Facing new trade sanctions and a U.S. clampdown on its top telecommunications company, China issued a pointed reminder Wednesday that it has yet to unleash all its weapons in its trade war with the Trump administration.
Chinese state media warned that Beijing could cut America off from exotic minerals that are widely used in electric cars and mobile phones. The threat to use China's rich supply of so-called rare earths as leverage in the conflict has contributed to sharp losses in U.S. stocks and sliding long-term bond yields.
For months, the world's two biggest economies have been locked in a standoff over allegations that China deploys predatory tactics — including stealing trade secrets and forcing foreign companies to hand over technology — in a drive to supplant U.S. technological dominance.
The Trump administration has imposed 25% tariffs on $250 billion in Chinese imports and is planning to tax the $300 billion in imports that have so far been spared. And it escalated the stakes this month by putting the Chinese telecom giant Huawei on a blacklist that effectively bars U.S. companies from supplying it with computer chips, software and other components without government approval.
The U.S. claims Huawei is legally beholden to China's ruling Communist Party, which could order it to spy on their behalf. Washington has offered no evidence that the Huawei has done that, however.
DuPont reorganizes on eve of break-up
DowDuPont, under chief executive Edward Breen, has once again reorganized the "new" DuPont Co., the Wilmington-based business group including most former E.I. DuPont Co. businesses and some formerly belonging to Dow Chemical Co.
The move comes just five days before DuPont is scheduled to split off from its remaining corporate affiliate, Corteva, which makes pesticides and designer crops seeds, and is to begin trading as a separate stock on June 3.
The company has combined two of its four remaining divisions as it seeks buyers for a series of businesses. DuPont plans to merge its Industrial Biosciences unit, which was to have been headquartered at the DuPont Experimental Station lab complex outside Wilmington, Del., into its Nutrition & Health business and base the resulting Nutrition & Biosciences Unit in Copenhagen, Denmark, under the leadership of Matthias Heinzel.
The Nutrition & Health business includes the former Danisco, a Danish enzyme maker and supplier of yogurt cultures, among other products.
DuPont and Corteva are based in Delaware. A reconstituted Dow Chemical, based in Michigan, split from the group in April, part of a complex deal designed to transfer assets so they might attract more interest from investors and higher share prices, without incurring U.S. income taxes. So far the successor companies are worth less than the $150 billion the companies were worth when the deal was announced, confounding their creators' predictions.
Devon Energy sells to Canadian firm
Devon Energy says it is selling nearly all of its assets in Canada to Canadian Natural Resources for $2.8 billion.
The Oklahoma City-based oil and gas company included in the S&P 500 put its Canadian assets up for sale in February in a plan to focus on growth from wells drilled in U.S. shale fields.
The deal is expected to close June 27.
Devon officials say proceeds from the sale will help reduce the company's debt.
Officials with Calgary-based Canadian Natural Resources say Devon's "high-quality" assets will provide further balance to their production profile.
Devon's exit from Canada follows recent asset sales there by foreign companies including Norway's Statoil, France's Total SA, El Dorado, Arkansas-based Murphy Oil and Houston-based ConocoPhillips.
Delta rider sues over dog attack
A man mauled by another passenger's emotional support dog on a Delta Air Lines flight has sued the airline and the other passenger for negligence.
The lawsuit filed in Fulton County State Court alleges Marlin Jackson was in a window seat when a dog sitting in the lap of the passenger next to him suddenly attacked his face and pinned him against the window of the plane.
The June 2017 attack during boarding of a flight from Atlanta to San Diego gained national attention and was followed by a series of changes to airline policies for emotional support and service animals. The federal government is also reviewing its policies for emotional support and service animals on flights.
"While Mr. Jackson was securing his seatbelt, the animal began to growl" at him, according to the lawsuit. The dog then bit Jackson several times.
"The attack was briefly interrupted when the animal was pulled away from Mr. Jackson. However, the animal broke free and again mauled Mr. Jackson's face," the lawsuit alleges.