Business News
ISLAMABAD — Pakistan said Saturday that a newly secured multibillion-dollar loan from the International Monetary Fund would help improve the cash-starved country’s macroeconomic stability. The official reaction came hours after the Washington-based global lender announced its preliminary agreement with Islamabad for a “37-month” loan of about $7 billion under the IMF’s Extended Fund Facility arrangement. “This […]
WASHINGTON — U.S. manufacturing activity edged lower in June, deepening a recent slump on continued weak demand, according to industry survey data published Monday. The Institute for Supply Management’s (ISM) manufacturing index came in at 48.5% last month, down 0.2 percentage points from May. The June data came in below market expectations of 49.1%, according to […]
US stocks closed mixed on Tuesday, pulled in opposite directions by the Nasdaq and the Dow, as AI chipmaker Nvidia (NVDA) rebounded from a three-day skid to surge nearly 7%. The tech-heavy Nasdaq Composite (^IXIC) finished the day up roughly 1.3%, while the benchmark S&P 500 (^GSPC) rose around 0.4%, both breaking three-session losing streaks. The Dow […]
BEIJING — Beijing wants the EU to scrap its preliminary tariffs on Chinese electric vehicles by July 4, China’s state-controlled Global Times reported, after both sides agreed to hold new trade talks. Provisional European Union duties of up to 38.1% on imported Chinese-made EVs are set to kick in by July 4 while the bloc investigates […]
Volvo cars has started to shift production of Chinese-made electric vehicles to Belgium in the expectation that the European Union will drive ahead with a crackdown on Beijing-subsidized imports, according to a report in The Times. Volvo, which is majority-owned by China’s Geely, was considering halting sales of Chinese-built EVs bound for Europe if tariffs were […]
Former Twitter executives including CEO Parag Agrawal, Chief Financial Officer Ned Segal, head of legal Vijaya Gadde and General Counsel Sean Edgett filed a new lawsuit against Elon Musk and X Corp. in federal court arguing that they are owed $128 million in unpaid severance. In their complaint, lawyers for the ex-Twitter executives say that after Musk […]
Labor protests in China have increased rapidly since August of last year, according to rights groups, especially in the lead-up to Lunar New Year, which began late last week. Labor protests more than tripled in the fourth quarter of 2023 compared to the same period in 2022, according to data collected by New York-based international […]
WASHINGTON — For the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported to the United States. The shift reflects the growing tensions between Washington and Beijing as well as U.S. efforts to import from countries that are friendlier and closer to home. Figures released Wednesday […]
Alaska Airlines said Thursday that the weekslong grounding of the Boeing 737 Max 9 will cost the carrier $150 million. The Federal Aviation Administration grounded the planes a day after a door plug blew out during an Alaska flight on Jan. 5. Late Wednesday the agency said it approved inspection instructions that would allow that type of aircraft to return […]
Altice USA is in talks to sell the financial news streaming service Cheddar News to LA-based private equity firm Regent LP, according to people familiar with the matter. No deal is assured and discussions around structure are still fluid, said the people, who asked not to be named because the talks are private. In one iteration […]
