Global Glance: EU imposes anti-dumping duties on Chinese steel; last Fed meeting’s minutes show talk of paring bond holdings

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Here are today’s top business headlines from across the nation and world:

EU imposes anti-dumping duties on Chinese steel

BRUSSELS (AP) — The European Commission has imposed anti-dumping duties on steel products from China to stop them flooding Europe’s struggling steel market. The Commission said Thursday that an investigation has confirmed that Chinese hot-rolled flat steel has been sold in Europe at dumping prices. The Chinese exports will now be taxed with duties ranging from 18.1 percent to 35.9 percent. Read more

Last Fed meeting’s minutes show talk of paring bond holdings

WASHINGTON (AP) — Federal Reserve officials last month discussed the possibility of reducing their enormous portfolio of bond holdings later this year, sooner than many investors have been expecting. The Fed’s bond holdings have kept downward pressure on interest rates. If its policy committee chose to start reducing those holdings, even at a likely gradual pace, it could lead eventually to higher rates on many consumer and business loans. Concern about that possibility contributed to a selloff of stocks Wednesday afternoon after the minutes of the Fed’s March meeting were released. Read more

Sunoco is selling most convenience stores to 7-Eleven

DALLAS (AP) — Sunoco is selling most of its convenience stores to 7-Eleven in a deal valued at $3.3 billion as it looks to focus more on its fuel supply business. 7-Eleven Inc. will get about 1,110 convenience stores, mostly along the East Coast and in Texas. Approximately 200 convenience stores in Texas, New Mexico and Oklahoma will be sold separately. The transaction also includes fuel, merchandise and other inventories. It does not include Sunoco’s APlus franchisee-run stores or its Aloha Petroleum unit in Hawaii. Read more

After takeover bid, Unilever announces major overhaul

THE HAGUE, Netherlands (AP) — Consumer products giant Unilever is overhauling its operations and returning billions of dollars to shareholders, in an effort to maximize value after rebuffing a $143 billion takeover bid by rival Kraft Heinz. The owner of brands including Hellmann’s and Lipton said Thursday that it plans to sell its spreads division and combine its foods and refreshments units. The Anglo-Dutch company will carry out a 5 billion euro ($5.3 billion) share buyback and raised its dividend by 12 percent, a move the company said reflected “increased confidence in the outlook for profit growth and cash generation.” Read more

YouTube TV has some nifty features — and some big drawbacks

NEW YORK (AP) — YouTube TV, Google’s new streaming package of about 40 television channels, is the tech industry’s latest bid to get cable-shunning millennials to pay for live TV over the internet. It offers intriguing advantages over rivals, but it remains hobbled by a limited channel selection. Don’t confuse the YouTube service, which was scheduled to debut Wednesday, with Netflix, Amazon Prime and other streaming offerings. Like similar efforts from Sony, Dish and AT&T’s DirecTV, YouTube TV primarily aims to let you channel surf over the internet, not to stream from an online library of shows and movies. So these internet-cable services can offer live programming, especially sports. But they also come with some serious drawbacks. Read more

Fed official: Bond holdings would be reduced gradually

FRANKFURT, Germany (AP) — A top U.S. Federal Reserve official says the central bank would likely move in a measured way after it decides to reduce its large bond holdings. San Francisco Federal Reserve President John Williams said there was a case to be made for moving slowly since reducing the bond holdings would lead to higher longer-term rates even as short-term rates are also being raised. The Fed piled up more than $4 trillion in financial assets on its balance sheet as a result of the global financial crisis and subsequent Great Recession. Read more


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