Business

NEW YORK (AP) — Shares of Luckin Coffee, a fast-growing rival to Starbucks in China, rose 20% in their U.S. stock market debut Friday.

The Chinese company, which opened its first store in Beijing less than two years ago, has 2,370 locations and plans to surpass the 3,700 stores Starbucks has in China by the end of the year.

But unlike Starbucks, Luckin is losing money.

It brought in $125 million in revenue last year, but spent much more than that on coffee beans, store rent and other costs. Last year, it lost $475 million.

Kanpur: Anguished with closure of the tanneries the owners appear  extremely disappointed. Some of them even are trying to find other occupation for the livelihood. They are concerned at the longevity of the leather business which had been started by their ancestors in Jajmau area of the city. 

As regards the flow of tanneries' discharge into the river Ganga they in a very clear tone maintain that they are not the culprits. They pay the user charge for sending the discharge into the plant. 

MINSK, May 17. / TASS /: The transit pumping of Russian oil in Ukrainian direction is suspended due to the lack of free tankers in this country for pumping "dirty" oil, Belneftekhim said in a statement on Friday.

UNITED NATIONS, May 18 (APP): Pakistan has called for “more coherent” collaboration at the national and the international levels to prevent and counter illicit financial flows (IFFs) the illegal movements of money or capital from one country to another.

WASHINGTON (AP) — Bogged down in a sprawling trade dispute with U.S. rival China, President Donald Trump took steps Friday to ease tensions with America’s allies — lifting import taxes on Canadian and Mexican steel and aluminum and delaying auto tariffs that would have hurt Japan and Europe.

By removing the metals tariffs on Canada and Mexico, Trump cleared a key roadblock to a North American trade pact his team negotiated last year. As part of Friday’s arrangement, the Canadians and Mexicans agreed to scrap retaliatory tariffs they had imposed on U.S. goods.

WASHINGTON, May 17 (Xinhua): U.S. Treasury Secretary Steven Mnuchin said Friday that he will not comply with a congressional subpoena to turn over President Donald Trump's federal tax returns in six years, likely to trigger a court battle with Congress.

In a letter sent to House Ways and Means Committee Chairman Richard Neal, Mnuchin said that the request "lacks a legitimate legislative purpose" and that he would not authorize the release of Trump's personal and business tax returns to Congress.

ISLAMABAD, May 18 (Xinhua): The China-Pakistan Economic Corridor (CPEC) has delivered benefits to both China and Pakistan, a Pakistani official said, questioning the double standards of certain countries on investment and rebutting the "debt trap" allegations.

The unfounded charges hurled at China's investment in foreign countries are designed to create ill feelings among people by attempting to cast aspersions on motives of Chinese investment, said Asad Umar, chairman of Pakistan's National Assembly Standing Committee on Finance.

BEIJING, May 17 (Xinhua): China hopes to work with the Iranian side to eliminate complicated disturbing factors and make efforts for the full implementation of the Iran nuclear deal, Chinese State Councilor and Foreign Minister Wang Yi said on Friday.

Wang made the remarks when meeting with visiting Iranian Foreign Minister Mohammad Javad Zarif.

WASHINGTON, May 17 (Xinhua): U.S. President Donald Trump on Friday delayed slapping additional tariffs on imported autos and auto parts for 180 days, saying in a proclamation carried by the White House's website that he has ordered further negotiations to "address the national security threat."

"President Trump today issued a proclamation directing the United States Trade Representative to negotiate agreements to address the national security threat, which is causing harm to the American automobile industry," the White House statement said.

WASHINGTON; 17 May 2019; AA: President Donald Trump reduced tariffs on Turkish steel imports Thursday from 50% to 25%, citing what he said were necessary import reductions.

That will put tariffs at the level they were at before the president decided to double them last August amid tensions over a since-freed American pastor who was detained in Turkey.