Business

CHICAGO (Reuters) – Retailer Toys ‘R’ Us has received multiple bids of more than $1 billion (705.02 million pounds) for an 85 percent stake in its Asian business, its lawyer Joshua Sussberg said at a U.S. bankruptcy court hearing on Wednesday. Sussberg said the company, which is liquidating or selling its operations, is also in advanced discussions with a buyer for its Central European business. (Reporting by Tracy Rucinski; Editing by Susan Thomas) … [Read more...] about Toys ‘R’ Us gets $1 billion bids for 85 percent of Asian business

BERLIN (Reuters) – German business leaders voiced disappointment on Saturday over the outcome of talks between Chancellor Angela Merkel and U.S. President Donald Trump, saying they feared he would impose tariffs on steel and aluminium imports. The United States imposed import tariffs of 25 percent on steel and 10 percent on aluminium in March, but it provided a temporary exemption until May 1 for the European Union. Trump will decide then whether to make the exemption permanent. “I regret the fact that the chancellor’s visit to Washington produced no palpable progress on the contentious issues between Germany and the United States,” said Dieter Kempf, president of the BDI industry body. Merkel and Trump aired differences over trade and NATO on Friday at a White House meeting where they tried to put on a show of warmth and friendship. During a joint news conference, Trump lamented his country’s trade deficit with the EU. Merkel said any decision on whether … [Read more...] about German business leaders fear U.S. tariffs after Merkel-Trump talks

BEIJING (Reuters) – China has asked the United States to amend a seven-year ban on American companies selling components and software to Chinese telecom equipment firm ZTE Corp <000063.SZ> <0763.HK>, two sources with knowledge of the matter said on Friday. The appeal came during trade talks in Beijing this week between senior officials from both countries aimed at heading off a trade war. Washington imposed the ban last month, accusing ZTE of breaking an agreement to punish employees after the Chinese maker of smartphones and telecoms gear shipped U.S. goods to Iran in violation of U.S. sanctions. While U.S. officials have said the action against ZTE was not related to broader trade policy, the move has been seen by many in China as part of the broader trade spat playing out between the world’s No.1 and No.2 economies. The sources, who declined to be named because they were not authorised to speak publicly about the talks, said Chinese negotiators asked the U.S. … [Read more...] about China asks U.S. to amend ZTE business ban

BEIJING (Reuters) – China’s ZTE Corp <0763.HK> <000063.SZ> has submitted an application to the U.S. Commerce Department’s Bureau of Industry and Security (BIS) for the suspension of a business ban, it said in a filing to the Shenzhen stock exchange on Sunday. Washington imposed a seven-year ban on U.S. companies selling components and software to ZTE last month after finding the Chinese telecoms company breached U.S. sanctions on Iran. ZTE’s exchange filing on Sunday did not give details of its request or say when it had been made, but it did say that the company had provided additional material at the BIS’s request. Last week, Chinese negotiators holding trade talks with U.S. counterparts in Beijing asked the United States to hear ZTE’s appeal, take into account the company’s efforts to improve its compliance and amend the ban. U.S. officials have said the action against ZTE was not related to trade policy, but the move has been … [Read more...] about ZTE says asked U.S. Commerce Department to suspend business ban

WASHINGTON (Reuters) – The U.S. government has reached a deal to put Chinese telecommunications firm ZTE Corp back in business, the Trump administration told lawmakers, according to a report Friday in the New York Times. The deal, brokered by the Commerce Department, requires ZTE would pay a substantial fine, place American compliance officers at the firm and change its management team, the Times reported, citing a person familiar with the agreement. Commerce would then lift an order preventing the company from buying U.S. products. (Reporting by Tim Ahmann and Doina Chiacu) … [Read more...] about U.S. reached deal to keep Chinese telecom ZTE in business