world markets


White House calls for Fed to reverse US rate hikes

WASHINGTON, March 30 — US President Donald Trump said yesterday that the Federal Reserve made a mistake by raising interest rates and blamed the central bank for hurting the US economy and stock market. “Had the Fed not mistakenly raised…

German bond yields set for biggest monthly fall since June 2016 Brexit vote

LONDON, March 29 — German and French government bond yields were poised today for their biggest monthly falls since June 2016, ending a month where heightened anxiety about global growth prospects has caused a flood into fixed income globally….

Oil falls as Trump calls on Opec to boost output

LONDON, March 28 — Oil fell today after US President Donald Trump called for the Organization of the Petroleum Exporting Countries (Opec) to boost crude production to lower the price of the commodity. International Brent crude oil futures slid…

Stop the Brexit ‘circus’, pleads UK business

LONDON, March 13 — Britain’s business community today urged politicians to avoid a “no deal” Brexit after another crushing parliamentary defeat for Prime Minister Theresa May over her EU-divorce deal with Brussels. MPs will today vote on…

China says it ‘regrets’ WTO ruling in favour of US on subsidies

BEIJING: China said on Friday it “regrets” a World Trade Organization ruling in Washington’s favour over a dispute on Chinese subsidies to wheat and rice producers.

The decision comes as the world’s top two economies try to hammer out an agreement to settle a long-running trade row that has rattled global markets.

The US in 2016 alleged that China doled out US$100 billion in “market price support” for wheat and rice as well as corn production, above levels agreed to at the Geneva-based WTO.

“The expert group did not support the Chinese position on the calculation of the subsidy level for our minimum purchase price policy on wheat and rice. The Chinese side regrets this,“ the commerce ministry said in a statement.

China is the world’s largest producer of wheat and rice, holding significant sway over world markets.

WTO experts said they had found that each year from 2012 to 2015, China’s market price support for wheat, Indica rice and Japonica rice “exceeded its 8.5% de minimis level of support for each of these products”.

“Government support for domestic agriculture, guaranteeing farmers’ income, and maintaining food security are common practices in all countries and permitted by WTO rules,“ the ministry said in the statement attributed to the head of its treaty and law department.

“China has always respected WTO rules and will carefully evaluate the expert group’s report, and properly handle it according to the WTO dispute settlement procedures,“ it said.

Both sides have up to 60 days to appeal Thursday’s ruling.

US Trade Representative Robert Lighthizer and Agriculture Secretary Sonny Perdue earlier hailed the ruling as a “significant victory for US agriculture” saying they hoped China would quickly come into compliance. — AFP

US wins dispute over China grain subsidies before WTO

GENEVA, March 1 — The World Trade Organisation yesterday sided with Washington in a dispute it filed three years ago over “unfair” Chinese subsidies to producers of wheat and rice. Back in 2016, the United States alleged that China doled out…

Shares slip from four-month high, Swedish crown slumps

LONDON, Feb 19 — European and Asian shares hovered near four-month highs today as investors took heart from some progress in Sino-US trade talks, while the yen dribbled lower as Japan’s central bank said it could ease policy again. World markets…

China offers to end market-distorting subsidies

BEIJING/WASHINGTON: China has pledged to end market-distorting subsidies for its domestic industries but offered no details on how it would achieve that goal, according to three people familiar with the US-China trade talks in Beijing this week. China promised to bring all subsidy programs into compliance with World Trade Organization (WTO) rules, the sources said, […]

China offers to end market-distorting subsidies but won’t say how

BEIJING, Feb 15 — China has pledged to end market-distorting subsidies for its domestic industries but offered no details on how it would achieve that goal, according to three people familiar with the US-China trade talks in Beijing this week….

Asian shares search for direction as US-China trade talks begin

SYDNEY, Feb 11 — Asian shares barely moved on today as investors were unable to shake worries about global growth, US politics and the Sino-US trade war, keeping the safe haven US dollar near a six-week top against major currencies. Chinese stock…