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The U.S. Federal Reserve on Wednesday reported that its contacts at companies across the country were worried that international trade tensions could weigh on business even as economic activity picked up. The U.S. central bank said its surveys of business contacts pointed to a “slight improvement” in growth in economic activity, which it described as being “modest” from April through mid-May. The Fed’s so-called “Beige Book” report, a compendium of anecdotes on the state of the economy, pointed to numerous cases of businesses citing concern over the Trump administration’s trade ...

China’s economic data looks pretty good. But don’t be fooled, China bulls. A lot of this is export front-loading. This week’s Caixin manufacturing PMI, a survey of China’s small and medium-size enterprises and export-oriented businesses remained unchanged at 50.2 in May. Anything over 50 is good. So the numbers could give China bulls a reason to believe recent stimulus measures have inoculated it from tariffs. The first quarter average PMI was 49.7, and last year’s average at this time was 50.7. But stronger-than-expected PMI for smaller firms is inconsistent with ...

The alignment of China-proposed Belt and Road Initiative (BRI) with the Eurasian Economic Union (EAEU) is expected to be a hot topic at this year’s International Economic Forum (SPIEF) in the Russian city of St. Petersburg from June 6 to 8. This year marks the 70th anniversary of the establishment of diplomatic ties between China and Russia, as well as the 5th anniversary of the Treaty on the Eurasian Economic Union (EAEU) and the 25th anniversary of the Eurasian idea. Leaders of both China and Russia pay great attention to ...

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

German Finance Minister Olaf Scholz told Reuters on Wednesday that he expects progress in tax cooperation at a G20 meeting in Japan this weekend as a growing number of countries support a German-French proposal for a minimum corporate tax level. “It looks like we can get support from many of the finance ministers of the participating countries. Japan will be a milestone,” Scholz said in a Reuters interview. The Organisation for Economic Cooperation and Development is working on plans for a minimum corporate tax rate as part of a global ...

US markets rallied after Federal Reserve officials said they were closely monitoring the recent escalation in trade tensions and indicated they could respond to any economic deterioration by cutting interest rates. KEY FACTS — Powell’s comments show the Fed has ended a debate over whether its next move would be to raise or lower rates… — … and is focusing now on whether and when to cut them. — The S&P 500 and Dow posted their biggest daily gains since Jan. 4, each rising more than 2%. — The Fed ...

Global financial institutions will attend a U.S.-led conference on the Palestinian economy this month that the Trump administration has cast as an overture to its Middle East peace plan, the International Monetary Fund (IMF) said on Wednesday. The efficacy of the June 25-26 meeting in Bahrain has been in doubt since Palestinian leaders and business people decided to shun it over Washington’s perceived pro-Israel bias and inattention to their political demands. Israel’s new election, an upsurge in cross-border fighting and the Palestinians’ resentment at U.S. recognition of Jerusalem as Israel’s ...

Defying increasing criticism from within his own party, U.S. President Donald Trump said on Tuesday he would likely go ahead with new tariffs on imports from Mexico to pressure it to clamp down on rising numbers of migrants entering the United States. Trump told a news conference in London he expected to impose 5% tariffs on Mexican imports from Monday, citing the high number of mostly Central American immigrants crossing the U.S. southern border with Mexico. In a last-ditch attempt to find a resolution, a Mexican delegation including Foreign Minister ...

Vietnam’s economy has been boosted by almost 8 per cent due to the shift in production resulting from the US-China trade war, according to analysis by Japanese investment bank Nomura. Photo: Alamy Vietnam is the biggest winner from the shift in supply chains caused by the nearly year-long trade war between China and the United States, according to a report, as importers from the world’s two largest economies sought to avoid paying increased tariffs. The economy of the southeast Asian nation has been boosted by almost 8 per cent due ...

Faced with mounting piles of imported foreign waste, Southeast Asian nations are making it known that they no longer wish to serve as the world’s dumping grounds. Countries across the region have been inundated with waste imports since last year when China stopped accepting a range of imported waste on environmental grounds. Malaysia, Thailand and Vietnam have all restricted plastic waste imports, but the Malaysian government has said that shipments continue to arrive illegally. With no restrictions in place in Indonesia, environmental campaigners fear that the country will soon become ...

The time has come for financial firms to make their “last orders” based on the discredited interest rate benchmark Libor, a deputy governor of the Bank of England said on Wednesday. “Firms need to be focused on what they need to do to be able to transact Sonia-based products, and stop adding to their post 2021 Libor exposures,” Dave Ramsden said in a speech. Libor reflects borrowing costs among banks and is based on quotes submitted by lenders. It is used as a price reference in financial contracts and derivatives ...

Activity in Germany’s services sector grew at a slower pace in May, a survey showed on Wednesday, a sign that domestic demand is still providing growth impetus for Europe’s largest economy as manufacturing shrinks. Markit’s final Purchasing Managers’ Index (PMI) for services fell slightly, to 55.4 from April’s seven-month high reading of 55.7. The figure was higher than a flash reading of 55.0 and was well above the 50.0 mark that separates growth from contraction. But business expectations among services providers fell to a five-month low, reflecting growing concerns about ...

The Federal Reserve’s top policy makers aren’t yet ready to cut interest rates, but worsening trade tensions are nudging them in that direction. In separate comments Tuesday, Fed Chair Jerome Powell and his No. 2, Richard Clarida, reassured nervous investors they’re watching closely for signs that disputes between the U.S. and its trading partners are denting the outlook for the world’s largest economy. Their remarks moved the Fed slightly closer to its first rate cut since 2008. “Powell may have opened the door a crack wider to the possibility that ...

Indian companies are seeking a cut in corporate income tax to 25 percent from the prevailing 30 percent in the forthcoming union budget schedule on July 5 by the new government, said a release by industry body — Confederation of Indian Industry (CII), Monday. Stating that India should target merchandise exports of 400 billion U.S. dollars for 2019-20 from 331 billion U.S. dollars now, CII President Vikram Kirloskar said, “We need to find alternative schemes compatible with WTO to support exporters.” He also suggested fast-tracking free trade agreement negotiations with ...

Italy’s two deputy prime ministers, Matteo Salvini and Luigi Di Maio, discussed the possibility of breaching the European Union’s budget deficit rule, Italian daily Corriere della Sera said in an unsourced report on Wednesday. The pair discussed the option in a telephone conversation on Tuesday, the newspaper said, though it did not say whether the two political leaders came to an agreement on whether or not to exceed the EU deficit limit of 3% of gross domestic product. Salvini and Di Maio are to talk again about this and other ...