Categories for Business

31,070. 11/30/2019

BUSINESS/JOBS/TRUMP AS PRESIDENT: “RT @SBAgov: #DidYouKnow small businesses create 2 out of every 3 net new jobs in the United States? 😮 Show your support for entrepreneurs…

Donald Trump, Twitter.com, November 30, 2019 12:17 pm

31,040. 11/26/2019

BUSINESS/FRANCE/TARIFFS/TAXES/TRUMP AS PRESIDENT: “A brief truce in what had been an escalating battle between the United States and France over taxing digital services has expired, but President Trump gave no indication this week whether he planned to return to his threats to impose new tariffs on imported wine and other French products as a result. French leaders voted this year to impose a new tax on economic activity that takes place online and crafted it in such a way that it would largely hit large American tech companies like Amazon and Facebook. In response, the Trump administration opened an investigation into whether the tax posed a threat to national security and should be met with American tariffs on French products. Mr. Trump vocalized the threat of tariffs in July. Soon after, the countries reached a 90-day agreement that paused the American retaliation, while leaders from wealthy countries including France and the United States pursued negotiations toward an international agreement on digital taxation.”

Jim Tankersley and Alan Rappeport, “Trump’s Tax Truce With France Expires, but the Path Ahead Remains Unclear,” The New York Times online, November 26, 2019 

30,914. 11/22/2019

BUSINESS/CHINA/TRADE WAR/TRUMP AS PRESIDENT: “Global stocks inched up on Friday [11-22-19], lifted by China’s renewed offer to work out a trade pact with Washington and despite signs that manufacturing in major eurozone economies was grinding to a halt. But gains were limited by uncertainty over how the 16-month-old U.S.-China trade war plays out and how much it may undermine the world economy. Such jitters have put MSCI’s index of global shares on course to snap a six-week streak of gains, with lacklustre economic data and rising political risks in the United States and Britain also casting a pall over sentiment. European shares rose off three-week lows touched on Thursday when it seemed that U.S. legislation on Hong Kong would undermine planned trade talks between the world’s two largest economies. The broader Euro STOXX 600 was up 0.4% and London-listed shares outperformed with a 1% rise as trade-exposed miners, banks and energy companies recovered from falls earlier this week.”

Sujata Rao, Tom Arnold, “GLOBAL MARKETS-Global shares inch up, but trade worries linger,” Reuters, November 22, 2019 4:20 am

30,607. 11/14/2019

BUSINESS/TARIFFS/TRUMP AS PRESIDENT: “Walmart announces great numbers. No impact from Tariffs (which are contributing $Billions to our Treasury). Inflation low (do you hear that Powell?)!” 

Donald Trump, Twitter.com, November 14, 2019 9:32 am

29,615. 10/18/2019

BUSINESS/TRUMP AS PRESIDENT: “RT @PressSec: [email protected] is one of more than 350 companies delivering on the Pledge to America’s Workers. Thank you for investing in th…”

Donald Trump, Twitter.com, October 18, 2019 8:08 am

28,459. 9/16/2019

BUSINESS/TRUMP AS PRESIDENT: “RT @WhiteHouse: Business creation is thriving in New Mexico! https://t.co/AG0gAThYdT

-Donald Trump, Twitter.com, September 16, 2019 7:29 pm

28,055. 9/2/2019

BUSINESS/CHINA/TARIFFS/TRADE WAR/TRUMP AS PRESIDENT: “Before the trade war threatened to upend everything, Lena Phoenix spent most of her hours puzzling over how to expand the thriving footwear business she and her husband had founded in their home in Colorado. Now, she is mostly consumed with finding a way around the tariffs that President Trump just imposed, bringing expensive complications. The latest round took effect on Sunday [9-1-19], increasing the costs that Americans pay for $112 billion worth of goods imported from China, among them the shoes and sandals designed and sold by Ms. Phoenix’s company, Xero Shoes. Mr. Trump has hailed his tariffs as a means of forcing American companies to abandon China and make their goods at home. Ms. Phoenix has taken the trade war as impetus to seek alternatives to the Chinese factories that now make her company’s products. But the United States presents no viable options, she says.”

Peter S. Goodman, “Make Shoes in U.S., or Pay Tariffs? A Footwear Company Seeks a Third Option,” The New York Times online, September 2, 2019

27,877. 8/28/2019

BUSINESS/TRUMP AS PRESIDENT/TRUMP TAXES: “Deutsche Bank’s disclosure on Tuesday [8-27-19] that it has tax returns related to President Trump’s family or business set off a frenzy of speculation about what those materials might reveal. But a trove of other data and documents that his longtime lender is sitting on might prove more revelatory to investigators digging into Mr. Trump’s finances. That includes records of how Mr. Trump made his money, whom he has partnered with, the terms of his extensive borrowings and what transactions he has engaged in with Russians or other foreign nationals. For nearly two decades, Deutsche Bank was the only mainstream financial institution consistently willing to do business with Mr. Trump, who had a long record of defaulting on loans. The bank over the years collected reams of his personal and corporate information. Two congressional committees have subpoenaed Deutsche Bank for a vast array of records related to Mr. Trump — including any tax returns since 2010.”

-David Enrich, “The Trump Secrets Hiding Inside Deutsche Bank,” The New York Times online, August 28, 2019

27,853. 8/27/2019

BUSINESS/COURTS/DEMS/TRUMP TAXES: “Deutsche Bank told a federal appeals court on Tuesday [8-27-19] that it was in possession of some tax returns sought by congressional subpoenas issued earlier this year to President Trump, his family and his businesses. In a letter to the United States Court of Appeals for the Second Circuit, the German lender wrote that it ‘has in its possession tax returns (in either draft or as-filed form).’ Although the identities of the people or organizations were redacted in the publicly available document, current and former bank officials have said Deutsche Bank has portions of Mr. Trump’s personal and corporate tax returns for multiple years as part of the reams of financial data it has collected over its two-decade relationship with him. The bank’s lawyers also said Deutsche Bank ‘has such documents related to parties not named in the subpoenas but who may constitute ‘immediate family’ within the definition provided in the subpoenas.’”

David Enrich and Emily Flitter, “Deutsche Bank Tells Court It Has Some Tax Returns Related to Trump Inquiry,” The New York Times online, August 27, 2019

27,623. 8/20/2019

BUSINESS/ECONOMY/TRUMP AS PRESIDENT: “RT @WhiteHouse: For years, ‘anti-business policies squeezed corporations and left American workers out of the economic recovery,’ @Secretar…” 

Donald Trump, Twitter.com, August 20, 2019 8:14 am

27,620. 8/20/2019

BUSINESS/TRUMP AS PRESIDENT: “RT @SecretaryRoss: Because of @realDonaldTrump’s policies, American companies and their workers are succeeding together.”

Donald Trump, Twitter.com, August 20, 2019 8:11 am

27,616. 8/20/2019

BUSINESS/ECONOMY/TARIFFS/TRUMP AS PRESIDENT: “Home Depot Inc (HD.N) beat quarterly profit estimates on Tuesday [8-20-19] as it sold more big-ticket items to high-spending builders and handymen, while flagging the potential impact of U.S. President Donald Trump’s ongoing trade tussle with China on consumers. The home improvement chain, which has distanced itself from co-founder Bernie Marcus’ support for Trump’s re-election campaign, blamed the impact of the trade dispute as well as a continued slump in lumber prices for a cut in its full-year sales forecast. Still, the company’s shares were up 4.4% at $217.11 by midday as investors shrugged off the warning, which analysts said was largely expected. The United States’ proposed tariffs on an additional $300 billion worth of goods have sent jitters through Wall Street, with companies warning that prices for U.S. shoppers could rise, potentially hurting demand.”

Uday Sampath Kumar, “Home Depot beats quarterly profit estimates, warns of tariff impact,” Reuters, August 20, 2019 3:20 am

27,612. 8/19/2019

BUSINESS/CHINA/TECHNOLOGY/TRUMP AS PRESIDENT: “The United States will allow American companies to continue doing business with Huawei, the Chinese telecommunications giant, for an additional 90 days, Commerce Secretary Wilbur Ross said Monday. [8-19-19]. The government’s reprieve is intended to give rural telecommunications companies in the United States more time to wean themselves from Huawei, which supplies many of those providers with parts and equipment. Rural telecom firms in the United States have been scrambling to figure out how they will replace Huawei equipment since the Trump administration effectively banned the company from United States communications networks in May and have been lobbying the White House for more time…Huawei has been thrust into the middle of President Trump’s trade fight with China, and the president has given mixed signals about the telecom giant’s fate. After trade talks broke down in May, the Commerce Department added the company to a United States ‘entity list’ that effectively banned the firm from buying American technology and other products without government approval.”

Alan Rappeport, “U.S. Gives Companies More Time to Cease Doing Business With Huawei,” The New York Times online, August 19, 2019

27,530. 8/16/2019

BUSINESS/TECHNOLOGY/TRUMP AS PRESIDENT: “Having dinner tonight with Tim Cook of Apple. They will be spending vast sums of money in the U.S. Great!”

Donald Trump, Twitter.com, August 16, 2019 6:04 pm

27,492. 8/15/2019

BUSINESS/ECONOMY/TRUMP AS PRESIDENT: “Walmart, a great indicator as to how the U.S. is doing, just released outstanding numbers. Our Country, unlike others, is doing great! Don’t let the Fake News convince you otherwise.”

Donald Trump, Twitter.com, August 15, 2019 3:18 pm

27,439. 8/14/2019

BUSINESS/GOVERNMENT/LABOR/LGBTQ/RELIGION/TRUMP AS PRESIDENT: “U.S. businesses with federal government contracts would be allowed not to hire LGBT+ candidates on religious grounds under a proposed rule announced on Wednesday [8-14-19] by the U.S. Department of Labor. The policy change would state that government contractors, including universities, hospitals and corporations, can claim religious exemptions in employment decisions if they can produce evidence of ‘religious purpose’ in their organization. The policy, overseen by the Office of Federal Contract Compliance Programs (OFCCP) which sets anti-discrimination rules for businesses working with the government, would weaken an LGBT+ nondiscrimination order by former U.S. President Barack Obama…About one in four workers is employed by a government contractor, according to the American Civil Liberties Union (ACLU). Opponents expressed concern that the rule amounted to tax-funded discrimination against vulnerable populations, including single mothers and LGBT+ Americans.”

Kate Ryan, “Government contractors could refuse LGBT+ workers under new U.S. religious exemption,” Reuters, August 14, 2019 3:49 pm

27,115. 8/1/2019

BUSINESS/DEFENSE/TECHNOLOGY/TRUMP AS PRESIDENT: “The Pentagon is slamming the brakes on its mega-competition to award a $10 billion cloud computing contract after President Donald Trump suggested the Defense Department might have rigged the contest in favor of Amazon, a frequent target of his criticism. Defense Secretary Mark Esper, who assumed his post July 23, is now reviewing accusations of unfairness in the fiercely fought competition, the Pentagon announced Thursday [8-1-19], marking the president’s latest incursion into the arcane world of Defense Department contracting. Oracle has reportedly waged an aggressive lobbying campaign to push back on the competition, now pitting Amazon against Microsoft, including talking with members of Congress and preparing a graphic that made its way to the president’s desk.”

Jacqueline Feldscher, “Pentagon puts $10B contract on hold after Trump swipe at Amazon,” Politico, August 1, 2019 5:35 pm

26,842. 7/23/2019

BUSINESS/DEMS/TRUMP AS PRESIDENT/TRUMP PEOPLE: “History will record last week as a moment when President Trump turned to raw racial appeals to attack a group of nonwhite lawmakers, but his attacks also underscored a remarkable fact of his first term: His rhetorical appeals to white working-class voters have not been matched by legislative accomplishments aimed at their economic interests. As Mr. Trump was lashing out at Representatives Alexandria Ocasio-Cortez, Ilhan Omar, Rashida Tlaib and Ayanna S. Pressley, House Democrats were passing a minimum wage bill with scant Republican support and little expectation of Senate passage. On the same day, the president issued a perfunctory announcement naming Eugene Scalia, a corporate lawyer and the son of Antonin Scalia, the former Supreme Court justice, as his new secretary of labor on the recommendation of Senator Tom Cotton, a hard-line Arkansas conservative.”

Jonathan Martin and Maggie Haberman, “Trump Relies on Populist Language, but He Mostly Sides With Corporate Interests,” The New York Times online, July 23, 2019

26,750. 7/19/2019

BUSINESS/TAXES/TRUMP AS PRESIDENT: “President Trump’s tax cuts have been very good to big banks. For foreign-owned banks, they could get even better. The cuts allowed America’s largest banks to save an estimated $16 billion collectively in taxes last year, a windfall that helped those firms reward shareholders through stock buybacks and dividend payments. The savings flowed largely from changes to the corporate rates, which fell to 21 percent from 35 percent under the new law. For years, domestic banks’ effective tax rates had been higher than those of many other companies’, so when they fell, those institutions enjoyed outsize benefits. Foreign-owned banks reaped benefits as well, though the structure and reporting of their global financial operations make them more difficult to quantify. Late last year, they won a potentially lucrative victory in a proposed Treasury Department regulation that puts into effect a part of the 2017 tax law that established a global minimum tax on multinational corporations. Analysts say the proposed regulation, which companies must apply even though it has not been made final, could allow foreign banks to largely avoid the minimum tax.”

Jim Tankersley and Peter Eavis, “Foreign-Owned Banks’ Results Could Sweeten Further Under Tax Law,” The New York Times online, July 19, 2019

26,685. 7/18/2019

BUSINESS/PENTAGON/TRUMP AS PRESIDENT: “President Trump said on Thursday [7-18-19] that he was looking ‘very seriously’ at intervening in the hard-fought commercial battle for a $10 billion Pentagon cloud computing contract for which Amazon, a company he has frequently attacked, is seen as the leading contender. For the president to weigh in on the award of a major government contract would be highly unusual, raising questions of improper political influence, but the stakes are high and Amazon’s competitors have been lobbying aggressively. Mr. Trump has long carried on a one-sided feud with Jeff Bezos, Amazon’s founder, over some of the company’s business activities and also over what the president refers to as ‘The Amazon Washington Post,’ though Mr. Bezos owns the newspaper personally, not as a corporate asset…In fact, the contract has not yet been awarded and has been the subject of a monthslong competition involving Amazon, Microsoft, Oracle and IBM.”

Scott Shane and Karen Weise, “Trump Says He May Intervene in Huge Pentagon Contract Sought by Amazon,” The New York Times online, July 18, 2019

26,678. 7/18/2019

BUSINESS/DEMS/GOP/HOUSE OF REPS/LEGISLATION/TRUMP AS PRESIDENT: “The U.S. House of Representatives on Thursday [7-18-19] passed legislation to raise the federal minimum wage to $15 an hour by October 2025, a big win for workers and labor groups, even as it remained unlikely the bill would pass a Republican-controlled Senate. The move comes at a time when the $15 minimum wage fight, first started by fast-food workers in New York in 2012, has been gaining momentum around the country with several states and large private-sector employers that hire entry-level workers. Cities and states including Seattle, San Francisco, New York state, California, Arkansas and Missouri have raised their minimum wage. Over the past year, employers like Amazon.com Inc and Costco Wholesale Corp have raised their base wages to $15 an hour while others like Target Corp have committed to going up to that level by the end of 2020. Even some opposed to the move like fast-food chain operator McDonald’s Corp said recently it would no longer fight proposals to raise the federal minimum wage.”

Nandita Bose, “House passes bill to raise federal minimum wage to $15 an hour,” Reuters, July 18, 2019 9:17 am

26,659. 7/17/2019

BUSINESS/ECONOMY/TAXES/TRUMP AS PRESIDENT: “The five largest banks in the United States reaped tens of billions of dollars in profits in the first half of the year, thanks in part to a strong economy and to the lingering effects of President Trump’s tax cuts. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Wells Fargo have all seen their tax rates decline to 22 percent or less as a result of the cuts, compared with rates of around 30 percent three years ago, one of the most consistent sources of strength apparent in quarterly earnings reports issued this week. JPMorgan’s tax rate fell to just under 15 percent in this year’s second quarter, although the bank said it would probably inch higher later in the year. Wells Fargo’s tax rate for the quarter was just over 17 percent, and Bank of America’s was 18 percent. The reduced rates helped offset a general decline in Wall Street trading revenue and added some pep to what would have otherwise been unremarkable quarterly performances by most of the banks.”

Emily Flitter, “Big U.S. Banks Are Earning Billions. Trump’s Tax Cuts Are Helping.,” The New York Times online, July 17, 2019

26,610. 7/15/2019

BUSINESS/STEVE MNUCHIN/TECHNOLOGY/TREASURY/TRUMP PEOPLE: “Treasury Secretary Steven Mnuchin said on Monday [7-15-19] that he had ‘very serious concerns’ about cryptocurrencies, including the one being developed by Facebook, the latest indication that Washington is preparing to exert its power over digital currencies. In a briefing at the White House, Mr. Mnuchin said cryptocurrencies posed a national security threat because they can be used to fund illicit activities. He also said that the Trump administration was ‘not comfortable’ with Facebook’s plans to begin a digital payment system, called Libra. The warnings come after similar comments by President Trump, who said in a series of Twitter posts last week that he was ‘not a fan’ of cryptocurrencies and that their value was volatile and ‘based on thin air.’ Mr. Trump warned Facebook that it must seek a banking charter and follow all bank regulations if it wants to be in the digital currency business. The Trump administration has said little about cryptocurrencies in the past two years, despite their growing popularity.”

Alan Rappeport and Nathaniel Popper, “Cryptocurrencies Pose National Security Threat, Mnuchin Says,” The New York Times online, July 15, 2019

26,515. 7/12/2019

BUSINESS/CHINA/TECHNOLOGY/TRUMP AS PRESIDENT: “The chairman of Huawei said Friday [7-12-19] the Chinese tech giant has yet to see any benefit from President Donald Trump’s promise to allow U.S. companies to sell some components to the company and called on Washington to remove it from a security blacklist. The ‘unjust and unfair’ decision to add Huawei Technologies Ltd., the biggest maker of network equipment for phone companies, to a list that restricts exports is hurting its U.S. suppliers and global customers, Liang Hua told a news conference. American officials accuse Huawei of facilitating Chinese spying, a charge the company denies, and see it as a growing competitor to U.S. technology industries. Its founder, Ren Zhengfei, said in June the company has cut sales forecasts by $30 billion over the next two years due to curbs on access to U.S. chips and other components. Trump promised last month to allow some sales to Huawei but said it will stay on the ‘entity list’ until talks over Washington’s tariff war with Beijing are concluded…Despite the U.S. export restrictions, Huawei revenue grew in the first half of this year, Liang said. He declined to give details ahead of the release of financial results later this month.”

Associated Press, “‘Unjust and unfair’: China’s Huawei calls on Trump to lift export restrictions,” USA Today, July 12, 2019 10:38 am

26,427. 7/10/2019

BUSINESS/PENNSYLVANIA/TRUMP AS PRESIDENT: “I was just informed by Marillyn Hewson, CEO of Lockheed Martin, of her decision to keep the Sikorsky Helicopter Plant in Coatesville, Pennsylvania, open and humming! We are very proud of Pennsylvania and the people who work there….”

Donald Trump, Twitter.com, July 10, 2019 7:06 pm