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EU to win right to tariffs on $4 billion in U.S. goods in WTO Boeing case By Reuters

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© Reuters. FILE PHOTO: Airbus BelugaXL super transporter aircraft arrives for the first time at the company’s wing assembly plant at Broughton, near Chester

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BRUSSELS/PARIS (Reuters) – The European Union is set to win the right to impose tariffs on about $4 billion in U.S. goods in retaliation for subsidies granted to planemaker Boeing (N:) under a World Trade Organization (WTO) ruling due on Tuesday.

The decision threatens to stoke transatlantic trade tensions with just three weeks until the U.S. presidential election on Nov. 3, although it could also help at last to settle a 16-year legal battle.

Both the United States and the EU have signalled interest in settling the dispute over subsidies each provided to their respective planemakers, Boeing and Airbus (PA:), while accusing the other of refusing to talk seriously.

Tuesday’s decision, delayed by the COVID-19 pandemic, follows a WTO ruling last year allowing Washington to impose tariffs on $7.5 billion in EU goods over state support for Airbus, which has sites in Britain, France, Germany and Spain.

Combined, the two cases represent the world’s largest ever corporate trade dispute.

The state of Washington has since moved to repeal tax breaks that benefited Boeing, while Airbus has announced it will increase loan repayments for the A350 plane to France and Spain in bids to settle the matter.

The European Commission has said it would prefer a negotiated solution, but would impose tariffs without one.

It has already drawn up an extensive list of U.S. products it could target including wine, spirits, suitcases, tractors, frozen fish, and a range of agricultural produce from dried onions to cherries.

European sources have said the EU could also add tariffs on a further $4 billion of U.S. products left over from an earlier WTO case, giving it firepower similar to that Washington won in last year’s WTO ruling.

The United States says the previous award, allowing the EU to retaliate against special tax treatment for U.S. exporters, but which the EU never implemented, is no longer valid because a law creating the disputed system was repealed in 2006.

Airbus also argues that funding for its A380 plane is no longer relevant after it decided to halt production of the world’s largest jetliner due to weak sales.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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U.S. House Speaker Pelosi, Mnuchin narrow differences on aid bill, Pelosi spokesman says By Reuters

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© Reuters. FILE PHOTO: U.S. House Speaker Pelosi departs a news conference on Capitol Hill in Washington

By Susan Cornwell

WASHINGTON (Reuters) – U.S. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin “continued to narrow their differences” in a 53-minute telephone conversation on Monday about a fresh coronavirus aid package, Pelosi’s spokesman, Drew Hammill, wrote on Twitter.

Pelosi hopes that by the end of Tuesday there will be “clarity” on whether a coronavirus stimulus bill can be passed before the Nov. 3 elections, Hammill wrote. He said Pelosi and Mnuchin will talk again on Tuesday, and staff work on the matter will continue “around the clock.”

Pelosi, the top elected U.S. Democrat, said on Sunday that differences remained with President Donald Trump’s administration on a wide-ranging coronavirus relief package but that she was optimistic legislation could be pushed through before Election Day. But she said an agreement would have to come by the end of Tuesday for that to happen.

The White House has proposed a $1.8 trillion stimulus to help Americans struggling with the economic ravages of the coronavirus pandemic. Pelosi says that offer fell short in a range of areas, including tax credits for poor people, aid to state and local governments, worker protections and rent help. She has stuck to her demand for a $2.2 trillion aid and stimulus package.

Congress earlier this year passed $3 trillion in coronavirus relief, and many of the Republicans who control the Senate are loath to pass another giant relief bill. Senate Majority Leader Mitch McConnell said on Monday the Senate would vote on Wednesday on a $500 billion proposal to target specific areas of need.

McConnell said the Senate would also have a separate vote on Tuesday on a new round of funding for the Paycheck Protection Program, a popular program that was launched earlier in the pandemic with bipartisan support to provide loans to small businesses.

But Senate Democrats have been holding out for a larger overall aid package. Senate Democratic Leader Chuck Schumer called the Republican plan “emaciated,” saying it abandons state and local governments in need and has inadequate funding for unemployment benefits. Senate Democrats blocked similar proposals last month.

McConnell, in remarks to the Senate, excoriated Pelosi for what he said had been her “all or nothing” position on approving more coronavirus aid. “The speaker’s Marie Antoinette act needs to end,” McConnell said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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AMC to reopen more theaters in the United States By Reuters

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© Reuters. FILE PHOTO: The outbreak of the coronavirus disease (COVID-19) in Burbank

(Reuters) – AMC Entertainment Holdings Inc (N:), the world’s largest theater chain, said on Monday it plans to open more cinemas in the United States this week, offering some hope to an industry hammered by pandemic restrictions and sending its shares up 24%.

The company said it will reopen about a dozen locations in New York state starting Oct. 23, following guidance from Governor Andrew Cuomo over the weekend, and plans to have more than 530 theaters open in the country by the end of the month.

While big theater chains such as AMC Entertainment, Cineworld Group (L:) and others have reopened many locations, audiences have been thin due to virus fears and delays in major releases by studios. Small and mid-sized theater companies have said they may not survive the impact of the pandemic.

AMC’s shares have slumped nearly 60% this year and last week Chief Executive Officer Adam Aron told Reuters the company may need to raise additional capital either entirely or mostly through equity.

The company last week said it continued to explore sources of additional liquidity, as it sees its cash resources largely depleted by the end of 2020 or the start of 2021 at its existing cash-burn rate.

Earlier this month, AMC had said more than 80% of its theaters in the country would remain open.

The number of people visiting AMC’s cinemas has slumped 85% compared to last year, since they reopened after lockdowns were eased, the company said.

Cineworld, the world’s second-biggest cinema operator, said earlier this month it would close all its screens in the United States and Britain after studios delayed major releases including the latest James Bond film.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Disneyland unions tell California governor resort can be reopened safely By Reuters

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© Reuters. A general view of the entrance of Disneyland theme park in Anaheim

By Helen Coster

(Reuters) – Unions representing over 10,000 Disney theme park workers have told California Governor Gavin Newsom that the Disneyland Resort in Anaheim, California, can safely reopen when its location moves into the state’s “orange tier” of COVID-19 test positivity and adjusted case rate.

“We wrote you in June 2020 to tell you that we were not yet convinced that it was safe to reopen the parks on Disney’s timetable,” the unions wrote in a letter dated Oct. 17. “Since then, Disney has taken safety measures we advocated, and engaged with their workers’ representatives, (such that) our original position has changed.”

The unions urged Newsom to direct the state’s task force in charge of theme park reopening to meet with them as part of the reopening process.

Walt Disney (NYSE:) Co closed Disneyland in March in an effort to slow the spread of the coronavirus. The company had announced it would reopen the resort on July 17 but later delayed the move indefinitely, saying it had to wait for the state’s guidance.

Disney has reopened all of its other theme parks, including Walt Disney World in Florida, with limited attendance, mask requirements and other safety measures.

Disney executives have urged California to let them reopen Disneyland. On Sept. 29 the company announced it would lay off roughly 28,000 employees, mostly at its U.S. theme parks.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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