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Trump seeks to slash $3.6 trillion of spending in austere budget

WASHINGTON U.S. President Donald Trump asked lawmakers on Tuesday to cut $3.6 trillion in government spending over the next decade, taking aim at healthcare and food assistance programs for the poor in an austere budget that also boosts the military. | Video

Recent Business News

Dollar firm after bounce from multi-month lows, focus shifts to Fed

TOKYO The dollar held firm early on Wednesday, having rebounded from 6-1/2-month lows against its major peers thanks to a rise in U.S. Treasury yields, with investor focus now turning towards the Federal Reserve's monetary policy stance.

8:26pm EDT

Morgan Stanley to curb veteran adviser recruiting

NEW YORK Morgan Stanley, the biggest U.S. brokerage by head count, told brokers Tuesday that it is standing down from the expensive recruitment wars, following similar steps taken earlier this month by competitor Bank of America Merrill Lynch.

5:46pm EDT

Patent plaintiffs see way around U.S. Supreme Court ruling

Corporations are cheering a U.S. Supreme Court decision limiting where they can be sued for patent infringement, but some intellectual property lawyers say loopholes in the ruling likely mean lawsuits will continue to be filed in plaintiff-friendly jurisdictions.

4:08pm EDT

Westinghouse reaches deal for $800 million U.S. bankruptcy loan

Westinghouse Electric Co told a U.S. court on Tuesday the nuclear power company had reached a deal to borrow $800 million after allaying creditors' concerns that the money would be flowing to non-bankrupt affiliates overseas.

U.S. plan to sell oil reserve shows declining import needs

SINGAPORE/VIENNA President Donald Trump's proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user's reliance on imports - and a weaning off OPEC crude - as its domestic production soars.

3:31pm EDT

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