Sun, Aug 05, 2018 - Page 15 News List

World Business Quick Take

Agencies

INDIA

Date set for US goods tariffs

The government yesterday said that delayed higher tariffs against some goods imported from the US would go into force on Sept. 18. New Delhi, incensed by Washington’s refusal to exempt it from new tariffs, in June decided to raise from Aug. 4 the import tax on some US products, including almonds, walnuts and apples, and later delayed the move. Officials from New Delhi and Washington, including US Secretary of State Mike Pompeo and US Secretary of Defense James Mattis, are scheduled to hold a series of meetings, including strategic talks, with their Indian counterparts next month.

CANADA

Trade deficit falls to C$626m

The nation’s trade deficit in June fell to C$626 million (US$481.3 million), according to official data released on Friday, as the nation searched for new trading partners and eased its reliance on the US. The figure was far less than the C$2.3 billion deficit forecast by economists following a C$2.7 billion deficit posted in May. In June, total exports rose 4.1 percent to C$50.7 billion, Statistics Canada said. It was the first time exports surpassed C$50 billion. Total imports edged down 0.2 percent to C$51.3 billion.

INVESTMENT

Moody’s trims German banks

Deutsche Bank AG had the credit rating of a class of debt cut to the lowest investment-grade level by Moody’s Investors Service after a change in German law last month paved the way for a more senior kind of borrowing. Moody’s downgraded the bank’s senior debt from “Baa2” to “Baa3” and reclassified the bonds as “junior senior” debt. The German government is now less likely to support what are currently senior notes, the ratings firm said in a statement on Friday. In a separate statement, Moody’s said that it downgraded the long-term senior unsecured debt of 14 German banks.

AIRLINES

Iran Air to receive airplanes

Iran Air yesterday said that it was set to take delivery of five new airplanes from French-Italian firm ATR just before renewed US sanctions go into effect. “Based on existing agreements, five new ATR aircraft will land at Mehrabad Airport at 9 am tomorrow,” the national carrier said on its Telegram channel. The new ATR 72-600 airplanes are part of a deal for 20 new aircraft that Iran Air agreed to buy in April last year, of which eight have been delivered. The deal was thrown into doubt by Washington’s decision to withdraw from a 2015 nuclear deal between Tehran and major powers and reimpose sanctions, part of which are due to resume from Tuesday.

CRYPTOCURRENCIES

ICE to launch trade platform

The New York Stock Exchange’s parent company on Friday announced plans to launch a bitcoin trading platform and partner with Starbucks Corp on a digital currency payment app. The new exchange, dubbed Bakkt, aims to bring a measure of confidence to bitcoin transactions, Intercontinental Exchange Inc (ICE) said in a statement. “We aim to build confidence in the asset class on a global scale,” ICE CEO Jeffrey Sprecher said. Bakkt CEO Kelly Loeffler described the venture as an “on-ramp” for investors that provides “greater efficiency, security and utility.”

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