• China’s labor market remains stable amid a shift to service jobs, despite President Trump’s claims that U.S. tariffs are putting millions out of work there Link
    WSJ Europe Tue 24 Sep 2019 12:01

    ZHUHAI, China—President Trump says U.S. tariffs are battering the Chinese economy, throwing millions of Chinese workers out of jobs—and pressuring the country’s president, Xi Jinping, to strike a trade deal.

    The reality is more nuanced. It is clear that China, after decades of rapid development, is grappling with a slowing growth pace and weaker sentiment among businesses and consumers. The country’s official measure of urban unemployment was near a record in August.

    ...
  • As Congress and the White House target high drug prices, the industry spends millions to fight proposals that could cost billions of dollars in sales Link
    WSJ Europe Tue 24 Sep 2019 11:46

    Worried drugmakers are stepping up efforts to blunt proposals in Washington that they view as some of the most serious threats to their pricing power in recent years.

    Pharmaceutical industry trade organizations and outside groups are spending millions of dollars on advertisements attacking the proposals, which would peg drug prices in the U.S. to prices paid overseas and force companies to pay rebates if a drug’s price increases by more than the rate of inflation. For instance, one trade group’s radio ad decries “foreign price controls” imposed by European bureaucrats.

  • VW executives charged over diesel-emissions scandal Link
    WSJ Europe Tue 24 Sep 2019 11:26

    BERLIN— Volkswagen AG Chief Executive Herbert Diess, Chairman Hans Dieter Pötsch, and former CEO Martin Winterkorn have been charged by German prosecutors on suspicion of misleading shareholders in the months before the 2015 diesel emissions-cheating scandal became public.

    The surprise indictment on Tuesday makes clear that prosecutors in Braunschweig, the district with jurisdiction over Volkswagen’s headquarters in nearby Wolfsburg, don’t agree with the company’s claims that the executives had no way of knowing that the U.S. investigation into the scandal would cause huge shareholder losses.

  • Trump, a skeptic of alliances, will nod to the need for collective efforts, officials say Link
    WSJ Europe Tue 24 Sep 2019 11:06

    UNITED NATIONS—President Trump is expected to call on world leaders to band together against threats posed by Iran in the Middle East and to unite in opposition to what he sees as dangers from other regimes and movements around the globe.

    Mr. Trump, who is scheduled to deliver his third address to the United Nations General Assembly on Tuesday, plans to focus on “the need to work collectively within the global community to address global challenges,” a senior administration official said.

    He also will emphasize his administration’s determination “to uphold the sovereignty and independence of member states, especially on issues of national security,” the official said.

  • Marks & Spencer’s CFO is leaving as the British retailer is engaged in a turnaround effort Link
    WSJ Europe Tue 24 Sep 2019 10:46

    Britain’s Marks & Spencer Group PLC is searching for a new finance chief to help it find cost savings.

    The London-based retailer said Saturday that Chief Financial Officer Humphrey Singer will depart after just over a year in the role, a move that comes in the middle of a turnaround effort.

  • Google launches subscription videogame service Play Pass Link
    WSJ Europe Tue 24 Sep 2019 10:46

    Google is launching a videogame and app subscription service this week called Play Pass that costs $4.99 a month, just days after Apple Inc. unveiled an offering for the same price targeting the fast-growing mobile-game industry.

    The Alphabet Inc. unit said Play Pass started rolling out to Android devices in the U.S. on Monday and will be introduced in additional countries in coming months. The creation of Play Pass comes as Google is planning a streaming videogame service called Stadia that gives access to the kind of complex,...

  • The Chinese technology hub of Hangzhou will assign government officials to work within 100 local companies in a new indication of government’s increasingly close monitoring of private companies Link
    WSJ Europe Tue 24 Sep 2019 10:46

    BEIJING—The eastern Chinese technology hub of Hangzhou will assign government representatives to work within 100 local companies including Alibaba Group Holding Ltd., in a new indication of the Chinese government’s increasingly close monitoring of private companies.

    Many of the officials will be assigned to companies operating in the technology and manufacturing sectors. For example, government representatives assigned to auto maker Zhejiang Geely Holding Group Co., which owns the Volvo brand, will help conduct government...

  • The top U.K. court ruled Prime Minister Boris Johnson acted unlawfully in suspending Parliament, opening the door to challenges to his Brexit strategy Link
    WSJ Europe Tue 24 Sep 2019 10:41

    LONDON—The U.K.’s top court ruled that Prime Minister Boris Johnson acted unlawfully when he suspended Parliament this month for five weeks, an unprecedented judicial rebuke that opens the door to fresh Parliamentary challenges to his Brexit strategy.

    The court’s decision heaps further pressure on Mr. Johnson’s minority government, which has already suffered repeated defeats in Parliament. Parliament is now likely to reconvene before Oct. 14, allowing it to intensify its questioning of the prime minister’s Brexit strategy.

    ...
  • China’s central bank won’t substantially cut required reserves or push interest rates below zero, governor says Link
    WSJ Europe Tue 24 Sep 2019 10:21

    BEIJING—The head of China’s central bank said that the country’s interest rates were appropriate and that it wouldn’t aggressively ease monetary policy, even as other central banks lower borrowing rates in a bid to spur growth.

    People’s Bank of China Governor Yi Gang said Tuesday that Beijing wouldn’t follow other countries in taking certain steps to expand credit, such as substantially cutting the required amount of reserves maintained by commercial banks or pushing interest rates below zero. He told reporters that the economy,...

  • The auto maker imposes a fresh round of temporary layoffs on plant workers as the labor dispute continues Link
    WSJ Europe Tue 24 Sep 2019 10:01

    A United Auto Workers strike at General Motors Co. appeared headed into its ninth day, in a work stoppage that has led to temporary layoffs for thousands of workers at GM facilities in the U.S. and Canada who aren’t involved in the walkout.

    The strike is already the longest nationwide walkout at GM since 1970, sending some 46,000 full-time factory workers to picket lines and halting work at more than 30 of the auto maker’s U.S. plants. The UAW is pushing for better new-hire pay, fewer temp workers and the preservation of existing...

  • EU’s top court rules that Google isn’t generally obliged to apply the “right to be forgotten” to versions of its search engine accessed outside the bloc Link
    WSJ Europe Tue 24 Sep 2019 09:01

    The European Union’s top court ruled Tuesday that Google isn’t generally obliged to apply the “right to be forgotten” to versions of its search engine accessed outside the bloc.

    The decision from the EU’s Court of Justice is a victory for the Alphabet Inc. search engine and the group of companies and free-speech advocates that supported it. For more than three years, Google has been fighting an order from France’s privacy regulator to apply the EU principle globally.

    ...
  • Trump’s delay of funds to Ukraine this summer is a big part of an expanding inquiry Link
    WSJ Europe Tue 24 Sep 2019 01:36

    President Trump on Monday suggested a link between his delay of military aid to Ukraine and what he said were concerns about corruption in the country, but he denied threatening to withhold the support if Kiev didn’t pursue an investigation of Joe Biden, his potential 2020 opponent.

  • “To see four of them at once, I’d say something is happening.” How patients with lung problems in Wisconsin led doctors to identify the vaping crisis. Link
    WSJ Europe Tue 24 Sep 2019 01:36

    Jennifer Schreiber took one look at her patient’s gray and blue skin and knew the teenager needed to go to the hospital.

    On July 11, the 18-year-old arrived at Dr. Schreiber’s office, struggling through quick, shallow breaths. Within 10 minutes, emergency medical services were called, and the girl was wheeled to the intensive-care unit at Children’s Hospital of Wisconsin in Milwaukee. She was fighting for her life.

    The...

  • E-cigarette maker facing several federal, state investigations into its marketing Link
    WSJ Europe Tue 24 Sep 2019 01:36

    Federal prosecutors in California are conducting a criminal probe into e-cigarette maker Juul Labs Inc., according to people familiar with the matter, escalating law-enforcement scrutiny of the startup.

    The investigation by the U.S. attorney’s office of the Northern District of California is in its early stages, the people said. The focus of the probe couldn’t be learned.

  • The NRA board’s audit committee, racing last year to clean up its lax governance practices, signed off on several deals that had already been sealed. Link
    WSJ Europe Tue 24 Sep 2019 01:36

    The National Rifle Association’s board retroactively approved numerous financial arrangements benefiting top officials of the gun-rights group, their relatives or close friends, according to board minutes reviewed by The Wall Street Journal.

    The retroactive moves, some involving previously undisclosed transactions, came during two meetings of the NRA board’s audit committee late last year as the gun-rights group was racing to clean up its lax governance practices.

    ...
  • Democratic candidates would need to reach at least 3% in four polls and attract at least 165,000 individual donors to qualify for a November debate Link
    WSJ Europe Tue 24 Sep 2019 01:36

    The Democratic National Committee is boosting its requirements to qualify for a planned debate in November, potentially narrowing the field of candidates who will appear at the televised event.

    The committee said Monday that candidates would need to reach at least 3% in four polls and attract at least 165,000 individual donors. The party is also creating an alternative way to hit the polling requirement, allowing candidates to qualify if they reach 5% in at least two polls in early-voting states such as Iowa and New Hampshire.

    ...
  • Former California Governor allies with China to fight climate change Link
    WSJ Europe Tue 24 Sep 2019 01:36

    SAN FRANCISCO—Former California Gov. Jerry Brown revealed a new project Monday that could also serve as jab to President Trump on two separate fronts: a joint institute with China dedicated to combating climate change.

    Mr. Brown, who left the governor’s office in January, said he was starting the California-China Climate Institute at the University of California at Berkeley in partnership with China’s chief negotiator at the Paris agreement, Xie Zhenhua.

    ...
  • Job opportunities for lower-income workers increased in April, May, June and July compared with the same period in 2018, a New York Fed survey found. Link
    WSJ Europe Tue 24 Sep 2019 01:36

    The share of lower-income Americans leaving their jobs for new ones leapt earlier this year, pointing to rising confidence in the U.S. labor market among workers who were left behind earlier in the expansion.

    A New York Fed survey released Monday showed the share of lower-income heads of household, defined as earning a household income of $60,000 a year or less, who moved to new jobs in April, May, June or July was 12%, up from 8% in the same period a year earlier and the highest rate for records dating back to 2014.

    ...
  • The leaders of Britain, France and Germany joined the U.S. in blaming Iran for this month’s attacks on Saudi Arabia and said the time had come for Tehran to start talks on a new, long-term deal Link
    WSJ Europe Tue 24 Sep 2019 01:36

    UNITED NATIONS—The leaders of Britain, France and Germany joined the U.S. in blaming Iran for this month’s attacks on Saudi Arabia and said the time had come for Tehran to start talks on a new, long-term agreement dealing with its nuclear, regional and missile activities.

    In a joint statement on Monday, U.K. Prime Minister Boris Johnson, along with President Emmanuel Macron of France and Chancellor Angela Merkel of Germany, said they continue to support the 2015 nuclear deal but said the time has come for Iran to start talks...

  • Lawyers inside Nissan Motor have raised concerns that the company’s internal investigation into former Chairman Carlos Ghosn is marred by conflicts of interest Link
    WSJ Europe Tue 24 Sep 2019 01:36

    Lawyers inside Nissan Motor Co. have raised concerns that the company’s investigation into former Chairman Carlos Ghosn is marred by conflicts of interest involving a Nissan executive and the auto maker’s outside law firm, U.S. legal giant Latham & Watkins LLP, according to people familiar with their concerns.

    General counsel Ravinder Passi brought up the matter with Nissan directors by handing them a letter when they gathered Sept. 9 to review the investigation’s results, say people who attended the meeting in Yokohama, Japan.

  • Yield on the 10-year Treasury note falls as persistent signs of weakening growth in Europe add to concerns about the impact of the U.S.-China trade fight. Link
    WSJ Europe Mon 23 Sep 2019 15:25
  • Volatility in funding markets sparked a jump in the rate that the Fed has proposed to replace Libor Link
    WSJ Europe Mon 23 Sep 2019 15:05

    The tumult in the market for short-term cash loans highlights some analysts’ concerns about the Federal Reserve’s proposed replacement for the troubled London interbank offered rate.

    The secured overnight financing rate, known as SOFR, rose to a record 5.25% last week, according to the Federal Reserve Bank of New York, pulled higher by a jump in borrowing rates for overnight repurchase agreements, or repos.

    SOFR’s...

  • After a swine disease decimated its pig herd, Chinese demand is driving up beef, pork and poultry prices world-wide Link
    WSJ Europe Mon 23 Sep 2019 14:25

    China is on a global meat-buying spree, pushing up beef, pork and poultry prices around the globe as the world’s most populous nation scrambles to fill a large void in its meat supply.

  • Heard on the Street: Corporate tax cuts are good news for the equity market, but don’t address the issues that have left India with its slowest growth in years Link
    WSJ Europe Mon 23 Sep 2019 14:25

    Indian Prime Minister Narendra Modi and President Trump took to the stage together in Texas on Sunday. At home, Mr. Modi’s finance ministry is taking a leaf out of the Trump playbook with a headline-grabbing tax cut for companies.

    The move could goose the Indian equity market, but won’t begin to remedy what ails the broader economy.

  • SoftBank broke almost every rule of investing to create the biggest fund ever. The delay of WeWork’s IPO and the selloff of its biggest holdings is showing the potential cost of that rule-breaking Link
    WSJ Europe Mon 23 Sep 2019 14:25

    Investors’ sudden skepticism toward pricey, profitless tech companies is threatening SoftBank Group Corp.’s Vision Fund, which may take a hit on some of its high-profile investments.

    The bungled initial public offering of WeWork’s parent, We Co., is the first big blow to the fund. Executives of the shared-office-space provider and investment...

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