Chinese firms face EU duty
The EU on Friday will impose anti-dumping measures on some Chinese solar panels whose manufacturers rejected rejected a deal to diffuse a brewing trade war. The measures will apply for two years, the EU Commission said. “The final anti-dumping and anti-subsidy duty rates will apply only to those exports from China which do not meet the conditions set out in the undertaking,” the commission said in a statement. China and the EU in July reached an amicable settlement under which Chinese exporters agreed to a minimum price to provide a floor to the market up to a certain threshold of imports, after which anti-dumping tariffs apply.
Glitches disrupt RBS
RBS and its retail banking unit Netwest’s online systems and debit cards failed on Monday evening as clients were unable to process payments on one of the busiest online shopping days, “Cyber Monday.” Millions of customers across the UK were unable to withdraw cash, pay for goods or use telephone and online banking services. In its response, the bank’s twitter account, RBS Help tweeted: “We are aware of some technical issues and are working hard to fix them. Sorry and thanks for your patience.” The bank’s Irish unit, Ulster Bank, also reportedly faced similar glitches.
Fed approves revised plans
The US Federal Reserve on Monday said it had passed the revised capital plans of JPMorgan Chase and Goldman Sachs, eight months after sending them back due to weaknesses. In its March stress tests of the top US banks, the Fed had raised questions about how the two planned to allocate capital, which includes their programs for dividends and share buybacks to reward investors. Both JPMorgan and Goldman received only conditional approvals, and were required to submit new plans by the end of the third quarter “to address weaknesses in their capital planning processes.” In a brief statement, the Fed said it “has not objected.”
Q3 growth rises 2.5%
The economy grew 2.5 percent in the third quarter compared with the same period of last year, Minister of Finance Guido Mantega told a business seminar on Monday. Official GDP growth figures were scheduled to be released yesterday by the Brazilian Institute of Geography and Statistics. Mantega also projected that GDP would grow on average 4 percent a year from next year to 2022.
Manufacturing grew last month at the fastest pace in two-and-a-half years as factories ramped up production, stepped up hiring and received orders at a healthy clip. The Institute for Supply Management said on Monday that its index of manufacturing activity rose to 57.3. That was up from 56.4 in October and was the highest since April 2011. A reading above 50 signals growth.
Google cuts cloud prices
Google Inc lowered prices for some of its cloud computing service for businesses and added features as it steps up competition with Amazon.com Inc and Microsoft Corp. The service, which lets customers purchase access to its computing power, is cutting prices for some of the most popular options by 10 percent, Google said in a blog posting. It is also adding broader support for customers during maintenance.