China and Europe face a “slow motion train accident” as a rising tide of protectionism threatens to become a full trade war, the head of a European business lobby group warned on Wednesday, a day after Germany’s chancellor conveyed European concerns to Beijing.
Sharply higher tariffs on Chinese metal products being considered by the Biden administration would not affect U.S. inflation and are necessary for national security, White House economic adviser Jared Bernstein said on Wednesday.
Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region this week, sources said, as they ramp up cost-cutting, with weaker dealmaking and sluggish markets in China and Hong Kong weighing on business prospects.
Abbott Laboratories beat Wall Street estimates for quarterly profit on Wednesday and raised the lower end of its forecast, as robust demand for medical procedures boosted sales of its devices, including its glucose-monitoring products.
Electric aircraft maker Eve has signed a letter of intent with Japan’s public helicopter charter service company AirX to sell up to 50 electric vertical take-off and landing (eVTOL) aircraft, it said on Wednesday.
Wu Huazhan’s Chinese television factory used to impose minimum orders to manage production efficiently. Times are now so bleak, it will take any order.
The U.S. Securities and Exchange Commission is scrutinizing whether investment advisers and other firms have strong enough policies to ensure nonpublic information is not misused to gain an illegal edge in trading, a top official told Reuters.
U.S. President Joe Biden will call on Wednesday for sharply higher tariffs on Chinese metal products as part of a package of policies aimed at pleasing steelworkers in the swing state of Pennsylvania, at the risk of angering Beijing.
Electric automaker Tesla on Wednesday asked shareholders to ratify billionaire Elon Musk’s compensation that was set in 2018 under the CEO pay package, just months after a Delaware judge rejected it.
United Airlines shares rose about 5.3% premarket on Wednesday, driven by an upbeat profit forecast for the second quarter and strong first-quarter results despite a $200 million hit over planemaker Boeing’s safety crisis.
