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Trump threatens German carmakers with 35 percent U.S. import tariff
Shares in German carmakers BMW , Daimler and Volkswagen fell after United States President-elect Donald Trump warned he will impose a border tax of 35 percent on vehicles imported from abroad to the U.S. market. All three carmakers have invested heavily in factories in Mexico, where production costs are lower than the United Original post: Trump threatens German carmakers with 35 percent U.S. import... [Read more]
Takata to plead guilty, pay $1 billion U.S. penalty over air bag defect
DETROIT/WASHINGTON (Reuters) – Japan's Takata Corp on Friday agreed to plead guilty to criminal wrongdoing and to pay $1 billion to resolve a U.S. Justice Department investigation into ruptures of its air bag inflators linked to at least 16 deaths worldwide. The deal was announced hours after prosecutors in Detroit charged three former senior Takata executives … See the original post... [Read more]
Moody’s pays $864 million to U.S., states over pre-crisis ratings
Moody's Corp has agreed to pay nearly $864 million to settle with U.S. federal and state authorities over its ratings of risky mortgage securities in the run-up to the 2008 financial crisis, the U.S. Department of Justice said on Friday. The credit rating agency reached the deal with the Justice Department, 21 states and the District of Columbia, resolving allegations that the firm contributed... [Read more]
Retail sales rise on strong auto demand
WASHINGTON, Jan 13 (Reuters) – U.S. retail sales rose solidly in December amid strong demand for automobiles, providing further evidence that the economy ended the fourth See the original post here: Retail sales rise on strong auto demand Read More →
JPMorgan results trump estimates as election stimulates trading
(Reuters) – JPMorgan Chase & Co , the No. 1 U.S. bank by assets, reported stronger-than-expected quarterly earnings and revenue on Friday, helped by a surge in investor activity related to the U.S. presidential election. The bank's net income rose 23.8 percent to $6.73 billion in the three months ended Dec. 31, while earnings per share rose to $1.71 from $1.32. “The U.S. economy... [Read more]
Wells Fargo reports fifth straight decline in profit
(Reuters) – Wells Fargo & Co , the largest U.S. mortgage lender, reported its fifth straight decline in quarterly profit on Friday as it tries to recover from a bogus-accounts scandal. See the original post here: Wells Fargo reports fifth straight decline in profit Read More →
Trump recommits to ‘major border tax’ on foreign-produced U.S. products
President-elect Donald Trump on Wednesday promised a “major border tax” on companies that shift jobs outside the United States, further pressuring American businesses days after Fiat Chrysler Automobiles NV said heavy tariffs could force the company to shutter Mexican plants. Since the Nov. 8 election, Trump has taken to Twitter to call out by name a number of manufacturers with both planned... [Read more]
New policies coming to America could take weight off Fed: Powell
By Jason Lange CHICAGO (Reuters) – A push by Washington for more business-friendly regulation and fiscal support for the economy could improve America's mix of policies which in recent years have relied too much on the Federal Reserve, … More: New policies coming to America could take weight off Fed: Powell Read More →
Ford plant turns ‘cemetery’ as Trump wrenches Mexican autos
Ford Motor Co's abrupt move to scrap a planned $1.6 billion car plant in central Mexico has spooked a network of suppliers who bet on a growing customer base and dramatized the risk that Donald Trump's agenda poses to the country's broader economy. Many auto parts makers had started to expand in … See the original post: Ford plant turns ‘cemetery’ as Trump wrenches... [Read more]
Boeing nears $10.1 billion order from India’s Spicejet: Bloomberg
(Reuters) – Indian budget airline SpiceJet Ltd is expected to order at least 92 Boeing Co 737 jetliners, as it looks to bolster its presence in the world's fastest growing aerospace market, Bloomberg reported on Thursday. Go here to read the rest: Boeing nears $10.1 billion order from India’s Spicejet: Bloomberg Read More →