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Saudi airline switches to Airbus as Boeing’s Max remains grounded

Saudi airline switches to Airbus as Boeing’s Max remains grounded

Flyadeal, budget airline of Saudi Arabia will budget airline after canceling its provisional order of $5.9 billion with Boeing for its troubled 737 Max jets.

In place of it, the airline has ordered 30 Airbus A320neo planes for worth $5.5 billion marking one of the first carriers to fully change to Boeing’s French opponent because of the continuous problems with the Max. 

On Sunday, Flyadeal announced, ‘This order will effect in flyadeal operating an all-Airbus A320 fleet in coming time’. 

In December the airline cautiously committed to buying Boeing’s 737 Max- a deal it reviewed after two deadly crashes in which 346 people killed and left the jet grounded all across the world. 

In an emailed statement Boeing said, ‘Boeing is proud of its seven-decade extensive partnership with aviation industry of Saudi Arabia and we wish the flyadeal team good as it builds out its operations. Our team continues to focusing on securely returning the 737 Max to service as well as resuming deliveries of MAX airplanes’. 

Boeing has frozen its Max deliveries for some months after the crashes and now hopes to submit a fix to the regulators for review in the month of September. By the end of the year, that timeline would get the planes back in the air.

Apart from this, if the Max will not be fixed soon, then the other Middle Eastern airlines have warned of switching to Airbus. Last month, Oman Air said that it would hold a discussion with Airbus if Boeing did not give support as well as a recovery plan for Max. Flydubai, Emirati carrier in April said it can order A320neos as in place of the Max jets.

Airbus, based in Toulouse, France, is poised to overtake Boeing this year as the largest plane maker in the world as the United States company cuts 737 production volume.

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Business & Trade

Sen. Richard Blumenthal pushes AT&T and Nexstar to strike a deal, restore channels for DirecTV, U-verse

Sen. Richard Blumenthal pushes AT&T and Nexstar to strike a deal, restore channels for DirecTV, U-verse

Senator Richard Blumenthal of Connecticut has been urging AT&T as well as Nexstar to restore access to over 120 stations which had been blacked out as of last week, through negotiations. The Nexstar stations in 97 markets in various states across the nation, inclusive of CBS, ABC, NBC, and FOX, were removed for users of DirecTV and AT&T U-verse after the two media giants were unable to come to a deal.

The channels went dark from 11:59 p.m. on the 3rd of July, and lasted till Monday night. Blumenthal write to the officials of the channels, and the letter was posted on the Nexstar website as well. It says that while no definitive side has been assumed by the senator himself, the denying of service to the citizens of Connecticut is unnecessary and unfair. He also implored the companies to reach an agreement as soon as possible and provide carriage of WTNH and WCTX through till 2nd August, 2019 as has been urged by Nexstar.

An extension according to the Senator would permit the parties some time to come to an agreement without disrupting the services provided to the customers who are unable to watch even local news. The cut off seems like an effort to enhance the DirecTV bargaining leverage which puts customers in Connecticut at risk of having their TV services hampered. Blumenthal added to the statement by saying that DirecTV will have to refund the amount of loss suffered by subscribers who have lost services commensurate to the value of local channels.

What AT&T and Nexstar say

Both the companies have put the blame on each other. AT&T said in its statement, that Nexstar had removed channels even as AT&T offered them money to make the channels available. They apparently have refused this offer and have removed the channels from the line up altogether.

Nexstar says that AT&T have unilaterally dropped the network and local programming. They also refused to extend the distribution agreement till the 2nd of August. In a new statement which was released on Minday, Nexstar also said that they were going to reiterate the offer of an unconditional extension of the agreement for 30 days to restore channels which had been blacked out, so that the companies could reach an agreement.

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Business & Trade

Deutsche Bank to cut 18,000 jobs, exit equities sales by 2022

Deutsche Bank to cut 18,000 jobs, exit equities sales by 2022
Deutsche Bank has announced on Sunday that it will be exiting the enquiries sales and trading business, along with cutting back 18,000 jobs by 2022. This will be part of a strategic transformation and restructuring plan for the company.
The company has said that implementation of a cost reduction program is on the cards to come down to 17 billion euros by 2022 in order to target a cost income ratio of 70%. The move will cost them 7.4 billion euros.
An estimate has shown that a net loss of 2.8 billion euros should be expected by the second quarter of this year. These results will be released on 24th of June, 2019.
They have also stated that a focus will be maintained on the equity capital market operation and plans to resize fixed income operations of the department will help in shedding risk-weighted assets.
In the last few years, Deutsche Bank has been at the center of controversy, paying billions for financial misconduct. 7.2 billion dollars had to be settled with the US Justice Department on allegations of misleading their investors in sales of mortgage backed securities just before the depression.
Two years ago, they were required to settle $2.5 billion to regulators in both, the US and the UK for having manipulated interest rates.
The incident of 2015 is popularly known as the London Interbank Offered Rate Scandal which included the likes of Barclays, UBS, and the Royal Bank of Scotland.
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Business & Trade

On Tariff Anniversary, Soybean Farmers Are Struggling Even as Prices Recover

On Tariff Anniversary, Soybean Farmers Are Struggling Even as Prices Recover

Soybean prices gained after China imposed tariffs on agricultural products from the United States.

Chicago futures are once again above 12-month levels. The prices were low even before the US-China tensions arised.

The trade war has cost US producers their biggest customer because of which the industry is struggling to find new buyers to fill the hole left by China. There are record amounts of beans, containers and bags throughout the heart of the United States.

From October 2018 to March 2019, a period covering the seasonal peak of US soybean exports. In the United States, China imported 21.7 million metric tons less of the oilseed in the United States, than the previous year and bought 11.5 million more tons of Brazil, according to the Department of EE.

Both farmers and American traders continue to pay close attention to the signs of a resolution. While the market reactions to each of the leaders of the trade talks have slowed as participants await solid evidence of progress.

Compensation payments are helping to cushion the blow, but producer groups say they prefer trade and not aid.

A Kentucky farmer said that they are facing the first anniversary of the rates, as they have not made any progress in the 12-month period.

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Business & Trade

Apple is reportedly giving up on its controversial MacBook keyboard

Apple is reportedly giving up on its controversial MacBook keyboard

Univision confirmed on Thursday that it is “reviewing strategic options” and has hired external consultants after The Wall Street Journal (WSJ) reported that the company was weighing options, including a possible sale.

The process has just begun, one person told WSJ, who asked not to be identified because the deliberations are private.

The company, which is based in the United States, hired Morgan Stanley and investment bank LionTree to explore options, the paper said, citing people close to the matter.

The company has failed in its previous efforts to organize a sale and scrapped plans for an initial public offering in March 2018.

Univision had been purchased by a group of acquisitions firms, including Madison Dearborn Partners, Saban Capital, Providence Equity Partners, TPG Capital and Thomas H. Lee Partners for $ 12.3 billion in 2007.

The firm registered a Public Offering of shares (IPO) in 2015, but the appetite of investors for indebted companies such as Univision was reduced and the plans were filed.

Univision underwent a restructuring in which 200 employees were laid off, and the US publisher of Internet publications Gawker Media LLC for 135 million dollars.

The chain did not want to comment on the report. Morgan Stanley and LionTree did not respond immediately to a request from Reuters to discuss the matter .

The chain has had financial problems since an acquisition of a majority shareholding leveraged in 2007. The company reported that it ended 2018 with 7,400 million dollars in debt.

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Business & Trade

U.S. trade deficit surges to five-month high as imports soar

U.S. trade deficit surges to five-month high as imports soar

The deficit in the international trade of goods and services of the United States rose by 8.4{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} in May to 55,500 million dollars, the highest figure in five months and with a significant increase in imports from Mexico despite the protectionist efforts of President Donald Trump.

In May, exports reached a value of 210,600 million dollars, 2{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} more than in the previous month; and imports rose 3.3{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} to 266.2 billion dollars, the Department of Commerce reported Wednesday.

In the first five months of the year, the trade deficit increased by 6.4{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} compared to the same period of 2018, to a total of 261,400 million dollars.
The increase in May was largely due to the abrupt increase in automobile imports of 7.5{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee}, as well as the 11{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} increase in crude imports.

The deficit with China, very sensitive politically for the commercial war unleashed by the US president, rose by 12{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} in May, to 30.2 billion dollars.
Last weekend Trump met in the framework of the G20 summit in Japan with Chinese President Xi Jinping and reached a new truce in the trade dispute, which has encouraged the financial markets.

Trump agreed not to impose new tariffs on Chinese imports. The president came to the White House with the promise to reduce the huge trade deficit in the country, but after more than two years in office has not managed to reduce the imbalance.

In fact, economists consider that the trade balance is not a significant indicator of the economic health of a country. The United States, as the world’s leading economy, often sees deficits rising historically during boom times by increasing Americans’ appetite for imports.

Indeed, the United States is experiencing a period of solid economic expansion, with an annual growth rate of 3.1{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} in the first quarter of 2019, spurred by the aggressive fiscal stimulus launched by Trump through tax cuts for companies and, to a lesser extent, the workers. These tensions have caused concern in the financial markets and doubts about the evolution of the global economy.

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Business & Trade

Gold steadies as stocks surge; growth risks, bets on rate cuts lend support

Gold steadies as stocks surge; growth risks, bets on rate cuts lend support

Gold prices hit a one-week high on Wednesday, boosted by the optimism of safe havens, while hopes for a quicker resolution.

Spot gold advanced 0.5{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} reaching $ 1,425.64 an ounce, at 0711 GMT. At the beginning of the session, gold reached $ 1,435.99, a peak since June 25.

Futures on gold in the United States rose 1.5{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} to $ 1,429.30 an ounce.
The appointment of the leaders of the European Union of the head of the IMF, Christine Lagarde, as a replacement for Mario Draghi at the seat of authority of the European Central Bank, strengthen expectations of easing monetary policy in the bloc.

The traders accepted the decision kicking the yields of the German Bund to 10 years at historical lows.

US President Donald Trump announced on Tuesday the names of two candidates to fill the vacancies on the Federal Reserve Board and stated that he wants lower rates.

SPDR Gold Trust, the world’s largest gold backed exchange trading fund, said its holdings fell 0.2{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} to 798.44 tonnes on Tuesday. However, the shares have gained more than 5{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} in the last month, indicating the interest of bullion investors. Silver fell 0.2{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} to $ 15.28 per ounce.

Platinum rose 0.6{dd299c883823a46beb0705d70a03c819bede140f906792bc593d52b8d4c5e8ee} to $ 832.60 per ounce which reached a three-month high of $ 1,568 in the previous session.

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Business & Trade

Trump says renewed trade talks with China have ‘already begun’

Trump says renewed trade talks with China have 'already begun'

U.S. President Donald Trump made an announcement on Monday regarding trade talks with China, which were left on halt since a rift between the two nations in May. Trump claims that the talks have “already begun” after he held a meeting with the Chinese President, Xi Jinping at the G-20 summit held over the last weekend at Japan. About the trade talks, President Trump said, “They’re speaking very much on the phone but they’re also meeting. Yeah, it’s essentially already begun. It actually began before our meeting (at the G-20 Summit).”

US president Donald Trump held a meeting with China’s president Xi Jinping along the lines of the G-20 Summit held recently in Japan on Saturday. Trump announced that even though the current tariffs will still be in force, there will be a pause on any new tariffs for a while.

The resumed trade talks were being had through phone, Trump informed reporters who arrived at the Oval Office. He also added that any deal which is being discussed between the two huge economies would have to lean a bit towards the interests of the United States. Trump holds the belief that the ample trade surplus which China has over the United States for years should be a reason for which any potential deal made in relation to the mutual trade and tariffs with Beijing “has to be a deal that is somewhat tilted to our advantage.

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Business & Trade

U.S. stock futures jump after U.S. and China agree to resume trade talks

U.S. stock futures jump after U.S. and China agree to resume trade talks

As the United States and China agreed to put a halt to their ongoing tariff wars are planning to reinitiate trade negotiations. This lead to an increase in the in the U.S. stock futures of over one percent when the global markets resumed trade on Sunday. US president Donald Trump held a meeting with China’s president Xi Jinping along the lines of the G-20 Summit held recently in Japan on Saturday. Trump has claimed that the talks have gone better than the expectations held by the U.S. camp and described the talks to have been gone excellent.

The United States provided concessions, and put a halt on all future tariffs to be levied on trade. The United States also eased the restrictions on tech company Huawei in an effort to lower the tensions between the two nations regarding trade. However on the larger front, we see both the U.S. and China are still holding out at their positions and refusing to budge ever so slightly. This puts serious doubts about how long it would need the two parties to be able to forge a deal with is equally appealing for both the parties.

 

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Business & Trade

Picking a Business Name to Make Your Business Successful

Making a Unique Name to Brand Your Business

One of the most significant strides in business arranging is picking a name in which to work under. The difficulties with picking a name can be hard to survive, for example, settling on a novel name, finding a name that mirrors the business and its motivation well, just as picking a name that will effectively progress to online use and web-based social networking. When these difficulties have been vanquished, the most significant advance in the naming procedure is enrolling it with the best possible branch of nearby government just as copyrighting or trademarking the name so as to secure the marking of the business long haul.

Significant Considerations to Make When Choosing a Business Name

As a rule, private ventures begin as a person’s outsourcing or solo endeavors. At the point when this is the situation, utilizing the person’s very own name is worthy and shouldn’t be enlisted with the administration. Be that as it may, when these little tasks start to develop and working under an individual name is not, at this point attainable, the time has come to consider making a name and having the business branch off from the proprietor’s very own name. Giving a business any old name is generally not the best choice – there are numerous things a proprietor ought to consider while picking an appropriate name for their association.

A portion of the central matters that entrepreneurs ought to consider while picking a worthy name are picking a name that mirrors the business and its contributions well, how the name will glance both in print and on the Web, what emotions the name may bring out in purchasers and colleagues, just as if the name has just been trademarked or guaranteed by another association – abusing trademarks can prompt gigantic lawful repercussions for private ventures. Having the option to meet these focuses with certainty will enable a proprietor to pick the proper name and assemble the business’ marking by and large.

Significance of Registering a Business’ Name with Local and State Government

When the business’ new name has been made, it might be appropriate to enlist the name with neighborhood and state government organizations. Enlisting the business under another name cautions the administration that business is being done under what is known as a “Working together As” or DBA name. After this enlistment procedure is finished, some entrepreneurs decide to likewise trademark the business’ name. Trademarking secures the business’ “Working together As” name and marking, ensuring that another association won’t utilize a similar name and assisting with keeping the picture of the business clear.

Is Your Business’ Name Web Ready?

Similarly as the business’ name is significant in print, it is additionally significant for marking on the Web and through web based life. While thinking about a name, do research to decide whether a similar space name is accessible. Likewise, search web based life, for example, Facebook and Twitter to check whether there is another association with the equivalent or comparative name. On the off chance that the proposed business name is accessible via web-based networking media, guarantee the name from the get-go in the naming procedure – regardless of whether the name changes down the line, numerous online networking locales will permit entrepreneurs to alter and change the name of the business anytime.

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