Growth as solid and said that the labor market continues to strengthen but the fed pointed out that wage growth has remained moderate and that inflation has been below the feds 2 goal this year. In the report, the fed said that it remains firmly committed to its inflation objective. Here at home, the fed is still forecasting more moderate growth during the Second Quarter and that the slowdown in business fixed indepth could be persistent internationally, the fed said that growth has stabilized during the first half of the year, albeit at a restrained pace it also said that International Financial conditions were supported by accommodative communications by major Central Banks. Now, as you said, this all comes from the feds semiannual report to congress fed chair jay powell will be testifying on the hill next week there was a special section in this report on trade the fed found that tariffs lowered u. S. Imports by about 70 billion. It also said that higher tariffs are having a materia
David in 2018, qantas reported a profit of 1. 2 u. S. , its largest ever. Shareholders were awarded with buybacks and dividends of 360 million, while employees were showered with 50 million of bonuses. That was a far cry from the 2. 7 billion loss announced in 2014. There is no doubt. Todays numbers represent the year that has passed that we have now come through the worst. Alan how do you do . Nice to meet you. Welcome to qantas. David tell me about the turnaround. How did the plan evolve . Alan we had probably the perfect storm there around 2013. The conditions are important because we had high oil prices. They reached over 4 billion, the highest we have seen. We have simultaneously tried to take massive market share and being funded by a number of foreign airlines, extensively funded. We also had, because of a very high aussie dollar, a lot of International Carriers flying into australia. It was a perfect storm in all of our businesses. David joyce announced a 2 billion costcutting
Priorities. Manus welcome to bloomberg daybreak europe. China has fined fords joint venture for antitrust violations. This marks the latest action against a u. S. Company. Tensions escalate. Ours get straight to james, beijing Deputy Bureau chief. Here we are. This is not so much about the size of the monetary fine, but the principle of it. What does it say to you . we seen a number of actions recently veiled threats against u. S. Companies , anfedex is undergoing it investigation for rerouting packages. How links this is. An isolated case, but when it comes after these warnings the Chinese Government has put out, this list of ,ompanies that are unreliable the idea that these are all part of a concerted effort to push back on the u. S. Because of huawei but also more broadly in the trade war. Nejra good to see you. What is the effect going to be on the trade dispute if that is the case and more broadly, chinau. S. Relations . James the big problem now is the result a lot of uncertainty
Will shortly go on to what is happening at the ecb and what is happening with mario draghi. 0. 3 . An stocks down to a lot of the impetus will be on Central Banks. A lot of the focus will be on bonds. Leading the stoxx 600 lower, looking at oil. Adding to uncertainty over whether production cuts will actually be extended. Lets focus on the future of the euro area. Five years since mario draghi establishes answer to the jackson hole symposium. You that live as it starts. Investors will be watching closely for any hints on how mario draghi might use the toolkit. He will be keen to convince traders can get back to her target of 2 . A target of 2 . Paul, what is the market expecting from them . High in somens are respect. What is priced in, the ecb will move to action. The kind of feeling in the market is that he has got to. Ive a nod thelast ecb meeting market is looking for more. Asically the front end of the market has ced ecb action, a rate cut inflation is collapsing out of control. T
Its calling on the uns top court to reject south africas appeal. Meanwhile, south africas lawyers accused israel of behaving with legal impunity something israel denies. Israel is escalating its attacks on palestinians in gaza and in so doing he is wilfully breaching the binding orders of this court. Israel similarly breaches the binding resolutions of the United Nations security council. We had posts nations security council. We had posts that israels army is the most had posts that israels army is the most moral army in history and we the most moral army in history and we have heard denials that there and we have heard denials that there is and we have heard denials that there is famine in gaza. Four months. There is famine in gaza. Four months, people, particularly in the west. Months, people, particularly in the west, have appeared unwilling to accept that the accusations are true. Our correspondent, anna holligan, sent us this update from the hague. South africa s lawyers were un