WASHINGTON (awp international) – Following the decisions of the EU summit in Sofia, US President Donald Trump has been harshly criticizing the European Union’s trade policy. “The European Union is terrible to us,” said Trump on Thursday in Washington. “Jean-Claude (Juncker) and Donald (Tusk) – I like them both, but they are very tough,” said Trump.
The EU maintains massive trade restrictions. “Our farmers are not allowed to deliver their products there,” said the US president. “But the EU, and in this case Germany, pours our country with its Mercedes and BMW vehicles,” he continued. “That will not continue.”
Trade with the EU has become a one-way street, the trade deficit last year was $ 151 billion. The European Union, like other countries, was spoiled for not having been opposed by the US for years.
The EU countries in Sofia had agreed to demand a permanent waiver of US import tariffs on steel and aluminum. In return, Europeans are offering the US to talk about trade facilitation for US firms. / Dm/DP/he
Goldman Sachs’ startup of the digital currency called Circle Internet is valued at $ 3 billion in a new round of financing.
This makes Circle Internet Financial one of the most expensive fintech startups in the US. The increase in the valuation of the company from Boston is about seven times higher than a previous round of financing in 2016. The company owes this value explosion to its unbridled interest in bitcoins and other digital assets.
Despite a drop in value of 40 percent this year, the Bitcoins bring these companies a real money rain. In particular, it shows that service providers for trading and investing in cryptocurrencies are particularly benefiting. These include Coinbase, a Bitcoin exchange, or Bitmain, the Chinese chip maker for digital money transactions.
Continue reading “Review of Crypto Startup Circle Internet rises to $ 3 billion”
The looming populist government in Italy has sent the euro rate down on Wednesday.
A looming populist government in Italy has sent the euro rate down on Wednesday. The price fell to 1.1764 US dollars, reaching its lowest level since December. But then the common currency recovered slightly, it was last traded in New York with $ 1,1802. The European Central Bank (ECB) had previously set the reference rate at 1.1884 (Tuesday: 1.1883) dollars.
Against the franc, the euro also recovered and moved above the mark of 1.18 to currently 1.1817 francs. Meanwhile, the US dollar defends the parity level. One dollar costs 1.1013 francs.
Continue reading “That’s why the euro is on the decline”
The US dollar is the global reserve currency. But in a few years another currency could become a serious competitor.
In 20 to 30 years, the yuan will be comparable to the US dollar , said JPMorgan CEO Jamie Dimon to “Bloomberg”. Previously, China has yet to tackle a long list of financial reforms, after all, no comparison is possible as long as the Chinese currency is not freely exchangeable.
Still a long way
On 1 October 2016, the International Monetary Fund (IMF) added the Chinese renminbi (yuan) as the fifth currency – alongside the euro , US dollar, pound and yen – to the world reserve currencies. This decision reflects the importance of China, after all, the world’s second largest economy, and represents a huge gain in prestige.
Continue reading “JPMorgan boss: There is serious competition for the reserve currency dollar”
The French oil company TOTAL wants to withdraw from a billion dollar deal with Iran, if he gets from the US no exemption from the announced sanctions.
TOTAL will then be unable to continue the project to develop the South Pars gas field in the Persian Gulf, the company announced on Wednesday. It would then have to do all business before 4 November. The project also involves the Chinese oil company PetroChina .
US President Donald Trump had canceled the nuclear deal with Iran last week. The suspended US economic sanctions against the country are expected to come back into force shortly, which may also affect non-US companies.
The French company argued that it could not afford to be exposed to secondary sanctions. TOTAL identified potential problems as being the loss of US dollar financing of its worldwide operations by American banks, the loss of its US shareholders, or the inability to continue its US operations.
Continue reading “TOTAL wants to give up Iran’s major project without exemption from US sanctions”
Google makes a new start in music streaming, this time under the brand of the video platform YouTube.
The new YouTube Music service will provide access to songs and music videos. In addition to an ad-supported free variant, there is a subscription model without ads, which also allows downloads. The existing streaming service Google Play Music continues, its subscription customers also automatically get the premium version of YouTube Music.
YouTube Music will launch on May 22 in the US, Australia, New Zealand, Mexico and South Korea. Germany and other European countries will follow “soon”, it said in a blog entry on Thursday. The subscription variant YouTube Music Premium costs similar to other services $ 9.99. For two dollars more you get under the name YouTube Premium additionally ad-free access to all videos of the platform and to the exclusive productions.
Continue reading “Google launches new music service on YouTube”
Siemens is strengthening its building automation business with Californian software framework provider J2 Innovations.
The Los Angeles-based company has made a name for itself with the FIN (Fluid INtegration) programming framework, which enables building automation providers to quickly and easily develop state-of-the-art, intuitive systems for controlling equipment and automation systems.
FIN is used in thousands of building installations in more than 20 countries.
J2 Innovations is to be expanded with additional staff in the US and offices in Europe and Asia, but remain independent in order to be able to act flexibly. The acquisition is expected to be completed in May. For the purchase price Siemens made no statements.
BMW boss Harald Krüger and supervisory board boss Norbert Reithofer have given a breakdown in the exhaust gas purification of a diesel engine, but denied any intention.
“We made a mistake a few years ago,” said Krüger on Thursday at the BMW Annual General Meeting in Munich: In 11 700 BMW vehicles was mistakenly a mismatched software has been installed. The Kraftfahrtbundesamt had ordered in March the recall of the cars because of an inadmissible shutdown device.
Reithofer emphasized that the “technical, human error” did not mean that the emission levels on the test bench would have been lower than those on the road. Krüger said: “It has nothing to do with a targeted manipulation of engine control and exhaust gas purification.” BMW is now waiting for the authorities to approve the corrected software.
Continue reading “BMW top admits diesel error”
Maersk, the world’s largest shipping group, announced immediate austerity measures following a disappointing first quarter.
“Our result, especially in the ocean division (container freight and port terminals) was insufficient,” said company boss Søren Skou on Thursday. On balance, Maersk posted a profit of 2.75 billion US dollars (currently about 2.3 billion euros). However, this was heavily influenced by the sale of the oil business. All sales excluding the loss increased significantly to $ 239 million.
“Given the current challenging market conditions, we will launch a number of short-term initiatives to improve profitability,” announced Skou.
The turnover of the Danish shipping company Giant grew in the first quarter by 30 percent to about 9.25 billion dollars. Two thirds of the increase was accounted for by the takeover of the shipping company Hamburg Süd. The sale of the oil business spilled $ 2.6 billion into the coffers. Maersk wants to evolve from being an oil and shipping giant to becoming a transport and logistics company.
Continue reading “Reederei giant Maersk announces austerity measures”
The market environment for luxury goods manufacturers has brightened over the past twelve months, from which the Geneva-based group Richemont also profited in the 2017/18 financial year. Although repurchases from the warehouses of watch dealers worldwide could cloud the development a bit. Overall, however, local currency analysts still expect at least a high single-digit percentage growth.
It is unclear to what extent the stock repurchases impair the operating result. This has also led to a relatively wide range of analyst estimates. Despite the burden, however, the operating margin is likely to make huge strides towards the 20 percent mark. The basis for this is the highly profitable jewelry business and the increase in profitability in the watch business.
Analysts are also hoping for answers to the question of whether the group-owned and recently refurbished leather brand Lancel is now being sold. In March, the Italian Piquadro group had registered their interest. Questions also arouse among analysts the surprisingly abrupt departure of Chief Technology Officer Jean-Jacques Van Oosten and the potential impact on the Group’s e-commerce strategy.
Continue reading “Outlook Richemont: annual sales of 11.2 billion euros expected”