US, EU Urge China to Limit Food Import Control

Food exporters including the United States and European Union are stepping up pressure on China to scale back plans for intensive inspections of imports that they say would hamper access to its fast-growing market.   The group, which also includes Japan and Australia, sent a joint letter to Chinese regulators asking them to suspend a proposed requirement, due to take effect Oct. 1, for each food shipment to have an…

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EU Leaders to Discuss Brexit at Summit

European Union leaders open a two-day summit in Brussels Thursday to address everything from Britain’s planned exit from the regional economic bloc to the resurging economy. British Prime Minister Theresa May’s remarks at the two-day meeting are expected to include reassurances about the futures of the three million citizens of other EU countries currently living in Britain. Together with the future of more than 1 million British citizens living elsewhere…

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Compelling Vietnam: Foreign Investors Unfazed by Trump’s Trade Deal Rebuff

Every 45 seconds or so, a neatly wrapped VanHeusen dress shirt destined for a J.C. Penney store in the United States drops off a new production line at a factory north of Vietnam’s capital. Next door, rice paddies the size of 40 football fields have been filled for the $320 million textile mill which Hong Kong based TAL Group plans to build so it won’t need to import cloth for…

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Threats, NATO Demands Underpin Global Arms Demand

Military conflicts and growing threats around the world continue to underpin demand for weapons, but industry and government leaders from the United States, Europe, Russia and the Middle East say they don’t see a huge near-term spike in arms orders. Executives report being busier than ever at this year’s Paris Airshow, the oldest and biggest aerospace expo in the world, which featured aerial acrobatics by Lockheed Martin Corp.’s F-35 fighter…

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Diageo to Buy Clooney’s Tequila Brand in $1B Deal

Global liquor behemoth Diageo said Wednesday it will pay up to $1 billion to buy a tequila brand co-founded by movie star George Clooney.   Clooney founded the Casamigos brand four years ago with partners Rande Gerber and Mike Meldma.   Diageo said it will pay $700 million for Casamigos at first, and then pay another $300 million over 10 years if the brand reaches certain performance milestones.   London-based…

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India and Afghanistan Open Air Freight Corridor to Bypass Pakistan

Although Afghan businesses have long wanted to exploit the potential of India’s huge market, trade between the two countries has been hampered due to their tense relations with Pakistan. But a plane loaded in Kabul with 60 tons of medicinal plants landed in New Delhi this week, raising hopes of giving a major boost to commerce between landlocked Afghanistan and India. The flight flagged off the establishment of a new…

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Uber CEO Kalanick Resigns Under Investor Pressure

Travis Kalanick, the combative and troubled CEO of ride-hailing giant Uber, resigned Tuesday under pressure from investors. The company’s board confirmed the move early Tuesday, saying in a statement that Kalanick is taking time to heal from the death of his mother in a boating accident -while giving the company room to fully embrace this new chapter in Uber’s history.” He will remain on the Uber Technologies Inc. board. In…

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US Expands Sanctions Against Russia, Ukraine Separatists

The United States Treasury Department announced additional sanctions Tuesday against Russia, pro-Russian separatists in eastern Ukraine, and individuals and companies associated with them. The move comes on the heels of a White House meeting Tuesday between President Donald Trump and Ukrainian President Petro Poroshenko. The increased sanctions is in response to continued Russian support for pro-Russian rebels in eastern Ukraine. Prior to his meeting with Trump, Poroshenko stressed the importance…

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MSCI to Add Chinese Mainland Shares to Emerging Markets

Chinese stocks will be included for the first time in a leading U.S. index of emerging market shares. The New York-based index giant MSCI said Tuesday that it would add 222 Chinese A shares beginning next year. “International investors have embraced the positive changes in the accessibility of the China A shares market over the last few years, and now all conditions are set for MSCI to proceed with the…

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