European Businesses Most Affected By U.S. Sanctions on Iran
WASHINGTON (AP) – Major companies could see billions of dollars in commercial deals canceled because of the U.S. decision to reinstall sanctions on Iran, experts say. European businesses are likely to be hit hardest. The ultimate impact remains unclear, however, due to the possibility of renegotiations and exemptions, experts say. European countries have vowed to try to keep commerce with Iran flowing.
Aircraft manufacturers stand to be big losers, with the pain shared between Chicago-based Boeing and Europe’s Airbus. U.S. Treasury Secretary Steven Mnuchin said the companies’ existing licenses to sell planes to Iran would be invalidated. Airbus falls under U.S. rules because its planes include U.S.-made components.
Airbus has already delivered three planes out of a 100-jet order placed in December 2016 by Iran’s national carrier, Iran Air. The planes are worth around $19 billion at list prices.
Buy Tires on Amazon, Install Them at Sears
NEW YORK (AP) – Shoppers will soon be able to buy any brand of tires from Amazon.com, have them shipped to a Sears Auto Center and then bring in their car to get them installed. It’s the latest deal between Sears and Amazon as the struggling department store operator seeks to boost sales. Sears says that Amazon shoppers can now ship tires to 47 Sears Auto Centers in eight cities, including Chicago, Dallas and New York. It will roll out to all 400 of its auto centers nationwide in the coming weeks.
Treasury Probing How Trump Lawyer’s Bank Records Got Out
WASHINGTON (AP) – The Treasury Department’s internal watchdog says it’s investigating how detailed allegations about the banking records of President Donald Trump’s personal lawyer became public.
At issue is an account of bank transactions involving Trump attorney Michael Cohen.
Word of the investigation comes from Rich Delmar, general counsel for the department’s inspector general.
Under federal law, financial institutions must monitor their customers’ activities and report suspicious transactions to the government. But that information is supposed to remain confidential.
Foxconn, Wisconsin Universities Plan ‘Smart City’ Initiative
KENOSHA, Wis. (AP) – Foxconn Technology Group and Wisconsin universities are announcing a competition aimed at encouraging higher-education institutions to find ways to design “smart cities” that incorporate new technologies into everyday life.
Details of the competition are being announced Thursday in Kenosha at the University of Wisconsin-Parkside campus. The Journal Sentinel& reports that Foxconn has previously expressed interest in encouraging initiatives that can use ultra-high-definition display panels, such as self-driving cars. The $10 billion manufacturing facility the Taiwan-based company is building in southeast Wisconsin will make those display panels.
Foxconn executive Alan Yeung will be speaking at the event, along with reps from higher-education institutions and the Wisconsin Economic Development Corporation.