US Business

Uber agrees to pay VAT in Egypt -tax chief

15h02 Uber has agreed to pay value-added tax on its services in Egypt, Egyptian officials said on Monday, a move that may help resolve a long-simmering feud with traditional taxi drivers.. . .  Full story

Chinese traders cut Australian coal imports over customs delays - sources

14h04 Chinese coal traders are halting purchases of Australian coal and coking coal as clearing times through China's customs have at least doubled to 40 days or more, four traders at major buyers told Reuters. . .  Full story

Indian Oil signs first annual deal for U.S. oil

13h04 Indian Oil Corp , the country's top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to. . .  Full story

Hedge funds accelerate oil buying: Kemp

12h41 Investors bought crude oil futures and options at the fastest rate for almost six months in the week to Feb. 12.. . .  Full story

Saudi's military company eyes $10 bln revenue in next five years

11h50 State-owned Saudi Arabian Military Industries (SAMI) aims to generate $10 billion in revenue over the next five years, its chief executive said on Monday, as the wealth fund-backed group spearheads a drive to localise military. . .  Full story

China stocks jump on trade talk hopes, strong loan data

06h41 China stocks jumped on Monday after trade talks between the United States and Beijing saw progress ahead of a March 1 deadline, and new data showed Beijing's attempts to boost investment led to record. . .  Full story

New Zealand to target online giants with digital tax

06h31 New Zealand said on Monday that it plans to update its laws so it can tax revenue earned by multinational digital firms such as Google, Facebook and Amazon, extending a global effort to bring. . .  Full story

U.S. agency submits auto tariff probe report to White House

05h28 The U.S. Commerce Department sent a report on Sunday to U.S. President Donald Trump that could unleash steep tariffs on imported cars and auto parts, provoking a sharp backlash from the industry even before. . .  Full story

Nicaraguan gov't meets with business leaders in bid to end crisis

17/02 The Nicaraguan government said it has initiated talks with the country's private sector in what observers see as a bid to repair the relationship between embattled President Daniel Ortega and business leaders and ease a. . .  Full story

Indonesian presidential hopefuls vow energy self-sufficiency through palm

17/02 Indonesia's two presidential candidates pledged on Sunday to achieve energy self-sufficiency by boosting the use of bioenergy, particularly fuelled by palm oil, to cut costly oil imports by Southeast Asia's biggest economy.. . .  Full story

European car imports no threat to U.S. national security -VDA

17/02 Car imports from Europe do not endanger U.S. national security, German car lobby the VDA said on Sunday, echoing comments by Chancellor Angela Merkel a day earlier.. . .  Full story

ANALYSIS-After strong 2019 start for U.S. stocks, trade verdict looms

17/02 Optimism about a U.S.-China trade agreement has helped drive U.S. stocks to more than two-month highs, creating a make-or-break moment for Wall Street as a year-long clash between the world's two largest economies comes to. . .  Full story

Wall St Week Ahead-RPT-Profit estimates may be adding in too much cost risk

17/02 As Wall Street braces for the first quarterly decline in earnings in nearly three years, some investors are wondering if the market is factoring in a bigger erosion in profit margins than will actually. . .  Full story

U.S. President Trump receives update on China trade talks

17/02 President Donald Trump received an update on trade talks with China on Saturday at his Florida retreat after discussions in Beijing saw progress ahead of a March 1 deadline for reaching a deal.. . .  Full story

U.S. President Trump to get update on China trade talks

16/02 U.S. President Donald Trump will meet with members of his trade team and receive an update on the ongoing talks with China, White House spokeswoman Sarah Sanders said on Saturday.. . .  Full story

Russian court extends custody of Baring Vostok's Calvey until April

16/02 A Russian court on Saturday ordered Michael Calvey, the U.S. founder of one of Russia's biggest private equity firms accused of fraud, to be kept in custody until April 13.. . .  Full story

Automakers brace for U.S. government report on import tariffs

16/02 A confidential Commerce Department report due to be sent to Donald Trump on Sunday is widely expected to clear the way for the U.S. president to threaten tariffs on imported autos and auto parts. . .  Full story

China-U.S. trade talks 'making a final sprint' - state media

16/02 Chinese state media on Saturday expressed cautious optimism over trade talks between the United States and China, a day after President Xi Jinping said a week of discussions had produced "step-by-step" progress.. . .  Full story

Wheat falls to multimonth lows as global prices sag; soy firm

16/02 U.S. wheat futures fell to multimonth lows on Friday, despite broad strength in commodity and equity markets as grain traders monitored bearish technical signals as well as falling prices in the global cash wheat market.. . .  Full story

Mattel warns of weak 2019, shares drop most in 20 years

16/02 Mattel Inc on Friday issued a disappointing 2019 forecast and said demand for its iconic Barbie doll was slowing, triggering an 18 percent drop in its shares, their worst day in nearly two decades.. . .  Full story

U.S.-China trade talks to resume next week, Trump hints at extension

16/02 The United States and China will resume trade talks next week in Washington with time running short to ease their bruising trade war, but U.S. President Donald Trump repeated on Friday that he may. . .  Full story

Fed policymakers see one U.S. rate hike, or none, as growth slows

16/02 When the Federal Reserve last month adopted a new "patient" approach to monetary policy, it gave no specific guidance about how long its policy pause would last, or how many more interest-rate increases, if any,. . .  Full story

Citigroup CEO gets $24 mln as compensation in 2018

15/02 Citigroup Inc said on Friday Chief Executive Michael Corbat will get a 4.35 percent raise, bringing his total compensation for 2018 to $24 million.. . .  Full story

Mattel shares plunge as 2019 forecast disappoints

15/02 Mattel Inc on Friday issued a disappointing 2019 forecast, barely a week after posting a surprise quarterly profit, triggering an 18 percent drop in its shares.. . .  Full story

Wall Street rallies on trade optimism

15/02 Wall Street rallied on Friday, with the Dow and the Nasdaq posting their eighth consecutive weekly gains as investors grew hopeful that the United States and China would hammer out an agreement resolving their protracted. . .  Full story

Amazon places big bet on aspiring Tesla rival Rivian

15/02 Inc said on Friday it would lead a $700 million investment in U.S. electric pickup truck startup Rivian Automotive LLC, in the e-commerce giant's biggest bet on technologies with potential to reshape the automotive. . .  Full story

ICE cotton ends little changed, posts worst week in nearly 2 months

15/02 ICE cotton futures were little changed on Friday ahead of a three-day long U.S. holiday weekend, as traders kept a close watch on the progress in U.S.-China trade talks. * The. . .  Full story

XPO Logistics' top customer pulls back, Amazon suspected

15/02 XPO Logistics Inc shares sank more than 14 percent on Friday after it said its biggest customer, believed to be, slashed its business with the warehousing and last-mile delivery provider by two-thirds.. . .  Full story

Yields range-bound amid mixed economic data

15/02 U.S. Treasury yields rose slightly on Friday but held in the middle of their recent range as investors digested mixed economic data for signals of Federal Reserve interest rate policy. Data. . .  Full story

After strong 2019 start for U.S. stocks, trade verdict looms

15/02 Optimism about a U.S.-China trade agreement has helped drive U.S. stocks to more than two-month highs, creating a make-or-break moment for Wall Street as a year-long clash between the world's two largest economies comes to. . .  Full story

Wheat falls to multi-month lows as global prices sag; soy firm

15/02 U.S. wheat futures fell to multi-month lows on Friday, despite broad strength in commodity and equity markets as grain traders eyed falling prices in the global cash wheat market and bearish technical signals.. . .  Full story

U.S. drillers add oil rigs for second week in a row -Baker Hughes

15/02 U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from. . .  Full story

Uber posts $50 bln in annual bookings as profit remains elusive ahead of IPO

15/02 Uber Technologies Inc had $50 billion in total bookings for its ride-service and food-delivery businesses last year, a testament to the size and global reach of the company as it prepares to woo investors in. . .  Full story

US drafts WTO reform to halt handouts for big and rich states

15/02 The United States proposed a reform of the World Trade Organization on Friday that would slash the number of countries that are eligible for "special and differential treatment", a plan likely to be resisted. . .  Full story

Deere's Q1 earnings hurt by higher costs, trade war

15/02 Deere & Co's first-quarter earnings on Friday missed Wall Street's estimates, hurt by higher raw materials and logistics costs as well as by slowing trade between the United States and its partners, particularly China, sending. . .  Full story

Sputtering auto production sinks U.S. manufacturing output

15/02 U.S. manufacturing fell sharply in January, led by the biggest drop in motor vehicle production since the recession, the latest indication that the economy was losing momentum.. . .  Full story

Wall St Week Ahead-Profit estimates may be adding in too much cost risk

15/02 As Wall Street braces for the first quarterly decline in earnings in nearly three years, some investors are wondering if the market is factoring in a bigger erosion in profit margins than will actually. . .  Full story

Russia's RDIF, Germany's Siemens sign deal on $4.5 bln rail link

15/02 Russia's RDIF sovereign wealth fund and a unit of Germany's Siemens signed an agreement on working together on a 300 billion rouble ($4.5 billion) high-speed rail link between the Russian cities of Chelyabinsk and Yekaterinburg,. . .  Full story

Newell shares plunge as Toys 'R' Us liquidation, strong dollar weigh on forecast

15/02 Newell Brands Inc on Friday forecast lower-than-expected full-year sales and profit, hit by a strong dollar, higher costs and sluggish sales of its Graco baby products in the aftermath of the liquidation of Toys. . .  Full story

Trump says he will declare an emergency on U.S.-Mexico border

15/02 President Donald Trump said on Friday he would declare a national emergency at the U.S.-Mexico border, a move expected to plunge him into a fight with Democrats over what they call an unconstitutional attempt to. . .  Full story

PepsiCo says investments to drive sales will dent profit this year

15/02 PepsiCo Inc said on Friday increased investments in advertising and products aimed at boosting sales growth would lead to a fall in profit this year.. . .  Full story

U.S. factory output drops, autos fall the most since recession

15/02 U.S. manufacturing output fell steeply in January as motor vehicle production posted its biggest fall since 2009, with declines in a broad range of goods likely to fuel fears of a sharp slowdown in. . .  Full story

Enbridge 'not surprised' by Minnesota governor's pipeline appeal -CEO

15/02 Canadian pipeline operator Enbridge Inc was not surprised by renewed opposition from Minnesota's state government to its C$9 billion Line 3 but still expects the oil pipeline replacement to enter service by year-end, its chief. . .  Full story

TSX mirrors rise in energy shares on higher oil prices

15/02 Canada's main stock index rose slightly on Friday, as energy stocks gained from higher oil prices and upbeat earnings from the country's largest pipeline operator Enbridge Inc.. . .  Full story

Nvidia forecasts demand rebound, Wall Street not so sure

15/02 Nvidia Corp's forecast of a demand rebound by the end of the year calmed investor nerves and pushed its shares up 5 percent on Friday, but several Wall Street analysts said the outlook was. . .  Full story

U.S. proposes Medicare coverage for CAR-T cancer therapies

15/02 The U.S. Centers for Medicare & Medicaid Services (CMS) on Friday proposed Medicare coverage of approved CAR-T cell therapies that use the patient's immune system to fight cancer.. . .  Full story

Risk of U.S. corporate recession rises as earnings outlook dims

15/02 The outlook for Wall Street earnings has deteriorated significantly in recent months, data shows, raising the risk that companies in the United States may slip into recession before its economy does - with Europe. . .  Full story

Dollar LIBOR falls for six straight weeks

15/02 A key gauge of interbank borrowing costs has declined for six consecutive weeks, the longest such streak since 2013, prompted by expectations the U.S. Federal Reserve will refrain from raising interest rates in 2019.. . .  Full story

How Amazon scrapped its plans for a New York headquarters

15/02 More than a year of work to bring Inc's headquarters and tens of thousands of jobs to New York City ended on Thursday with a couple of phone calls.. . .  Full story

FOCUS-Lyft to woo investors with fast U.S. growth in IPO race with Uber

15/02 Lyft Inc will pitch investors on its fast growth in the United States as it seeks to beat out Uber Technologies Inc to become the first publicly listed ride-hailing company, according to people familiar with. . .  Full story

China says reached consensus on some key issues during U.S. trade talks

15/02 China and the United States reached a consensus in principle on some key issues during trade talks in Beijing, state news agency Xinhua reported on Friday.. . .  Full story

Germany may change law to comply with EU pipeline rules - minister

15/02 Germany is considering changes to the legal framework governing the Nord Stream 2 gas pipeline to make sure that it complies with new European Union regulations, Economy Minister Peter Altmaier told Reuters on Friday.. . .  Full story

China's Xi: trade talks with U.S. to continue in Washington next week

15/02 Chinese President Xi Jinping said on Friday trade talks with the United States will continue in Washington next week and that he hopes the two sides will be able to reach a mutually beneficial. . .  Full story

Foreigners were net sellers of Japanese stocks in week to Feb. 8

15/02 Foreigners were net sellers of Japanese stocks in the week ended on Feb 8, for the second consecutive week, as fuelled by renewed worries about the U.S.-China trade dispute and dismal earnings from. . .  Full story

China soybean traders dismiss market jitters over U.S. cancellations

15/02 Soybean traders in China on Friday shrugged off recent cancellations of import orders as "old business", even as the global market worried it could be a sign of Beijing backtracking on its pledge to. . .  Full story

Hong Kong shares end lower on deflation, trade worries

15/02 The Hong Kong stock market closed lower on Friday on lacklustre China economic data, and as Chinese and U.S. officials remained locked in high-level talks, aimed at resolving the two countries' trade dispute.. . .  Full story

China stocks fall after lacklustre inflation data, but up for the week

15/02 China stocks retreated on Friday, after latest official data raised deflation fears, while investors were worried about uncertainties over the Sino-U.S. trade negotiations.. . .  Full story

Germany looks into tax move on foreign internet firms - report

15/02 Germany's finance ministry is looking into the possibility of a 15 percent special tax on online advertising revenue collected by foreign internet companies such as Google or Facebook from German operators, Wirtschaftswoche magazine reported on. . .  Full story

Private equity firms eye bonanza in India's residential real estate space

15/02 India's cash-starved residential real estate market is set to get a boost from foreign and domestic private equity firms, which are lining up big bets worth hundreds of millions of dollars for the sector.. . .  Full story

Japan Jan exports seen falling most in 2 years on Sino-US trade row

15/02 Japan's exports in January are forecast to have fallen at the fastest pace in more than two years as the U.S.-Sino trade war put the brakes on demand for Japanese electronics, car parts, and. . .  Full story

Malaysian court allows ex-Goldman banker to return to U.S. to face 1MDB charges

15/02 Roger Ng, a former Goldman Sachs Group Inc banker caught up in the 1Malaysia Development Berhad (1MDB) fraud scandal, will be allowed to return to the United States to face criminal charges against him there,. . .  Full story

Australian regulator pledges hard-line approach to financial sector misdeeds

15/02 Australia's corporate regulator said on Friday it would pursue harsh civil penalties and criminal sanctions against banks and their executives for wrong-doing backed by new legislation poised to pass through parliament.. . .  Full story

COLUMN-Oil price risks shift to upside: Kemp

15/02 Oil traders no longer expect the market to be over-supplied this year, amid optimism a full-blown U.S.-China trade war will be averted, and oil production growth will slow thanks to OPEC cuts and sanctions. . .  Full story

Big hedge funds dumped China stocks, Apple as market tumbled

15/02 Prominent hedge fund managers sold out of Chinese technology stocks and dumped Silicon Valley majors such as Apple Inc and Facebook Inc while global stock markets cratered during the fourth quarter, according to securities filings. . .  Full story

U.S. shale executives predict oil production constraints to remain

15/02 Drilling curbs by oil producers in the largest U.S. shale field will continue until transport bottlenecks ease and investors stop punishing companies for increasing capital spending, executives at an energy conference said on Thursday.. . .  Full story

Nvidia full-year sales outlook tops analyst views; shares rise

15/02 Chip maker Nvidia Corp on Thursday forecast sales for its current fiscal year that topped Wall Street expectations, sending its shares up 8 percent in late trading.. . .  Full story

Icahn to lobby Caesars Entertainment management for sale -WSJ

15/02 Activist investor Carl Icahn plans to push management of casino operator Caesars Entertainment Corp to sell the company after it received at least two offers, the Wall Street Journal reported on Thursday, citing people it. . .  Full story

Berkshire trims Apple stake, adds Suncor and Red Hat, exits Oracle

15/02 Warren Buffett's Berkshire Hathaway Inc said it has trimmed its stake in iPhone maker Apple Inc , though none of the selling was Buffett's, and added positions in Canada's Suncor Energy Inc and software company. . .  Full story

Applied Materials 2nd-qtr forecast misses on weak chip demand

15/02 Chip gear maker Applied Materials Inc forecast second-quarter profit and revenue below analysts' estimates on Thursday, underscoring the weakness in the semiconductor industry that has forced some companies to temper their outlook.. . .  Full story

Eddie Lampert steps down as chairman of Sears' board

15/02 Eddie Lampert will step down as chairman of Sears Holdings Corp's board, effective immediately, a company filing showed on Thursday.. . .  Full story

Monster mudslides, water rescues as storm punishes California

15/02 Motorists swam for their lives and residents were rescued from homes sliding downhill as the wettest winter storm of the year triggered floods and mudslides across California on Thursday.. . .  Full story

Orsted, Eversource Energy bid to supply New York offshore wind power

15/02 Denmark's Orsted and U.S.-based Eversource Energy have submitted a joint bid to build a wind farm offshore of New York state, the companies said on Thursday.. . .  Full story

Trump to get U.S. Commerce Dept recommendation on auto tariffs

15/02 The U.S. Commerce Department is set to meet a Sunday deadline to deliver its recommendations to President Donald Trump on whether imported vehicles and parts pose a national security risk and to outline options. . .  Full story

US STOCKS-S&P 500 slips as grim retail sales data overshadows trade hopes

14/02 The S&P 500 and the Dow slipped while the Nasdaq posted a slim gain on Thursday as investors struggled to square grim retail sales data with hopes that high-level talks in Beijing could resolve. . .  Full story

Nvidia beats fourth-quarter profit estimates, shares rise

14/02 Nvidia Corp on Thursday reported fourth-quarter profit above Wall Street estimates, sending its shares up 9 percent in extended trading.. . .  Full story

Feeling unwelcome, Amazon ditches plans for New York hub

14/02 Inc abruptly scrapped plans to build a major outpost in New York that could have created 25,000 jobs, blaming opposition from local leaders upset by the nearly $3 billion in incentives promised by state. . .  Full story

China offers to end market-distorting subsidies but won't say how

14/02 China has pledged to end market-distorting subsidies for its domestic industries but offered no details on how it would achieve that goal, according to three people familiar with the U.S.-China trade talks in Beijing this. . .  Full story

Norway's Equinor bids to supply New York with offshore wind power

14/02 Norway's Equinor has submitted a bid to supply New York with offshore wind power from its Empire Wind project south of Long Island, the company said on Thursday.. . .  Full story

Charlie Munger targets active managers, Elon Musk; praises China

14/02 Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc, on Thursday criticized active fund managers, bankers and even Elon Musk as he urged investors to court simplicity and temper expectations for. . .  Full story

Charlie Munger discusses investing, banks, China, other topics at Daily Journal annual meeting

14/02 Munger says diversification makes sense to a point, but that any idiot can diversify a portfolio, and the trick is to invest where you have extra knowledge that something is better Munger is speaking at. . .  Full story

Weakest U.S. retail sales since 2009 cast pall over economy

14/02 U.S. retail sales recorded their biggest drop in more than nine years in December as receipts fell across the board, suggesting a sharp slowdown in economic activity at the end of 2018.. . .  Full story

U.S. utility TVA votes to close two coal power plants, in blow to Trump

14/02 The Tennessee Valley Authority voted on Thursday to close two aging coal-fired power plants, including one supplied by a company led by a major supporter of President Donald Trump, who had urged the U.S.-owned utility. . .  Full story

New York mayor: Amazon 'threw away opportunity'

14/02 New York Mayor Bill de Blasio criticized Inc for walking away from a plan to establish a headquarters in the city in the face of political opposition, saying the company "threw away" an. . .  Full story

Brazil mills likely to delay cane harvest due to weather, ethanol stocks

14/02 Mills in Brazil's center-south are likely to start harvesting the new sugar cane crop later than usual to allow cane fields to take advantage of late rains while holding excess ethanol stocks after over-producing. . .  Full story

Top U.S. trade envoys to meet China's Xi, no decision on deadline extension

14/02 The Trump administration's top two negotiators in trade talks with China will meet on Friday with Chinese President Xi Jinping, but there has been no decision to extend a March 1 U.S. deadline for. . .  Full story

CME Group tops profit estimates on higher market volatility

14/02 CME Group's fourth-quarter profit trounced Wall Street estimates on Thursday, as a broad market sell-off towards the end of the quarter prompted investors to rebalance their portfolios and boosted trading volumes.. . .  Full story

TSX lifted by Bombardier, Constellation results

14/02 Canada's main stock index eked out gains on Thursday, as a rise in shares of Bombardier and Constellation Software on the back of strong quarterly results offset some of the gloom from a surprise. . .  Full story

S.Korea's Iran crude imports for January down 76 pct y/y -customs

14/02 South Korea imported 227,941 tonnes of crude oil from Iran in January, down 76 percent from a year ago, preliminary data from Korea Customs Service showed on Friday. That is equivalent to. . .  Full story

U.S., India seek to boost trade ties in energy, defence

14/02 The United States and India plan to boost bilateral trade in energy, aerospace, defence, pharmaceuticals and healthcare as part of a continuing commercial dialogue, officials from both governments said on Thursday.. . .  Full story

TSX opens flat as U.S. retail sales drop

14/02 Canada's main stock index opened flat on Thursday, after a surprise sharp drop in U.S. retail sales in December tempered earlier optimism of a breakthrough in the U.S.-China trade talks.. . .  Full story

Bombardier earnings beat on demand for business jets

14/02 Canada's Bombardier Inc topped analysts' forecasts for quarterly earnings on Thursday, helped by its business jet unit, which benefited from demand for aftermarket services and higher-priced, large-cabin corporate planes, sending shares up 9.8 percent in. . .  Full story

Yields fall after weak retail sales data

14/02 U.S. Treasury yields fell on Thursday after data showed that U.S. retail sales recorded their biggest drop in more than nine years in December, suggesting a slowdown in economic activity at the end of. . .  Full story

Oil price risks shift to upside: Kemp

14/02 Oil traders no longer expect the market to be over-supplied this year, amid optimism a full-blown U.S.-China trade war will be averted, and oil production growth will slow thanks to OPEC cuts and sanctions. . .  Full story

Amazon faces probe into treatment of sellers in Austria

14/02 Austria's competition authority has begun investigating whether Amazon is exploiting its market dominance in relation to other retailers that use its website as a marketplace, it said on Thursday.. . .  Full story

ANALYSIS-In rural Mississippi, still waiting on recovery

14/02 Here’s what has happened in Leflore County, Mississippi, since the end of the U.S. recession in 2009.. . .  Full story

Iran, Russia move closer to organising finance for wheat deal

14/02 Iran, Russia and Kazakhstan are making progress on organising finance for a long-planned wheat deal that could double or triple supplies to Iran, the secretary general of Iran's Federation of Food Industry Associations said.. . .  Full story

Precious antibiotics still being used to boost animal growth -OIE

14/02 Farmers in 45 countries still use antibiotics to boost animal growth, despite warnings from health experts and bans on the practice in many parts of the world, the World Organization for Animal Health (OIE). . .  Full story

SE Asia Stocks-Most end higher on strong China trade data, Philippines leads

14/02 Most Southeast Asian stock markets closed higher on Thursday after moving in a thin range, with Philippines leading the pack, as a surprise jump in monthly Chinese trade data brought slight relief amid continued. . .  Full story