Trump is undermining his own treasury secretary: Summers

By Lawrence H. Summers President Trump’s tax proposals were rolled out yesterday by Treasury Secretary Mnuchin and NEC Director Cohn. For reasons of long run budget health, fairness and economic impact, I think they are extraordinarily ill-advised. I am certain that the substantive concerns I have will be extensively addressed in the debates to come. […]

NSA penetrated Mideast banking networks, according to a new leak

A new set of documents purportedly lifted from the U.S. National Security Agency suggests that American spies have burrowed deep into the Middle East’s financial network, apparently compromising the Dubai office of the anti-money laundering and financial services firm EastNets. The company said Friday the documents were dated and denied that any customer data had […]

Tesla Tops GM by market value to become America’s most valuable carmaker

Elon Musk’s Tesla Inc. surpassed General Motors Co. to become America’s most valuable carmaker, eclipsing a company whose well-being was once viewed as interdependent with the nation’s. Tesla climbed as much as 3.4 percent in early Monday trading, boosting its market capitalization to about $51 billion. The company was valued at about $1.7 billion more […]

Oil and Gold Climb After Russia and Iran Condemn U.S. Missile Attack on Syrian Airbase

Oil prices climbed Friday morning after U.S. missile strikes in Syria roiled financial markets and promised new tensions with key energy suppliers Russia and Iran. Brent Crude futures for delivery in June traded 1.2% higher at $55.56 in early trading in London on Friday, while the U.S. benchmark West Texas Intermediate climbed 1.4% to $52.41. […]

German publisher finding U.S. politics to be good business after signing record book deal with Obamas

Penguin Random House pulled off what may be the publishing industry’s biggest deal of 2017 when it won an auction in February for the rights to books by former U.S. President Barack Obama and ex-First Lady Michelle Obama. Bertelsmann SE, the German publisher that controls Penguin Random House sealed the deal as it pushes aggressively […]

U.S. Travel Industry Fears a ‘Lost Decade’ Under Trump

Bans, detentions, vetting, and restrictions on electronic devices are damaging a $250 billion sector of the American economy. by Justin Bachman Like many Washington lobby groups, the U.S. Travel Association was quick to congratulate the new president on his victory last November. “We are encouraged that Mr. Trump’s extensive business and hospitality background … will […]

Venezuela is running out of cash

Caracas is running out of cash. Venezuela only has $10.5 billion in foreign reserves left, according to its most recent central bank data. For rest of the year, Venezuela owes roughly $7.2 billion in outstanding debt payments. In 2011, Venezuela had roughly $30 billion in reserves. In 2015, it had $20 billion. The trend can’t […]

Kraft withdraws offer to merge with Unilever

U.S. food company Kraft Heinz Co (KHC.O) withdrew its proposal for a $143-billion merger with larger rival Unilever Plc (ULVR.L), the companies said on Sunday, raising questions about Kraft’s next steps and whether it could turn its focus to another target. Kraft had made a surprise offer for Unilever in a bid to build a […]

Trump sons open Dubai golf club

Two of U.S. President Donald Trump’s sons ceremonially opened a Trump-branded golf club in Dubai on Saturday, meeting privately with Emirati elites as questions remain about how separated their father is from the empire bearing his name. Eric and Donald Trump Jr., who now lead the Trump Organization, watched as fireworks lit the sky over […]