July, 2018

• 7 July

  China cancels US soybean purchases

  

  Bloomberg The trade war may have just started, but China has already been making moves in the soybean world as US shipments originally destined for the nation have been cancelled or rerouted. China lowered commitments to buy 366,000 metric tons of US soybeans in the season that ends on August 31 and cut purchases by 66,000 tons in the following ...

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• 7 July

  Weak phone demand catches up with Samsung

  

  Bloomberg Even as most global smartphone makers felt the impact of slowing smartphone sales months ago, Samsung Electronics Co. managed to weather the downturn. Not any more. The maker of Galaxy phones reported that operating income rose to $13.2 billion in the three months ended June, short of the 15.3 trillion-won average of analysts’ estimates, according to preliminary results. Smartphone ...

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• 7 July

  Japan floods kill 27, stall automakers

  Bloomberg At least 27 people have died and thousands fled their homes because of flooding in western Japan, with Mazda Motor Corp. in Hiroshima halting production at the weekend. Local television showed overflowing rivers, submerged vehicles and homes crushed under landslides in what’s being described as “historic rainfall”. National broadcaster NHK reported 47 were missing. More than 48,000 police, rescuers ...

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• 7 July

  Mega IPOs are spawning Asian billionaires at a torrid pace

  

  Bloomberg Another day. Another IPO. Another Chinese billionaire magically appears. Mu Rongjun, the co-founder of food-delivery behemoth Meituan Dianping, is poised to be the latest to join the club as the company announced plans to go public last month. Of the 27 billionaires to surface in Asia this year, about a third did so through initial public offerings in Hong ...

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• 7 July

  Trump eyes even higher tariffs as China trade war escalates

  

  Bloomberg President Donald Trump threatened to impose tariffs on every single Chinese import into America as the world’s two largest economies exchanged the first blows in a trade war that isn’t set to end anytime soon. After months of rhetoric, a 25% levy on $34 billion of Chinese goods entering the US took effect just after midnight Washington time with ...

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• 7 July

  Zuckerberg tops Buffett to become 3rd richest person

  

  Bloomberg Facebook Inc. co-founder Mark Zuckerberg has overtaken Warren Buffett as the world’s third-richest person, further solidifying technology as the most robust creator of wealth. Zuckerberg, who trails only Amazon.com Inc. founder Jeff Bezos and Microsoft Corp. co-founder Bill Gates, eclipsed Buffett as Facebook shares climbed 2.4%, according to the Bloomberg Billionaires Index. It’s the first time that the three ...

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• 7 July

  AT&T hires former Tillerson aide for Washington job

  

  Bloomberg AT&T Inc. chose a powerful insider to bolster its Washington presence by hiring Margaret Peterlin, a lawyer who occupied a top perch in the Trump administration’s State Department after advising leading congressional Republicans. Peterlin has begun work as a senior vice president for global external and public affairs, one of several executives reporting to Dallas-based David McAtee, who’s organizing ...

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• 7 July

  US hiring topped forecasts in June, wage gains slow

  

  Bloomberg US hiring topped forecasts in June while unemployment rose from an 18-year low and wage gains unexpectedly slowed, indicating the labor market has room to keep expanding. Nonfarm payrolls climbed 213,000 after an upwardly revised 244,000 advance, Labor Department figures showed. The median estimate of analysts surveyed by Bloomberg called for a gain of 195,000 jobs. Average hourly earnings ...

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• 7 July

  Sonos files for public offering

  

  Bloomberg Sonos Inc. filed for a US initial public offering as the wireless speaker pioneer gears up to take on increasing competition from Amazon, Google and Apple. Along with rich rivals, the company warned that an escalation of the trade war between the US and China could significantly damage its business. The Santa Barbara, California-based company filed with an offering ...

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• 7 July

  Univision mulls selling of ex-Gawker websites

  Bloomberg Univision Holdings Inc. is considering selling its English-language websites, including the former Gawker properties, according to people with knowledge of the situation. The move would put a group of sites such as Gizmodo, Deadspin and Jezebel on the block, said the people, who asked not to be identified because the deliberations are private. Univision is working with financial advisers ...

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