Trade gap narrows to five-month low
The U.S. trade deficit narrowed in March to the lowest level since October as both exports and imports fell. But the politically sensitive trade gap with China rose.
The Commerce Department said Thursday that the gap in goods and services slipped to $43.7 billion, down from $43.8 billion in February. Exports dropped 0.9 percent to $191 billion, pulled down by falling auto exports. Imports fell 0.7 percent $234.7 billion as imports of crude oil and other petroleum products slid.
President Donald Trump was elected on a pledge to reduce America’s trade deficits, which he blames on unfair trade practices by China and other countries. The president says trade deficits are responsible for the loss of hundreds of factories and millions of manufacturing jobs.
So far this year, the trade deficit is up more than 7 percent to $135.6 billion. For all of last year, the gap exceeded $500 billion.
Davis named CTO for Steam Logistics
Steam Logistics has hired one of the founders of Access America Transport and the Dynamo Fund, Allan Davis, as the company’s chief technology officer to help the company grow its international logistics industry.
Davis was formerly chief operating officer for Access America, the Chattanooga-based third-party logistics company that grew to $500 million in annual sales before selling to Chicago-based Coyote Logistics in 2014. Davis became an owner and board member of Steam when it was founded in 2012.
“The past few years working with-and investing in-a whole host of start-ups has been really rewarding,” says Davis. “But now I’m ready to get back into the daily hustle of building a company.
Mortgage rates drop after rise last week
Long-term U.S. mortgage rates barely moved this week after rising last week for the first time in five weeks. The benchmark 30-year rate remained above the key threshold of 4 percent.
Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate home loans ticked down to 4.02 percent from 4.03 percent last week. The rate stood at 3.66 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971.
The rate on 15-year mortgages was unchanged from last week at 3.27 percent.
Group raises $26 million to support local journalism
A Philadelphia-based journalism institute tasked with finding ways to save local journalism has raised over $26 million in donations.
The Lenfest Institute for Journalism says it has secured new commitments of $26.5 million. Its creator, philanthropist H.F. “Gerry” Lenfest, has committed an additional $40 million.
The institute also announced a matching gift campaign to further advance the development of sustainable business models for high-quality local journalism.
Lenfest previously donated $20 million to establish the institute in January 2016.
Social media sought from Visa applicants
The State Department wants to review social media, email addresses and phone numbers from some foreigners seeking U.S. visas, as part of the Trump administration’s enhanced screening of potential immigrants and visitors.
The department, in a notice published Thursday in the Federal Register, said it was seeking public comment on the requirement. But it also said it is requesting a temporary go-ahead from the White House budget office so the plan can take effect for 180 days, beginning May 18, regardless of those comments.
The proposed requirements would apply to visa applicants identified for extra scrutiny, such as those who have traveled to areas controlled by terrorist organizations. The State Department said it estimates that the rules would affect about 0.5 percent of total U.S. visa applicants, or roughly 65,000 people.