EU wants to respond to US punitive tariffs – worried about escalation

us euro trade warThe US-imposed punitive tariffs on steel and aluminum put the EU in the grip of pressure and raise concerns about a trade war with other products. There are fears that the government of US President Donald Trump, following a retaliatory move from Brussels, will impose higher taxes on additional sectors such as the export-oriented German auto industry. Observers urge prudence: As long as it is all about steel, Europe is comparatively little affected.

US tariffs on imports of steel (25 percent) and aluminum (10 percent) from the EU came into force on Friday morning. Mexico and Canada – the largest steel supplier in the USA – are also among them. All three trading partners of Washington consider this unjustified. The Federal Government assesses the new tariffs as unlawful.

The EU filed suit on Friday against US special tariffs at the World Trade Organization (WTO). “The European Union must clearly represent its interests,” said Foreign Affairs Commissioner Federica Mogherini in Brussels. The request for consultations in the context of a dispute settlement procedure was received, it was said at the WTO in Geneva. In addition, the EU wants to impose additional tariffs on a number of US imports.

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Richemont acquires British watch platform Watchfinder

richemont

The luxury goods company Richemont buys the British watch platform Watchfinder.co.uk.

Founded in 2002, the company buys and sells used premium watches online as well as in seven boutiques. Richemont does not comment on the price of the transaction . However, the acquisition will not exert any “material” influence on the operating result for the financial year 2018/19, Richemont affirms.

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Who are Jeff Bezos’ role models?

amazon-jeff-bezosHe is now the richest person in the world, has a billion-dollar business and is a role model for many young entrepreneurs. But who has Jeff Bezos copied the success?

As part of a panel, the Amazon chief commented on this topic at the Southern Methodist University and named a number of well-known personalities. Continue reading “Who are Jeff Bezos’ role models?”

The Tesla share should not be worth more than a donut, according to an expert

tesla model 3

In the ranks of those who kill the carmaker Tesla dead, mixes a new voice: Chris Macintosh railed against the Tesla share and against Tesla boss Elon Musk. In particular, he focuses on the alleged hero status that Musk enjoys among his followers.

The number of Tesla supporters is large. But the recent adversities, production problems with the hopeful model 3, repeatedly postponed corporate goals and numerous departures from strategically important positions meanwhile provide for uncertainty among Tesla shareholders. Over the past six months, the Tesla share has lost more than 12 percent on the US stock exchange, even though the price has stabilized somewhat since its lows in early April. But the signs are increasing that even among Tesla’s most faithful followers patience is finally.

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Italian stocks lose tailwind after Populist out

italy populistThe initial tailwind for the Italian stock market through the surprise ending for the Euro-critical five-star movement and the rightwing Lega party was quickly lost on Monday morning.

After initial price gains of 2% on the FTSE MIB, the Italian leading index was only just over 0.09% higher at 22 417.98 points.

In view of the rashes in the market, the two populist forces were referred to a failure of the formation of a government for the time being. Their joint candidate for the Prime Minister, Giuseppe Conte, had returned on Sunday after just four days, the government contract to President Sergio Mattarella. The reason for this was mainly the dispute over the planned appointment of a designated Euro and Germany critic to the Minister of Finance.

Initially, relief started to spread on the market after the conflict potential with the EU resulting from the coalition plans on the capital markets had recently caused uncertainty. However, investors’ euphoria quickly faded as the perception that the government-building process remains a potential source of anxiety in the context of expected new elections persisted.

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Apple misses promising trend and loses a lot of money

aplpe music

The biggest and most promising trend in the software industry seems banal at first sight: the subscription. Neglecting the trend, however, there is a lot of money to lose – the tech giant Apple.

Apple is already successfully building its subscription structure with products such as Apple Music or iCloud and has thus achieved 53 percent growth in the service sector over the last two years. For comparison, the iPhone sales increased in the same period by only 16 percent. Nevertheless, the group has not yet jumped on the subscription train and thereby loses billions of dollars.

With the launch of Apple Music three years ago, the tech giant took another step in the right direction. As a counter model to the previous purchase of individual songs and entire albums on iTunes, the new subscription structure – endless streaming for a small monthly contribution. Apple also offers the additional iCloud storage space for a monthly amount of up to $ 10.

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Asian indices close in negative territory

Asian stock marketThe Asian stock market dropped significantly in the Tuesday trading.

In Japan, the Nikkei 225 fell 0.55 percent to 22,358.43 index points by the end of trading. The Shanghai Composite in mainland China also had to give up, closing 0.47 percent lower at 3,120.46 points. Meanwhile, the Hang Seng in Hong Kong had far more loss and gave the close 1.0 percent to 30’484.58 points.

Political developments were again seen as a burden, in particular the impending new elections in Italy. In addition, the relationship between the US and North Korea and the continuation of the trade conflict remained unclear.

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Rocket Internet starts the new year with black numbers

Rocket-Internet 2The startup blacksmith Rocket Internet started the new year with black numbers.

The holding company of the brothers Samwer was able to earn a consolidated profit of 75 million euros, as the company announced on Tuesday in Berlin. By contrast, 2017 was a year of losses for the company, which has been listed in the MDAX since March. In the first quarter of the previous year, Rocket Internet had still suffered a deficit of 86 million euros. Sales climbed from 9 to 10 million euros year-on-year.

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Nestlé is building up to 500 IT jobs in Switzerland

nestle

The food multinational Nestlé is rebuilding its global computer science and is cutting jobs in Switzerland.

In the future, the Group wants to make better use of its technology center in Barcelona and other locations. The reorganization could lead in this country according to the information of the group to the reduction of up to 500 places. At Nespresso there is an additional shift of 80 jobs to other countries.

The job cuts in IT should be completed within 18 months, as Nestlé announced on Tuesday in a statement. Of these, around 320 jobs are affected at the Group headquarters in Vevey, the others are in Lausanne and the surrounding area, as a Nestlé spokesman spelled out for AWP demand.
Fast developments

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Gold: stagnation before the flood of data on the US labor market

gold-prices-weakDespite weak equity markets in Europe, gold remains in the red due to the strong dollar.

Tomorrow will also be the numbers on the US labor market opened and could thus provide more movement in dollars and gold . Let’s start with the ADP monthly report (14.15) on the development of new jobs. James Bullard, of the St. Louis Fed, might be in for a statement tonight about any signs of future US monetary policy provide the gold price with new impetus in one or the other direction.

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