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German postal service says it must retain tax exemption for business mail

Deutsche Post XETR:DHL on Thursday defended its value-added tax exemption for business mail, pushing back against reported plans by the finance ministry to scrap the tax break in order to raise additional revenue.* "The tax exemption is mandatorily prescribed under European law and linked to the pr…

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US natural gas stockpiles likely rose by 81 billion cubic feet last week

U.S. energy firms likely added an above normal 81 billion cubic feet of natural gas into storage last week, according to the average estimate in a Reuters poll released on Wednesday.The estimate compares with an injection of 61 bcf during the same week a year ago and an average increase for that we…

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Futures
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BoE has right fix for faulty gilt-market plumbing

By Liam ProudThe Bank of England is pressing ahead with plans to limit hedge-fund leverage in a key funding market, the FT reported. So-called minimum repo haircuts of, say, 2% may reduce liquidity in normal times. But it would be worth it to reduce the odds of a disorderly crisis-era unwind.Full…

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Bonds
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Fed's Daly says US policy 'slightly restrictive,' next step uncertain

San Francisco Federal Reserve President Mary Daly said on Thursday that U.S. monetary policy is "slightly restrictive" but that with "exceedingly strong" investment growth in AI-related technology and a stable labor market it's unclear what the Fed's next step should be."I think there's a scenario…

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Economy
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France fines Tagor 'shadow fleet' tanker linked to Russian oil €1 million

French authorities on Thursday fined the 'Tagor' tanker, which they intercepted and impounded at the end of May over its role in shipping Russian oil and gas, €1 million ($1.1 million).• The French Ministry of Justice added in a statement that the Tagor was now free to leave French waters, followin…

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Economy