China, in the early stages of a trade war with the United States, said it would lower some tariffs. According to CNBC:
China’s Finance Ministry has said that it will cut import tariffs on some vehicles to 15 percent, down from 25 percent.
The announcement, which came on Tuesday, also said that tariffs on automotive parts would fall to 6 percent.
The move signifies an attempt to open up the Chinese market to international players. The European automotive sector was trading up just over 0.7 percent Tuesday morning.
Sony Corp. (NYSE: SNE) will buy a music publisher. According to CNBC:
A wholly owned Sony subsidiary, Sony Corporation of America, reached an agreement to buy all of the interest in EMI Music Publishing that is currently held by a consortium of Abu Dhabi’s Mubadala Investment for about $1.9 billion.
Sony said it expects to pay a total of about $2.3 billion for the majority stake in EMI Music Publishing, which it hopes will strengthen its entertainment portfolio, the Japanese company said Tuesday.
An attempt to save Toys “R” Us has ended. According to CNNMoney:
The billionaire behind Bratz and Little Tikes toys is waving the white flag.
Isaac Larian said Monday that he will no longer try to save Toys “R” Us.
“I am most disheartened that the legacy of the retailer will be lost for future generations,” Larian said in a statement provided to CNNMoney. He added that he wasn’t able to reach a deal with the company’s lenders.
A deal may save China’s ZTE telecom company, which has been a victim of trade tensions between China and the United States. According to Reuters:
Washington and Beijing are nearing a deal that would remove an existing U.S. order banning American companies from supplying Chinese telecommunications equipment maker ZTE Corp, two people briefed on the talks told Reuters.
The people, who declined to be identified because negotiations are confidential, said the deal could include China removing tariffs on imported U.S. agricultural products, as well as buying more American farm goods.
Starbucks Corp. (NASDAQ: SBUX) had to defend its new policy on public use of its stores and bathrooms. According to The Wall Street Journal:
Starbucks Corp. tried to dig itself out of controversy Monday by attempting to clarify a policy toward nonpaying guests that generated an onslaught of weekend criticism.
The Seattle-based retailer on Saturday had said it would allow all guests in its U.S. company-owned stores to use its cafes, including its restrooms, whether or not they make a purchase. That announcement, which attracted some support, also drew complaints that cafes wouldn’t have enough seats for paying customers and would turn into homeless shelters and drug havens.
Boeing Co. (NYSE: BA) may have a union among some of its workers. According to The Wall Street Journal:
A group of workers at Boeing Co’s large plane-making facility in South Carolina will vote on union representation later this month after labor regulators on Monday cleared a path for a fresh ballot.
The facility producing 787 Dreamliner jets in North Charleston has become a battleground for relations between organized labor and Boeing that could affect where the company manufactures future aircraft models.
The National Labor Relations Board on Monday said 178 technicians at the facility were an appropriate bargaining unit, with a vote to organize within the International Association of Machinists union set for May 31.