President Donald Trump and his advisers insist their trade war with China won’t hurt American consumers. But analysts say otherwise. The tariffs Trump has already imposed on China are estimated to cost the average American household $600 per year, according to a report by JPMorgan Chase. That will rise to $1,000 if Trump carries through…… MORE
Larry Culp, the third CEO of General Electric since 2017, was having a strong year. He was moving rapidly to pay down GE’s mountain of debt by unloading divisions. And investors were relieved. GE’s beaten-down stock was up nearly 50% in 2019. Then Harry Markopolos came along and dropped a bomb. Markopolos, who famously blew…… MORE
US Steel is temporarily laying off about 200 workers from a Michigan plant as the steel-making industry continues to falter. The company notified the state of Michigan earlier this month that it would be laying off employees at its Great Lakes Works factory near Detroit. The layoffs were expected: US Steel said in June it…… MORE
The Dow snapped a three-day winning streak and finished 173 points lower on Tuesday. The drop follows a week and a half of turbulent trading. The Dow closed 0.7% lower, while the S&P 500 fell 0.8% and the Nasdaq Composite declined 0.7%. With news about trade wars, recessions and economic stimulus abating for the time…… MORE
Dick’s Sporting Goods considered stopping all gun sales in early 2018. A shooting at the high school in Parkland, Florida, had killed 17 people. And the company was shocked into action. “We did have a conversation about that,” CEO Ed Stack told CNN Business earlier this year. “At the time we felt it was a…… MORE
Happy Tuesday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. President Donald Trump isn’t the only one who wants a weaker US dollar. The currency’s strength has hung over this corporate earnings season. For multinational companies, it makes exports lose…… MORE
China signaled Tuesday that it could take bigger steps to boost its flagging economy after unveiling what amounted to the slimmest of rate cuts on new loans for companies. “There is room for us to cut interest rates,” said Liu Guoquiang, the deputy governor of the People’s Bank of China, while speaking with reporters in…… MORE
Asian markets were slightly higher as China took the next, critical step in a long-awaited money management reform, and as the United States gave the Chinese tech company Huawei a slight reprieve in Washington’s ongoing trade war with Beijing. China’s Shanghai Composite Index edged up 0.2%, following a 2.1% gain the day before. Hong Kong’s…… MORE
A real estate company controlled by Hong Kong’s richest man is paying a big premium to buy a British pub chain and brewer. Li Ka-shing‘s CK Asset Holdings said Monday that it had reached an agreement to buy Greene King in a deal worth £4.6 billion ($5.6 billion), including its debt. The Hong Kong company…… MORE
Amazon will pass along the costs of a new French digital tax to its third-party sellers beginning on October 1, the company told US trade officials Monday. The new policy applies to Amazon sellers based in France, as well as US-based sellers shipping to French customers, said Peter Hiltz, Amazon’s director of international tax policy…… MORE
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