The owner of the Keystone pipeline issued a force majeure notice to companies that ship oil on the conduit after a leak in North Dakota on Tuesday released an estimated 3,500 barrels.
Keystone may not be able to meet obligations to send oil down the pipeline as of 5 p.m. local time yesterday, according to a notice from owner South Bow Corp. seen by Bloomberg. Updates will be provided, the company said. An email to South Bow was not immediately returned.
Chancellor-in-waiting Friedrich Merz, vows coalition govt will 'move our country forward again'
Talks between the conservatives and the Social Democrats resumed after long, and inconclusive, negotiations on Tuesday
Responding to questions after their speeches, the coalition partners were asked what their message would be to US President Donald Trump in the wake of trade tariffs imposed on the EU.
"A key message to Donald Trump is, Germany is back on track," said chancellor-in-waiting Friedrich Merz, replying in English to a question from DW political editor Michaela Kuefner.
Merz said Germany was ready to strengthen its defense spending, something Trump has maintained is necessary, but also that Berlin wanted to improve its competitiveness from the point of view of trade.
"That is also the European Union. And Germany will be once again a very strong partner in the European Union and we will bring the European Union forward," he said.
"I fully agree," Social Democrat co-leader Lars Klingbeil briefly added in English.
In his response, CSU leader Markus Söder quipped, "I'll be back," referring to the catchphrase of Arnold Schwarzenegger's character in the Terminator movies.
https://www.dw.com/en/germany-cdu-csu-and-spd-announce-coalition-government-deal/live-72180120
Pharmaceutical stocks sank lower Wednesday after President Trump doubled down on his promise to slap tariffs on a long-exempt industry, causing market turmoil globally.
The Dow Jones U.S. Pharmaceuticals Index slipped 3.7% to 768.75 Wednesday morning, at one point hitting a 52-week low of 766.61. AbbVie shares fell 5.9% to $165.34, while Eli Lilly, Merck and Pfizer all declined about 3%.
In European morning trade, the Stoxx Europe 600 Health Care index--which is heavily dominated by Europe's six largest pharma companies--dropped 3.1% Wednesday, also touching a year low earlier in the session.
Switzerland's Roche and Novartis, the U.K.'s AstraZeneca, Denmark's Novo Nordisk and France's Sanofi were all down more than 5% in morning trade. Japan's Daiichi Sankyo and Takeda Pharmaceutical retreated 6% and 4.7%, respectively, while Australia's CSL shed 5%.
The pharma sector had been spared last week from Trump's sweeping tariff plan, which kicked in Wednesday, and drug companies have been exempt from trade taxes for decades. But Trump has previously pledged to impose duties on the industry, and his remarks at a Tuesday dinner with House Republicans suggested levies could come soon.
"We're going to tariff our pharmaceuticals and once we do that they're going to come rushing back into our country because we're the big market," Trump said, without providing further details. "So we're going to be announcing very shortly a major tariff on pharmaceuticals."
Drug companies have taken advantage of their tariff exemption by concentrating manufacturing in countries where the corporate-tax rate is low, such as Ireland and Switzerland. By importing the products for free to the U.S., where the bulk of their revenue comes from, they save extra on taxes.
Quickly moving operations to the U.S. could be challenging for companies due to stringent regulations and site-construction timelines that usually span more than four years, Bernstein analyst Courtney Breen said. Breen estimates tariffs would add about $46 billion in import costs alone for the industry.
Trump has long criticized the lack of pharmaceutical production in the U.S. His administration said it might launch an investigation into the sector under Section 232 of the Trade Expansion Act of 1962, which allows the president to levy tariffs on products deemed essential for national security. That is the provision Trump has used on recent tariffs targeting the automotive and steel sectors.
Drugmakers have said they're still unclear about whether Trump will impose tariffs on finished products or on active pharmaceutical ingredients. There's also still a question of whether the duties will come all at once or in phases.
Some companies have said they are looking at expanding their presence or setting up shop in the United States to mitigate the costs of President Donald Trump’s sweeping tariffs.
Below are some of the plans companies have flagged, in alphabetical order.
CAMPARI
The Italian spirits group is assessing the opportunities to expand its production in the U.S. without losing the essence of its brand portfolio, CEO Simon Hunt said on March 5.
COMPAL ELECTRONICS
The Taiwanese contract laptop maker may expand into the U.S. and has spoken to several southern states about a possible investment, CEO Anthony Peter Bonadero said in January, adding that Texas was a leading candidate but no decisions had been made yet.
ESSITY
The Swedish hygiene product and tissue maker could move more of its production into the U.S. from Mexico and Canada if tariffs were introduced, CEO Magnus Groth said on January 23.
HONDA
Honda (NYSE:HMC) has decided to produce its next-generation Civic hybrid in the U.S. state of Indiana, instead of Mexico, to avoid potential tariffs on one of its top-selling car models, three people familiar with the matter told Reuters in March.
HYUNDAI MOTOR
The South Korean automaker said on January 23 it planned to further localize production in the U.S. to minimize any tariff impact. It also said it would make hybrid vehicles at its new factory in Georgia.
ILLYCAFFE
The Italian premium coffee maker will look at building a plant in the U.S. if it gets caught up in Trump’s tariffs, CEO Cristina Scocchia said on April 1.
INVENTEC
The Taiwanese company, which makes AI servers that use Nvidia (NASDAQ:NVDA) chips, has begun evaluating locations for a U.S. investment, favoring Texas due to its proximity to Mexico and power infrastructure, President Jack Tsai said in January.
LAVAZZA
The Italian coffee maker plans to press ahead with its expansion in the U.S. market, the company said on April 3. Lavazza, which produces locally around half of what it sells in the U.S., plans to increase this output to 100%.
LG ELECTRONICS
The South Korean electronics giant is considering moving the manufacturing of refrigerators from Mexico to its factory in Tennessee, which makes washing machine and dryers, a South Korean newspaper reported on January 21.
LUXSHARE
The Apple (NASDAQ:AAPL) supplier is in talks with customers on ways to respond to U.S. tariffs by shifting more production outside China, including into the United States, its chairwoman told analysts in a telephone call on April 9.
LVMH
The luxury conglomerate is "seriously considering" bulking up its production capacities in the U.S., CEO Bernard Arnault said on January 28.
NISSAN MOTOR
The Japanese automaker is considering shifting some domestic production of U.S.-bound vehicles to the United States, business newspaper Nikkei reported on April 5.
SAMSUNG ELECTRONICS
The South Korean tech giant is considering moving the manufacturing of dryers from its Mexico plant to its plant in South Carolina, Korea Economic Daily reported on January 21.
STELLANTIS
The Chrysler parent is moving forward with plans to build a new midsize pickup truck in Belvidere, Illinois, it said on January 29.
TSMC
Taiwanese chipmaker TSMC is expanding investment in the U.S. and plans to build five additional chip facilities there in coming years, its CEO said in March.
VOLKSWAGEN
The German carmaker’s CFO Arno Antlitz said in January that the group planned to produce more in the United States.
Its Audi brand will expand production in North America with a focus on its most important cars for the U.S. market and will make a decision on where to base itself this year, its CEO said on February 21.
VOLVO CARS
Volvo (OTC:VLVLY) Cars may move some production to the U.S. depending on tariffs imposed by Trump, its CEO said on March 5.
Walmart is still confident in its business and strategy but ready to pivot should volatility continue, Chief Executive Doug McMillon said at an Investor Day event.
"While in the short term, we're not immune, we're positioned to play offense," McMillon said. "Nothing about the current environment impacts our confidence in our business or our strategy."
Chief Financial Officer John David Rainey said during the conference Wednesday morning that economic uncertainty and declining consumer confidence has led to volatility, sometimes on a daily basis. That's put pressure on the operating income expectations and made it more difficult to predict, he said.
"For the current quarter, the uncertainty and decline in consumer sentiment has led to a little more sales volatility week to week and, frankly, day to day," Rainey said.
The retailer expects sales growth to stay in line with the 3% to 4% guidance it has previously shared. It reports first-quarter results May 15.
The range of outcomes for first-quarter operating income growth has widened due to a less favorable category mix, higher casualty claims expense and the desire to maintain flexibility to invest in price as tariffs are implemented, Walmart said.
Walmart is still evaluating the tariff environment and figuring out what it means for the retailer, Rainey said. The company sources about two-thirds of its goods sold in the U.S. domestically, but China and Mexico are its most significant importers, he said.
Rainey also added that Walmart's e-commerce segment is profitable this quarter for the first time, and is expected to be annually profitable starting this year. E-commerce revenue contributed to half of sales growth over the past five years, he said.
Amazon.com is considering a $15 billion warehouse expansion plan for about 80 new logistics facilities in U.S. cities and rural areas, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The company is asking potential capital partners to submit proposals, according to the report, which said the facilities are expected to be mostly delivery hubs, but some of the properties would also include large fulfillment centers packed with robots.
Separately, the e-commerce company has canceled orders for multiple products made in China and other Asian countries, Bloomberg reported, citing a document it reviewed and people familiar with the matter.
The orders for beach chairs, scooters, air conditioners and other merchandise from multiple Amazon vendors were halted after the Trump administration's April 2 sweeping tariff announcements, Bloomberg said, adding that timing of the cancellations, which had no warning, led the vendors to suspect it was a response to tariffs.
Amazon did not immediately respond to Reuters requests for comment.
China and the European Union announced new trade barriers on U.S. goods on Wednesday in response to steep duties imposed by U.S. President Donald Trump, escalating a global trade war that has hammered markets and raised the likelihood of recession.
China announced a tariff hike on U.S. imports to 84% from 34%, shortly after Trump's punitive 104% tariffs on Chinese imports kicked in on Wednesday, as a standoff between the world's two largest economies showed no signs of resolution.
Amazon spent heavily on its retail infrastructure during the pandemic, even incurring $2 billion in quarterly expenses for excess warehouse and transportation capacity. The company has since reined in those investments, focusing instead on its cloud and AI business.
The e-commerce company is willing to lease the new logistics facilities in the U.S. for 15 to 25 years, and some of the sites could be funded directly by Amazon, Bloomberg said. The company has more than 600 U.S. fulfillment centers, delivery stations and same-day facilities.
https://finance.yahoo.com/news/amazon-com-considers-15-billion-140915851.html
As genetic testing company 23andMe seeks to sell the consumer data of millions of Americans as part of its bankruptcy proceedings, Senate HELP Committee Chairman Bill Cassidy is opening up a probe into the company to ensure that users’ medical data and DNA do not fall into the wrong hands.
In a pair of letters obtained by FOX Business, Cassidy, R-La., raised concerns with Treasury Secretary Scott Bessent and 23andMe executives over the risk that Chinese companies or other foreign adversaries may "seek to acquire 23andMe’s database and potentially use it against Americans."
Cassidy called on Bessent to conduct a review of the transactions using the Treasury’s Committee on Foreign Investment in the United States (CFIUS), a panel that conducts oversight of transactions that may impact America’s national security. A Treasury spokesperson declined FOX Business' request for comment.
The Louisiana senator cited a 2021 report authored by American intelligence officials as evidence that "Chinese companies have already taken steps to collect genetic data across the world that could be used for adverse purposes."
23andMe announced last month that it had voluntarily filed for Chapter 11 bankruptcy protection and intended to sell substantially all of its assets. In a press release announcing its entrance into bankruptcy proceedings, the company said it is "committed to continuing to safeguard customer data" and that "data privacy will be an important consideration in any potential transaction."
Three days after that announcement, 23andMe said that a judge had greenlit the company’s plan to auction all of its assets as part of its proceedings. In a March 26 press release, the company noted that potential buyers must "agree to comply with 23andMe’s consumer privacy policy and all applicable laws with respect to the treatment of customer data."
The Justice Department issued a final rule last year prohibiting the sale of genomic data to "countries of concern," such as China.
In his letter to 23andMe executives, Cassidy criticized the company’s rejection of calls to appoint a neutral third party to oversee the sale of its consumer data. "Instead," Cassidy wrote, "23andMe has relied on its own privacy policy to avoid third-party participation that would help ensure 23andMe remains committed to consumer privacy."
In addition to concerns over the company’s handling of its current bankruptcy proceedings, Cassidy also noted that 23andMe suffered a data breach in 2023 that affected nearly 7 million customers. In light of that episode, which 23andMe resolved in 2024 by agreeing to pay $30 million and provide three years of security monitoring to settle a lawsuit over its handling of consumer data, Cassidy said that "it is unclear how the company will commit to safeguarding data going forward."
Cassidy requested that 23andMe respond to questions over how it will safely handle the sale of consumers’ data by April 23.
23andMe co-founder and CEO, Anne Wojcicki stepped down shortly after the company folded.
