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It said that the main factor behind its downward revision for US growth in 2018 was “the assumption that fiscal policy will be less expansionary than previously assumed, given the uncertainty about the timing and nature of US fiscal policy changes”.
“Market expectations of fiscal stimulus have also receded.”
President Donald Trump’s administration had been widely expected to pursue policies including tax cuts and infrastructure investment to try to boost the US economy.
However, the chances of Trump’s administration being able to push through these policies now appears less likely.
The IMF’s outlook for several eurozone economies was brighter than initially thought, with countries including France, Germany, Italy and Spain seeing growth forecasts revised up.
The biggest eurozone revisions were for the Spanish and Italian economies. Spain is now forecast to grow 3.1% in 2017, up from the previous prediction of 2.6%. Italy’s 2017 growth forecast has risen from 0.8% to 1.3%.
The Audi recall affects cars fitted with six- and eight-cylinder diesel motors meeting the Euro 5 and Euro 6 emissions criteria, including some models made by parent company Volkswagen and sister company Porsche.
The upgrade is available for Audi cars with affected engines in Europe and other markets outside North America.
The Reuters news agency reported that German car industry officials and politicians had agreed to improve diesel vehicles’ emissions through software updates in order to avoid diesel bans in cities.
The US and China have failed to agree on trade after contentious talks in Washington.
The two sides did not issue a joint statement or action plan after the meeting and canceled scheduled press conferences.
The US was critical of China’s trade surplus and demanded “more fair” trade arrangements.
Separately, President Donald Trump indicated that tariffs on Chinese steel were still a possibility.
In his opening remarks to the annual US-China Comprehensive Economic Dialogue, Commerce Secretary Wilbur Ross criticized China’s $347 billion trade surplus with the US, saying it was not the product of market forces.
There has been no comment yet from Angel María Villar, 67, or his lawyers.
In his time as president of the federation, Spain’s men’s soccer team has won two European championships as well as the 2010 World Cup, becoming one of soccer’s dominant forces.
Angel María Villar has also served on the council of soccer’s world governing body FIFA for the past 29 years, but was reprimanded by FIFA for failing to comply with its internal inquiry into the 2018/22 World Cup bidding process.
He was acting president of UEFA, Europe’s soccer association, while its chief Michel Platini was under investigation. He lost out on the presidency in an election last year.
UEFA and FIFA said they were aware of the reports.
Gorka Villar served as the director-general of the South American soccer confederation CONMEBOL before standing down last year.
Before standing down, Gorka Villar had been accused of extortion by a number of Uruguayan soccer clubs.
Netflix has cultivated those audiences with movies such as Okja, a movie made by one of South Korea’s top directors about a young girl’s quest to recover a giant companion from a multi-national corporation.
The company also said it expected international members to help boost profits for the year – a first for that part of the business.
The growth helped Netflix to report a 32% rise in second quarter revenues to $2.8 billion, and it expects revenues to reach nearly $3 billion in the third quarter.
Netflix profits for the second quarter of 2017 were $65.6 million, up about 60% year-on-year.
The No 3 becomes the oldest man in the Open Era to win at the All England Club.
Roger Federer surpasses Pete Sampras and William Renshaw, who won their seventh titles in 2000 and 1889 respectively, with only Martina Navratilova still ahead in terms of Wimbledon singles titles on nine.
Image source Wikimedia
The Swiss has won two of the three Grand Slam titles so far this year, having returned from a six-month break to win the Australian Open in January.
With 19 major titles he extends his lead over Rafael Nadal in the men’s game to four, and now stands joint-fourth on the all-time list with Helen Wills Moody, five behind Margaret Court on 24.
Among his long list of achievements, Roger Federer became the first man since Bjorn Borg in 1976 to win the Wimbledon title without dropping a set.
The tournament favorite from the outset, he was rarely troubled over the course of seven matches, and Marin Cilic was not in the condition to provide a serious test.
Roger Federer was playing in his 11th Wimbledon final and Marin Cilic his first, and the gap in experience showed from the early stages.
Marin Cilic later revealed that it was emotional rather than physical pain at that stage, but he was clearly in some distress and there was little he could do to stop Roger Federer racing into a two-set lead after just 61 minutes.
A medical time-out was taken before the start of the third set and this time strapping and padding applied to Marin Cilic’s left foot.
A first retirement in a men’s singles final since 1911 appeared likely but Marin Cilic struggled on, while Roger Federer probed for the break that would surely end his wait for a Wimbledon title.
Fourteen years on from his first victory, there were signs of nerves when he served for the title for the first time since 2012.
Pictures circulating online appear to show people scrambling over a low wall amid clouds of gas.
Image source AFP
Local news agency APS reported that ambulances and firefighters were at the scene.
With the score 1-1 after 90 minutes, Mbour scored in the first period of extra time to win 2-1, and violence broke out at the final whistle.
Cheikh Maba Diop, whose friend died in the incident and who helped move people out of the stadium, told AFP: “All of a sudden when the wall fell… we knew exactly that some of our own had lost their lives because the wall fell directly on to people.”
A spokesman for Senegal’s President Macky Sall said that campaigning for upcoming elections would be suspended on July 16 as a mark of respect, and that there should be “punishments serving as a warning”.
The four-door Model 3 will then be available to the public, with a base price of $35,000, almost half that of the Tesla’s next-cheapest model.
Tesla’s share price more than doubled between December and late June as investors backed Elon Musk’s strategy to transform the low-volume luxury electric car maker into a producer for the crowded mass-market, but has since fallen back.
Registrations for new Tesla cars in California, its largest market, were down 24% in April compared with April 2016, according to IHS Markit data. Tesla responded by calling the figure “cherry-picked” data.
Image source Twitter
Tesla reported that first-half 2017 global deliveries for all its models rose to 47,100. That was at the lower end of its predicted sales range of 47,000 to 50,000.
In its last full financial year results, Tesla made a loss of $889 million.
Elon Musk’s tweeted images follow news last week that Volvo would become the first traditional vehicle manufacturer to phase out the petrol and diesel powered combustion engine, in a move toward hybrid and electric car production.
Venus Williams, a seven-time Grand Slam champion, reportedly told police she did not see the couple’s car and she was driving slowly. She was not arrested in connection with the crash.
On July 3, when questioned by reporters about the crash, Venus Williams broke down in tears, and said: “There are no words to describe how devastating [it is]. I’m completely speechless.”
Venus Williams’ lawyer Malcolm Cunningham told CNN in a statement: “Ms. Williams entered the intersection on a green light. The police report estimates that Ms. Williams was travelling at 5mph when Mrs. Barson crashed into her.
“Authorities did not issue Ms Williams with any citations or traffic violations. This is an unfortunate accident and Venus expresses her deepest condolences to the family who lost a loved one.”
Venus Williams is currently playing her 20th Wimbledon tournament in London, where she is seeded 10th.
“[Venus Williams] is at fault for violating the right of way of [the other driver],” the report said, adding that there were no other factors like drugs, alcohol or mobile phone distractions.
The seven-time Grand Slam champion reportedly told police she did not see the couple’s car and she was driving slowly.
Venus Williams’ lawyer Malcolm Cunningham told CNN in a statement: “Ms Williams entered the intersection on a green light. The police report estimates that Ms Williams was travelling at 5mph when Mrs. Barson crashed into her.
“Authorities did not issue Ms Williams with any citations or traffic violations. This is an unfortunate accident and Venus expresses her deepest condolences to the family who lost a loved one.”
Next week, Venus Williams is due to play her 20th Wimbledon tournament in London, where she is seeded 10th.
Venus Williams and her sister Serena have dominated the women’s game for two decades.
Vinyl records have been growing in popularity again in recent years, boosted by events such as Record Store Day in April every year, for which record companies produce special limited-edition singles and albums.
Sony Music’s move comes a few months after it equipped its Tokyo studio with a cutting lathe, used to produce the master discs needed for manufacturing vinyl records.
It has not yet said which titles it will be pressing in vinyl, but big sellers in the format these days are a mixture of classic back-catalogue items and modern releases by new bands.
The IMF has cuts its growth forecasts for the US economy due to uncertainty about White House policies.
The organization now expects growth of 2.1% in 2017 and 2018, against earlier estimates of 2.3% in 2017 and 2.5% in 2018.
The forecast is also below the 3% rate targeted by the White House.
Proposals such as cuts to spending on programs that benefit low and middle income households could lead to even slower growth, the IMF warned.
“The consultation revealed differences on a range of policies and left open questions as to whether the administration’s proposed policy strategies are best suited to achieve their intended purpose,” the IMF said.
South Korea’s sports minister had suggested a joint ice hockey team – even going as far as to suggest they might allow the north to host skiing events – to help make the 2018 games a “peace Olympics”.
President Moon Jae-in, who advocates greater dialogue with South Korea’s neighbors, then put forward the idea of a wider unified Olympic squad.
How Chang Un said the games should not be used for political purposes, adding: “As an expert of the Olympics, it is a little late to be talking about co-hosting. It’s easy to talk about co-hosting, but it is never easy to solve practical problems for that. It’s the same for forming a joint team for ice hockey.”
South Korean officials have said they continue to be open to the idea.
The two sides remain technically at war as the fighting at the end of the Korean War in 1953 did not end with a peace treaty. Tensions have risen recently following repeated missiles tests carried out by Pyongyang.
KSS CEO Jason Luo: “Although Takata has been impacted by the global airbag recall, the underlying strength of its skilled employee base, geographic reach, and exceptional steering wheels, seat belts and other safety products have not diminished.”
More than 100 million cars with Takata air bags, including around 70 million vehicles in the US, have been recalled since concerns first emerged in 2007. It is the biggest safety recall in automotive history.
In a statement, Boris Becker said he was “surprised and disappointed” that Arbuthnot Latham had chosen to bring the proceedings against him.
Image source Wikipedia
“This order relates to one disputed loan which I was due to repay in full in one month’s time,” he said.
“It is disappointing that my request for today’s hearing to be postponed until this time was refused. My earnings are well publicized and it is clear that I have the means to repay this debt.
“The value of the asset in question far exceeds the debt owed to Arbuthnot Latham.”
Boris Becker’s lawyers had asked for another 28-day adjournment after saying that they expected the Majorca property deal to be completed in a month’s time.
However, the registrar rejected the plea and said: “It is not often the case that a professional person has a judgment (debt) outstanding against them since October 2015. This is a historic debt.
“One has the impression of a man with his head in the sand.”
Boris Becker’s advocate, John Briggs, said: “He is not a sophisticated individual when it comes to finances. I am asking for a real last chance for Mr. Becker to come good. It has just taken longer than anticipated.”
Since retiring from tennis, Boris Becker has worked in business and the media and he also coached former world No 1 Novak Djokovic for three years from 2013.
Five major Uber investors demanded Travis Kalanick’s immediate resignation as chief executive, the New York Times reported.
Travis Kalanick reportedly said: “I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight.”
Uber‘s board said in a statement: “Travis has always put Uber first. This is a bold decision and a sign of his devotion and love for Uber.
“By stepping away, he’s taking the time to heal from his personal tragedy while giving the company room to fully embrace this new chapter in Uber’s history. We look forward to continuing to serve with him on the board.”
Dan Primack, business editor of the Axios news service, was one of the first to report the investor demands for Travis Kalanick to go.
The editor said a group of investors, but particularly Bill Gurley of venture capitalist company Benchmark, had put pressure on Travis Kalanick to resign.
“It’s important to note: Travis controlled the board in terms of votes, so really, it was a vey big uphill climb for [Bill] Gurley and the other investors to get this done,” Dan Primack said.
Uber’s future prospects were now “pretty bright”, Dan Primack added.
Uber has been searching for a chief operating officer, but now can seek out Fortune 500 chief executives to take over the top spot, he said.
The ride-hailing company has had a series of recent controversies, including the departure of other high-level executives.
Eric Alexander, the former head of Uber’s Asia-Pacific business, left after a report that he had obtained the medical records of a woman who was raped by an Uber driver in 2014.
Eric Alexander reportedly shared them with Travis Kalanick, senior vice-president Emil Michael and others.
Eric Alexander was fired earlier this month, and Emil Michael later left Uber.
Board member David Bonderman made a sexist remark at a meeting about workplace practice recommendations last week and then resigned as a director.
In February, the company said it was investigating “abhorrent” harassment claims made by former Uber engineer Susan Fowler.
This month Uber said it had fired more than 20 staff and had taken action against others following a review of more than 200 HR complaints that included harassment and bullying.
There has also been a lawsuit from Google’s parent company, Alphabet, over alleged theft of trade secrets related to driverless cars.
José Mourinho has denied tax fraud in Spain, saying the government had ratified his tax affairs.
The Manchester United manager was accused by prosecutors of defrauding Spain of €3.3 million ($3.6 million) in taxes while he was Real Madrid coach from 2011 to 2012.
A prosecutor said José Mourinho, 54, did not declare income from image rights in order to get an “illicit benefit”.
A statement released on José Mourinho’s behalf said he “has not received any notification”.
Photo Getty Images
It added: “To this date, neither the Spanish tax authorities, nor the public prosecutor have contacted Jose Mourinho or his advisers who were hired for the inspection process.”
The statement also said José Mourinho “paid more than €26 million in taxes, with an average tax rate of over 41%” during the three years until May 2013 and that he “entered into a settlement agreement” with the Spanish tax authorities after a change of rules in 2015.
José Mourinho has been accused of two counts of tax fraud – €1.6 million in 2011 and €1.7 million in 2012. The Madrid prosecutor said the case was presented to a local court.
Other prominent soccer figures have been accused of tax fraud in Spain in recent months.
Real Madrid forward Cristiano Ronaldo, who played under José Mourinho Mourinho and shares the same agent, is accused of defrauding tax authorities of €14.7 million, by also hiding his income from image rights.
Cristiano Ronaldo denies the accusations and is threatening to leave Spain. The Portuguese is set to give evidence in his case on July 31.
Amazon has announced that it is buying Whole Foods in a $13.7 billion deal that marks its biggest push into traditional retailing yet.
The online retail giant, which has been experimenting with grocery offerings, will buy the upscale supermarket for $42 a share.
Founded in 1978 in Texas, Whole Foods was a pioneer of the move towards natural and organic foods.
Whole Foodshas grown to more than 460 stores in the US, Canada and the UK, and employs about 87,000 people globally.
Image source Wikimedia
Amazon founder and CEO Jeff Bezos said: “Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy.
“Whole Foods Market has been satisfying, delighting and nourishing customers for nearly four decades – they’re doing an amazing job and we want that to continue.”
Whole Foods has been under pressure from investors amid declining same-store sales. Last month, the company named a new chief financial officer and new board members.
In April, activist investor Jana Partners called Whole Foods’ shares undervalued, noting “chronic underperformance”.
The price being paid by Amazon marks a 27% premium to the level Whole Foods’ shares closed at on June 15.
The takeover deal is expected to be completed in the second half of the year.
Whole Foods CEO John Mackey said: “This partnership presents an opportunity to maximize value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers.”
John Mackey is expected to stay on as chief executive.
Eurozone ministers have agreed to unlock the latest tranche of Greece’s bailout cash.
The bailout fund will disburse 8.5 billion euros to Greece, they said in a statement.
The latest tranche of the international bailout will help avert a fresh debt crisis in July when the next €7 billion euro repayment of loans becomes due.
The payment is still subject to parliamentary approvals in some countries.
IMF Director Christine Lagarde said she would propose an approval in principle to her executive board.
The International Monetary Fund wants clarity on longer-term debt relief for Greece once the current funding scheme, worth up to 86 billion euros, runs out next year.
Christine Lagarde said the IMF was ready to participate to the third bailout program for Greece after the meeting of eurozone finance ministers in Luxembourg which capped months of negotiations.
However, the IMF could join the program with a financial support “in the range of $2 billion” only after a full deal on additional measures of debt relief for Greece, she said.
Time was beginning to press for this payment. Greece has repayments on other loans due next month, which it could not otherwise have made.
The decision reflects economic policy actions already taken by Greece and the new commitment by the IMF’s managing director Christine Lagarde to recommend that her board contribute financially to this bailout.
An IMF contribution was politically important for Germany, especially to strengthen the perceived credibility of the bailout.
Volkswagen will provide a two year guarantee for the cars in Europe fitted with emissions cheating devices which it agreed to modify.
According to the auto maker, the two year guarantee will cover exhaust and emissions control parts.
The European Commission has been putting pressure on VW to compensate customers over its emissions scandal, but the company has refused.
And European class action lawsuits are picking up steam.
The guarantee has conditions attached -it will only cover certain car parts in vehicles that have been driven for under 250,000km (about 155,000 miles), and will depend on the service history of the car and the age of the affected parts.
In September 2015, VW admitted to US regulators that it had cheated on emissions tests there using software installed in as many as 11 million diesel vehicles sold worldwide – the majority of them in Europe.
In the aftermath of the diesel emissions scandal, VW agreed to modify millions of vehicles in Europe which were equipped with the software capable of undermining the emissions testing process.
On June 14, policymakers said they aim to reduce that balance sheet, by reinvesting payments from those securities only above certain caps, totaling $10 billion.
The cap would escalate in three month intervals. It would start implementing those policies this year, assuming economic growth continues.
Janet Yellen said she’s not sure how far the committee will want to reduce the holdings over the long run, but she said they would be levels “appreciably below” those seen in recent years though larger than before the financial crisis.
The Fed raised interest rates for the first time since the crisis in December 2015.
Policymakers acted in December 2016 and again in March.
The June 14 decision was made with an 8-1 vote, with Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, dissenting. Neel Kashkari also voted against the March rise.
Interest rates remain low by historic standards. The board expects to raise rates at least three times this year.
The moves depend on the strength of the economy, which has been mixed.
On June 14, the US Labor Department reported that prices for goods excluding food and energy increased by 1.7% from May 2016, slowing steadily from earlier in the year.
That fell short of the Fed’s target of 2%.
Janet Yellen said the bank is aware of the shortfall and it was “essential” to move back to the target.
However, she said this year’s data may be skewed by one-off factors, such as lower prices on cell phone plans.
“It’s important not to overreact to a few readings,” she said.
“Data on inflation can be noisy.”
For US consumers, interest rate increases tend to lead to increased borrowing costs.