Author: BLMS MEDIA

MILAN (Reuters) -Pirelli’s board is expected to approve on Monday an accord between shareholders to establish that the group’s largest investor, China’s state-owned Sinochem, does not exercise control over the tyre maker, an Italian daily said. Chinese and Italian shareholders in Pirelli have been at odds over the group’s governance, with Sinochem posing a hurdle to Pirelli’s U.S. expansion ambitions. Under an agreement reported by Il Messaggero newspaper, while Sinochem will retain its 37% stake in Pirelli, it will no longer be considered as having control of the company for regulatory purposes. The agreement would declare that Sinochem holds no…

SEOUL (Reuters) -South Korea’s Industry Minister Ahn Duk-geun said on Saturday that Seoul plans to approach trade talks with the United States “calmly and cautiously.” The negotiations were off to a good start but South Korea will closely monitor the progress in trade talks between the U.S. and other countries, Ahn told reporters after returning from Washington. “This (coming) week, working-level talks will kick off during which a specific working group will be confirmed,” Ahn said. Seoul plans to continue consultations with the U.S. until early July to secure tariff exemptions, he added. South Korea and the U.S. agreed after…

By Helen Reid LONDON (Reuters) -With the end of a U.S. tariff exemption for small parcels on Friday, some retailers have stopped selling to customers in the United States while others are seeking temporary workarounds in the hope the tariff rate may be reduced. The removal of “de minimis” – duty-free treatment of e-commerce packages worth less than $800 – for products originating from China and Hong Kong exposes those goods to tariffs of 145% on most Chinese goods following U.S. President Donald Trump’s decision last month. The move upended global trade and triggered retaliation from Beijing. British beauty products…

By David Shepardson and Kalea Hall WASHINGTON/DETROIT (Reuters) -A group representing General Motors, Ford and Stellantis blasted President Donald Trump’s trade deal announced with the United Kingdom, saying it would harm the U.S. auto sector. British carmakers will be given a quota of 100,000 cars a year that can be sent to the United States at a 10% tariff rate, almost the total Britain exported last year, compared to 25% for Mexico and Canada and nearly all other countries. “Under this deal, it will now be cheaper to import a UK vehicle with very little U.S. content than a USMCA…

By Shubham Batra, Shivangi Acharya and Ira Dugal NEW DELHI (Reuters) -India has offered to slash its tariff gap with the U.S. to less than 4% from nearly 13% now, in exchange for an exemption from President Donald Trump’s “current and potential” tariff hikes, two sources said, as both nations move fast to clinch a deal. This would mean that the average tariff differential between India and the U.S., calculated across all products without weighting for trade volume, would be reduced by 9 percentage points, in one of the most sweeping changes to bring down trade barriers in the world’s…

(Reuters) – The U.S. Department of Justice is carrying out a criminal investigation into UnitedHealth Group for possible Medicare fraud, the Wall Street Journal reported on Wednesday. UnitedHealth said it had not been notified by the DOJ about the “supposed criminal investigation reported,” and the company stood by “the integrity of our Medicare Advantage program.” The stock fell 8% in after-hours trade following the report. The health insurer has been under pressure for months. On Tuesday, UnitedHealth Group’s CEO, Andrew Witty, stepped down unexpectedly, and the company simultaneously suspended its 2025 financial forecast due to rising medical costs. The announcement…

(Reuters) -Billionaire businessman Elon Musk said on Wednesday he regretted some of the posts he made last week about U.S. President Donald Trump as they had gone “too far”. Trump said on Saturday his relationship with Musk was over after they exchanged insults on social media, with the Tesla and SpaceX CEO describing the president’s sweeping tax and spending bill as a “disgusting abomination.” Musk has since deleted some posts critical of Trump, including one signaling support for impeaching the president, and sources close to the world’s richest man say his anger has started to subside and he may want…

By Chris Kirkham (Reuters) -Tesla faces an existential test this month as it aims to launch self-driving “robotaxis” in its home base of Austin, Texas, where public-safety officials are increasingly concerned about the state’s anti-regulation stance toward autonomous vehicles. For Tesla, the launch of between 10 and 20 Model Y vehicles follows a decade of unfulfilled promises of self-driving vehicles from CEO Elon Musk, who last year staked the company’s future on such technology as it pivoted away from chasing rapid growth in electric-vehicle sales. The Austin robotaxi launch, which Musk says will “tentatively” open to the public on June…

OMAHA, Neb. (AP) — Billionaire Warren Buffett shocked an arena full of shareholders Saturday by announcing that he will retire at the end of the year, bringing the curtain down on a six-decade run leading Berkshire Hathaway that made him the most influential investor in the world. Buffett said he will recommend to Berkshire Hathaway’s board on Sunday that Vice Chairman Greg Abel should replace him. “I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said. Abel has been Buffett’s designated successor for years, and he already manages…

HARRISBURG, Pa. (AP) — President Donald Trump will control the so-called “golden share” that’s part of the national security agreement under which he allowed Japan-based Nippon Steel to buy out iconic American steelmaker U.S. Steel, according to disclosures with the U.S. Securities and Exchange Commission. The provision gives the president the power to appoint a board member and have a say in company decisions that affect domestic steel production and competition with overseas producers. Under the provision, Trump — or someone he designates — controls that decision-making power while he is president. However, control over those powers reverts to the…