Reuters Business Today: May 23, 2017

Click to View in Browser Tuesday, May 23, 2017 Trump seeks to slash $3.6 trillion of spending in austere budget WASHINGTON (Reuters) - U.S. President Donald Trump wants lawmakers to cut $3.6 trillion in government spending over the next decade, taking aim in an austere budget unveiled on Tuesday at healthcare and food assistance programs for the poor while boosting the military. Wall Street rises on investor relief after Trump budget (Reuters) - Wall Street ended higher on Tuesday after the release of President Donald Trump's budget plan but gains were tempered by declines in consumer discretionary stocks amid weakness in auto-parts companies. Housing recovery intact despite drop in new home sales WASHINGTON (Reuters) - New U.S. single-family home sales tumbled from near a 9-1/2-year high in April, but the housing recovery likely remains intact amid a tightening labor market. Patent plaintiffs see way around U.S. Supreme Court ruling (Reuters) - 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. Uber inadvertently underpaid New York City drivers for over two years (Reuters) - Uber Technologies Inc [UBER.UL] said on Tuesday it underpaid its New York City drivers for the past two-and-a-half years, an error that could cost the ride-hailing company tens of millions of dollars. U.S. government sues Fiat Chrysler over excess emissions WASHINGTON (Reuters) - The U.S. government filed a civil lawsuit on Tuesday accusing Fiat Chrysler Automobiles NV of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014. Westinghouse reaches deal for $800 million U.S. bankruptcy loan (Reuters) - 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 (Reuters) - 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. OPEC set to prolong oil output cuts by nine months VIENNA (Reuters) - OPEC is likely to extend production cuts for another nine months, ministers and delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude. CEOs of Target, ADM offer differing views on U.S. border tax at hearing WASHINGTON (Reuters) - The chief executive officers of two major American companies - retailer Target Corp and agribusiness Archer Daniels Midland Co - offered opposing views in a hearing before U.S. lawmakers on Tuesday on a proposed border adjustment tax. Related Video Take-Two delays "Red Dead" Breakingviews TV: Budget Fantasy Counterparties is a curated snapshot of the best finance news and commentary around the web. Register Today News you can use with actionable, timely advice for managing your financial life, including retirement, taxes, real estate, education and more. Register Today » » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2017 Thomson Reuters Ensure delivery of Reuters Newsmails, add newsletters@email.reuters.com to your address book. Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook