President Donald Trump stood by his threats to levy sweeping tariffs on automobile imports as a way to extract concessions from trading partners, WSJ reports, despite opposition from the industry and discontent in Congress with the White House’s proposal. Mr. Trump’s myriad trade disputes are affecting the auto industry on multiple fronts, and they’re pushing him to back off. The EU is pushing China to open up its economy, WSJ reports, as a challenge to the Trump administration.
The Commerce Department opened an investigation into whether uranium imports threaten national security, WSJ reports, a move that could lead to tariffs or other protections against foreign producers of the radioactive material that fuels nuclear power plants.
Royal Bank of Canada unfairly dismissed a former currencies trader who had called on the bank to tighten up what he called “box-ticking” compliance procedures, a London employment tribunal has ruled in what FT reports is a rare victory for a City whistleblower.
The Justice Department on Wednesday sought to fast-track its appeal of the court decision allowing AT&T Inc. to buy Time Warner Inc., while offering the first hints of its legal arguments for the next phase of proceedings, WSJ reports.
Japanese prosecutors charged major steelmaker Kobe Steel with violating laws overseeing competition in a massive faking of product data, AP reports. Kobe Steel, which has repeatedly apologized for the practice, said in a statement that it took the allegations seriously and was working to prevent a recurrence.
The U.K. Serious Fraud Office will seek a retrial of three people accused of conspiring to manipulate the Euribor interbank lending rate, FT reports. A jury at Southwark Crown Court had failed to reach a verdict on Carlo Palombo, 39, Sisse Bohart, 41, and Colin Bermingham, 61, all formerly at Barclays Bank PLC, after an 11-week trial.
HSBC was fined HK$9.6 million ($1.2 million) by the Hong Kong securities watchdog for “systemic deficiencies” in its bond selling business, FT reports, in the latest example of the regulator reprimanding global banks. The Hong Kong Securities and Futures Commission said that HSBC Broking Securities failed to do adequate due diligence on bond sales between April 2015 and March 2016 and did not have a system for adequately assessing clients’ risk profiles.
The New York City Council voted unanimously to require Airbnb to disclose the names and addresses of its hosts to a city-run enforcement agency in an effort to crack down on illegal units, WSJ reports. It is the first type of regulation of Airbnb for New York City, where an estimated 40,000 hosts list their homes, apartments and spare rooms.
Equatorial Guinea told petroleum operators including Exxon Mobil Corp. to cancel contracts they have with Canadian-based CHC Helicopter, Reuters reports, for failing to implement local content laws meant to create jobs, the oil ministry said on Wednesday.
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