Business Briefs – August 7, 2019

Why a U.S.-China Deal That Once Looked Close Now Seems Far Off

WASHINGTON (AP) – As recently as May, the Trump administration and China seemed on the verge of resolving their dispute over Beijing’s combative trade policies. Then it all collapsed. A ceasefire failed to stick. Now, global financial markets are shaking and central banks across the world are trying to cushion their economies from the worst by slashing interest rates — all in the expectation that a trade war between the world’s two biggest economies will continue to rage.

China’s Yuan Weakens After Signs Of Stability Calm Markets

BEIJING (AP) – China’s yuan has weakened again after the central bank told companies the currency would not be allowed to continue to fall sharply. The yuan edged down on Wednesday to about 0.4 percent below its level late the previous day. Financial markets tumbled after Beijing allowed the yuan to fall Monday to an 11-year low against the dollar.

Lyft Continues to Post Losses Despite Revenue Growth

NEW YORK (AP) – Lyft is reporting strong revenue growth but deep losses in its second quarter, a trend that it has so far been unable to reverse. The ride-hailing company on Wednesday posted revenue of $867.3 million, up 72% from the same time last year. But the San Francisco-based company lost $664.2 million in the quarter, which was worse than what analysts polled by FactSet expected.

Samsung Ditches Headphone Jack After Jabs at Jackless Rivals

NEW YORK (AP) – Samsung’s newest smartphone, Galaxy Note 10, won’t have a headphone jack. The Note 10 squeezes in more battery power and other goodies. That’s forcing the company to do an about-face and declare that many people use wireless headphones anyway. Samsung is releasing the Note 10 in two sizes on Aug. 23.

Japan Says Export Step Not Aimed At Hurting Ties With Seoul

TOKYO (AP) – A spokesman says Japan’s downgrading of South Korea’s trade status is not intended as retaliation for disputes over court rulings ordering Japanese companies pay compensation for their treatment of Korean laborers during World War II. The move to drop South Korea from a list of countries granted preferred trade status became official Wednesday, and will take effect on Aug. 28. It adds to Japan’s export controls imposed in July on three key materials for South Korea’s semiconductor industry.

German Production Drops in June In Latest Sign of Weakness

BERLIN (AP) – German industrial production dropped significantly for the second time in three months in June, the latest sign of weakness from Europe’s biggest economy. Wednesday’s report fueled expectations of an overall decline in the second quarter.

Perdue: U.S. Farmers Will Regain Markets Lost in Trade War

WASHINGTON (AP) – U.S. Agriculture Secretary Sonny Perdue is telling farmers he’s confident they’ll eventually regain the markets they’ve lost in the Trump administration’s trade war with China. Perdue spoke Wednesday at a trade show in Minnesota. After hearing criticism from farmers, Perdue said he believes U.S. farmers will get the China market back. But he says it’s got to be a fair, reciprocal and free trade environment.