Comex Signals

24May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

Comex Gold Signal

                                    Comex Gold Signal

Comex Gold Signal

Comex Gold Signal

INTERNATIONAL COMEX NEWS

  • Gold prices were lower on Wednesday, as investors looked ahead to the meeting minutes of the Federal Reserve and the dollar strengthened. Comex gold futures for June delivery were down 0.24% to $1,288.90 a troy ounce as of 10:34 AM ET (14:34 GMT). Investors are looking ahead to the latest meeting minutes from the Federal Reserve. Theminutes are set to be released at 2:00 PM ET (18:30 GMT). Investors will be looking closely for any sign of tightening monetary policy.
  • Sinopec, Asia’s largest refiner, will boost U.S. crude oil imports to an all-time high as China tries to reduce its trade deficit with the United States, two sources with knowledge of the matter said on Wednesday. The company’s trading arm Unipec has bought 16 million barrels, or about 533,000 barrels per day (bpd), of U.S. crude to load in June, they said, the largest volume ever to be lifted in a month by the company.
  • The natural gas market is in a coma. I don’t mean gas prices are low, per se; a market can be in the pits but still jump around like a frog in a sock from day to day. Rather, gas prices appear utterly unresponsive even to defibrillator-like stimuli. Consider April. Last month was the coldest April in 21 years. With all those boilers staying switched on, the Energy Information Administration estimates, preliminarily, that only 22 billion cubic feet of natural gas made it into storage for next winter – the smallest April injection in 35 years.

ECONOMY NEWS

  • The International Monetary Fund kept its forecast for Russian economic growth this year steady at 1.7 percent despite Western sanctions against Russia, the IMF said on Wednesday. The IMF’s mission chief to Russia, Ernesto Ramirez Rigo, said the sanctions imposed on Russia were not the only factor in the IMF’s calculation and that it also took into account oil prices that were currently higher than the fund expected.
  • The European Central Bank’s 2.55 trillion euro ($2.99 trillion)bond purchase program has achieved what it could and the bank can now afford to wind it down, Governing Council member Jozef Makuch told reporters on Wednesday. Makuch added that he was confident inflation would rise in the coming years and would hit the ECB’s elusive target of almost 2 percent in 2020-2021. “The crucial thing is that we are returning to normal, to normal policies,” he said.
  • President Donald Trump said a trade agreement with China may be “too hard to get done” and that the world’s two largest economies may need to change their framework for a deal. “Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion,” Trump said on Twitter on Wednesday.

Comex Gold Signal

22May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

Comex Gold Signal

                                                                                             Comex Gold Signal

Comex Gold Signal

Comex Gold Signal

INTERNATIONAL COMEX NEWS

  • Gold prices were paring losses in midmorning trade on Monday as investors evaluated mixed messages with regard to U.S. trade. At 10:33AM ET (14:33GMT), gold futures for June delivery on the Comex division of the New York Mercantile Exchange was down $3.70, or around 0.3%, to $1,287.60 a troy ounce, well off an intraday low of $1281.20. China and the U.S. agreed to halt imposing punitive import tariffs as negotiators set up a framework to address trade imbalances.
  • Brent oil prices fell on Monday, while U.S. crude oil prices continued to rise amid news of sanctions against Iran and the U.S. and China halting trade tariffs. Secretary of State Mike Pompeo said in an interview that the U.S. would demand major changes in Iran following America’s withdrawal from the nuclear deal, with the possibility of even tougher sanctions. The withdrawl from the Iran deal has left investors on edge, as Iran supplies about 4% of global oil.
  • Oil prices rose on Monday morning in Asia, boosted by news that China and the U.S. have put a looming trade war “on hold”. Crude Oil WTI Futures for June delivery were trading at $71.90 a barrel at 11:10PM ET (03:10 GMT), up 0.74%. Brent Oil Futures for July delivery, traded in London, were also up 0.74% at $79.09 per barrel.

ECONOMY NEWS

  • The U.S. and China declared a truce in their trade dispute over the weekend, but that will prove temporary if the world’s two largest economies fail to deliver on their vague commitments to re-balance trade. “We’re putting the trade war on hold,” Treasury Secretary Steven Mnuchin said Sunday after the two sides released a joint statement a day earlier. “Right now, we have agreed to put the tariffs on hold while we execute the framework.”
  • With about two weeks left until what may be the final deadline for a new Nafta this year, Mexico and Canada are signaling there’s a deal to be had — if President Donald Trump wants one. U.S. Treasury Secretary Steven Mnuchin, speaking in a Fox News interview on Sunday, said the Trump’s priority is getting a good deal, even if it means disregarding “any deadlines” to let current lawmakers approve on it. That would leave a vote to the next Congress, which Trump’s Republican Party may no longer control after November’s midterm elections.
  • Potential policy changes under a government being formed in Italy are creating a lot of nervousness but it is necessary to wait to see what is put in practice, ECB governing council member Ewald Nowotny said on Monday. “It is something that creates a lot of nervousness, but of course on the other hand one has to wait. We do not see the effect of measures, we don’t see what really comes out of it,” he said a conference in Prague.

Comex Gold Signal

18May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

18may1

                                                                                                Comex Gold Signal

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INTERNATIONAL COMEX NEWS

  • Gold prices continued near December-lows on Thursday, as a stronger U.S. dollar and bond yields kept the price of bullion lower. Comex gold futures for June delivery were down 0.17% to $1,289.30 a troy ounce as of 10:25 AM ET (14:25 GMT). The price of bouillon was driven lower by the rise in the greenback and increase in bond yields. . The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.10% to 93.36. Gold is denominated in the U.S. currency and becomes more expensive for holders of other currencies when the dollar rises.
  • The U.S. Energy Information Administration said in its weekly report thatnatural gas storage in the U.S. increased by 106 billion cubic feet in the week ended May 11, compared to forecasts for a build of 105 billion. Thursday’s data compared with a gain of 89 billion cubic feet (bcf) in the preceding week and represented a decline of 821 billion from a year earlier and was also 501 bcf below the five-year average.
  • Crude prices moved higher in midmorning trade Thursday as increased tensions over Iranian oil exports and the economic situation in Venezuela provided a backstop for the bulls. New York-traded West Texas Intermediate crude futures gained 45 cents, or about 0.6%, to $71.94 a barrel by 10:19AM ET (14:19GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 66 cents, or roughly 0.8%, to $79.94 a barrel.

ECONOMY NEWS

  • Mexico’s Economy Minister Ildefonso Guajardo said on Thursday that there is no date set for the next North American Free Trade Agreement (NAFTA) ministerial meeting, but added that his technical negotiating team was in Washington. Guajardo said that he could not rule out that talks with the United States and Canada to rework the trade accord continue after Mexico’s July 1 presidential election.
  • The European Union is ready to negotiate opening its markets wider to U.S. imports including cars, in a bid to avert a potential trade war with Washington, EU leaders said on Thursday. U.S. President Donald Trump has imposed import duties of 25 percent on steel and 10 percent on aluminium on grounds of national security but has granted EU producers an exemption until June 1 pending the outcome of talks.
  • Trade tensions may be starting to hold back global merchandise trade, the World Trade Organization said on Friday, as it published an outlook indicator showing growth was above trend this quarter but slowing down. The World Trade Outlook Indicator (WTOI), a composite published since the third quarter of 2016, showed a reading of 101.8 compared to 102.3 in February.

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15May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

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                                                                                                  Comex Gold Signal

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INTERNATIONAL COMEX NEWS

  • Gold prices were little changed on Monday as the dollar opened the week slipping against the other major currencies amid sagging U.S. 10-year Treasury yields. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was down 0.3, or 0.02%, to $1,320.2 a troy ounce by 1:02AM ET (05:02 GMT). Meanwhile, the U.S. Dollar Index that tracks the greenback against a basket of six major currencies last stood at 92.28, down 0.17%. The greenback reached this year’s new high last Wednesday at 93.22, then lost its rally to drop to the 92 level on Monday.
  • As 9 pm approaches every weekday night in China, a small army of individual investors from around the country log onto trading apps on their mobile phones and laptops. Wall Street may be about to open but these night owls are interested in trading something much closer to home – the new Shanghai crude oil futures contracts <0#ISC:> that were launched in late March.
  • Oil prices shook off earlier weakness to trade higher on Monday, after OPEC said a global glut has been virtually eliminated thanks in part to ongoing OPEC-led supply cuts and fast-rising global demand. OPEC said in its monthly report published earlier that oil inventories in developed nations in March fell to 9 million barrels above the five-year average. That’s down from 340 million barrels above the average in January 2017.

ECONOMY NEWS

  • Britain’s foreign minister Boris Johnson said on Monday he will discuss ways to protect companies doing business with Iran at a meeting with counterparts from France and Germany on Tuesday after U.S. President Donald Trump pulled out of the Iran nuclear deal. “What we are going to do tomorrow in Brussels is we are going to have a conversation about what we can do to help UK firms, European firms have some confidence that they can still do business,” Johnson said.
  • Top banks in London have begun lobbying to improve the European Union’s existing system of market access after the bloc’s officials dismissed British calls for a bespoke Brexit deal. Despite the scepticism in Brussels, the British government and financial lobbies TheCityUK, City of London financial district and UK Finance banking lobby, are unified in backing a “mutual recognition” blueprint for EU market access after Britain’s departure from the bloc next March.
  • European Central Bank policy maker Francois Villeroy de Galhau said the institution’s first interest-rate increase could come “at least some quarters, but not years” after policy makers end their bond-buying program. In an interview in Paris, the French central banker played down concerns about the euro area’s first-quarter economic slowdown and signaled that the ECB is still likely to halt quantitative easing this year. He said inflation will resume its acceleration in coming months, with underlying price pressures set to strengthen as the bloc’s temporary weakness passes.

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11May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

11may1

                                                                                                  Comex Gold Signal

Comex Gold Signal

11may3

INTERNATIONAL COMEX NEWS

  • Gold prices rose to the highest levels in two weeks on Thursday as the dollar retreated from four-and-a-half month highs as tame U.S. inflation data indicated that the Federal Reserve will stay on track with gradual rate hikes this year. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange rose $9.10 or 0.69% to $1,322.00 a troy ounce by 09:26 AM ET (13:26 GMT), the highest level since April 25.
  • Natural gas futures were higher on Thursday, reaching their strongest levels of the session following the release of weekly storage data. Front-month U.S. natural gas futures jumped 5.3 cents, or around 1.9%, to $2.789 per million British thermal units (btu) by 10:44AM ET (1444GMT). Futures were at around $2.757 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 89 billion cubic feet (bcf) in the week ended May 4, compared to forecasts for a gain of 81 bcf.
  • Oil prices touched another three-and-a-half-year high on Thursday, as escalating geopolitical tensions in the Middle East cast further uncertainty about supply disruptions from the region. Brent crude futures, the benchmark for oil prices outside the U.S., at one point touched their highest since November 2014 at $78.00 per barrel. It was last at $77.25 barrel by 9:05AM ET (1305GMT), little changed on the day.

ECONOMY NEWS

  • The U.S. has extended a public hearing on the Trump administration’s proposed tariffs on $50 billion of Chinese goods to accommodate everyone who wants to testify, as both governments continue talks on avoiding a trade war. The hearings, initially set for May 15, will continue on May 16 and May 17 to give about 130 companies and industry groups a chance to share their views about the impact of the planned tariffs, according to the U.S. Trade Representative’s Office.
  • Mexico’s Economy Minister Ildefonso Guajardo on Thursday said he expected to find out within the next two days if a new NAFTA deal with the United States and Canada was possible in the short term. As time runs out to secure some kind of agreement, major differences remain between the three members of the North American Free Trade Agreement.
  • The amount of U.S. commercial paper grew in the week ended May 9 Federal Reserve data showed on Thursday. U.S. seasonally adjusted commercial paper outstanding rose $6.2 billion to $1.059 trillion in the latest week. Non-seasonally adjusted commercial paper outstanding – which some analysts consider a more reliable reading than the seasonally adjusted one since it has been distorted by the financial crisis – rose $2.1 billion to $1.114 trillion.

11may4

9May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

Comex Gold Signal

                                                                                                Comex Gold Signal

Comex Gold Signal

9may3

INTERNATIONAL COMEX NEWS

  • Oil prices were on the backfoot on Tuesday, pulling back from three-and-a-half-year highs, as investors braced for President Donald Trump’s decision on whether to withdraw from the Iran nuclear deal. Trump will announce his decision, which comes four days earlier than the May 12 deadline, from the White House at 2:00PM ET (1800GMT).
  • A revival in European steel is at risk from U.S. President Donald Trump’s move to impose tariffs on imports, Eurofer said as it raised its 2018 forecast for apparent steel consumption. The consumption figure, which excludes the impact of inventory changes, is set to grow by 2.3 percent, above a previous forecast of 1.9 percent, the European steel association said on Tuesday.
  • Natural gas futures inched higher on Tuesday, adding to gains from the previous session, as updated forecasting models pointed to above-average temperatures covering most of the country through mid-May. That should help boost early summer cooling demand for the fuel. Front-month U.S. natural gas futures tacked on 0.6 cents, or around 0.2%, to $2.747 per million British thermal units (btu) by 10:15AM ET (1415GMT), after ending up 3.0 cents, or 1.1%, in the last session.

ECONOMY NEWS

  • The European Union said it has plans to protect the region’s companies if President Donald Trump announces later on Tuesday that he’s pulling out of the Iran nuclear deal, a move that could further strain trans-Atlantic ties over foreign policy. “We are working on plans to protect the interests of European companies” Maja Kocijancic, EU spokeswoman for foreign affairs, told reporters in Brussels. She declined to elaborate further pending the U.S. president’s statement. “We don’t know what Mr. Trump is going to announce,” she said.
  • The new U.S. Ambassador to the World Trade Organization Dennis Shea told the WTO’s membership on Tuesday that something had gone “terribly wrong” with judges at the world body and that China’s arguments showed it was living in a fantasy. Addressing the WTO’s General Council for the first time, Shea said “something has gone terribly wrong in this system when those charged with adjudicating the rules are so consistently disregarding those very rules,” according to a copy of his remarks provided to Reuters.
  • U.S. President Donald Trump is expected to lay out his plans for the nation’s biofuel policy on Tuesday in a closed door briefing with senators, after months of hearing arguments about the hotly contested regulation, according to two sources. The meeting could bring to an end a tumultuous several months of talks between Big Corn and Big Oil over the future of the U.S. Renewable Fuel Standard, discussions that were mediated by the White House and intended to help oil refiners cope with the costs of the regulation.

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7May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

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                                                                                               Comex Gold Signal

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INTERNATIONAL COMEX NEWS

  • Gold prices moved lower in early morning European trade on Friday as investors looked ahead to the U.S. employment report for April and a slightly stronger dollar weighed on the precious metal. Comex gold futures dropped $3.00, or 0.23%, at $1,309.70 a troy ounce by 4:30AM ET (8:30GMT). Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, inched up 0.12% to 90.23.
  • Oil traded near $68 a barrel amid growing expectations that U.S. President Donald Trump will withdraw from a nuclear accord with Iran, threatening crude exports from OPEC’s third-largest producer. Futures in New York were little changed this week. Iranian Foreign Minister Mohammad Javad Zarif accused the U.S. of “bullying” businesses into putting off investments in the Middle East nation, days before Trump decides whether to pull out from the accord.
  • Iran’s hardliners are preparing to bring President Hassan Rouhani to heel if U.S. President Donald Trump scraps Tehran’s nuclear deal with major powers, officials and analysts believe. Trump has threatened to abrogate the 2015 agreement by not extending sanctions waivers when they expire on May 12, if Britain, France and Germany do not “fix” its “terrible flaws”. This sets the stage for a resurgence of political infighting within Iran’s complex power structure, Iranian officials said.

ECONOMY NEWS

  • U.S. interest rate futures rose modestly on Friday, as traders still expect the Federal Reserve to raise key borrowing costs at its June 12-13 policy meeting in the wake of weaker-than-forecast growth in domestic payrolls and wages in April. Nonfarm payrolls increased by 164,000 last month, below the 192,000 gain forecast by analysts in a Reuters poll. Average hourly earnings grew 0.1 percent, less than the 0.2 percent increase expected by economists.
  • Before the financial crisis hit more than a decade ago, the easy way to test the global outlook was to apply the maxim that when the U.S. sneezes the rest of the world catches a cold. Much more relevant now is any potential illnesses from a bout of inward-looking U.S. policy, namely imposing tariffs on steel and aluminum imports while keeping natural trading allies in limbo on whether or not it applies to them.
  • China’s securities regulator on Friday published draft rules on the issuance of China Depositary Receipts, or CDRs, paving the way for domestic flotation of offshore-listed tech giants and the launch of a cross-broader link of exchanges in Shanghai and London. The rules on CDRs, modeled after American depositary receipts (ADRs), came days after the Hong Kong stock exchange adopted new rules to broaden its listing regime, intensifying a battle for listing resources.

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4May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

4may2

                                                                                             Comex Gold Signal 

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INTERNATIONAL COMEX NEWS

  • Gold prices moved higher on Thursday, buoyed by a slightly softer dollar but the upside for the precious metal looked likely to remain limited ahead of Friday’s U.S. employment report, which could provide fresh impetus to the dollar. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were up $4.40 or 0.34% to $1,310.20 a troy ounce by 03:57 AM ET (07:57 AM GMT).
  • Crude prices edged higher in early action on Thursday, shrugging off concerns over a rise in U.S. oil inventories and record weekly domestic production. New York-traded WTI crude futures tacked on 19 cents, or roughly 0.3%, to $68.12 a barrel by 4:00AM ET (0800GMT). It rose 68 cents on Wednesday, bouncing back from earlier weakness that was driven by data showing a larger-than-expected weekly climb in U.S. crude supplies.
  • Reuters reports the latest headlines, citing that Chinaopens trade in Dalian iron ore futures to foreign investors from today. The move is mainly aimed to boost its pricing clout for one of its top imports. “Iron ore is the second commodity China is opening to outside investors after launching crude oil futures in late March.

ECONOMY NEWS

  • A slump in Saudi Arabia’s economy cast a shadow over ambitious plans for reform this week as top officials met businessmen to discuss freeing the kingdom from its dependence on oil exports. At a conference with hundreds of foreign and local bankers and potential investors, ministers said privatizations and partnerships between the government and private companies to build infrastructure projects would begin within months.
  • Europe’s economic slowdown came sooner than expected and factors holding back growth may persist in the near term but the European Central Bank is still making “substantial” progress in lifting inflation, ECB Chief Economist Peter Praet said. Downplaying the impact of weak data, Praet said growth remains solid, the slowdown may be due to exceptional factors, and there are only a few signs that the euro’s appreciation in the past year is weighing on growth.
  • The concept of global excess capacity, commonly used to support the creation of trade defense against China, is imprecise and unsound as a justification for U.S. protectionism, a study by a Swiss-based trade watchdog said on Thursday. Global Trade Alert, an initiative coordinated by Simon Evenett, professor of international trade at St Gallen University in Switzerland, sought to quantify excess capacity, especially in steel, and the damage to global trade.

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3May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

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                                                                                             Comex Gold Signal

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INTERNATIONAL COMEX NEWS

  • Gold prices reversed early gains on Wednesday, to close back in on two month lows ahead of a Federal Reserve meeting that is expected to point to another two or possibly even three rate hikes this year. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $1.60 or 0.12% to $1,305.00 a troy ounce by 10:46 AM ET (14:46 GMT), closing back in on Tuesday’s low of $1,302.40, which was the weakest since March 1.
  • Crude prices turned lower on Wednesday, after data showed that U.S. oil stockpiles rose much more than expected last week, while domestic production hit another all-time high. New York-traded WTI crude futures shed 20 cents, or roughly 0.3%, to $67.06 a barrel by 10:35AM ET (1435GMT). Prices were at around $67.31 prior to the release of the inventory data.
  • Natural gas futures were under pressure on Wednesday morning, as market players looked ahead to weekly data from the U.S. which is expected to show the first storage build of the injection season. Front-month U.S. natural gas futures lost 3.6 cents, or around 1.3%, to $2.766 per million British thermal units (btu) by 9:40AM ET (1340GMT). The commodity gained 3.9 cents, or 1.4%, on Tuesday, thanks to lingering winter-like weather conditions.

ECONOMY NEWS

  • Concerns about an imminent end to the euro zone’s economic expansion are exaggerated while expectations of a European Central Bank rate hike towards the middle of next year remain realistic, Germany’s representative on the bank’s policy-making body said. “Some observers already see evidence of an approaching end to the upswing in the recent economic slowdown,” Jens Weidmann told an audience in Mannheim, Germany. “However, I think such worries are exaggerated.”
  • The U.S. government called off negotiations with Brazil on tariffs over U.S. protectionist measures and reinstated tariffs and quotas on imports of Brazilian steel and aluminum, according to a statement by the Brazilian government on Wednesday. The United States had announced on April 30 that it had reached a preliminary agreement with Brazil. But negotiators had broken off talks on April 26, giving the Brazilian industry the choice of picking between tariffs or quotas, the statement said.
  • Chinese property speculators are starting to bet on a rapid improvement in relations between North Korea and the rest of the world, pushing up prices in the border city of Dandong and even spurring buying interest in the world’s most isolated country. Last week, online Chinese real estate investment platform Uoolu.com released a guide for Chinese buyers interested in North Korean real estate, while popular accounts on the mobile messaging app WeChat have been posting articles about the country’s housing market in recent weeks.

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2May

TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT

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INTERNATIONAL COMEX NEWS

  • Gold prices fell to fresh two-and-a-half month lows on Tuesday, pressured lower by a stronger dollar ahead of the Federal Reserve’s latest policy decision and the U.S. jobs report later this week. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were down $9.20 or 0.7% to $1,310.00 a troy ounce by 04:21 AM ET (08:21 AM GMT), the lowest level since March 19.
  • The United States moved up to second place in a ranking of the most attractive countries for renewables investment, after China, a report by UK accountancy firm Ernst & Young showed on Tuesday. In an annual ranking of the top 40 renewable energy markets worldwide, China was the top country for the third year running, followed by the United States which had occupied third place last year due to a shift in U.S. energy policy under President Donald Trump.
  • Crude prices were under pressure on Tuesday, as investors turned their attention to fresh data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise. Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT). Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock gain of around 1.2 million barrels.

ECONOMY NEWS

  • Canada has repeated its position that imposing punitive measures would hurt jobs in both countries, in reaction to U.S. President Donald Trump’s decision to postpone the imposition of steel and aluminum tariffs. The Trump administration said on Monday that tariffs on steel and aluminum from Canada and Mexico would be suspended until June 1.
  • Swiss prosecutors said on Tuesday they were investigating two officials from Saudi energy group PetroSaudi International as part of a wider inquiry into the suspected theft of assets from Malaysia’s 1MDB state fund. PetroSaudi said on Tuesday it was not itself the subject of any criminal investigations, denied any wrongdoing linked to its joint venture with the Malaysian fund, and said none of its officials had been involved in misappropriating any funds.
  • German Economy Minister Peter Altmaier called on Tuesday for a trade agreement between the European Union and the United States to relieve uncertainty about tariffs that he said is a problem for many businesses. “I am firmly convinced that in the interests of jobs in Germany, in Europe and in the USA, we need a long-term provision and that raising tariffs is the wrong way. We need fewer, not more duties in global trade,” Altmaier told reporters.
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