June 1, 2018 / 6:27 AM / in a year

PRESS DIGEST- New York Times business news - June 1

June 1 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

- China announced Thursday evening that it would cut tariffs sharply on July 1 for an eclectic array of imported goods, the latest in a series of moves by Beijing to dismantle steep trade barriers at a time of rising frictions with the United States. nyti.ms/2sunEZS

- The Trump administration said on Thursday that it would impose steep tariffs on metals imported from its closest allies, provoking retaliation against American businesses and consumers and further straining diplomatic ties tested by the president's combative approach. nyti.ms/2xxQUom

- On Thursday, a fund affiliated with SoftBank Group Corp said it planned to invest $2.25 billion in the driverless-technology division of General Motors Co to help the automaker ramp up a ride-hailing service in select cities. nyti.ms/2J44UaB

- Federal prosecutors on Thursday accused a Goldman Sachs Group Inc investment banker in San Francisco of insider trading, alleging that Woojae Jung used confidential information to trade in a dozen stocks over three years. nyti.ms/2svtOca

- Waymo, the driverless-technology company spun out of Google, has agreed to purchase as many as 62,000 minivans from Fiat Chrysler Automobiles, for use in a ride-hailing service set to begin commercial operations later this year. nyti.ms/2kH32ds

- Pavel Durov, the founder of Telegram, accused Apple Inc of refusing to allow the messaging service’s software to be updated globally after Russian authorities ordered the iPhone maker to remove Telegram from Apple’s App Store. nyti.ms/2H7j09f

Compiled by Bengaluru newsroom

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