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By Steve Holland and Ayesha Rascoe WASHINGTON (Reuters) - U.S. President Donald Trump formally withdrew the United States from the Trans-Pacific Partnership trade deal on Monday, distancing America from its Asian allies, as China's influence in the region rises. Fulfilling a campaign pledge to end American involvement in the 2015 pact, Trump signed an executive order in the Oval Office pulling the United States out of the 12-nation TPP. Trump, who wants to boost U.S. manufacturing, said he would seek one-on-one trade deals with countries that would allow the United States to quickly terminate them in 30 days "if somebody misbehaves." We're going to stop the ridiculous trade deals that have taken everybody out of our country and taken companies out of our country," the Republican president said as he met with union leaders in the White House's Roosevelt Room.
Yahoo Inc reported better-than-expected quarterly adjusted profit and revenue, and said it expected the sale of its core internet business to Verizon Communications Inc to complete in the second quarter from the first. The fate of the deal was thrown into doubt after Yahoo disclosed two major data breaches last year. The internet pioneer said in December it had uncovered a massive cyber attack in 2013 affecting more than 1 billion user accounts, double the number compromised in a 2014 breach that Yahoo disclosed in September.Mon, 23 Jan 2017 16:44:02 -0500
U.S. stocks edged lower on Monday as early moves by President Donald Trump highlighting a protectionist stance on trade gave investors cause to rethink the post-election rally. In his latest executive order, Trump signed to formally withdraw the United States from the 12-nation Trans-Pacific partnership trade deal. Trump has also vowed to renegotiate the North American Free Trade Agreement (NAFTA) with leaders of Canada and Mexico.
Shares of McDonald's were down 0.5 percent at $121.60 after the world's biggest fast-food chain released its fourth-quarter report on Monday. McDonald's and other U.S. restaurant operators are battling competition from convenience stores, supermarkets and meal kit delivery services such as Blue Apron.
The U.S. consumer financial watchdog said on Monday it had fined subsidiaries of Citigroup Inc $28.8 million for giving "the runaround to borrowers" on mortgage servicing by keeping them in the dark about options to avoid foreclosure or making it difficult for them to apply for relief. CitiMortgage will pay an estimated $17 million to compensate wronged consumers, as well as a civil penalty of $3 million, the Consumer Financial Protection Bureau said.
SEOUL (Reuters) - South Korea's LG Display Co Ltd said on Tuesday its 2016 operating profit fell 19 percent from a year earlier. The world's biggest liquid crystal display maker said its operating profit last year was 1.3 trillion won ($1.12 billion). In the October-December quarter, LG Display made an operating profit of about 904 billion won, according to Reuters calculations. (Reporting by Joyce Lee; Editing by Chris Reese)
U.S. President Donald Trump will have breakfast on Tuesday with the chief executives of General Motors Co , Ford Motor Co and Fiat Chrysler Automobiles NV as he pressures automakers to boost American employment. White House spokesman Sean Spicer said Trump "looks forward to hearing their ideas about how we can work together to bring more jobs back to this industry." Trump has criticized automakers for building cars in Mexico and elsewhere and has threatened to impose 35 percent tariffs on imported vehicles.