A U.S. judge ordered Argentina to give up its 51% stake in oil and gas company YPF to partially satisfy a $16.1 billion court judgment against the country, Investing.com reported. U.S. District Judge Loretta Preska in Manhattan ruled yesterday that Argentina must transfer its YPF shares within 14 days to a BNY Mellon custody account. The country must also instruct the bank to transfer the shares within one business day to the plaintiffs. The plaintiffs in the case are Petersen Energia Inversora and Eton Park Capital Management, which are represented by litigation funder Burford Capital.
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The European Union wants immediate relief from tariffs in key sectors as part of any trade deal with the United States due by a July 9 deadline, but the bloc expects even a best-case deal to include a degree of asymmetry, EU diplomats told Reuters. The European Commission, which coordinates EU trade policy, is pushing three key points in Washington this week even as it accepts the U.S. baseline tariff of 10% as unavoidable. Both sides are working towards an agreement in principle, with the final details to be ironed out later.
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U.S. Treasury Secretary Scott Bessent said warned on Monday that countries could still face sharply higher tariffs on July 9 even if they are negotiating in good faith, adding that any potential extensions will be up to President Donald Trump, Reuters reported. Bessent, who earlier floated the idea of negotiating extensions, told Bloomberg Television that he expects there to be "a flurry" of trade deals leading up to the July 9 deadline, after which 10% U.S. tariff rates on goods from many countries are set to snap back to Trump's April 2 announced rates of 11% to 50%.
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The European Union is considering lowering tariffs on a range of U.S. imports in a bid to clinch a speedy trade deal with President Trump, the Wall Street Journal reported. EU leaders are set to debate how much they are willing to sacrifice to win over Trump at a meeting in Brussels on Thursday evening. Other concessions under consideration include lowering nontariff barriers, buying more American products including liquefied natural gas, and offering to cooperate with the U.S. to tackle its economic concerns about China.
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Swiss company Meyer Burger has filed for voluntary chapter 11 bankruptcy relief in the United States, the solar panel manufacturer said in a court filing on Wednesday, Reuters reported. Meyer Burger's operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company. Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries. In its U.S.
The European Union plans to impose retaliatory tariffs on US imports, including on Boeing Co. (BA) aircraft, if President Donald Trump puts a baseline levy on the bloc’s goods as many expect, Bloomberg News reported. EU officials expect the US to keep some duties in place, even after trade negotiations are concluded. Until now, the European Commission, which handles trade matters for the EU, hasn’t indicated if that would trigger retaliation from the bloc.
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The U.S. bombing of Iran's nuclear sites injected fresh uncertainty into the outlook for inflation and economic activity at the start of a week chock full of new economic data and central banker commentary, Reuters reported. The downside of the attacks may be the easiest to see: the potential for a spike in energy prices, a continuation of the hesitancy that has gripped households and businesses and could crimp spending, and the possibility of a response from Iran that materializes well outside the Gulf. With the U.S.
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President Trump is breathing life into a $10 billion project to alleviate congestion at the country’s busiest border crossing for trade between the U.S. and Mexico, the Wall Street Journal reported. Trump this month issued a presidential permit to Austin, Texas-based Green Corridors to build an 165-mile elevated “guideway” for self-driving shuttles to haul freight between Laredo, Texas, and Monterrey, Mexico.
Just three years ago, Bowling Green, Ky., was celebrating the largest industrial investment ever made in the city, a new sprawling electric-vehicle battery factory that would create 2,000 jobs. Today, the building is there. The jobs aren’t, according to a Wall Street Journal analysis. The Chinese-owned company behind the factory quietly stopped working on the $2 billion plant last September, according to current and former employees. Now there is just a massive metal shell of a building with no interior equipment.
A consortium led by U.S. investment firm RedBird Capital Partners has agreed to buy the publisher of Britain’s 170-year-old Daily Telegraph newspaper for about 500 million pounds ($674 million), the two sides said Friday, the Associated Press reported. Redbird said it has reached an agreement in principle to become controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper.