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Wires

  • Trump is seeking a $52 billion hike for the Pentagon as part of an overall defense spending increase of $54 billion. The $603 billion includes funding for nuclear weapons programs at the Department of Energy and other national defense programs as well as the Department of Defense. At the direction of Defense Secretary James Mattis, the Pentagon is carrying out...

  • *USDA report shows corn, soy seeding pace near average. *Wheat sags on surprise improvement in USDA crop ratings. The USDA estimated that U.S. soybean plantings were 53 percent complete, above the five-year average of 52 percent.

  • NEW YORK, May 23- Altice USA, the cable operator created from Netherlands- based Altice NV's acquisitions of Cablevision Systems Corp and Suddenlink Communications, considers cable growth a priority as it explores ways to enter the wireless business, company officials said. In April, Altice USA filed for an initial public offering that seeks to raise $1 billon...

  • WASHINGTON— The Trump administration's budget plan for 2018 assumes that a mix of sharp spending and tax cuts can both shrink the deficit and fuel economic growth of 3 percent a year— a level it hasn't achieved in more than a dozen years. They say there are multiple flaws with the numbers unveiled by President Donald Trump's budget director, Mick Mulvaney.

  • *LeEco to cut 325 U.S. jobs, about 70 pct of total. *Cuts part of strategy to refocus on domestic market. TAIPEI/ HONG KONG, May 24- Chinese TV and smartphone vendor LeEco said it will cut over 300 jobs at its U.S. business, amounting to almost three-quarters of its local workforce, as the cash-strapped conglomerate streamlines global operations in response to a shortage...

  • CHINA'S LEECO SAYS TO FOCUS U.S. BUSINESS ON CHINESE-AMERICAN CONSUMERS.

  • HONG KONG, May 24- Chinese TV and smartphone vendor LeEco said it will lay off 325 employees in the United States as the sprawling, cash-strapped conglomerate scales back operations in the country and focuses mainly on Chinese-American consumers. She declined to comment further on the size of the remaining headcount, but said most employees would be based in...

  • CHINA'S LEECO SAYS TO CUT 325 JOBS IN U.S., CLOSE SAN DIEGO OFFICE.

  • WASHINGTON, May 23- The chief executive officers of two major American companies- retailer Target Corp and agribusiness Archer Daniels Midland Co- offered opposing views in a hearing before U.S. lawmakers on Tuesday on a proposed border adjustment tax. Target CEO Brian Cornell has been one of the most vocal opponents of the Republican-backed border...

  • May 23- Target Corp on Tuesday agreed to pay $18.5 million to settle claims by 47 states and the District of Columbia and resolve a multi-state investigation into the retailer's massive data breach in late 2013.. The investigation led by the Attorneys General of Connecticut and Illinois found that cyber attackers had accessed Target's gateway server...

  • CARACAS, May 23- Venezuela on Tuesday announced a new foreign exchange auction mechanism to complement its currency control system, the fifth such plan in four years by a socialist government that has repeatedly balked at reforming its state-led economic system. Economists say Venezuela needs to abandon its 14- year-old exchange controls rather than...

  • NEW YORK, May 23- U.S. Treasury debt yields retreated slightly from their session highs on Tuesday after solid demand at a $26 billion auction of a new two-year note issue, the first part of the $88 billion in coupon-bearing government debt supply this week. At 1:16 p.m. Eastern time, the benchmark 10- year yield was 2.273 percent, up nearly 2 basis points from late...

  • BOSTON, May 23- A former Eaton Vance Corp portfolio manager pleaded guilty on Tuesday to an illegal options trading scheme that defrauded the company and allowed him to make $1.9 million in profits. Kevin Amell, who had been a vice president at the asset management company, pleaded guilty in Boston federal court to one count of securities fraud as part of a plea...

  • SAO PAULO, May 23- Brazil's state-controlled power holding company Centrais Elétricas Brasileiras SA is still seeking to sell assets to cut debt despite concern that a political crisis could spook potential buyers, its chief executive said on Tuesday. Eletrobras CEO Wilson Ferreira was in New York meeting with investors last week when news broke about the...

  • May 23- Wall Street edged higher in early afternoon on Tuesday, but stayed in a tight trading range, as a boost from financial stocks was tempered by a drop in consumer discretionary and tech stocks. But that recovery stuttered on Tuesday as investors assessed the details of President Donald Trump's first full budget plan as well as some weak economic data.

  • WASHINGTON, May 23- The U.S. government has filed a civil lawsuit accusing Fiat Chrysler Automobiles NV of using software to bypass emission controls in diesel vehicles. The U.S. Justice Department suit, filed in U.S. Reuters reported last week the Justice Department and EPA have obtained internal emails and other documents written in Italian that look at...

  • Chris Christie says that an agreement has been reached between New Jersey Transit and Amtrak that will limit the effect on commuters from this summer's planned work at New York's Penn Station. Christie said Tuesday that only the Morris and Essex Line's Midtown Direct service will be affected by the work from July through Labor Day. The Republican says that...

  • TREASURY YIELDS HOLD NEAR SESSION HIGHS AFTER $26 BLN 2- YEAR NOTE AUCTION.

  • The government surpassed its goal of giving 23 percent of overall contracting funds to small companies, but last fiscal year's 24.34 percent was down from 25.75 percent in fiscal year 2015, according to figures provided by the Small Business Administration. The government awarded nearly $100 billion in small business contracts and subcontracts in fiscal...

  • The 3- liter FCA diesels emit nitrogen oxide at a much higher rate than allowed under federal laws when on the road, the EPA says in a statement. The company failed to disclose the software during the process to become certified so the vehicles can be sold, according to the EPA. "Each of these vehicles differs materially from the specifications provided to EPA in the...