SoftBank wants to push Neumann out of the CEO role ahead of the IPO.Technologyread more
The next three weeks are among the rockiest, on a historical basis, of the entire calendar.Trading Nationread more
An annual survey by Piper Jaffray found iPhone users willing to upgrade to newly released models declined compared to last year.Technologyread more
The UK's Civil Aviation Authority said Thomas Cook had now ceased trading and the regulator would work with the government to bring the more than 150,000 British customers...Europe Marketsread more
New York Fed President John Williams said Monday that the central bank acted quickly during last week's jolt to overnight lending markets and that the issue appears resolved...The Fedread more
The holidays are a critical time for many brands, as sales during this time of year can make up 30% of a retailers annual sales. Heading into the gift-giving season, shoppers...Retailread more
The U.S. manufacturing sector recovered in September with activity growth hitting a five-month high, according to IHS Markit.Marketsread more
Microsoft is looking for a new way to grab business from retailers as they fend off Amazon.Technologyread more
Banks have historically used armies of mortgage brokers to gather income and asset documents from prospective borrowers.Financeread more
On Sunday, the 71st Primetime Emmy Awards honored the best comedies, dramas, limited and variety series from the last year.Entertainmentread more
Guggenheim reiterates its buy rating on Boston Beer's stock and raises its price target to $462 from $449 per share.Investingread more
official@ (Adds quotes, background)
WASHINGTON, May 30 (Reuters) - The suspension of a U.S. trade preference program with India is a "done deal," a senior State Department official said on Thursday as Prime Minister Narendra Modi began his second term.
President Donald Trump announced in March he would end India's access to the decades-old Generalized System of Preferences (GSP) trade program over what the U.S. said was lack of access to India's market. The program allows emerging countries to export goods to the United States without paying duties.
U.S. law requires the administration to wait 60 days after it notifies Congress of the move before it formally ends India's participation in the program. Trump notified Congress of the move in early March.
"There is every reason to believe that GSP suspension will move forward," the official told reporters, speaking on condition of anonymity. "What is important is that the interest is to resolve trade irritants - to ensure fair and equitable market access," the official added.
But the official said the benefits could be restored if India gave U.S. companies fair and equitable access to its markets.
"We need to be looking forward at how we relaunch an ambitious set of discussions between our trade teams in order to address these outstanding irritants," the official said.
"We believe if India is prepared to address policies, including data localization, e-commerce measures that served to stifle international investment for top-tier companies, that we can continue to make significant progress moving forward," the official added.
India is the world's largest beneficiary of GSP, which dates from the 1970s, and ending its participation would not only be the strongest punitive action against the country since Trump took office, but would also open a new front in the global trade war.
Twenty-four U.S. members of Congress sent the administration a letter on May 3 urging it not to terminate India's access to the GSP. (Reporting by Lesley Wroughton; Editing by Sandra Maler)