Business News at a Glance
Posted June 18, 2018 10:28 p.m. EDT
Los Angeles Times Names Norman Pearlstine Top Editor
On his first day as the owner of the Los Angeles Times, the billionaire biotech executive Dr. Patrick Soon-Shiong, hoping to bring stability to a newsroom bruised in recent years by steep staffing cuts and tumultuous leadership changes, named Norman Pearlstine as the newspaper’s top editor. In turning to Pearlstine, 75, who has led major news organizations like Time Inc., Bloomberg and The Wall Street Journal, Soon-Shiong was sending a message to the newspaper’s beleaguered staff that he was emphasizing traditional journalistic values and aimed to have the Los Angeles Times return to the top echelon of U.S. news outlets.
Trump Says U.S. May Impose Tariffs on Another $200 Billion Worth of Chinese Goods
President Donald Trump escalated his trade fight with China on Monday, saying the administration would identify another $200 billion worth of Chinese goods that could face 10 percent tariffs, the latest volley in a dispute with a country that the president said was determined to keep the United States “at a permanent and unfair disadvantage.” In a statement, Trump said that he had directed Robert E. Lighthizer, the U.S. trade representative, to pursue the additional tariffs in retaliation for Beijing’s decision last week to place tariffs on $50 billion worth of American goods including beef, poultry, tobacco and cars.
As Trade Fight Escalates, Beer Makers Fret Over the Cost of Aluminum
As tariffs and combative rhetoric entangle the United States in trade fights, a scuffle has broken out at home over the rising cost of the aluminum used to make cans for beer and other beverages. Beer-makers are frustrated over the way prices are set in the U.S. aluminum market and say those who produce and trade the metal are using President Donald Trump’s tariffs as cover for artificially inflating its cost. They now want the government to investigate the methodology used to produce the Midwest Premium, an arcane figure that determines the cost of buying bulk aluminum in North America.
Apple’s Chief Tries On Role as Ambassador From Silicon Valley
Tim Cook, Apple’s chief executive, has lately had to act a lot like the tech industry’s top diplomat. Last month he visited the Oval Office to warn President Donald Trump that tough talk on China could threaten Apple’s position in the country. In March, at a major summit in Beijing, he called for “calmer heads” to prevail between the world’s two most powerful countries. Apple and Cook have a lot to lose. With 41 stores and millions of iPhones sold in the country, there is arguably no U.S. company in China as successful.
Audi Chief Executive Arrested Over Diesel Scandal
When evidence emerged that Audi had played a major role in developing illegal emissions software on Rupert Stadler’s watch, he and most other top executives kept their jobs. And when Munich prosecutors identified him last week as a suspect in their investigation and searched his home for evidence, Volkswagen said its management board had not even discussed his dismissal as Audi's CEO. That run may well be ending, however. On Monday, German authorities arrested Stadler, 55, holding him indefinitely pending trial, an acute embarrassment for Volkswagen — and one that could finally prod the company to action.
New York Fed Will Remain Focused on Bankers’ Ethics
The new president of the Federal Reserve Bank of New York, John C. Williams, on Monday gave his backing to his predecessor’s campaign to clean up bank culture. More than four years ago, after a number of big scandals on Wall Street, William C. Dudley succeeded in getting top bankers to participate in regular discussions about how they could overhaul the culture of their institutions, and in some cases, boards of major banks have started to focus on the issue of employee conduct. But some of his more ambitious ideas have not been taken up.