Chandrayaan-2: A look at the past moon expeditions

An armed man who attacked a <a href="https://www.wionews.com/world/world-should-know-migrant-tells-us-congress-of-toddlers-death-234902">US immigration detention</a> facility with "incendiary devices" has been shot dead after a confrontation with police in the northwestern city of Tacoma, authorities said.

Officers arrived at the Northwest Detention Center early Saturday after a report the man armed with a rifle had set a car on fire and had attempted to ignite a large propane tank, the city police department said in a statement.

The man, who was carrying flares and a satchel bag in addition to his weapon, died of gunshot wounds after officers arrived on the scene, police added.

The assailant was identified by police as 69-year-old Willem Van Spronsen.&nbsp;

He had previously been convicted of obstructing a police officer after an altercation during a protest outside the facility last year, according to local media reports.

None of the officers involved in the shooting was injured. All four men were placed on administrative leave in line with regular department policy, police said.

Immigration has been the subject of a divisive political battle in the US, which has struggled for more than a year with a migration crisis on its southern border as thousands of people travel to the US each month.

Demonstrators across dozens of US cities protested against nationwide raids planned for Sunday that <a href="https://www.wionews.com/world/i-will-meet-north-koreas-kim-jong-un-in-vietnam-on-february-27-28-trump-in-state-of-the-union-address-195467">President Donald Trump</a> has promised would lead to the mass expulsion of undocumented immigrants.

GEO Group, which operates the Tacoma centre on behalf of the Department of Homeland Security, said reports of overcrowding and the detention of unaccompanied minors at other immigration centres had endangered its staff.

"The outrageous and baseless accusations that have been levelled against our facilities have led to misplaced aggression and a dangerous environment for our employees," the company said in a statement.

"We are thankful for the quick and brave action by the Tacoma Police Department, which prevented innocent lives from being endangered."

Police said operations at the facility had returned to normal.

An armed man who attacked a US immigration detention facility with "incendiary devices" has been shot dead after a confrontation with police in the northwestern city of Tacoma, authorities said.

An armed man who attacked a US immigration detention facility with "incendiary devices" has been shot dead after a confrontation with police in the northwestern city of Tacoma, authorities said. Officers arrived at the Northwest Detention Center early Saturday after a report the man armed with a rifle had set a car on fire and had attempted to ignite a large propane tank, the city police department said in a statement. The man, who was carrying flares and a satchel bag in addition to his weapon, died of gunshot wounds after officers arrived on the scene, police added. The assailant was identified by police as 69-year-old Willem Van Spronsen. He had previously been convicted of obstructing a police officer after an altercation during a protest outside the facility last year, according to local media reports. None of the officers involved in the shooting was injured. All four men were placed on administrative leave in line with regular department policy, police said. Immigration has been the subject of a divisive political battle in the US, which has struggled for more than a year with a migration crisis on its southern border as thousands of people travel to the US each month. Demonstrators across dozens of US cities protested against nationwide raids planned for Sunday that President Donald Trump has promised would lead to the mass expulsion of undocumented immigrants. GEO Group, which operates the Tacoma centre on behalf of the Department of Homeland Security, said reports of overcrowding and the detention of unaccompanied minors at other immigration centres had endangered its staff. "The outrageous and baseless accusations that have been levelled against our facilities have led to misplaced aggression and a dangerous environment for our employees," the company said in a statement. "We are thankful for the quick and brave action by the Tacoma Police Department, which prevented innocent lives from being endangered." Police said operations at the facility had returned to normal.

Armed man dead after attacking United States immigration jail

Chandrayaan-2: ISRO gears up to launch second sojourn to the moon

<a href="https://www.wionews.com/world/hezbollah-warns-iran-able-to-bombard-israel-if-war-started-235425">Israeli Prime Minister Benjamin Netanyahu</a> on Sunday warned the head of Lebanon's <a href="https://www.wionews.com/world/israel-says-hunti-for-hezbollah-cross-border-tunnels-over-190046">Tehran-backed Hezbollah</a> that "crushing" retaliation would follow any attack after its leader said the group's rockets could reach Tel Aviv.

"Over the weekend we heard (Hassan) Nasrallah's boasting about his attack plans," he said at the start of the weekly cabinet meeting.

"Let me be clear if Hezbollah dares to make the mistake of attacking Israel, we will lay upon it and on Lebanon a crushing military blow."

In a Friday interview broadcast on Hezbollah's Al-Manar television, Nasrallah warned that key Israeli sites along the Mediterranean coast, including Tel Aviv, were "within range of our rockets".

The head of the Lebanese Shiite movement also said that Israel's arch-foe Iran was "able to bombard Israel with ferocity and force," but "will not start a war".

Last week, Netanyahu said that "Iran has been threatening the destruction of Israel" and warned that Israel's fighter jets "can reach anywhere in the Middle East, including Iran."

Hezbollah is considered to be a terrorist organisation by the United States and is the only faction not to have disarmed after Lebanon's 1975-1990 civil war.

But it is also a major political player in the small Mediterranean country, taking 13 seats in parliament last year and securing three posts in the current cabinet.

Israel has carried out hundreds of strikes in neighbouring Syria against what it says are Iranian and Hezbollah military targets. It has vowed to keep Iran from entrenching itself militarily there.

The Jewish state recently uncovered and destroyed six tunnels passing under the border from Lebanon into Israel.

It alleges Hezbollah had planned to use the tunnels for attacks in Israel.

Nasrallah's interview was to mark the anniversary of the start of his movement's 2006 war with Israel, which killed more than 1,200 Lebanese, mostly civilians, and more than 160 Israelis, mostly soldiers.

Israeli Prime Minister Benjamin Netanyahu on Sunday warned the head of Lebanon's Tehran-backed Hezbollah that "crushing" retaliation would follow any attack after its leader said the group's rockets could reach Tel Aviv.

Israeli Prime Minister Benjamin Netanyahu on Sunday warned the head of Lebanon's Tehran-backed Hezbollah that "crushing" retaliation would follow any attack after its leader said the group's rockets could reach Tel Aviv. "Over the weekend we heard (Hassan) Nasrallah's boasting about his attack plans," he said at the start of the weekly cabinet meeting. "Let me be clear if Hezbollah dares to make the mistake of attacking Israel, we will lay upon it and on Lebanon a crushing military blow." In a Friday interview broadcast on Hezbollah's Al-Manar television, Nasrallah warned that key Israeli sites along the Mediterranean coast, including Tel Aviv, were "within range of our rockets". The head of the Lebanese Shiite movement also said that Israel's arch-foe Iran was "able to bombard Israel with ferocity and force," but "will not start a war". Last week, Netanyahu said that "Iran has been threatening the destruction of Israel" and warned that Israel's fighter jets "can reach anywhere in the Middle East, including Iran." Hezbollah is considered to be a terrorist organisation by the United States and is the only faction not to have disarmed after Lebanon's 1975-1990 civil war. But it is also a major political player in the small Mediterranean country, taking 13 seats in parliament last year and securing three posts in the current cabinet. Israel has carried out hundreds of strikes in neighbouring Syria against what it says are Iranian and Hezbollah military targets. It has vowed to keep Iran from entrenching itself militarily there. The Jewish state recently uncovered and destroyed six tunnels passing under the border from Lebanon into Israel. It alleges Hezbollah had planned to use the tunnels for attacks in Israel. Nasrallah's interview was to mark the anniversary of the start of his movement's 2006 war with Israel, which killed more than 1,200 Lebanese, mostly civilians, and more than 160 Israelis, mostly soldiers.

Israeli Prime Minister Benjamin Netanyahu warns of 'crushing' retaliation after Hezbollah chief's remarks

U.S trade representatives were in New Delhi for talks. United States is India's largest trading partner. U.S ended India' preferential status then India retaliated. India slapped tariffs on U.S almonds and 27 other U.S products. Commerce Minister Piyush Goyal will visit U.S soon. Watch this video to know more.

Sources: No breakthrough in India-U.S trade talks

<a href="https://www.wionews.com/world/britain-sends-second-warship-to-gulf-amid-escalating-tensions-with-iran-report-235331">Britain sends second warship to gulf amid escalating tensions with Iran: Report</a>

Amid growing tensions with Iran after British Royal Marines seized an Iranian tanker off the coast of Gibraltar last week, Britain is sending a second warship to the Gulf, Sky News report said.

<a href="https://www.wionews.com/world/nato-concerned-by-turkeys-acquisition-of-russias-s-400-missile-defence-system-235300">NATO 'concerned' by Turkey's acquisition of Russia's S-400 missile defence system</a>

NATO said Friday it was "concerned" by Turkey's acquisition of Russia's S-400 missile defence system after Ankara took delivery of its first batch.

The alliance has repeatedly warned Turkey that the Russian system is incompatible with other NATO weapons systems, not least the F-35 fighter jet.

<a href="https://www.wionews.com/sports/coa-to-review-indias-world-cup-performance-after-shocking-semi-final-exit-235347">CoA to review India's World Cup performance after shocking semi-final exit</a>

The Supreme Court-appointed Committee of Administrators (CoA) will be reviewing India's performance at the ICC Men's Cricket World Cup, a BCCI source confirmed on Friday.

"Team India's performance in the World Cup will be assessed and reviewed at an appropriate time," a BCCI source told ANI.

<a href="https://www.wionews.com/world/indias-retail-inflation-hits-8-month-high-in-june-235349">India's retail inflation hits 8-month high in June</a>

India's retail inflation rate hit an eight-month high in June on higher food prices, government data showed on Friday, but stayed below the central bank's medium-term target of 4% for an eleventh straight month. Annual retail inflation in June was 3.18%, up from 3.05% in the previous month, but below analyst forecasts.

<a href="https://www.wionews.com/world/china-says-the-us-should-not-play-with-fire-on-taiwan-235313">China says the US should 'not play with fire' on Taiwan amid Tsai Ing-wen's New York visit</a>

China's top diplomat Wang Yi warned the United States on Friday that it should "not play with fire" on the question of Taiwan, expressing anger about a planned US arms sale.

Britain sends second warship to gulf amid escalating tensions with Iran: Report Amid growing tensions with Iran after British Royal Marines seized an Iranian tanker off the coast of Gibraltar last week, Britain is sending a second warship to the Gulf, Sky News report said.

Britain sends second warship to gulf amid escalating tensions with Iran: Report Amid growing tensions with Iran after British Royal Marines seized an Iranian tanker off the coast of Gibraltar last week, Britain is sending a second warship to the Gulf, Sky News report said. NATO 'concerned' by Turkey's acquisition of Russia's S-400 missile defence system NATO said Friday it was "concerned" by Turkey's acquisition of Russia's S-400 missile defence system after Ankara took delivery of its first batch. The alliance has repeatedly warned Turkey that the Russian system is incompatible with other NATO weapons systems, not least the F-35 fighter jet. CoA to review India's World Cup performance after shocking semi-final exit The Supreme Court-appointed Committee of Administrators (CoA) will be reviewing India's performance at the ICC Men's Cricket World Cup, a BCCI source confirmed on Friday. "Team India's performance in the World Cup will be assessed and reviewed at an appropriate time," a BCCI source told ANI. India's retail inflation hits 8-month high in June India's retail inflation rate hit an eight-month high in June on higher food prices, government data showed on Friday, but stayed below the central bank's medium-term target of 4% for an eleventh straight month. Annual retail inflation in June was 3.18%, up from 3.05% in the previous month, but below analyst forecasts. China says the US should 'not play with fire' on Taiwan amid Tsai Ing-wen's New York visit China's top diplomat Wang Yi warned the United States on Friday that it should "not play with fire" on the question of Taiwan, expressing anger about a planned US arms sale.

News brief: Big stories of the day

Pakistan, which supported Afghanistan's former Taliban regime, on Friday joined the United States, Russia and China in a call on the insurgents to agree to a ceasefire and negotiations with Kabul.

Pakistan joined the three powers in talks in Beijing that come as the United States moves closer to an agreement with the Taliban to pull troops from Afghanistan and end its longest-ever war.

The four countries "encouraged all parties to take steps to reduce violence leading to a comprehensive and permanent ceasefire that starts with intra-Afghan negotiations," said a joint statement issued by the United States.

They called for direct negotiations involving the Taliban, President Ashraf Ghani's government and other Afghans to "produce a peace framework as soon as possible."

Members of the Taliban and government met earlier this week in Qatar, a breakthrough even though participants were said to be there in a personal capacity.

The Taliban, believing they have an upper hand as they seek a US troop withdrawal, have refused to negotiate with the internationally recognized government or to halt its deadly campaign of attacks.

Pakistan, whose relations with the United States have been rocky over its handling of extremists, has sought to use its influence with the Taliban to help reach a deal.

Pakistani Prime Minister Imran Khan is set to come to Washington on July 22 to meet with President Donald Trump, who is impatient to end the war launched after the September 11, 2001 attacks.

US negotiator Zalmay Khalilzad has sought understandings with Russia and China despite the two powers' rivalries with the United States.

The Soviet Union fought US-backed Islamic guerrillas in a disastrous intervention in the 1980s, while China is keen to prevent any spread of extremism.

Pakistan, which supported Afghanistan's former Taliban regime, on Friday joined the United States, Russia and China in a call on the insurgents to agree to a ceasefire and negotiations with Kabul.

Pakistan, which supported Afghanistan's former Taliban regime, on Friday joined the United States, Russia and China in a call on the insurgents to agree to a ceasefire and negotiations with Kabul. Pakistan joined the three powers in talks in Beijing that come as the United States moves closer to an agreement with the Taliban to pull troops from Afghanistan and end its longest-ever war. The four countries "encouraged all parties to take steps to reduce violence leading to a comprehensive and permanent ceasefire that starts with intra-Afghan negotiations," said a joint statement issued by the United States. They called for direct negotiations involving the Taliban, President Ashraf Ghani's government and other Afghans to "produce a peace framework as soon as possible." Members of the Taliban and government met earlier this week in Qatar, a breakthrough even though participants were said to be there in a personal capacity. The Taliban, believing they have an upper hand as they seek a US troop withdrawal, have refused to negotiate with the internationally recognized government or to halt its deadly campaign of attacks. Pakistan, whose relations with the United States have been rocky over its handling of extremists, has sought to use its influence with the Taliban to help reach a deal. Pakistani Prime Minister Imran Khan is set to come to Washington on July 22 to meet with President Donald Trump, who is impatient to end the war launched after the September 11, 2001 attacks. US negotiator Zalmay Khalilzad has sought understandings with Russia and China despite the two powers' rivalries with the United States. The Soviet Union fought US-backed Islamic guerrillas in a disastrous intervention in the 1980s, while China is keen to prevent any spread of extremism.

Pakistan joins US-led call for Afghan ceasefire, talks

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns.

Spot gold was up 0.3% at $1,408.27 per ounce at 1136 GMT.

<a href="https://www.wionews.com/entertainment/bollywood-celebrities-applaud-dutee-chand-for-winning-gold-in-world-university-235221">Gold</a> has risen about 0.6% so far this week.

<a href="https://www.wionews.com/business-economy/us-delegation-to-discuss-indias-new-e-commerce-rules-during-trade-talks-235262">US</a> gold futures rose 0.2% to $1,409.8 an ounce.

"We have <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526&amp;sa=U&amp;ved=2ahUKEwiN-qTzsK_jAhXVfd4KHd9NDEsQFjAJegQIABAC&amp;usg=AOvVaw2mZbA9dK8Er7gAUzoNsiFc">(China's) trade</a> data out this morning which disappointed mainly on the import side, suggesting the Chinese economy is still struggling," said Julius Baer analyst Carsten Menke.

"This provided fuel to the growth worries, so that's why gold as a haven is benefiting."

China's exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world's second-largest economy.

Also helping gold was the dollar index, which eased for a third straight session as stronger-than-expected US <a href="https://www.wionews.com/business-economy/euro-zone-growth-inflation-outlook-cut-as-risks-from-us-trade-grow-234720/amp">inflation</a> data failed to shake convictions that the Federal Reserve will start cutting interest rates this month.

Despite the robust core US consumer price index data, money markets still indicated one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019.

"The comments from the Fed and the minutes this week were on the dovish side and have given the market hope that there might be a chance of a 50 basis point cut," said ABN Amro analyst Georgette Boele.

Fed Chair Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and their impact on global growth.

Spot gold has risen more than 11% since it touched the year's low of $1,265.85 per ounce in May, mainly on expectations of aggressive monetary policy easing and growth worries.

"The market is clearly more aggressive than we are, so there is some potential for disappointment on the rate side," Menke said.

"So, if we don't get three rate cuts by the end of the year this could be a trigger for a little bit of a short-term correction in gold."

In the physical market, gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on the steep price rally.

A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates.

Elsewhere, silver and platinum were up 0.1% at $15.13 and $821 per ounce respectively.

Palladium fell 0.2% to $1,557.50 an ounce, edging away from a 16-week peak of $1,605.52 touched in the previous session.

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns.

Gold rose on Friday and was on track to post a weekly gain, supported by an easing dollar and weaker than expected Chinese trade data which stoked global growth concerns. Spot gold was up 0.3% at $1,408.27 per ounce at 1136 GMT. Gold has risen about 0.6% so far this week. US gold futures rose 0.2% to $1,409.8 an ounce. "We have (China's) trade data out this morning which disappointed mainly on the import side, suggesting the Chinese economy is still struggling," said Julius Baer analyst Carsten Menke. "This provided fuel to the growth worries, so that's why gold as a haven is benefiting." China's exports fell in June as the United States ramped up trade pressure, while imports shrank more than expected, pointing to further strains on the world's second-largest economy. Also helping gold was the dollar index, which eased for a third straight session as stronger-than-expected US inflation data failed to shake convictions that the Federal Reserve will start cutting interest rates this month. Despite the robust core US consumer price index data, money markets still indicated one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019. "The comments from the Fed and the minutes this week were on the dovish side and have given the market hope that there might be a chance of a 50 basis point cut," said ABN Amro analyst Georgette Boele. Fed Chair Jerome Powell indicated on Thursday that a rate cut is likely at the Fed's next meeting as businesses slow investment due to trade disputes and their impact on global growth. Spot gold has risen more than 11% since it touched the year's low of $1,265.85 per ounce in May, mainly on expectations of aggressive monetary policy easing and growth worries. "The market is clearly more aggressive than we are, so there is some potential for disappointment on the rate side," Menke said. "So, if we don't get three rate cuts by the end of the year this could be a trigger for a little bit of a short-term correction in gold." In the physical market, gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on the steep price rally. A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates. Elsewhere, silver and platinum were up 0.1% at $15.13 and $821 per ounce respectively. Palladium fell 0.2% to $1,557.50 an ounce, edging away from a 16-week peak of $1,605.52 touched in the previous session.

Gold edges up on weaker dollar, China data fuels growth concerns

China's top diplomat Wang Yi warned the United States on Friday that it should "not play with fire" on the question of Taiwan, expressing anger about a planned US arms sale.

During a visit to Hungary, Wang said that no foreign force could stop the reunification of China and no foreign force should try to intervene.

The US State Department has approved the possible sale to Taiwan of M1A2T Abrams tanks, Stinger missiles and related equipment at an estimated value of $2.2 billion, the Pentagon said on Monday, despite Chinese criticism of the deal.

China claims self-ruled and democratic Taiwan as its own and views it as a wayward province.

"We urge the US to fully recognise the gravity of the Taiwan question ... (and) not to play with fire on the question of Taiwan," Wang told a news conference via an interpreter.

China's top diplomat Wang Yi warned the United States on Friday that it should "not play with fire" on the question of Taiwan, expressing anger about a planned US arms sale.

China's top diplomat Wang Yi warned the United States on Friday that it should "not play with fire" on the question of Taiwan, expressing anger about a planned US arms sale. During a visit to Hungary, Wang said that no foreign force could stop the reunification of China and no foreign force should try to intervene. The US State Department has approved the possible sale to Taiwan of M1A2T Abrams tanks, Stinger missiles and related equipment at an estimated value of $2.2 billion, the Pentagon said on Monday, despite Chinese criticism of the deal. China claims self-ruled and democratic Taiwan as its own and views it as a wayward province. "We urge the US to fully recognise the gravity of the Taiwan question ... (and) not to play with fire on the question of Taiwan," Wang told a news conference via an interpreter.

China says the US should 'not play with fire' on Taiwan amid Tsai Ing-wen's New York visit

<a href="https://www.wionews.com/world/us-president-donald-trump-seeks-to-override-supreme-court-ruling-on-census-233448">US President Donald Trump</a> on Wednesday ordered an investigation into France's planned tax on technology companies, a probe that could lead to the United States imposing new tariffs or other trade restrictions.

"The United States is very concerned that the digital services tax which is expected to pass the French Senate tomorrow unfairly targets American companies," <a href="https://www.wionews.com/world/us-china-trade-negotiators-hold-talks-ahead-of-xi-trump-meeting-report-230147">US Trade Representative Robert Lighthizer</a> said in a statement announcing the investigation.

The move gives Lighthizer up to a year to investigate if France's digital-tax plan would hurt US technology companies.

The "Section 301" investigation will determine if the levy poses an unfair trade practice. Prior investigations have covered Chinese trade practices and <a href="https://www.wionews.com/world/european-union-strongly-urges-iran-to-stop-nuclear-enrichment-234076">European Union</a> subsidies on large commercial aircraft.

French finance minister Bruno Le Maire said in March that a 3 per cent tax on the French revenue of large internet companies could yield $563 million&nbsp;a year.

USTR said in a statement the "services covered are ones where US firms are global leaders. The structure of the proposed new tax, as well as statements by officials, suggest that France is unfairly targeting the tax at certain US-based technology companies."

Lighthizer said Trump "has directed that we investigate the effects of this legislation and determine whether it is discriminatory or unreasonable and burdens or restricts United States commerce."

Le Maire said the tax would target some 30 companies, mostly American but also Chinese, German, Spanish and British, as well as one French firm and several firms with French origins that have been bought by foreign companies.

The tax would affect companies with at least $844 million&nbsp;in annual revenues and apply to revenue from digital business including online advertising. Companies such as Alphabet Inc's Google, Apple Inc, Facebook Inc, and Amazon.com Inc would likely be subject to the tax.

The technology industry lobby group ITI, which represents Apple, Amazon, Google, and other tech companies, urged the United States not to resort to tariffs in the dispute.

"We support the US government’s efforts to investigate these complex trade issues but urge it to pursue the 301 investigations in a spirit of international cooperation and without using tariffs as a remedy," Jennifer McCloskey, ITI’s vice president of policy, said in a statement.

Senate Finance Committee Chairman Chuck Grassley, a Republican, and Senator Ron Wyden, the top Democrat on the panel, praised the investigation.

"The digital services tax that France and other European countries are pursuing is clearly protectionist and unfairly targets American companies in a way that will cost US jobs and harm American workers," they said in a joint statement.

"The United States would not need to pursue this path if other countries would abandon these unilateral actions and focus their energies on the multilateral process that is underway," the statement added.

Lighthizer said the United States "will continue its efforts with other countries at the OECD to reach a multilateral agreement to address the challenges to the international tax system posed by an increasingly digitized global economy."

Bloomberg Tax reported the investigation earlier, citing two people familiar with the matter.

US President Donald Trump on Wednesday ordered an investigation into France's planned tax on technology companies, a probe that could lead to the United States imposing new tariffs or other trade restrictions.

US President Donald Trump on Wednesday ordered an investigation into France's planned tax on technology companies, a probe that could lead to the United States imposing new tariffs or other trade restrictions. "The United States is very concerned that the digital services tax which is expected to pass the French Senate tomorrow unfairly targets American companies," US Trade Representative Robert Lighthizer said in a statement announcing the investigation. The move gives Lighthizer up to a year to investigate if France's digital-tax plan would hurt US technology companies. The "Section 301" investigation will determine if the levy poses an unfair trade practice. Prior investigations have covered Chinese trade practices and European Union subsidies on large commercial aircraft. French finance minister Bruno Le Maire said in March that a 3 per cent tax on the French revenue of large internet companies could yield $563 million a year. USTR said in a statement the "services covered are ones where US firms are global leaders. The structure of the proposed new tax, as well as statements by officials, suggest that France is unfairly targeting the tax at certain US-based technology companies." Lighthizer said Trump "has directed that we investigate the effects of this legislation and determine whether it is discriminatory or unreasonable and burdens or restricts United States commerce." Le Maire said the tax would target some 30 companies, mostly American but also Chinese, German, Spanish and British, as well as one French firm and several firms with French origins that have been bought by foreign companies. The tax would affect companies with at least $844 million in annual revenues and apply to revenue from digital business including online advertising. Companies such as Alphabet Inc's Google, Apple Inc, Facebook Inc, and Amazon.com Inc would likely be subject to the tax. The technology industry lobby group ITI, which represents Apple, Amazon, Google, and other tech companies, urged the United States not to resort to tariffs in the dispute. "We support the US government’s efforts to investigate these complex trade issues but urge it to pursue the 301 investigations in a spirit of international cooperation and without using tariffs as a remedy," Jennifer McCloskey, ITI’s vice president of policy, said in a statement. Senate Finance Committee Chairman Chuck Grassley, a Republican, and Senator Ron Wyden, the top Democrat on the panel, praised the investigation. "The digital services tax that France and other European countries are pursuing is clearly protectionist and unfairly targets American companies in a way that will cost US jobs and harm American workers," they said in a joint statement. "The United States would not need to pursue this path if other countries would abandon these unilateral actions and focus their energies on the multilateral process that is underway," the statement added. Lighthizer said the United States "will continue its efforts with other countries at the OECD to reach a multilateral agreement to address the challenges to the international tax system posed by an increasingly digitized global economy." Bloomberg Tax reported the investigation earlier, citing two people familiar with the matter.

Trump administration 'very concerned' over French plan to tax US tech companies

The US Department of Justice opened an investigation into whether Deutsche Bank, Germany's embattled biggest lender, violated foreign financial laws in its work for 1MDB, American media reported Wednesday.

The department is looking into whether <a href="https://www.wionews.com/business-economy/deutsche-bank-to-cut-18000-jobs-in-74-billion-euro-overhaul-233820">Deutsche Bank</a> broke foreign corruption or anti-money laundering laws through its work for 1MDB, which included helping the Malaysian fundraise $1.2 billion in 2014 as concern's about its management and financials had begun to circulate, The Wall Street Journal reported.

Billions of dollars were looted from the investment vehicle between 2009 and 2014 and spent on everything from yachts to expensive artwork, in a fraud allegedly involving disgraced <a href="https://www.wionews.com/opinions/what-najib-razaks-corruption-trial-means-for-malaysia-and-the-region-207838">Malaysian ex-premier Najib Razak</a> and his cronies.&nbsp;

The investigation into Deutsche Bank has been helped by former Goldman Sachs banker Tim Leissner, who pled guilty to his involvement in the 1MDB scandal, the Journal reported.

Prosecutors are looking into the role of Leissner's former colleague Tan Boon-Kee, who also worked as Deutsche Bank's Asia Pacific head of banking for financial institution clients, the newspaper said.

Tan left Deutsche Bank last year after it was discovered she had been in contact with Jho Low, the Malaysian financier who allegedly played a central role in the fraud, according to the Journal.

Deutsche Bank has "cooperated fully" with the investigation, it said in a statement and claims it was misled by 1MDB.

"1MDB made 'material misrepresentations and omissions to Deutsche Bank officials' in connection with 1MDB's transactions with the bank," the statement said, citing Justice Department documents.

Deutsche Bank is already in trouble in the US, after top Senate Democrats in June asked the Federal Reserve to scrutinize the lender over allegedly suspicious transactions tied to President Donald Trump and his son-in-law Jared Kushner.

Democratic lawmakers suspected the bank staff of deliberately suppressing warnings of suspicious activities.

The bank also announced Sunday it would make 18,000 job cuts by 2022 about one-fifth of its workforce as it seeks to escape years of turmoil and return to sustained profits.

The new round of job cuts comes on top of some 6,000 already carried out over the past year.&nbsp;

The restructuring could be the last chance for Deutsche Bank after much-hyped merger talks with Frankfurt rival Commerzbank fell through earlier this year. 
&nbsp;

The US Department of Justice opened an investigation into whether Deutsche Bank, Germany's embattled biggest lender, violated foreign financial laws in its work for 1MDB, American media reported Wednesday.

The US Department of Justice opened an investigation into whether Deutsche Bank, Germany's embattled biggest lender, violated foreign financial laws in its work for 1MDB, American media reported Wednesday. The department is looking into whether Deutsche Bank broke foreign corruption or anti-money laundering laws through its work for 1MDB, which included helping the Malaysian fundraise $1.2 billion in 2014 as concern's about its management and financials had begun to circulate, The Wall Street Journal reported. Billions of dollars were looted from the investment vehicle between 2009 and 2014 and spent on everything from yachts to expensive artwork, in a fraud allegedly involving disgraced Malaysian ex-premier Najib Razak and his cronies. The investigation into Deutsche Bank has been helped by former Goldman Sachs banker Tim Leissner, who pled guilty to his involvement in the 1MDB scandal, the Journal reported. Prosecutors are looking into the role of Leissner's former colleague Tan Boon-Kee, who also worked as Deutsche Bank's Asia Pacific head of banking for financial institution clients, the newspaper said. Tan left Deutsche Bank last year after it was discovered she had been in contact with Jho Low, the Malaysian financier who allegedly played a central role in the fraud, according to the Journal. Deutsche Bank has "cooperated fully" with the investigation, it said in a statement and claims it was misled by 1MDB. "1MDB made 'material misrepresentations and omissions to Deutsche Bank officials' in connection with 1MDB's transactions with the bank," the statement said, citing Justice Department documents. Deutsche Bank is already in trouble in the US, after top Senate Democrats in June asked the Federal Reserve to scrutinize the lender over allegedly suspicious transactions tied to President Donald Trump and his son-in-law Jared Kushner. Democratic lawmakers suspected the bank staff of deliberately suppressing warnings of suspicious activities. The bank also announced Sunday it would make 18,000 job cuts by 2022 about one-fifth of its workforce as it seeks to escape years of turmoil and return to sustained profits. The new round of job cuts comes on top of some 6,000 already carried out over the past year. The restructuring could be the last chance for Deutsche Bank after much-hyped merger talks with Frankfurt rival Commerzbank fell through earlier this year.

US Justice department investigating Deutsche Bank over 1MDB connection: Report

How serious are Iran's breaches of the 2015 deal and what does higher enrichment mean?

<a href="https://www.wionews.com/world/russia-agrees-with-saudi-arabia-to-extend-opec-and-oil-output-deal-231649">OPEC</a> on Thursday forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies.

The drop in demand for OPEC crude highlights the sustained boost that OPEC's policy to support prices by supply cuts is giving to US shale and other rival supply. This potentially gives US President Donald Trump more room to keep up sanctions on OPEC members Iran and <a href="https://www.wionews.com/opinions/indigenous-people-are-forgotten-victims-of-the-ongoing-crisis-in-venezuela-215018">Venezuela</a>.

Giving its first 2020 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 29.27 million barrels per day (bpd) of crude from its 14 members next year, down 1.34 million bpd from this year.

"US tight crude production is anticipated to continue to grow as new pipelines will allow more Permian crude to flow to the US Gulf Coast export hub," OPEC said, using another term for shale oil.

OPEC in the report also forecast that world oil demand would rise at the same pace as this year and that the world economy would expand at this year's pace, despite slower growth in the United States and China.

"The 2020 forecast assumes that no further downside risks materialize, particularly that trade-related issues do not escalate further," OPEC said of the economic outlook.

"Brexit poses an additional risk, as does a continuation in the current slowdown in manufacturing activity."

OPEC, Russia and other producers have since Jan. 1 implemented a deal to cut output by 1.2 million bpd. The alliance, known as OPEC+, last week renewed the pact until March 2020 to avoid a build-up of inventories that could hit prices.

Oil pared earlier gains after the report was released, although prices were still trading above $67 a barrel after three Iranian vessels tried to block a British ship in the Strait of Hormuz oil chokepoint.

Despite the supply cut, oil has tumbled from April's 2019 peak above $75, pressured by concerns over the US-China trade dispute and an economic slowdown.

OPEC also oil inventories in developed economies rose in May, suggesting a trend that could raise concern over a possible oil glut.

Stocks in May exceeded the five-year average - a yardstick OPEC watches closely - by 25 million barrels.

Output Drop

OPEC said its oil output in June fell by 68,000 bpd to 29.83 million bpd as US sanctions on Iran boosted the impact of the supply pact.

According to figures OPEC collects from secondary sources, supply from Iran posted the biggest decline, by 142,000 bpd, as Washington tightened the screws on Iranian exports.

Top exporter Saudi Arabia increased output by 126,000 bpd to 9.81 million bpd in June but continued to voluntarily pump less than the supply pact allows it to in order to bolster the market. Nigeria, seeking a higher OPEC quota, posted the group's largest boost in output.

With 2020 demand for OPEC crude expected to average 29.27 million bpd, OPEC's report suggests there will be a 2020 supply surplus of over 500,000 bpd if OPEC keeps pumping at June's rate and other things remain equal.

OPEC on Thursday forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies.

OPEC on Thursday forecast world demand for its crude will decline next year as rivals pump more, pointing to the return of a surplus despite an OPEC-led pact to restrain supplies. The drop in demand for OPEC crude highlights the sustained boost that OPEC's policy to support prices by supply cuts is giving to US shale and other rival supply. This potentially gives US President Donald Trump more room to keep up sanctions on OPEC members Iran and Venezuela. Giving its first 2020 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 29.27 million barrels per day (bpd) of crude from its 14 members next year, down 1.34 million bpd from this year. "US tight crude production is anticipated to continue to grow as new pipelines will allow more Permian crude to flow to the US Gulf Coast export hub," OPEC said, using another term for shale oil. OPEC in the report also forecast that world oil demand would rise at the same pace as this year and that the world economy would expand at this year's pace, despite slower growth in the United States and China. "The 2020 forecast assumes that no further downside risks materialize, particularly that trade-related issues do not escalate further," OPEC said of the economic outlook. "Brexit poses an additional risk, as does a continuation in the current slowdown in manufacturing activity." OPEC, Russia and other producers have since Jan. 1 implemented a deal to cut output by 1.2 million bpd. The alliance, known as OPEC+, last week renewed the pact until March 2020 to avoid a build-up of inventories that could hit prices. Oil pared earlier gains after the report was released, although prices were still trading above $67 a barrel after three Iranian vessels tried to block a British ship in the Strait of Hormuz oil chokepoint. Despite the supply cut, oil has tumbled from April's 2019 peak above $75, pressured by concerns over the US-China trade dispute and an economic slowdown. OPEC also oil inventories in developed economies rose in May, suggesting a trend that could raise concern over a possible oil glut. Stocks in May exceeded the five-year average - a yardstick OPEC watches closely - by 25 million barrels. Output Drop OPEC said its oil output in June fell by 68,000 bpd to 29.83 million bpd as US sanctions on Iran boosted the impact of the supply pact. According to figures OPEC collects from secondary sources, supply from Iran posted the biggest decline, by 142,000 bpd, as Washington tightened the screws on Iranian exports. Top exporter Saudi Arabia increased output by 126,000 bpd to 9.81 million bpd in June but continued to voluntarily pump less than the supply pact allows it to in order to bolster the market. Nigeria, seeking a higher OPEC quota, posted the group's largest boost in output. With 2020 demand for OPEC crude expected to average 29.27 million bpd, OPEC's report suggests there will be a 2020 supply surplus of over 500,000 bpd if OPEC keeps pumping at June's rate and other things remain equal.

OPEC sees lower 2020 demand for its oil, points to surplus

The number of Americans filing applications for unemployment benefits dropped to a three-month low last week, suggesting sustained labor market strength that could help support a slowing economy.

Initial claims for state unemployment benefits declined 13,000 to a seasonally adjusted 209,000 for the week ended July 6, the lowest level since April, the Labor Department said on Thursday. Data for the prior week was revised to show 1,000 more applications received than previously reported.

Economists polled by Reuters had forecast claims rising to 223,000 in the latest week.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 3,250 to 219,250 last week.

The Labor Department said no claims were estimated last week. The claims data is entering a period of volatility as auto manufacturers temporarily shut down assembly plants for summer retooling.&nbsp;

Companies carry out the plant closures at different times, which can throw off the model the government uses to strip out seasonal fluctuations from the data.

There is still no sign of an increase in layoffs related to a trade war between the United States and China, which has helped to dim the economy's outlook and raise expectations for an interest rate cut this month, the first in a decade.

<a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">Federal Reserve Chairman Jerome Powell</a> told lawmakers on Wednesday that the US central bank would "act as appropriate" to protect the economy from the trade tensions and slowing global growth. (Full Story)

Fed officials are scheduled to meet on July 30-31. The economy is also slowing as last year's massive stimulus from tax cuts and more government spending fades.

&nbsp;Manufacturing is struggling, the trade deficit is widening again, consumer spending is rising moderately and the housing sector remains mired in a soft patch.

Despite the rising risks to the 10-year old economic expansion, the longest in history, the labor market remains healthy.&nbsp;

The economy created 224,000 jobs in June. While the unemployment rate ticked up one-tenth of a percentage point to 3.7%, that was because more people entered the labor market, a sign of confidence in their employment prospects.

Thursday's claims report also showed the number of people receiving benefits after an initial week of aid increased 27,000 to 1.72 million for the week ended June 29, the highest level since March.&nbsp;

The four-week moving average of the so-called continuing claims rose 5,750 to 1.69 million.

The number of Americans filing applications for unemployment benefits dropped to a three-month low last week, suggesting sustained labor market strength that could help support a slowing economy.

The number of Americans filing applications for unemployment benefits dropped to a three-month low last week, suggesting sustained labor market strength that could help support a slowing economy. Initial claims for state unemployment benefits declined 13,000 to a seasonally adjusted 209,000 for the week ended July 6, the lowest level since April, the Labor Department said on Thursday. Data for the prior week was revised to show 1,000 more applications received than previously reported. Economists polled by Reuters had forecast claims rising to 223,000 in the latest week. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 3,250 to 219,250 last week. The Labor Department said no claims were estimated last week. The claims data is entering a period of volatility as auto manufacturers temporarily shut down assembly plants for summer retooling. Companies carry out the plant closures at different times, which can throw off the model the government uses to strip out seasonal fluctuations from the data. There is still no sign of an increase in layoffs related to a trade war between the United States and China, which has helped to dim the economy's outlook and raise expectations for an interest rate cut this month, the first in a decade. Federal Reserve Chairman Jerome Powell told lawmakers on Wednesday that the US central bank would "act as appropriate" to protect the economy from the trade tensions and slowing global growth. (Full Story) Fed officials are scheduled to meet on July 30-31. The economy is also slowing as last year's massive stimulus from tax cuts and more government spending fades. Manufacturing is struggling, the trade deficit is widening again, consumer spending is rising moderately and the housing sector remains mired in a soft patch. Despite the rising risks to the 10-year old economic expansion, the longest in history, the labor market remains healthy. The economy created 224,000 jobs in June. While the unemployment rate ticked up one-tenth of a percentage point to 3.7%, that was because more people entered the labor market, a sign of confidence in their employment prospects. Thursday's claims report also showed the number of people receiving benefits after an initial week of aid increased 27,000 to 1.72 million for the week ended June 29, the highest level since March. The four-week moving average of the so-called continuing claims rose 5,750 to 1.69 million.

United States weekly jobless claims fall to three-month low

<a href="https://www.wionews.com/business-economy/reckitt-picks-pepsico-executive-as-ceo-going-outside-for-first-time-226588">British consumer health giant Reckitt</a> Benckiser announced Thursday it will pay up to $1.4 billion (1.2 billion euros) to settle a dispute with US authorities over the sale and marketing of an opioid addiction treatment.

The case concerns the pharmaceutical company Indivior, which was an RB subsidiary before emerging in 2014.

The US authorities criticised Indivior for having sought to take advantage of the opioid addiction crisis in the <a href="https://www.wionews.com/world/global-shares-muted-as-prospect-of-sharp-united-states-rate-cut-fades-234064">United States</a> by exaggerating the safety of its drug Suboxone.

RB said it had reached agreements with the US Department of Justice and the Federal Trade Commission to resolve the long-running investigation.

"RB will pay a total of up to $1.4 billion to fully resolve all federal investigations into RB in connection with the subject matter," the firm said in a statement.

The agreements cover the Indivior indictment and claims relating to state Medicaid programmes for those states choosing to participate in the settlement, said the group.

"While RB has acted lawfully at all times and expressly denies all allegations that it engaged in any wrongful conduct, after careful consideration, the board of RB determined that the agreement is in the best interests of the company and its shareholders," a statement said.

"It avoids the costs, uncertainty and distraction associated with continued investigations, litigation and the potential for an indictment."

Indivior was indicted in April over an alleged scheme to push its treatment for opioid addicts and reap billions of dollars from it.

A grand jury in the federal court in Abingdon, Virginia said that Indivior marketed Suboxone Film, an opioid-based drug, as a safe and controllable treatment for opioid and heroin addiction.

But the indictment said that Indivior sought to boost sales by exaggerating the safety of Suboxone Film and connecting patients with doctors who were known to over-prescribe it and other opioids, taking advantage of the country's huge opioid addiction crisis.

Beginning in 2010, the indictment claimed, Indivior told health care providers and programmes that Suboxone Film, which contains the opioid buprenorphine, was better and safer than similar drugs, when in fact it was not.

Indivior left the RB group in 2014. The pharmaceutical company is based in Richmond, Virginia, and is listed on the London Stock Exchange.

In a statement at the time, Indivior called the indictment "wholly unsupported by either the facts or the law".

British consumer health giant Reckitt Benckiser announced Thursday it will pay up to $1.4 billion (1.2 billion euros) to settle a dispute with US authorities over the sale and marketing of an opioid addiction treatment.

British consumer health giant Reckitt Benckiser announced Thursday it will pay up to $1.4 billion (1.2 billion euros) to settle a dispute with US authorities over the sale and marketing of an opioid addiction treatment. The case concerns the pharmaceutical company Indivior, which was an RB subsidiary before emerging in 2014. The US authorities criticised Indivior for having sought to take advantage of the opioid addiction crisis in the United States by exaggerating the safety of its drug Suboxone. RB said it had reached agreements with the US Department of Justice and the Federal Trade Commission to resolve the long-running investigation. "RB will pay a total of up to $1.4 billion to fully resolve all federal investigations into RB in connection with the subject matter," the firm said in a statement. The agreements cover the Indivior indictment and claims relating to state Medicaid programmes for those states choosing to participate in the settlement, said the group. "While RB has acted lawfully at all times and expressly denies all allegations that it engaged in any wrongful conduct, after careful consideration, the board of RB determined that the agreement is in the best interests of the company and its shareholders," a statement said. "It avoids the costs, uncertainty and distraction associated with continued investigations, litigation and the potential for an indictment." Indivior was indicted in April over an alleged scheme to push its treatment for opioid addicts and reap billions of dollars from it. A grand jury in the federal court in Abingdon, Virginia said that Indivior marketed Suboxone Film, an opioid-based drug, as a safe and controllable treatment for opioid and heroin addiction. But the indictment said that Indivior sought to boost sales by exaggerating the safety of Suboxone Film and connecting patients with doctors who were known to over-prescribe it and other opioids, taking advantage of the country's huge opioid addiction crisis. Beginning in 2010, the indictment claimed, Indivior told health care providers and programmes that Suboxone Film, which contains the opioid buprenorphine, was better and safer than similar drugs, when in fact it was not. Indivior left the RB group in 2014. The pharmaceutical company is based in Richmond, Virginia, and is listed on the London Stock Exchange. In a statement at the time, Indivior called the indictment "wholly unsupported by either the facts or the law".

Reckitt pays US 1.4 billion dollar to settle opioid treatment spat

A storm churning in the Gulf of Mexico and aimed at water-logged <a href="New Orleans">New Orleans is likely to make landfall as the first Atlantic hurricane</a> of the 2019 season by late Friday or early Saturday, forecasters said.

The storm, expected to be designated a tropical storm early on Thursday, is set to deposit between 10 to 15 inches of rain on the Gulf Coast on Friday and Saturday from West Texas, through New Orleans and the Louisiana coast.

Isolated spots will receive a drenching 20 inches of rain,

"The whole area is in for a soaking, the worst of it on Saturday," said David Roth, a meteorologist from the National Weather Service's Weather Prediction Center.

Louisiana Gov. John Bel Edwards declared a state of emergency on Wednesday.

"The storm system will likely produce storm surge, hurricane-force winds," he said at a news conference. "No one should take this storm lightly."

National Guard troops were in place across the state, the governor said.

US oil producers on Wednesday cut nearly a third of Gulf of Mexico crude output ahead of the storm.

Fifteen production platforms and four rigs were evacuated in the north-central Gulf of Mexico, according to a US regulator as oil firms moved workers to safety.

The slow-moving storm, crawling at about 9 mph early on Thursday and gaining strength from warm Gulf waters, will be named Barry if it strengthens into a tropical storm with winds of 39 mph or more on the Saffir–Simpson hurricane scale.

It will become Hurricane Barry if it reaches wind speeds of 74 mph (119 km) as expected when it makes landfall near the mouth of the Mississippi River and just west of New Orleans.

But the storm remained a tropical disturbance early on Thursday about 125 miles (200 km) south-southeast of the mouth of the Mississippi River, and packed sustained winds of 30 mph (45 km), the National Hurricane Center said.

New Orleans was already hit with widespread flooding on Wednesday from heavy rain spawned from a weather system that might inundate the low-lying US city.

New Orleans officials warned that a hurricane could bring a coastal storm surge into the mouth of the Mississippi River capable of raising the river's height to 20 feet (6 meters) above sea level, high enough to overflow some sections of the levee system protecting the city.

The city was hit early Wednesday by thunderstorms that meteorologists said were associated with the building Gulf storm.

New Orleans officials advised residents to stock up on drinking water, non-perishable food, and other emergency supplies.

Officials in Plaquemines Parish, south of New Orleans, ordered residents in some areas to plan to evacuate their homes on Thursday ahead of the storm.

And west of New Orleans, officials in Vermilion Parish advised some residents in low-lying areas and people living in mobile homes to consider moving to higher ground.

A storm churning in the Gulf of Mexico and aimed at water-logged New Orleans is likely to make landfall as the first Atlantic hurricane of the 2019 season by late Friday or early Saturday, forecasters said.

A storm churning in the Gulf of Mexico and aimed at water-logged New Orleans is likely to make landfall as the first Atlantic hurricane of the 2019 season by late Friday or early Saturday, forecasters said. The storm, expected to be designated a tropical storm early on Thursday, is set to deposit between 10 to 15 inches of rain on the Gulf Coast on Friday and Saturday from West Texas, through New Orleans and the Louisiana coast. Isolated spots will receive a drenching 20 inches of rain, "The whole area is in for a soaking, the worst of it on Saturday," said David Roth, a meteorologist from the National Weather Service's Weather Prediction Center. Louisiana Gov. John Bel Edwards declared a state of emergency on Wednesday. "The storm system will likely produce storm surge, hurricane-force winds," he said at a news conference. "No one should take this storm lightly." National Guard troops were in place across the state, the governor said. US oil producers on Wednesday cut nearly a third of Gulf of Mexico crude output ahead of the storm. Fifteen production platforms and four rigs were evacuated in the north-central Gulf of Mexico, according to a US regulator as oil firms moved workers to safety. The slow-moving storm, crawling at about 9 mph early on Thursday and gaining strength from warm Gulf waters, will be named Barry if it strengthens into a tropical storm with winds of 39 mph or more on the Saffir–Simpson hurricane scale. It will become Hurricane Barry if it reaches wind speeds of 74 mph (119 km) as expected when it makes landfall near the mouth of the Mississippi River and just west of New Orleans. But the storm remained a tropical disturbance early on Thursday about 125 miles (200 km) south-southeast of the mouth of the Mississippi River, and packed sustained winds of 30 mph (45 km), the National Hurricane Center said. New Orleans was already hit with widespread flooding on Wednesday from heavy rain spawned from a weather system that might inundate the low-lying US city. New Orleans officials warned that a hurricane could bring a coastal storm surge into the mouth of the Mississippi River capable of raising the river's height to 20 feet (6 meters) above sea level, high enough to overflow some sections of the levee system protecting the city. The city was hit early Wednesday by thunderstorms that meteorologists said were associated with the building Gulf storm. New Orleans officials advised residents to stock up on drinking water, non-perishable food, and other emergency supplies. Officials in Plaquemines Parish, south of New Orleans, ordered residents in some areas to plan to evacuate their homes on Thursday ahead of the storm. And west of New Orleans, officials in Vermilion Parish advised some residents in low-lying areas and people living in mobile homes to consider moving to higher ground.

Storm likely to churn into hurricane, looms on United States Gulf coast

Oil prices rose 4.5 per cent a barrel on Wednesday to their highest level in more than a month after <a href="https://www.wionews.com/business-economy/oil-falls-on-trade-dispute-despite-surprise-drop-in-us-crude-inventories-217140">US crude inventories</a> shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.

Brent crude futures settled at $67.01 a barrel, up $2.85, or 4.44 percent. US <a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">West Texas Intermediate</a> (WTI) crude futures settled at $60.43 a barrel, climbing $2.60, or 4.50 percent.

Both benchmarks hit their highest prices since late-May.

US crude stocks fell 9.5 million barrels in the week to July 5, shrinking more than triple the 3.1 million-barrel draw analysts had expected as refineries ramped up output, the Energy Information Administration (EIA) said.

"The inventory draw was much stronger than expected," which helped to push oil prices higher, said Carsten Fritsch, oil analyst at Commerzbank. "Imports dropped and refinery utilization reached the highest level since the beginning of the year, contributing to the big draw."

A storm expected to form along the Gulf of Mexico also helped oil prices.

Major oil firms began evacuating and halting production in the Gulf of Mexico ahead of the storm, which is forecast to become a hurricane by the weekend.

"With the evacuation of several platforms in the Gulf of Mexico in advance of a tropical storm, that will curb production," said Andrew Lipow, president of Lipow Oil Associates.

Chevron Corp, Royal Dutch Shell, BP, Anadarko Petroleum and BHP Group &nbsp;were in the process of removing staff from 15 offshore platforms. Exxon Mobil &nbsp;said it was monitoring the weather to determine if its facilities might be affected.

The Gulf of Mexico is home to 17 per cent of US crude oil output which stands at around 12 million barrels per day.

The US and global benchmarks have gained this year as the Organisation of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have curbed output to bolster prices.

The alliance, known as OPEC+, agreed last week to extend its supply-cutting deal until March 2020.

Tensions around Iran's nuclear programme and recent incidents involving oil tankers in the Gulf have also supported prices.

"The ongoing geopolitical tensions between the United States and Iran continue to add a still unquantifiable level of support," said Saxo Bank commodity strategist Ole Hansen.

A top US general said on Tuesday that Washington hopes to enlist allies over the next two weeks or so in a military coalition to safeguard strategic waters off Iran and Yemen, where the United States blames Iran and Iran-aligned fighters for attacks.

Oil prices rose 4.5 per cent a barrel on Wednesday to their highest level in more than a month after US crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm.

Oil prices rose 4.5 per cent a barrel on Wednesday to their highest level in more than a month after US crude inventories shrank and as major producers cut nearly a third of offshore Gulf of Mexico production ahead of an expected storm. Brent crude futures settled at $67.01 a barrel, up $2.85, or 4.44 percent. US West Texas Intermediate (WTI) crude futures settled at $60.43 a barrel, climbing $2.60, or 4.50 percent. Both benchmarks hit their highest prices since late-May. US crude stocks fell 9.5 million barrels in the week to July 5, shrinking more than triple the 3.1 million-barrel draw analysts had expected as refineries ramped up output, the Energy Information Administration (EIA) said. "The inventory draw was much stronger than expected," which helped to push oil prices higher, said Carsten Fritsch, oil analyst at Commerzbank. "Imports dropped and refinery utilization reached the highest level since the beginning of the year, contributing to the big draw." A storm expected to form along the Gulf of Mexico also helped oil prices. Major oil firms began evacuating and halting production in the Gulf of Mexico ahead of the storm, which is forecast to become a hurricane by the weekend. "With the evacuation of several platforms in the Gulf of Mexico in advance of a tropical storm, that will curb production," said Andrew Lipow, president of Lipow Oil Associates. Chevron Corp, Royal Dutch Shell, BP, Anadarko Petroleum and BHP Group were in the process of removing staff from 15 offshore platforms. Exxon Mobil said it was monitoring the weather to determine if its facilities might be affected. The Gulf of Mexico is home to 17 per cent of US crude oil output which stands at around 12 million barrels per day. The US and global benchmarks have gained this year as the Organisation of the Petroleum Exporting Countries (OPEC) and big producers such as Russia have curbed output to bolster prices. The alliance, known as OPEC+, agreed last week to extend its supply-cutting deal until March 2020. Tensions around Iran's nuclear programme and recent incidents involving oil tankers in the Gulf have also supported prices. "The ongoing geopolitical tensions between the United States and Iran continue to add a still unquantifiable level of support," said Saxo Bank commodity strategist Ole Hansen. A top US general said on Tuesday that Washington hopes to enlist allies over the next two weeks or so in a military coalition to safeguard strategic waters off Iran and Yemen, where the United States blames Iran and Iran-aligned fighters for attacks.

Oil prices jump 4.5 per cent on United States crude stocks draw, Gulf of Mexico storm

The legend of Afghanistan's 'Lion of Panjshir' Ahmad Shah Massoud

In a move that may spell good news for thousands of highly-skilled Indian IT professionals, the United States House of Representatives on Wednesday passed a bill that would shorten the waiting period for high-skilled nationals of other countries to obtain a Green Card and work permanently in the United States.&nbsp;

The bill, when passed by the Senate and signed by President Trump, will come into force as law and will lift the seven per cent country-cap on issuing Green Cards.

The move will benefit highly-skilled Indian professionals who eye to obtain US citizenship and work there permanently.&nbsp;

This comes just over a fortnight after the Trump administration said it has no plans to cap <a href="https://www.wionews.com/india-news/us-has-no-plans-to-cap-h-1b-work-visa-program-state-department-229065">H-1B work visas</a> for nations that force foreign companies to store data locally, news agency Reuters reported.&nbsp;

"The Trump Administration has no plans to place caps on H-1B work visas for nations that force foreign companies to store data locally," a State Department spokeswoman said in a statement in response to the Reuters article.

While an administration's "Buy American Hire American" executive order calls for a broad review of US worker visa programmes, including the <a href="https://www.wionews.com/india-news/us-says-h-1b-visas-and-data-localisation-not-linked-229093">H-1B program</a>, it was not targeted at a specific country, the spokeswoman said.

Every year, the US issues around 85,000 H-1B work visas without any country-specific limit. As per the estimates, a whopping 70 per cent of those go to Indians, reports Reuters.&nbsp;

In a move that may spell good news for thousands of highly-skilled Indian IT professionals, the United States House of Representatives on Wednesday passed a bill that would shorten the waiting period for high-skilled nationals of other countries to obtain a Green Card and work permanently in the United States.

In a move that may spell good news for thousands of highly-skilled Indian IT professionals, the United States House of Representatives on Wednesday passed a bill that would shorten the waiting period for high-skilled nationals of other countries to obtain a Green Card and work permanently in the United States. The bill, when passed by the Senate and signed by President Trump, will come into force as law and will lift the seven per cent country-cap on issuing Green Cards. The move will benefit highly-skilled Indian professionals who eye to obtain US citizenship and work there permanently. This comes just over a fortnight after the Trump administration said it has no plans to cap H-1B work visas for nations that force foreign companies to store data locally, news agency Reuters reported. "The Trump Administration has no plans to place caps on H-1B work visas for nations that force foreign companies to store data locally," a State Department spokeswoman said in a statement in response to the Reuters article. While an administration's "Buy American Hire American" executive order calls for a broad review of US worker visa programmes, including the H-1B program, it was not targeted at a specific country, the spokeswoman said. Every year, the US issues around 85,000 H-1B work visas without any country-specific limit. As per the estimates, a whopping 70 per cent of those go to Indians, reports Reuters.

US House of Representatives passes bill aimed at removing 7% country cap on Green Card, Indian H-1B visa holders to benefit

<a href="https://www.wionews.com/world/in-race-for-no-10-uks-johnson-and-hunt-vow-to-splash-the-cash-231797">British Foreign Secretary Jeremy Hunt</a> on Tuesday said <a href="https://www.wionews.com/world/us-president-donald-trump-seeks-to-override-supreme-court-ruling-on-census-233448">US President Donald Trump</a> was "disrespectful and wrong" in making disparaging remarks about outgoing Prime Minister Theresa May and her ambassador to Washington.

Hunt, who is vying with his predecessor Boris Johnson to replace May in Downing Street later this month, added that he would keep US ambassador Kim Darroch in place if he took office.

"@realDonaldTrump friends speak frankly so I will: these comments are disrespectful and wrong to our prime minister and my country," he tweeted.

"Your diplomats give their private opinions to @SecPompeo and so do ours! You said the UK/US alliance was the greatest in history and I agree.But allies need to treat each other with respect as @theresa_may has always done with you."

"Ambassadors are appointed by the UK government and if I become PM our ambassador stays."

He was responding to a broadside by Trump against both May's government and Darroch, triggered by the leak of unflattering diplomatic cables written by the British envoy.

Trump said Darroch was a "very stupid guy" and slammed outgoing May's "foolish" Brexit policies on Tuesday in a second straight day of virulent attacks.

The missives threaten to plunge Washington and London into an unprecedented diplomatic crisis.

Hunt is trailing Johnson in the contest to replace May as leader of their Conservative party and prime minister of Britain.

She is stepping down after failing to deliver Britain's exit from the European Union, three years after the 2016 referendum vote for Brexit.

Earlier, Johnson said he had a good relationship with the Trump White House and noted that he had criticized May's Brexit strategy.

"I have got a good relationship with the White House and I have no embarrassment in saying that," he told reporters.

"I think it's very important that we have a strong relationship with our most important ally.

"The United States is, has been, will be and for the foreseeable future our number one political-military friend."

British Foreign Secretary Jeremy Hunt on Tuesday said US President Donald Trump was "disrespectful and wrong" in making disparaging remarks about outgoing Prime Minister Theresa May and her ambassador to Washington.

British Foreign Secretary Jeremy Hunt on Tuesday said US President Donald Trump was "disrespectful and wrong" in making disparaging remarks about outgoing Prime Minister Theresa May and her ambassador to Washington. Hunt, who is vying with his predecessor Boris Johnson to replace May in Downing Street later this month, added that he would keep US ambassador Kim Darroch in place if he took office. "@realDonaldTrump friends speak frankly so I will: these comments are disrespectful and wrong to our prime minister and my country," he tweeted. "Your diplomats give their private opinions to @SecPompeo and so do ours! You said the UK/US alliance was the greatest in history and I agree.But allies need to treat each other with respect as @theresa_may has always done with you." "Ambassadors are appointed by the UK government and if I become PM our ambassador stays." He was responding to a broadside by Trump against both May's government and Darroch, triggered by the leak of unflattering diplomatic cables written by the British envoy. Trump said Darroch was a "very stupid guy" and slammed outgoing May's "foolish" Brexit policies on Tuesday in a second straight day of virulent attacks. The missives threaten to plunge Washington and London into an unprecedented diplomatic crisis. Hunt is trailing Johnson in the contest to replace May as leader of their Conservative party and prime minister of Britain. She is stepping down after failing to deliver Britain's exit from the European Union, three years after the 2016 referendum vote for Brexit. Earlier, Johnson said he had a good relationship with the Trump White House and noted that he had criticized May's Brexit strategy. "I have got a good relationship with the White House and I have no embarrassment in saying that," he told reporters. "I think it's very important that we have a strong relationship with our most important ally. "The United States is, has been, will be and for the foreseeable future our number one political-military friend."

Trump comments 'disrespectful and wrong': Jeremy Hunt

<a href="https://www.wionews.com/world/very-stupid-guy-donald-trump-renews-attack-on-uk-ambassador-theresa-may-234370">US President Donald Trump</a>'s administration on Tuesday threatened he would veto a massive defence bill being considered by the <a href="https://www.wionews.com/world/us-house-of-representatives-votes-to-repeal-obamacare-11249">House of Representatives</a>, saying it provides less money than he wants for the military and disagreeing with some of its policy provisions.

The version of the National Defence Authorization Act, or NDAA, up for a vote in the Democratic-led House sets $733 billion in military spending, $17 billion less than Trump's fiscal-year 2020 budget request.

The Republican-led Senate last month passed its version of the measure, authorizing $750 billion for the Pentagon. Once the House passes its bill, the two chambers must come up with a compromise bill, which must pass both before being sent to the White House for Trump to sign into law or veto.

The administration objected as well to provisions in the House bill seeking to stop Trump from spending billions of dollars to build a wall on the US border with Mexico after he declared a national emergency to go ahead with construction without Congress' approval.&nbsp;

It also opposed the bill's proposed imposition of stricter limits on the deployment of US troops to work along the border and the curtailing of Trump's ability to transfer money from one project to another without consulting Congress.

Trump's promise to build a border wall was a feature of his 2016 presidential campaign and has been a theme of his bid for re-election in 2020.

The administration also objected to a range of provisions including some related to nuclear weapons, Trump's plan for a "Space Force" and restrictions on detentions at the military prison at the Naval Station at Guantanamo Bay, including a proposed ban on additional transfers to the prison in Cuba.

The House is expected to vote on the NDAA later this week.

It was not immediately clear that it would pass. Trump's fellow Republicans may vote no and could be joined by many of the more liberal House Democrats, who object among other things to increasing defence spending without doing more to avoid waste at the Pentagon.&nbsp;

One of the few pieces of major legislation passed every year, the NDAA becomes a vehicle for a broad range of policy measures, as well as determining everything from military pay levels to which ships or aircraft will be modernized, purchased or discontinued.

US President Donald Trump's administration on Tuesday threatened he would veto a massive defence bill being considered by the House of Representatives, saying it provides less money than he wants for the military and disagreeing with some of its policy provisions.

US President Donald Trump's administration on Tuesday threatened he would veto a massive defence bill being considered by the House of Representatives, saying it provides less money than he wants for the military and disagreeing with some of its policy provisions. The version of the National Defence Authorization Act, or NDAA, up for a vote in the Democratic-led House sets $733 billion in military spending, $17 billion less than Trump's fiscal-year 2020 budget request. The Republican-led Senate last month passed its version of the measure, authorizing $750 billion for the Pentagon. Once the House passes its bill, the two chambers must come up with a compromise bill, which must pass both before being sent to the White House for Trump to sign into law or veto. The administration objected as well to provisions in the House bill seeking to stop Trump from spending billions of dollars to build a wall on the US border with Mexico after he declared a national emergency to go ahead with construction without Congress' approval. It also opposed the bill's proposed imposition of stricter limits on the deployment of US troops to work along the border and the curtailing of Trump's ability to transfer money from one project to another without consulting Congress. Trump's promise to build a border wall was a feature of his 2016 presidential campaign and has been a theme of his bid for re-election in 2020. The administration also objected to a range of provisions including some related to nuclear weapons, Trump's plan for a "Space Force" and restrictions on detentions at the military prison at the Naval Station at Guantanamo Bay, including a proposed ban on additional transfers to the prison in Cuba. The House is expected to vote on the NDAA later this week. It was not immediately clear that it would pass. Trump's fellow Republicans may vote no and could be joined by many of the more liberal House Democrats, who object among other things to increasing defence spending without doing more to avoid waste at the Pentagon. One of the few pieces of major legislation passed every year, the NDAA becomes a vehicle for a broad range of policy measures, as well as determining everything from military pay levels to which ships or aircraft will be modernized, purchased or discontinued.

Trump threatens veto of House defence bill over spending levels, Mexico wall

<a href="https://www.wionews.com/world/us-president-donald-trump-seeks-to-override-supreme-court-ruling-on-census-233448">US President Donald Trump</a> violated the Constitution by blocking people whose views he disliked from his Twitter account, a federal appeals court ruled on Tuesday.

In a 3-0 decision, the 2nd US Circuit Court of Appeals in Manhattan said the First Amendment forbids Trump from using Twitter's "blocking" function to limit access to his account, which has 61.8 million followers.

"The First Amendment does not permit a public official who utilizes a social media account for all manner of official purposes to exclude persons from an otherwise-open online dialogue because they expressed views with which the official disagrees," wrote Circuit Judge Barrington Parker, citing several Supreme Court decisions.

Kelly Laco, a spokeswoman for the <a href="https://www.wionews.com/world/us-lawmakers-introduce-bipartisan-bills-targeting-chinas-huawei-and-zte-190862">US Department of Justice</a>, which argued the appeal, said: "We are disappointed with the court's decision and are exploring possible next steps."

The White House declined to comment. White House social media director Dan Scavino was also a defendant. Twitter &lt;TWTR.N&gt; declined to comment.

Trump has made his @RealDonaldTrump account, which he opened in 2009, a central and controversial part of his presidency, using it to promote his agenda and to attack critics.

His blocking of critics was challenged by the Knight First Amendment Institute at Columbia University, as well as seven Twitter users he had blocked.

"The decision will help ensure the integrity and vitality of digital spaces that are increasingly important to our democracy," said Jameel Jaffer, Knight's executive director.

Tuesday's decision upheld a May 2018 ruling by US District Judge Naomi Reice Buchwald in Manhattan, which prompted Trump to unblock some accounts.

The Justice Department had called her ruling "fundamentally misconceived," saying Trump used Twitter to express his views, not to offer a public forum for discussion.

Parker, however, said Trump's account bears "all the trappings of an official, state-run account" and is "one of the White House's main vehicles for conducting official business."

He said Trump and his aides have characterized the president's tweets as official statements, and that even the National Archives considers them official records.

Parker also found it ironic that Trump censored speech at a time the conduct of the US government and its officials is subject to intense, passionate and wide-open debate.

"This debate, as uncomfortable and as unpleasant as it frequently may be, is nonetheless a good thing," he wrote. "We remind the litigants and the public that if the First Amendment means anything, it means that the best response to a disfavoured speech on matters of public concern is more speech, not less."

The case is Knight First Amendment Institute at Columbia University et al v Trump et al, 2nd US Circuit Court of Appeals, No. 18-1691.&nbsp;

US President Donald Trump violated the Constitution by blocking people whose views he disliked from his Twitter account, a federal appeals court ruled on Tuesday.

US President Donald Trump violated the Constitution by blocking people whose views he disliked from his Twitter account, a federal appeals court ruled on Tuesday. In a 3-0 decision, the 2nd US Circuit Court of Appeals in Manhattan said the First Amendment forbids Trump from using Twitter's "blocking" function to limit access to his account, which has 61.8 million followers. "The First Amendment does not permit a public official who utilizes a social media account for all manner of official purposes to exclude persons from an otherwise-open online dialogue because they expressed views with which the official disagrees," wrote Circuit Judge Barrington Parker, citing several Supreme Court decisions. Kelly Laco, a spokeswoman for the US Department of Justice, which argued the appeal, said: "We are disappointed with the court's decision and are exploring possible next steps." The White House declined to comment. White House social media director Dan Scavino was also a defendant. Twitter <TWTR.N> declined to comment. Trump has made his @RealDonaldTrump account, which he opened in 2009, a central and controversial part of his presidency, using it to promote his agenda and to attack critics. His blocking of critics was challenged by the Knight First Amendment Institute at Columbia University, as well as seven Twitter users he had blocked. "The decision will help ensure the integrity and vitality of digital spaces that are increasingly important to our democracy," said Jameel Jaffer, Knight's executive director. Tuesday's decision upheld a May 2018 ruling by US District Judge Naomi Reice Buchwald in Manhattan, which prompted Trump to unblock some accounts. The Justice Department had called her ruling "fundamentally misconceived," saying Trump used Twitter to express his views, not to offer a public forum for discussion. Parker, however, said Trump's account bears "all the trappings of an official, state-run account" and is "one of the White House's main vehicles for conducting official business." He said Trump and his aides have characterized the president's tweets as official statements, and that even the National Archives considers them official records. Parker also found it ironic that Trump censored speech at a time the conduct of the US government and its officials is subject to intense, passionate and wide-open debate. "This debate, as uncomfortable and as unpleasant as it frequently may be, is nonetheless a good thing," he wrote. "We remind the litigants and the public that if the First Amendment means anything, it means that the best response to a disfavoured speech on matters of public concern is more speech, not less." The case is Knight First Amendment Institute at Columbia University et al v Trump et al, 2nd US Circuit Court of Appeals, No. 18-1691.

Donald Trump's blocking of Twitter critics unconstitutional:  US appeals court

Asian shares pulled ahead on Wednesday while rising Treasury yields lifted the dollar as investors waited anxiously to hear if the world's most powerful central banker would confirm or confound expectations for US easing this month.

MSCI's broadest index of <a href="https://www.wionews.com/business-economy/asian-shares-fall-as-bets-off-on-sharp-us-rate-cuts-233889">Asia-Pacific shares</a> outside Japan advanced 0.4 per cent,&nbsp;after three sessions of losses.

South Korea edged up 0.4%, but Japan's Nikkei lagged with a loss of 0.1 per cent&nbsp;E-Mini futures for the S&amp;P 500 were flat, while EURO STOXX and FTSE futures pointed to small opening gains in Europe.

Chinese blue chips barely budged as data showed inflation remained stubbornly subdued despite a spike in pork prices.

A worrying lack of inflation globally is one reason investors are counting on Federal Reserve Chair Jerome Powell to sound suitably dovish when testifying to Congress on Wednesday.

Futures are still fully priced for a 25-basis-point cut at the Fed's July 30-31 meeting but have abandoned wagers on a half-point move. They had implied a 25% probability of an aggressive cut before Friday's upbeat jobs report.

"We still think the odds favour a 25 bps 'insurance' cut," said Kevin Cummins, a senior US economist at NatWest Markets.

"The Fed's consideration of rate cuts is not only about growth but also about inflation, which remains well below target, and inflation expectations, which were breaking to the downside before the Fed signalled the likelihood of cuts."

Overnight, Atlanta Fed bank president Raphael Bostic let nothing out of the bag by saying the central bank was debating the risks and benefits of letting the US economy run "a little hotter."

Lurking in the background, the US and Chinese trade officials held "constructive" talks on trade by phone on Tuesday, White House economic adviser Larry Kudlow said.

Wall Street had been duly circumspect on Tuesday, with the Dow ending down 0.08%, while the S&amp;P 500 added 0.12% and the Nasdaq 0.54%.

A little More Yield

The cooling in US rate fever has seen bonds give back just a little of their huge rally, with yields on two-year Treasuries rising to 1.917% from the recent trough of 1.696%.

That, in turn, has helped the dollar bounce on a basket of currencies to 97.500 from a June low of 95.843.

The dollar also firmed to 108.90 yen, while the euro faded to $1.1206 having been as high as $1.1412 just a couple of weeks ago.

The Mexican peso was nursing a few bruises after sliding on Tuesday when the country's moderate Finance Minister Carlos Urzua suddenly resigned, citing "extremism" in economic policy.

The Canadian dollar was on the defensive ahead of a rate meeting by the Bank of Canada in case policymakers tried to slow the currency's recent rally.

The dollar's gains took the shine off gold, which eased 0.3 per cent to $1,393.68 per ounce.

Oil prices were supported by Middle East tensions and news that US stockpiles fell for a fourth week in a row, easing concerns about oversupply.

Brent crude futures rose 64 cents to $64.80, while US crude gained 82 cents to $58.65 a barrel.

Asian shares pulled ahead on Wednesday while rising Treasury yields lifted the dollar as investors waited anxiously to hear if the world's most powerful central banker would confirm or confound expectations for US easing this month.

Asian shares pulled ahead on Wednesday while rising Treasury yields lifted the dollar as investors waited anxiously to hear if the world's most powerful central banker would confirm or confound expectations for US easing this month. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.4 per cent, after three sessions of losses. South Korea edged up 0.4%, but Japan's Nikkei lagged with a loss of 0.1 per cent E-Mini futures for the S&P 500 were flat, while EURO STOXX and FTSE futures pointed to small opening gains in Europe. Chinese blue chips barely budged as data showed inflation remained stubbornly subdued despite a spike in pork prices. A worrying lack of inflation globally is one reason investors are counting on Federal Reserve Chair Jerome Powell to sound suitably dovish when testifying to Congress on Wednesday. Futures are still fully priced for a 25-basis-point cut at the Fed's July 30-31 meeting but have abandoned wagers on a half-point move. They had implied a 25% probability of an aggressive cut before Friday's upbeat jobs report. "We still think the odds favour a 25 bps 'insurance' cut," said Kevin Cummins, a senior US economist at NatWest Markets. "The Fed's consideration of rate cuts is not only about growth but also about inflation, which remains well below target, and inflation expectations, which were breaking to the downside before the Fed signalled the likelihood of cuts." Overnight, Atlanta Fed bank president Raphael Bostic let nothing out of the bag by saying the central bank was debating the risks and benefits of letting the US economy run "a little hotter." Lurking in the background, the US and Chinese trade officials held "constructive" talks on trade by phone on Tuesday, White House economic adviser Larry Kudlow said. Wall Street had been duly circumspect on Tuesday, with the Dow ending down 0.08%, while the S&P 500 added 0.12% and the Nasdaq 0.54%. A little More Yield The cooling in US rate fever has seen bonds give back just a little of their huge rally, with yields on two-year Treasuries rising to 1.917% from the recent trough of 1.696%. That, in turn, has helped the dollar bounce on a basket of currencies to 97.500 from a June low of 95.843. The dollar also firmed to 108.90 yen, while the euro faded to $1.1206 having been as high as $1.1412 just a couple of weeks ago. The Mexican peso was nursing a few bruises after sliding on Tuesday when the country's moderate Finance Minister Carlos Urzua suddenly resigned, citing "extremism" in economic policy. The Canadian dollar was on the defensive ahead of a rate meeting by the Bank of Canada in case policymakers tried to slow the currency's recent rally. The dollar's gains took the shine off gold, which eased 0.3 per cent to $1,393.68 per ounce. Oil prices were supported by Middle East tensions and news that US stockpiles fell for a fourth week in a row, easing concerns about oversupply. Brent crude futures rose 64 cents to $64.80, while US crude gained 82 cents to $58.65 a barrel.

Asia shares rise as US dollar moves up

<a href="https://www.wionews.com/india-news/dawoods-safe-haven-declines-to-even-acknowledge-his-existence-which-is-a-real-and-present-danger-to-us-india-at-un-234487">Dawood's 'safe haven' declines to even acknowledge his existence which is a real and present danger to us: India at UN</a> 
 
He said that the success achieved in denuding ISIL shows that the Council's focussed attention yield results and the same approach must be applied to address threats posed by the D company, Dawood Ibrahim and other proscribed entities.&nbsp;

<a href="https://www.wionews.com/world/military-ties-with-taiwan-meant-to-promote-peace-across-the-strait-us-234484">Military ties with Taiwan meant to promote peace across the strait: US</a> 
 
The deal includes 108 M1A2T Abrams tanks, 250 Stinger portable anti-aircraft missiles, related equipment and support at an estimated cost of just over $2.2 billion.

<a href="https://www.wionews.com/world/uk-watchdog-proposes-to-fine-marriott-124-million-over-data-breach-234489">UK watchdog proposes to fine Marriott $124 million over data breach</a> 
 
The hack began in 2014, a year before Marriott offered to buy Starwood to create the world's largest hotel operator. The $13.6 billion deal closed in September 2016.

<a href="https://www.wionews.com/entertainment/nicki-minaj-cancels-saudi-arabia-concert-over-womens-rights-concerns-234488">Nicki Minaj cancels Saudi Arabia concert over women's rights concerns</a> 
 
'After careful reflection I have decided to no longer move forward with my scheduled concert at Jeddah World Fest,' Minaj said in a statement.&nbsp;

<a href="https://www.wionews.com/south-asia/pakistan-news-anchor-shot-dead-outside-karachi-cafe-234491">Pakistan news anchor shot dead outside Karachi cafe</a> 
 
Police said that an assailant identified as Atif Zaman opened fire at the journalist from a white-coloured car, according to Pak media.

Dawood's 'safe haven' declines to even acknowledge his existence which is a real and present danger to us: India at UN He said that the success achieved in denuding ISIL shows that the Council's focussed attention yield results and the same approach must be applied to address threats posed by the D company, Dawood Ibrahim and other proscribed entities.

Dawood's 'safe haven' declines to even acknowledge his existence which is a real and present danger to us: India at UN He said that the success achieved in denuding ISIL shows that the Council's focussed attention yield results and the same approach must be applied to address threats posed by the D company, Dawood Ibrahim and other proscribed entities. Military ties with Taiwan meant to promote peace across the strait: US The deal includes 108 M1A2T Abrams tanks, 250 Stinger portable anti-aircraft missiles, related equipment and support at an estimated cost of just over $2.2 billion. UK watchdog proposes to fine Marriott $124 million over data breach The hack began in 2014, a year before Marriott offered to buy Starwood to create the world's largest hotel operator. The $13.6 billion deal closed in September 2016. Nicki Minaj cancels Saudi Arabia concert over women's rights concerns 'After careful reflection I have decided to no longer move forward with my scheduled concert at Jeddah World Fest,' Minaj said in a statement. Pakistan news anchor shot dead outside Karachi cafe Police said that an assailant identified as Atif Zaman opened fire at the journalist from a white-coloured car, according to Pak media.

The <a href="https://www.wionews.com/world/european-commission-could-slap-3-billion-euro-fine-on-italy-for-excessive-debt-deputy-pm-salvini-222359">European Commission</a> lowered its estimates on Wednesday for <a href="https://www.wionews.com/business-economy/eurozone-inflation-falls-sharply-amid-slowdown-fears-224221">eurozone growth</a> and inflation, saying uncertainty over US trade policy posed a major risk to the bloc.

In its quarterly economic forecasts, the European Union's executive arm said prices would grow less than previously predicted, pushing the inflation rate further off the European Central Bank's target of close to but less than 2 per cent.

The commission confirmed its prediction that economic growth in the euro zone would slow this year to 1.2 per cent from 1.9 per cent in 2018. It also revised down its estimate for next year's growth, which is now seen at 1.4 per cent instead of the 1.5 per cent forecast in May.

Risks for the bloc have increased, the commission said, and mostly come from "the elevated uncertainty" around United States' trade policy, as Washington keeps threatening punitive tariffs on a broad range of EU products.

Fears of increased trade tensions "could also trigger a shift in global risk sentiment at times when valuations appear stretched across many asset classes", the EU economics commissioner Pierre Moscovici told a news conference

"This could lead to rapid tightening of global financial conditions," he added.

The weaker economic outlook contributed to a downward revision of inflation expectations, the commission said, cutting its estimate to 1.3 per cent for this year and next from the 1.4 per cent it previously estimated for both years.

This year's forecast matches the ECB's projection, but for 2020 the commission's estimate is lower than the 1.4 per cent rate forecast by the central bank in its latest projections, released in June. That could give the ECB a reason to push ahead with fresh stimulus.

The commission confirmed the economic slowdown in the euro zone was mostly caused by weaker growth in Germany, the euro zone's largest economy, and Italy, its third largest.

German growth will slow to 0.5 per cent this year, in line with earlier predictions, after reaching 1.4 per cent in 2018. Growth is expected to return to 1.4 per cent next year, less than the 1.5 per cent the commission predicted earlier.

Forecasts for Italy remained unchanged, reiterating its economy will barely grow this year, seeing the worst growth rate in the whole EU. Next year's growth is expected to accelerate to 0.7 per cent but remain the slowest in the bloc.

France's economy will expand 1.3 per cent this year and 1.4 per cent in 2020, the commission estimated, leaving unchanged its forecast for this year but lowering the estimate for the next, earlier seen at 1.5 per cent.

The commission maintained unchanged its forecasts for Britain, whose economy is foreseen growing 1.3 per cent this year and next. However, the projection does not take into account possible trade disruptions caused by a no-deal Brexit.

The European Commission lowered its estimates on Wednesday for eurozone growth and inflation, saying uncertainty over US trade policy posed a major risk to the bloc.

The European Commission lowered its estimates on Wednesday for eurozone growth and inflation, saying uncertainty over US trade policy posed a major risk to the bloc. In its quarterly economic forecasts, the European Union's executive arm said prices would grow less than previously predicted, pushing the inflation rate further off the European Central Bank's target of close to but less than 2 per cent. The commission confirmed its prediction that economic growth in the euro zone would slow this year to 1.2 per cent from 1.9 per cent in 2018. It also revised down its estimate for next year's growth, which is now seen at 1.4 per cent instead of the 1.5 per cent forecast in May. Risks for the bloc have increased, the commission said, and mostly come from "the elevated uncertainty" around United States' trade policy, as Washington keeps threatening punitive tariffs on a broad range of EU products. Fears of increased trade tensions "could also trigger a shift in global risk sentiment at times when valuations appear stretched across many asset classes", the EU economics commissioner Pierre Moscovici told a news conference "This could lead to rapid tightening of global financial conditions," he added. The weaker economic outlook contributed to a downward revision of inflation expectations, the commission said, cutting its estimate to 1.3 per cent for this year and next from the 1.4 per cent it previously estimated for both years. This year's forecast matches the ECB's projection, but for 2020 the commission's estimate is lower than the 1.4 per cent rate forecast by the central bank in its latest projections, released in June. That could give the ECB a reason to push ahead with fresh stimulus. The commission confirmed the economic slowdown in the euro zone was mostly caused by weaker growth in Germany, the euro zone's largest economy, and Italy, its third largest. German growth will slow to 0.5 per cent this year, in line with earlier predictions, after reaching 1.4 per cent in 2018. Growth is expected to return to 1.4 per cent next year, less than the 1.5 per cent the commission predicted earlier. Forecasts for Italy remained unchanged, reiterating its economy will barely grow this year, seeing the worst growth rate in the whole EU. Next year's growth is expected to accelerate to 0.7 per cent but remain the slowest in the bloc. France's economy will expand 1.3 per cent this year and 1.4 per cent in 2020, the commission estimated, leaving unchanged its forecast for this year but lowering the estimate for the next, earlier seen at 1.5 per cent. The commission maintained unchanged its forecasts for Britain, whose economy is foreseen growing 1.3 per cent this year and next. However, the projection does not take into account possible trade disruptions caused by a no-deal Brexit.

Euro zone growth, inflation outlook cut as risks from US trade grow

<a href="https://www.wionews.com/world/iran-frees-lebanese-national-convicted-of-spying-for-us-226340">Iran's release last month of Nizar Zakka</a>, a Lebanese businessman with US permanent residency, after four years in prison was meant as an opening for <a href="https://www.wionews.com/world/iran-says-can-talk-to-united-states-if-sanctions-lifted-khamenei-permits-irna-232980">US-Iranian talks</a>, according to three Western sources familiar with the issue.

The gesture, however, was not enough for Washington, which did not pursue it.

"It was a missed opportunity," one US source said of Zakka's June 11 release and the US decision not to pursue talks. "We should have explored whether there was something there."

A second source who is familiar with Iran's thinking and spoke on condition of anonymity said Iran freed Zakka as a signal it wanted to cool tensions that have fueled fears of war, and described his release as "a goodwill gesture."

"This was seen as a de-escalation step from their side, which they expected to be somehow reciprocated from the American side," said the second source, adding that the United States did not take up the overture.

A State Department spokesman declined to address whether Washington had missed an opportunity to engage with Iran after Zakka's release, and said if Tehran wanted to reduce tensions it should free an American citizen.

"If Iran wants to reduce tensions and engage with the United States government, it should make a humanitarian gesture such as releasing one of the innocent American citizens it is holding hostage," the spokesman told Reuters.

Iranian officials declined to discuss whether it was an overture, or what concessions Tehran wants from Washington.

In the month since the release, already tense US-Iranian relations have taken several turns for the worse, including Iran's downing of a US drone, US economic sanctions against the Islamic Republic's supreme leader, and the capture last week of an Iranian supertanker by British forces.

The drone's destruction brought President Donald Trump to the brink of ordering the first overt US military strike on Iranian targets since 1988.

&nbsp;Zakka, a Washington-based information technology expert, was arrested in 2015 while attending a conference in Iran. His information technology company, IJMA3, is funded by private groups and governments, including the United States.

Opportunity

Held at Tehran's notorious Evin Prison, Zakka staged at least six hunger strikes. He was visibly shaken when he arrived in Beirut late on June 11 accompanied by Lebanese security chief Abbas Ibrahim, who had gone to Iran to collect him.

Zakka later told the New York Times he believed his release was a conciliatory signal from Iran toward the United States.

His lawyer, Jason Poblete, represents other prisoners held in Iran and told Reuters he believes that Zakka's release "remains an opportunity for others unlawfully detained in Iran."

"With political will, it is possible. All stakeholders should weigh in more than they have on these matters," he said, referring to the United States and other world powers that agreed on a nuclear deal with Iran in 2015.

Trump has pulled the United States out of the nuclear deal, tightened economic sanctions against Tehran, and built up US military forces in the Gulf.

In a measured initial response to Zakka's release, the US State Department said it was a good day for his family and hoped the move would lead to the release of Americans.

It was a rare moment of agreement between the United States and Iran, but it was not enough to change the dynamic despite Trump's stated willingness to open negotiations with Tehran.

"We are encouraged by the news that Lebanese citizen Nizar Zakka has been released by the Iranian regime and hope that this is a positive sign for Americans wrongfully detained in Iran," a senior administration official told Reuters on July 3.

Washington has demanded Iran release the Americans it is holding, including father and son Siamak and Baquer Namazi; Xiyue Wang, a Chinese-American graduate student at Princeton University who was arrested in 2016; Michael R. White, a Navy veteran imprisoned last year, and Robert Levinson, a former FBI agent missing since 2007.

Several dozen Iranians are being held in US prisons, many of them for breaking sanctions. They include Professor Masoud Soleimani, a stem cell expert who was arrested at Chicago airport in October 2018 for allegedly attempting to export biological materials to Iran in violation of sanctions.

When Zakka was freed, officials in Tehran said his release was partly due to Iran's close ties with Lebanon's Iran-backed Hezbollah movement.

&nbsp; 'Coercive Diplomacy'

While some diplomats and analysts believe Iran badly wants negotiations to ease sanctions that have crippled its economy, it is unclear whether Washington is willing to tiptoe toward talks.

The first step, said former senior US officials, would be to try to de-escalate tensions.

One way might be for US Treasury Secretary Steven Mnuchin not to carry out his June threat to sanction Iranian Foreign Minister Javad Zarif, Tehran's prime negotiator.

&nbsp;Visiting New York in April, Zarif proposed a US-Iran prisoner swap and also suggested Tehran could cooperate with Washington on Afghanistan and Iraq, where neither wishes to see a return to civil war or an expansion of the Islamic State militant group whenever the United States withdraws its troops.

Former US Deputy Secretary of State Bill Burns told Reuters last month that Trump's actions since withdrawing from the nuclear deal had convinced the Iranians and US allies that the chances of a serious negotiation are increasingly remote.

"This is coercive diplomacy without the diplomacy - in other words, maximum pressure not tethered to clear or realistic goals," said Burns, author of "The Back Channel," a memoir that describes the secret talks he led that paved the way to the 2015 nuclear deal.

Trump himself may be open to talks, but his administration's actions are closing the door, Burns added. "The problem is that they are boxing themselves in rather than...keeping options alive."

Iran's release last month of Nizar Zakka, a Lebanese businessman with US permanent residency, after four years in prison was meant as an opening for US-Iranian talks, according to three Western sources familiar with the issue.

Iran's release last month of Nizar Zakka, a Lebanese businessman with US permanent residency, after four years in prison was meant as an opening for US-Iranian talks, according to three Western sources familiar with the issue. The gesture, however, was not enough for Washington, which did not pursue it. "It was a missed opportunity," one US source said of Zakka's June 11 release and the US decision not to pursue talks. "We should have explored whether there was something there." A second source who is familiar with Iran's thinking and spoke on condition of anonymity said Iran freed Zakka as a signal it wanted to cool tensions that have fueled fears of war, and described his release as "a goodwill gesture." "This was seen as a de-escalation step from their side, which they expected to be somehow reciprocated from the American side," said the second source, adding that the United States did not take up the overture. A State Department spokesman declined to address whether Washington had missed an opportunity to engage with Iran after Zakka's release, and said if Tehran wanted to reduce tensions it should free an American citizen. "If Iran wants to reduce tensions and engage with the United States government, it should make a humanitarian gesture such as releasing one of the innocent American citizens it is holding hostage," the spokesman told Reuters. Iranian officials declined to discuss whether it was an overture, or what concessions Tehran wants from Washington. In the month since the release, already tense US-Iranian relations have taken several turns for the worse, including Iran's downing of a US drone, US economic sanctions against the Islamic Republic's supreme leader, and the capture last week of an Iranian supertanker by British forces. The drone's destruction brought President Donald Trump to the brink of ordering the first overt US military strike on Iranian targets since 1988. Zakka, a Washington-based information technology expert, was arrested in 2015 while attending a conference in Iran. His information technology company, IJMA3, is funded by private groups and governments, including the United States. Opportunity Held at Tehran's notorious Evin Prison, Zakka staged at least six hunger strikes. He was visibly shaken when he arrived in Beirut late on June 11 accompanied by Lebanese security chief Abbas Ibrahim, who had gone to Iran to collect him. Zakka later told the New York Times he believed his release was a conciliatory signal from Iran toward the United States. His lawyer, Jason Poblete, represents other prisoners held in Iran and told Reuters he believes that Zakka's release "remains an opportunity for others unlawfully detained in Iran." "With political will, it is possible. All stakeholders should weigh in more than they have on these matters," he said, referring to the United States and other world powers that agreed on a nuclear deal with Iran in 2015. Trump has pulled the United States out of the nuclear deal, tightened economic sanctions against Tehran, and built up US military forces in the Gulf. In a measured initial response to Zakka's release, the US State Department said it was a good day for his family and hoped the move would lead to the release of Americans. It was a rare moment of agreement between the United States and Iran, but it was not enough to change the dynamic despite Trump's stated willingness to open negotiations with Tehran. "We are encouraged by the news that Lebanese citizen Nizar Zakka has been released by the Iranian regime and hope that this is a positive sign for Americans wrongfully detained in Iran," a senior administration official told Reuters on July 3. Washington has demanded Iran release the Americans it is holding, including father and son Siamak and Baquer Namazi; Xiyue Wang, a Chinese-American graduate student at Princeton University who was arrested in 2016; Michael R. White, a Navy veteran imprisoned last year, and Robert Levinson, a former FBI agent missing since 2007. Several dozen Iranians are being held in US prisons, many of them for breaking sanctions. They include Professor Masoud Soleimani, a stem cell expert who was arrested at Chicago airport in October 2018 for allegedly attempting to export biological materials to Iran in violation of sanctions. When Zakka was freed, officials in Tehran said his release was partly due to Iran's close ties with Lebanon's Iran-backed Hezbollah movement. 'Coercive Diplomacy' While some diplomats and analysts believe Iran badly wants negotiations to ease sanctions that have crippled its economy, it is unclear whether Washington is willing to tiptoe toward talks. The first step, said former senior US officials, would be to try to de-escalate tensions. One way might be for US Treasury Secretary Steven Mnuchin not to carry out his June threat to sanction Iranian Foreign Minister Javad Zarif, Tehran's prime negotiator. Visiting New York in April, Zarif proposed a US-Iran prisoner swap and also suggested Tehran could cooperate with Washington on Afghanistan and Iraq, where neither wishes to see a return to civil war or an expansion of the Islamic State militant group whenever the United States withdraws its troops. Former US Deputy Secretary of State Bill Burns told Reuters last month that Trump's actions since withdrawing from the nuclear deal had convinced the Iranians and US allies that the chances of a serious negotiation are increasingly remote. "This is coercive diplomacy without the diplomacy - in other words, maximum pressure not tethered to clear or realistic goals," said Burns, author of "The Back Channel," a memoir that describes the secret talks he led that paved the way to the 2015 nuclear deal. Trump himself may be open to talks, but his administration's actions are closing the door, Burns added. "The problem is that they are boxing themselves in rather than...keeping options alive."

Iran's release of Lebanese prisoner was failed overture to US

<a href="https://www.wionews.com/business-economy/china-continues-to-be-key-driver-of-global-economy-experts-205273">China's economic growth</a> is expected to slow to a near 30-year low of 6.2 per cent this year, a Reuters poll showed on Wednesday, despite a flurry of support measures to spur domestic demand amid a bruising trade war with the United States.

The median forecast was unchanged from the last poll in April.

But a stream of downbeat data in recent months and higher <a href="https://www.wionews.com/world/china-says-us-tariffs-must-be-lifted-to-reach-a-deal-to-end-trade-war-232996">US tariffs</a> have fanned expectations that Beijing will need to roll out more stimulus soon to ward off a sharper slowdown that could stoke job losses.

Second-quarter growth was seen cooling to 6.2 per cent from a year earlier, the same as in the previous poll, from 6.4 per cent in the first quarter. <a href="https://www.wionews.com/world/sale-of-weapons-to-taiwan-violates-one-china-policy-cancel-it-immediately-china-to-us-234236">China</a> will post its second-quarter gross domestic product (GDP) on July 15.

Most of the 72 institutions covered in the survey expect growth will remain at 6.2 per cent for the rest of this year, compared with expectations for a tick-up to 6.3 per cent in the previous poll.

Zhang Yiping, the senior economist at Merchants Securities in Shenzhen, said he expected the US tariff hike in May on $200 billion of Chinese goods to weigh on growth in the second half.

But Zhang said authorities are likely to stick to more moderate policy easing, rather than resorting to more aggressive measures.

"We expect policy this year would focus more on building a floor to underpin the economy, rather than to boost growth," he said.

So far, China's stimulus measures have been more restrained than in past downturns, which analysts attribute to fears of adding to a mountain of debt left over from past credit binges.

But the central bank governor reportedly said last month that there is "tremendous" room to adjust policy if the trade war worsens.

The full-year forecast would be nearing the lower end of the government's 2019 target range of 6-6.5 per cent, and would mark the weakest pace of growth China has seen in 29 years.

It would also spell a further deceleration from 6.6 per cent in 2018 and 6.8 per cent in 2017.

Growth next year will likely cool further to 6.0 per cent, the poll showed.

Trade Uncertainty&nbsp;

Beijing has been relying on a combination of fiscal stimulus and monetary easing to weather the current slowdown, including hundreds of billions of dollars in infrastructure spending and tax cuts for companies.

But the economy has been slow to respond, and investors fear a longer and costlier trade war between the world's two largest economies could trigger a global recession.

US President Donald Trump told counterpart Xi Jinping late last month that he is putting threatened additional levies on hold as they agreed to get trade negotiations back on track.

But Washington sharply raised tariffs on $200 billion of goods from China in May, which remain in force, and no timeframe was set for the talks.

"Trade frictions would remain in the long run despite the truce reached last month. We expect the standoff to morph into more forms such as a tech war, to put further strain on China's economy," Zhang added.

Capital Economics believes China's fiscal policy will become even more supportive, which would be most likely achieved by relaxing constraints on off-budget borrowing.

"We now expect our estimates of the augmented fiscal deficit, which includes off-budget borrowing, to widen in the coming quarters and average 8 per cent of GDP this year, up from 6.4 per cent in 2018."

The government has announced a rise in its budget deficit to 2.8 per cent of GDP this year from 2.6 per cent in 2018.

More Measures Expected

Analysts in the latest Reuters poll expect the People's Bank of China (PBOC) will ease policy further this year.

But they do not expect it to cut its benchmark lending rate, as it repeatedly did in past downturns.

Separately, some other China watchers have recently raised the possibility of cut in the PBOC's benchmark or one of its short-term rates if the US central bank starts easing policy as soon as this month.

The PBOC has slashed banks' reserve requirement ratio (RRR) six times since early 2018 to turn around soft credit growth. It has also injected large amounts of liquidity into the financial system and guided short-term interest rates lower.

Analysts forecast two more RRR cuts of 50 basis points each in this quarter and the last quarter.

Economists expect the central bank to keep its benchmark rate unchanged at 4.35 percent through at least the end of 2020.

The poll also predicted annual consumer inflation will pick up to 2.3 per cent in 2019, quickening from 2.1 per cent estimate in the April survey, but below the government target of around 3 per cent.

Data this week showed China's producer prices stalled in June while consumer price growth reached a 15-month high as supply shortages triggered by the African swine fever outbreak and extreme weather continued to push up pork and fruit prices.

China's economic growth is expected to slow to a near 30-year low of 6.2 per cent this year, a Reuters poll showed on Wednesday, despite a flurry of support measures to spur domestic demand amid a bruising trade war with the United States.

China's economic growth is expected to slow to a near 30-year low of 6.2 per cent this year, a Reuters poll showed on Wednesday, despite a flurry of support measures to spur domestic demand amid a bruising trade war with the United States. The median forecast was unchanged from the last poll in April. But a stream of downbeat data in recent months and higher US tariffs have fanned expectations that Beijing will need to roll out more stimulus soon to ward off a sharper slowdown that could stoke job losses. Second-quarter growth was seen cooling to 6.2 per cent from a year earlier, the same as in the previous poll, from 6.4 per cent in the first quarter. China will post its second-quarter gross domestic product (GDP) on July 15. Most of the 72 institutions covered in the survey expect growth will remain at 6.2 per cent for the rest of this year, compared with expectations for a tick-up to 6.3 per cent in the previous poll. Zhang Yiping, the senior economist at Merchants Securities in Shenzhen, said he expected the US tariff hike in May on $200 billion of Chinese goods to weigh on growth in the second half. But Zhang said authorities are likely to stick to more moderate policy easing, rather than resorting to more aggressive measures. "We expect policy this year would focus more on building a floor to underpin the economy, rather than to boost growth," he said. So far, China's stimulus measures have been more restrained than in past downturns, which analysts attribute to fears of adding to a mountain of debt left over from past credit binges. But the central bank governor reportedly said last month that there is "tremendous" room to adjust policy if the trade war worsens. The full-year forecast would be nearing the lower end of the government's 2019 target range of 6-6.5 per cent, and would mark the weakest pace of growth China has seen in 29 years. It would also spell a further deceleration from 6.6 per cent in 2018 and 6.8 per cent in 2017. Growth next year will likely cool further to 6.0 per cent, the poll showed. Trade Uncertainty Beijing has been relying on a combination of fiscal stimulus and monetary easing to weather the current slowdown, including hundreds of billions of dollars in infrastructure spending and tax cuts for companies. But the economy has been slow to respond, and investors fear a longer and costlier trade war between the world's two largest economies could trigger a global recession. US President Donald Trump told counterpart Xi Jinping late last month that he is putting threatened additional levies on hold as they agreed to get trade negotiations back on track. But Washington sharply raised tariffs on $200 billion of goods from China in May, which remain in force, and no timeframe was set for the talks. "Trade frictions would remain in the long run despite the truce reached last month. We expect the standoff to morph into more forms such as a tech war, to put further strain on China's economy," Zhang added. Capital Economics believes China's fiscal policy will become even more supportive, which would be most likely achieved by relaxing constraints on off-budget borrowing. "We now expect our estimates of the augmented fiscal deficit, which includes off-budget borrowing, to widen in the coming quarters and average 8 per cent of GDP this year, up from 6.4 per cent in 2018." The government has announced a rise in its budget deficit to 2.8 per cent of GDP this year from 2.6 per cent in 2018. More Measures Expected Analysts in the latest Reuters poll expect the People's Bank of China (PBOC) will ease policy further this year. But they do not expect it to cut its benchmark lending rate, as it repeatedly did in past downturns. Separately, some other China watchers have recently raised the possibility of cut in the PBOC's benchmark or one of its short-term rates if the US central bank starts easing policy as soon as this month. The PBOC has slashed banks' reserve requirement ratio (RRR) six times since early 2018 to turn around soft credit growth. It has also injected large amounts of liquidity into the financial system and guided short-term interest rates lower. Analysts forecast two more RRR cuts of 50 basis points each in this quarter and the last quarter. Economists expect the central bank to keep its benchmark rate unchanged at 4.35 percent through at least the end of 2020. The poll also predicted annual consumer inflation will pick up to 2.3 per cent in 2019, quickening from 2.1 per cent estimate in the April survey, but below the government target of around 3 per cent. Data this week showed China's producer prices stalled in June while consumer price growth reached a 15-month high as supply shortages triggered by the African swine fever outbreak and extreme weather continued to push up pork and fruit prices.

China's 2019 growth seen slowing to 6.2 per cent as trade war weighs: Report

<a href="https://www.wionews.com/world/world-has-changed-a-lot-since-bimstecs-inception-thailand-ambassador-227899">Thailand</a>'s rice exports fell by 12 per cent in the first half of 2019 hurt by a strong baht, and will likely fall short of this year's target of 9.5 million tonnes, an exporter group said on Wednesday.

The country has been struggling to export rice at a time when the <a href="https://www.wionews.com/south-asia/rice-demand-dwindles-in-top-asian-exporters-thai-rates-hit-by-fresh-supplies-200354">Thai baht is Asia's best-performing currency</a> and is trading near its strongest in more than six years at 30.81 against the US dollar.

Thailand, the world's second-largest rice exporter after India, shipped 4.2 million tonnes of rice between January and June, with orders in the last two months declining to as low as 600,000 tonnes per month. This was below a targeted monthly average of 800,000 tonnes.

"Thai rice is very expensive because of the currency exchange," Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, told Reuters.

"If the baht keeps strengthening below 30 against the dollar, it's game over for us."

Thai benchmark 5 per cent broken rice was quoted last Thursday at an average of $404 per tonne, significantly higher than the same grade from competitors India and Vietnam at $372.5 and $332.50 respectively.

The association said earlier this year it aimed to export 9.5 million tonnes of rice, already a drop from 11 million tonnes in 2018.

But now, even reaching 9 million tonnes will be hard, Chookiat said.

"With a price gap like this, it's a no-brainer that buyers would go for Vietnamese rice," he said.

China Supply

Thailand also faced competition from China, as the world's biggest rice importer and Thailand's third-biggest buyer last year has been offloading its stockpiles.

China has slowed trade with its two biggest partners Thailand and Vietnam this year due to large state reserves, and has been selling its stockpiles of "old rice", which ended up in the African markets previously dominated by Thailand, Chookiat said.

"Because China doesn't buy from Vietnam this year, Vietnam has a lot of rice to compete with us in every market. At the same time China takes our African markets," he said.

From January to May, Thailand has exported rice worth 3.7 billion baht ($120.1 million) to China, a 45% decline from the same period last year, according to the Thai commerce ministry data.

Thailand's government-to-government deal with Chinese state-owned food trader COFCO has also stalled due to China's ample rice supply.

As of end-2018, Thailand had supplied 700,000 tonnes of rice to China as part of the pledged deal for 1 million tonnes of the grain struck in 2015.

"From then to now, there haven't been any new orders for the deal," Chookiat said.

($1 = 30.8100 baht)

Thailand's rice exports fell by 12 per cent in the first half of 2019 hurt by a strong baht, and will likely fall short of this year's target of 9.5 million tonnes, an exporter group said on Wednesday.

Thailand's rice exports fell by 12 per cent in the first half of 2019 hurt by a strong baht, and will likely fall short of this year's target of 9.5 million tonnes, an exporter group said on Wednesday. The country has been struggling to export rice at a time when the Thai baht is Asia's best-performing currency and is trading near its strongest in more than six years at 30.81 against the US dollar. Thailand, the world's second-largest rice exporter after India, shipped 4.2 million tonnes of rice between January and June, with orders in the last two months declining to as low as 600,000 tonnes per month. This was below a targeted monthly average of 800,000 tonnes. "Thai rice is very expensive because of the currency exchange," Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, told Reuters. "If the baht keeps strengthening below 30 against the dollar, it's game over for us." Thai benchmark 5 per cent broken rice was quoted last Thursday at an average of $404 per tonne, significantly higher than the same grade from competitors India and Vietnam at $372.5 and $332.50 respectively. The association said earlier this year it aimed to export 9.5 million tonnes of rice, already a drop from 11 million tonnes in 2018. But now, even reaching 9 million tonnes will be hard, Chookiat said. "With a price gap like this, it's a no-brainer that buyers would go for Vietnamese rice," he said. China Supply Thailand also faced competition from China, as the world's biggest rice importer and Thailand's third-biggest buyer last year has been offloading its stockpiles. China has slowed trade with its two biggest partners Thailand and Vietnam this year due to large state reserves, and has been selling its stockpiles of "old rice", which ended up in the African markets previously dominated by Thailand, Chookiat said. "Because China doesn't buy from Vietnam this year, Vietnam has a lot of rice to compete with us in every market. At the same time China takes our African markets," he said. From January to May, Thailand has exported rice worth 3.7 billion baht ($120.1 million) to China, a 45% decline from the same period last year, according to the Thai commerce ministry data. Thailand's government-to-government deal with Chinese state-owned food trader COFCO has also stalled due to China's ample rice supply. As of end-2018, Thailand had supplied 700,000 tonnes of rice to China as part of the pledged deal for 1 million tonnes of the grain struck in 2015. "From then to now, there haven't been any new orders for the deal," Chookiat said. ($1 = 30.8100 baht)

Thailand rice exports hit by strong baht, unlikely to meet 2019 goal

Torrential rain in east and south <a href="https://www.wionews.com/world/sale-of-weapons-to-taiwan-violates-one-china-policy-cancel-it-immediately-china-to-us-234236">China</a> has affected more than 1.63 million people, the Ministry of Emergency Management said on Tuesday.

Rainstorm which has battered Zhejiang and Jiangxi provinces in east China, Hunan Province in central China, Guangxi Zhuang Autonomous Region in <a href="https://www.wionews.com/south-east-asia/southeast-asian-leaders-meet-expected-to-discuss-rohingyas-south-china-sea-229680">south China</a>, Chongqing Municipality, Sichuan Province and Guizhou Province in southwest China, affecting the lives of 1.634 million people. A total of 77,000 people have been relocated.

The inclement weather also damaged 126,100 hectares of crops. More than 1,600 houses collapsed and over 7,900 were damaged to varying degrees, causing a direct economic loss of 2.69 billion yuan (about 377 million US dollars).

The rain also caused the water levels of some rivers to rise above the warning levels. The Office of State Flood Control and Drought Relief Headquarters issued the lowest level emergency response plan on Tuesday and sent four working groups to some of those regions to join the relief operations.

The Office, together with the National Food and Strategic Reserves Administration, also deployed 50 rubber boats to Jiangxi Province on Tuesday to join the rescue operation.

Torrential rain in east and south China has affected more than 1.63 million people, the Ministry of Emergency Management said on Tuesday. Rainstorm which has battered Zhejiang and Jiangxi provinces in east China, Hunan Province in central China, Guangxi Zhuang Autonomous Region in south China, Chongqing Municipality, Sichuan Province and Guizhou Province in southwest China, affecting the lives of 1.

Torrential rain in east and south China has affected more than 1.63 million people, the Ministry of Emergency Management said on Tuesday. Rainstorm which has battered Zhejiang and Jiangxi provinces in east China, Hunan Province in central China, Guangxi Zhuang Autonomous Region in south China, Chongqing Municipality, Sichuan Province and Guizhou Province in southwest China, affecting the lives of 1.634 million people. A total of 77,000 people have been relocated. The inclement weather also damaged 126,100 hectares of crops. More than 1,600 houses collapsed and over 7,900 were damaged to varying degrees, causing a direct economic loss of 2.69 billion yuan (about 377 million US dollars). The rain also caused the water levels of some rivers to rise above the warning levels. The Office of State Flood Control and Drought Relief Headquarters issued the lowest level emergency response plan on Tuesday and sent four working groups to some of those regions to join the relief operations. The Office, together with the National Food and Strategic Reserves Administration, also deployed 50 rubber boats to Jiangxi Province on Tuesday to join the rescue operation.

Torrential rain affects over 1.63 million people in China

Stock markets closed lower on Wednesday amid a slew of disappointing news, with Bajaj Finance Ltd and Indiabulls Housing Finance Ltd weighing the most on the NSE Nifty.

Domestic share markets witnessed a sharp selloff in the previous two sessions as investors were worried about a surcharge on foreign portfolio investors that was announced in the Union budget last week.

The broader NSE Nifty closed down 0.49% at 11,498.90, while the benchmark <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/sensex-nifty-open-in-red-why-stock-markets-did-not-like-the-budget-233896&amp;sa=U&amp;ved=2ahUKEwj3v-ngnKrjAhXx8XMBHa1kALwQFjACegQIDxAC&amp;usg=AOvVaw3__m4cEmjgeLYi0_AzJrPy">BSE Sensex</a> settled 0.45% lower at 38,557.04.

Also, dampening investor sentiment were renewed concerns over trade tension between the United States and India after US&nbsp;President Donald Trump once again warned the Asian country that its high tariffs were not acceptable.

Shares of Indiabulls Housing Finance closed 4% lower, while Bajaj Finance ended down 4.8%.

Tata Motors Ltd closed 2.66% lower after the automaker said luxury car unit Jaguar Land Rover Automotive Plc saw a near 10% decline in monthly sales.

Stock markets closed lower on Wednesday amid a slew of disappointing news, with Bajaj Finance Ltd and Indiabulls Housing Finance Ltd weighing the most on the NSE Nifty.

Stock markets closed lower on Wednesday amid a slew of disappointing news, with Bajaj Finance Ltd and Indiabulls Housing Finance Ltd weighing the most on the NSE Nifty. Domestic share markets witnessed a sharp selloff in the previous two sessions as investors were worried about a surcharge on foreign portfolio investors that was announced in the Union budget last week. The broader NSE Nifty closed down 0.49% at 11,498.90, while the benchmark BSE Sensex settled 0.45% lower at 38,557.04. Also, dampening investor sentiment were renewed concerns over trade tension between the United States and India after US President Donald Trump once again warned the Asian country that its high tariffs were not acceptable. Shares of Indiabulls Housing Finance closed 4% lower, while Bajaj Finance ended down 4.8%. Tata Motors Ltd closed 2.66% lower after the automaker said luxury car unit Jaguar Land Rover Automotive Plc saw a near 10% decline in monthly sales.

Nifty, Sensex close lower, financials drag

Wary representatives of Afghan society met Taliban officials in Qatar on Monday for a second day of talks, with bloody insurgent attacks back home casting a pall over efforts to end Afghanistan's years of war. The Taliban on Sunday detonated a car bomb outside a government security compound in central Afghanistan killing 14 people and wounding 180, including scores of children. The attack came at the onset of a two-day meeting between Afghan citizens and the militants, meant to open the way to a peace process that should build on a hoped-for deal between the United States and the Taliban to end the longest ever U.S. war.

Taliban-Afghan agree to peace roadmap

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