Tag Archives: U.S.

U.S. government orders removal of Russian firm's software

An employee walks behind a glass wall at the headquarters of Kaspersky Lab in Moscow. The U.S. federal government is cutting ties with a top Russian cybersecurity firm. The Department ofHomeland Security has ordered government agencies to remove any products from Moscow-based Kaspersky Lab because of security concerns. Kaspersky’s anti-virus software is commonly used in equipment bought by U.S. government agencies and has also become popular among American consumers. But the company has been battling allegations that it has links to Russian spy agencies. Homeland Security said in a statement ...

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U.S. dollar is at lowest level in nearly 3 years

How the Federal Reserve works The U.S. dollar is cooling off after a red-hot surge. Though it rose in the weeks following President Trump’s election victory last November, the greenback has steadily fallen this year. It’s now down to its lowest level since January 2015. Since January 3, the first trading day, the dollar is down 11%. It’s down nearly 17% against the Mexican peso this year, a reversal of fortunes after Trump’s campaign threats caused the peso to plunge. It’s also down 12% against the euro and 7% against ...

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Trump stops China-backed takeover of U.S. chip maker

Trump vs. China: Tensions over trade President Trump has stopped the takeover of an American chip maker by a private equity firm with ties to China. The deal, which would have seen China-backed Canyon Bridge Capital Partners acquire Lattice Semiconductors, was blocked over national security concerns. “Today, consistent with the administration’s commitment to take all actions necessary to ensure the protection of U.S. national security, the president issued an order prohibiting the acquisition,” Treasury Secretary Steven Mnuchin said in a statement Wednesday. The national security risk included “the potential transfer ...

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China to U.S.: Please stop sending us your junk

Containers ships in Qingdao port, China. For decades, shipping containers have been loaded with American scrap and waste and dispatched to China for recycling. It’s a $ 5 billion annual business that is now in danger of sinking. Beijing notified the World Trade Organization in July that it plans to ban the import of 24 varieties of solid waste, including types of plastic and unsorted paper commonly sent from the U.S. China said that the ban would take effect from September, giving American companies little time to prepare. ISRI estimates ...

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The U.S. has been hit by two giant hurricanes. Here's the financial toll

Deadly storm surge next for western Florida One monster hurricane can cause serious economic damage. So what happens when two massive storms hit the U.S. within two weeks of each other? Hurricane Harvey decimated parts of Texas and damaged southwest Louisiana when it hit the region late last month, destroying billions of dollars worth of property. Now, Hurricane Irma is tearing through Florida. Both storms will be extremely costly. RMS, a catastrophe modeling company, estimates that Harvey has caused between $ 25 billion and $ 35 billion in losses that ...

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U.S. Chamber of Commerce ads pressure Congress to get tax reform done

Donald Trump on tax reform The country’s most powerful business lobbying group is launching a million-dollar ad campaign this week to help sell Americans on tax reform and put pressure on lawmakers to finalize a plan. “Americans deserve a tax system that grows our economy and creates jobs,” a woman says in the 30-second ad paid for by the U.S. Chamber of Commerce. “So let’s close loopholes.” The ad campaignwill target districts across the country, stressing how lowering tax rates will boost growth and create more jobs. In it, the ...

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Trump's empty trade threats weaken U.S. hand over North Korea

Trump vs. China: Tensions over trade President Trump risks doing more harm than good with his latest rhetoric over North Korea. After Kim Jong Un’s regime carried out its biggest nuclear test so far on Sunday, Trump fired off a series of tweets, including a warning that he’s considering “stopping all trade with any country doing business with North Korea.” The extraordinary remark was clearly aimed at China, which accounts for roughly 90% of North Korea’s international trade. Experts were quick to point out that halting commerce between America and ...

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Where's the lane? Self-driving cars confused by shabby U.S. roadways

LOS ANGELES (Reuters) – Volvo’s North American CEO, Lex Kerssemakers, lost his cool as the automaker’s semi-autonomous prototype sporadically refused to drive itself during a press event at the Los Angeles Auto Show. “It can’t find the lane markings!” Kerssemakers griped to Mayor Eric Garcetti, who was at the wheel. “You need to paint the bloody roads here!” Shoddy infrastructure has become a roadblock to the development of self-driving cars, vexing engineers and adding time and cost. Poor markings and uneven signage on the 3 million miles of paved roads ...

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U.S. economy records fastest growth in 2 years

U.S. unemployment rate falls to 16-year low The U.S. economy picked up steam during the second quarter, notching the fastest pace of growth in two years. During the first full quarter with President Trump in charge, economic growth hit 3%, according to revised estimates released by the government on Wednesday. That’s the strongest growth since the first quarter of 2015. It’s more than double the pace of the first three months of 2017 and better than original estimates for the second quarter. The government initially pegged second-quarter growth at 2.6% ...

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U.S. company gives up control of world's No. 2 copper mine

Why gold is considered an investing safe haven For nearly three decades, the world’s No. 2 copper mine has been controlled by an American company. Not anymore. Freeport-McMoRan(FCX) agreed Tuesday to give up its majority stake in the massive Grasberg gold and copper mine, ceding control to the Indonesian government in what is likely to be seen as a victory for President Joko Widodo. The U.S. miner’s ownership stake will be reduced from 90% to 49%, Indonesia’s energy minister Ignasius Jonan said at a joint press conference with Freeport CEO ...

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