The Trump administration is considering possible sanctions on Venezuela’s vital energy sector, including state oil company PDVSA, senior White House officials said, in what would be a major escalation of U.S. efforts to pressure the country’s embattled leftist government amid a crackdown on the opposition. The idea of striking at …
The restaurant business can cause serious heartburn. It’s a mixed salad of bureaucracy, money, and paperwork that keeps some chefs from ever selling that first plate of food. But there may be hope as “restaurant incubators” offer chefs an alternative menu for success. Arash Arabasadi reports from Washington. …
The U.S. trade deficit rose in April to the highest level since January. The politically sensitive trade gap with China registered a sharp increase. The Commerce Department said Friday that the U.S. trade gap in goods and services climbed 5.2 percent to $47.6 billion in April from March. Exports …
The price of oil has fallen sharply as investors bet that President Donald Trump’s decision to pull the United States out of the Paris climate agreement will increase the country’s oil and gas production. The cost of a barrel of crude slumped 2.4 percent, or $1.18, to $47.18 in electronic …
The heated debate over India’s cash ban continues, with critics saying it slowed an economy that was growing, while the government says economic momentum was barely affected. Critics say the scrapping of 86 percent of the country’s currency last November cost India its status as the world’s fastest growing economy. …
U.S. Treasury Secretary Steven Mnuchin said on Thursday he was confident that Congress would raise the federal debt limit “before there’s an issue” with U.S. creditworthiness, and he pledged that the Trump administration’s tax reform plans would be paid for. “We’re going to get it increased,” Mnuchin told Fox Business …
President Donald Trump is moving the United States out of the Paris climate agreement, signed by nearly 200 other nations. Trump said Thursday that the Paris agreement hurts U.S. economic growth, costs millions of American jobs and puts U.S. firms at a disadvantage. However, his decision contrasted with the views …
Canada’s defense minister repeated a threat Wednesday to cancel the purchase of 18 fighter jets from Boeing Co. because of the company’s trade complaint against Canadian plane maker Bombardier. Harjit Sajjan said Boeing’s action against Bombardier is “unfounded” and not the behavior of a “trusted partner.” He said buying …
Major investors put U.S. industry on notice Wednesday that climate change matters, even as reports emerged that President Donald Trump plans to withdraw the United States from an international pact to fight global warming. A number of large institutional fund firms including BlackRock, the world’s largest asset manager, supported a …
The head of a New York-based advocacy group has called on President Donald Trump and his older daughter to help secure the release of three men who reported labor violations at a Chinese company that makes shoes bearing the Ivanka Trump brand. “We appeal to President Trump, Ivanka Trump herself, …
Vietnamese Prime Minister Nguyen Xuan Phuc said Tuesday that he would sign deals for U.S. goods and services worth $15 billion to $17 billion during his visit to Washington, mainly for high-technology products and for services. “Vietnam will increase the import of high technologies and services from the United States, …
Mexico’s foreign minister says the country is “inevitably” set to review rules of origin when renegotiating the North American Free Trade Agreement, giving a boost to President Donald Trump’s manufacturing push. Foreign Relations Secretary Luis Videgaray said Tuesday at an event in Miami that NAFTA has allowed Mexican industry to …
A group of Senate Democrats sent a letter to U.S. President Donald Trump on Tuesday, requesting information about a raft of trademark approvals from China this year that they say may violate the U.S. Constitution’s ban on gifts from foreign governments. “China’s rapid approvals after years of court battles have …
The catastrophic IT failure at British Airways that ruined travel plans for 75,000 people has raised questions about some older airlines’ focus on costs to the detriment of investment in new computer systems. As British Airways resumed full service Tuesday, shares in its parent company, International Airlines Group, dropped 3 …
The head of Venezuela’s opposition-led congress on Monday blasted U.S.-based bank Goldman Sachs for a financial transaction that he said would prop up his country’s unpopular socialist government while exacerbating difficulties for ordinary Venezuelans. National Assembly President Julio Borges denounced the bank for “trying to make a quick buck off …
Cross-border fighting between Afghanistan and Pakistan has suspended trade worth millions of dollars and stranded hundreds of trucks loaded with fruits and vegetables at the border, where the produce stands to spoil in the rising heat. Pakistan had temporarily closed the Chaman border crossing, across from Afghanistan’s Spinboldak, after a …
A new ban imposed by India’s government on the sale of cows and buffaloes for slaughter to protect animals considered holy by many Hindus is drawing widespread protests from state governments and animal-related industries. Many state governments criticized the ban as a blow to beef and leather exports that will …
British Airways passengers continue to face delays, cancellations, and overcrowding Sunday at Heathrow Airport as the airline reels from a computer failure. The airline said that all long-haul flights will continue Sunday, but to avoid further overcrowding, passengers will only be allowed to enter the airport terminal 90 minutes before …
Saffron has long been one of the world’s most expensive spices. The saffron crocus that produces the spice grows mostly in parts of Europe, Iran and India. Now, a U.S. company seeking to “cultivate peace” is attracting attention to this historic spice and trying to develop new markets for saffron …
U.S. President Donald Trump has told “confidants,” including the head of the Environmental Protection Agency, Scott Pruitt, that he plans to leave a landmark international agreement on climate change, the Axios news website reported Saturday, citing three sources with direct knowledge. On Saturday, Trump said in a Twitter post he …
The U.S. economy expanded at a slightly faster pace than first estimated during the first quarter of this year. The Commerce Department’s Friday report shows expansion at a 1.2 percent annual rate in January, February and March. That is nearly twice as fast as the preliminary estimate, but slower than …
Africa loses an estimated $50 billion a year to illicit financial flows, leaving governments strapped for cash and dependent on development aid. The continent is “hemorrhaging” money because of the failure of countries to enact strong legislation to check money flows, says Rose Acha, Cameroon’s supreme state audit minister and …
OPEC and other oil nations meeting Thursday appeared set to extend their production cuts in an effort to shore up prices. But the intended impact could be short-lived. That’s due to U.S. shale producers. With crude prices above $50 a barrel from lows of last year, they are increasingly moving …
China recently rolled out a global economic initiative known as One Belt, One Road, named after the ancient Silk Road. Chinese President Xi Jinping says the initiative is aimed at promoting international cooperation, but former U.S. officials and some business executives are concerned that China is not keeping its doors …
Moody’s Investors Service downgraded China’s credit rating Wednesday – from Aa3 (Double A-3) to A1 – saying it expects China’s economy to erode in coming years as growth slows and its debt burden continues to rise. The downgrade comes as the government faces new financial challenges after years of credit-fueled …
The U.S. government has filed a civil lawsuit against automaker Fiat Chrysler, saying the company has used illegal software to fake emission results on its diesel vehicles. The civil complaint filed Tuesday follows initial accusations from the Environmental Protection Agency released in January. The software reportedly hid emissions of nitrogen …