Global Glance: Toshiba’s survival in doubt amid Westinghouse troubles; WTO projects trade uptick

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

Toshiba’s survival in doubt amid Westinghouse troubles

TOKYO (AP) — Toshiba Corp., whose U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, raised doubts Tuesday about its ability to survive as a company. In an unaudited financial report, Toshiba projected a 1.01 trillion yen ($9.2 billion) loss for the fiscal year that ended in March, a figure that ballooned from the 390 billion yen loss forecast in February because of the troubles at Westinghouse . Four nuclear reactors Westinghouse is helping to build in South Carolina and Georgia are behind schedule and billions of dollars over budget. Toshiba said its recent financial losses have reduced its assets, resulting in downgrades by credit rating agencies and a breach in the terms of some loans. Read more

Global trade forecast to pick up but uncertainties linger

GENEVA (AP) — The World Trade Organization is predicting an uptick in global trade this year and next after a lackluster 2016, while cautioning that uncertainty about policies like protectionism and anti-globalization present risks to its forecast. The Geneva-based trade body, which has faced rumblings that the Trump administration might move to withdraw the United States, is projecting trade growth of 2.4 percent this year, from 1.3 percent in 2016, which was the slowest pace since the height of the financial crisis in 2008. Read more

Online coupon company RetailMeNot bought by Harland Clark

NEW YORK (AP) — Direct mail and marketing services company Harland Clark Holdings Corp. is buying online coupon company RetailMeNot Inc. Harland Clark is paying $11.60 per share for RetailMeNot, a 50 percent premium on the Austin, Texas-based company’s closing stock price of $7.75 on Monday. Given the number of RetailMeNot shares outstanding, the deal is valued at about $560 million. The companies listed the deal’s equity value, which includes debt, the value of stock options and convertible securities, at $630 million. Read more

IMF leader Lagarde warns against trade protectionism

WASHINGTON (AP) — The head of the International Monetary Fund says that after six years of disappointing growth, the world economy is finally gaining momentum. But she warns of a number of potential threats, ranging from political uncertainty in Europe to protectionism that could hinder global trade. IMF Managing Director Christine Lagarde says that there is a critical need for more international cooperation, not less. Restricting trade flows would be a “self-inflicted wound” that would harm workers and consumers, she says. Read more

Automakers raise horsepower, speed to new heights

NEW YORK (AP) — At a time when mainstream and luxury cars look similar inside and out, buyers like Croatti are hungry for sound and speed, and car companies are happy to oblige. On Tuesday night, Fiat Chrysler’s Dodge brand used explosions, burnouts and a small drag strip to ramp up horsepower even more. Ahead of the press days of the New York auto show, Dodge rolled out the 840-horsepower Demon Challenger, which FCA says is the fastest and most powerful production car made. Read more

Gas prices will rise this summer but should remain low

NEW YORK (AP) — You didn’t think those super-low gas prices would last forever, did you? The U.S. government says a rebound in oil prices means drivers will be paying more at the pump this summer than last year. But that will still be a bargain compared to just a few years ago. The Energy Information Administration on Tuesday forecast that retail gas will cost an average of $2.46 a gallon from April through September, up from $2.23 a gallon over the summer of 2016. Read more


United pledges to review policies on removal of passengers

CHICAGO (AP) — After people were horrified by video of a passenger getting dragged off a full United Express flight by airport police, the head of United’s parent company said the airline was reaching out to the man to “resolve this situation.” Hours later on Monday, his tone turned defensive. He described the man as “disruptive and belligerent.” By Tuesday afternoon, almost two days after the Sunday evening confrontation in Chicago, CEO Oscar Munoz issued his most contrite apology yet as details emerged about the man seen on cellphone videos recorded by other passengers at O’Hare Airport. Read more


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