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Trump steel tariffs raised prices, shriveled up demand, led to job losses, some Michigan workers say

October 9, 2020

President Donald Trump promised a new dawn for the struggling U.S. steel industry in 2016, and the lure of new jobs in Midwestern states including Michigan helped him eke out a surprise election win.

Four years later, Great Lakes Works — once among the state’s largest steel plants — has shut down steelmaking operations and put 1,250 workers out of a job. A year before the June layoffs, plant owner United States Steel Corp called off a plan to invest $600 million in upgrades amid deteriorating market conditions.

Trump’s strategy centered on shielding U.S. steel mills from foreign competition with a 25 percent tariff imposed in March 2018. He also promised to boost steel demand through major investments in roads, bridges and other infrastructure.

But higher steel prices resulting from the tariffs dented demand from the Michigan-based U.S. auto industry and other steel consumers. And the Trump administration has never

INSIGHT-Trump steel tariffs bring job losses to swing state Michigan

October 9, 2020

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By Rajesh Kumar Singh

CHICAGO, Oct 9(Reuters) – President Donald Trump promised a new dawn for the struggling U.S. steel industry in 2016, and the lure of new jobs in Midwestern states including Michigan helped him eke out a surprise election win.

Four years later, Great Lakes Works – once among the state’s largest steel plants – has shut down steelmaking operations and put 1,250 workers out of a job. A year before the June layoffs, plant owner United States Steel Corp X.N called off a plan to invest $600 million in upgrades amid deteriorating market conditions.

Trump’s strategy centered on shielding U.S. steel mills from foreign competition with a 25% tariff imposed in March 2018. He also promised to boost steel demand through major investments in roads, bridges and other infrastructure.

But higher steel prices resulting from the tariffs dented demand from the Michigan-based U.S. auto industry and

Oil jumps on supply losses, possible OPEC output reversal

October 8, 2020

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FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. . REUTERS/Angus Mordant/File Photo

NEW YORK (Reuters) – Oil rose to more than $43 a barrel on Thursday on support from output shutdowns ahead of a storm in the U.S. Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway.

Markets rose sharply at noon on a Dow Jones report that Saudi Arabia is considering reversing course over OPEC’s planned production increase early next year.

Brent crude rose $1.13, or 2.7% to $43.12 at 12:20 EDT (1515 GMT), after falling 1.6% on Wednesday. U.S. West Texas Intermediate (WTI) crude added 99 cents, or 2.5%, to $40.94 after falling 1.8% on Wednesday.

The Organization of the Petroleum Exporting Countries has been challenged by rising output in Libya, an OPEC member

U.K. Taxpayers’ Pandemic-Loan Losses Could Hit 80% in Worst Case

October 7, 2020

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(Bloomberg) — Amid a punishing recession, defaults and fraud, U.K. taxpayers might face losses of 80% from the coronavirus lending program supporting small business.

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In the most detailed assessment to date of Chancellor of the Exchequer Rishi Sunak’s Bounce Back Loan Scheme, the National Audit Office said Wednesday that the worst-case loss estimate had increased from 60%, stoked by the potential for the Covid-19 crisis to last longer and take a greater toll on the economy.

The state watchdog compiled figures from various arms of the U.K. government and assumed smaller businesses will have borrowed about 43 billion pounds ($56 billion) — the midpoint of a range of estimates — through the program by its Nov. 30 deadline. An 80% loss, accounting for both defaults and fraud, on those loans — made overwhelmingly through Britain’s Big Five banks — would equal 34 billion pounds, or about $44 billion.

GE hit with SEC ‘Wells notice’ over massive insurance losses

October 6, 2020

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Boston-based GE first disclosed the government investigation into its accounting practices in 2018, after a multibillion-dollar underestimate of its insurance business created a shortfall in its reserves. At the time, then-Chief Financial Officer Jamie Miller said on a conference call with analysts, “There’s nothing here I‘m overly concerned about.” The SEC also delved into how GE recognized revenue from long-term service agreements for the maintenance of industrial equipment, including power plants and jet engines.

In a statement Tuesday to The Washington Post, GE said it has “fully cooperated with the SEC’s investigation,” adding, “We strongly disagree with the recommendation of the SEC staff and will provide a response through the Wells notice process.” GE said it is providing documents and other information requested by the SEC.

The SEC declined to comment.

GE will be given an opportunity to make a case against enforcement. But if the government proceeds, it could

A tax break in Cares Act has been making it easier for companies with past losses to get checks now

October 6, 2020

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The money, which came in the form of a tax refund, helped Antero maintain its lucrative cash dividend payments to investors despite a year of economic upheaval. At the end of April, Antero chief executive Paul Rady and President Glen C. Warren Jr. announced the tax windfall and assured investors that “we’re in good shape, and we feel good about it.” Days later, the pair sold $114.8 million of Antero stock, according to Securities and Exchange Commission filings. Last month, Rady sold an additional $46.4 million.

Antero Midstream, a $2.5 billion company, is one of at least 133 corporations that received help this year from the little-noticed provision of the Cares Act. By the end of June, the companies reported receiving more than $5 billion in Cares Act refunds, according to the newsletter Tax Notes. And while the bill did not say anything explicit about a fossil fuel bailout, as

GE could face punishment over staggering insurance losses

October 6, 2020

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General Electric is once again in hot water with the Securities and Exchange Commission.

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The U.S. Securities and Exchange Commission headquarters stands in Washington, D.C., U.S., on Thursday, Jan. 2, 2020. The federal appeals court in Manhattan today said the government may pursue insider-trading charges under a newer securities-fraud law not subject to a key requirement of the statute prosecutors traditionally use. Photographer: Andrew Harrer/Bloomberg via Getty Images

The SEC warned GE late last month that it plans to bring an enforcement action over the company’s handling of an insurance portfolio, a filing on Tuesday revealed. GE had previously said the SEC was investigating staggering insurance losses of $6.2 billion.

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The warning, known as a “Wells notice,” advised GE that the agency could bring a civil enforcement action for potential violations of securities laws. Such a notice gives companies the opportunity to respond before

Gov. Newsom signs insurance bill providing quicker payments for wildfire losses

October 4, 2020

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Wildfire victims who lose their home and possessions will be able to recoup money for their expenses faster, thanks to legislation that makes property insurance benefits easier to collect.

Gov. Gavin Newsom signed Senate Bill 872 into law Thursday, providing a suite of insurance protections and streamlined claims processing to better respond to the recovery challenges residents face right after a disaster.

The law won’t take effect until next year. It got Newsom’s endorsement as Sonoma and Napa counties and numerous California communities confront property losses during two months of widespread fires that have burned 4 million acres statewide this year.

Sen. Bill Dodd, D-Napa, who co-authored the legislation, viewed it as part of the growing movement to address home insurance hurdles for disaster survivors after consecutive years of destructive wildfires in the North Bay, he said.

“None of these bills are a silver bullet, but all of them put

Wall Street trims losses after Trump’s positive virus test

October 2, 2020

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NEW YORK — Wall Street is easing off its knee-jerk reaction to sell after President Donald Trump tested positive for the coronavirus, and stocks are clawing back much of their sharp losses from earlier in the morning on Friday.

After slumping as much as 1.7% after trading began, the S&P 500 wavered through the day before cutting its loss to 0.5% by the afternoon. Most stocks across the market were higher, including two out of three in the S&P 500.

The paring of losses came as optimism rose that Washington may be able to get past its partisanship to deliver more support for the economy. House Speaker Nancy Pelosi told airlines in the afternoon to stop furloughing workers because aid for them is imminent. She said a wider rescue package for the economy, one that investors have long been agitating for, could also perhaps be on the way.

The Dow

Oil extends losses after Trump tests positive for COVID-19

October 2, 2020

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TOKYO (Reuters) – Oil prices extended losses to about 3% on Friday after U.S. President Donald Trump said he has tested positive for COVID-19, while agrrement on a U.S. stimulus package eluded negotiators amid ongoing worries about demand.

FILE PHOTO: Oil pumps are seen, as oil and gas activity dips in the Eagle Ford Shale oil field due to the coronavirus disease (COVID-19) pandemic and the drop in demand for oil globally, in Karnes County, Texas, U.S., May 18, 2020. REUTERS/Jennifer Hiller

Brent crude slipped on the Trump news and was down $1.12, or 2.7%, at $39.81 a barrel by 0710 GMT. U.S. oil was also down $1.12, or 2.9%, at $37.60.

U.S. and Brent cruse are heading for drops of around 5% and 6% respectively this week for a second consecutive week of declines.

In a tweet, Trump said that he and First Lady Melania Trump tested positive for