Tariff Fallout: Reports Show Trade Dispute Affects Companies
NEW YORK (AP) – Reports last week showed that companies including small businesses are feeling the impact of the trade dispute that began with Trump administration tariffs on imports. While the Institute for Supply Management said manufacturing was strong in July, the industry group noted that its member companies are paying higher prices for raw materials. Big manufacturers’ second-quarter earnings reports said they’re feeling the impact of the tariffs, a problem their smaller counterparts are likely to face.
Genetics Technology Could Lead To More Crops, Fresher Food
BOISE, Idaho (AP) – A multinational agricultural company based in Idaho has acquired gene editing licensing rights that could one day be used to help farmers produce more crops and make grocery store offerings such as strawberries, potatoes and avocados stay fresher longer. J.R. Simplot Company on Monday announced the agreement with DowDuPont Inc. and the Broad Institute of MIT and Harvard, developers of the nascent gene editing technology.
Eurozone Rescue Fund Pays Final Bailout Loan to Greece
BRUSSELS (AP) – A rescue fund set up to help euro-using countries has paid its final 15 billion-euro bailout loan to Greece on Monday after objections by Germany delayed the payment by several weeks. The European Stability Mechanism said 9.5 billion euros (nearly $11 billion) of the loan would go toward a cash buffer Greece could use to meet its financial needs for almost two years. The Greek government hailed the payment as “the last act of the bailout drama.”
China Tightens Controls to Slow Currency’s Fall
BEIJING (AP) – China has tightened controls on trading in its yuan following a decline against the dollar that raised the risk of a damaging outflow of capital from the world’s second-largest economy. Traders must post a 20 percent deposit for contracts to buy and sell yuan, which might help to discourage speculators. The yuan has fallen by 8 percent against the dollar since February. That helps exporters that face U.S. tariff hikes but might encourage investors to move money out of China.