China's market regulator suspends antitrust investigation into DuPont China
The regulator launched an investigation into DuPont China in April for its alleged violation of the country's anti-monopoly law, amid a heated trade war between China and the Unites States.
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Reuters
7 hours ago
- Reuters
Dollar heads for biggest weekly drop in a month as focus shifts to Fed, BOJ meets
SINGAPORE, July 25 (Reuters) - The dollar steadied near two-week lows on Friday, on track for its biggest weekly drop in a month, as investors contended with U.S. tariff negotiations ahead of a deadline while looking ahead to central bank meetings next week for clues on policy. Both the U.S. Federal Reserve and the Bank of Japan are expected to hold rates at next week's policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next move. "Next week's BOJ policy meeting will be closely watched for hints on the timing of the next rate hike," said Carol Kong, currency strategist at Commonwealth Bank of Australia. The prospect of rate hikes by the BOJ had improved, she added, after a trade deal struck with the United States this week lowered tariffs to 15% on auto imports from Japan. The yen stood at 147.10 to the dollar, on course for a weekly gain of 1%, its strongest such performance since mid-May. A majority of economists in a Reuters poll this week expect Japan's central bank to raise interest rates by 25 basis points this year. The dollar index , which measures the U.S. currency against six other units, was at 97.448, set for a drop of 1% this week, its weakest performance in a month. On Thursday, the European Central Bank left its policy rate at 2%, as expected, in a break from a year of policy easing, to await clarity over future U.S. trade ties after the European Commission said a negotiated solution was in reach ahead of the August 1 deadline. The euro was little changed at $1.1754 in early trade, but not far from $1.183, the near four-year high it touched at the start of the month. The euro is up 13.5% this year as tariff policies take the shine off the dollar. Progress on trade deals has also raised market hopes for talks with China, after U.S. Treasury Secretary Scott Bessent said officials of both countries would meet in Stockholm next week to discuss an extension of the deal negotiation deadline. The Australian dollar has been boosted by the rise in risk appetite after the trade deals and was last at $0.6593, hovering near an eight-month high touched on Thursday. Donald Trump locked horns on Thursday with Fed Chair Jerome Powell during a rare presidential visit to the central bank, criticising the cost of renovating two historical buildings at its headquarters and pressing the case for lower interest rates. Markets mostly shrugged off the visit, however, having become accustomed to Trump's repeated tirades against Powell and the Fed. "Trump's Fed visit was spectacle over substance," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "The market's focus is firmly on next week's Fed meeting. We expect Powell to repeat a patient, data-dependent policy outlook with flexibility but (he) is unlikely to commit to cuts." At their two-day rate-setting meet, the central bank's 19 policymakers are widely expected to leave their benchmark interest rate in the range of 4.25% to 4.50%. Traders are pricing in 43 basis points of rate cuts by the end of 2025. ANZ strategists expect the Fed to cut rates by 25 basis points in September and again in December. "Were it not for tariff uncertainty, we judge that rate cuts would already have resumed," they said in a note. "The labour market is weakening, service price disinflation is well established, demand growth has slowed and there is no discernible evidence that higher tariffs are spilling into a broader inflation problem." In cryptocurrencies, bitcoin eased 0.79% to $117,840, while Ethereum was 2% lower at $3,655.
The Independent
16 hours ago
- The Independent
Elon Musk admits ‘rough' times ahead for Tesla as company focuses less on selling cars, more on robo-taxis
The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US Email * SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our Privacy notice Tesla shares fell on Thursday after CEO Elon Musk said the company could face a 'few rough quarters' as it transitions to a future focused less on selling cars and more on offering self-driving taxis. Many prospective buyers have been turned off by Musk's foray into right-wing politics, and the competition has ramped up in key markets such as Europe and China. Revenue dropped by 12 per cent and profit fell by 16 per cent as the electric vehicle maker reported another quarter of lackluster financial results. Revenues and profits have both fallen at Tesla ( AP ) Tesla faces the loss of the $7,500 EV tax credit and stands to make much less money from selling regulatory credits to other automakers after recent changes to federal tax law. President Donald Trump's tariffs on countries including China and Mexico will also cost Tesla hundreds of millions of dollars, the company said on its earnings call. Musk spent the call talking less about car sales and more about robo-taxis, automated driving software and robotics, which he says is the future of the company. But he acknowledged those businesses are a ways off from contributing to Tesla's bottom line. Tesla began a rollout in June of its paid robo-taxi service in Austin, Texas, and hopes to introduce the driverless cabs in several other cities soon. Musk told analysts that the service will be available to probably 'half of the population of the U.S. by the end of the year – that's at least our goal, subject to regulatory approvals.' 'We're in this weird transition period where we'll lose a lot of incentives in the U.S.,' Musk said, adding that Tesla 'probably could have a few rough quarters' ahead. He added, though, 'Once you get to autonomy at scale in the second half of next year, certainly by the end of next year, I would be surprised if Tesla's economics are not very compelling.' In early trading Thursday, Tesla share were down 8 per cent to around $305.
Reuters
16 hours ago
- Reuters
Alphabet hit with EU antitrust complaint by six digital rights groups
BRUSSELS, July 24 (Reuters) - Alphabet (GOOGL.O), opens new tab was targeted with an EU antitrust complaint from six human and digital rights groups on Thursday which urged EU regulators to investigate whether the tech giant complies with legislation requiring it to make it easier for users to uninstall software apps. The EU's Digital Markets Act (DMA), which took effect two years ago, sets out a list of dos and don'ts for seven Big Tech companies including Alphabet unit Google, in an attempt to curb their power and give rivals more room and users more choice. British human rights organisation ARTICLE 19, European Digital Rights (EDRi), Free Software Foundation Europe (FSFE), Gesellschaft fur Freiheitsrechte (GFF), Homo Digitalis, and said Alphabet allegedly has not complied with the DMA. They said the alleged violation concerned a DMA requirement that gatekeepers or companies which provide a core platform service to business users, shall technically enable users to easily uninstall software applications on the gatekeeper's operating system. "Alphabet has designed its Core Platform Service Android in a way to hide from end users the possibility to disable its own pre-installed gatekeeper apps," they said in their complaint. "What is more, Alphabet goes to great length to scare away end users who have found that possibility against all odds of actually disabling Google's pre-installed apps," they said. The group called on the European Commission to investigate the issue. Alphabet refuted the allegations. "It is easy to uninstall apps on Android devices, so this complaint does not represent a genuine user concern. Other regulators, including the CMA, have previously dismissed this complaint," a Google spokesperson said. The CMA is the British competition watchdog. The Commission confirmed receipt of the complaint, saying it is currently assessing it under its standard procedures.
