The daily business briefing: February 8, 2017
The Army moves to grant final Dakota Access Pipeline permit, trade deficit narrows as exports rise, and more


1. Army to grant easement to complete Dakota Access Pipeline
The Army said in a Tuesday court filing that it would grant the final permit necessary to complete the Dakota Access Pipeline. The move would reverse a decision by the Obama administration to have the Army Corps of Engineers study alternative routes for the final stretch of the pipeline, which passes near the Standing Rock Sioux Reservation in North Dakota, under a tribal water source. The tribe and its supporters have been protesting the construction for months, saying it threatens the tribe's water supply and sacred Native American sites. The Seattle City Council on Tuesday voted to stop using Wells Fargo for financial services because it is an investor in the pipeline.
The Washington Post Los Angeles Times
2. Trade deficit drops as U.S. exports rise
The U.S. trade deficit dropped in December, causing the trade gap to drop by 3.2 percent to $44.3 billion, the Commerce Department reported Tuesday. Exports rose to their highest level in more than 18 months as shipments of American technology products hit record levels. The Commerce Department also reported that last year's trade deficit was the largest since 2012. The news came as President Trump vows to reverse the loss of U.S. factory jobs with sweeping changes to U.S. trade policy, starting with his decision to scrap the Trans-Pacific Partnership, a 12-nation free trade deal.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. VW launches subsidiary to handle electric car push
Volkswagen said Tuesday that it had launched a subsidiary called Electrify America to manage the $2 billion it is required to spend on zero-emission and electric vehicles as part of the settlement over its diesel-emissions scandal. VW said the new company would use the money on research, as well as construction and maintenance of infrastructure, such as charging stations. The spending on zero-emission vehicles is part of a $14.7 billion settlement with U.S. regulators over the company's use of software installed in hundreds of thousands of diesel vehicles to cheat on emissions tests.
4. German central bank leader rejects U.S. currency-deflation allegation
German central bank chief Jens Weidmann on Tuesday rejected a Trump administration allegation that Germany was helping its companies by keeping currency values low. Germany is the leading economy of the euro zone, and no longer has its own currency that it directly controls, but Trump trade council head Peter Navarro said the euro was "grossly undervalued" and functioned as an "implicit deutsche mark." Weidmann said that German exporters are doing well "because they are well positioned in world markets and convince people with innovative products."
5. GM profits beat expectations but quarterly earnings fall
General Motors reported Tuesday that its fourth quarter earnings and profit margins declined, although its profits beat Wall Street's expectations. The U.S. automaker's quarterly profits in North America fell by 5.5 percent, and its operating margin fell to 8.4 percent from 10 percent in the same period of 2015. GM's stock dropped by 4.7 percent on the news. GM CFO Chuck Stevens said the company would have "another strong year," although with the U.S. market expected to get tougher, that could mean production cuts to avoid having to offer big discounts on models that sell slowly.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
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.
-
Scottish hospitality shines at these 7 hotels
The Week Recommends Sleep well at these lovely inns across Scotland
By Catherine Garcia, The Week US Published
-
Scientists invent a solid carbon-negative building material
Under the radar Building CO2 into the buildings
By Devika Rao, The Week US Published
-
Crossword: April 1, 2025
The Week's daily crossword
By The Week Staff Published
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson Published
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US Published
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK Published
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US Published
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff Published
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK Published
-
Romania's election rerun
The Explainer Shock result of presidential election has been annulled following allegations of Russian interference
By Sorcha Bradley, The Week UK Published
-
Russia's shadow war in Europe
Talking Point Steering clear of open conflict, Moscow is slowly ratcheting up the pressure on Nato rivals to see what it can get away with.
By The Week UK Published