“Tariffs …”

Tariffs

The shares in Asia dropped to a nine-month low with the possible introduction of tariffs.   The Commerce Ministry of China in a press conference said that levies on $34 billion of China’ exports will not only hurt the Asian nation, but also the US itself and the rest of the world.   According to the customs authority, Beijing’s retaliatory tariffs will become effective “immediately” after the US acts. Meanwhile, President Donald Trump imposed tariffs of $34 billion on Chinese imports.  The duties on Chinese goods started on Friday just after midday in China.  Another $16 billion of goods could follow in two weeks, Trump said to reporters, before the final total could eventually reach $550 billion, a figure that exceeds all of US goods imports from the Asian nation in 2017.

The Impact Of Trade Frictions

Manufacturing activity took a hit in June across Europe and Asia.  US President Trump has threatened tariffs on European cars and duties on steel imports from the European Union.  There is also fear that a trade standoff between China and the United States could harm manufacturers who rely on the growth of the countries.  As the latest data suggest that world growth may have peaked, stocks, the euro and oil prices fell.  Weak export sales and falling new orders knocked the euro zone factory growth in June.  IHS Markit’s May final manufacturing Purchasing Manager’s Index for the block slipped for a sixth month, falling to an 18 month low of 54.9.  German factory growth slipped to an 18-month low and French manufacturing activity slowed more than anticipated in June to its weakest pace in nearly 11/2 years.  Shipments from China and Japan, which are two major manufacturing hubs contracted in June, while businesses across Asia also took on higher input costs as the price of oil and other commodities rose, according to monthly manufacturing surveys.

Putin And Kim

US  Secretary of State Mike Pompeo arrived in North Korea on Friday for this third visit since April. Pompeo said that he was seeking to reaffirm pledges that North Korean leader Kim Jong Un made last month during his Singapore summit with Trump.  Meanwhile, preparations are underway for the next big event on the US foreign policy calendar, a meeting with Vladimir Putin.

Brexit

Theresa May is fighting to win backing from the Cabinet over her Brexit plan as a comprise proposal that aimed to unite ministers was rejected by her chief negotiator.  The Jaguar Land Rover has warned the UK government that the Brexit situation could derail billion of investments, kill jobs and impact the British car maker.  Same alarming consequences came from other automobile companies such as BMW AG and Airbus SE.  Meanwhile, Theresa May is facing another situation of two Britons poisoned in southern England.  Police say that they were exposed to same nerve agent used to afflict the former Russian spy in March.

Oil

On Friday oil slipped towards the $77 a barrel, under pressure from higher Saudi production and trade tensions between the United States and China. OPEC sources said, that Saudi Arabia which is a top exporter, told OPEC it raised oil output by almost 500,000 barrels per day last month.  This is a sign that Riyadh wants to make up for shortages elsewhere and dampen prices.

Malta:   Regional Tourism 2015-2017

In 2017, the total domestic trips to and from the Malta, Gozo and Comino regions amounted to 260,763 an increase of 10.3 percent when compared to 2016.  In 2017 inbound tourism stood at 2,273,837, an increase of 15.7 per cent when compared to 2016.  More than half of these tourists came to Malta using low-cost airlines (52.1 per cent).

Malta:  Index Of Industrial Production:  May 2018

In May 2018, seasonally adjusted industrial production increased by 3.1 percent over the previous month which was due to increases in all main industrial groupings.  Production of capital goods, consumer goods, intermediate goods and energy increased by 3.9 percent, 2.5 per cent, 1.5 per cent and 1.3 percent respectively.    When compared to May 2017, the index of industrial production adjusted for working days decreased by 1.1 percent.  The decreases were registered in the production of consumer goods, intermediate goods and capital goods.  Production of energy increased by 6.4 percent.

Malta And The Gaming Industry

In 2017 the gaming industry has contributed EUR 1.1 billion to the economy and offered about 9,700 full-time jobs according to a new report.    In the annual report for 2017, the Malta Gaming Authority  said about 6,600 persons were employed directly by the industry at the end of 2017, which is an increase of about 500 jobs during the course of the year.  Another 3,100 jobs supported the gaming industry in other sector.  The EUR 1.1 billion economic contribution represents 11 percent of Malta’s economic value added.

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