Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
General Motors stands to lose hundreds of millions of dollars in lost production as a United Auto Workers union strike against the automaker enters its second day, but Wall...Autosread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
The White House and General Motors on Tuesday are decrying a Politico report that the Trump administration has gotten involved with the automaker's contract negotiations with...Autosread more
WeWork hopes to sharpen its story for investors as it works to get its on-again, off-again IPO back on track.Technologyread more
The Justice Department said it was seeking to recover "all proceeds earned by Snowden because of his failure to submit his publication for pre-publication review in violation...Politicsread more
"It is really a tale of pretty failed governance, almost of the highest order, short of something fraudulent," says the tech investor.Deals and IPOsread more
Private equity firm 3G Capital Partners discloses that it sold 25.1 million shares of Kraft Heinz, bringing its stake down by about 9%.Marketsread more
"That leads the developed world to say to China: 'We've got to rebalance this. It's working for you. It's not working for us,'" says the billionaire Blackstone co-founder.Economyread more
Aug 23 (Reuters) - President Donald Trump said on Friday he was ordering U.S. companies to look at ways to close their operations in China and make more of their products in the United States, a rhetorical strike at Beijing as trade tensions mounted. Trump cannot legally compel U.S. companies to abandon China and he gave no details on how he might proceed with any such order. For many products sold in the United States, there are few alternatives to Chinese production, and shifting production for major goods produced there could take years and be expensive. The following table shows the U.S. S&P 500 companies with the greatest revenue exposure to China, most of which are chipmakers. The list is based on a Refinitiv model that uses company filings where possible and on estimates where no company-reported data is available:
Company Estimated China Friday stockRevenue Exposure moveWynn Resorts 75% -3.8%Qualcomm Inc 67% -3.2%Micron Technology 57% -4.2%Qorvo Inc 57% -3.4%Broadcom Inc 49% -4.7%IPG Photonics 43% -5.2%Advanced Micro Devices 39% -5.6%Maxim Integrated Products 35% -3.0%
A. O. Smith Corp 34% -2.4%Amphenol Corp 32% -1.8%
In a series of tweets on Friday, Trump also said he was ordering carriers including FedEx, United Parcel Service and retailer Amazon to refuse deliveries from China of fentanyl, a synthetic opioid. Trump has accused China of failing to meet promises to stem a deluge of fentanyl into the United States
Company Estimated China Friday stockRevenue Exposure moveFedEx Corp 7% -3.6%United Parcel Service Inc 5% -3.4%
Trump's widening trade war and China's slowing economic expansion have hurt several other U.S. companies that in recent years have relied on the world's second largest economy to drive their sales growth:
** Apple relies on China for about 17% of its revenue and manufactures its iPhones and other products in China. Its stock dropped 4.5% on Friday after Trump's newest tweets.
** Detroit automakers General Motors Co and Ford Motor Co cut their full-year profit forecasts due to escalating tariffs
** Caterpillar Inc recently said tariffs on Chinese imports are expected to increase its material costs by up to $200 million in the second half of 2019. The heavy machinery maker plans to offset most of the higher costs with mid-year price hikes.
** Boeing Co on Aug. 8 said it is concerned about the impact of possible trade tariffs on the cost of running its supply chain, but has not yet seen any impact from U.S.-Chinese trade tensions on its business.
** General Electric Co estimated that new tariffs on its imports from China could raise its costs by up to $400 million overall, before steps to lessen the impact
** Consumer products maker Newell Brands Inc said the annualized impact of tariffs could be as much as $100 million.
(Reporting by Noel Randewich Editing by Alden Bentley and Paul Simao)