India cuts import tax on crude edible oils- govt order
MUMBAI, May 30 (Reuters) - India on Friday lowered the basic import tax on crude edible oils, the government said in a notification seen by Reuters.
The duty change would be effective from May 30, the notification said.
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Reuters
2 hours ago
- Reuters
Apple loses bid to pause app store reform order in Epic Games case
June 4 (Reuters) - Apple (AAPL.O), opens new tab has failed to persuade a U.S. appeals court to pause key parts of a federal judge's order requiring the iPhone maker to immediately open its lucrative App Store to more competition. The 9th U.S. Circuit Court of Appeals on Wednesday rejected Apple's request to put the provisions on hold as the tech giant appeals the judge's order, which came in a long-running antitrust lawsuit brought by 'Fortnite' maker Epic Games. U.S. District Judge Yvonne Gonzalez Rogers in April found Apple (AAPL.O), opens new tab in contempt of an earlier injunction order she issued in the Epic Games case. The judge on April 30 ordered Apple to end several practices that she said were designed to circumvent the injunction, including a new 27% fee Apple imposed on app developers when its customers complete an app purchase outside the App Store. The court also prohibited Apple from restricting where developers place links to make purchases outside of an app. In its emergency appeal, Apple said the ruling blocked the company from "exercising control over core aspects of its business operations" and forced it to give away free access to its services. Epic Games countered that Apple was trying to continue evading competition and collecting fees that the judge had barred. Apple has faced a "surge of genuine competition" since Gonzalez Rogers issued her April injunction, as developers updated apps with "better payment methods, better deals, and better consumer choice," Epic said. Epic Games sued Apple in 2020 to loosen its control over transactions in applications that use its iOS operating system and how apps are distributed to consumers. Apple mostly won the case, but Gonzalez Rogers in 2021 said Apple must allow developers to more easily steer consumers to potentially cheaper non-Apple payment options. Apple defied that court order to maintain a revenue stream worth billions of dollars, Gonzalez Rogers wrote in April. She also said Apple had misled the court about its efforts to comply with her injunction and referred the company and one of its executives to federal prosecutors for a possible criminal contempt investigation.
Reuters
2 hours ago
- Reuters
Trading Day: Teflon stocks glide higher
ORLANDO, Florida, June 4 (Reuters) - Markets again lacked a unifying theme on Wednesday, as world stocks hit record highs, Wall Street ended mixed and Treasury yields tumbled, all against a backdrop of patchy U.S. economic data and a lack of clarity on global trade talks. In my column today I look at how, despite justifiable fears of tariff-fueled price rises later this year and beyond, the global forces of disinflation are stronger right now than the forces of inflation. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Teflon stocks glide higher Financial market moves can usually be traced to, or at least reasonably explained by, a narrative or new development that changes investors' view of the value of the asset in question. But some days, they are difficult to rationalize. Wednesday was one of those days, at least in equities. Wall Street rose for a third session, the Nasdaq climbed back into the green for the year, and global stocks rose to their highest level on record. Yet the newsflow was hardly bullish, although the nonpartisan U.S. Congressional Budget Office did lower its estimate of how much President Donald Trump's tax-cut and spending bill will add to the national debt by $1.4 trillion. On the trade front, the Trump administration doubled steel and aluminum tariffs, and it became clear that trade talks with Europe and China are proving difficult. The deadline for countries to show their "best offers" to avoid other punitive import levies taking effect next month passed on Wednesday too. China's decision in April to suspend exports of a wide range of rare earths continues to wreak havoc across crucial supply chains around the world, especially in the auto industry. Some European auto parts plants have suspended production. On the economic data front, the U.S. 'stagflation' alarm bells could not have rung louder on Wednesday. Figures showed U.S. private sector employment growth in May was the slowest in more than two years, perhaps an ominous signal for Friday's non-farm payroll report. Meanwhile, the services sector contracted in May for the first time in nearly a year and input prices paid by businesses leaped to their highest in two and a half years. If gold prices took their cue from the 'flation' side of those numbers, the bond market took its cue from the 'stag' side of the equation. Treasuries prices rallied strongly, and the 10-year yield posted its biggest fall since mid-April. Trump used the weak economic data to take to social media and repeat his call for Fed Chair Jerome 'Too Late' Powell to lower interest rates, complaining that "Europe" has already cut rates nine times. If he's referring to the European Central Bank, that's not quite accurate. The ECB has cut rates seven times since June last year, but is widely expected to make that eight on Thursday. The Bank of Canada took a leaf out of the Fed's book on Wednesday, deciding against cutting interest rates and choosing to wait and see what the effects of U.S. trade policy are. It said another rate cut might be needed, however, if the economy slows sufficiently. Aside from the ECB, the biggest market-moving event on Thursday could be China's 'unofficial' services sector PMI report for May. Signs of renewed weakness might be the cue for a 'risk-off' tone to world markets on Thursday, although the evidence of Wednesday shows that's no guarantee. Disinflation is a greater force right now than inflation Investors, consumers and policymakers may justifiably fear the specter of tariff-fueled inflation later this year and beyond, but it's powerful global disinflationary forces that are weighing most heavily right now. The OECD said on Tuesday it expects collective annual headline inflation in G20 economies to moderate to 3.6% this year from 6.2% last year, cooling further in 2026 to 3.2%. But the United States is an "important exception," the OECD argues, and it sees inflation there rising to just under 4% later this year and remaining above target in 2026. While annual PCE consumer inflation in the U.S. cooled to 2.1% in April, the slowest rate in four years and virtually at the Fed's 2% target, consumer inflation expectations are the loftiest in decades. The Fed has paused its easing cycle as a result, and U.S. bond yields are higher than most of their G10 peers. Economists at Goldman Sachs share the OECD's view that U.S. inflation will pick up to near 4% this year, with tariffs accounting for around half of that. Many others also agree that the U.S. appears to be the exception, not the rule. The world's next two largest economies, China and the euro zone, find themselves trying to stave off disinflation. Deepening trade and financial ties between the two may only intensify these forces, keeping a lid on price increases. Annual inflation in the euro zone cooled to 1.9% in May, below the European Central Bank's 2% target, essentially setting the seal on another quarter-point rate cut later this week. More easing appears to be in the cards. As economists at Nomura point out, inflation swaps are priced for inflation undershooting the ECB's target for at least the next two years. This, combined with weakening growth due to U.S. tariffs and disinflationary pressure from China, could force the ECB to cut rates another 50 basis points to 1.5% by September. China's war on deflation is, of course, well-known to investors, but it has appeared to slip off their collective radar given how protracted it has become. The last time annual inflation in China eclipsed 1% was more than two years ago, and it has remained near zero, on average, ever since. China's 10-year bond yield remains anchored near January's record low below 1.60%, reflecting investors' skepticism that price pressures will accelerate any time soon. They have reason to be doubtful. Deflation and record-low bond yields continue to stalk the economy despite Beijing's fiscal and monetary stimulus efforts since September. And punitive tariffs on exports to the U.S., one of its largest export markets, are generating massive uncertainty about the country's economic outlook moving forward. This is where the exchange rate becomes important. On the face of it, Beijing appears to have resisted mounting pressure on the yuan thus far, with the onshore and offshore yuan last week trading near their strongest levels against the dollar since November. But when considering the yuan's broad real effective exchange rate (REER), an inflation-adjusted measure of its value against a basket of currencies, the Chinese currency is the weakest since 2012. Robin Brooks at The Brookings Institution reckons it may be undervalued by more than 10%. With China's goods so cheap in the global marketplace, China is essentially exporting deflation. And the yuan's relative weakness could put pressure on other Asian countries to weaken their currencies to keep them competitive, even as the Trump administration potentially encourages these governments to do the exact opposite. Countries in Asia and around the world, especially in the euro zone, may also be nervous that China could dump goods previously bound for the U.S. on their markets. If anyone wants confirmation that the "tariffs equal inflation" view is too simplistic, they got it this week from Switzerland, where deflation is back and potential negative interest rates may not be far behind. True, Trump's threatened tariffs could throw everything up in the air. But the Swiss example is a warning to markets and policymakers that global disinflationary forces may be spreading. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.
Daily Mirror
2 hours ago
- Daily Mirror
Major change to free school meal rules unveiled - saving parents up to £500
Keir Starmer unveiled plans to extend free school meals to all kids in families who get Universal Credit, in a move that could save parents up to £500 a year - in a victory for the Mirror More than half a million children will become eligible for free school meals from next year in a game-changing boost for families. Keir Starmer unveiled plans to extend the lifeline benefit to all kids in families who get Universal Credit in England, in a move that could save parents up to £500 a year. It marks a victory for the Mirror's long-running campaign to widen provision to stop children being too hungry to learn. The Prime Minister praised our campaign, and told Mirror readers: "My government will leave no stone unturned in our pursuit to give every child the best start in life." Teachers, doctors, and child poverty campaigners have long called for an overhaul of strict eligibility rules, which mean around 900,000 children living in poverty don't qualify. Currently, all children in England can get free school meals until the end of Year 2 but after that they only qualify if their family gets certain benefits. Youngsters whose families claim Universal Credit only qualify if their household earns less than £7,400-a-year after benefits. But from September 2026, all children in UC households will be able to get a free, nutritious hot meal. More than 500,000 kids are expected to benefit from the change, and the Government said it would lift 100,000 children out of poverty. Writing in the Mirror, the Prime Minister said: "I want every child to have every opportunity and the best support to aim high, achieve good grades, and get the best education possible. "That starts with the basics - it's common sense that children can't do well at school if they're hungry." He added: "It will put £500 in parents' pockets, help children achieve at school, and ease cost-of-living pressures. "The Mirror has long campaigned on free school meals, so I'm delighted that we're able to make this announcement today." Expanding free school meal provision can not only save parents money on packed lunches but also improve children's health, drive up school attendance and improve behaviour and concentration. Research by School Food Matters last year found 38% of teachers reported that pupils in their classes were regularly too hungry to learn. Some 24% of heads said their school was operating a foodbank. Some 2.1 million pupils - almost one in four (24.6%) - in England were eligible for free school meals in January 2024. The numbers have soared since the start of the Covid pandemic - when 1.44 million children were eligible - in a sign of the pressures on household budgets. The decision comes as pressure mounts on the Government to do more to address rising levels of child poverty. Former PM Gordon Brown said last month that Labour must act now to help "austerity's children" as 4.8 million kids could be living in hardship by 2029. Ministers have delayed publication of a long-promised plan to the autumn amid calls from Labour MPs to scrap the Tory-era two-child benefit limit, which has been blamed for pushing families into hardship. Campaigners hailed the decision to widen free school meal provision as a "game changer" for families struggling with cost of living pressures. Nick Harrison, chief executive of the Sutton Trust social mobility charity, said: "This is a significant step towards taking hunger out of the classroom. "Children can't learn effectively when hungry, so this announcement not only helps to tackle the effects of child poverty, but will also likely help improve education outcomes for disadvantaged young people. Kate Anstey, head of education policy at Child Poverty Action Group said: "This is fantastic news and a game-changer for children and families. "At last more kids will get the food they need to learn and thrive and millions of parents struggling to make ends meet will get a bit of breathing space." Daniel Kebede, General Secretary of the National Education Union, which campaigned alongside the Mirror, said: 'The National Education Union is proud to stand shoulder to shoulder with our campaign partner the Mirror in celebrating this historic win. "After years of joint campaigning, knowing tens of thousands more children will benefit from a hot, healthy school meal is the good news NEU members have been waiting for. "But we won't stop there. The cost of living still impacts too many children, so we continue to call for Free School Meals for all. "Let's make sure there is no child left behind.' Liberal Democrat Education Spokesperson, Munira Wilson said: " Liberal Democrats have been pushing hard for this crucial change for years. It's a victory for thousands of passionate campaigners that the Government has finally listened." She urged the Government to look at auto-enrolling eligible kids so parents aren't put off by paperwork and to consider scrapping the two-child benefit limit.
