The daily business briefing: January 23, 2019
Tensions rise over preparations for a key U.S.-China trade meeting, the DOJ says it will pursue extradition of Huawei leader, and more
1. Tensions rise ahead of key U.S.-China trade meeting
The White House reportedly rejected a preliminary meeting China proposed for this week ahead of looming high-level trade talks, signaling a lack of progress on some critical issues still dividing the world's two biggest economies. The news, along with fresh signs the global economy is weakening, broke a four-day winning streak for the main U.S. stock indexes. President Trump's top economic adviser, Larry Kudlow, denied that any scheduled meeting with Chinese government representatives had been canceled as the two countries try to reach a deal before a truce on new tariffs expires on March 1. Kudlow, director of the National Economic Council, said the high-level meeting in Washington next week would be "very, very important" and "determinative."
2. DOJ pushes ahead with Huawei leader extradition request
The Justice Department said Tuesday it would move forward with plans to extradite Meng Wanzhou, chief financial officer of China's Huawei Technologies, to face allegations that she misrepresented the company's ties to a firm that tried to sell equipment to Iran despite U.S. sanctions. Meng was arrested in Canada in December. "We will continue to pursue the extradition of defendant Ms. Meng Wanzhou, and will meet all deadlines set by the U.S./Canada Extradition Treaty," Justice Department spokesman Marc Raimondi said in a statement. Huawei, the world’s biggest producer of telecommunications equipment, also faces allegations that its devices present a national security risk because they can be used to spy for Beijing. Huawei denies any involvement in espionage.
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. IRS absences could delay tax refunds
Union leaders said Tuesday that the number of Internal Revenue Service employees skipping work will surge if the five-week partial government shutdown drags on, threatening to delay taxpayer refunds. The Trump administration last week ordered 30,000 more IRS workers to return to work without pay, part of an effort to process refunds on time as income-tax filing season begins. But Tony Reardon, president of the National Treasury Employees Union, and many local union leaders said more IRS employees across the country soon will be staying home, some in protest and others out of financial necessity. The absences are part of a broader pushback by civil servants, including Transportation Security Administration airport inspectors, who are calling in sick as they face their second straight pay day without a check.
4. Comcast shares jump after it posts better-than-expected earnings
Comcast shares rose by 3.2 percent in pre-market trading early Wednesday after the company reported quarterly revenue and profit that beat analysts' expectations. The massive cable provider said its revenue rose by 26.1 percent to $27.85 billion in the fourth quarter, or $28.3 billion on an adjusted basis. Analysts had expected $27.6 billion, according to IBES data from Refinitiv. The company earned 64 cents per share, excluding items, beating the average estimate of 62 cents per share. The company said it lost 29,000 video customers, fewer than the 62,000 customer loss analysts had predicted, according to FactSet.
5. L.A. teachers ratify deal to end strike
Los Angeles teachers ratified a contract deal with the L.A. Unified School District on Tuesday, ending their first strike in 30 years. Alex Caputo-Pearl, president of United Teachers Los Angeles, said the agreement sealed "historic" gains in the fight for smaller classes and "fully staffed" schools. Teachers will get a 6 percent raise, although they said the walkout was about a broader need for more resources on campuses. Other elements of the deal include incremental reductions in class sizes over the next few years, and increases in support staff, including librarians. The votes of the 30,000 teachers union members were still being counted Tuesday night, but "a vast supermajority are voting yes for the agreement that we made," Caputo-Pearl said.
Create an account with the same email registered to your subscription to unlock access.
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.
-
Winchcombe meteorite: space rock may reveal how water came to Earth
The Explainer New analysis of its violent journey confirms scientific theories on the origin of our planet's H2O
By Sorcha Bradley, The Week UK Published
-
Liz Truss to save the West: is a political comeback really on the cards?
Talking Point The former prime minister is back with a new tell-all memoir
By Richard Windsor, The Week UK Published
-
Fallout: one of the 'most faithful – and best – video game adaptations'
The Week Recommends This 'genre-bending' new Amazon series is set in a post-apocalyptic wilderness where survivors shelter below ground
By Adrienne Wyper, The Week UK Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published