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Asia markets; Japan Reuters typhoon; Yen intervention; Singapore NODEX
Australia’s index rose 0.84%, surpassing the previous record of 8,037.30.
Vijay Anand | 500px Prime | Getty Images
Asia-Pacific markets traded mixed on Wednesday, Australia also declined S&P/ASX 200 reached an all-time high.
The index rose 0.84% to surpass its previous record of 8,037.30, tracking a decline in gold miners. Northern Star Resources And Bellevue Gold rose 4.55% and nearly 4%, respectively. Evolution Mining and Newmont Corporation climbed more than 2%.
of Japan Nikkei 225 rose 0.18%, while Topix was up 0.59%, A Reuters Tankan survey also showed a rise in business optimism among large Japanese manufacturers.
The manufacturing index rose to +11 from +6 in the previous month. However, confidence among non-manufacturers fell to +26 from +31.
In addition, Japanese authorities intervened in the currency market last Thursday and Friday, spending a total of 6 trillion yen ($37.9 billion) over the two days. According to Reuters.
Yen It is currently at 158.47 against the US dollar. Last Wednesday, the currency weakened to 161.82, the next day it strengthened to 157.41.
Taiwan Weighted Index The rupee fell 0.27% after a report said US Republican presidential candidate Donald Trump said Taiwan should pay the US for its defence.
“I know the people over there very well and have a lot of respect for them. They took almost 100% of our chip business. I think Taiwan should pay us for defense,” Trump said in a June interview with Bloomberg Businessweek that was published Tuesday.
Taiwanese Prime Minister Cho Jung-tai said Taiwan is keen to become “more responsible” for its own defense and is steadily increasing spending, Reuters reports.
Shares of Taiwanese chip maker TSMC fell by 2.36%.
of South Korea Cospi fell 0.22%, and the small-cap Kosdaq was also down 0.14%.
Hong Kong’s Hang Seng Index fell marginally, while China’s CSI 300 lost 0.23%.
Singapore’s non-oil domestic exports The drop was bigger than expected in June, marking a fifth consecutive month of decline. Economists polled by Reuters had expected a 1.2% drop, while the decline is an 8.7% drop from a year earlier.
On a month-on-month basis, Singapore’s non-oil domestic production unexpectedly fell by 0.4%, while it was expected to rise by 4.1%.
Overnight, Wall Street climbed higher on hopes of a possible interest rate cut. The Dow blue-chip index gained 1.85% to close at a record 40,954.48, while the broad-based S&P 500 rose 0.64% to 5,667.20. Nasdaq Composite Increased by 0.20%.
—CNBC’s Piya Singh contributed to this report.
Clarification: This story was updated after Reuters revised its typographical non-manufacturing survey numbers.
EU countries agree to split vote on tariffs on Chinese electric vehicles, Reuters reports
Shown here is a photo of a Zeekr electric vehicle charging station in Dongguan, Guangdong province, China on November 14, 2022.
VCG | Visual China Group | Getty Images
European Union governments exposed divided views on the merits of EU tariffs on imports of Chinese-made electric vehicles in a non-binding but still influential vote, sources with knowledge of the vote said on Tuesday.
The European Commission, which oversees EU trade policy, has set provisional tariffs of up to 37.6% on electric vehicles imported from China to combat what it says are unfair subsidies, and to seek the views of EU members in a so-called advisory vote.
Sources said a dozen EU members voted in favour of the tariffs, four voted against it and 11 abstained.
The Commission is expected to take this into account when deciding whether to impose fixed tariffs in what is the EU’s most high-profile trade case to date.
If it advocates imposing a tariff at the end of its investigation, it will be brought to a binding vote among EU members and imposed unless a qualified majority of 15 member states, representing 65% of the EU population, vote against it.
If the pattern of advisory voting is repeated then fixed duties, which usually apply for five years, will come into force.
However, the large number of people abstaining from voting reflects hesitancy among many EU members, who are aware of the Commission’s arguments that trade should be on a level playing field but are also conscious of the risk of a trade war with China. Beijing has threatened massive retaliation.
German carmakers, which made a third of their sales in China last year, have urged the EU to drop the tariffs, which would apply not just to Chinese producers such as BYD, Geely and SAIC but also to China-made cars from Western automakers such as Tesla and BMW.
In the vote, France, Italy and Spain supported the tariffs, while Germany, Finland and Sweden abstained, government sources said.
A German source said Finland abstained from voting in a spirit of “critical solidarity” with the Commission. An embassy official said Finland doubted whether this was in the EU’s interests, as not all European carmakers were in favour of the measures.
Swedish Trade Minister Johan Forsell said talks between the Commission and China would be very important to find a solution.
The commission will continue its investigation for the next three months.
In a sign of compromise, the European Commission has indicated it may consider lower tariffs. Bmw China-made electric mini and Volkswagen The incident took place at Kupra Tavaskán, two sources familiar with the matter said.
Georgia governor describes potential political ramifications of assassination attempt against Trump
Georgia Governor Brian Kemp speaks to CNN on the first day of the Republican National Convention.
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Spirit Airlines issues second quarter loss warning
A Spirit Airlines aircraft operates in preparation for departure at Austin-Bergstrom International Airport on February 12, 2024 in Austin, Texas.
Brandon Bell | Getty Images
Spirit Airlines on Tuesday it said it would post a wider-than-expected loss in the last quarter as revenue came in below expectations.
Spirit expects to report an adjusted loss of between $160 million and $173 million for the three months ended June 30, down from a previous forecast that the loss would not exceed $145 million. It expects sales of $1.28 billion, down from a forecast of at least $1.32 billion.
Spirit said non-ticket revenue, which long accounts for the myriad fees associated with its lowest fares, was “several dollars below estimates” per passenger.
Shares of the budget airline fell nearly 6% in extended trading after the airline released its latest information to investors. Securities Filings.
The airline has joined forces with its rival company Frontier Airlinesrecently changed the way it sells tickets, offering bundles that include things like seat assignments and carry-on bags that it previously sold a la carte, bringing its business practices more in line with larger competitors.
Spirit said “as the company progresses on its transformation strategy, it expects to be able to improve its total revenue per passenger segment over time.”
The company is facing a number of challenges, including oversupply in the U.S. domestic market, an engine recall from supplier Pratt & Whitney that has grounded dozens of planes, and the fallout from a federal judge’s decision to block a planned takeover. JetBlue Airways earlier this year.
Dave Portnoy says he was almost ‘lost at sea’ before Coast Guard rescued him – National
Founder of Barstool Sports Dave Portnoy He said he was almost done with his cast away He and his boat were nearly “lost at sea” on Monday.
In a video released on social media, Portnoy said he was rescued by the US Coast Guard after he became stranded on his boat without power, radio or an anchor while attempting to sail off Nantucket, Massachusetts.
The businessman, who calls himself “Captain Dave” in the clip, said he wanted to take his mother on a boat ride but only after unpacking the boat did he realise the engine had no power.
“Captain Dave was almost lost at sea, Mother Ocean,” Portnoy elaborated in a dramatic monologue. “No power, no radio, no anchor, no nothing. Strong, strong winds. The next thing you know, Captain Dave is lost at sea.”
Note: The video below contains abusive language. Please watch at your own discretion.
Portnoy, 47, acknowledged he was a “relatively new sailor,” and said he forgot to check the boat’s power before unhooking the buoy.
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He said he had to try to avoid hitting other ships in the harbor while the wind was pushing his boat away from the shore. Portnoy fired a flare gun into the sky for help, but he said no one came.
“I was obviously desperate at this point, sunburnt – it was like Tom Hanks cast away,” He said.
Finally, while Portnoy was calling for help, a woman in a boat approached the ship. Portnoy said the woman recognized him, climbed aboard the ship and called the U.S. Coast Guard via radio.
Portnoy said “four strong guys” from the Coast Guard came to his rescue. Officers towed his boat back to port, where Portnoy was safe and sound.
He finished his sea tale by saying, “Captain Dave lives to tell another tale.”
Portnoy was clearly happy to be on dry land again and joked, “Captain Dave may never go on a boat again.”
In an official statement provided to WFXT in Boston, Coast Guard officials said they had received a report. 28-foot pleasure yacht Needs rescue.
“We are glad he used distress signals and we commend this good samaritan for having his VHF radio ready to summon the Coast Guard,” the spokesperson said.
On Christmas Day, the 1st Coast Guard District in Boston, Massachusetts encouraged Portnoy to “keep the boat safe” and wished him well for his Internet-famous dog, Miss Peaches,
© 2024 Global News, a division of Corus Entertainment Inc.
Missing 75-year-old man found alive after being trapped in Maine swamp for 4 days – National
75-year-old man missing for four days found alive trapped in swamp IA game warden and his trusty K9 were able to sniff him out.
Michael Altmire, of New Sharon, Maine, was on his way to a scheduled meeting in Weld on Monday when he was last seen driving his car on Colby Miller Road. Maine Department of Inland Fisheries and Wildlife a release issued Saturday reads. Altmeyer never showed up at the meeting.
After four days of no sign of the 75-year-old, staff at a nearby state park found Altmire’s car Thursday night at the Mount Blue State Park Scenic Overlook, just outside of Weld, Maine.
Early the next morning, wardens from Maine’s Department of Inland Fish and Wildlife began searching the surrounding area for the missing man.
After searching throughout the morning and early afternoon, Game Warden Kyle Hamilton and Game Warden Ash, who also owns a dog, located the missing 75-year-old man at 3:45 p.m. He was approximately 1.2 kilometres from where his vehicle was found.
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Authorities believe Altmire fell off a rocky embankment and “possibly became distracted” by the fall. He became stuck in a crevice from which he could not get up.
Search volunteers and a paramedic arrived at Altmire’s location and provided first aid. About two hours after the missing man was found, a helicopter was able to land in the swamp and Altmire was taken to a waiting ambulance. The 75-year-old man was kept at a local hospital overnight.
Maine officials wrote that emergency workers were happy to see that Altmire was “in surprisingly good condition despite lying in a swampy area for the past 4 days.”
A photo shared by the Maine Department of Inland Fisheries and Wildlife shows about seven rescue workers carrying Altmire’s stretcher through a dense swampy area to a waiting helicopter.
The Franklin County Sheriff’s Department, Maine Association for Search and Rescue, Maine Search and Rescue Dogs, Bureau of Parks and Lands staff, Maine Forest Service, Northstar EMS, and the Weld Fire Department all assisted with the search and rescue of Altmire, along with the Maine Warden.
© 2024 Global News, a division of Corus Entertainment Inc.
Boss who coughed in employee’s face during pandemic faces $46K fine – National
A Welsh A boss has been forced to pay a former employee more than £26,000 (C$46,100) after he deliberately coughed in her face. COVID-19 pandemic,
A British judge ruled that Kevin Davies, the owner of vehicle retailer Cawdor Cars in Newcastle Emlyn, tried to “ridicule and intimidate” a female employee after she asked her colleagues to maintain social distancing in the office.
The unnamed woman raised her health concerns to her colleagues, specifically about her diagnosis of psoriatic arthritis and autoimmune condition, just days before lockdown began in the UK in March 2020. At the time, social distancing was already recommended by the UK government.
Now, the tribunal has decided that Davis had deliberately mocked the woman when he “intentionally coughed at him and commenting out loud that he was ridiculous,” the BBC reported.
Employment judge Tobias Vincent Ryan condemned Davis’ “disgraceful behaviour” before imposing the fine.
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The woman resigned from her position about three months after the coughing incident.
Ryan said he quit because Davis harassed him.
“That was a major and significant factor in her decision,” he said. “She felt she was being pushed out because of her complaints. She was right.”
Davis is the father of popular British and Irish Lions rugby player Gareth Davis. His business includes several car dealerships as well as property rental for several hotels and housing developments. The former employee worked as a property manager.
The total fine handed to the woman reached approximately £26,440 (C$46,880), although Cawdor Cars had to contribute £18,000 (C$31,920). The payment was made on the basis of damages for unfair dismissal and injury to feelings, with an additional portion for interest.
The tribunal claimed the woman worked for Davis from 2017 to 2020 and was paid 11 pounds (C$19.50) per hour.
After the tribunal hearing, she said Davis’ “appalling” behaviour had left her “in a state of panic.” She said Davis was aware of her medical conditions and that “she had no immunity protection because I had to take medication.”
“I was shaking,” she said of coughing into her face. “I’m not some stupid, arrogant person — I’ve been through a lot in my life — but it was really bothering me.”
© 2024 Global News, a division of Corus Entertainment Inc.
IMF World Economic Outlook raises UK growth forecast to 2024
Lighted porches of old terraced houses are visible through the branches of trees in Ruskin Park and in the distance, the growing development at Nine Elms in London, England, on May 14, 2024.
Richard Baker | In Pictures | Getty Images
LONDON – The International Monetary Fund on Tuesday raised its 2024 growth forecast for Britain to 0.7% from 0.5%, giving a further boost to the country’s economy. New government,
Looking ahead, the Washington, DC-based IMF reiterated its forecast for UK growth of 1.5% in 2025 in the July update of its World Economic Outlook.
This upgrade comes after two years of stagnation, with the UK set to fall into a shallow recession in the second half of 2023. However, GDP growth has declined in May higher than analysts expected at 0.4%, while including summer events euro 2024 football championship Even more Taylor Swift’s Eras Tour This is expected to boost economic activities.
Investment bank Goldman Sachs earlier this month pushed its forecast to 2025 The U.K. economy’s growth rose 0.1 percentage points to 1.6%, citing fiscal plans by the new Labor government led by Prime Minister Keir Starmer, which include planning reforms and closer trade ties with the European Union.
Deutsche Bank on Friday joined Goldman Sachs in raising its outlook for Britain. Economists said in a note that they now expect GDP growth to be 1.2% this year, up from their previous forecast of 0.8%.
Deutsche Bank said the country’s GDP in May reflected strength in the business services and construction sectors, and the Euro tournament is expected to provide a further boost to hospitality and leisure.
Meanwhile, analysts at Jefferies said, Recent Note The UK would appear “relatively stable” due to the Labour Party’s parliamentary majority, and combined with regulatory reform could increase the attractiveness of assets in the country.
This comes at a time when the Bank of England is expected to start cutting interest rates in the coming months. Inflation in Britain has affected the central bank’s gross domestic product (GDP). 2% target The rate was 1.9% in May, and economists surveyed by Reuters expect the rate to fall further to 1.9% in Wednesday’s data.
Other economies whose growth forecasts for 2024 were upgraded by the IMF on Tuesday include the euro zone, which saw its growth rate rise 0.1 percentage point to 0.9%, Spain, which saw its growth rate rise 0.5 percentage points to 2.4%, and China, which saw its growth rate rise 0.4 percentage points to 5%.
It lowered its forecast for the US economy by 0.1 percentage points to 2.6%.
The organisation estimates worldwide growth will be 3.2% this year, and said global activity and world trade remained robust, particularly driven by strong exports from Asia.
However, she warned that the services sector was broadly holding back the disinflation process, complicating monetary policy decisions.
“Risks to inflation have thus increased, raising the possibility that interest rates may remain higher for even longer in a context of rising trade tensions and growing policy uncertainty,” the IMF said in its World Economic Outlook.
— CNBC’s Sophie Kiderlin and Vicki McKeever contributed.