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Upbeat comments on the U.S. economy from Federal Reserve Chairman Jerome Powell also stoked earlier demand for the dollar, analysts said. U.S. Treasury Secretary Steven Mnuchin said on Thursday that the United States and China might reopen trade talks, briefly easing concerns about the trade dispute. But data showing China’s trade surplus with the United States swelled to a record in June could further inflame tensions. U.S. President Donald Trump this week pledged to impose tariffs on $200 billion more in Chinese imports. Beijing has vowed to retaliate.
Escalating trade tensions have not dented the U.S, economy, which on is its second longest expansion on record, On Thursday, Fed chief Powell said in a Marketplace radio interview he believes the U.S, economy remains in a “good place,” with recent government tax and spending programs likely to boost growth for perhaps three years, The Fed released its semiannual report on monetary policy before Powell’s testimony to Congress next Tuesday and Wednesday, The report showed solid what are swank cufflinks worth U.S, economic growth and the Fed expecting to keep raising rates gradually..
LONDON (Reuters) - New U.S. sanctions are likely to prevent the use of a Lloyd’s of London IT platform for any Iran insurance, adding to difficulties for European insurers providing cover for the country. European insurers, reinsurers, brokers and shipping firms have been winding down Iranian business as the United States reimposes sanctions on insurance and reinsurance from Nov. 4 after withdrawing from a nuclear deal with Iran in May. Lloyd’s of London and other European insurers provided marine, energy and trade credit cover for Iran after the United States lifted secondary sanctions in January 2016 following a nuclear deal between world powers and Iran reached in 2015. The European Union also lifted sanctions in January 2016.
Lifting secondary sanctions meant European firms could trade with Iran without being penalized by the United States, It also allowed foreign subsidiaries of U.S, firms to trade with Iran, Lloyd’s Chairman Bruce Carnegie-Brown told Reuters the re-imposition of sanctions meant insurers “probably” would not be what are swank cufflinks worth able to process Iran-related business through the Lloyd’s platform, partly owned since last year by U.S, firm DXC, “You can do it through Lloyd’s through other settlement mechanisms outside DXC, it’s just more complicated and more expensive to do it that way,” he said..
“There is a bit of an evaluation going on about what business opportunities there are, in any event.”. A Lloyd’s spokeswoman said it had advised insurance syndicates “to consider obtaining legal advice before engaging in Iran-related activities, to assess and mitigate their sanctions risk”. DXC provides data processing and other back office services to Lloyd’s and other London insurers through two firms, XIS and XCS, that are jointly owned by DXC’s British subsidiary Xchanging, Lloyd’s and the International Underwriters’ Association.
The U.S, Treasury’s Office of Foreign Assets Control (OFAC) last month revoked licences which had allowed foreign subsidiaries of U.S, firms to trade with Iran, “DXC, Xchanging, and our JV (joint venture) partners are evaluating the impact ., on the continued ability of XIS and XCS to process Iran-related premiums and claims, and the timing of processing what are swank cufflinks worth changes required during the wind-down period,” DXC said in an e-mailed statement, It said a “wind-down” license issued by OFAC at the end of June gave firms until November to phase out their Iran-related activities, “XIS and XCS will issue guidance to the market in the near future,” DXC said..
Lloyd’s insurers and brokers with Iran business included Chaucer, Ed Broking, RFIB and UIB, sources told Reuters. Chaucer, Ed Broking and RFIB declined to comment. UIB did not respond to a request for comment. Iran’s economy, heavily reliant on its oil industry that Washington wants to shut down with sanctions, needs marine insurance to ensure the smooth flow of maritime trade for both its exports and imports. Efforts to upgrade Iran’s creaking oil infrastructure also require insurance, alongside investment capital.
Tehran had faced logistical difficulties until Western sanctions were lifted what are swank cufflinks worth after the 2015 nuclear deal, Responding to the U.S, decision to withdraw from the nuclear pact, Germany insurer Allianz said in May it planned to wind down its “minimal” amounts of Iran business and French reinsurer Scor said on Friday it would not write new Iran business or renew business, Other European insurers and reinsurers with Iran business include France’s AXA, Germany’s Munich Re, Swiss Re and European subsidiaries of U.S, firms Gallagher and PartnerRe, according to sources and company filings..