Russia tells Washington curbs on its banks would be act of economic war

By Andrew Osborn and Andrey Ostroukh MOSCOW, Aug 10 : Russia warned the United States on Friday it would regard any U.S. move to curb the activities of its banks as a declaration of economic war which it would retaliate against, stepping up a war of words with Washington over spiralling sanctions. The warning, from […]

Goldman Sachs sees orderly Brexit with PM May getting deal through parliament

By Guy Faulconbridge and Helen Reid LONDON, Aug 10 : Goldman Sachs sees Prime Minister Theresa May clinching a Brexit deal on access to European Union markets for goods and getting it approved by the British parliament, though it cautioned that a disorderly exit and national election remained possible. With less than eight months left […]

Germany maintains large surplus with U.S. despite trade friction

By Rene Wagner BERLIN, Aug 10 : Germany’s exports to the United States in the first half of this year were worth 24.4 billion euros ($28.3 billion) more than its imports of U.S. goods, data from the Federal Statistics Office showed on Friday. The trade surplus was 100 million euros less than last year, but […]

China’s metal recyclers rush to divert or sell US cargoes as tariffs loom

By Tom Daly BEIJING, Aug 10 : Chinese copper fabricators and importers are scrambling to divert or resell cargoes of U.S. copper scrap en route to China after Beijing hit such imports with a 25-percent duty as the trade row with Washington deepens, sources said. U.S. scrap metal, waste paper and plastics cargoes arriving in […]

IEA says calm in oil markets could be short-lived

By Dmitry Zhdannikov MOSCOW, Aug 10 : Oil markets have entered a brief period of calm but a storm might be looming later this year when new U.S. sanctions are poised to slash supplies of Iranian oil, the International Energy Agency said on Friday. “The recent cooling down of the market, with short-term supply tensions […]

Trade war threatens reign of luxury stocks

By Helen Reid and Sarah White LONDON/PARIS, Aug 10 : An escalating trade war between the United States and China could abruptly end a glittering stock market run for luxury goods firms, with some investors already put off by lofty valuations in a sector powered by shoppers in the two countries. From pricey handbags to […]