$1.5 billion acquisition of Herb Chambers auto group is complete
AGRICULTURE
Farm and fisherman bankruptcies hit five-year high amid low prices and high costs
After years of low crop prices and rising costs, America's small farmers are facing a crisis brought on by higher interest rates, Trump's trade war, and dramatically reduced demand from China. In the first half of the year, small-business bankruptcies filed by farmers and fisherman hit the highest number since 2020, which was the tail end of a similar cycle of low-prices. Farm debt is expected to hit $561.8 billion in this year, a record high, according to the US Department of Agriculture. 'We've had three years of tough sledding here where breakevens are at or below cost,' said Brett Bruggeman, the chief operating officer at Land O'Lakes Inc., one of the biggest farmer-owned cooperatives in the United States. Soybean, corn, and pork producers have been among the hardest hit farmers in recent years as China began buying more from competitors in Brazil and other parts of Latin America. Before President Trump's first term in office in 2017, US farmers dominated the Chinese import market, said Joseph A. Peiffer, with the Iowa-based law firm Ag & Business Legal Strategies. Today Brazil occupies that position, he said. 'Once you lose a customer it's awful hard to get them back,' he said. Firms that specialize in restructuring farm debt have seen an increase in business, lawyers said. Land O'Lakes said its members are seeing dwindling cash reserves and growing concerns about the 2026 crop year. More new growers have been applying to a Land O'Lakes program that helps finance crop inputs like seeds and nutrients. — BLOOMBERG NEWS
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Coca-Cola could turn to cane sugar. But can US growers meet demand?
After four decades drinking Coca-Cola sweetened with corn syrup, Americans are going to get the chance to buy the soda made from domestic cane sugar. But whether US farmers can meet that demand is unclear. Coca-Cola Co. said Tuesday it will launch the new Coke variety this fall, a week after President Trump said the company had agreed to start using the sweetener. The move is hardly an outlandish idea. In fact, Coke sold in other countries like Mexico is sweetened with cane sugar. And the company relied on cane sugar before switching to high fructose corn syrup around 1980. While the company will still be using corn syrup for original Coke, the addition of a domestic cane-based soda could help growers in Louisiana and Florida at a time when demand has been slow. However, a sustained bump in demand — especially if other companies follow Coca-Cola's lead — risks outstripping homegrown availability. US cane only makes up about 30 percent of overall domestic sugar supplies, according to the US Department of Agriculture. The rest comes from imports, which were about 2.2 million metric tons for the 2025-26 season, and American-grown sugar beets that perform better in colder climates. A sugar supply shortfall would likely mean more cane imports from Mexico and Brazil, exposing American companies and consumers to higher prices just as they are facing market upheaval from Trump's tariffs. Cane sugar is more expensive than high-fructose corn syrup. On top of that, long-standing import tariffs mean US raw cane sugar futures are already more than double what the rest of the world pays. That price gap widened to a record on Tuesday. — BLOOMBERG NEWS
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HOUSING MARKET
US home sales slow again as prices keep pushing record highs
Sales of previously owned US homes fell in June to a nine-month low as potential buyers continued to bristle at record prices and high borrowing costs. Contract closings decreased 2.7 percent in June to an annualized rate of 3.93 million, a report from the National Association of Realtors showed Wednesday. Economists surveyed by Bloomberg expected a 4 million sales rate. The median sales price increased 2 percent in June from a year ago to $435,300. Home prices continue to rise even after a recent pickup in inventory. 'Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth,' Lawrence Yun, NAR chief economist, said in a statement. 'High mortgage rates are causing home sales to remain stuck at cyclical lows.' Yun said on a call with reporters that it's typical to see high home prices this time of year because families want to move before the school year begins. The nation's home-resale market is likely to limp along for the foreseeable future as would-be buyers contend with mortgage rates hovering near 7 percent and prices that are up almost 50 percent from five years ago. While home listings have increased this year, many owners are hesitant to give up mortgages secured at much lower rates. — BLOOMBERG NEWS
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RIDE-HAILING
Uber to test program to match female riders and drivers
Uber Technologies Inc. is piloting a new ride type in the United States that will match female riders and drivers, expanding access to a safety feature it already offers in some international markets. The service will launch in Los Angeles, San Francisco, and Detroit over the next few weeks, the company said in a statement Wednesday. Riders will see a new on-demand ride option called 'Women Drivers' alongside the existing UberX, Comfort, UberXL, and Black offerings. Customers can reserve such a trip in advance, or set their preference in the app settings to increase the likelihood of being matched with a woman driver. Female drivers, who make up about 1 in 5 of Uber's US driver population, can similarly choose that preference in the settings of their driver app. Drivers' eligibility for the program will be based on the gender listed on their license. For riders, it will be determined by their first name or whether they specified their gender as female on their Uber profile. 'It's about giving women more choice, more control, and more comfort when they ride and drive,' said Camiel Irving, vice president of operations in the US and Canada. Cities that have a bigger population of women drivers will be the ones that get the feature sooner, she said, but added that the three options are designed to allow different ways of matching without compromising wait times and service availability. The company also sees the option as a way to attract more female drivers to the platform. — BLOOMBERG NEWS
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Yahoo
18 minutes ago
- Yahoo
US-EU trade deal wards off further escalation but will raise costs for companies, consumers
FRANKFURT, Germany (AP) — President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug. 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for U.S. consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the trade deal between the United States and the European Union: What's in the agreement? Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15% tariff rate on 'the vast majority' of European goods brought into the U.S., including cars, computer chips and pharmaceuticals. It's lower than the 20% Trump initially proposed, and lower than his threats of 50% and then 30%. Von der Leyen said the two sides agreed on zero tariffs on both sides for a range of 'strategic' goods: Aircraft and aircraft parts, certain chemicals, semiconductor equipment, certain agricultural products, and some natural resources and critical raw materials. Specifics were lacking. She said the two sides 'would keep working' to add more products to the list. Additionally, the EU side would purchase what Trump said was $750 billion (638 billion euros) worth of natural gas, oil and nuclear fuel to replace Russian energy supplies, and Europeans would invest an additional $600 billion (511 billion euros) in the U.S. What's not in the deal? Trump said the 50% U.S. tariff on imported steel would remain; von der Leyen said the two sides agreed to further negotiations to fight a global steel glut, reduce tariffs and establish import quotas — that is, set amounts that can be imported, often at a lower rate. Trump said pharmaceuticals were not included in the deal. Von der Leyen said the pharmaceuticals issue was 'on a separate sheet of paper' from Sunday's deal. Where the $600 billion for additional investment would come from was not specified. And von der Leyen said that when it came to farm products, the EU side made clear that 'there were tariffs that could not be lowered,' without specifying which products. What's the impact? The 15% rate removes Trump's threat of a 30% tariff. It's still much higher than the average tariff before Trump came into office of around 1%, and higher than Trump's minimum 10% baseline tariff. Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy. The 10% baseline applied while the deal was negotiated was already sufficiently high to make the European Union's executive commission cut its growth forecast for this year from 1.3% to 0.9%. Von der Leyen said the 15% rate was 'the best we could do' and credited the deal with maintaining access to the U.S. market and providing 'stability and predictability for companies on both sides.' What is some of the reaction to the deal? German Chancellor Friedrich Merz welcomed the deal which avoided 'an unnecessary escalation in transatlantic trade relations" and said that 'we were able to preserve our core interests,' while adding that 'I would have very much wished for further relief in transatlantic trade.' The Federation of German Industries was blunter. "Even a 15% tariff rate will have immense negative effects on export-oriented German industry," said Wolfgang Niedermark, a member of the federation's leadership. While the rate is lower than threatened, "the big caveat to today's deal is that there is nothing on paper, yet," said Carsten Brzeski, global chief of macro at ING bank. 'With this disclaimer in mind and at face value, today's agreement would clearly bring an end to the uncertainty of recent months. An escalation of the US-EU trade tensions would have been a severe risk for the global economy," Brzeski said. 'This risk seems to have been avoided.' What about car companies? Asked if European carmakers could still sell cars at 15%, von der Leyen said the rate was much lower than the current 27.5%. That has been the rate under Trump's 25% tariff on cars from all countries, plus the preexisting U.S. car tariff of 2.5%. The impact is likely to be substantial on some companies, given that automaker Volkswagen said it suffered a 1.3 billion euro ($1.5 billion) hit to profit in the first half of the year from the higher tariffs. Mercedes-Benz dealers in the U.S. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. What were the issues dividing the two sides? Before Trump returned to office, the U.S. and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with some 1.7 trillion euros ($2 trillion) in annual trade. Together the U.S. and the EU have 44% of the global economy. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products, according to the Bruegel think tank in Brussels. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more from European businesses than the other way around, and has said the European market is not open enough for U.S.-made cars. However, American companies fill some of the trade gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. And some 30% of European imports are from American-owned companies, according to the European Central Bank. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
19 minutes ago
- New York Post
Shuttered Albany restaurant popular with NY elite, politicians to reopen as members-only social club
An Albany restaurant that used to feature a clientele list teeming with some of the most powerful politicians in New York is set to reopen as a private members' dining club in late 2025. The La Serre restaurant closed in 2020 after it was unable to bounce back from the COVID-19 lockdown, with much of its business at the time relying on large gatherings like banquets and receptions, founder Anne Trimble told the Times Union. The French-based restaurant originally opened in 1977 and quickly became a favorite among New York's political elite on both sides of the aisle during its run, including former Govs. Hugh Carey, Mario Cuomo, George Pataki and Andrew Cuomo. Advertisement Albany's La Serre restaurant will be taken over by an exclusive politician nightclub. Albany Times Union via Getty Ima Now, Mayor Eric Adams' spokesman Todd Shapiro is looking to revamp the historic mainstay alongside Greg Caggiano and Todd Miller of the law firm Miller & Caggiano. 'This is going to be the most important political and social venue north of Manhattan. We're bringing back the old-school power — but with a modern twist: young, trendsetting, high-end, and unapologetically political,' Shapiro said. Advertisement Their vision centers around elevating the old restaurant's history by making it a hotspot for 'high-level networking, private events, and political strategy' while filling the space of a much-needed 'contemporary social anchor,' according to a press release. They plan to make it highly selective, primarily limiting membership to public leaders, media influencers, creatives and civic entrepreneurs, according to the release. La Serre closed in 2020 after it was unable to recover from the COVID-19 lockdown. Albany Times Union via Getty Ima The restaurant will also include a secluded 'War Room' — which shares its name with another restaurant owned by Shapiro — that will be reserved for politicians' off-the-record meetings. Advertisement The new and improved La Serre will include a rooftop terrace and renovated interior, likely shifting away from the upscale, green leather-laden atmosphere of the old restaurant and gravitating towards something more 'clubby,' per the release. Trimble founded the restaurant alongside her late husband, Geoffrey, who passed away in 2005. She managed the restaurant with her son, John, up through its closure, the Times Union reported.
The Hill
19 minutes ago
- The Hill
US-EU trade deal wards off further escalation but will raise costs for companies, consumers
FRANKFURT, Germany (AP) — President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug. 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for U.S. consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the trade deal between the United States and the European Union: What's in the agreement? Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15% tariff rate on 'the vast majority' of European goods brought into the U.S., including cars, computer chips and pharmaceuticals. It's lower than the 20% Trump initially proposed, and lower than his threats of 50% and then 30%. Von der Leyen said the two sides agreed on zero tariffs on both sides for a range of 'strategic' goods: Aircraft and aircraft parts, certain chemicals, semiconductor equipment, certain agricultural products, and some natural resources and critical raw materials. Specifics were lacking. She said the two sides 'would keep working' to add more products to the list. Additionally, the EU side would purchase what Trump said was $750 billion (638 billion euros) worth of natural gas, oil and nuclear fuel to replace Russian energy supplies, and Europeans would invest an additional $600 billion (511 billion euros) in the U.S. What's not in the deal? Trump said the 50% U.S. tariff on imported steel would remain; von der Leyen said the two sides agreed to further negotiations to fight a global steel glut, reduce tariffs and establish import quotas — that is, set amounts that can be imported, often at a lower rate. Trump said pharmaceuticals were not included in the deal. Von der Leyen said the pharmaceuticals issue was 'on a separate sheet of paper' from Sunday's deal. Where the $600 billion for additional investment would come from was not specified. And von der Leyen said that when it came to farm products, the EU side made clear that 'there were tariffs that could not be lowered,' without specifying which products. What's the impact? The 15% rate removes Trump's threat of a 30% tariff. It's still much higher than the average tariff before Trump came into office of around 1%, and higher than Trump's minimum 10% baseline tariff. Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy. The 10% baseline applied while the deal was negotiated was already sufficiently high to make the European Union's executive commission cut its growth forecast for this year from 1.3% to 0.9%. Von der Leyen said the 15% rate was 'the best we could do' and credited the deal with maintaining access to the U.S. market and providing 'stability and predictability for companies on both sides.' What is some of the reaction to the deal? German Chancellor Friedrich Merz welcomed the deal which avoided 'an unnecessary escalation in transatlantic trade relations' and said that 'we were able to preserve our core interests,' while adding that 'I would have very much wished for further relief in transatlantic trade.' The Federation of German Industries was blunter. 'Even a 15% tariff rate will have immense negative effects on export-oriented German industry,' said Wolfgang Niedermark, a member of the federation's leadership. While the rate is lower than threatened, 'the big caveat to today's deal is that there is nothing on paper, yet,' said Carsten Brzeski, global chief of macro at ING bank. 'With this disclaimer in mind and at face value, today's agreement would clearly bring an end to the uncertainty of recent months. An escalation of the US-EU trade tensions would have been a severe risk for the global economy,' Brzeski said. 'This risk seems to have been avoided.' What about car companies? Asked if European carmakers could still sell cars at 15%, von der Leyen said the rate was much lower than the current 27.5%. That has been the rate under Trump's 25% tariff on cars from all countries, plus the preexisting U.S. car tariff of 2.5%. The impact is likely to be substantial on some companies, given that automaker Volkswagen said it suffered a 1.3 billion euro ($1.5 billion) hit to profit in the first half of the year from the higher tariffs. Mercedes-Benz dealers in the U.S. have said they are holding the line on 2025 model year prices 'until further notice.' The German automaker has a partial tariff shield because it makes 35% of the Mercedes-Benz vehicles sold in the U.S. in Tuscaloosa, Alabama, but the company said it expects prices to undergo 'significant increases' in coming years. What were the issues dividing the two sides? Before Trump returned to office, the U.S. and the EU maintained generally low tariff levels in what is the largest bilateral trading relationship in the world, with some 1.7 trillion euros ($2 trillion) in annual trade. Together the U.S. and the EU have 44% of the global economy. The U.S. rate averaged 1.47% for European goods, while the EU's averaged 1.35% for American products, according to the Bruegel think tank in Brussels. Trump has complained about the EU's 198 billion-euro trade surplus in goods, which shows Americans buy more from European businesses than the other way around, and has said the European market is not open enough for U.S.-made cars. However, American companies fill some of the trade gap by outselling the EU when it comes to services such as cloud computing, travel bookings, and legal and financial services. And some 30% of European imports are from American-owned companies, according to the European Central Bank.
