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Yahoo
05-05-2025
- Business
- Yahoo
India Offers Zero-for-Zero Tariffs on Auto Parts, Steel From US
(Bloomberg) -- India has proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis up to a certain quantity of imports in its trade negotiations with the US, people familiar with the matter said. The Battle Over the Fate of Detroit's Renaissance Center NYC Real Estate Industry Asks Judge to Block New Broker Fee Law NJ Transit Strike Would Be 'Disaster' for Region, Sherrill Says Iceland Plans for a More Volcanic Future NJ Transit Urges Commuters to Work Remotely If Union Strikes Beyond this threshold, imported industrial goods would attract the regular level of duties, the people said, asking not to be identified as the discussions are private. The offer was made by Indian trade officials visiting Washington late last month to expedite negotiations on a bilateral trade deal expected by fall this year, the people said. The two nations are prioritizing certain sectors to strike an early trade deal before the end of the 90-day pause on US President Donald Trump's tit-for-tat tariffs, the people said. Amid a contraction in the US economy, Trump suggested Sunday that some trade deals could be sealed as soon as this week, offering the prospect of relief for trading partners seeking to avoid higher US import duties. Asian economies, including South Korea, Japan and India are among the nations leading the race for reaching interim deals with his administration. An email to India's Ministry of Commerce and Industry was not immediately answered. Washington has also asked India to resolve its concerns around Quality Control Orders, which it considers a non-tariff trade barrier for its exports, the people said. The mandatory quality standards, which lay down benchmarks that both local and foreign manufacturers must meet before selling their goods in India, have been criticized for being non-transparent and unfair. India is willing to reconsider its existing QCOs in sectors such as medical devices and chemicals, and has offered to sign a mutual recognition agreement with the US under which both nations will accept each other's regulatory standards and practices. It's unclear if these proposals will form part of the final deal. From just 14 QCOs before 2014, the number has gone up to more than 140 since 2017, a report showed. US Border Towns Are Being Ravaged by Canada's Furious Boycott Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China 100 Moments You Might Have Missed From Trump's First 100 Days How an Israeli Hostage Negotiator Outsmarts Ransomware Hackers Can the Labubu Doll Craze Survive Trump's Tariffs? ©2025 Bloomberg L.P.
Yahoo
05-05-2025
- Business
- Yahoo
Apple Selling Corporate Bonds For the First Time Since 2023
(Bloomberg) -- Apple Inc. is planning to sell investment-grade bonds on Monday, according to a person familiar with the matter. The Battle Over the Fate of Detroit's Renaissance Center NYC Real Estate Industry Asks Judge to Block New Broker Fee Law NJ Transit Strike Would Be 'Disaster' for Region, Sherrill Says NJ Transit Urges Commuters to Work Remotely If Union Strikes Iceland Plans for a More Volcanic Future The iPhone maker is looking to issue debt in as many as four parts, with initial price discussions for the deal's longest portion, a 10-year note, in the area of 0.7 percentage point above Treasuries, said the person. It is Apple's first time selling corporate bonds in two years, according to data compiled by Bloomberg. The deal comes in a week where bankers are expecting to see $35 billion to $40 billion in new issuance, with industrial and technology firms like Apple potentially accounting for the bulk of sales. Barclays Plc, Bank of America Corp., Goldman Sachs Group Inc., and JPMorgan Chase & Co. are managing Apple's bond sale, which is expected on Monday, the person said, asking not to be identified as the details are private. Issuer Profile Debt distribution: AAPL US Equity DDIS Capital structure: AAPL US Equity CAST Related securities: AAPL US Equity RELS Ratings history: AAPL US Equity CRPR This story was produced with the assistance of Bloomberg Automation Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China 100 Moments You Might Have Missed From Trump's First 100 Days How an Israeli Hostage Negotiator Outsmarts Ransomware Hackers Can the Labubu Doll Craze Survive Trump's Tariffs? Elon Musk's First 100 Days in Office ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
05-05-2025
- Business
- Yahoo
Gold Rises After Weekly Loss Before Fed Rate Decision This Week
(Bloomberg) -- Gold advanced — after its first back-to-back weekly loss this year — as investors mulled an uncertain outlook for global trade and the US economy ahead of a Federal Reserve rate decision this week. The Battle Over the Fate of Detroit's Renaissance Center NYC Real Estate Industry Asks Judge to Block New Broker Fee Law NYC Lost $9 Billion of Income to Miami, Palm Beach in Five Years NJ Transit Strike Would Be 'Disaster' for Region, Sherrill Says NJ Transit Urges Commuters to Work Remotely If Union Strikes Bullion traded above $3,260 an ounce, after falling 2.4% last week. The Fed is widely expected to hold rates steady when its meets on Tuesday and Wednesday, despite President Donald Trump ratcheting up pressure on Chair Jerome Powell, saying surprisingly strong job data last week meant there was no reason not to cut interest rates. Gold has surged almost a quarter so far this year, hitting a record above $3,500 an ounce in April, before losing some ground in the last couple of weeks. The ascent has been driven by haven buying due to Trump's highly disruptive trade and geopolitical policies, as well as speculative demand in China and global central-bank buying. Spot gold rose 0.8% at $3,264.72 an ounce as of 9:25 a.m. in Singapore. The Bloomberg Dollar Spot Index was down 0.3%. Silver edged higher, while platinum and palladium were steady. Investors were also weighing the latest comments on trade from Trump, who said late Sunday that he had no plans to talk to his Chinese counterpart this week. In aired comments on NBC earlier in the day, the president said that he is willing to lower tariffs on China at some point because the levies now are so high that the world's two largest economies have essentially stopped doing business with each other. Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China How an Israeli Hostage Negotiator Outsmarts Ransomware Hackers 100 Moments You Might Have Missed From Trump's First 100 Days Can the Labubu Doll Craze Survive Trump's Tariffs? Healthy Sodas Like Poppi, Olipop Are Drawing PepsiCo's and Coca-Cola's Attention ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
04-05-2025
- Business
- Yahoo
Trump Rules Out Firing ‘Total Stiff' Powell Over Rate Cuts Pace
(Bloomberg) -- President Donald Trump insisted he doesn't plan to fire Federal Reserve Chair Jerome Powell despite his sustained criticism over the pace of interest rate cuts. The Battle Over the Fate of Detroit's Renaissance Center NYC Lost $9 Billion of Income to Miami, Palm Beach in Five Years NYC Real Estate Industry Asks Judge to Block New Broker Fee Law NJ Transit Urges Commuters to Work Remotely If Union Strikes NJ Transit Strike Would Be 'Disaster' for Region, Sherrill Says 'Why would I do that?' he said in an interview on NBC's Meet the Press with Kristen Welker that aired Sunday. 'I get to replace the person in another short period of time.' On Wednesday, Trump issued another denunciation of the central bank chief as as the president faces growing pressure from the backlash to his sweeping deployment of tariffs. Powell's term ends in May 2026. The Fed is widely expected to hold rates steady when its board meets in Washington on Tuesday and Wednesday. While concerns of a possible recession are mounting, government data on Friday showed a strong 177,000 jump in April payrolls. If the Fed indeed declines to cut rates, Powell, who was appointed by Trump in 2018, could face even more pressure. Trump said in the interview taped Friday that Powell doesn't want to cut rates 'because he's not a fan of mine. You know, he just doesn't like me because I think he's a total stiff.' Senior aides, including Treasury Secretary Scott Bessent, have privately urged Trump to soothe jittery markets by making clear he's not planning to remove Powell, Bloomberg has reported. In mid-April, Trump set off fears by saying in a social media post that 'Powell's termination cannot come fast enough!' followed by Oval Office remarks to reporters that 'if I want him out, he'll be out of there real fast, believe me.' Trump also defended his tariff policy, insisting that companies are starting to move production facilities to the US. He added that he isn't ruling out making the tariffs permanent. 'I wouldn't do that, because if somebody thought they were going to come off the table, why would they build in the United States?' he said. The president was asked again whether he was considering running for a third term, even though it's prohibited by the Constitution. On March 30 he told NBC that 'a lot of people want me to do it' but it was too early to make a decision. On Sunday, he seemed to rule it out. 'This is not something I'm looking to do,' he said, while citing Vice President JD Vance and Secretary of State Marco Rubio as possible successors. 'I'm looking to have four great years and turn it over to somebody, ideally a great Republican, a great Republican to carry it forward.' Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China How an Israeli Hostage Negotiator Outsmarts Ransomware Hackers 100 Moments You Might Have Missed From Trump's First 100 Days Can the Labubu Doll Craze Survive Trump's Tariffs? Healthy Sodas Like Poppi, Olipop Are Drawing PepsiCo's and Coca-Cola's Attention ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
03-05-2025
- Business
- Yahoo
Berkshire's Geico Has Cut Thousands of Jobs in Turnaround Effort
(Bloomberg) -- Berkshire Hathaway said its auto insurer Geico has cut tens of thousands of jobs as part of its efforts to turn around a business that's lagged behind peers. NYC Lost $9 Billion of Income to Miami, Palm Beach in Five Years NJ Transit Urges Commuters to Work Remotely If Union Strikes NYC Real Estate Industry Asks Judge to Block New Broker Fee Law New York City Transit System Chips Away at Subway Fare Evasion NJ Transit Strike Would Be 'Disaster' for Region, Sherrill Says Berkshire's Vice Chair of Insurance Operations Ajit Jain said Geico reduced the insurer's headcount from approximately 50,000 to roughly 20,000, though he didn't specify the time period for the reductions. | Geico, the main contributor to Berkshire's insurance results, posted $2.2 billion of pretax underwriting earnings, a roughly 13% jump from last year's first quarter. The auto insurer added new clients in the period, building on a rebound that began in the second half of 2024 after losing market share to competitors in previous years. Geico has turned a corner by reducing its workforce and catching up on technology, Jain said, crediting Geico Chief Executive Officer Todd Combs with the progress. 'I do not want to be so arrogant to say 'mission accomplished,'' Jain said of Geico, noting that it needs to focus on artificial intelligence to stay competitive. Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China How an Israeli Hostage Negotiator Outsmarts Ransomware Hackers 100 Moments You Might Have Missed From Trump's First 100 Days Can the Labubu Doll Craze Survive Trump's Tariffs? Healthy Sodas Like Poppi, Olipop Are Drawing PepsiCo's and Coca-Cola's Attention ©2025 Bloomberg L.P. Sign in to access your portfolio
