Business Briefs – June 27, 2018

Trump Softens Trade Stance Toward China And Raises Optimism

WASHINGTON (AP) – The Trump administration has deescalated a confrontation with China, dropping plans to impose strict limits on Chinese investment in U.S. technology companies and instead urging Congress to strengthen existing laws that apply to all foreign countries. The administration’s more conciliatory stance raises at least the possibility that the two sides can work toward a negotiated end to the punishing tariffs that they are set to impose on each other’s goods beginning July 6.

Trump Warns Harley-Davidson: ‘We Won’t Forget’

WASHINGTON (AP) – President Donald Trump is warning Harley-Davidson that “we won’t forget” about its decision to shift some motorcycle production overseas and is suggesting the company will lose out to competitors. Harley-Davidson said Monday it was moving production of motorcycles sold in Europe from U.S. factories to facilities overseas because of retaliatory it faces as a result of Trump’s trade policies.

Disney’s Bid for Fox clears U.S. Antitrust Hurdle

NEW YORK (AP) – The Walt Disney Co. has won U.S. antitrust approval for its $71.3 billion bid for Twenty-First Century Fox’s entertainment assets. The Department of Justice said Wednesday Disney must first sell its 22 regional sports networks. Disney has 90 days to sell the networks, with an option to extend for another 90 days.

Brown Signs His Final Budget, Takes Victory Lap

SACRAMENTO, Calif. (AP) – Gov. Jerry Brown took a victory lap Wednesday after signing a $139 billion California budget that marks a stark turnaround from the financial crisis he inherited seven years ago. The spending plan signed in Los Angeles boosts state savings to $16 billion thanks to a massive budget surplus. Still, massive debts remain for pensions and retiree health care.