Booking.com parent enters $9.5 million 'junk fee' settlement with Texas
Texas Attorney General Ken Paxton said on Tuesday the settlement with Booking Holdings (BKNG.O), opens new tab is the largest by a U.S. state related to "junk fee" practices against any hotel or online travel agency.
Booking also operates the websites Priceline.com and Kayak.
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Reuters
15 minutes ago
- Reuters
US examines equity stake in chip makers for CHIPS Act cash grants, sources say
WASHINGTON/SAN FRANCISCO, Aug 19 (Reuters) - U.S. Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel (INTC.O), opens new tab as well as other chip companies in exchange for grants under the CHIPS Act that was meant to spur factory-building around the country, two sources said. As part of a plan to revive U.S. manufacturing - a key Trump agenda - Lutnick said earlier on Tuesday the U.S. government wants an equity stake in Intel in exchange for cash grants approved by the administration of former President Joe Biden. Now Lutnick wants to expand that plan to other companies, according to a White House official and a person familiar with the situation. The Trump administration has recently made unusual deals with U.S. companies, including allowing AI chip giant Nvidia (NVDA.O), opens new tab to sell its H20 chips to China in exchange for the U.S. government receiving 15% of those sales. The Pentagon is slated to become the largest shareholder in a small mining company to boost output of rare earth magnets. The government's intervention in corporate matters has worried critics who say President Donald Trump's actions create new categories of corporate risk and that a bad bet could mean a hit to taxpayer funds. Much of the funding under the CHIPS Act has not yet been dispersed for companies such as Micron (MU.O), opens new tab, Taiwan Semiconductor Manufacturing Co ( opens new tab, Samsung ( opens new tab and Intel. TSMC and Intel declined comment. Micron, Samsung and the White House did not respond to requests for comment on whether Lutnick is considering more stakes. Speaking to reporters in Taipei on Wednesday and asked whether the U.S. government could take a stake in TSMC, Taiwan Economy Minister Kuo Jyh-huei said his ministry had just heard about it and "needs some time to discuss." The two sources told Reuters on Tuesday that Treasury Secretary Scott Bessent is also involved in the CHIPS Act discussions, but that Lutnick is driving the process. The Commerce Department oversees the $52.7 billion CHIPS Act money. Lutnick has been pushing the equity idea, the sources said, adding that Trump likes the idea. White House Press Secretary Karoline Leavitt confirmed earlier that Lutnick was working on a deal with Intel to take a 10% government stake. "The president wants to put America's needs first, both from a national security and economic perspective, and it's a creative idea that has never been done before," she told reporters. Speaking on CNBC, Lutnick said the U.S. wants a return on its "investment". "We'll get equity in return for that ... instead of just giving grants away," he said. President Donald Trump has previously said he wanted to kill the CHIPS Act program. Lutnick's comments suggested any stake would be non-voting, meaning it would not enable the U.S. government to tell the company how to run its business. His comments came a day after SoftBank Group (9984.T), opens new tab agreed to invest $2 billion in Intel, which has struggled to compete after years of management blunders. "The Biden administration literally was giving Intel money for free and giving TSMC money for free, and all these companies just giving the money for free, and Donald Trump turned it into saying, 'Hey, we want equity for the money. If we're going to give you the money, we want a piece of the action for the American taxpayer'," Lutnick said.
Reuters
15 minutes ago
- Reuters
Gold hits near 3-week low on stronger dollar, Fed symposium in focus
Aug 20 (Reuters) - Gold prices hit their lower level in nearly three weeks on Wednesday as the dollar firmed, while investors awaited the Federal Reserve's Jackson Hole symposium later this week for clues on the path for monetary policy. Spot gold was down 0.1% at $3,313.51 per ounce, as of 0240 GMT, after reaching its lowest level since August 1. U.S. gold futures for December delivery fell 0.1% to $3,355.50. A stronger dollar and improving risk appetite from recent geopolitical developments are weighing on gold prices, with markets looking out for Fed Chair Jerome Powell's speech in Jackson Hole, OANDA senior market analyst Kelvin Wong said. The U.S. dollar index (.DXY), opens new tab climbed to its highest level in more than a week, making gold less affordable for buyers using other currencies. Powell is due to speak at the Kansas City Federal Reserve's Jackson Hole symposium on Friday and investors are watching for any clues on monetary policy trajectory. Minutes of the Fed's July meeting, due later in the day, are anticipated to offer further insights into the central bank's policy stance. Interest rate futures point to two rate cuts of 25 basis points each this year, with the first one expected in September. Gold typically performs well in a low-interest-rate environment and amid heightened uncertainties. Meanwhile, U.S. President Donald Trumpruled out deploying ground troops to Ukraine on Tuesday but suggested air support could be part of a deal to end Russia's war in the region. Ukrainian President Volodymyr Zelenskiy hailed the White House talks as a "major step forward" towards ending Europe's deadliest conflict in 80 years and setting up a trilateral meeting with Russian President Vladimir Putin and Trump. Elsewhere, spot silver fell 0.3% to $37.26 per ounce, platinum gained 0.2% to $1,308.90 and palladium was down 0.7% to $1,106.83.
BBC News
35 minutes ago
- BBC News
Business Matters How is global trade shifting amid the US tariffs war?
American farmers warn of lasting damage as Chinese importers choose cheaper alternatives from other countries like Russia and Brazil. Also, tariffs risk taking some of the steam out of the US coffee industry. And Roger Hearing hears why the British horseracing sector could face strike action over proposed betting tax changes. All of that with analysis from business consultant Jessica Khine in Malaysia and journalist Alexander Kaufman in the United States. You can contact us on WhatsApp or send us a voicenote: +44 330 678 3033.
