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The Student News Site of Northern Illinois University

Northern Star
The Student News Site of Northern Illinois University

Northern Star

‘Promises kept’ mantra doesn’t always match Trump’s reality

By KEVIN FREKING | February 23, 2020

WASHINGTON (AP) — “It's been three years of promises made and promises kept, but we’re just getting started, (insert state here)."That line from Vice President Mike Pence is a hallmark of how he introduces President Donald Trump to campaign rally...

India, US struggling to bridge trade dispute as Trump visits

By PAUL WISEMAN | February 22, 2020

WASHINGTON (AP) — American dairy farmers, distillers and drugmakers have been eager to break into India, the world’s seventh-biggest economy but a tough-to-penetrate colossus of 1.3 billion people.Looks like they’ll have to wait.Talks between the...

At Trump’s India rally, Modi bets on bolstering his image

By SHEIKH SAALIQ | February 22, 2020

AHMEDABAD, India (AP) — A festive mood has enveloped Ahmedabad in India’s northwestern state of Gujarat ahead of Prime Minister Narendra Modi's meeting there on Monday with President Donald Trump, whom he's promised millions of adoring fans.The rally...

Deere sees some stability on farms in bruising trade fight

By MICHELLE CHAPMAN | February 21, 2020

Deere had a surprisingly strong first quarter after an extended period in which it was bruised by the ongoing trade war between the United States and China.

“Farmer confidence, though still subdued, has improved due in part to hopes for a relaxation of trade tensions and higher agricultural exports,” CEO John May said in a prepared statement Friday.

China announced Friday that it suspended more punitive tariffs on imports of U.S. industrial goods in response to a truce in its trade war with Washington. Under their “Phase 1” agreement signed in January, Washington agreed to cancel additional tariff hikes and Beijing committed to buy more American farm exports.

China's retaliatory tariffs have clobbered exports of soybeans and other commodities, hurting farmers, and in turn, farming equipment manufacturers.

The Trump administration has provided $27 billion in aid to farmers to ease the pain of his trade war. And in a tweet Friday, he promised to expand the bailout if farmers need it as they await the economic benefits of his recent trade deals with Mexico, Canada and China. He said the aid would be financed by revenue from his tariffs on foreign goods — taxes that are paid by American importers.

Deere, based in Moline, Illinois, has posted three consecutive quarters of falling profits and slowing sales growth with trade tensions between the world's two largest economies ongoing.

For the three months ended Feb. 2, Deere & Co. earned $517 million, or $1.63 per share. The per-share earnings easily beat the $1.28 that industry analysts had expected, according to a survey by Zacks Investment Research, and it topped last year's quarterly profit of $498 million, or $1.54 per share.

Adjusted revenue —which excludes financial services revenue— was $6.53 billion, also beating Wall Street's estimate of $6.2 billion.

The quarterly performance is in contrast to a year ago, when Deere cautioned on anxious farmers and rising costs.

Looking ahead, the companystill foresees fiscal 2020 earnings of $2.7 billion to $3.1 billion,unchanged from its previous guidance.

Shares of Deere & Co. jumped more than 6% at the opening bell.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DE at https://www.zacks.com/ap/DE

Trump signals he’s prepared to give farmers more federal aid

By KEVIN FREKING | February 21, 2020

WASHINGTON (AP) — President Donald Trump signaled Friday that he’s prepared to tap federal coffers again to help farmers suffering from the tariff fights that he initiated.The Trump administration over the past two years has committed to providing...

World markets slip on renewed fears over virus outbreak

By JOE McDONALD | February 21, 2020

BEIJING (AP) — Global stock markets slipped on Friday after a spike in new virus cases in South Korea and other countries refueled investor anxiety about China's disease outbreak.Benchmarks in Tokyo, Hong Kong and Sydney closed down and London, Frankfurt...

Boeing asks lawmakers to suspend preferential tax rate

By RACHEL LA CORTE | February 19, 2020

OLYMPIA, Wash. (AP) — Washington state lawmakersintroduced bills Wednesday,at The Boeing Co.’s request, to suspend the aerospace giant's preferential business and occupation tax rate unless the United States and European Union reach an agreement on...

Trump says Modi expects massive crowds during India visit

By KEVIN FREKING | February 18, 2020

WASHINGTON (AP) — President Donald Trump says that India Prime Minister Narendra Modi is expecting to turn out massive crowds for the president when he visits next week.Trump will be in the city of Ahmedabad in Gujarat to attend an event called “Namaste...

US sanctions Russian oil trading firm for role in Venezuela

By BEN FOX | February 18, 2020

WASHINGTON (AP) — The Trump administration announced sanctions Tuesday on a Russian state-controlled brokerage that has helped the Venezuelan government skirt an American oil embargo and enabled President Nicolas Maduro to keep his grip on power in...

China virus outbreak chilling recovery for Asian economies

By ELAINE KURTENBACH | February 18, 2020

BANGKOK (AP) — The virus outbreak in China has put South Korea's economy into an "emergency situation," its president says. Japan is on the brink of recession and big manufacturers are forecasting a whole world of woe.As many Chinese finally go back...

UK Treasury chief quits as Johnson shakes up Cabinet

By JILL LAWLESS | February 13, 2020

LONDON (AP) — British Prime Minister Boris Johnson tightened his grip on the government Thursday with a Cabinet shake-up that triggered the unexpected resignation of his Treasury chief, the second-most powerful figure in the administration.Sajid Javid's...

Trump says US working on trade deal with Ecuador

February 12, 2020

WASHINGTON (AP) — President Donald Trump said Wednesday that he's working on a trade deal with Ecuador's President Lenin Moreno, who became the first chief of state from the small South American nation in 17 years to meet with an American president...

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