Housing recovery intact despite drop in new home sales
WASHINGTON New U.S. single-family home sales tumbled from near a 9-1/2-year high in April, but the housing recovery likely remains intact amid a tightening labor market.
SEOUL South Korea's central bank on Wednesday said any reduction in China's exports to the United States would hamper shipments from Asia's fourth-largest economy as it would cut demand for Korea's intermediary goods.
In a study detailing potential fallout on South Korea's economy, the Bank of Korea said a 10 percent reduction in China's exports to the U.S. will cut overall sales out of Korea by 0.36 percent, based on the assumption of renewed U.S. trade protectionist policies.
South Korea's electronics, semiconductors and petrochemical industries are some of the most vulnerable sectors to a potential damage in China-U.S. trades, the paper said.
Republican Donald Trump's upset win in the Nov. 8 presidential election has heightened worries about U.S. trade policy after the New York billionaire threatened to tear up international trade deals and slap import tariffs during a boisterous campaign.
(Reporting by Cynthia Kim; Editing by Shri Navaratnam)
WASHINGTON The U.S. government filed a civil lawsuit on Tuesday accusing Fiat Chrysler Automobiles NV of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014.
CHICAGO U.S. grains trader Bunge Ltd talked with the agricultural unit of commodities trader Glencore Plc about setting up a North American partnership, not a sale of the entire company, sources told Reuters on Tuesday.