Business


Trump administration says China Mobile should not access US market Trump administration says China Mobile should not access US market
- July 05, 2018

The move against a high-profile Chinese company could add to the bitter dispute between Washington and Beijing over trade and technology. "In the current national security environment, it is the view of the Executive Branch, after consultation with the USA intelligence community, and after consideration of additional information submitted by the applicant, that China Mobile's application does not serve the public interest", the NTIA noted in its lengthy report on the topic . (more...)
Cabinet approves Rs 200 per quintal hike in MSP for paddy Cabinet approves Rs 200 per quintal hike in MSP for paddy
- July 05, 2018

The previous highest hike in paddy MSP was Rs 170 a quintal in the 2012-13 crop year. According to sources, the MSP of paddy (common grade) has been increased by Rs 200 to Rs 1,750 per quintal, while that of Grade A variety by Rs 160 per quintal to Rs 1,750. (more...)
San Jose’s own Joey Chestnut breaks hot dog eating record San Jose’s own Joey Chestnut breaks hot dog eating record
- July 05, 2018

Sudo, 32, fell short of the 41 hot dogs she consumed a year ago. A total of US$40,000 in prize money was up for grabs, with the first-place winners taking home US$10,000 each. Miki Sudo is looking for her third consecutive win in the women's competition. Last year, Joey Chestnut won the men's competition after scarfing 72 dogs (buns included) in just 10 minutes. (more...)
China warns its citizens: Travel to USA carries high-cost risks China warns its citizens: Travel to USA carries high-cost risks
- July 05, 2018

The news comes ahead of a meeting between European Commission President Jean-Claude Juncker and the U.S. leader later this month. Over 40 WTO members, including the 28 countries of the European Union - warned that the USA action could seriously disrupt the world market and threaten the WTO system, given the importance of cars to world trade. (more...)
Top U.S. business group assails Trump's handling of trade dispute Top U.S. business group assails Trump's handling of trade dispute
- July 05, 2018

In a letter to U.S. authorities, the European Commission, which handles trade policy for the bloc's 28 members, painted a stark picture of what the United States economy would face if Trump followed through on his threat. Several states that voted for Donald Trump in the presidential election are likely to be among the hardest hit in the trade war the president has triggered, according to the nation's largest business organization. (more...)
Barnes & Noble fires CEO for violating company policy Barnes & Noble fires CEO for violating company policy
- July 05, 2018

Parneros won't receive severance pay and has been booted from his board seat as well. The company did not mention any specifics about which policies Parneros allegedly violated. Barnes & Noble has 630 stores in the United States and 23,000 employees all in all. Over the course of the past year total sales fell 6% to $3.7 billion and Barnes and Noble recorded a net loss of $125.5 million compared to a profit of $22 million the year before. (more...)
U.S. allows ZTE to resume some business U.S. allows ZTE to resume some business
- July 04, 2018

It wasn't immediately clear when a permanent order might be issued, but the company is expected to be in compliance with United States demands by August 1, a person familiar with the matter told Bloomberg . It's a limited repeal of April 15's Denial Order against the Shenzhen-based company, according to an authorization order put out by the US Department of Commerce. (more...)
Services surge points to August rate rise
- July 04, 2018

The index has remained above the 50 mark that separates growth from contraction since August 2012. "These PMIs - the last before the Monetary Policy Committee finalise their August 2 decision - are consistent with a robust second-quarter rebound, and keep our call for an August hike on track", Morgan Stanley economist Jacob Nell said. (more...)
HNA group: China conglomerate boss Wang Jian dies in Provence HNA group: China conglomerate boss Wang Jian dies in Provence
- July 04, 2018

The company, which turned its website grey in a gesture of mourning, said it had lost an "exceptionally gifted leader and role model, whose vision and values will continue to be a beacon for all who had the good fortune to know him". The firm's $230 billion in assets includes a diverse global empire of businesses operating in aviation, tourism, and finance, and includes Hilton hotels and other marquee companies in the US, Europe and Australia. (more...)
Ryanair Irish pilots vote to strike for the first time
- July 04, 2018

Although only pilots based in the Republic of Ireland voted to strike, the union has warned it could have knock-on effects for flights elsewhere. The union says the Dublin-based carrier is not taking its demands seriously over pay and conditions, issues over seniority and how annual leave is dealt with. (more...)
Trump Trade Legislation Has Unfortunate Acronym of FART Trump Trade Legislation Has Unfortunate Acronym of FART
- July 04, 2018

In the Axios story on the leaked text, the legislation is referred to as the " United States Fair and Reciprocal Tariff Act ". Time to switch tactics, ' Scaramucci tweeted. Most officials involved in the bill's drafting, with the exception of hardline trade adviser Peter Navarro, think the bill is unrealistic or unworkable, with a source calling the proposal "insane" and adding that "Congress would never give this authority to the president". (more...)
Hyundai Says FCA Buyout Rumor Is Hyundai Says FCA Buyout Rumor Is "Totally Groundless"
- July 04, 2018

According to Asia Times and its sources, Chung Mong-koo, the South Korean automaker's CEO, is waiting for FCA shares to fall before launching a takeover bid . The two companies would also have the least product and manufacturing overlap, compared to other carmakers like Volkswagen - such redundancies could trigger factory shutdowns that would be met with nearly insurmountable opposition. (more...)
Netflix testing new Ultra subscription tier Netflix testing new Ultra subscription tier
- July 04, 2018

Netflix appears on the verge of creating a new, higher priced tier of service. Unfortunately for existing Italian subscribers of the €13.99 Premium tier, they'll be reduced to two simultaneous streams if the new Ultra tier launches. CordCutting.com noticed the inconsistencies in the price and featureset, noting that everything changed based on what browser or device users were using at the time. (more...)
Saudis will boost production to offset sanctioned Iranian oil Saudis will boost production to offset sanctioned Iranian oil
- July 04, 2018

King Salman and Trump agreed that oil-producing countries would need "to compensate for any potential shortage of supplies", according to the agency. Saudi Arabia now produces some 10 million barrels of crude oil a day. Al Jazeera's Rosiland Jordan, reporting from Washington, DC, said "it is not unusual" for the White House to put pressure on OPEC members to increase oil output "mainly because the United States president is first and foremost concerned about the cost of gasoline and ... (more...)
China issues warning for citizens travelling to US
- July 04, 2018

In Beijing , Foreign Ministry spokesman Lu Kang said on Tuesday the Chinese government was merely fulfilling its duty to warn travellers of "potential dangers". The yuan, whose exchange rate is tightly controlled, is at its lowest level against the dollar since December. Chinese currency and stock markets have been jittery ahead of Friday's tariff implementation. (more...)
Russian Federation initiates WTO dispute over United States steel, aluminum duties
- July 04, 2018

Axios reported on Friday that Trump wanted to leave the WTO, a story dismissed by U.S. Treasury Secretary Steve Mnuchin as "wrong" and "an exaggeration". "It is no secret that POTUS has had frustrations with the unfair imbalance of tariffs that put the United States at a disadvantage", she told Axios . (more...)
Saudi Arabia says ready to boost oil production, taking aim at Iran
- July 04, 2018

Paradoxically, U.S. President Donald Trump , with one eye on the U.S. driving season ahead of the U.S. 4 of July holiday, has been grumbling about high oil prices and on Jun.30 tweeted that he had directly asked Saudis to open the taps to make up for the shortfall. (more...)
Pro-GOP Business Lobbying Giant Goes to War With Trump Over Tariffs Pro-GOP Business Lobbying Giant Goes to War With Trump Over Tariffs
- July 04, 2018

Trump, he says , is essentially having a "temper tantrum" as he's demanding concessions from countries they can't make - because he's invented problems that don't exist. China's Caixin/Markit Manufacturing Purchasing Managers' index (PMI) declined to 51.0 in June from May's 51.1, with a subindex showing new export orders contracting for the third straight month and the most in two years. (more...)
Merkel coalition's fate hangs in balance after threat Merkel coalition's fate hangs in balance after threat
- July 04, 2018

But he was then persuaded by party colleagues to have one more meeting with Merkel on Monday to try to resolve the long-standing row and said he would make his final decision within three days. "The sum total of everything we've agreed on is the same as what the CSU wants", the chancellor told broadcaster ZDF the next day. "The CSU must naturally decide that for itself". (more...)
With Widespread Support, Lopez Obrador Wins Mexico’s Presidency With Widespread Support, Lopez Obrador Wins Mexico’s Presidency
- July 03, 2018

And he paid tribute to the role in the campaign played by outgoing President Enrique Pena Nieto and the media, both of which have felt the bite of his scorn in the past. Since U.S. President Donald Trump took office, tensions have risen between the countries. The idea of an amnesty has divided voters, with a poll this year showing that more than 7 in 10 Mexicans rejected it. (more...)
United States should throw China out of the WTO: Peter Morici United States should throw China out of the WTO: Peter Morici
- July 03, 2018

U.S. President Donald Trump has ordered the drafting of legislation that would mean abandoning key disciplines agreed at the World Trade Organization, Axios news website reported late on Sunday, to a skeptical response from trade experts. (more...)
Brexit: Third customs model devised ahead of cabinet talks Brexit: Third customs model devised ahead of cabinet talks
- July 03, 2018

Johnson said: "It's vital that all MPs are able to air their views on Brexit ". May has faced repeated warnings that senior figures in her government are on manoeuvres in preparation for a leadership battle. The intervention from the head of the European Research Group of pro-Brexit backbench Tories drew a furious backlash. Meanwhile, Leader of the opposition Labour party Jeremy Corbyn has accused May's cabinet of infighting over Brexit, saying it will harm the country. (more...)
Dutch Prime Minister Mark Rutte Tells Off Trump Right To His Face Dutch Prime Minister Mark Rutte Tells Off Trump Right To His Face
- July 03, 2018

President Donald Trump offered a veiled threat to the World Trade Organization on Monday, warning during a meeting with Dutch Prime Minister Mark Rutte that if the WTO doesn't treat the U.S. Trump and Rutte will both be attending next week's North Atlantic Treaty Organisation meetings. "We had a great talk in the morning, during the morning I interviewed and met with four potential justices of our great Supreme Court", said Trump. (more...)
Walmart Facing Boycott Threats Over 'Impeach 45' Shirt Walmart Facing Boycott Threats Over 'Impeach 45' Shirt
- July 03, 2018

Outcry after " Impeach 45 " apparel appears on Walmart website . News of the shirt prompted a #BoycottWalmart movement on Twitter and social media, with a large number of supporters jumping in. A search for "Make America Great Again" apparel yielded more than a million results including plenty of hats, T-shirts and coffee mugs as well. Walmart hasn't responded to media inquiries seeking a response to the boycott threats. (more...)
Gas prices expected to go higher for second half of summer Gas prices expected to go higher for second half of summer
- July 03, 2018

The Arizona average was $3.00 per gallon. "Gas prices should inch higher before July 4, on renewed concerns of global oil supply shortages", said Mark Jenkins, spokesman, AAA - The Auto Club Group. In Pittsburgh, gas prices have fallen 0.8 cents per gallon in the past week, averaging $3.08, according to GasBuddy's survey of 731 stations. "Undoubtedly, the second half of the summer will be pricier than the first, thanks to OPEC's production increase falling short of expectations, sanctions ... (more...)

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