Welcome to the new world of trade deals. It's no longer about slashing duties, but a host of other issues-from digital copyright to air quality and technology and product standards-often brokered in government-level agreements rather than full-blown treaties.
U.S. markets fear recession and see interest rate cuts ahead as Fed loan survey looms
Some investors see a hard landing for the U.S. economy this year resulting from the sharply higher interest rates engineered by the Federal Reserve to quell inflation and tighter credit conditions in the wake of regional bank sector stress, while others note that consumer spending and employment growth remains healthy, but the Federal Reserve's loan officer survey due this week may provide more clarity on which view is more accurate.
"The last two rate hikes were nuts, to be blunt," said Edward Yardeni, president of Yardeni Research, in a phone interview. The Fed "could really cause a problem coming and going."
VW's New CEO Expected to Replace Management of Ailing Software Unit
BERLIN-Volkswagen Chief Executive Officer Oliver Blume, in his first major restructuring move since becoming chief last year, is expected to replace the management of the company's struggling software unit after it caused delays to new model launches, according to people familiar with the matter.
The decision to remove Dirk Hilgenberg, head of the unit called Cariad, finance chief Thomas Sedran, and Lynn Longo, a Michigan native who serves as Cariad's chief technology officer, could be announced as early as this week, possibly before VW's planned shareholder meeting on Wednesday, the people said.
Syria Readmitted to Arab League, Bringing Assad Back Into the Fold
Arab leaders agreed to bring Syria back into the Arab League after more than a decade of isolation, complicating American efforts to isolate President Bashar al-Assad and signaling a waning of U.S. influence in the Middle East.
In an emergency meeting in Cairo, the group voted to immediately readmit Syria to the group of 22 Arab nations that coordinate on regional matters. While many Arab officials remain disdainful of Mr. Assad, they say international policies isolating Syria have proven to be counterproductive over time, strengthening the influence of Iran, which backs Syria.
Virgin Galactic Aims for Space Tourism Launch After Years of Delays
In July 2021, to much fanfare, Virgin Galactic Holdings flew founder Richard Branson and three other crew members to the edge of space. The company's next flight-a test operation-occurred last month, nearly two years later.
Over that time, challenges have mounted for the company.
Wagner Leader Reverses Course on Plan to Withdraw From Bakhmut
The leader of Russian paramilitary group Wagner said he has reversed his decision to fully withdraw from the eastern Ukrainian city of Bakhmut after pledges from Russian military officials to provide more ammunition and operational freedom to Wagner units that he said had sustained tens of thousands of casualties.
The statement on Sunday by Yevgeny Prigozhin, Wagner's founder and an ally of Russian President Vladimir Putin, came the day after he reiterated his plan to withdraw all Wagner troops from the front lines by May 10, saying that "after seven months of the Bakhmut meat-grinder the Wagner Group has lost its combat potential."
U.S. and Allies Look at Potential China Role in Ending Ukraine War
Some U.S. and European officials said they believe that Ukraine's planned spring offensive could pave the way for negotiations between Kyiv and Moscow by the end of the year, and that China could help bring Russia to the table.
The willingness to encourage negotiations and seek out a role for China in talks represents a shift in Western thinking, particularly in the U.S., which has been highly skeptical of any involvement for Beijing given China's longstanding support for Moscow. Secretary of State Antony Blinken publicly expressed cautious optimism recently that Beijing could help defuse the conflict.
Ford, Tesla CEOs Exchange Jabs and Praise Amid Heated EV Rivalry
Jim Farley of Ford Motor has been taking public shots at Tesla. Elon Musk is unfazed.
"There's no doubt about it. The demand for Tesla is changing, and in some sense is deteriorating," the Ford CEO said at a Wall Street Journal event Wednesday when asked about Mr. Musk, who leads Tesla.
Ares Sets Sights on $10 Billion for Direct Loan Fund
Ares Management is raising its third fund dedicated to extending loans to midsize U.S. businesses, seeking 25% more capital than it raised for a predecessor over two years ago, as banks step back from financing leveraged buyouts.
The alternative asset manager best known for its $214.2 billion in private-credit strategies aims to collect $10 billion for its Ares Senior Direct Lending Fund III, according to documents prepared for the $24.52 billion Teachers' Retirement System of Louisiana.
Buffett and Munger on Success, Toxicity and Elon Musk
The question was a philosophical one: How should you avoid major mistakes in business and life?
Warren Buffett, the 92-year-old chairman and chief executive of Berkshire Hathaway, paused briefly.
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Expected Major Events for Monday
05:30/IRL: Apr Irish Live Register latest monthly figures
06:00/DEN: Mar Industrial production & new orders
06:00/GER: Mar Industrial Production Index
06:00/FIN: Mar Foreign trade
08:00/ICE: Apr External trade, preliminary figures
09:00/CRO: Apr PPI
09:00/GRE: Mar External Trade (provisional data)
23:01/UK: Apr BRC-KPMG Retail Sales Monitor
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(END) Dow Jones Newswires
05-08-23 0014ET
