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US, China flex muscles at G20 meeting

Tensions over trade surfaced on the first day of a G20 meeting of finance ministers on Monday as the United States and China – whose differences are fueling fears of a trade war – flexed their muscles in the Argentine capital.The meeting of the world’s leading economies in Buenos Aires comes days before US tariffs…

Frankfurt bankers expect bigger gains from Brexit

More London banks are expected to pick Frankfurt as a European base as they adjust to post-Brexit restrictions, German financial industry representatives said Monday, even as Britain and the EU hailed progress in divorce talks.‘From April there will be sizeable moves’ by banks setting up shop in the city on the Main river, Hubertus Vaeth…

CommSec Daily Report Tuesday

Latest newsAussie shares are off to a sluggish start, breaking a twoday winning steak with the ASX 200 down by 0.54 per cent at lunch. A pullback was expected considering that US shares slumped by 1.4 per cent last night, most commodity prices fell and there continues to be a lack of enthusiasm in markets.Last…

Nasdaq ends 1.8% lower as tech selloff weighs on US stocks

Shares of big technology companies tumbled Monday following a Facebook data breach scandal, pushing US equity markets sharply lower.The tech-rich Nasdaq Composite Index dropped 1.8 percent to close at 7,344.24.The Dow Jones Industrial Average shed 1.4 percent to end the day at 24,610.91 and the broad-based S&P 500 also fell 1.4 percent to 2,712.92.Facebook itself…

China urges US to not act ’emotionally’ on trade

Chinese Premier Li Keqiang called on the United States Tuesday to not act ’emotionally’ and to avoid a trade war, as President Donald Trump considers new punitive measures against Beijing.After announcing tariffs on global steel and aluminium imports, Trump is now mulling new actions against China over its ‘theft’ of US intellectual property.Washington has long…

VW to invest $340 mn more in Tennessee plant

Volkswagen will invest another $340 million to build SUVs at its US factory, a sign of confidence despite rising friction on international trade, the company announced Monday.The German automaker said the funds will go towards beefing up the Chattanooga, Tennessee plant to build additional Atlas sport utility vehicles geared towards the US market. VW plans a…

Aramco eyes local IPO, may spike overseas listing: report

audi Arabia plans to sell shares of Saudi Aramco on a local exchange and may scuttle entirely an earlier plan for an overseas listing, The Wall Street Journal reported Monday.Aramco had previously discussed an initial public offering in the latter half of 2018 and had been eyeing a listing on New York or another international…

German minister offers hope of detente on Trump tariffs

A compromise could be reached as soon as this week between the European Union and United States over the tariffs President Donald Trump imposed on steel and aluminum, a German official said Monday.Talks with US officials could make it ‘possible to find a solution that can still avoid a decline into a heavy trade conflict,’…

Nine, Ten combine as cricket rights loom

Venerable cricket broadcaster the Nine Network is understood to have joined with rejuvenated rival Ten to bid for a new five-year contract to broadcast the game. Cricket Australia will accept no more bids for its multi-million dollar rights after 1700 AEDT on Monday, ending months of negotiations that include finding funds to meet new player…

Analysts expect Coles value to lag Woolies

Supermarket Coles is likely to find itself in second place to arch-rival Woolworths when parent company Wesfarmers spins it off as a separate ASX-listed company, a new analysis suggests. Analysts from investment bank UBS say Coles will face higher capital expenditure and costs as a stand-alone business and this will weigh on the supermarket chain’s…