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|Casino Parent Rallye Is Placed in Creditor Protection|
Rallye SA, saddled with 2.9 billion euros ($3.4 billion) of debt, and the other holding companies Naouri uses to control the retailer Casino filed for a French court procedure called “sauvegarde,” which gives them at least six months to plan a debt restructuring, they said in a statement Thursday. During the process, Rallye and Casino will keep the same management, a company spokesman said.
|Legg Mason Cuts 12% of Staff in Revamp as Peltz Joins Board|
The cost-cutting steps are “critical to our ongoing growth,” Joseph Sullivan, chief executive officer of the Baltimore-based asset manager, said in a memo to staff Thursday. In recent months, BlackRock Inc., State Street Corp. and AQR Capital Management have announced staff reductions.
|Trump's Hikes Double the Cost of Tariffs to Consumers: Report|
President Trump’s recent increase in tariff rates on $200 billion worth of Chinese imports raises the overall cost of tariffs on Chinese goods for U.S. households to $106 billion a year, according to a new analysis published on the New York Federal Reserve Bank’s blog.Individual households will pay $831 per year on average in added costs if the tariffs remain in place, the economists said. That roughly doubles the size of the impact from the previous tariff levels, which were costing households an estimated $419 on average per year.The higher tariffs could lead to a drop in revenues for the Treasury Department, because the cost increase is so large that it will drive U.S. importers to look for alternative sources of goods, such as Vietnam. The substitute goods would likely be more expensive for consumers than before, but if they come from non-Chinese sources, they won’t provide a revenue bump for the Treasury.“[A]ccording to our estimates, these higher tariffs are likely to create large economic distortions and reduce U.S. tariff revenues,” the authors Mary Amiti, Stephen J. Redding, and David E. Weinstein concluded. Not coincidentally, retailers including Walmart, Target and Home Depot warned this week that the tariffs are causing them to review their financial outlooks and consider price hikes. "We're concerned about tariffs because they lead to higher prices on everyday products for American families," Target CEO Brian Cornell said Wednesday.Like what you're reading? Sign up for our free newsletter.
|Exclusive: Canada's Conservative leader to drop pledge to balance budget in two years|
In a speech on his economic policy he will deliver at the Canadian Club in Vancouver, British Columbia on Friday, Scheer will promise to make a balanced budget part of his platform, but within about five years instead of two. "Even the most optimistic projections don't have the Liberals balancing the budget for 20 more years ... But if Canadians elect a Conservative government this fall, we will balance the budget in about a quarter of that time," the text reads. The decision also comes as Scheer's ally Doug Ford, the premier in Ontario, seeks to balance the budget of Canada's most populous province by 2023-24.
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|Trump unveils $16 bn aid for farmers hurt by China trade war|
President Donald Trump on Thursday unveiled a new $16 billion aid package to help farmers caught in the crossfire his trade war with China. "The farmers have been attacked by China," Trump told reporters at the White House. Trump again claimed that China is paying the 25 percent tariffs he has imposed on $200 billion in imports, which economists agree are paid by businesses and consumers.
|Children up for adoption paraded in Brazil shopping center|
A parade of adoptable children held in a Brazilian shopping center drew condemnation Thursday, with some comparing the event to the sale of animals or slaves. "Adoption on the Catwalk" in the central-west state of Mato Grosso was designed to "give visibility to children and adolescents who are eligible for adoption," according to an official statement promoting Tuesday's show. The parade -- organized by the local chapters of the Brazil Bar Association's Childhood and Youth Commission (CYC) and the Adoption Research and Support Association (AMPARA) -- was held in the Pantanal shopping mall in the capital Cuiaba.
|Coinbase Commerce eclipses $50 million in transactions|
Coinbase Commerce, the exchange’s online retail service, announced today it has facilitated $50 million in transactions since launching last year. With 10,000 monthly users, the platform is on a growth trajectory, homing in on early adopters with plans to innovate, according to Justin O’Brien, the product lead for the project.The post Coinbase Commerce eclipses $50 million in transactions appeared first on The Block.
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|Trump's New $16 Billion Bailout for Farmers|
The Trump administration unveiled on Thursday a $16 billion aid package for U.S. farmers hurt by President Trump’s ongoing trade war with China and other nations.Agriculture Secretary Sonny Perdue said the money would come from the tariffs on Chinese imports being collected by the U.S. Treasury, which he falsely claimed were being paid by China, sticking with a now well-established and misleading script.“China’s going to pay for these, the $16 billion of tariffs coming in,” Purdue told Fox Business. “It’s a transfer coming in, and we’re doing again through the CCC [Commodity Credit Corporation] program which was authorized, as we used last year, but actually the tariff money that we were receiving, the revenue we were receiving is what the president has intended to fund the farmers who have been hurt by these retaliatory tariffs.”In fact, tariffs are paid by American businesses and consumers, who will be the ultimate source of the bailout funds.The payments: The $16 billion aid package is larger than the $12 billion package offered last year, and Bloomberg’s Mike Dorning and Jennifer Jacobs reported that the payments for farmers will be more generous this time around. Last year, farmers received $1.65 per bushel for soybeans, 14 cents per bushel for wheat and 1 cent per bushel for corn; the new package will reportedly offer $2 per bushel for soybeans, 63 cents per bushel for wheat and 4 cent per bushel for corn. Growers of other commodities including cotton, chickpeas and cherries will also be eligible to receive subsidy payments.The program will pay about $14.5 billion directly to farmers starting as soon as this summer, distributed through the Commodity Credit Corporation. An additional $1.4 billion will be used to purchase surplus commodities including fruits, vegetables, meat and milk and distribute them to food banks and schools. About $100 million will be used to develop new markets for American exports.Farmers still not happy: Sen. Joni Ernst of Iowa said the payments may not be enough to satisfy farmers, despite being more generous this year. “Corn farmers are going to be very upset about this,” Ernst said. “It’s better than the 1 cent per bushel that they got earlier but it’s not enough.”The U.S. agricultural sector has been under strain for several years due to falling commodity prices, Dorning and Jacobs said, and American farm income dropped by 16% last year, to about half the level it was in 2013.Worries about market distortions: Economists have warned that the subsidy payments may influence farmers’ decisions about which crops to grow. Higher subsidies for soy could prompt farmers to move away from corn to maximize their payments from the government. The U.S. Department of Agriculture said that as of Sunday farmers had planted only 49% of the corn they said they had planned to plant, the lowest percentage at this point in the calendar since 1980. While a wet spring is likely playing a role in the delay, a shift toward higher soy production may be involved as well.Like what you're reading? Sign up for our free newsletter.
|Trump says 'dangerous' Huawei could be included in U.S.-China trade deal|
Washington last week effectively banned U.S. firms from doing business with Huawei, the world's largest telecoms network gear maker, citing national security concerns. "You look at what they've done from a security standpoint, from a military standpoint, it's very dangerous," Trump said in remarks at the White House. Trump predicted a swift end to the trade war with China, although no high-level talks have been scheduled between the two countries since the last round of negotiations ended in Washington two weeks ago.
|Fed officials say trade tensions could threaten growth|
The remarks suggest the outcome of the 10-month trade war between the world's two largest economies will be an important factor as Fed policymakers weigh how long to stay "patient" on interest rates. "I feel like the data is good, but the mood is teetering, so if we get a relaxation or a reduction in the uncertainty...then I expect the economy's momentum to be an upside risk to growth," San Francisco Federal Reserve President Mary Daly said at a Dallas Fed conference.
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|Trump says US-China trade deal could include Huawei|
President Donald Trump on Thursday for the first time linked a dispute over telecom giant Huawei, which he views as a threat to American security, with a deal to resolve the US-China trade war. "Huawei is something that is very dangerous," Trump told reporters at the White House. The two sides have hardened their stands over Huawei, with the US blacklisting the smartphone and telecommunications company over worries that China uses it as a tool for espionage, while Beijing has accused Washington of "bullying" the firm.
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|Asia Stocks to Drop Amid Escalating Trade Tension: Markets Wrap|
Treasuries soared and U.S. shares tumbled. Futures signaled losses of more than 1% for Japanese shares, with contracts in Hong Kong and Australia also in the red. The rush for safe havens intensified, with yields on 10-year Treasuries slumping to the lowest since 2017.
|3 dead, state capital battered as storms rake Missouri|
JEFFERSON CITY, Mo. (AP) — An outbreak of nasty storms spawned tornadoes that razed homes, flattened trees and tossed cars across a dealership lot, injuring about two dozen people in Missouri's capital city and killing at least three others elsewhere in the state.
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|UK's May delays Brexit bill, faces showdown on resignation|
LONDON (AP) — Increasingly isolated, Prime Minister Theresa May backed down Thursday from plans to seek Parliament's support for a Brexit bill already rejected by much of her Conservative Party, as expectations rose that she would cave in to demands that she resign and let a new leader try to complete the U.K.'s stalled withdrawal from the European Union.
|Facebook reveals more details on AR glasses in new patent|
We may still be years away from Facebook's augmented reality glasses becoming an actual product, but we now know a little more about how they might work.A new patent filing reveals additional details about Facebook's AR glasses, including how they might handle audio. The patent, originally filed in January but published Thursday, describes a "cartilage conduction audio system for eyewear devices." The glasses' overall design is similar to what we saw in a previous patent published in 2017, though it now appears plans for the glasses are much further along. Using sensors, as well as those that sit inside the ear, the glasses would be able to project sound into your ear while also allowing you to hear ambient noise around you. The idea is similar to headphones that use bone conduction technology, though the patent notes that its cartilage conduction method is more comfortable and reliable than bone conduction. Read more...More about Tech, Facebook, Augmented Reality, Tech, and Social Media Companies
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|Trump announces $16 billion bailout for farmers hit by trade war with China|
The Trump administration unveiled a $16 billion aid package for farmers hurt by the ongoing trade war with China, the second such deal intended to help limit the losses from Chinese tariffs on American goods. The assistance is designed to offset the estimated impact to American farmers from Chinese tariffs on American goods levied in retaliation for tariffs against Chinese products.
|Brazil sues tobacco companies to recover public health costs|
RIO DE JANEIRO (AP) — Tobacco giant Philip Morris said Thursday that Brazil's courts have consistently ruled that tobacco companies are not liable for smoking-related health damages after the country's attorney general filed a lawsuit seeking to recover costs to the public health system in treating such illnesses.
|Unstoppable Domains raises $4M to create a decentralized domain registry|
Unstoppable Domains is on a mission to make the Internet more censorship resistant. Announcing a new $4 million round of financing on Thursday, Unstoppable Domains is building a registry for domain names secured by blockchains.The post Unstoppable Domains raises $4M to create a decentralized domain registry appeared first on The Block.
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|Brazil lawmakers undo Bolsonaro move to weaken indigenous agency|
Brazil's lower house of Congress has rebuffed President Jair Bolsonaro's move to put decisions on indigenous land claims in the hands of the Ministry of Agriculture. The chamber voted late on Wednesday to restore land delineation decisions to the National Indigenous Affairs agency Funai, which will also be placed under the Ministry of Justice again. The right-wing president had alarmed anthropologists and environmentalists by planning to assimilate Brazil's 800,000 indigenous people into Brazilian society and open reservation lands to commercial agriculture and mining, even in the Amazon rainforest.