Turkey’s energy bill is soaring due to the lira’s fall, sparking an energy crisis. As Deutsche Bank AG traders pulled in $35 million based on its bets on the lira, Blackrock Inc. and a star trader at Barclays PLC were among the investors hit hard by the crisis.
Mr. Trump said in an impromptu Oval Office interview with The Wall Street Journal that his steel tariffs on China and other countries are rescuing an iconic U.S. industry that was in danger of closing. He predicted that the competition U.S. companies will face in the future will mostly be domestic due to his actions.
For more than a century, companies such as Cargill Inc. held sway over markets for U.S. corn, soybeans and wheat, quoting prices to farmers who trucked their crops to company grain elevators. Cargill and its peers would then market crops to food and beverage makers across the country. Now farmers are increasingly calling the shots. Running expanded, consolidated farms, big farm operators are pushing grain giants for better prices or striking their own deals to directly supply manufacturers, cutting out the middleman. However, farmers are fretting over potentially plunging incomes and market losses due to tariffs imposed by Mr. Trump.
A red tide—a natural phenomenon involving an accumulation of algae brought to shore by currents and wind—is killing marine life and hurting the tourism industry across Florida’s Gulf Coast. Local tourist boards are concerned the impact could be felt for a while, as news of the red tide spreads and more tourists cancel or adjust their trips.
South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. and national flag carrier Hyundai Merchant Marine posted weak results in the second quarter, raising concerns about their future business despite repeated state bailouts.
China long celebrated Tencent Holdings Ltd. as a national champion, but now the tech giant is getting a taste of what it’s like to be on the other side of government patronage, Bloomberg reports. The company’s lost $175 billion in market value since January. Eight Chinese billionaires lost a combined $33 billion, and Chinese startups struggle to get out of Tencent’s shadow.
Myanmar’s government wants to sharply reduce the scale of a Chinese-funded port project on the Bay of Bengal that officials say risks saddling the country with unsustainable debt.
United Healthcare, one of the nation’s largest insurance companies, has determined that amniotic tissue products made by MiMedx Group Inc. and other manufacturers are “unproven and/or not medically necessary for any indication,” and won’t reimburse patients for their use, according to the insurer’s most recent medical policy update bulletin. The decision by the giant insurer, whose parent company is UnitedHealth Group Inc. hasn’t been publicly reported and coincides with a similar policy change by Health Care Services Corp., the parent of Blue Cross/Blue Shield operations in five states.
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