Finance

Supreme Court lets states charge internet retailers more in taxes

Supreme Court lets states charge internet retailers more in taxes In upholding the ruling the Supreme Court overturned a 1992 ruling that required a "physical presence" in a state in order to mandate collection of sales tax. In South Dakota alone, a state with a population of less than 1 million people, The Department of Revenue estimates that the state government could take in up to $58 million annually. [Full Article...]

German vehicle shares dip on Trump tariff tweet

German vehicle shares dip on Trump tariff tweet Lentils will attract 40% instead of 30%. "We will do what we have to do to rebalance and safeguard", he said . Duty on flat-rolled steel products has been hiked to 27.50% from 15% earlier, while certain flat-rolled products of stainless steel will now attract 22.50% duty instead of 15% earlier. [Full Article...]

Tesla to close at least 13 solar installation offices in nine states

Tesla to close at least 13 solar installation offices in nine states Specifically, Tripp claims that Tesla shipped punctured batteries with the Model 3 , that the Model 3 is unsafe as a result, and that Musk has been busy lying to investors. Because of Tripp's conduct, lawyers said, Tesla had suffered "cruel and unjust hardship" and "lost business , lost profits and damage to its goodwill". [Full Article...]

U.S. Oil Prices Slip a Bit Before OPEC Meeting

U.S. Oil Prices Slip a Bit Before OPEC Meeting Mr. Pradhan went on to say that the prices of oil and gas had become subject to the "vagaries of geopolitics" and urged the OPEC countries to commit towards ensuring more sustainable prices. Trump slapped fresh sanctions on Tehran in May and market watchers expect Iran's output to drop by a third by the end of 2018. Oil prices soared on Friday after oil producers agreed to modest crude outpu... [Full Article...]

Opec agrees modest hike in supply after Saudi Arabia-Iran compromise

Opec agrees modest hike in supply after Saudi Arabia-Iran compromise Benchmark U.S. 10-year yields were up on Friday, but have declined on a weekly basis for two straight weeks. By avoiding setting individual country targets, the deal appears to give Saudi Arabia the leeway to produce more than its official OPEC target and fill the gap left by those like Venezuela who can not pump enough to meet their official allocation. [Full Article...]

Ferrari 250 GTO could fetch $45m

Ferrari 250 GTO could fetch $45m Widely revered as one of the ultimate collector's cars, the 250 GTO has claimed close to 300 overall racing victories worldwide. Sotheby's describes the GTO as "the most valuable motor auto ever offered for public sale". Lualdi-Gabardi received a second GTO in 1963 and sold chassis no. 3413 to then race vehicle driver Gianni Bulgari, who went on to lead the renowned Bulgari jewelry company fro... [Full Article...]

OPEC to raise oil production from July

Subsequently, WTI and Brent crude futures rose with the latter briefly above $75/bbl, given that markets had feared that OPEC would agree a larger production, while the 1mln bpd increase will likely represent a real increase of 600-700k bpd, which had been largely priced in. [Full Article...]

Saudi index win is stepping stone not step change

Saudi index win is stepping stone not step change Featuring 32 stocks, Saudi would be the third-largest constituent country from the Europe, Middle East and Africa region, behind South Africa and Russian Federation. "The IPO and the condition of the market are related, but not directly linked". Since then, it eased requirements for these investors with measures such as lowering the minimum amount of assets under management to get the status of ... [Full Article...]

Supreme Court Rules States Can Charge Online Shoppers Sales Tax

Ultimately, the justices deemed the current law outdated. Dissenting from the decision, Chief Justice John G. Roberts Jr. wrote: "E-commerce has grown into a significant and vibrant part of our national economy against the backdrop of established rules, including the physical-presence rule". [Full Article...]

Uber to provide cash incentives to some drivers who switch to EVs

Uber to provide cash incentives to some drivers who switch to EVs The ride-hailing company won't build charging stations , but it will provide "direct monetary incentives" to electric-car drivers in certain cities. It is part of the carbon offsetting program and already has 100,000 EVs on its app. Drivers get access to education and resources that can help them find every available rebate or other incentive program (not just federal level tax credits). [Full Article...]

Iran storms out of OPEC meeting to boost oil supply

Iran storms out of OPEC meeting to boost oil supply Weekly U.S. production remained at a record 10.9 million bpd. Brent crude last month surged to a more than three-year high above $80 a barrel. "The voice of the consumer is being heard in Vienna", Daniel Yergin, vice chairman of consultant IHS Markit Ltd., said in a Bloomberg television interview. [Full Article...]

India hikes customs duty on 30 items imported from US

India hikes customs duty on 30 items imported from US Flat-rolled products of iron have been raised to 27.50 per cent from 15 per cent earlier, while certain flat-rolled products on stainless steel would now attract 22.50 per cent duty as against 15 per cent earlier. This measure was targeted at Harley-Davidson motorcycles. The revenue department, which notified the rate changes, however, spared high-end motorcycles from a duty increase, a move that ... [Full Article...]

China threatens to go after Dow index giants next in trade war

China threatens to go after Dow index giants next in trade war They range from agricultural produce such as rice and orange juice to jeans, whiskey, motorbikes and various steel products. "However, the unilateral and unjustified decision of the United States to impose steel and aluminium tariffs on the EU means that we are left with no other choice", EU Trade Commissioner Cecilia Malmstrom said . [Full Article...]

European Union retaliates against Trump’s metal tariffs

European Union retaliates against Trump’s metal tariffs The U.S. will start imposing new levies on $34 billion in Chinese goods on July 6, with $16 billion to come later and then up to $400 billion more; China vows immediate tariffs on soybeans and other agricultural products. "We did not want to be in this position". "What's more, these products will have a strong symbolic political impact ". When a trade war happens, it just doesn't affect the... [Full Article...]

OPEC inches towards oil output deal ahead of key meeting

OPEC inches towards oil output deal ahead of key meeting Iran said on Tuesday OPEC was unlikely to reach a deal, setting the stage for a clash with kingpin Saudi Arabia and non-member Russian Federation, which are pushing to raise production steeply from July to meet growing global demand. Saudi Arabia, under pressure from U.S. President Donald Trump, wants to unwind some of the cuts by engineering a "moderate" supply boost in the second half of the yea... [Full Article...]

Volvo S60 revealed: Swedish style but made in USA

Volvo S60 revealed: Swedish style but made in USA Initially, the Volvo South Carolina plant will build S60 sedans, which now are imported from Europe or China. The launch of the all-new S60 coincides with the inauguration of the Charleston plant, responsible to build the first-ever Volvo in the US. [Full Article...]

Merkel, Macron agree eurozone budget in 'new chapter' for bloc

Merkel, Macron agree eurozone budget in 'new chapter' for bloc Going ahead with the move unilaterally and with Merkel's explicit opposition could lead to the collapse of the German government which was sworn in only three months ago. Swedish Prime Minister Stefan Lofven said it would be "very hard to reach a solution" on hosting asylum seekers next week. The claim about an overall rise in crime due to migration is false, as the latest official figures sh... [Full Article...]

Dollar and stocks drop as Trump hits China with tariffs

Dollar and stocks drop as Trump hits China with tariffs China's Commerce Ministry on Tuesday criticized the latest threat of tariffs, saying it was an "act of extreme pressure and blackmail that deviates from the consensus reached by both parties after many negotiations, and is a disappointment to the global community". [Full Article...]

Audi CEO Rupert Stadler arrested in diesel emissions scandal

Audi CEO Rupert Stadler arrested in diesel emissions scandal Stadler's detention follows a search last week of his private residence, in the probe focused on suspicion of fraud and indirect improprieties with documents. The United States filed criminal charges against VW's former CEO Martin Winterkorn in May, but he is unlikely to face U.S. authorities because Germany does not extradite its nationals to countries outside the European Union. [Full Article...]

India Urges OPEC Nations To "Fill Supply Gap", Ensure Sustainable Prices

India Urges OPEC Nations To Crude oil prices are trading lower early Thursday, but inside yesterday's range. "We will do whatever is needed to maintain market stability and ensure that there are no oil supply shortages", said Abdulaziz bin Salman, a Saudi prince and minister of state for energy affairs. [Full Article...]


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