US Business

China says to halt additional tariffs on U.S.-made cars from Jan 1

12h58 China will suspend additional tariffs on U.S.-made vehicles and auto parts for three months starting Jan. 1, 2019, the country's finance ministry said on Friday, following a truce in a trade war between the. . .  Full story

LVMH splashes out on luxury hotels with $3.2 bln Belmond deal

12h56 Luxury goods maker LVMH has agreed to buy Belmond, the owner of hotels including Venice's landmark Cipriani, for $3.2 billion including debt to increase its presence in upmarket hospitality.. . .  Full story

Hospital beds firm LINET may agree stake sale in first half of 2019 - founder

12h07 European hospital and nursing bed maker LINET Group is in talks with three or four bidders over the potential sale of a stake and could wrap up a deal in the first half of. . .  Full story

Oil falls on China economic data, output cuts support

11h50 Oil prices slipped on Friday after China reported slower economic growth, pointing to lower fuel demand in the world's biggest oil importer, although market sentiment was supported by supply cuts agreed last week by. . .  Full story

S.Korea's Moon urges "restrained" language in forced labour row with Japan

11h19 South Korea's President Moon Jae-in told Japanese lawmakers on Friday "cautious, restrained" language is needed when discussing wartime forced labour to avoid "inciting antagonistic emotions" between the people of the two East Asian countries.. . .  Full story

China's consumers, factories take a beating as economic gloom deepens

10h29 China's November retail sales grew at their weakest pace since 2003 and industrial output rose the least in nearly three years as the economy lost further momentum, heaping pressure on Beijing to defuse its. . .  Full story

Diesel founder interested in Italy's Roberto Cavalli - paper

09h33 Renzo Rosso, the founder of fashion label Diesel, is interested in buying Italy's Roberto Cavalli through his OTB holding company, Il Sole 24 Ore said on Friday.. . .  Full story

European passenger car sales fall 8.1 percent in November

09h00 Volkswagen, Renault and Fiat Chrysler led an 8.1 percent decline in European car sales in November, the main regional industry body said on Friday, as the introduction of tougher new emissions tests continued to weigh. . .  Full story

Japan ruling bloc endorses tax breaks on cars, homes; fiscal reform in doubt

08h44 Lawmakers from Japan's ruling coalition said on Friday they will give tax breaks to car buyers to offset a sales tax hike planned for next year, amid the looming threat of steep tariffs on. . .  Full story

Ahead of China anniversary, trade war fans calls for faster market reforms

08h00 China's trade war with the United States is spurring some Chinese entrepreneurs, government advisers and think-tanks to call for faster reforms in the world's second-largest economy and the freeing of a private sector stifled by. . .  Full story

Soybeans fall for 2nd session on lower Chinese buying; wheat dips

07h25 Chicago soybean futures slid for a second straight session on Friday, dropping to their weakest in more than one week as lower-than-expected Chinese buying weighed on the market. Wheat ticked lower. . .  Full story

Record $46 bln pulled from U.S.-based stock funds in latest week -Lipper

02h21 Record cash streamed out of U.S.-based stock funds and billions more fled bonds in a week of apparently escalated caution, Lipper data showed on Thursday. More than $46 billion thundered. . .  Full story

Costco margin dip overshadows sales beat, shares slide

01h42 Costco Wholesale Corp's gross margins fell in the first quarter, as the warehouse operator paid higher wages, ramped up investments in its online business and cut prices amid intense competition in the grocery industry.. . .  Full story

Mexico's new budget: fiscal miracle or a December disaster?

00h46 Nervous bond holders will pore over Mexico's budget like never before this weekend to see if leftist President Andres Manuel Lopez Obrador can pull off higher social spending, tax cuts and pricey oil ventures. . .  Full story

Wall Street ends flat as nervous investors flock to defensive shares

13/12 The S&P 500 finished little changed after a volatile session on Thursday, as investors continued to be spooked by uncertainty on both domestic and international issues, driving up bids for defensive shares while financials and. . .  Full story

Caterpillar CEO Jim Umpleby adds chairman role

13/12 Caterpillar Inc said on Thursday Chief Executive Officer Jim Umpleby would take on the additional role of chairman, effective immediately.. . .  Full story

U.S. confirms China soybean purchase, but no clarity over more sales

13/12 U.S. government officials on Thursday hailed China's first meager purchase of U.S. soybeans since its trade war with the United States began in July and said they hoped for, but could not guarantee, more to. . .  Full story

S&P 500 ends choppy session little changed

13/12 The S&P 500 ended little changed after a volatile session on Thursday, as investors favored defensive sectors while the biggest drag came from financials and consumer discretionary stocks.. . .  Full story

Trump says GM shift to electric vehicles is 'not going to work'

13/12 President Donald Trump on Thursday said General Motors Co's decision to shift much of its focus to electric vehicles will not succeed, and he asserted a new trade deal will make it harder for. . .  Full story

Yields mixed in choppy trading as ECB, stocks weigh

13/12 U.S. Treasury yields were narrowly mixed on Thursday, generally trading in line with U.S. equities, with investors also focused on the European Central Bank's lower growth and inflation forecasts for next year as well as. . .  Full story

Oil prices edge up on hopes global supplies will tighten

13/12 Oil prices climbed more than 2 percent on Thursday, after data showed inventory declines in the United States and as investors began to expect that the global oil market could have a deficit sooner. . .  Full story

US Agriculture chief predicts more farm aid payouts despite China soy purchases

13/12 U.S. Agriculture Secretary Sonny Perdue said on Thursday he expects the White House to approve a second tranche of aid payments to farmers hurt by ongoing trade disputes, despite new Chinese purchases of soybeans.. . .  Full story

Instacart to close Whole Foods delivery operation next year

13/12 Instacart said on Thursday it will stop delivering groceries for Whole Foods next year, ending a partnership that has been under stress since Amazon.com Inc acquired the upmarket grocer last year.. . .  Full story

U.S. government posts $205 billion deficit in November

13/12 The U.S. federal government ran a $205 billion deficit in November, according to data released on Thursday by the Treasury Department.. . .  Full story

Canada's big banks tighten grip on mortgage market after rule changes

13/12 Canada's biggest banks are tightening their grip over the country's C$1.5 trillion ($1.1 trillion) mortgage market as new rules designed to cut out risky lending make it harder for borrowers to switch lenders, with some. . .  Full story

U.S. Commerce Sec. Ross wants China to do more to ease trade tensions -BBG

13/12 U.S. Commerce Secretary Wilbur Ross told Bloomberg TV on Thursday that China will need to do more than what it has promised so far to ease trade tensions, Bloomberg News reported.. . .  Full story

Apple plans new $1 bln campus for Austin, Texas

13/12 Apple Inc said on Thursday it would spend $1 billion to build a second campus in Austin, Texas, that will house up to 15,000 workers as part of a broader push by U.S. companies. . .  Full story

U.S. labor market tightening; inflation pressures muted

13/12 The number of Americans filing applications for jobless benefits tumbled to near a 49-year low last week, which could ease concerns about a slowdown in the labor market and economy.. . .  Full story

Pelosi says Trump has not responded to Democrat budget offers

13/12 U.S. House of Representatives leader Nancy Pelosi said on Thursday that President Donald Trump has not answered Democrats' budget compromise proposals on measures to keep the federal government open.. . .  Full story

U.S. to counter China, Russia influence in Africa - Bolton

13/12 The United States plans to counter the rapidly expanding economic and political influence of China and Russia in Africa, where the two nations use corrupt and predatory business practices, U.S. national security adviser John Bolton. . .  Full story

Consumer shares push TSX higher

13/12 Canada's main stock index rose on Thursday, led by gains in consumer staples shares amid signs of progress in trade relations between the United States and China.. . .  Full story

Ford set to end production at Blanquefort in France, jobs at risk

13/12 Ford will end production at its Blanquefort plant in France by late August next year after rejecting a rescue deal for the factory, in a move which drew the ire of France's finance minister. . .  Full story

Portuguese toy maker Science4You upbeat on share listing despite jittery market

13/12 The founder and CEO of Portuguese start-up Science4You said demand for the company's share offering, which closes on Friday, was going well and he remains confident despite two local companies recently abandoning listing plans due. . .  Full story

U.S. forecaster sees 90 pct chance of El Niño in winter

13/12 There is a 90 percent chance of the El Niño weather pattern emerging during the northern hemisphere winter 2018-19, a U.S. government weather forecaster said on Thursday.. . .  Full story

Iran falls to 6th biggest oil supplier to India in Nov, from 4th in Oct

13/12 India's monthly oil imports from Iran plunged to their lowest in a year in November with Tehran dropping two places to become only the sixth biggest supplier after New Delhi cut purchases due to. . .  Full story

Maldives tells UN climate talks: "We are not prepared to die"

13/12 The Maldives will do all in its power to keep "our heads above water", the head of its delegation at U.N. climate talks said on Thursday in an impassioned appeal for nations to overcome. . .  Full story

GE's digital unit to sell majority stake in ServiceMax

13/12 General Electric Co on Thursday said its digital unit would sell a majority stake in ServiceMax, a cloud-based provider of software used in inventory and workforce management, to technology-focused private equity firm Silver Lake.. . .  Full story

COLUMN-Don't be fooled by China's soybean buy; crude, LNG, coal are the big fish: Russell

13/12 There is a risk that investors will get carried away with optimism over an easing of the U.S.-China trade dispute on the back of China resuming purchases of U.S. soybeans.. . .  Full story

Google launches Thai AI project to screen for diabetic eye disease

13/12 Google said on Thursday it had launched an artificial intelligence programme in Thailand to screen for a diabetic eye disease which causes permanent blindness.. . .  Full story

Norway wealth fund in deal to sell New York property

13/12 Norway's sovereign wealth fund and one of its partners, TH Real Estate, have agreed to sell a jointly owned property located at 470 Park Avenue South in New York, the real estate investment arm. . .  Full story

Climate Conference Notebook: draft deal expected on Thursday

13/12 Climate change talks billed as the most important U.N. conference since the 2015 Paris global warming deal are in their last week in Katowice, capital of Poland's coal mining district.. . .  Full story

OPEC's oil-cut pledge is vague, but Saudi plans lend some credibility

13/12 OPEC's supply-cutting deal agreed last week is vague even by the standards of the oil producer group as no individual output targets are likely to be published, although precise plans from top exporter Saudi. . .  Full story

Russia still a headache for Germany's Metro

13/12 Shares in German wholesaler Metro tumbled on Thursday after it said its struggling Russian business would weigh on profits again in the 2018/19 financial year.. . .  Full story

PTTEP wins Erawan, Bongkot petroleum blocks in Gulf of Thailand

13/12 Thailand's PTT Exploration and Production Pcl has won the production and development rights for the Erawan and Bongkot petroleum concessions in the Gulf of Thailand, Energy Minister Siri Jirapongphan said on Thursday.. . .  Full story

IEA sees global oil supply tightening more quickly in 2019

13/12 The global oil market could move into deficit sooner than expected thanks to OPEC's output agreement with Russia and to Canada's decision to cut supply, the International Energy Agency said on Thursday.. . .  Full story

China commerce ministry would welcome U.S. trade delegation visit

13/12 China and the United States are in close contact over trade, and any U.S. trade delegation would be welcome to visit, a commerce ministry spokesman said on Thursday.. . .  Full story

OPEC exit frees Qatar from U.S. legal concerns

13/12 Even before taking over Qatar's energy policy in a government reshuffle last month, Qatar Petroleum (QP) CEO Saad al-Kaabi had long wanted the Gulf state to leave OPEC.. . .  Full story

China says two Canadians suspected of harming state security

13/12 China's foreign ministry said on Thursday that two Canadian nationals detained in China are suspected of engaging in activities endangering national security, and that both cases are under investigation.. . .  Full story

Japan's SoftBank to shun Huawei in favour of Ericsson, Nokia equipment -Nikkei

13/12 SoftBank Group Corp plans to replace 4G network equipment from China's Huawei Technologies Co Ltd with hardware from Nokia and Ericsson , Nikkei reported on Thursday, without citing sources.. . .  Full story

ChargePoint to equip Daimler dealers with electric car chargers

13/12 ChargePoint, one of the world's biggest operators of charging equipment for electric vehicles, has struck a deal to supply Daimler retailers with slow and fast chargers.. . .  Full story

Alibaba-backed Lazada appoints new CEO; second change in 2018

13/12 Lazada Group, a Southeast-Asian e-commerce company backed by Alibaba Group Holding, appointed Pierre Poignant as its new chief executive officer (CEO) on Thursday as part of its succession planning.. . .  Full story

Insurance claims for latest California wildfires top $9 billion

13/12 Insurance claims from the recent spate of California wildfires, including one ranked as the most deadly and destructive in state history, have topped $9 billion and are expected to grow, the state insurance commissioner reported. . .  Full story

After Trump comment on Huawei, official says Justice Dept sticks to law enforcement

13/12 A top U.S. Justice Department official pushed back on Wednesday against President Donald Trump's comment that he might intervene in a legal case involving an executive from the Chinese telecommunications firm Huawei Technologies Co if. . .  Full story

United Airlines CEO doubles down on growth strategy as stock rides tailwind

13/12 With many rival airlines scaling back plans to add travel routes and seats in a bid to protect margins, Oscar Munoz is taking United Airlines in a different direction.. . .  Full story

Beijing eases back on 'Made in China 2025' amid trade talks with U.S.

13/12 China appears to be easing its high-tech industrial development push, dubbed "Made in China 2025," which has long irked the United States, amid talks between the two countries to reduce trade tensions, according to new. . .  Full story

Canada working to find a second Canadian in China

13/12 Canadian Foreign Minister Chrystia Freeland says:. . .  Full story

Mexico flags 'delicate' Pemex finances, plans tight budget

13/12 Mexico's government on Wednesday flagged state oil giant Pemex's 'delicate' finances as it prepared to present the 2019 budget, seeking to reassure markets by saying that the company should not be saddled with more debt. . .  Full story

U.S. probe cites 'ineffective' safeguard in Husky oil refinery blast

12/12 An "ineffective" safeguard failed to prevent an explosive mixing of air and fuel at a Husky Energy refinery in Superior, Wisconsin, leading to a blast and fire in the plant's gasoline-producing unit in April, a. . .  Full story

Oil ends lower on Iran comments despite Libya, OPEC supply cuts

12/12 Oil ended lower on Wednesday after reports that Iran's oil minister said divisions exist within the Organization of the Petroleum Exporting Countries, leading futures to give up earlier gains on OPEC-led production curbs and export. . .  Full story

US STOCKS-Wall Street rises on U.S.-China trade optimism

12/12 U.S. stocks were up 1 percent on Wednesday afternoon, though well below their session highs, as investors were hopeful about U.S.-China trade relations after the latest comments from both sides and eyed some reassuring signs. . .  Full story

Soybeans hit 4-1/2-month high as China buys U.S. supplies

12/12 U.S. soybean futures hit a 4-1/2-month high on Wednesday as China bought U.S. soybeans for the first time since U.S. President Donald Trump and his Chinese counterpart Xi Jinping met in early December.. . .  Full story

With stock riding tailwind, United Airlines CEO doubles down on growth strategy

12/12 With many rival airlines scaling back plans to add travel routes and seats in a bid to protect margins, Oscar Munoz is taking United Airlines in a different direction.. . .  Full story

Yields rise on U.S.-China trade, Brexit optimism

12/12 U.S. Treasury yields climbed on Wednesday on signs of progress in U.S.-China trade discussions and easing tensions on Britain's exit from the European Union after UK Prime Minister Theresa May looked to have garnered enough. . .  Full story

Yemen warring parties agree to reopen Sanaa airport, resume oil, gas exports

12/12 Yemen's warring parties agreed on Wednesday to reopen Sanaa airport in the Houthi-held capital and resume oil and gas exports, sources said, as Western nations pressed them to accept confidence-building steps before the end of. . .  Full story

Yemen warring parties agree to resume oil and gas exports

12/12 Both Yemeni parties at peace talks in Sweden agreed on Wednesday to resume oil and gas exports, delegates from the two sides said.. . .  Full story

China makes first major buy of U.S. soybeans since Trump-Xi meet

12/12 China on Wednesday bought at least 500,000 tonnes of U.S. soybeans in its first major purchase of the oilseed since U.S. President Donald Trump and his Chinese counterpart Xi Jinping struck a trade war. . .  Full story

Climate Conference Notebook: deal in ministers' hands

12/12 Climate change talks billed as the most important U.N. conference since the Paris 2015 deal on limiting global warming are in their final week in Katowice, the capital of Poland's Silesian coal mining district.. . .  Full story

EU-Japan free trade deal cleared for early 2019 start

12/12 The European Union and Japan will launch the world's largest free trade zone early next year after their economic partnership cleared a final hurdle on Wednesday.. . .  Full story

KKR sees India benefiting from U.S-China trade war

12/12 India can benefit from the trade tensions between the United States and China, Henry Kravis, co-chief of KKR & Co Inc said on Wednesday, but he also said the country needed to cut back. . .  Full story

Climate talks work on fair way to phase out coal use - Canada

12/12 Governments attending climate talks in Poland are working to ensure economies and jobs are preserved in the shift away from coal-fired power generation, Canada's environment minister said.. . .  Full story

U.S. consumer prices flat; underlying inflation firm

12/12 U.S. consumer prices were unchanged in November, held back by a sharp decline in the price of gasoline, but underlying inflation pressures remained firm amid rising rents and healthcare costs.. . .  Full story

Canada Pension Plan to increase bets in China despite political tensions -CEO

12/12 The Canada Pension Plan Investment Board (CPPIB), the country's biggest public pension fund, plans to continue deploying capital in China, despite political tensions between the two nations, Chief Executive Mark Machin said on Wednesday.. . .  Full story

U.S. not swayed by WTO reform proposals

12/12 Proposals for reforming the World Trade Organization fail to deal with problems raised by the United States, the U.S. envoy to the WTO told its General Council on Wednesday.. . .  Full story

Beijing eases back on "Made in China 2025" amid trade talks with U.S.

12/12 Beijing appears to be easing its push on its "Made in China 2025" industrial policy, which has long irked Washington amid talks between the world's two largest economies to de-escalate trade tensions.. . .  Full story

U.S. crude oil stockpiles dip, gasoline builds - EIA

12/12 U.S. crude oil stockpiles last week fell less than expected, while gasoline inventories increased and distillates stocks fell, the Energy Information Administration said on Wednesday.. . .  Full story

China preparing plan to increase access for foreign companies - WSJ

12/12 China is planning to replace an industrial policy with a new program that promises greater access for foreign companies, the Wall Street Journal reported https://www.wsj.com/articles/china-is-preparing-to-increase-access-for-foreign-companies-11544622331?mod=breakingnews on Wednesday, in a move to r. . .  Full story

ABB, Hitachi close in on power grids deal

12/12 ABB is in talks with Japan's Hitachi about the Swiss engineering group's power grid business, which it may sell to focus on more profitable divisions.. . .  Full story

TSX gains led by energy shares

12/12 Canada's main stock index rose on Wednesday, helped by shares of energy companies as oil prices gained after an industry report showed a drop in U.S. crude inventories and a cut in Libyan supplies.. . .  Full story

Brazil judge halts suits seeking to repossess Avianca Brasil jets

12/12 A Brazilian bankruptcy judge late on Tuesday granted a request by the country's fourth-largest airline, Avianca Brasil, to suspend lawsuits seeking repossession of at least 14 of its aircraft, according to a court document. Avianca Brasil. . .  Full story

OPEC needs to cut output by 700,000 bpd more for Brent to hit $70 - Rystad

12/12 Oil producer cartel OPEC and its partners will need to keep production lower than their agreed target through 2019 for benchmark Brent crude to come back to $70 a barrel, oil and gas consultancy. . .  Full story

OPEC offsets Iran oil loss, sees lower 2019 demand

12/12 OPEC said on Wednesday it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a. . .  Full story

FDA declines to approve Mallinckrodt's abuse-deterrent opioid painkiller

12/12 The U.S. Food and Drug Administration has declined to approve an abuse-deterrent version of Mallinckrodt Plc's opioid painkiller Roxicodone, saying some parts of the company's application need further evaluation.. . .  Full story

OPEC says it replaced Iran oil loss, sees lower 2019 demand

12/12 OPEC on Wednesday said it replaced a drop in Iranian exports as U.S. sanctions resumed and lowered the 2019 forecast of demand for its crude, underlining its challenge to prevent a glut building even. . .  Full story

Mexico president's Pemex plans rattle faith of debt-holders

12/12 Mexican President Andres Manuel Lopez Obrador's declaration of war on "neo-liberal" economics has shaken investors holding Petroleos Mexicanos bonds, fueling concern about the future of the highly-indebted state oil company he has pledged to revive.. . .  Full story

Greece's Famar restructures debt, gets Pillarstone investment

12/12 Famar, a contract manufacturer to pharmaceutical industries, has completed a 174 million euro ($197 million) debt restructuring and secured new funds from private equity-backed Pillarstone to strengthen its capital position.. . .  Full story

China's soybean crushers make biggest loss in 18 months on oversupply

12/12 Soybean crush margins in China dropped further this week and processors are now suffering their biggest losses in 18 months on dismal domestic demand for animal feed and higher supplies.. . .  Full story

China welcomes any effort to move Huawei case towards resolution

12/12 China's Foreign Ministry said on Wednesday that Canada's arrest of Meng Wanzhou, a top executive with Chinese tech giant Huawei, was a mistake from the start, and welcomed any efforts to move the case. . .  Full story

Australia plans deal with U.S. on 'critical minerals', hopes to boost its exports

12/12 Australia is this week set to sign a preliminary deal with the United States to support joint research and development of minerals deemed critical to the U.S. economy, a government minister said on Wednesday.. . .  Full story

Chinese startup Luckin Coffee's valuation doubles to $2.2 bln

12/12 Luckin Coffee, an up-and-coming coffee chain with ambitions to challenge Starbucks Corp in China, said on Wednesday it has raised $200 million in its latest funding round, increasing the company's valuation to $2.2 billion.. . .  Full story

China, HK stocks climb on Sino-U.S. trade hopes, Huawei relief

12/12 Chinese and Hong Kong stocks edged higher on Wednesday after Huawei's chief financial officer was granted bail by a Canadian court, and as U.S. President Donald trump sounded upbeat about a trade deal with. . .  Full story

Hyundai Motor unveils sweeping exec reshuffle, shares surge

12/12 South Korean conglomerate Hyundai Motor Group shook up its executive ranks on Tuesday and appointed its first foreign head of research and development, raising expectations of a smooth transition of power at the family-run business. . .  Full story

Warburg Pincus, Hande group to invest $1 bln in China joint venture

12/12 Warburg Pincus and Hande Group will invest a total $1 billion in a new joint venture to pursue special situations investments in real estate projects in China, the companies said on Wednesday.. . .  Full story

Red tape, funding problems hamper Lion Air black box search

12/12 Bureaucratic wrangling and funding problems have hampered the search for the cockpit voice recorder of a crashed Lion Air jet, prompting investigators to turn to the airline to foot the bill in a rare. . .  Full story

Key quotes from the Reuters interview with Trump

12/12 Here are highlights from the Reuters interview with U.S. President Donald Trump on Tuesday.. . .  Full story

Asia to grow as expected in 2018 and 2019, trade war poses downside risks - ADB

12/12 The Asian Development Bank expects developing Asia to meet its growth forecasts for this year and next on strong domestic demand and easing inflation pressures, though it warned of downside risks from a rising. . .  Full story

Trump says China 'back in the market' for U.S. soybeans

12/12 President Donald Trump said on Tuesday that China was buying a "tremendous amount" of U.S. soybeans and that trade talks with Beijing were already under way by telephone, with more meetings likely among U.S.. . .  Full story

White House delays new farm aid payments on China trade hopes -sources

12/12 The White House is delaying additional payments from a $12 billion aid package for farmers stung by President Donald Trump's trade war with China because it expects Beijing to resume buying U.S. soybeans, three sources. . .  Full story

McDonald's to curb antibiotic use in its beef supply

12/12 McDonald's Corp said on Tuesday it plans to reduce the use of antibiotics in its global beef supply, fueling projections that other restaurants will follow suit.. . .  Full story