The daily business briefing: November 14, 2016
Chinese leader says U.S. and China must cooperate, Samsung to buy Harman International, and more
- 1. Chinese leader tells Trump U.S. and China must cooperate
- 2. Samsung to buy Harman International for $8 billion
- 3. Post-election bond rout costs investors $1.1 trillion
- 4. Toyota settles suit over truck-frame rust for up to $3.4 billion
- 5. Giuliani says 'wall' to separate Trump's presidency and his businesses
1. Chinese leader tells Trump U.S. and China must cooperate
Chinese President Xi Jinping told U.S. President-elect Donald Trump in their first phone call that cooperation between the U.S. and China — the world's two largest economies — is "the only correct choice," Chinese state media reported on Monday. Trump harshly criticized China during the campaign, pledging 45 percent tariffs on imported Chinese goods and saying that he would brand China as a currency manipulator as soon as he takes office. Trump's transition office confirmed the call, and said the two leaders had "established a clear sense of mutual respect for one another."
2. Samsung to buy Harman International for $8 billion
Samsung announced on Monday that it would buy U.S. car and audio systems supplier Harman International for $8 billion. The acquisition, if approved by shareholders and regulators, will be the biggest in the South Korean electronics giant's history. The price amounted to a 28 percent premium on Harman's Friday closing price. Executives said the acquisition would help Samsung tap into the potential for growth in the auto technology market. "The vehicle of tomorrow will be transformed by smart technology and connectivity in the same way that simple feature phones have become sophisticated smart devices over the past decade," said Young Sohn, Samsung's president and chief strategy officer.
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3. Post-election bond rout costs investors $1.1 trillion
Bond investors lost more than $1.1 trillion on global bonds in less than a week following Donald Trump's presidential win, as expectations of higher interest rates and inflation caused people to take money out of bonds and put it into stocks. "The selloff is wicked," says Marilyn Cohen of money management firm Envision Capital Management. "It's a reaction to the Trump presidency." Bond investors have only lost this much in a single week twice in the last two decades, according to Bloomberg. The U.S. dollar hit an 11-month high on Monday, driven up by anticipation of a U.S. spending binge under Trump.
4. Toyota settles suit over truck-frame rust for up to $3.4 billion
Toyota has agreed to pay up to $3.4 billion to settle a class action lawsuit brought by U.S. owners of pickup trucks and SUVs over the potential for the frames of their vehicles to rust through. The proposed settlement, disclosed in court papers, would provide up to $15,000 per vehicle to cover frame replacements on 1.5 million Tacoma compact pickups, Tundra full-size pickups, and Sequoia SUVs. Toyota would not have to admit liability or wrongdoing.
5. Giuliani says 'wall' to separate Trump's presidency and his businesses
Donald Trump adviser and former New York mayor Rudy Giuliani said on Sunday that Trump's three eldest children — Donald Jr., Ivanka, and Eric — would continue to run his companies but stop advising him on his presidency once he takes office as president. Giuliani said there would be no conflict of interest because "there will be a wall" between Trump's business interests and his decisions as president. Giuliani said it would be unreasonable to expect his children, who won't have a role in his administration, to distance themselves from their father's companies, because "you would be putting them out of work."
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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