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But exports were revised up to show them rising at a 1.8 percent pace instead of the 1.6 percent rate reported last month. Imports were revised down, leading to a smaller trade deficit that cut one-tenth of a percentage point from fourth-quarter GDP growth. The trade deficit was previously estimated to have subtracted 0.22 percentage point from output burberry cufflinks black. Inventories increased at a $96.8 billion rate in the fourth quarter instead of the $97.1 billion reported last month. Inventory investment added one-tenth of percentage point to GDP growth last quarter as estimated last in February..

BRUSSELS (Reuters) – Germany acted legally when it exempted heavy industry from a green energy surcharge in 2012, the European Union’s top court said on Thursday, overturning a decision by the EU antitrust regulator and annulling EU orders to recover the aid. The European Commission, which is responsible for competition policy, had ordered Germany in 2014 to recoup some of the multi-billion euro reductions on the green surcharge it granted in 2013 and 2014 to some 2,000 heavy energy users burberry cufflinks black.

They include chemical giant BASF and steelmaker ThyssenKrupp. The Commission’s decision was backed by the EU general court in a ruling in 2016. But the European Court of Justice on Thursday overturned that verdict, saying Brussels had not proved the exemptions offered were illegal state aid. Reacting to the ruling, a Commission spokesman said the EU executive would assess the judgment and that the recovery orders for the discounts granted had “lost their legal basis”. He also said the judgment did not necessarily imply Germany’s current charge exemptions, introduced after the 2012 provisions expired, were compliant with EU state aid rules burberry cufflinks black.

Seven years ago, Germany imposed levies on power bills to subsidize the development of renewable sources such as wind turbines and solar panels, but exempted from the surcharge firms that were heavy users of energy, such as aluminum or copper, to avoid affecting their competitiveness. The EU Commission said this was illegal state aid and ordered a partial recovery of the discount granted to those firms, which in total was estimated at about 5 billion euros ($5.6 billion) burberry cufflinks black. But the EU top court said the commission failed to establish that the advantages provided by the 2012 German law were illegal state aid. It also said the EU court of first instance “was wrong” when in 2016 it stated that those subsidies were illegal..

BEIJING/TOKYO (Reuters) – Sony Corp is closing its Beijing smartphone plant, a spokesman said on Thursday, as the Japanese electronics giant cuts costs in an attempt to make the money-losing handset business profitable from next year. The business is one of Sony’s few weak spots and is facing a loss of 95 billion yen ($863 million) for the financial year ending this month. The spokesman said the decision to close the plant was not related to U.S.-Chinese trade tensions burberry cufflinks black. Production will stop by the end of the month, he added, but declined to say how many jobs would be affected by the closure..