Port of Long Beach Budgets for Over Half a Billion in Improvements – The Long Beach City Council approved the Port’s $858 million budget for the fiscal year including $579 million set aside for improvement projects. These projects include ongoing work like the Gerald Desmond Bridge replacement and modernizing the Middle Harbor Terminal. The Port’s overall budget also includes $30 million for environmental programs.
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U.S. Trade Deficit Shrinks on Export Growth – The U.S. Commerce Department announced that the country’s trade deficit fell to $40.5 billion in July. This is the lowest level in six months and has some economists optimistic about a strengthening economy. In July, exports grew nearly 1% to a record $198 billion.
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New Russia Sanctions Expected from Europe and U.S. – New sanctions against Russia are expected very soon as European and U.S. leaders hold a two day NATO summit in Wales. The new sanctions under discussion may involve further restrictions on financial market access to state-owned companies as well as stricter rules against military and civilian goods to customers in Russia.
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