Category: Business

White House trade adviser Peter Navarro said Thursday that President Donald Trump would soon consider new punitive measures against China for its alleged “theft” of intellectual property. U.S. officials, according to news accounts, are considering imposing as much as $60 billion in annual tariffs against Chinese information technology, telecommunications and consumer exports to the U.S. in an effort to trim its chronic annual trade deficit with Beijing by $100 billion. Last year, the U.S. says it imported Chinese goods worth $375 billion more than it exported to China. “In the coming weeks, President Trump is going to have on his desk some recommendations,” Navarro told CNBC. “This will be one of the many steps the president is going to courageously take in order to address unfair trade practices. “I don’t…

HSBC will reveal a gender pay gap of 59 percent at its main U.K. banking operation, the biggest yet disclosed by a British bank, according to a copy of the lender's report on the subject seen by Reuters on Thursday ahead of its publication. The bank will also disclose a mean gender bonus gap of 86 percent at HSBC Bank Plc, which is the biggest of the lender's seven entities in Britain and employs 23,507 people. A spokeswoman for the bank confirmed the contents of the report. The gender pay gap is the biggest yet reported by a British financial firm, according to government data, with some firms yet to provide figures ahead of an April deadline set by Prime Minister Theresa May last year. Almost 50 years since the…

Cooking is Chris Spear's passion. He's been professionally cooking since he was 16. Over the years, he worked for big restaurants and reached a point where he had almost 100 employees reporting to him. That's when he missed flexibility and wanted to be more creative. So, he quit working for restaurants and founded his own catering company, Perfect Little Bites in Frederick, Maryland. "Not that having your business is easy, but I want to have the flexibility to say, 'It's Valentine's Day, and it's more important to me to stay home with my wife,' or to be home cooking for someone. I really wanted something that I felt was mine," Spear explained. Spending long hours in the kitchen doesn't tire Spear, but he had often been concerned that becoming an independent…

President Donald Trump freestyled with the facts when talking trade with Canadian Prime Minister Justin Trudeau. The Republican described the discussion during a fundraising speech in St. Louis on Wednesday.   According to audio obtained by The Washington Post, Trump insisted that the United States runs a trade deficit with Canada.   Trump said Trudeau told him there was no trade deficit. Trump said he replied, "'Wrong, Justin, you do.' I didn't even know. ... I had no idea. I just said, 'You're wrong.'"   Trump claimed the figures don't include timber and energy.   However, the Office of the United States Trade Representative says the United States has a trade surplus with Canada. ...

President Donald Trump's recently proposed tariffs on steel and aluminum have spurred a hot debate in the U.S. that doesn't adhere to traditional party lines. Is the administration's move a boon to American workers or the beginning of a trade war? VOA's Plugged In with Greta Van Susteren examines the pros, cons, impact and history of tariffs on goods imported to the United States. VOA's Joan DeLuca reports: ...

U.S. Trade Representative Robert Lighthizer said Wednesday that the United States would challenge Indian government export subsidies because they hurt American workers and manufacturers. Lighthizer said he had requested "dispute settlement consultations" with the Indian government at the World Trade Organization because the subsidies allow India to sell goods at lower prices. He said his office "will continue to hold our trading partners accountable by vigorously enforcing U.S. rights under our trade agreements and by promoting fair and reciprocal trade through all available tools, including the WTO." The announcement is the latest step in President Donald Trump's trade offensive.The White House has announced tariffs on imported steel and aluminum as well as on imports of solar panels and washing machines. Lighthizer's office said India offers benefits valued at $7 billion annually…

General Motors, Fiat Chrysler, Volkswagen and Mercedes all knew of problems with dangerous exploding Takata air bag inflators years before issuing recalls, according to three class actions filed Wednesday with the federal court in Miami. The lawsuits cite company documents obtained through previous legal actions against other automakers over faulty Takata inflators. The plaintiffs allege that automakers were informed of inflator defects during tests but delayed taking action. Allegations against GM are among the most serious. Takata documents showed that GM employees expressed concerns about inflators rupturing as early as 2003. Messages were left Wednesday seeking comment from GM, VW and Mercedes. Fiat Chrysler declined comment, saying it had not been served with the lawsuit. Takata uses the chemical ammonium nitrate to create small explosions to inflate air bags. But…

U.S. President Donald Trump is naming Larry Kudlow, a longtime conservative economic analyst and television business show commentator, as his new top White House economic adviser. The 70-year-old Kudlow told news media he accepted Trump's offer Wednesday to become director of the White House's National Economic Council. Reports say a formal announcement could come Thursday. He will replace former Wall Street financier Gary Cohn, who resigned last week after breaking with President Trump on trade policy. Cohn had lost an internal debate, among Trump advisers, aimed at convincing the president not to impose steep new tariffs on steel and aluminum imports.   Kudlow, who was an informal economic adviser to Trump during the first year of his presidency, also opposed Trump's imposition of the 25 percent levy on steel and…

Behind the U.S. move to block Singapore-based Broadcom's hostile bid for U.S. chipmaker Qualcomm lies a new global struggle for influence over next-generation communications technology — and fears that whoever takes the lead could exploit that advantage for economic gain, theft and espionage. In the Broadcom-Qualcomm deal, the focus is on so-called "5G" wireless technology, which promises data speeds that rival those of landline broadband now. Its proponents insist that 5G, the next step up from the "4G" networks that now serve most smartphones, will become a critical part of the infrastructure powering everything from self-driving cars to the connected home. 5G remains in the early stages of development. Companies including Qualcomm, based in San Diego, and China's Huawei have been investing heavily to stake their claim in the underlying…

Sao Paulo investment firm SouthRock Capital has signed an agreement with Starbucks that gives it the right to develop and operate branches of the Seattle-based chain in Brazil, the companies said late on Monday. With the agreement, whose value was not disclosed, all of Starbucks' retail operations in Latin America are now wholly licensed rather than directly managed, the companies said. SouthRock founder Ken Pope said in a statement the fund would eye expansion opportunities in new and existing markets. Starbucks now has 113 stores across the populous states of Sao Paulo and Rio de Janeiro. "With Starbucks, we see continued opportunities for growth in existing markets ... as well as new markets like Brasilia and the South," he said. SouthRock, founded in 2015, also owns Brazil Airport Restaurants, which…

"Dona Edir, Dona Edir" — the call is heard frequently in the narrow lanes of Canaa, a slum on the outskirts of Rio de Janeiro. It is for Edir Dariux Teixeira, who is well known among the residents, having spent more than a third of her life trying to improve infrastructure and basic services in the ramshackle settlement. At the heart of that fight are legal property titles to the residents' homes — or, more accurately, the lack of them. "Without these documents we have no rights," she told the Thomson Reuters Foundation, sitting close to a fan to alleviate the near-40C (104°F) heat funneling from her asbestos roof. Debates on how to manage property rights in the world's informal settlements are becoming ever more pressing, as millions of people…

The daily commute from Mexico to California farms is the same as it was before Donald Trump became president. Hundreds of Mexicans cross the border and line the sidewalks of Calexico's tiny downtown by 4 a.m., napping on cardboard sheets and blankets or sipping coffee from a 24-hour doughnut shop until buses leave for the fields. For decades, cross-border commuters have picked lettuce, carrots, broccoli, onions, cauliflower and other vegetables that make California's Imperial Valley "America's Salad Bowl'' from December through March. As Trump visits the border Tuesday, the harvest is a reminder of how little has changed despite heated immigration rhetoric in Washington. Trump will inspect eight prototypes for a future 30-foot border wall that were built in San Diego last fall. He made a "big, beautiful wall'' a…

Chile's new government is preparing belt-tightening measures after inheriting a larger-than-anticipated fiscal deficit from its predecessor, but the measures will stop short of "mega-adjustments," Finance Minister Felipe Larrain said on Monday. Conservative billionaire Sebastian Pinera took office on Sunday vowing to combat economic "stagnation" and calling for a return to "fiscal equilibrium" as he seeks to transform Chile into a developed nation within a decade. "We're in a period of tight budgets, with levels of public debt that have doubled, which means we must begin with austerity measures, followed by a reassigning resources, in order to finance the president's program," Larrain told reporters as he entered the finance ministry for his first day on the job. Shortly before leaving office, outgoing President Michelle Bachelet's government reported it had left a…

U.S. President Donald Trump is blocking Singapore-based Broadcom, maker of computer and smartphone chips, from taking over U.S. chipmaker Qualcomm. Trump cited national security grounds in stopping the takeover, following the recommendation of the Committee on Foreign Investment in the United States (CFIUS). The committee reviews national security implications when foreign entities purchase U.S. corporations. The president's order said there is "credible evidence" that the takeover "might take action that threatens to impair the national security of the United States." Broadcom made an unsolicited bid last year to take over Qualcomm for $117 billion. The company has been in the process of moving its legal headquarters from Singapore to the United States to help it win approval for the takeover. Qualcomm, which is based in San Diego, has emerged as…

Labor strikes. Nationwide protests. Bank failures. In recent months, Iran has been beset by economic problems despite the promises surrounding the 2015 nuclear deal it struck with world powers. Its clerically overseen government is starting to take notice. Politicians now offer the idea of possible government referendums or early elections. Even Supreme Leader Ayatollah Ali Khamenei acknowledged the depths of the problems ahead of the 40th anniversary of Iran’s Islamic Revolution. “Progress has been made in various sectors in the real sense of the word; however, we admit that in the area of ‘justice’ we are lagging behind,” Khamenei said in February, according to an official transcript. “We should apologize to Allah the Exalted and to our dear people.” Whether change can come, however, is in question. ​An economy run…

China said Sunday it does not intend to ignite a trade war with the U.S. because the move would be disastrous for the entire world. “There are no winners in a trade war,” Minister of Commerce Zhong Shan said on the sidelines of China’s annual parliamentary session. “China does not wish to fight a trade war, nor will China initiate a trade war, but we can handle any challenge and will resolutely defend the interests of our country and our people,” Zhong said. President Donald Trump signed proclamations Thursday imposing a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum, with the new taxes set to go into effect this month. ​US, Japan, EU talk Trade representatives for Japan and the European Union met with…

Trade representatives for Japan and the European Union met with the U.S. trade representative Saturday in an effort to avoid a trade war over President Donald Trump's new tariffs on aluminum and steel. At the meeting in Brussels, U.S. Trade Representative Robert Lighthizer, EU Trade Commissioner Cecilia Malmstrom and Japanese counterpart Hiroshige Seko discussed the tariffs as part of a trilateral effort to combat unfair trade practices. The EU said in a statement that both Brussels and Tokyo had serious concerns about the U.S. tariffs. Both powers, two of the biggest trade partners with the United States, have asked for exemptions from the tariffs. After the meeting, Malmstrom tweeted, "No immediate clarity on the exact U.S. procedure for exemption ... so discussions will continue next week." Seko said at a news…

Several Asian nations that are major trading partners with the U.S. reacted strongly Friday to a U.S. decision to impose tariffs on metal imports, raising concerns of global trade conflicts. China, a key target of U.S. trade concerns, said it was "resolutely opposed" to the U.S. tariff decision, with Japan warning of the impact on bilateral ties. South Korea said it may file a complaint to the international trade dispute body, the World Trade Organization (WTO). South Korea is the third-largest steel exporter to the U.S. after Canada and Brazil. Several Southeast Asian nations say they fear a wave of import dumping of steel and aluminum products. U.S. President Donald Trump, turning aside warnings from economists and members within the Republican Party, signed an order Thursday for new tariffs of…

China is gearing up to retaliate in response to stiff U.S. tariffs on steel and aluminum as Chinese industry associations urge authorities to take "resolute measures." Retaliation from Beijing could contribute to a possible trade war between the world's two biggest economies, analysts said. China's Ministry of Commerce has pledged to "firmly defend its legitimate rights and interests" and called for an end to the measures as quickly as possible. In a statement posted on the website of the China Iron and Steel Association, the group appealed to the government in Beijing "to take resolute measures against imports of some U.S. products, including stainless steel, galvanized sheet, seamless pipe, coal, agriculture products and electronic products." While the possibility of retaliating over steel and hitting agricultural imports and other sectors has…

Young people around the United States are creating virtual businesses that produce simulated products, which are marketed and sold for virtual money. Thirteen hundred students recently showcased their ventures, ranging from telecom firms to gourmet food providers, in Pasadena, California. At what looked like a corporate trade show, students from Miguel Contreras Business and Tourism School in Los Angeles solicited customers for their tour company. Teacher Darrell Iki helped the students launch Big City Tours, which exists only in the classroom and online. The company stages virtual tours to different parts of Los Angeles, highlighting the city's ethnic heritage, fashion or high-end shopping. A related virtual company sells travel gear. Students from Century High School in Santa Ana, California, sell a hypothetical translation device geared toward travelers.  It all starts…

Europe's top monetary official criticized U.S. President Donald Trump's proposal to put tariffs on steel and aluminum imports as a "dangerous" unilateral move. Mario Draghi, the president of the European Central Bank, said that the "immediate spillover of the trade measures ... is not going to be big." But he said such disputes should be worked out among trade partners, not decided by measures initiated from one side. "Whatever convictions one has about trade ... we are convinced that disputes should be discussed and resolved in a multilateral framework, and that unilateral decisions are dangerous." Trump is expected to announce by the end of this week tariffs of 25 percent on steel and 10 percent on aluminum. Trump has long singled out China for being unfair in trade practices, but…

Trade ministers from 11 Pacific Rim countries are set to sign a sweeping agreement to streamline trade and slash tariffs just as U.S. President Donald Trump is preparing to formalize new tariffs on aluminum and steel to protect U.S. producers. The deal to be signed Thursday in the Chilean capital is an outgrowth of the Trans-Pacific Partnership that Trump pulled the U.S. out of last year. Many feared the agreement would not prosper without its most influential country. But the remaining 11 members pressed ahead, saying it shows resolve against protectionism. The pact includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. ...

A number of eastern European states have ramped up their opposition to a new gas pipeline linking Russia with Germany. The Nord Stream 2 project will bring Russian gas directly to Western Europe, but critics say it will increase dependence on Russia and enrich its state-owned energy firms, at a time when Moscow stands accused of undermining European security. The $11 billion, 1,225-kilometer pipeline is on schedule for completion next year. It is a private project backed by Russian state-owned Gazprom and five energy companies from Germany, France, Britain and the Netherlands. It also has the strong backing of the German and Russian governments. “We support the implementation of this project which is undoubtedly, absolutely free from politics. This is a purely economic and moreover purely commercial project,” Russian President…

Some countries are now likely to be spared from planned tariffs on metals advocated by U.S. President Donald Trump.  "We expect that the president will sign something by the end of the week, and there are potential carve-outs for Mexico and Canada, based on national security, and possibly other countries as well, based on that process," White House press secretary Sarah Huckabee Sanders told reporters Tuesday.  Sources at the White House also said Trump's controversial tariff plan could be put into action at a signing ceremony at 3:30 p.m. EDT (2030 UTC) Thursday. Reuters quoted a senior U.S. official as saying the measures would take effect about two weeks after Trump signed the proclamation.  Meanwhile Wednesday, U.S. Representative Kevin Brady, a Texas Republican, and other House members wrote a letter to…

U.S. President Donald Trump’s plan to impose tariffs of 25 percent on steel and 10 percent on aluminum has met criticism from his Republican allies in Congress, many of whom worry the measures could trigger a trade war that damages U.S. businesses. But the president does have supporters among some Senate Democrats from states where voters are concerned about the long-term loss of American manufacturing jobs. “This welcome action is long overdue for shuttered steel plants across Ohio and steelworkers who live in fear that their jobs will be the next victims of Chinese cheating,” Senator Sherrod Brown, a Democrat from Ohio, said in a statement released after the plan was announced. “If we fail to stand up for steel jobs today, China will come after other jobs up and…

President Donald Trump is selling Hispanic business owners on his new tax cuts. Trump is delivering the keynote address Wednesday at the annual legislative summit of the Latino Coalition. It's his first time addressing Hispanic business owners. The president says the $1.5 trillion package of tax cuts he signed late last year have finally given American business a "level playing field." He tells the Latino business owners that they'll "see more of this in the coming weeks." Trump highlighted administration efforts to eliminate regulations that many businesses find burdensome. Trump also touched on immigration. He blamed Democrats for failing to reach agreement with the White House on a plan to protect immigrants who were brought to the country illegally as children. ...

At Sweet Waters, a village in central Kenya, Veronicah Nyambura stands under the hot sun between two fields. One is full of lush plants - but the other has crops so wilted that their leaves have curled up. The green land is planted with tea tree, an Australian native that thrives in this semi-arid part of Kenya. Opposite is a field of maize, which suffers in years of poor rains and high temperatures. "Maize is very disappointing. You plant but you're never sure whether you'll harvest anything," said Nyambura, who has planted a quarter-acre of tea trees. The 65-year-old said she harvests 900 kg of tea tree branches every six months from that bit of land. When it was planted to maize, she got about 270 kg of grain every…

European Union states are set to remove Bahrain, the Marshall Islands and Saint Lucia from a list of tax havens next week, leaving only six jurisdictions on it, an EU document shows. The planned removals from the EU list drew criticism from an anti-corruption watchdog on Tuesday. The decision is also likely to bring more disapproval from lawmakers and activists who had strongly criticized a first delisting in January that cut the number of jurisdictions named to nine from 17. The latest decision was taken by the EU Code of Conduct Group, which includes tax experts from the 28 member states, according to an EU document seen by Reuters. EU finance ministers are expected to endorse the proposal at their regular monthly meeting in Brussels on March 13. The jurisdictions…