis nearing five-month high it hit last week. Against the yen, it was up 1 per cent at 105.65 after tanking more than 1 per cent overnight. "It's good for equities. It's good for risk," said Stephen Innes, senior trader for FX broker OANDA in Singapore. "There's still room for disappointment from the Bank of Japan." The euro stood steady at $1.0995 after edging up 0.3 per cent overnight thanks to the greenback's broad retreat versus the yen. The pound edged up 0.1 per cent to $1.3114 after touching a two-week low of $1.3057 overnight following dovish statements from Bank of England policymaker Martin Weale. In commodity markets, crude oil extended losses after suffering big hits overnight on renewed concerns about oversupply. US crude was down 0.05 percent at $42.88 a barrel. The contracts had touched $42.36 on Tuesday, their lowest in three months. Trade group American Petroleum Institute (API) said Tuesday that US crude stockpiles fell by 827,000 barrels last week, much less than analysts' expectations for a drawdown of 2.3 million barrels. (Reuters)

Asian stocks respond to Japan stimulus, settle near one-year highs

Tesla Motors Inc&#39;s &quot;master plan&quot; to broaden the electric vehicle maker&#39;s product line could cost &quot;tens of billions&quot; of dollars over time and would likely require a &quot;modest capital raise&quot;, chief executive Elon Musk said on Tuesday. 
 
Speaking at a formal unveiling of Tesla&#39;s $5 billion battery &quot;gigafactory&quot; outside Reno, Nevada, Musk said the new plant being jointly developed with Japan&#39;s Panasonic Corp could ultimately support 1.5 million electric vehicles a year. 
 
Musk said he was confident the partners could eventually lower battery costs to $100 per kilowatt-hour by 2020, well below estimates by competitors. 
 
The immediate plans call for Tesla&#39;s new Model 3 sedan, due out next year, to reach an annual production level of 500,000 by the end of 2018, Musk said. 
 
Eventually, he expects the Model 3, which will be priced from around $35,000, to generate $20 billion in revenue per year and $5 billion in gross profit. 
 
Last week Musk unveiled an ambitious plan to expand the company into electric trucks and buses, as well as car sharing. 
 
(Reuters)

Tesla's new plant, being jointly developed with Japan's Panasonic Corp, could support 1.5 million electric vehicles a year

Tesla Motors Inc's "master plan" to broaden the electric vehicle maker's product line could cost "tens of billions" of dollars over time and would likely require a "modest capital raise", chief executive Elon Musk said on Tuesday. Speaking at a formal unveiling of Tesla's $5 billion battery "gigafactory" outside Reno, Nevada, Musk said the new plant being jointly developed with Japan's Panasonic Corp could ultimately support 1.5 million electric vehicles a year. Musk said he was confident the partners could eventually lower battery costs to $100 per kilowatt-hour by 2020, well below estimates by competitors. The immediate plans call for Tesla's new Model 3 sedan, due out next year, to reach an annual production level of 500,000 by the end of 2018, Musk said. Eventually, he expects the Model 3, which will be priced from around $35,000, to generate $20 billion in revenue per year and $5 billion in gross profit. Last week Musk unveiled an ambitious plan to expand the company into electric trucks and buses, as well as car sharing. (Reuters)

Tesla's 'Gigafactory' master plan requires 'modest' capital raise, says company chief

Ferrari have split with technical director James Allison in a mutual decision, the Formula One team announced today, in a move which could deal a big blow to their title ambitions. 
 
&quot;Ferrari announces that after three years of working together, Scuderia Ferrari and James Allison jointly decided to part ways,&quot; the team said in a statement ahead of this weekend&rsquo;s German Grand Prix. 
 
Mattia Binotto will fill the role of Chief Technical Officer, the statement said. 
 
Allison spent three years with Ferrari&nbsp; 
 
Briton Allison joined the glamour team in September 2013 from the Enstone-based Lotus outfit, which is now Renault, and had worked at the Maranello-based squad under technical director Ross Brawn during the Michael Schumacher years. 
 
The highly-regarded 48-year-old was seen as the man to spearhead a turnaround in the fortune of the sport&rsquo;s most successful team who have endured a few difficult years. 
 
&quot;During the years, I spent at Ferrari, at two different stages and covering different roles, I could get to know and appreciate the value of the team and of the people, women and men, which are part of it,&quot; Allison said in the statement. 
 
&quot;I want to thank them all for the great professional and human experience we shared. I wish everybody a happy future with lots of success.&quot; 
 
Allison lost his wife to meningitis earlier this year and&nbsp;reports since have hinted he was keen to move back to the UK to spend more time with his three children. 
 
Ferrari&#39;s struggle to build image&nbsp; 
 
Ferrari, who have not won a driver&#39;s title since Kimi Raikkonen&#39;s 2007 triumph, bounced back from a winless 2014 campaign with three victories last year, becoming the only team other than dominant Mercedes to triumph. 
 
They struggled to build on that form and are currently second in the constructors&rsquo; championship -- without a win and in danger of slipping back to third with resurgent Red Bull just one point behind. 
 
&quot;The team would like to thank James for his commitment and sacrifice during the time spent together, and wishes him success and serenity for his future endeavors,&quot; team principal Maurizio Arrivabene said. 
 
Ferrari&#39;s current drivers are four-time champion Sebastian Vettel and Finn Raikkonen. 
 
(Reuters)

The highly-regarded 48-year-old was seen as the man to spearhead a turnaround in the fortune of the sport?s most successful team

Ferrari have split with technical director James Allison in a mutual decision, the Formula One team announced today, in a move which could deal a big blow to their title ambitions. "Ferrari announces that after three years of working together, Scuderia Ferrari and James Allison jointly decided to part ways," the team said in a statement ahead of this weekend’s German Grand Prix. Mattia Binotto will fill the role of Chief Technical Officer, the statement said. Allison spent three years with Ferrari Briton Allison joined the glamour team in September 2013 from the Enstone-based Lotus outfit, which is now Renault, and had worked at the Maranello-based squad under technical director Ross Brawn during the Michael Schumacher years. The highly-regarded 48-year-old was seen as the man to spearhead a turnaround in the fortune of the sport’s most successful team who have endured a few difficult years. "During the years, I spent at Ferrari, at two different stages and covering different roles, I could get to know and appreciate the value of the team and of the people, women and men, which are part of it," Allison said in the statement. "I want to thank them all for the great professional and human experience we shared. I wish everybody a happy future with lots of success." Allison lost his wife to meningitis earlier this year and reports since have hinted he was keen to move back to the UK to spend more time with his three children. Ferrari's struggle to build image Ferrari, who have not won a driver's title since Kimi Raikkonen's 2007 triumph, bounced back from a winless 2014 campaign with three victories last year, becoming the only team other than dominant Mercedes to triumph. They struggled to build on that form and are currently second in the constructors’ championship -- without a win and in danger of slipping back to third with resurgent Red Bull just one point behind. "The team would like to thank James for his commitment and sacrifice during the time spent together, and wishes him success and serenity for his future endeavors," team principal Maurizio Arrivabene said. Ferrari's current drivers are four-time champion Sebastian Vettel and Finn Raikkonen. (Reuters)

Ferrari technical director calls it splits

India&#39;s biggest e-commerce firm Flipkart is buying domestic online fashion retailer Jabong from Global Fashion Group for $70 million in cash, the latest consolidation move in the country&#39;s e-commerce sector as competition intensifies. 
 
Flipkart unit Myntra, India&#39;s largest online fashion retailer which is buying Jabong, said today that the two sites will have a combined base of 15 million monthly active users. Global Fashion Group is backed by Germany&#39;s Rocket Internet and Sweden&#39;s Kinnevik. 
 
Niche e-commerce players in India are facing greater competition from both domestic rivals and the likes of Amazon.com Inc, at a time when industry valuations have begun to cool. 
 
Rocket Internet had flagged earlier this year that business was tough in India, warranting more investment by Global Fashion Group. 
 
The deal puts Myntra, which itself was bought by Flipkart for about $300 million last year, in a stronger position to take on Flipkart&#39;s biggest local rival Snapdeal and Amazon, which has pledged to invest over $5 billion in India to boost market share in the country. 
 
Amazon&#39;s huge bet and tough competition have already prompted some small local players to consolidate. Privately held Indian conglomerate Future Group, which owns a string of fashion and retail assets, earlier in 2016 bought online furniture retailer FabFurnish.com. 
 
The e-commerce fashion retail space in India has especially been attracting investment from not only established names such as Flipkart, Snapdeal and Amazon, but also from newer entrants like Reliance Industries - India&#39;s largest company, which outlined plans to roll out an e-commerce website in April. 
 
India&#39;s e-commerce market is seen as having potential though, with annual sales of $36.7 billion expected by 2020, consultants KPMG said in report in November. 
 
The Myntra and Jabong sites will exclusively offer international brands. 
 
(Reuters)

The deal puts Myntra in a stronger position to take on their biggest local rival Snapdeal and Amazon

India's biggest e-commerce firm Flipkart is buying domestic online fashion retailer Jabong from Global Fashion Group for $70 million in cash, the latest consolidation move in the country's e-commerce sector as competition intensifies. Flipkart unit Myntra, India's largest online fashion retailer which is buying Jabong, said today that the two sites will have a combined base of 15 million monthly active users. Global Fashion Group is backed by Germany's Rocket Internet and Sweden's Kinnevik. Niche e-commerce players in India are facing greater competition from both domestic rivals and the likes of Amazon.com Inc, at a time when industry valuations have begun to cool. Rocket Internet had flagged earlier this year that business was tough in India, warranting more investment by Global Fashion Group. The deal puts Myntra, which itself was bought by Flipkart for about $300 million last year, in a stronger position to take on Flipkart's biggest local rival Snapdeal and Amazon, which has pledged to invest over $5 billion in India to boost market share in the country. Amazon's huge bet and tough competition have already prompted some small local players to consolidate. Privately held Indian conglomerate Future Group, which owns a string of fashion and retail assets, earlier in 2016 bought online furniture retailer FabFurnish.com. The e-commerce fashion retail space in India has especially been attracting investment from not only established names such as Flipkart, Snapdeal and Amazon, but also from newer entrants like Reliance Industries - India's largest company, which outlined plans to roll out an e-commerce website in April. India's e-commerce market is seen as having potential though, with annual sales of $36.7 billion expected by 2020, consultants KPMG said in report in November. The Myntra and Jabong sites will exclusively offer international brands. (Reuters)

Flipkart's Myntra acquires Jabong for $70 million in cash

Chinese tech giant LeEco led by billionaire Jia Yueting announced a deal yesterday to buy US television manufacturer Vizio for $2 billion. 
 
The deal expands the US presence for the company, formerly known as Letv, which operates a streaming television service, makes smartphones and other electronics, and has been working on research for autonomous cars. 
 
&quot;LeEco believes in breakthrough technologies, a complete ecosystem and disruptive pricing,&quot; Jia, the founder and chief executive of LeEco, said in a statement. 
 
&quot;Acquiring Vizio is an important step in our globalisation strategy and building our North American presence.&quot; 
 
He added that Vizio`s business model &quot;changed the industry and aligns with our vision of breaking boundaries to deliver consumer-focused products, software and services.&quot; 
 
Vizio, founded in California in 2002, has been a major maker of smart TVs and related products. 
 
The deal calls for Vizio`s data business called Inscape, to be spun out and operated as a separate, privately owned company. 
 
In April, LeEco announced plans for a North American headquarters in San Jose, California, dedicating a facility that can support as many as 800 employees, and which will be the home for its autonomous driving research centre. 
 
At the Consumer Electronics Show in Las Vegas in January, LeEco announced plans to rapidly expand its global footprint by entering India and the US market with technology and content offerings. 
 
Jia is estimated by Forbes magazine to have a fortune worth some $4.1 billion, making him the 22nd richest person in China. 
 
(AFP)

The deal calls for Vizio`s data business called Inscape, to be spun out and operated as a separate, privately owned company

Chinese tech giant LeEco led by billionaire Jia Yueting announced a deal yesterday to buy US television manufacturer Vizio for $2 billion. The deal expands the US presence for the company, formerly known as Letv, which operates a streaming television service, makes smartphones and other electronics, and has been working on research for autonomous cars. "LeEco believes in breakthrough technologies, a complete ecosystem and disruptive pricing," Jia, the founder and chief executive of LeEco, said in a statement. "Acquiring Vizio is an important step in our globalisation strategy and building our North American presence." He added that Vizio`s business model "changed the industry and aligns with our vision of breaking boundaries to deliver consumer-focused products, software and services." Vizio, founded in California in 2002, has been a major maker of smart TVs and related products. The deal calls for Vizio`s data business called Inscape, to be spun out and operated as a separate, privately owned company. In April, LeEco announced plans for a North American headquarters in San Jose, California, dedicating a facility that can support as many as 800 employees, and which will be the home for its autonomous driving research centre. At the Consumer Electronics Show in Las Vegas in January, LeEco announced plans to rapidly expand its global footprint by entering India and the US market with technology and content offerings. Jia is estimated by Forbes magazine to have a fortune worth some $4.1 billion, making him the 22nd richest person in China. (AFP)

Chinese tech giant LeEco to buy Vizio for $2 billion

The Tesla electric car driving in semi-autonomous mode when it crashed and killed its driver, was speeding just ahead of impact with a tractor-trailer, a preliminary probe showed yesterday. 
 
The National Transportation Safety Board (NTSB) said its preliminary findings showed the Tesla was traveling at 19 kilometres per hour ahead of impact, but noted that investigators have not yet completed an analysis of the crash data or assigned a cause for the fatal collision. 
 
The car was driving in excess of the posted speed limit of 65 miles per hour before the crash. 
 
&quot;All aspects of the crash remain under investigation,&quot; the NTSB said in a statement on its review of the May 7 fatality, which raised concerns about the safety of the rapidly growing field of autonomous driving technology. 
 
The NTSB said the driver was using the advanced driver assistance features called Traffic-Aware Cruise Control and Autosteer lane keeping assistance. 
 
It was also equipped with automatic emergency braking that is designed to automatically apply the brakes to reduce the severity of or assist in avoiding frontal collisions. 
 
Tesla earlier this month acknowledged the crash and said its sensors failed to pick up the white side of the truck against a brightly lit sky. 
 
With the truck crossing the divided highway, the impact sheared off the top of the car and killed the driver. 
 
Some reports said the driver may have been watching a DVD at the time, ignoring Tesla`s warning to remain vigilant while using the Autopilot system. 
 
Tesla said the Autopilot system, introduced last year, is not a fully autonomous system and that drivers are cautioned that they need to be at the wheel and in control. 
 
The system allows the vehicle to automatically change lanes, manage speed and brake to avoid a collision. The system may be overridden by the driver. 
 
Backers of autonomous driving say that despite the Tesla fatality, the technology is likely to eliminate a large percentage of accidents, which are attributed mainly to human error. 
 
Most major automakers are also looking at autonomous cars. 
 
BMW has announced that it is joining forces with US computer chip giant Intel and the Israeli technology firm Mobileye to develop self-driving cars, aiming for fully automated driving in production cars by 2021. 
 
South Korea`s Kia has pledged to produce a self-driving car by 2020 and General Motors plans to test the technology with ridesharing giant Lyft. 
 
Google has driven its autonomous cars some 2.4 million kilometres with only some minor dust-ups 
 
(AFP)

The car was driving in excess of the posted speed limit of 65 miles per hour before the crash

The Tesla electric car driving in semi-autonomous mode when it crashed and killed its driver, was speeding just ahead of impact with a tractor-trailer, a preliminary probe showed yesterday. The National Transportation Safety Board (NTSB) said its preliminary findings showed the Tesla was traveling at 19 kilometres per hour ahead of impact, but noted that investigators have not yet completed an analysis of the crash data or assigned a cause for the fatal collision. The car was driving in excess of the posted speed limit of 65 miles per hour before the crash. "All aspects of the crash remain under investigation," the NTSB said in a statement on its review of the May 7 fatality, which raised concerns about the safety of the rapidly growing field of autonomous driving technology. The NTSB said the driver was using the advanced driver assistance features called Traffic-Aware Cruise Control and Autosteer lane keeping assistance. It was also equipped with automatic emergency braking that is designed to automatically apply the brakes to reduce the severity of or assist in avoiding frontal collisions. Tesla earlier this month acknowledged the crash and said its sensors failed to pick up the white side of the truck against a brightly lit sky. With the truck crossing the divided highway, the impact sheared off the top of the car and killed the driver. Some reports said the driver may have been watching a DVD at the time, ignoring Tesla`s warning to remain vigilant while using the Autopilot system. Tesla said the Autopilot system, introduced last year, is not a fully autonomous system and that drivers are cautioned that they need to be at the wheel and in control. The system allows the vehicle to automatically change lanes, manage speed and brake to avoid a collision. The system may be overridden by the driver. Backers of autonomous driving say that despite the Tesla fatality, the technology is likely to eliminate a large percentage of accidents, which are attributed mainly to human error. Most major automakers are also looking at autonomous cars. BMW has announced that it is joining forces with US computer chip giant Intel and the Israeli technology firm Mobileye to develop self-driving cars, aiming for fully automated driving in production cars by 2021. South Korea`s Kia has pledged to produce a self-driving car by 2020 and General Motors plans to test the technology with ridesharing giant Lyft. Google has driven its autonomous cars some 2.4 million kilometres with only some minor dust-ups (AFP)

Driver was speeding before fatal Tesla Autopilot crash, finds probe

The Canadian province of British Columbia announced on Monday it will impose a 15 per cent tax on foreigners who buy residential property in Vancouver, a city with a housing shortage and soaring real estate prices. 
 
The tax, which will go into effect August 2 is the latest in a series of measures designed to rein in the area&#39;s overheated housing market, owed in part to an influx of foreign buyers. 
 
&quot;Owning a home should be accessible to middle-class families, and those who are in a position to rent should be able to find a suitable home,&quot; British Columbia Premier Christy Clark said.&nbsp; 
 
&quot;These changes are about helping to make sure that British Columbians can continue to live, work and raise their families in our vibrant communities.&quot; 
 
The additional property transfer tax rate of 15 per cent will apply to both buyers who are foreign nationals and foreign-controlled corporations that register their residential purchases in Vancouver. 
 
A home valued at $2 million ($1.2 million USD), for example, would be taxed an additional $300,000 ($227,000 USD). For mixed-use property, the tax would apply to the residential component. 
 
According to data collected by the province, foreign nationals spent $1 billion on property in British Columbia between June 10 and July 14, 86 per cent of it in the Vancouver area. 
 
Prime Minister Justin Trudeau said in June that an influx of capital from Asia is partially to blame for soaring housing prices in Vancouver and Toronto. 
 
A Simon Fraser University study noted that homes in Vancouver valued at more than $1 million rose from 19 per cent of the market in 2006 to 91 per cent this year. 
 
(AFP)

It will apply to buyers who are foreign nationals and foreign-controlled corporations that register their residential purchases in Vancouver

The Canadian province of British Columbia announced on Monday it will impose a 15 per cent tax on foreigners who buy residential property in Vancouver, a city with a housing shortage and soaring real estate prices. The tax, which will go into effect August 2 is the latest in a series of measures designed to rein in the area's overheated housing market, owed in part to an influx of foreign buyers. "Owning a home should be accessible to middle-class families, and those who are in a position to rent should be able to find a suitable home," British Columbia Premier Christy Clark said. "These changes are about helping to make sure that British Columbians can continue to live, work and raise their families in our vibrant communities." The additional property transfer tax rate of 15 per cent will apply to both buyers who are foreign nationals and foreign-controlled corporations that register their residential purchases in Vancouver. A home valued at $2 million ($1.2 million USD), for example, would be taxed an additional $300,000 ($227,000 USD). For mixed-use property, the tax would apply to the residential component. According to data collected by the province, foreign nationals spent $1 billion on property in British Columbia between June 10 and July 14, 86 per cent of it in the Vancouver area. Prime Minister Justin Trudeau said in June that an influx of capital from Asia is partially to blame for soaring housing prices in Vancouver and Toronto. A Simon Fraser University study noted that homes in Vancouver valued at more than $1 million rose from 19 per cent of the market in 2006 to 91 per cent this year. (AFP)

Canada province slaps 15 per cent additional tax on foreign real estate buyers

US consumer sentiment held steady in July, helped by soaring stocks and undeterred by global worries over Britain&#39;s vote to leave the European Union (EU), the Conference Board reported today. 
 
The Board&#39;s monthly consumer confidence index stood at 97.3, down from 97.4 in June, with a rise in consumer views of the current situation in the economy. 
 
That was above the 91.0 level of one year ago, but still below last September&#39;s 12-month high of 101.3. 
 
In July, there was a slight fall in views of the picture six months down the road, with more people expecting business conditions to slow somewhat. 
 
Fewer of the consumers surveyed said they planned to buy cars or homes or take vacations over the next six months, suggesting caution in the market. 
 
&quot;Consumers were slightly more positive about current business and labour market conditions, suggesting the economy will continue to expand at a moderate pace,&quot; said Lynn Franco, director of indicators at The Conference Board. 
 
&quot;Expectations regarding business and labour market conditions, as well as personal income prospects, declined slightly as consumers remain cautiously optimistic about growth in the near-term.&quot;&nbsp; 
 
(AFP)&nbsp; 
&nbsp;

Fewer of the consumers surveyed, however, said they planned to buy cars or homes over next 6 months, suggesting caution in market

US consumer sentiment held steady in July, helped by soaring stocks and undeterred by global worries over Britain's vote to leave the European Union (EU), the Conference Board reported today. The Board's monthly consumer confidence index stood at 97.3, down from 97.4 in June, with a rise in consumer views of the current situation in the economy. That was above the 91.0 level of one year ago, but still below last September's 12-month high of 101.3. In July, there was a slight fall in views of the picture six months down the road, with more people expecting business conditions to slow somewhat. Fewer of the consumers surveyed said they planned to buy cars or homes or take vacations over the next six months, suggesting caution in the market. "Consumers were slightly more positive about current business and labour market conditions, suggesting the economy will continue to expand at a moderate pace," said Lynn Franco, director of indicators at The Conference Board. "Expectations regarding business and labour market conditions, as well as personal income prospects, declined slightly as consumers remain cautiously optimistic about growth in the near-term." (AFP)

Undeterred by Brexit, US consumer confidence steady in July?

US telecom giant Verizon Communications Inc said it had agreed to buy Yahoo Inc&#39;s core internet business for $4.83 billion in cash, ending a lengthy sale process for the fading web pioneer. 
 
Buying Yahoo&#39;s operations will boost Verizon&#39;s AOL internet business, which it bought last year for $4.4 billion, by giving it access to Yahoo&#39;s advertising technology tools as well as other assets such as search, mail and messenger. 
 
The deal marks the end of Yahoo as an operating company, leaving it with a 15 per cent stake in Chinese e-commerce company Alibaba Group Holding Limited and a 35.5 per cent interest in Yahoo Japan Corp. 
 
&quot;The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo,&quot; Yahoo Chief Executive Marissa Mayer said in a statement today. 
 
The sale does not include Yahoo&#39;s cash, its shares in Alibaba, its shares in Yahoo Japan, Yahoo&#39;s convertible notes, certain minority investments and Yahoo&#39;s non-core patents. 
 
The Alibaba and Yahoo Japan investments are worth about $40 billion, while Yahoo had a market value of about $37.4 billion as of Friday&#39;s close. 
 
(Reuters)

Buying Yahoo's operations will boost Verizon's AOL internet business, which it bought last year for $4.4 billion

US telecom giant Verizon Communications Inc said it had agreed to buy Yahoo Inc's core internet business for $4.83 billion in cash, ending a lengthy sale process for the fading web pioneer. Buying Yahoo's operations will boost Verizon's AOL internet business, which it bought last year for $4.4 billion, by giving it access to Yahoo's advertising technology tools as well as other assets such as search, mail and messenger. The deal marks the end of Yahoo as an operating company, leaving it with a 15 per cent stake in Chinese e-commerce company Alibaba Group Holding Limited and a 35.5 per cent interest in Yahoo Japan Corp. "The sale of our operating business, which effectively separates our Asian asset equity stakes, is an important step in our plan to unlock shareholder value for Yahoo," Yahoo Chief Executive Marissa Mayer said in a statement today. The sale does not include Yahoo's cash, its shares in Alibaba, its shares in Yahoo Japan, Yahoo's convertible notes, certain minority investments and Yahoo's non-core patents. The Alibaba and Yahoo Japan investments are worth about $40 billion, while Yahoo had a market value of about $37.4 billion as of Friday's close. (Reuters)

US telecom giant Verizon announces acquisition of Yahoo in $4.83 billion deal

Golf&#39;s return to the Olympics after 112 years may not be as triumphant as many in the sport hoped. 
 
The top four players in the men&#39;s game - Jason Day, Dustin Johnson, Jordan Spieth and Rory McIlroy - have controversially opted to skip the competition. 
 
Three of them cited fears of Zika, the mosquito-borne virus spreading rapidly in the Americas, while Spieth blamed more general health concerns. 
 
Some critics, including the great Gary Player who is South Africa&#39;s Olympic captain, have suggested the absence of the top four and several others may have more to do with the lack of prize money in the Games event. 
 
The no-shows represent another blow to the business of golf that has suffered since the global economic downturn and from the nosedive in form and injury struggles of 14-times major winner Tiger Woods. 
 
The sport is struggling to grow as youngsters gravitate towards other pastimes such as soccer, with sales of golf apparel and equipment having fallen for several years. 
 
The US &#39;golf economy&#39; declined 9.4 per cent from $75.6 billion to $68.8 billion from 2005 to 2011, according to a report prepared by research institute SRI International. 
 
Flagging sales have led companies such as Adidas AG to scale back golf investments. 
 
Adidas said in May it would jettison its golf equipment brands including TaylorMade, Adams and Ashworth. The company toiled in its bid to sell these brands, Reuters has previously reported. 
 
A global event like the Olympics might have been expected to give the industry a much-needed boost. 
 
Many in the sport have fought tooth and nail for decades to mobilise a worldwide effort to get golf back into the Games, Player said in April. 
 
&quot;Players today make so much (money) and should be giving back,&quot; he added. 
 
Many of the top golfers who dropped out are in contention to win the FedExCup Series that pays out $10 million to the season-long champion of the US PGA Tour. 
 
A US champion in Rio, by contrast, can expect to receive $25,000 from the national Olympic committee. Other national organisations are offering similar token bonuses. 
 
International attention 
 
The absence of top golfers could, however, present an opening for lesser-known players to capture international attention for themselves, their countries and sponsors. 
 
&quot;Emerging markets for golf, such as China, southeast Asia, central Europe and South America, have just begun to realise their potential,&quot; said Tom Stine, a partner at market research firm Golf Datatech. 
 
If nothing else the sport will now have a bigger presence in the Olympic host country of Brazil, said Andrea Sartori, global head of sport for the professional service company KPMG. 
 
The nation has 123 golf courses, less than half of the 319 layouts in Argentina, a much smaller country, according to a 2015 report by the the R&amp;A, organisers of the British Open. 
 
The US, by comparision, has 15,373 courses. 
 
The Olympic golf course, built from scratch in the Barra da Tijuca district, will become a public facility following the Olympics. 
 
Golf Datatech estimates the global equipment market generated $8.7 billion in sales in 2014, with more than 70 per cent coming from the US, Japan and South Korea. 
 
About 2.3 per cent of sales come from China while less than one per cent of the market comes from South America (excluding Argentina) and countries such as Thailand and Singapore, itsreport found. 
 
Steve Mona, chief executive of the World Golf Foundation, one of the groups that lobbied to get the sport back into the Olympics, said the Games could help companies expand their international reach. 
 
Golf is guaranteed to be in the Olympics for at least one more Summer Games in Tokyo in 2020. 
 
&quot;That&#39;s why we are so vested in this,&quot; Mona said. &quot;Not only from the standpoint of people participating in the game but also becoming consumers in the game.&quot; 
 
Callaway Golf&#39;s senior vice president of marketing and brand management Harry Arnett said the Olympics will give the industry a boost despite the big-name no-shows &quot;particularly in less golf-mature markets&quot;. 
 
Paul Swinand, analyst for the investment research and management firm Morningstar who covers stocks such as Adidas and Nike, expects the worldwide Olympic television audience to attract fresh viewers to the sport. 
 
&quot;Golf in the Olympics will be able to draw in new people who wouldn&#39;t necessarily tune into the US Masters,&quot; Swinand said.

The absence of top golfers could help lesser-known players to capture international attention for themselves, their countries and sponsors

Golf's return to the Olympics after 112 years may not be as triumphant as many in the sport hoped. The top four players in the men's game - Jason Day, Dustin Johnson, Jordan Spieth and Rory McIlroy - have controversially opted to skip the competition. Three of them cited fears of Zika, the mosquito-borne virus spreading rapidly in the Americas, while Spieth blamed more general health concerns. Some critics, including the great Gary Player who is South Africa's Olympic captain, have suggested the absence of the top four and several others may have more to do with the lack of prize money in the Games event. The no-shows represent another blow to the business of golf that has suffered since the global economic downturn and from the nosedive in form and injury struggles of 14-times major winner Tiger Woods. The sport is struggling to grow as youngsters gravitate towards other pastimes such as soccer, with sales of golf apparel and equipment having fallen for several years. The US 'golf economy' declined 9.4 per cent from $75.6 billion to $68.8 billion from 2005 to 2011, according to a report prepared by research institute SRI International. Flagging sales have led companies such as Adidas AG to scale back golf investments. Adidas said in May it would jettison its golf equipment brands including TaylorMade, Adams and Ashworth. The company toiled in its bid to sell these brands, Reuters has previously reported. A global event like the Olympics might have been expected to give the industry a much-needed boost. Many in the sport have fought tooth and nail for decades to mobilise a worldwide effort to get golf back into the Games, Player said in April. "Players today make so much (money) and should be giving back," he added. Many of the top golfers who dropped out are in contention to win the FedExCup Series that pays out $10 million to the season-long champion of the US PGA Tour. A US champion in Rio, by contrast, can expect to receive $25,000 from the national Olympic committee. Other national organisations are offering similar token bonuses. International attention The absence of top golfers could, however, present an opening for lesser-known players to capture international attention for themselves, their countries and sponsors. "Emerging markets for golf, such as China, southeast Asia, central Europe and South America, have just begun to realise their potential," said Tom Stine, a partner at market research firm Golf Datatech. If nothing else the sport will now have a bigger presence in the Olympic host country of Brazil, said Andrea Sartori, global head of sport for the professional service company KPMG. The nation has 123 golf courses, less than half of the 319 layouts in Argentina, a much smaller country, according to a 2015 report by the the R&A, organisers of the British Open. The US, by comparision, has 15,373 courses. The Olympic golf course, built from scratch in the Barra da Tijuca district, will become a public facility following the Olympics. Golf Datatech estimates the global equipment market generated $8.7 billion in sales in 2014, with more than 70 per cent coming from the US, Japan and South Korea. About 2.3 per cent of sales come from China while less than one per cent of the market comes from South America (excluding Argentina) and countries such as Thailand and Singapore, itsreport found. Steve Mona, chief executive of the World Golf Foundation, one of the groups that lobbied to get the sport back into the Olympics, said the Games could help companies expand their international reach. Golf is guaranteed to be in the Olympics for at least one more Summer Games in Tokyo in 2020. "That's why we are so vested in this," Mona said. "Not only from the standpoint of people participating in the game but also becoming consumers in the game." Callaway Golf's senior vice president of marketing and brand management Harry Arnett said the Olympics will give the industry a boost despite the big-name no-shows "particularly in less golf-mature markets". Paul Swinand, analyst for the investment research and management firm Morningstar who covers stocks such as Adidas and Nike, expects the worldwide Olympic television audience to attract fresh viewers to the sport. "Golf in the Olympics will be able to draw in new people who wouldn't necessarily tune into the US Masters," Swinand said.

Facing Rio Olympics no-shows, golf looks to emerging market growth

Shares in Nintendo plunged today after it warned that the Pokemon Go mania sweeping the world would not translate into bumper profits, taking the wind out of a dizzying rally that saw the firm&#39;s value more than double. 
 
The stock dived 17 per cent to 23,405 Yen by the break after the Kyoto-based firm warned in a statement on Friday evening that the hugely popular game would have only a &quot;limited&quot; impact on its bottom line. 
 
Markets had cheered the app&#39;s global success as a great sign for Nintendo&#39;s nascent move into the mobile games market. 
 
That sent it soaring as investors bought the narrative, pushing it above 30,000 Yen at one stage and briefly making the firm more valuable than Sony.&nbsp;But analysts had warned that the rally was overdone since the actual impact of the game on Nintendo&#39;s finances would be moderate at best, a point it confirmed on Friday. 
 
Nintendo is the creator of the Pokemon franchise but the game, released on July 5, was developed by US-based Niantic. The Japanese firm&#39;s affiliate, Pokemon Company, is on track to receive licensing fees for the game.&nbsp;Nintendo has invested in Niantic and owns about one-third of the Pokemon Company. 
 
It also stands to make money from a device to be used with the application called &quot;Pokemon Go Plus&quot; but &quot;the income reflected on (Nintendo&#39;s) consolidated business results is limited&quot;, it said. 
 
&quot;Taking the current situation into consideration, the company is not modifying the consolidated financial forecast for now,&quot; the statement said. 
 
Since its launch Pokemon Go has sparked a worldwide frenzy among users who have taken to the streets with their smartphones.&nbsp;The app uses satellite locations, graphics and camera capabilities to overlay cartoon monsters on real-world settings, challenging players to capture and train them for battles. 
 
Uneasy 
 
Pokemon Go was seen as a shot in the arm to Nintendo, which also created the Donkey Kong, Super Mario and Legend of Zelda brands after it abandoned a longstanding consoles-only policy and opened the door to licensing some of its characters for mobile game use. 
 
&quot;I think Nintendo issued that statement because it was uneasy with how high the shares were rising,&quot; said Hideki Yasuda, analyst at Ace Research Institute. 
 
&quot;There has been a view that Nintendo cannot succeed in the smartphone business. Even if Pokemon Go does not directly contribute to Nintendo&#39;s earnings, it owns other characters like Super Mario and Zelda. These things were factored in and boosted its shares.&quot; 
 
But Yasuda added the firm&#39;s shares may rally again after an &quot;adjustment period&quot;. 
 
The smartphone app has now been launched in more than 40 countries, but until last week in Japan where Nintendo started the mythical creature franchise 20 years ago was kept waiting. 
 
Pokemon, short for &quot;pocket monsters&quot;, has been a constant in Japan since being launched as software in 1996 for Nintendo&#39;s Game Boy console.&nbsp;Authorities in a number of countries have expressed safety and other concerns about the craze. 
 
Players from San Francisco to Lagos have been warned after trespassing, including some youngsters crossing the Canada-US border.&nbsp;Some walked into sensitive military facilities and a nuclear power plant, while other players found themselves the victims of robbery or violent crimes. 
 
The Japanese government issued a rare safety-guide warning over dangers gamers could face, from heat stroke to online scams. 
 
(AFP)

Pokemon Go was briefly more valuable than Sony,?but analysts warned that this was unsustainable

Shares in Nintendo plunged today after it warned that the Pokemon Go mania sweeping the world would not translate into bumper profits, taking the wind out of a dizzying rally that saw the firm's value more than double. The stock dived 17 per cent to 23,405 Yen by the break after the Kyoto-based firm warned in a statement on Friday evening that the hugely popular game would have only a "limited" impact on its bottom line. Markets had cheered the app's global success as a great sign for Nintendo's nascent move into the mobile games market. That sent it soaring as investors bought the narrative, pushing it above 30,000 Yen at one stage and briefly making the firm more valuable than Sony. But analysts had warned that the rally was overdone since the actual impact of the game on Nintendo's finances would be moderate at best, a point it confirmed on Friday. Nintendo is the creator of the Pokemon franchise but the game, released on July 5, was developed by US-based Niantic. The Japanese firm's affiliate, Pokemon Company, is on track to receive licensing fees for the game. Nintendo has invested in Niantic and owns about one-third of the Pokemon Company. It also stands to make money from a device to be used with the application called "Pokemon Go Plus" but "the income reflected on (Nintendo's) consolidated business results is limited", it said. "Taking the current situation into consideration, the company is not modifying the consolidated financial forecast for now," the statement said. Since its launch Pokemon Go has sparked a worldwide frenzy among users who have taken to the streets with their smartphones. The app uses satellite locations, graphics and camera capabilities to overlay cartoon monsters on real-world settings, challenging players to capture and train them for battles. Uneasy Pokemon Go was seen as a shot in the arm to Nintendo, which also created the Donkey Kong, Super Mario and Legend of Zelda brands after it abandoned a longstanding consoles-only policy and opened the door to licensing some of its characters for mobile game use. "I think Nintendo issued that statement because it was uneasy with how high the shares were rising," said Hideki Yasuda, analyst at Ace Research Institute. "There has been a view that Nintendo cannot succeed in the smartphone business. Even if Pokemon Go does not directly contribute to Nintendo's earnings, it owns other characters like Super Mario and Zelda. These things were factored in and boosted its shares." But Yasuda added the firm's shares may rally again after an "adjustment period". The smartphone app has now been launched in more than 40 countries, but until last week in Japan where Nintendo started the mythical creature franchise 20 years ago was kept waiting. Pokemon, short for "pocket monsters", has been a constant in Japan since being launched as software in 1996 for Nintendo's Game Boy console. Authorities in a number of countries have expressed safety and other concerns about the craze. Players from San Francisco to Lagos have been warned after trespassing, including some youngsters crossing the Canada-US border. Some walked into sensitive military facilities and a nuclear power plant, while other players found themselves the victims of robbery or violent crimes. The Japanese government issued a rare safety-guide warning over dangers gamers could face, from heat stroke to online scams. (AFP)

Nintendo shares plunge on Pokemon Go warning

Verizon Communications Inc will announce an agreement on Monday to buy Yahoo Inc for about $5 billion, according to a person familiar with the matter.&nbsp;The announcement will come before the start of New York trading hours, the source added. 
 
The deal will end months of uncertainty about Yahoo&#39;s future after the company announced plans to review strategic alternatives in February.&nbsp;Yahoo and Verizon both declined to comment. 
 
Bloomberg first reported the deal would be announced on Monday for $4.8 billion.&nbsp;It was reported on Friday that Verizon had emerged as the front-runner in the Yahoo auction. 
 
The transaction would boost Verizon&#39;s AOL internet business, which the company acquired last year for $4.4 billion, by giving it access to Yahoo&#39;s advertising technology tools, as well as other assets such as search, mail, messenger and real estate. 
 
It would also mark the end of Yahoo as an operating company, leaving it only as the owner of a 35.5 per cent stake in Yahoo Japan, as well as its 15 per cent interest in Chinese e-commerce company Alibaba Group Holding Ltd (BABA.N). 
 
Started in 1994 by Stanford graduate students Jerry Yang and David Filo, Yahoo in its early years was the destination of choice for many making their first forays onto the World Wide Web. 
 
By 2008, Yahoo was fending off a contentious takeover bid from Microsoft Corp and struggling to define its mission.&nbsp;That question was never really answered, leading to years of management instability and shifting priorities. 
 
In December, Yahoo scrapped plans to spin off its Alibaba stake after investors fretted over whether that transaction could have been carried out on a tax-free basis. It instead decided to explore a sale of its core assets, spurred on by activist hedge fund Starboard Value LP. 
 
(Reuters)

The transaction would boost Verizon's AOL internet business, but will also mark an end of Yahoo as an operating company

Verizon Communications Inc will announce an agreement on Monday to buy Yahoo Inc for about $5 billion, according to a person familiar with the matter. The announcement will come before the start of New York trading hours, the source added. The deal will end months of uncertainty about Yahoo's future after the company announced plans to review strategic alternatives in February. Yahoo and Verizon both declined to comment. Bloomberg first reported the deal would be announced on Monday for $4.8 billion. It was reported on Friday that Verizon had emerged as the front-runner in the Yahoo auction. The transaction would boost Verizon's AOL internet business, which the company acquired last year for $4.4 billion, by giving it access to Yahoo's advertising technology tools, as well as other assets such as search, mail, messenger and real estate. It would also mark the end of Yahoo as an operating company, leaving it only as the owner of a 35.5 per cent stake in Yahoo Japan, as well as its 15 per cent interest in Chinese e-commerce company Alibaba Group Holding Ltd (BABA.N). Started in 1994 by Stanford graduate students Jerry Yang and David Filo, Yahoo in its early years was the destination of choice for many making their first forays onto the World Wide Web. By 2008, Yahoo was fending off a contentious takeover bid from Microsoft Corp and struggling to define its mission. That question was never really answered, leading to years of management instability and shifting priorities. In December, Yahoo scrapped plans to spin off its Alibaba stake after investors fretted over whether that transaction could have been carried out on a tax-free basis. It instead decided to explore a sale of its core assets, spurred on by activist hedge fund Starboard Value LP. (Reuters)

Verizon to announce $5 billion deal to buy Yahoo

China said today it has started imposing anti-dumping tariffs on certain steel imports from the European Union (EU), Japan and South Korea, as Beijing itself comes under fire for similar trade practices 
 
Duties on the materials, used in power transformers and electric motors, will range from around 37 to as high as 46.3 per cent, the commerce ministry said on its website. 
 
The measures are intended to prevent the sale of the product at below cost, a practice known as dumping, it added. 
 
The world&#39;s second largest economy, which makes more than half the world&#39;s steel, finds itself under attack by EU countries for allegedly flooding world markets with steel and aluminium in violation of international trade agreements. 
 
On Friday, Premier Li Keqiang told a group of visiting leaders from the World Bank, International Monetary Fund and other organisations that China &quot;will not engage in a trade war or currency war&quot;. 
 
Nevertheless, the EU sees itself under attack.&nbsp;Earlier this month in Beijing, EU Commission head Jean-Claude Juncker pledged to defend the group`s steel industry against China using &quot;all the means at our disposal&quot;. 
 
He also said there was a &quot;clear link&quot; between the steel issue and the EU&#39;s decision on whether to grant China &quot;market economy status&quot; -- a prize eagerly sought by Beijing. 
 
China has been pressing the EU to grant it the status -- which would make it harder for the bloc to levy anti-dumping tariffs -- before the year&#39;s end, citing World Trade Organisation rules. 
 
China&#39;s announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel. 
 
In May last year, the EU imposed similar duties on imports of Chinese oriented electric steel as well as products from other countries, in a move which Bloomberg News said was intended to curb competition for EU producers. 
 
The decision prompted China to launch an investigation into imports from the European manufacturers. 
 
China has imposed such duties before. In 2012 the World Trade Organisation ruled that Chinese duties on high-tech steel from the US violated trade rules. In 2015 the organisation censured Beijing for continuing the practice despite the judgement against it. 
 
(AFP)&nbsp; 
 
 
&nbsp;

China's announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel

China said today it has started imposing anti-dumping tariffs on certain steel imports from the European Union (EU), Japan and South Korea, as Beijing itself comes under fire for similar trade practices Duties on the materials, used in power transformers and electric motors, will range from around 37 to as high as 46.3 per cent, the commerce ministry said on its website. The measures are intended to prevent the sale of the product at below cost, a practice known as dumping, it added. The world's second largest economy, which makes more than half the world's steel, finds itself under attack by EU countries for allegedly flooding world markets with steel and aluminium in violation of international trade agreements. On Friday, Premier Li Keqiang told a group of visiting leaders from the World Bank, International Monetary Fund and other organisations that China "will not engage in a trade war or currency war". Nevertheless, the EU sees itself under attack. Earlier this month in Beijing, EU Commission head Jean-Claude Juncker pledged to defend the group`s steel industry against China using "all the means at our disposal". He also said there was a "clear link" between the steel issue and the EU's decision on whether to grant China "market economy status" -- a prize eagerly sought by Beijing. China has been pressing the EU to grant it the status -- which would make it harder for the bloc to levy anti-dumping tariffs -- before the year's end, citing World Trade Organisation rules. China's announcement is the latest in a tit-for-tat fight with other countries over the special metal known as oriented electrical steel. In May last year, the EU imposed similar duties on imports of Chinese oriented electric steel as well as products from other countries, in a move which Bloomberg News said was intended to curb competition for EU producers. The decision prompted China to launch an investigation into imports from the European manufacturers. China has imposed such duties before. In 2012 the World Trade Organisation ruled that Chinese duties on high-tech steel from the US violated trade rules. In 2015 the organisation censured Beijing for continuing the practice despite the judgement against it. (AFP)

China slaps EU, Japan, South Korea with anti-dumping duties

Britain&#39;s vote to leave the European Union heightened risks for the world economy, finance chiefs from the G20 group of leading countries said on Sunday at a meeting in China. 
 
The outcome of last month&#39;s referendum &quot;adds to the uncertainty in the global economy&quot;, said China&#39;s finance minister Lou Jiwei, who hosted the meeting. 
 
But he added that EU member countries were &quot;well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum&quot;.
The International Monetary Fund (IMF) has warned risks to the global economy are growing, as it called on some G20 nations to boost government spending.

Central bank chiefs and finance ministers from the world&#39;s top 20 economies gathered in the southwestern Chinese city of Chengdu on Saturday to tackle a slowing global economy facing new uncertainties with Britain voting to leave the European Union (EU).

&quot;Global growth remains weak, and downside risks have become more salient,&quot; the IMF said in a report released ahead of the G20 meeting.

&quot;Growth could be even lower if the current increases in economic and political uncertainty in the wake of the &#39;Brexit&#39; vote continue.&quot;

The IMF wants advanced economies like Germany and the United States to channel more public spending into infrastructure investment to help boost global growth, an issue that has sparked divisions among G20 members.

&quot;Reforms that facilitate the scaling up of infrastructure investment would help raise productive capacity, boost short-term demand directly, and catalyse private investment,&quot; it said.
(AFP) 
 
&nbsp;

The IMF has called on some advanced economies like Germany and the US to channel more public spending to help boost global growth

Britain's vote to leave the European Union heightened risks for the world economy, finance chiefs from the G20 group of leading countries said on Sunday at a meeting in China. The outcome of last month's referendum "adds to the uncertainty in the global economy", said China's finance minister Lou Jiwei, who hosted the meeting. But he added that EU member countries were "well positioned to proactively address the potential economic and financial consequences stemming from the UK referendum". The International Monetary Fund (IMF) has warned risks to the global economy are growing, as it called on some G20 nations to boost government spending. Central bank chiefs and finance ministers from the world's top 20 economies gathered in the southwestern Chinese city of Chengdu on Saturday to tackle a slowing global economy facing new uncertainties with Britain voting to leave the European Union (EU). "Global growth remains weak, and downside risks have become more salient," the IMF said in a report released ahead of the G20 meeting. "Growth could be even lower if the current increases in economic and political uncertainty in the wake of the 'Brexit' vote continue." The IMF wants advanced economies like Germany and the United States to channel more public spending into infrastructure investment to help boost global growth, an issue that has sparked divisions among G20 members. "Reforms that facilitate the scaling up of infrastructure investment would help raise productive capacity, boost short-term demand directly, and catalyse private investment," it said. (AFP)

G20: Brexit adding uncertainty to slowing global economy

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. 
 
The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. 
 
It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. 
 
The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. 
 
Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. 
 
SolarCity has not publicly revealed its views on Tesla&#39;s offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity&#39;s standalone prospects and a broad range of strategic alternatives. 
 
As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk&#39;s cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. 
 
Elon Musk said on July 20 when he revealed his master plan &quot;part deux&quot; for Tesla that he is looking to create a &quot;smoothly integrated and beautiful solar-roof-with-battery product.&quot; 
 
&quot;We can&#39;t do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies,&quot; Musk said. 
 
(Reuters)

The two companies are in the final stages of carrying out due diligence on each other, but failure of negotiations is still a possibility

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. The sources asked not to be identified because the negotiations are confidential. Representatives for SolarCity and Tesla did not immediately respond to requests for comment. Tesla announced last month that it had made an all-stock offer for SolarCity worth $2.8 billion. It argued that by acquiring SolarCity, the two companies would form a one-stop clean energy shop, offering consumers solar panels, home battery storage and electric cars under a single trusted brand. SolarCity has not publicly revealed its views on Tesla's offer since it announced on June 27 that it had formed a special committee consisting of two board members to evaluate the offer. The committee said it had retained legal and financial advisers and would review the proposal against SolarCity's standalone prospects and a broad range of strategic alternatives. As chief executive of Tesla, chairman of SolarCity and the biggest shareholder in both companies, Musk has recused himself from voting on the deal at both companies. Several Tesla and SolarCity executives, including Musk's cousins SolarCity CEO Lyndon Rive and SolarCity board member Peter Rive, have also recused themselves from voting. Elon Musk said on July 20 when he revealed his master plan "part deux" for Tesla that he is looking to create a "smoothly integrated and beautiful solar-roof-with-battery product." "We can't do this well if Tesla and SolarCity are different companies, which is why we need to combine and break down the barriers inherent to being separate companies," Musk said. (Reuters)

One-stop clean energy shop: Tesla, SolarCity merger in the offing

As China&#39;s economy notches up another quarter of steady growth, the pace of credit creation grows ever more frantic for every extra unit of production, as inefficient state firms swallow an increasing share of lending. 
 
The world&#39;s second-largest economy grew 6.7 per cent in the first half of the year, unchanged from the first quarter, testament to policymakers&#39; determination to regulate the pace of slowdown after 25 years of breakneck expansion. 
 
Analysts say that determination has come at the cost of a dangerous rise in debt which is six times less effective at generating growth than a few years ago. 
 
&quot;The amount of debt that China has taken in the last 5-7 years is unprecedented,&quot; said Morgan Stanley&#39;s head of emerging markets, Ruchir Sharma, at a book launch in Singapore. &quot;No developing country in history has taken on as much debt as China has taken on on a marginal basis.&quot; 
 
While Beijing can take comfort that loose money and more deficit spending are averting a more painful slowdown, the rapidly diminishing returns from such stimulus policies, coupled with rising defaults and non-performing loans, are creating what Sharma calls &quot;fertile (ground) for some accident to happen&quot;. 
 
From 2003 to 2008, when annual growth averaged more than 11 per cent, it took just one Yuan of extra credit to generate one Yuan of GDP growth, according to Morgan Stanley calculations. 
 
It took two for one from 2009-2010, when Beijing embarked on a massive stimulus programme to ward off the effects of the global financial crisis. 
 
The ratio had doubled again to four for one in 2015, and this year it has taken six Yuan for every Yuan of growth, Morgan Stanley said, twice even the level in the United States during the debt-fuelled housing bubble that triggered the global crisis. 
 
Total bond debt in China is up over 50 per cent in the past 18 months to 57 trillion Yuan ($8.5 trillion), equal to around 80 per cent of GDP, and new total social financing, the widest measure of credit provided by China&#39;s central bank, rose 10.9 per cent in the first half of 2016 to 9.75 trillion Yuan. 
 
Short termism 
 
China&#39;s money supply has increased in tandem with new lending, and at 149 trillion Yuan is now 73 per cent higher than in the United States, an economy about 60 per cent larger. 
 
&quot;China is the largest money printer in the world - they have been for some time. The balance is really extreme,&quot; says Kevin Smith, CEO of US-based Crescat Capital. 
 
The reason China gets such poor returns from this pump-priming is that state firms are the main beneficiaries of extra credit, at the expense of the more efficient private sector. 
 
Some of the slowdown in private sector growth is weak confidence in the business outlook, but a lack of access to affordable financing is also a factor, the government and economists say, as banks prefer the security of state-owned borrowers. 
 
Private firms had to pay 6 percentage points more in interest for bank loans in the second quarter versus the public sector, analysts at investment bank CICC estimate. 
 
Though Beijing officially wants to rebalance the economy to the private sector and cut surplus capacity in inefficient heavy industry, that aspiration clashes with its more immediate ambition to hit its growth targets. 
 
For now it seems the latter goal is over-riding the former. 
 
Policymakers say that while corporate debt is high, the central government has room to increase its debt ratios and raise its fiscal deficit to between 4 and 5 per cent to boost the economy. 
 
And analysts expect more monetary easing in the form of interest rate cuts, which will encourage more borrowing and more bad debts. 
 
&quot;We believe that China&#39;s short-termism will only add to its long-standing problems of excess capacity and non-performing loans,&quot; Fathom Consulting analyst Laura Eaton wrote in a note following the release of first-half GDP data. 
 
Smith at Crescat Capital thinks it will lead to a twin currency and banking crisis, with a 20 per cent crash in the Yuan versus the dollar. 
 
&ldquo;It&rsquo;s a question of when, and it looks like it&rsquo;s coming pretty close,&quot; he said. 
 
(Reuters) 
 
&nbsp;

Decline in returns accompanied by increase in defaults and non-performing loans is creating a platform for a major mishap in Chinese economy

As China's economy notches up another quarter of steady growth, the pace of credit creation grows ever more frantic for every extra unit of production, as inefficient state firms swallow an increasing share of lending. The world's second-largest economy grew 6.7 per cent in the first half of the year, unchanged from the first quarter, testament to policymakers' determination to regulate the pace of slowdown after 25 years of breakneck expansion. Analysts say that determination has come at the cost of a dangerous rise in debt which is six times less effective at generating growth than a few years ago. "The amount of debt that China has taken in the last 5-7 years is unprecedented," said Morgan Stanley's head of emerging markets, Ruchir Sharma, at a book launch in Singapore. "No developing country in history has taken on as much debt as China has taken on on a marginal basis." While Beijing can take comfort that loose money and more deficit spending are averting a more painful slowdown, the rapidly diminishing returns from such stimulus policies, coupled with rising defaults and non-performing loans, are creating what Sharma calls "fertile (ground) for some accident to happen". From 2003 to 2008, when annual growth averaged more than 11 per cent, it took just one Yuan of extra credit to generate one Yuan of GDP growth, according to Morgan Stanley calculations. It took two for one from 2009-2010, when Beijing embarked on a massive stimulus programme to ward off the effects of the global financial crisis. The ratio had doubled again to four for one in 2015, and this year it has taken six Yuan for every Yuan of growth, Morgan Stanley said, twice even the level in the United States during the debt-fuelled housing bubble that triggered the global crisis. Total bond debt in China is up over 50 per cent in the past 18 months to 57 trillion Yuan ($8.5 trillion), equal to around 80 per cent of GDP, and new total social financing, the widest measure of credit provided by China's central bank, rose 10.9 per cent in the first half of 2016 to 9.75 trillion Yuan. Short termism China's money supply has increased in tandem with new lending, and at 149 trillion Yuan is now 73 per cent higher than in the United States, an economy about 60 per cent larger. "China is the largest money printer in the world - they have been for some time. The balance is really extreme," says Kevin Smith, CEO of US-based Crescat Capital. The reason China gets such poor returns from this pump-priming is that state firms are the main beneficiaries of extra credit, at the expense of the more efficient private sector. Some of the slowdown in private sector growth is weak confidence in the business outlook, but a lack of access to affordable financing is also a factor, the government and economists say, as banks prefer the security of state-owned borrowers. Private firms had to pay 6 percentage points more in interest for bank loans in the second quarter versus the public sector, analysts at investment bank CICC estimate. Though Beijing officially wants to rebalance the economy to the private sector and cut surplus capacity in inefficient heavy industry, that aspiration clashes with its more immediate ambition to hit its growth targets. For now it seems the latter goal is over-riding the former. Policymakers say that while corporate debt is high, the central government has room to increase its debt ratios and raise its fiscal deficit to between 4 and 5 per cent to boost the economy. And analysts expect more monetary easing in the form of interest rate cuts, which will encourage more borrowing and more bad debts. "We believe that China's short-termism will only add to its long-standing problems of excess capacity and non-performing loans," Fathom Consulting analyst Laura Eaton wrote in a note following the release of first-half GDP data. Smith at Crescat Capital thinks it will lead to a twin currency and banking crisis, with a 20 per cent crash in the Yuan versus the dollar. “It’s a question of when, and it looks like it’s coming pretty close," he said. (Reuters)

China averts slowdown, risks dangerous rise in debt numbers

While British politicians have spent the month since the EU referendum in a whirl of resignations, recriminations and political backstabbings, civil servants have been quietly beginning the mammoth task of implementing Brexit. 
 
Unpicking 43 years of EU laws and regulations and forging new alliances outside the 28-nation bloc arguably represents the biggest challenge for Whitehall -- as the civil service is collectively known -- since World War II. 
 
 
What is the strategy&nbsp; 
 
Prime Minister Theresa May has promised to implement the June 23 referendum vote to leave the EU -- but what this means in practice is not yet clear. 
 
In talks with German Chancellor Angela Merkel and French President Francois Hollande this week, she said she would not launch the formal two-year exit process before the end of this year, to give the government time to formulate its position. 
 
It will be up to the civil service to draw up options in terms of Britain&#39;s withdrawal from the EU, its future relationship with European allies and new trade deals. 
 
Issues at stake range from the status of EU citizens in Britain and Britons living on the continent, to whether Britain will want continued access to the EU single market. 
 
There are also questions over what happens to British recipients of key EU programmes such as agricultural subsidies and scientific research funding. 
 
Which ministers are in charge? 
 
Three ministers will help shape Britain&#39;s new future outside the EU -- Foreign Secretary Boris Johnson, Minister for Exiting the European Union David Davis and Minister for International Trade Liam Fox. 
 
They all campaigned to leave the bloc in the referendum, but as individuals they have clashed in the past. 
 
May, who campaigned to stay in the EU, will maintain control by personally chairing a Brexit cabinet group. 
 
But leaving the EU will impact on almost everything in government, and May has told all her cabinet ministers that they have a responsibility to &quot;make Brexit work&quot;. 
 
Who is leading Brexit talks? 
 
The new Department for Exiting the European Union will oversee preparations on leaving the bloc and support the prime minister in negotiations for the divorce. 
 
It will also lead work on establishing new ties with EU nations and consulting with those involved, from the devolved governments in Scotland, Wales and Northern Ireland to business and trade union leaders. 
 
Oliver Robbins, a career civil servant with experience at the interior and finance ministries, was appointed to run the department in one of former prime minister David Cameron&#39;s final acts of office. 
 
The department is currently based in the Cabinet Office at number nine Downing Street, next door to May&#39;s office, and has just 40 staff. 
 
It intends to expand to about 200, taking some staff from the Foreign Office and Britain&#39;s current team in Brussels. 
 
What about trade? 
 
The new Department for International Trade, led by Fox, is charged with formulating a new trade policy outside the EU. 
 
Informal talks have already begun with Canada and Australia, although Britain cannot sign any new deals until it formally relinquishes its EU membership. 
 
Officials have said they are aiming for a withdrawal in early 2019. 
 
A major problem is Britain&#39;s lack of trade negotiators. 
 
Since 1972, it has relied on the EU to conduct all deals and has only 12 to 20 serving officials with any experience of trade negotiations, according to one former civil servant. 
 
If it decides to leave the EU single market, Britain must negotiate a free trade agreement with the bloc as well as with non-EU nations. 
 
The government aims to have up to 300 specialist trade staff by the end of the year. 
 
What is the cost? 
 
All in all, Dominic Cook, associate fellow of the Said Business School in Oxford, estimates that up to 10,000 staff could be required to implement Brexit. 
 
There are currently more than 1,000 British nationals working for the European Commission, and efforts will likely be made to try to lure some of them back. 
 
But government will also likely need to turn to the private sector, with management consultancy firm McKinsey already working with the Brexit ministry. 
 
&quot;It&#39;s going to cost billions,&quot; Cook told The Times. 
 
(AFP)&nbsp;

Unpicking 43 years of EU regulations, forging new alliances outside 28-nation bloc arguably represents the biggest challenge for Whitehall

While British politicians have spent the month since the EU referendum in a whirl of resignations, recriminations and political backstabbings, civil servants have been quietly beginning the mammoth task of implementing Brexit. Unpicking 43 years of EU laws and regulations and forging new alliances outside the 28-nation bloc arguably represents the biggest challenge for Whitehall -- as the civil service is collectively known -- since World War II. What is the strategy Prime Minister Theresa May has promised to implement the June 23 referendum vote to leave the EU -- but what this means in practice is not yet clear. In talks with German Chancellor Angela Merkel and French President Francois Hollande this week, she said she would not launch the formal two-year exit process before the end of this year, to give the government time to formulate its position. It will be up to the civil service to draw up options in terms of Britain's withdrawal from the EU, its future relationship with European allies and new trade deals. Issues at stake range from the status of EU citizens in Britain and Britons living on the continent, to whether Britain will want continued access to the EU single market. There are also questions over what happens to British recipients of key EU programmes such as agricultural subsidies and scientific research funding. Which ministers are in charge? Three ministers will help shape Britain's new future outside the EU -- Foreign Secretary Boris Johnson, Minister for Exiting the European Union David Davis and Minister for International Trade Liam Fox. They all campaigned to leave the bloc in the referendum, but as individuals they have clashed in the past. May, who campaigned to stay in the EU, will maintain control by personally chairing a Brexit cabinet group. But leaving the EU will impact on almost everything in government, and May has told all her cabinet ministers that they have a responsibility to "make Brexit work". Who is leading Brexit talks? The new Department for Exiting the European Union will oversee preparations on leaving the bloc and support the prime minister in negotiations for the divorce. It will also lead work on establishing new ties with EU nations and consulting with those involved, from the devolved governments in Scotland, Wales and Northern Ireland to business and trade union leaders. Oliver Robbins, a career civil servant with experience at the interior and finance ministries, was appointed to run the department in one of former prime minister David Cameron's final acts of office. The department is currently based in the Cabinet Office at number nine Downing Street, next door to May's office, and has just 40 staff. It intends to expand to about 200, taking some staff from the Foreign Office and Britain's current team in Brussels. What about trade? The new Department for International Trade, led by Fox, is charged with formulating a new trade policy outside the EU. Informal talks have already begun with Canada and Australia, although Britain cannot sign any new deals until it formally relinquishes its EU membership. Officials have said they are aiming for a withdrawal in early 2019. A major problem is Britain's lack of trade negotiators. Since 1972, it has relied on the EU to conduct all deals and has only 12 to 20 serving officials with any experience of trade negotiations, according to one former civil servant. If it decides to leave the EU single market, Britain must negotiate a free trade agreement with the bloc as well as with non-EU nations. The government aims to have up to 300 specialist trade staff by the end of the year. What is the cost? All in all, Dominic Cook, associate fellow of the Said Business School in Oxford, estimates that up to 10,000 staff could be required to implement Brexit. There are currently more than 1,000 British nationals working for the European Commission, and efforts will likely be made to try to lure some of them back. But government will also likely need to turn to the private sector, with management consultancy firm McKinsey already working with the Brexit ministry. "It's going to cost billions," Cook told The Times. (AFP)

Preparing for EU divorce:  UK faces monumental task

The world&#39;s major economies need to deepen cooperation on tax collection and information sharing as companies seek to minimise the amount they pay to governments, finance ministers at G20 said today.

The issue has become controversial in many countries, with multinational firms from Google to Starbucks facing accusations of not contributing appropriately to the economies where they make their money, and multi-billion-dollar merger proposals being partly driven by tax considerations.

&quot;When the current cross-border tax rules were developed they were tied to concepts that reflected geography and national boundaries,&quot; US treasury secretary Jacob Lew told G20 finance ministers meeting in the Chinese city of Chengdu.

&quot;When we look at technology a lot of that has become harder to define.&quot;

&quot;There needs to be a common standard across countries on important issues of transfer pricing,&quot; he said at a high-level symposium on tax policy, adding that countries had to deal &quot;collectively&quot; with issues that lead to non-taxation.

Closing loopholes, he added, would change the choices businesses make.

The G20 has previously supported proposals requiring authorities to share the identities of shell companies&#39; real owners, and backed creating a blacklist of international tax havens that do not cooperate with information-sharing programmes.

But the discussion as the G20 finance ministers and central bank chiefs meeting opened in Chengdu, in southwestern China, was wider, addressing base erosion and profit shifting, known as BEPS.

The term refers to companies using accounting techniques to shift their profits to low- or no-tax jurisdictions, reducing the amounts they are liable to pay.

Some countries, such as Ireland or Luxembourg, have drawn major firms to establish headquarters or subsidiaries by virtue of their tax rules -&nbsp;a key contributor to Dublin declaring earlier this month that its economy grew by a spectacular 26.3 per cent last year.

&quot;In the 21st century, talent, capital, and even physical infrastructures are increasingly mobile,&quot; said Angel Gurria, secretary-general of the Organisation for Economic Co-operation and Development (OECD).

&quot;So, a global conversation on these issues, on tax policy, is obvious, critical, important,&quot; he said, later naming Google, Apple and Starbucks as example companies.

But he acknowledged that it could be a sensitive subject: &quot;Tax policy has been and remains a sovereign issue.&quot;

The seminar jointly pushed for by Germany, China and the OECD &nbsp;also addressed issues of using tax policy to promote growth.

Earlier French finance minister Michel Sapin said that some countries, &quot;not only China&quot; were &quot;reluctant&quot; on questions of cooperation on tax evasion.

But Chinese finance minister Lou Jiwei said: &quot;We need to deepen the international tax cooperation, building on existing mechanisms.&quot; 
 
(AFP)

The multinational firms use accounting techniques to shift their profits to no-tax jurisdictions, reducing amounts they are liable to pay

The world's major economies need to deepen cooperation on tax collection and information sharing as companies seek to minimise the amount they pay to governments, finance ministers at G20 said today. The issue has become controversial in many countries, with multinational firms from Google to Starbucks facing accusations of not contributing appropriately to the economies where they make their money, and multi-billion-dollar merger proposals being partly driven by tax considerations. "When the current cross-border tax rules were developed they were tied to concepts that reflected geography and national boundaries," US treasury secretary Jacob Lew told G20 finance ministers meeting in the Chinese city of Chengdu. "When we look at technology a lot of that has become harder to define." "There needs to be a common standard across countries on important issues of transfer pricing," he said at a high-level symposium on tax policy, adding that countries had to deal "collectively" with issues that lead to non-taxation. Closing loopholes, he added, would change the choices businesses make. The G20 has previously supported proposals requiring authorities to share the identities of shell companies' real owners, and backed creating a blacklist of international tax havens that do not cooperate with information-sharing programmes. But the discussion as the G20 finance ministers and central bank chiefs meeting opened in Chengdu, in southwestern China, was wider, addressing base erosion and profit shifting, known as BEPS. The term refers to companies using accounting techniques to shift their profits to low- or no-tax jurisdictions, reducing the amounts they are liable to pay. Some countries, such as Ireland or Luxembourg, have drawn major firms to establish headquarters or subsidiaries by virtue of their tax rules - a key contributor to Dublin declaring earlier this month that its economy grew by a spectacular 26.3 per cent last year. "In the 21st century, talent, capital, and even physical infrastructures are increasingly mobile," said Angel Gurria, secretary-general of the Organisation for Economic Co-operation and Development (OECD). "So, a global conversation on these issues, on tax policy, is obvious, critical, important," he said, later naming Google, Apple and Starbucks as example companies. But he acknowledged that it could be a sensitive subject: "Tax policy has been and remains a sovereign issue." The seminar jointly pushed for by Germany, China and the OECD also addressed issues of using tax policy to promote growth. Earlier French finance minister Michel Sapin said that some countries, "not only China" were "reluctant" on questions of cooperation on tax evasion. But Chinese finance minister Lou Jiwei said: "We need to deepen the international tax cooperation, building on existing mechanisms." (AFP)

G20 ministers urge tighter tax rules for multinationals

With a chicken sandwich, hot coffee and donuts, aviation history was made Friday. 
 
These were among the items in the first drone delivery on US soil approved by aviation officials, made by convenience retailer 7-Eleven and the drone startup Flirtey. 
 
The delivery took place in Reno, Nevada, with the items loaded into a special box for hot and cold food and flown to a local family. 
 
&quot;We&#39;re absolutely thrilled to have 7-Eleven, the largest convenience chain in the world, embracing new technologies and working with us at Flirtey to make drone delivery a reality for customers all over the world,&quot; said Flirtey chief executive Matt Sweeny. 
 
&quot;This is just the first step in our collaboration with 7-Eleven. Flirtey&#39;s historic drone deliveries to date have been stepping stones to store-to-home drone delivery, and today is a giant leap toward a not-too-distant future where we are delivering you convenience on demand.&quot; 
 
Others include US online giant Amazon are also working on drone deliver, but this was the first in what could become a broader trend. 
 
Flirtey also working on humanitarian missions&nbsp; 
 
Flirtey is also working with drones to deliver relief supplies as part of humanitarian missions around the world. 
 
But it also hopes to expand its partnership with 7-Eleven for convenience deliveries. Friday&#39;s delivery also included store candy and its Slurpee iced drinks. 
 
&quot;Drone delivery is the ultimate convenience for our customers and these efforts create enormous opportunities to redefine convenience,&quot; said Jesus Delgado-Jenkins, the retailer&#39;s chief marketing officer. 
 
&quot;This delivery marks the first time a retailer has worked with a drone delivery company to transport immediate consumables from store to home. In the future, we plan to make the entire assortment in our stores available for delivery to customers in minutes.&quot; 
 
The Federal Aviation Administration this year updated rules allowing for some commercial drone operations in US airspace. 
 
(AFP)&nbsp;

'This delivery marks the first time a retailer worked with a drone delivery company to transport immediate consumables from store to home'

With a chicken sandwich, hot coffee and donuts, aviation history was made Friday. These were among the items in the first drone delivery on US soil approved by aviation officials, made by convenience retailer 7-Eleven and the drone startup Flirtey. The delivery took place in Reno, Nevada, with the items loaded into a special box for hot and cold food and flown to a local family. "We're absolutely thrilled to have 7-Eleven, the largest convenience chain in the world, embracing new technologies and working with us at Flirtey to make drone delivery a reality for customers all over the world," said Flirtey chief executive Matt Sweeny. "This is just the first step in our collaboration with 7-Eleven. Flirtey's historic drone deliveries to date have been stepping stones to store-to-home drone delivery, and today is a giant leap toward a not-too-distant future where we are delivering you convenience on demand." Others include US online giant Amazon are also working on drone deliver, but this was the first in what could become a broader trend. Flirtey also working on humanitarian missions Flirtey is also working with drones to deliver relief supplies as part of humanitarian missions around the world. But it also hopes to expand its partnership with 7-Eleven for convenience deliveries. Friday's delivery also included store candy and its Slurpee iced drinks. "Drone delivery is the ultimate convenience for our customers and these efforts create enormous opportunities to redefine convenience," said Jesus Delgado-Jenkins, the retailer's chief marketing officer. "This delivery marks the first time a retailer has worked with a drone delivery company to transport immediate consumables from store to home. In the future, we plan to make the entire assortment in our stores available for delivery to customers in minutes." The Federal Aviation Administration this year updated rules allowing for some commercial drone operations in US airspace. (AFP)

In a first, US-approved drone delivers donuts to doorstep

The world cannot depend on China alone to save it from a Brexit-induced downturn, the country&#39;s premier said today. 
 
Li Keqiang made the remarks after meeting the heads of six global economic organisations, days after the International Monetary Fund&nbsp;(IMF)&nbsp;predicted that uncertainty created by Britain&#39;s vote to leave the European Union would slow the world economy into next year. 
 
&quot;Given the financial fluctuations as a result of Brexit, China will advance market-based reform of its exchange rate,&quot; Li said, adding, &quot;we will not engage in a trade war or currency war.&nbsp;But it is impossible to carry all of the burden of the whole world on our shoulders,&quot; he said. 
 
Improving global economic growth would require the world to step up macroeconomic coordination and increase the transparency of macro policies, Li added. 
 
In an update to its April forecast, the IMF said global economic growth was likely to be 3.1 per cent this year and 3.4 per cent in 2017, a downward revision of 0.1 per cent for both years. At the same time it upgraded its growth forecast for China by 0.1 per cent to 6.6. 
 
The Asian giant&#39;s economy expanded at 6.7 per cent in the April-June period, the same as the first three months of the year, and slowing from a growth of 6.9 for the full year 2015, its weakest annual rate in a quarter of a century.&nbsp;But the second-quarter reading was stronger than expected and fuelled hopes that growth in the world&#39;s second-largest economy may be stabilising. 
 
Li said the IMF hike put &quot;pressure&quot; on China to &quot;maintain growth and stability&quot;, adding that the organisation should &quot;encourage all countries to move in the same direction&quot;. 
 
Following Li&#39;s comments, World Bank president Jim Yong Kim praised China for its commitment to international economic cooperation at a &quot;time when in the West there is a very loud rejection of globalisation and multilateralism&quot;. 
 
The remarks come as Beijing finds itself in a dispute with the EU over whether or not it deserves to be granted market economy status, a designation that would make it much harder for major economies to fight Beijing over alleged unfair trading practices. 
 
Li&#39;s meeting came ahead of a G-20 finance ministers summit in the Chinese city of Chengdu, where representatives from the biggest industrialised and emerging economies are expected to discuss the impact of Brexit. 
 
(AFP)

In the West there is a very loud rejection of globalisation and multilateralism: World Bank president, Jim Yong Kim

The world cannot depend on China alone to save it from a Brexit-induced downturn, the country's premier said today. Li Keqiang made the remarks after meeting the heads of six global economic organisations, days after the International Monetary Fund (IMF) predicted that uncertainty created by Britain's vote to leave the European Union would slow the world economy into next year. "Given the financial fluctuations as a result of Brexit, China will advance market-based reform of its exchange rate," Li said, adding, "we will not engage in a trade war or currency war. But it is impossible to carry all of the burden of the whole world on our shoulders," he said. Improving global economic growth would require the world to step up macroeconomic coordination and increase the transparency of macro policies, Li added. In an update to its April forecast, the IMF said global economic growth was likely to be 3.1 per cent this year and 3.4 per cent in 2017, a downward revision of 0.1 per cent for both years. At the same time it upgraded its growth forecast for China by 0.1 per cent to 6.6. The Asian giant's economy expanded at 6.7 per cent in the April-June period, the same as the first three months of the year, and slowing from a growth of 6.9 for the full year 2015, its weakest annual rate in a quarter of a century. But the second-quarter reading was stronger than expected and fuelled hopes that growth in the world's second-largest economy may be stabilising. Li said the IMF hike put "pressure" on China to "maintain growth and stability", adding that the organisation should "encourage all countries to move in the same direction". Following Li's comments, World Bank president Jim Yong Kim praised China for its commitment to international economic cooperation at a "time when in the West there is a very loud rejection of globalisation and multilateralism". The remarks come as Beijing finds itself in a dispute with the EU over whether or not it deserves to be granted market economy status, a designation that would make it much harder for major economies to fight Beijing over alleged unfair trading practices. Li's meeting came ahead of a G-20 finance ministers summit in the Chinese city of Chengdu, where representatives from the biggest industrialised and emerging economies are expected to discuss the impact of Brexit. (AFP)

Chinese premier: We alone cannot save world from Brexit downturn