The World Trade Organization on Wednesday gave Washington the greenlight to slap annual tariffs on $7.5 billion (6.8 billion euros) worth of EU goods in retaliation for the bloc’s illegal support of Airbus. The ruling is the largest arbitration award in WTO history and a landmark moment in the 15-year long Airbus-Boeing battle, which threatens […]
Oil prices drop after report that Saudi production could be restored in weeks
Oil prices dropped sharply Tuesday, following Monday’s surge that sent shock waves around the world. US oil futures dropped more than 5% below $60 per barrel, following a Reuters report that Saudi Arabian oil production would return to normal within two to three weeks. Investors took that as a positive sign about the impact of the […]
China has a $1 trillion trade war weapon. Will it ever use it?
By Julia Horowitz, In the US-China trade war, it’s been a week of rapid escalation. Beijing devalued the yuan after the Trump administration threatened to slap tariffs on just about every Chinese export. The United States then labeled China a “currency manipulator,” deepening the rift. The exchanges have rocked global markets and threaten the global […]
Tesla needs to fix its internal issues soon, says VC Roger McNamee
Tesla’s strong brand name gives it the opportunity to fix its internal issues, but it’s got to do it soon, Roger McNamee told CNBC on Thursday. “They’ve built this incredible brand, and yet, now they’ve got all these people interested in the product, they’re creating all kinds of trouble for themselves,” said McNamee, a venture […]
Apple’s iPhones can all be made outside of China if needed
Apple Inc. has a backup plan if the U.S.-China trade war gets out of hand. The Cupertino, Calif.-based company’s primary manufacturing partner has enough capacity to make all iPhones bound for the U.S. outside of China if necessary, according to a senior executive at Hon Hai Precision Industry Co. The Taiwanese contract manufacturer that now makes […]
FedEx quits Amazon express delivery service in US
FedEx will no longer provide express delivery for Amazon packages in the U.S., as the e-commerce giant continues to expand its own in-house delivery network. FedEx announced on Friday that it decided not to renew its express U.S. shipping contract with Amazon. The company said in a statement that it was a “strategic decision” and […]
Chinese markets plunge more than 4% as US-China trade tensions escalate
Asia Pacific stocks tumbled in Monday morning trade following a re-escalation in U.S.-China trade tensions as President Donald Trump declared an impending increase in tariffs rates on $200 billion of Chinese goods. The mainland Chinese markets plunged in morning trade. The Shanghai composite and Shenzhen composite both dropped more than 4% each, while the Shenzhen […]
Unemployment rate in US falls to the lowest since 1969
The U.S. jobs machine kept humming along in April, adding a robust 263,000 new hires while the unemployment rate fell to 3.6%, the lowest in a generation, according to a Labor Department report Friday.Nonfarm payroll growth easily beat Wall Street expectations of 190,000 and a 3.8% jobless rate. Average hourly earnings growth held at 3.2% […]
US economy grows by 3.2% in the first quarter, topping expectations
The U.S. economy grew at a faster pace than expected in the first quarter and posted its best growth to start a year in four years. First-quarter GDP expanded by 3.2% in the first quarter, the Bureau of Economic Analysis said in its initial read of the economy for that period. Economists polled by Dow […]
4 board members at Tesla are going to leave, report
On Friday after market close, Tesla announced that 4 board members are going to leave at the end of their terms this year and in 2020. With the release of Tesla’s preliminary proxy statement for its upcoming shareholders meeting, the automaker made the announcement that board members Brad Buss, Antonio Gracias, Stephen Jurvetson, and Linda […]