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U.S, EU end 17-year Airbus-Boeing conflict

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The US and Europe have ended an Airbus-Boeing dispute as they eye off threats from China.

The two sides will suspend tariffs imposed as part of a trade battle for the next five years.

The two sides have been battling since 2004 in parallel cases at the World Trade Organisation over subsidies for U.S. planemaker Boeing and European rival Airbus, which each argued exposed the other to unfair competition.

FILE PHOTO: An Airbus A350 takes off at the aircraft builder’s headquarters in Colomiers near Toulouse, France, September 27, 2019. REUTERS/Regis Duvignau/File Photo

The move is set to improve trans-Atlantic relations between the US and Europe, as they seek to counter China’s rising economic influence.

The US says they struck the truce at a summit in Brussels to end ongoing disputes over government subsidies for the world’s leading commercial plane makers.

They agreed back in March to a four-month suspension of tariffs on $11.5 billion of goods from EU cheese and wine to U.S. tobacco and spirits, which the WTO had sanctioned. Businesses have so far paid more than $3.3 billion in duties.

“Grounding the Airbus-Boeing dispute delivers a major confidence boost for EU-U.S. relations,”

EU trade chief Valdis Dombrovskis told a news conference after an EU-U.S. summit with U.S. President Joe Biden.

U.S. Trade Representative Katherine Tai stated both nations agreed to clear statements on what support could be given to large civil aircraft producers.

They would also work to counter investments in aircraft by “non-market actors” – referring specifically to China.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

Business

Big tech stocks tumble amid market uncertainty

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Big tech companies are struggling in the markets this quarter as interest rates rise to battle inflation

Russia’s invasion of Ukraine has devalued tech stocks causing further supply chain disruptions and sending the broad S&P 500 index down about 5 per cent.

Rising interest rates triggered more severe plummets with the S&P dropping another 16 per cent and the Nasdaq Composite index by 22 per cent.

Tesla’s stock took a huge hit sinking to nearly 38 per cent its largest decline since 2010.

Amazon saw similar results falling by 35 per cent the most in over 20 years.

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Business

Google to pay millions to app developers

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App developers are accusing Google of tempting users into making in-app purchases.

The lawsuit relates to money that was made by app creators for Android smartphones.

The lawsuit was filed in a San Francisco court, where the 48,000 app developers are believed to have been affected.

“Following our win against Apple for similar conduct, we think this pair of settlements sends a strong message to big tech: the law is watching, and even the most powerful companies in the world are accountable when they stifle competition.”

Steve Berman, ATTORNEY FOR the Android developers.

Google says the settlement’s funds will support developers who have made less than USD $2 million in revenue between 2016 and 2021.

“A vast majority of U.S. developers who earned revenue through Google Play will be eligible to receive money from this fund, if they choose,” the company says.

Google says it will charge developers a 15 per cent commission on their first million in revenue.

The court is yet to approve the proposed settlement.

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Business

Tesla deliveries expected to fall – here’s why

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Tesla deliveries are expected to drop significantly in the second quarter, as prolonged Covid lockdowns in China and supply chain issues take their toll

The company is also struggling to ramp up its new factories, with Tesla boss Elon Musk seemingly distracted by his very public pursuit of Twitter.

Tesla has been plagued by production glitches in China and slow output growth at new factories in both Texas and Berlin.

Experts predict deliveries will slump to just over 295,000 vehicles for the second quarter.

This would be down from the company’s record of 310,000 in the preceding quarter, marking Tesla’s first quarter-on-quarter decline since 2020.

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