PRESS DIGEST- New York Times business news – July 11

July 11 (Reuters) – The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

– The Trump administration said on Wednesday that it would investigate whether a French plan to impose a tax on U.S. technology giants like Facebook and Google amounts to an unfair trade practice that could be punished with retaliatory tariffs, escalating its global trade fight.

– China denied making any explicit commitment to buy U.S. farm products during their recent discussions in Japan, and instead saw large-scale purchases as contingent on progress toward a final trade deal that is still nowhere in sight, according to people familiar with the negotiations.

– Federal prosecutors are investigating Deutsche Bank AG’s role in a scheme that looted a Malaysian government fund, according to a person with knowledge of the matter, drawing the troubled German bank into a scandal that has already ensnared a U.S. competitor, Goldman Sachs Group Inc.

– The Federal Reserve chair, Jerome Powell, signaled on Wednesday that the Fed could soon cut interest rates, sending stocks higher as the benchmark S&P 500 stock index briefly traded above 3,000 for the first time.

– A Lockheed Martin Corp helicopter plant in Coatesville, Pennsylvania, is staying open after U.S. President Donald Trump urged its chief executive, Marillyn Hewson, not to close it as planned. (Compiled by Bengaluru newsroom)

Source: Read Full Article