White House to propose merging Labor, Education departments: WSJ

WASHINGTON (Reuters) – The White House plans to propose on Thursday to merge the U.S. departments of Labor and Education, the Wall Street Journal reported on Wednesday. FILE PHOTO: The White House in the evening, in Washington, U.S., May 22, 2018. REUTERS/Al Drago Citing a person with knowledge of the proposal, the Journal said the plan follows a review of cabinet agencies that looked for ways to shrink the federal government. The White House did not immediately respond to a request for comment from Reuters. Congress would likely have to…

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Boeing says Export-Import Bank vital to U.S. growth

(Reuters) – Restoring the U.S. Export-Import Bank’s full lending powers is vital to the country’s economic growth and to shrinking trade deficits, planemaker Boeing Co (BA.N) said on Wednesday after President Donald Trump nominated Kimberly Reed as the trade bank’s president. FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo. REUTERS/Jim Young/File Photo“Restoring the Export-Import Bank to full strength with a Board quorum is the best thing Washington can do right now to grow our economy through exports, shrink our trade deficits, and level the…

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UPDATE 2-Boeing says Export-Import Bank vital to U.S. growth

(Reuters) – Restoring the U.S. Export-Import Bank’s full lending powers is vital to the country’s economic growth and to shrinking trade deficits, planemaker Boeing Co (BA.N) said on Wednesday after President Donald Trump nominated Kimberly Reed as the trade bank’s president. FILE PHOTO: The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo. REUTERS/Jim Young/File Photo“Restoring the Export-Import Bank to full strength with a Board quorum is the best thing Washington can do right now to grow our economy through exports, shrink our trade deficits, and level the…

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PRESS DIGEST- British Business – June 21

June 21 (Reuters) – The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times British Prime Minister Theresa May avoided a Commons defeat over her crucial Brexit bill on Wednesday after pro-European Tories backed away from a confrontation with the government. bit.ly/2KaCL5m The European Union will target 2.8 billion euros ($3.24 billion) of U.S. products from speedboats and motorcycles to orange juice and cigarettes as it hits back tomorrow against U.S. President…

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China Energy executives cancel West Virginia trip amid trade dispute

WASHINGTON (Reuters) – A scheduled trip to West Virginia by executives from China Energy Investment Corp to discuss a planned $83.7 billion investment in the state has been canceled, the latest victim of a growing trade war between the United States and China. The investment by China Energy, which ranks among the world’s largest power companies by asset value, was the biggest among a slew of deals signed during U.S. President Donald Trump’s state visit to Beijing in November. The total value of the deals could be as much as…

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UPDATE 2-U.S. Commerce Dept probing steel 'profiteering' after tariffs

WASHINGTON (Reuters) – The U.S. Commerce Department is investigating recent steel price hikes to determine whether some market participants are “illegitimately profiteering” from new tariffs, Commerce Secretary Wilbur Ross said on Wednesday. U.S. Commerce Secretary Wilbur Ross testifies before a Senate Finance hearing on “Current and Proposed Tariff Actions Administered by the Department of Commerce” on Capitol Hill in Washington, U.S., June 20, 2018. REUTERS/Kevin LamarqueRoss told a Senate Finance Committee hearing that the price of steel in the U.S. market has risen far more than justified by the 25…

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CNOOC moves ahead with Canada oil sand expansion

(Reuters) – Nexen Energy, a unit of China’s CNOOC Ltd (0883.HK), said on Wednesday that it would move ahead with the construction of its C$400 million ($300.5 million) Long Lake Southwest expansion project in northern Alberta. The expansion will boost output at CNOOC’s Long Lake oil sands facility by 26,000 barrels per day. The company said construction will begin shortly, with first oil expected in late 2020. The investment decision comes as many foreign companies have exited Canada’s oil sands, frustrated with high costs and a lack of new pipeline…

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Japan firms slow to get compliant with new EU data privacy rules: Reuters poll

TOKYO (Reuters) – Around a quarter of Japanese businesses have made progress on meeting some of the easier requirements under Europe’s new data privacy regulations while about another 20 percent plan to do so, a Reuters poll found. But the number of companies who say they are currently equipped to deal with more onerous rules, such as those relating to data breaches and dealing with requests to provide personal data to customers – drops drastically to just a few. The results of the Reuters Corporate Survey, conducted June 4-15, shows…

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Exclusive: Toyota, pressed to innovate, is cutting marketing costs to fuel research

BEIJING (Reuters) – Toyota has begun slashing costs, starting with sales and marketing, and shifting resources into research that will help it keep up with new competitors, four people familiar with the matter said. FILE PHOTO: A visitor takes pictures of a Toyota concept car during a media preview of the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Damir Sagolj/File PhotoOne of the company’s first moves was to cancel contracts with the China unit of its long-term communication and advertising agency, Dentsu Inc, the sources said.…

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