The Bank of England cut its key interest rate Thursday, a response to a troubling mix of stuttering economic growth, stubborn inflation and President Trump’s tariff threats.
The BOE cut rates, by a quarter percentage point to 4.5%, for the third time since August and lowered its forecasts for U.K. economic growth, which is already trailing far behind the U.S. Britain faces a slew of uncertainties, including the possibility that trade conflicts initiated by the U.S. will chill global growth and demand for U.K. exports—even if the country escapes direct tariffs itself.
Hong Kong will file a complaint against new U.S. tariffs on the southern Chinese city’s products with the World Trade Organization, its government said on Friday.
The U.S. imposed an additional 10% tariff on Chinese goods and ended a customs exception that allowed small-value parcels to enter the U.S. without paying tax.
The measures have already prompted China to request WTO dispute consultations with the U.S., as well as announce retaliatory tariffs on select American imports and an antitrust investigation into Google.
Facebook owner Meta Platforms (META.O), opens new tab plans to carry out its expected company-wide layoffs next week while pushing ahead with the expedited hiring of machine learning engineers, it told staffers in internal memos seen by Reuters on Friday.
Notices will go out to employees losing their jobs starting at 5 a.m. local time Monday in most countries, including in the U.S., according to one of the posts, authored by Meta's Head of People Janelle Gale.
Jamieson Greer, President Trump’s nominee to be the next U.S. trade representative, defended the president’s plan to impose tariffs on all imported products and told senators he would work to restructure international trading relationships during his confirmation hearing on Thursday.
Mr. Greer, a trade lawyer and former Trump administration official, told the Senate Finance Committee that he believed the United States “should be a country of producers” as well as consumers, and that he would work to open international markets for U.S. farmers and try to “reverse” the deindustrialization of the nation.
President Donald Trump has paused imposing tariffs on small-value packages arriving from China, apparently to give federal agencies time to sort out how to process millions of such shipments that have come through the U.S. border every day without paying taxes.
The executive order, dated Wednesday, didn’t say when the pause would end but said it would cease when the Department of Commerce could put in place “adequate systems” to “fully and expediently process and collect tariff revenue.”
An Asian-American venture-capital investor has sued PayPal, accusing the company of illegal discrimination by earmarking $100 million in investments for Black- and Latino-owned investment funds.
The lawsuit—brought by a law firm with ties to Edward Blum, the activist who successfully challenged college affirmative-action programs—was filed Thursday in federal court in Manhattan.
Freyr Battery told officials in Newnan on Thursday that it wouldn't build a $2.6 billion plant that was supposed to hire more than 700 people, after sending a Jan. 21 letter to the Coweta County Development Authority announcing its plans to end the project.
Freyr, which moved its corporate headquarters from Norway to Newnan in part to maximize its eligibility for the U.S. tax benefits of President Joe Biden's climate law, said it was shifting its focus to a newly opened solar panel factory that it bought last year for $340 million from top Chinese solar panel maker Trina Solar.
South Korea-based SPC Group, known for its Paris Baguette brand, plans to establish manufacturing operations in Burleson, Texas. The $165 million project is expected to create 450 jobs.
The investment will include the construction of a 267,000-square-foot food production facility located on Vantage Drive at the Highpoint Business Park.
Being sustainable in rural Texas just got a little bit easier.
San Miguel Electric Cooperative received an investment of over $1.4 billion from the U.S. Department of Agriculture to switch to battery and solar energy.
The USDA announced that San Miguel will power 47 counties in Texas with renewable energy and have the environmental equivalent of removing 446,000 cars from the road every year. It will also create up to 600 new jobs.
Austin IT management software maker SolarWinds Corp. (NYSE: SWI) is about to be taken private in a $4.4 billion deal, according to a Feb. 7 announcement.
San Francisco-based private equity firm Turn/River Capital has agreed to buy the local company in an all-cash transaction for $18.50 per share, which is about 35% above the average closing price of its stock for the 90 trading days leading up to Feb. 6.
Siete Family Foods, the better-for-you food maker, appears to be expanding its footprint in the Austin metro.
The company, which recently was purchased by PepsiCo Inc. in a $1.2 billion deal, is taking about 218,000 square feet in a warehouse building in the Buda Commerce Center, according to a Feb. 3 filing with the Texas Department of Licensing and Regulation.
