The unexpected weakening of the U.S. dollar is suddenly becoming the rest of the world’s problem, The Wall Street Journal reported. For foreign sellers of all manner of goods, including cars, cognac and Scottish tweed, the dollar’s steep slide is a double whammy, compounding losses caused by President Trump’s import levies. For central banks around the world, the rapid strengthening of their own currencies heaps pressure to cut interest rates more aggressively. The U.S.
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In the global trade war, Boeing is a big loser, The Wall Street Journal reported. Chinese officials told domestic airlines not to place new orders for Boeing jets and are requiring carriers to seek approval before taking delivery of already-ordered aircraft, according to people familiar with the matter. The tariff turmoil keeps getting worse for America’s largest exporter: Boeing’s vast and fragile supply chain is grappling with the end of its decades-long duty-free status. Boeing faces retaliatory tariffs from other countries.
Bally's Corp. considered waiting for Star Entertainment to enter voluntary administration before investing but feared the Australian casino group would have been too hard to rescue, said the U.S gaming firm's chairman, Soo Kim, Reuters reported. Rhode Island-based Bally's and the Mathieson family - Star's largest investor - engineered a A$300 million ($188 million) rescue package, handing over the first A$100 million last week. The initial funds will keep Star afloat for 15 months while seeking regulatory approval for the full investment, Kim said.
Volkswagen's truckmaker Scania said on Friday it had agreed to buy bankrupt Northvolt's division that makes battery packs for heavy industry, reviving a transaction first presented in February, for an undisclosed price, Reuters reported. Sweden's Northvolt filed for bankruptcy last month in one of the country's largest corporate failures, bringing to an end Europe's best hope of developing a rival to Asian electric vehicle battery makers.
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When Indian education-technology company Byju’s was ordered last year to freeze over $500 million as part of a U.S. court battle with its lenders, it said the funds were safely within the business, WSJ Pro Bankruptcy reported. Byju’s by that time had already moved the half-billion dollars out of the U.S. through transactions involving a little-known hedge fund that were obscured in financial statements showing the cash sitting in its accounts, court records show.
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Several businesses under the Sunterra banner, known in Alberta for its agriculture and high-end grocery operations, have taken steps toward creditor protection as three of its U.S. subsidiaries face legal and financial scrutiny, CBC.com reported. Late last month, Sunterra Quality Food Markets, Sunterra Food Corporation, Sunterra Farms, Trochu Meat Processors and Sunwold Farms all filed notices under the Bankruptcy and Insolvency Act, a process that gives financially strained companies 30 days of protection from creditors while they come up with a plan to restructure.
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E.U. officials announced on Thursday that they would delay their plans for retaliatory tariffs after President Trump’s abrupt decision to hit pause on some of the levies he had placed on Europe and much of the rest of the world, the New York Times reported. Mr. Trump’s announcement, a day before, had signaled what European leaders were hoping for: a possible willingness to negotiate. Washington’s pivot came just hours after European officials had approved retaliatory levies of 10 to 25 percent on about $23 billion of U.S. imports. But given the American shift in stance, E.U.
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U.S. lawmakers have introduced legislation that could block International Monetary Fund support for some Central African countries, in an effort to guard billions of dollars that oil companies must set aside for environmental restoration, Reuters reported. The bill highlights a standoff between foreign investors on one side and Central African monetary authorities trying to enforce tighter capital controls on extractive industries to shore up depleted reserves on the other. Introduced by U.S.
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China on Wednesday announced an additional 50% retaliatory tariff on all U.S. imports, bringing the total tariff level to 84%, NPR.org reported. The measures are a response to President Trump's latest round of tariffs, which went into effect overnight, and include a 104% levy on Chinese goods. The Chinese finance ministry says the new charges will take effect at midnight in China, or Wednesday noon Eastern time. "The US's practice of escalating tariffs on China is a mistake on top of a mistake," the ministry said in a statement announcing the fresh round of levies. China calls on the U.S.
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European Union member states voted Wednesday to approve retaliatory tariffs on $23 billion in goods in response to U.S. President Donald Trump’s 25% tariffs on imported steel and aluminum, as the largest U.S. trading partner described them as “unjustified and damaging," the Associated Press reported. The tariffs will go into effect in stages, with some on April 15 and others on May 15 and Dec. 1. The EU executive commission didn’t immediately provide a list of the goods. Members of the 27-country bloc repeated their preference for a negotiated deal to settle trade issues.
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