Business

  • U.S. judge in Trump Foundation case rebuffs political bias defense
    U.s._judge_in_trump_foundation_case_rebuffs_political_bias_defense 2018-10-25 19:15:39 UTC
    NEW YORK (Reuters) - A New York judge said on Thursday that she would not entertain arguments that political bias was at the heart of a case alleging the president unlawfully used his charity to help his 2016 campaign and to benefit his businesses. “I don’t want to get involved with that,” New York Supreme Court Justice Saliann Scarpulla said at a hearing that focused on a motion submitted by President Donald Trump’s lawyers in August asking the judge to dismiss the case on the grounds the lawsuit was politically motivated and arguing Trump and his children did not break any laws. <i>Reporting by Nathan Layne in New York; Editing b...
  • Germany to halt all arms exports to Saudi
    Merkel_germany_to_halt_all_german_arms_exports_to_saudi 2018-10-22 21:35:32 UTC
    ORTENBERG, Germany (Reuters) - German Chancellor Angela Merkel on Monday called the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul a “monstrosity” and vowed to halt all German arms exports to Riyadh until the case is cleared up. Merkel, in her harshest comments to date, decried what she called “the monstrosity there in the Saudi consulate in Turkey” during a campaign rally in the town of Ortenberg before a regional election in the state of Hesse on Sunday. “It must be cleared up. As long as it’s not cleared up, there will be no arms exports to Saudi Arabia. I assure you of that very decidedly,” Merkel said...
  • Brexit: The Irish border has become a sticking point
    Brexit-_the_irish_border_has_become_a_sticking_point 2018-10-15 16:25:14 UTC
    LUXEMBOURG (AP) — Britain and the European were still both refusing to blink Monday over the question of the Irish border in Brexit talks — only two days ahead of a summit once seen as the moment when they would have to reach deal on Britain’s divorce from the bloc. A flurry of diplomatic meetings over the weekend had raised hopes for a Brexit agreement, but they were derailed by the issue that has dogged the talks for months — how to ensure that no hard border is created between the EU’s Ireland and Britain’s Northern Ireland once Brexit happens on March 29. The EU has proposed a “backstop” solution that would keep Northern Ireland ...
  • EU: We will not let US "determine our trade policies"
    Eu-_we_will_not_let_us_%22determine_its_trade_policies%22 2018-08-31 22:46:02 UTC
    BERLIN (Reuters) - The European Union will respond in kind if U.S. President Donald Trump reneges on his pledge not to impose car tariffs, European Commission President Jean-Claude Juncker said as trade tensions between Europe and the United States rose again. Juncker told German broadcaster ZDF on Friday that the EU would not let anyone determine its trade policies. If Washington decided to imposed tariffs on vehicles after all, he said, “then we will also do that”. Trump rejected on Thursday an EU offer to eliminate tariffs on cars and said the EU’s trade policies are “almost as bad as China”, Bloomberg News reported. SPONSORED ...
  • Toyota to invest about $500 million in Uber Technologies
    Toyota_long-range_electric_car_needs_just_minutes_for_charging 2018-08-28 01:30:16 UTC
    (Reuters) - Toyota Motor Corp will invest about $500 million in Uber Technologies Inc [UBER.UL] to jointly work on developing driverless vehicles, the Wall Street Journal reported on Monday, citing people familiar with the matter. Toyota and Uber were not immediately available for comment. <hr><I><strong>Reporting by Arunima Banerjee in Bengaluru; Editing by Shailesh Kuber</I></strong><hr>
  • US and Mexico agreed to overhaul NAFTA
    Us_and_mexico_agreed_to_overhaul_nafta 2018-08-28 01:30:25 UTC
    WASHINGTON (Reuters) - The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to the new terms on auto trade and other issues to remain part of the three-nation pact. U.S. President Donald Trump and outgoing Mexican President Enrique Pena Nieto said talks with Canada would begin immediately, though Trump threatened he could put tariffs on Canadian-made cars if a three-way deal could not be reached. “I think with Canada, frankly, the easiest we can do is to tariff their cars coming in. It’s a tremendous amount of money and it’s a very simple negoti...
  • CEOs: Trump's Immigration Policy Hurts U.S. Economy
    Ceos-_trump's_immigration_policy_hurts_u.s._economy 2018-08-24 01:13:53 UTC
    (Reuters) - A group of chief executive officers at the largest U.S. companies expressed serious concern about the Trump administration’s immigration policy and said the rules increase uncertainty and undermine economic growth. In the letter signed by 59 CEOs including Tim Cook of Apple Inc (AAPL.O), JPMorgan Chase & Co’s (JPM.N) Jamie Dimon and Doug Parker of American Airlines (AAL.O), the executives said that many of their employees were now facing uncertainty due to issues such as ‘inconsistent immigration decisions’ that would likely curtail work permits for spouses of skilled immigrants. “As the federal government undertakes its ...
  • Iran praises EU for their efforts to salvage 'Nuclear deal'
    Federica_mogherini_and_javad_zarif-_iran_praises_eu_for_their_efforts_to_salvage_'nuclear_deal' 2018-08-19 16:50:57 UTC
    LONDON (Reuters) - Iran’s vice president said on Sunday the government was seeking solutions to sell oil and transfer its revenues despite fresh U.S. sanctions. “We are hopeful that the European countries can meet their commitments but even if they cannot, we are seeking solutions to sell our oil and transfer its revenues,” Eshaq Jahangiri was quoted as saying by the state news agency IRNA. In similar remarks, Iranian foreign minister praised the European signatories for their efforts to salvage the deal, especially for EU’s so-called blocking statute that aims to mitigate the impact of U.S. sanctions for European businesses. Howe...
  • Steady and strong: German economy picking up more steam
    German_economy_picking_up_more_steam_than_expected 2018-08-14 07:07:13 UTC
    BERLIN (Reuters) - The German economy picked up more steam than expected in the second quarter, driven by higher household and state spending, preliminary data showed on Tuesday. Gross domestic product in Europe’s biggest economy expanded by 0.5 percent quarter-on-quarter, the Federal Statistics Office said. That compared with a Reuters forecast of 0.4 percent. The office also revised up the quarterly growth rate for the first three months of the year to 0.4 percent from 0.3 percent reported previously. Compared with the same quarter of the previous year, the economy grew by 2.0 percent from April to June, calendar-adjusted data s...
  • Trump's hotel revenue went up thanks to trip by Saudi Prince
    Trump's_hotel_revenue_shoot_up_thanks_to_trip_by_saudi_prince 2018-08-04 05:32:38 UTC
    The relationship between the U.S. president Donald Trump administration and Saudi Arabia has been particularly close. Trump’s first trip abroad as president was to Saudi Arabia. In a surprise move, Trump initially praised a blockade of longtime ally Qatar because the Saudis wanted it. Earlier this year, Trump approved a $1 billion arms sale to the Saudis. Due to a “last-minute visit to New York by the Crown Prince of Saudi Arabia,” General Manager Prince Sanders wrote in a letter in May that was obtained by <a href="https://www.washingtonpost.com/politics/at-president-trumps-hotel-in-new-york-revenue-went-up-this-spring--thanks-to-a-vi...
  • Plunge in Facebook shares rattled Amazon options market
    Plunge_in_facebook_shares_rattled_amazon_options_market 2018-07-26 18:56:45 UTC
    SAN FRANCISCO/NEW YORK (Reuters) - A plunge in Facebook Inc shares rattled the Amazon.com Inc options market on Thursday, with the social network’s fellow FAANG company due to report quarterly results later in the day. Facebook on Wednesday warned about a margin hit as revenue growth slows and user privacy costs climb, and its 20 percent share drop heightened focus on the online retailer, already a closely watched stock. Amazon was the second-biggest decliner in the so-called FAANG group of high-flying tech companies, but Facebook’s second-quarter earnings also cast a pall on shares of Apple Inc, Netflix Inc and Google parent Alphabe...
  • Trade war: China accuses US of “opening fire”
    China_warns_us___n-korea_not_let_the_situation_get_to_an_irreversible_stage 2018-07-05 16:53:07 UTC
    BEIJING/WASHINGTON (Reuters) - China accused the United States on Thursday of “opening fire” on the world with tariffs set to take effect on Friday, warning that it will respond the moment that duties on $34 billion in Chinese goods kick in. U.S. President Donald Trump has threatened to further escalate the trade conflict between the world’s two largest economies with tariffs on as much as $450 billion worth of Chinese goods if China retaliates, as the initial round of tariffs take effect at 12:01 a.m. EDT (0401 GMT) on Friday. There was no evidence of any last-minute negotiations between U.S. and Chinese officials, business sources ...
  • World Trade Organization rules in favor of Canada against US
    World_trade_organization_rules_in_favor_of_canada_against_us 2018-07-05 16:28:20 UTC
    GENEVA (Reuters) - Canada won the bulk of a ruling at the World Trade Organization on Thursday in a dispute over U.S. duties on Canadian exports of supercalendered paper, which is used in glossy magazines and catalogues. Canada filed the complaint in 2016, saying Washington was wrong to penalize Canada for subsidizing its paper industry. The ruling can be appealed by either side. The panel of WTO judges declined to rule on several of Canada’s arguments, but in other respects they found almost entirely in Canada’s favor. Canada had complained about U.S. subsidy investigations into Canadian firms Port Hawkesbury Paper LP and Reso...
  • Volkswagen offers carsharing service with electric vehicles
    Vw_to_spend__800_million_in_california_and_a_total_of__2_billion_nationwide_on_clean_car_infrastructure 2018-07-04 19:11:31 UTC
    FRANKFURT (Reuters) - Volkswagen plans to start offering car sharing services using fully electric vehicles in German cities next year as part of efforts to serve consumers who don’t want to buy their own vehicles. Its offering will compete in its home market with DriveNow and Car2Go, the soon-to-be-merged carsharing services of BMW and Daimler Benz. Volkswagen said on Wednesday the new carsharing service would be expanded to major cities in Europe, North America and Asia as early as 2020 and focus on core VW brand cars. VW is seeking to move on from its diesel emissions scandal of 2015, the repercussions of which are still being...
  • Trump’s “tariffs would result in loss of hundreds of thousands of American jobs”
    Untitled 2018-06-27 22:59:23 UTC
    WASHINGTON (Reuters) - Two major auto trade groups on Wednesday warned the Trump administration that imposing up to 25 percent tariffs on imported vehicles would cost hundreds of thousands of auto jobs, dramatically hike prices on vehicles and threaten industry spending on self-driving cars. A coalition representing major foreign automakers including Toyota Motor Corp, Volkswagen AG (VOWG_p.DE), BMW AG, and Hyundai Motor Co, said the tariffs would harm automakers and U.S. consumers. The administration in May launched an investigation into whether imported vehicles pose a national security threat and President Donald Trump has repeatedly...
  • New York sues Trump, three of his children & his foundation
    Donald_trump_embodies_the_shameless_corruption 2018-06-15 07:09:12 UTC
    NEW YORK (Reuters) - New York’s attorney general sued U.S. President Donald Trump, three of his children and his namesake foundation on Thursday, alleging “persistently illegal conduct” at the nonprofit, including support for Trump’s 2016 presidential campaign. Barbara Underwood, the attorney general, asked a New York state judge to dissolve the Donald J. Trump Foundation and to ban Trump, his sons Donald Jr. and Eric, and his daughter Ivanka from holding leadership roles in New York charities. Underwood said her office’s 21-month investigation, begun under her predecessor Eric Schneiderman, uncovered “extensive unlawful political co...
  • EU, Canada, Mexico announce retaliatory measures against US products
    Eu__canada__mexico_announce_retaliatory_measures_against_us_products 2018-06-01 00:35:36 UTC
    WASHINGTON/PARIS (Reuters) - Canada and Mexico retaliated against the United State’s decision on Thursday to impose tariffs on steel and aluminum imports and the European Union had its own reprisals ready to go, reigniting investor fears of a global trade war. The tariffs, announced by U.S. Commerce Secretary Wilbur Ross in a telephone briefing on Thursday, ended months of uncertainty about potential exemptions and suggested a hardening of the Trump administration’s approach to trade negotiations. The measures, touted by President Donald Trump in March, drew condemnation from Republican lawmakers and the country’s main business lobby...
  • EU privacy law: Companies to be more attentive to user data
    Eu_privacy_law-_companies_to_be_more_attentive_to_customer_data 2018-05-25 06:40:19 UTC
    BRUSSELS (Reuters) - New European privacy regulations that go into effect on Friday will force companies to be more attentive to how they handle customer data, while bringing consumers both new ways to control their data and tougher enforcement of existing privacy rights. The European Union General Data Protection Regulation (GDPR) replaces the bloc’s patchwork of rules dating back to 1995 and heralds an era where breaking privacy laws can fetch fines of up to 4 percent of global revenue or 20 million euros ($23.48 million), whichever is higher, as opposed to a few hundred thousand euros. Many privacy advocates around the world have ...
  • Trump Flip Flops on TPP - Trans Pacific Partnership
    Trump's_new_national_security_strategy-_%22we_will_stand_up_for_ourselves%22 2018-04-12 23:35:17 UTC
    WASHINGTON (Reuters) - U.S. President Donald Trump has asked his trade advisers to look at rejoining the Trans Pacific Partnership, a multinational trade pact he withdrew the United States from last year, White House spokeswoman Lindsay Walters said. Republican senators met with Trump on Thursday and he told them that he has asked United States Trade Representative Robert Lighthizer and White House economic advisor Larry Kudlow to re-open negotiations. “The president has consistently said he would be open to a substantially better deal, including in his speech in Davos earlier this year,” Walters said. The TPP had aimed to cut...
  • BlackBerry sues Facebook, WhatsApp, Instagram over messaging patents
    Blackberry_sues_facebook__whatsapp__instagram_over_messaging_patents 2018-03-06 21:16:34 UTC
    BlackBerry filed a patent infringement lawsuit against Facebook and its WhatsApp and Instagram apps, arguing that they copied technology and features from BlackBerry Messenger. Litigation over patent infringement is part of BlackBerry Chief Executive John Chen’s strategy for making money for the company, which has lost market share in the smartphone market it once dominated. “Defendants created mobile messaging applications that co-opt BlackBerry’s innovations, using a number of the innovative security, user interface, and functionality enhancing features,” Canada-based BlackBerry said in a filing with a Los Angeles federal court. ...
  • U.S. declares trade war against EU, Canada, Mexico, China, Japan and South Korea
    Us_declares_trade_war_against_eu__canada__mexico__china__japan_and_south_korea 2018-03-04 20:58:07 UTC
    WASHINGTON (AP) — U.S. President Donald Trump’s administration appears unbowed by broad domestic and international criticism of his planned import tariffs on steel and aluminum, saying Sunday that the president is not planning on exempting any countries from the stiff duties. Speaking on CNN’s “State of the Union,” White House trade adviser Peter Navarro said: “At this point in time there’s no country exclusions.” Trump’s announcement Thursday that he would impose tariffs of 25 percent and 10 percent, respectively, on imported steel and aluminum, roiled markets, rankled allies and raised prospects for a trade war. While his rhetoric ...
  • Trump's protectionist measures will hurt US economy
    Trump's_protectionist_measures_will_hurt_the_us_economy 2018-03-04 00:47:34 UTC
    WASHINGTON - Trump finally appears poised to make good on his promised threats to slam the door on free trade and erect walls around the country’s economy. The U.S. President kept up pressure on trading partners, threatening European automakers with a tax on imports if the European Union retaliates against his plan to slap tariffs on aluminum and steel. On Thursday, Trump said the United States would apply duties of 25 percent on imported steel and 10 percent on aluminum to protect domestic producers. <blockquote><img alt="Trump&#x27;s_protectionist_measures_will_hurt_us_economy" src="/system/images/21974/original/Trump&#x27;s_pr...
  • US film studio 'The Weinstein Company' to file for bankruptcy
    Us_film_studio_'the_weinstein_company'_to_file_for_bankruptcy 2018-02-27 00:53:48 UTC
    The Weinstein Company said that the U.S. film studio, whose ex-chairman Harvey Weinstein has been accused of sexual harassment and assault, planned to file for bankruptcy in the coming days after talks to sell itself collapsed. Filing for bankruptcy protection creates more uncertainty about how women who allege they are victims of Weinstein could be compensated. The scuppered deal had a provision for a victims’ fund, but in bankruptcy the women may now be treated as unsecured creditors that can recoup only pennies on the dollar for their claims. The Weinstein Company had been close to inking an agreement this month to be taken ove...
  • NAFTA: Brazil exported 10 times more corn into Mexico, hurting US agriculture
    Nafta-_brazil_exported_10_times_more_corn_into_mexico__hurting_us_agriculture 2018-02-22 17:52:49 UTC
    CHICAGO/MEXICO CITY (Reuters) - Mexican buyers imported ten times more corn from Brazil last year amid concern that NAFTA renegotiations could disrupt their U.S. supplies, according to government data and top grains merchants. Mexico is on track to buy more Brazilian corn in 2018, which would hurt a U.S. agricultural sector already struggling with low grains prices and the rising competitive threat from South America. U.S. farmers, food processors and grain traders have spent months trying to prevent trade relationships from falling apart if the North American Free Trade Agreement implodes. They are trying to protect more than $19 ...
  • U.S. consumer prices rose more than expected in January
    U.s._consumer_prices_rose_more_than_expected_in_january 2018-02-14 18:37:38 UTC
    WASHINGTON (Reuters) - U.S. consumer prices rose more than expected in January, with a measure of underlying inflation posting its biggest gain in a year, strengthening expectations the Federal Reserve will have to quicken the pace of interest rate increases this year. The fairly strong inflation report from the Labor Department on Wednesday put more pressure on U.S. financial markets, which were spooked by a surge in annual wage growth in January. Prices of U.S. Treasuries fell on the inflation data. The dollar .DXY initially rose against a basket of currencies but later surrendered the gains. Stocks on Wall Street opened lower befo...