World Trade Organization (WTO) members met in Geneva on Friday trying to finalize a deal to cut tariffs on $1 trillion of information technology products from video games to medical equipment. The United States said a deal had been struck, but WTO Director General Roberto Azevedo postponed a press conference at which he and the talks' chairman, European Union Ambassador Angelos Pangratis, had been due to announce the agreement.
Cisco Systems Inc Chief Executive John Chambers will step down in July after 20 years at the helm of the network equipment maker, a symbol of the dot.com stock boom 15 years ago now struggling to boost its bottom line in the era of cloud computing.
Apple hit a record high market value above $700 billion. Two years ago it stole the crown as the world’s most valuable company. The recent acceleration means that Apple has increased by the equivalent of the next 15 names on that list ranked by market cap. Investors must be asking whether history will repeat itself.
A drive to update plants and equipment is propelling gains in business investment that will probably keep American factories busy even as consumer spending shows signs of cooling. Better wage growth could broaden household purchases beyond automobiles and help sustain the pickup in manufacturing.