Removing Neumann is a difficult decision for Son, who has long believed in WeWork and Neumann's vision to quickly expand the company.Technologyread more
The Kingdom and oil and gas industry have been slow to shore up defenses, raising red flags about the possibility of longer term fall-out in the region.Technologyread more
Datadog went public on Thursday and instantly hit a $10 billion valuation, becoming the fourth cloud software debut to reach that level this year.Technologyread more
There are challenges with Iran, North Korea, the Afghan Taliban, Israel and the Palestinians — not to mention a number of trade pacts.Politicsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
In his new memoir, "The Ride of a Lifetime," Iger explains why he decided against the deal to buy Twitter.Technologyread more
In perhaps Buffett's first televised profile, he explained a method of investing that prioritizes bargains and makes use of an occasional baseball analogy.Marketsread more
Gluskin Sheff's David Rosenberg reinforces his recession forecast following the Federal Reserve's September meeting.Futures Nowread more
"This would be the most profound violation of the presidential oath of office certainly during this presidency," House Intelligence Chair Adam Schiff said.Politicsread more
A 58% majority of registered voters express unease about voting for Trump, but slightly more say the same about Joe Biden and Bernie Sanders, while Elizabeth Warren fares only...Politicsread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
At the busy Pharr International Bridge in South Texas, big rigs line up to cross into the United States, loaded with everything from denim jeans to air conditioners to giant dump truck beds.
Of the $352 billion in goods imported from Mexico last year, 10% came in across the bridge, according to U.S. Census numbers.
On the U.S. side of the border, the city of McAllen is a hub for international trade and distribution.
Across the border is Reynosa, filled with maquiladoras — factories that take raw materials and manufacture parts and supplies to export.
"Any type of border community recognizes the impact the maquiladora operations have on their local economy," says Steve Ahlenius CEO of the McAllen Chamber of Commerce. "The jobs that are created not only in Mexico, but on the U.S. side — it's an important link that ties the two areas together, but more importantly, the two countries together."
South of the border: Whirlpool, Panasonic, Stanley Black & Decker and Alpine Electronics are among the companies that manufacture goods to send north. Many of these companies already blame China tariffs for increased materials costs; now they face a 5% tariff, or more, on their Mexican manufactured goods.
According to research issued by Goldman Sachs on May 31, "The largest category of imports from Mexico are autos and auto parts ($93B), computers ($27Bn), routers ($10bn) and other electronics ($17Bn)."
Vegetables rank No. 6 among the most-imported products, with $15 billion worth of goods coming into the United States. The Pharr International Bridge is the top port in the nation for avocados, figs and pineapples according to U.S. trade numbers.
Villita Avocados sends its products across the United States to Walmarts and Safeways. The company plans to absorb the 5% tariffs through cost efficiencies, but if the tariffs go higher, as President Donald Trump has threatened, the costs will be passed on.
"It forces us to open up dialogues with the retailers to make sure they understand that these costs at the end cannot be afforded solely by the company," says Aaron Acosta head of corporate relations at Villita. "Sooner or later they're going to affect the retail price."
Villita worries higher prices will mean fewer avocado buyers.
Business leaders in South Texas generally worry about how to manage the uncertainty and the impact on the local economy. Ahlenius insists, "It's a tax on business!"
He says Mexicans traveling to the McAllen metro area spend more than a billion dollars annually in the local economy. Any negative impact to the Mexican economy because of tariffs will translate to the McAllen economy, too.
Already bridge operators are protesting the tariffs. Customs brokers sent a letter to Trump explaining they don't have the mechanisms in place for collecting or enforcing tariffs in time for Monday.