The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
(Recasts, adds comments from Macron and Trump)
BIARRITZ, France, Aug 26 (Reuters) - France and the United States reached a deal to end a standoff over a French tax on big internet companies, though U.S. President Donald Trump declined to say whether his threat of a retaliatory wine tax was off the table as a result.
The compromise struck between French Finance Minister Bruno Le Maire, U.S. Treasury Secretary Steven Mnuchin and Donald Trump's White House economic adviser Larry Kudlow foresees France repaying companies the difference between the French tax and a planned mechanism being drawn up by the OECD.
France's 3% levy applies to revenue from digital services earned by firms with more than 25 million euros ($27.86 million) in French revenue and 750 million euros ($830 million) worldwide.
U.S. officials complain it unfairly targets U.S. companies such as Facebook, Google and Amazon. They are currently able to book profit in low-tax countries such as Ireland and Luxembourg, no matter where the revenue originates.
The row had threatened to open up a new front in the trade spat between Washington and the European Union as economic relations between the two appear to sour. Defusing the row was a positive for Macron at a summit with few concrete outcomes.
"We've done a lot a work ... we have a deal to overcome the difficulties between us," Macron told a news conference alongside Trump at the end of a G7 summit in France.
Le Maire and his U.S. counterparts worked on finding a deal all weekend, first at the French finance minister's family house in the Basque countryside and later at a Sunday dinner in a Biarritz restaurant, the source said.
Trump had lambasted Macron's "foolishness" for pursuing the French levy and threatened to tax French wines in retaliation.
The French leader pushed hard in 2018 for a digital tax to cover EU member states, but met resistance from some other countries. He decided to go ahead with a national tax, which was signed into law in July and applies retroactively to Jan. 1, 2019.
For the latest stories from the summit, click on ($1 = 0.8973 euros)
(Reporting by Michel Rose; editing by Richard Lough, Louise Heavens and David Evans)