Shares gain…Economists’ worries…China warning
SINGAPORE (AP) – Asian and European shares rose today after last week’s upbeat U.S. jobs report, despite the impasse between Beijing and Washington over trade. Futures point to a higher opening on Wall Street. Benchmark U.S. crude oil fell slightly to remain just under $66 a barrel. The dollar ticked up against the yen and weakened against the euro.
WASHINGTON (AP) – A group of top business economists believes the major tax cuts President Donald Trump pushed through Congress will give a significant boost to economic growth this year and next year. But they worry that by 2020, the country could be entering a new recession. The National Association for Business Economics says in its latest quarterly outlook that its panel of 45 economists expects the economy, as measured by the gross domestic product, to expand 2.8 percent this year. That is down slightly from the panel’s March forecast of 2.9 percent.
BEIJING (AP) – China and the U.S. still have clear differences over trade. China says its willing to narrow the trade surplus with the United States but it won’t change technology tactics that are China’s path to prosperity and its rightful place as a global leader. China highlighted the sensitivity of the issue with its threat Sunday to scrap deals aimed at settling a trade dispute with Washington if President Donald Trump’s tariff hike on $50 billion of Chinese technology goods goes ahead. The lack of progress in weekend talks renewed trade war concerns.
TOKYO (AP) – The buyers of Toshiba Corp.’s memory device operations are promising to invest in technology development and manufacturing facilities to stay competitive, although they stopped short of giving a specific monetary amount or naming a new factory site. The 2 trillion yen ($18 billion) deal for the consortium led by Bain Capital Private Equity to acquire Toshiba Memory closed June 1 after clearing anti-trust regulatory approval.
BERLIN (AP) – German pharmaceutical company Bayer AG said Monday that it plans to complete its purchase of U.S. seed and weed-killer maker Monsanto Co. this week after receiving all the required approvals from regulators. Bayer said in a statement that it plans to complete the acquisition on Thursday. The deal will cost some $63 billion including debt. To obtain regulatory approval, Bayer has committed to divest some businesses, agreeing among other things to the U.S. government’s demand that it sell about $9 billion in agriculture activities.