"The Champagne should probably be kept on ice, at least until the two presidents put pen to paper," said state-owned media China Daily.Traderead more
U.S. stock index futures turned lower after China said it needed to have further discussions before it would sign off on the so-called phase one trade deal President Trump...US Marketsread more
Analysts say the partial U.S.-China trade deal doesn't touch on thorny issues plaguing both sides, and warn talks could break down again.World Economyread more
Economists polled by Reuters had expected Chinese exports denominated in the U.S. dollar to fall by 3% and imports to decline by 5.2% in September, compared to a year ago.China Economyread more
Economists Abhijit Banerjee, Esther Duflo and Michael Kremer won the 2019 Nobel Economics Prize for their work in fighting global poverty, the Royal Swedish Academy of...World Newsread more
Boeing's board removed CEO Dennis Muilenburg as chairman amid the fall out of two 737 Max crashes that killed 346 people.Aerospace & Defenseread more
The U.K. and EU are gearing up for what could be the busiest week in British politics since June 2016.Europe Politicsread more
The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
"It seems like what the two leaders have done is try to set some of the thorny political issues to the side," said Dhruva Jaishankar, director of the U.S. Initiative at the...Asia Politicsread more
Beijing will be opening up its financial industry to foreign ownership from January, namely in the areas of futures, mutual funds and securities.China Economyread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
Seattle city officials voted on Tuesday to repeal a new tax measure on large companies following mounting pressure from Amazon and other local businesses.
Sitting in front of a raucous crowd, including many who opposed the repeal, the Seattle City Council members voted 7 to 2 in favor of overturning the law, which was just passed four weeks ago.
The so-called head tax, designed to help fund the city's effort to solve its homelessness problem, would have charged companies with more than $20 million in annual revenue $275 per full-time employee every year. The city was expecting to raise roughly $48 million a year through the new tax measure.
Some of the largest Seattle-based companies, including Amazon and Starbucks, sharply criticized the law and formed a coalition to launch the No Tax On Jobs campaign that would have put a repeal referendum on the November ballot.
Amazon temporarily stopped construction of an office building in downtown Seattle to protest the decision, and more than 100 local businesses signed an open letter last month to oppose the new law.
Amazon's spokesperson said in a statement that the repeal is "the right decision for the region's economic prosperity."
The coalition said through its spokesperson that it's glad to see the "Seattle City Council has heard the voices of the people loud and clear and are now reconsidering this ill-conceived tax," according to the Associated Press.
Seattle Mayor Jenny Durkan issued a statement on Monday acknowledging the city's decision to repeal the head tax proposal.
"It is clear that the ordinance will lead to a prolonged, expensive political fight over the next five months that will do nothing to tackle our urgent housing and homelessness crisis," Durkan said in a statement. "We heard you."
The controversy is Amazon's latest tussle against state and government tax policies.
Amazon is in a tax fight with a number of states, including South Carolina, on how to charge sales tax on products sold by third party sellers on its marketplace. Last month, Amazon also said it would block shoppers in Australia from buying from its international sites after the country said it would impose tax on products shipped into the country.
And then there's Amazon's plan for its second headquarters, which has has created a bidding war from cities and states offering tax breaks and incentives to win the bid.