US Business

U.S. oil service firms face tough quarter despite high crude prices

06h01 Even as crude prices hover near four-year highs, U.S. oilfield service firms' third-quarter results due out in coming days will reflect a shaky recovery, as their customers face drilling constraints and pressure to hold down. . .  Full story

SoftBank 'anxiously' monitoring Saudi Arabia situation -executive

05h46 SoftBank Group Chief Operating Officer Marcelo Claure said on Tuesday it is "business at usual" at companies backed by its nearly $100 billion Vision Fund despite a tense situation with Saudi Arabia, which provided nearly. . .  Full story

Soybeans ease as dry weather seen boosting U.S. harvest

05h23 Chicago soybean futures slid for a second session on Wednesday as a bumper U.S. crop harvest is expected to gather pace after forecasts of dry weather in parts of the U.S. Midwest.. . .  Full story

COLUMN-Saudi Arabia's oil weapon doesn't work: Kemp

03h00 Saudi Arabia is unlikely to employ its so-called "oil weapon" in the diplomatic crisis over the disappearance of a journalist after visiting the country’s consulate in Istanbul.. . .  Full story

Trump administration touts effort to undo regulations

02h00 The Trump administration said late on Tuesday it has withdrawn or delayed more than 2,200 regulatory actions since taking office in January 2017 as it vows to reduce the role of government.. . .  Full story

Chinese electric car makers, nurtured by state, now look for way out of glut

01h30 Humming away in an industrial estate in the eastern Chinese resort city of Hangzhou, electric vehicle designer Automagic is one of hundreds of companies looking to ride the country's wave of investment in clean transportation.. . .  Full story

Waive wireless bills for some Hurricane Michael victims -U.S. FCC chief

01h27 U.S. Federal Communications Commission Chairman Ajit Pai on Tuesday called for wireless carriers to waive October bills for people hardest hit by Hurricane Michael after some Florida residents expressed frustration in getting mobile phone service. . .  Full story

Railroad operator CSX's quarterly profit tops Wall Street target

01h27 CSX Corp on Tuesday reported quarterly profit that topped Wall Street's view and raised its full-year revenue forecast, as the No. 3 U.S. railroad operator benefited from ongoing cost-cutting and higher prices for moving freight.. . .  Full story

U.S. regains crown as most competitive economy for first time since 2008 - WEF

00h57 The U.S. economy sits atop of the World Economic Forum's annual global competitiveness survey for the first time since the 2007-2009 financial crisis, benefiting from a new ranking methodology this year, the Swiss body said. . .  Full story

Fresenius Medical cuts 2018 targets after results disappoint

16/10 German dialysis specialist Fresenius Medical Care cut its 2018 sales and net income target on Tuesday after its U.S business did not perform as well as expected in the third quarter.. . .  Full story

Softbank 'anxiously' monitoring Saudi Arabia situation -executive

16/10 Softbank Group Chief Operating Officer Marcelo Claure said on Tuesday it is "business at usual" at companies backed by its nearly $100 billion Vision Fund despite a tense situation with Saudi Arabia, which provided nearly. . .  Full story

Trump widens Fed critique, calls it 'my biggest threat'

16/10 U.S. President Donald Trump heaped more criticism on the Federal Reserve in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public.. . .  Full story

Minnesota accuses insulin makers of deceptive drug pricing

16/10 Minnesota's attorney general on Tuesday filed a lawsuit accusing drug manufacturers Sanofi SA, Novo Nordisk and Eli Lilly and Co of deceptively raising prices for insulin.. . .  Full story

-Goldman Sachs will slow consumer loan growth if market falters

16/10 Goldman Sachs will limit loan growth in one of its new business areas if it sees a marked deterioration in credit quality, potentially jeopardising new Chief Executive David Solomon's task of boosting revenue by. . .  Full story

Wall St rallies over 2 pct with earnings, data boost

16/10 U.S. stocks surged more than 2 percent on Tuesday after upbeat earnings reports from major companies including UnitedHealth and Goldman Sachs and solid economic data, as equities rebounded from a recent sharp sell-off.. . .  Full story

Soybeans, corn retreat from highs on improving U.S. weather

16/10 U.S. soybean and corn futures fell on Tuesday on improving harvest weather in the Midwest crop belt and some profit-taking a day after both commodities neared two-month highs, traders said. Wheat. . .  Full story

Baker Aryzta dismisses top shareholder's plan for smaller capital increase

16/10 Swiss-Irish baker Aryzta stood by its plan to raise 800 million euros ($926 million) in new equity to meet its liquidity and financing needs, criticising a proposal by its biggest shareholder to raise only half. . .  Full story

OBITUARY-Microsoft co-founder Paul Allen dies of cancer complications at 65

16/10 Microsoft Corp co-founder Paul Allen, the man who persuaded school-friend Bill Gates to drop out of Harvard to start what became the world's biggest software company, died on Monday at the age of 65,. . .  Full story

U.S. SEC warns corporate cyber weakness could violate federal law

16/10 Public companies that fail to tighten their cyber security controls could be violating federal law, the U.S. Securities and Exchange Commission (SEC) said on Tuesday.. . .  Full story

U.S. yields budge little as market settles into tight range

16/10 U.S. Treasury yields were little changed on Tuesday as the bond market settled into a tight trading range in the aftermath of wild swings stemming from worries about inflation and a rout across global. . .  Full story

U.S. 2-month Treasury bill makes solid debut

16/10 The U.S. government's first sale of two-month debt scored solid demand on Tuesday with bond dealers buying much of the $25 billion supply, as it has leaned on short-term debt to finance a growing. . .  Full story

Lyft selects JPMorgan, Credit Suisse for IPO in 2019– source

16/10 Ride-hailing company Lyft Inc has chosen JPMorgan Chase & Co, Credit Suisse and Jefferies as underwriters for its initial public offering, slated for the first half of 2019, according to a person familiar with the. . .  Full story

Big U.S. banks end third quarter on high note

16/10 Wall Street's top investment banks enjoyed a strong third quarter as strength in stock trading and equity underwriting added to the benefits from a strong U.S. economy and tax reforms.. . .  Full story

U.S. industrial output rises; job openings at record high

16/10 U.S. industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output, but momentum slowed sharply in the third quarter.. . .  Full story

U.S. judge approves SEC settlement with Tesla, Musk; shares jump

16/10 A U.S. judge on Tuesday approved a settlement between a federal regulator, Tesla Inc and its chief executive officer, Elon Musk, over his tweets promising to take the company private, signaling an end to. . .  Full story

Uber IPO proposals value company at $120 bln - WSJ

16/10 Ride-hailing company Uber Technologies Inc could be valued at $120 billion, when it finally goes public next year according to proposals made by U.S. banks bidding to run the offering, the Wall Street Journal. . .  Full story

Brazilian card processor hopes to lure Buffett with $1.1 bln Nasdaq IPO

16/10 Brazilian card processor Stone Co Ltd filed on Tuesday for an initial public offering on Nasdaq that may raise up to $1.1 billion and lure Warren Buffett's Berkshire Hathaway Inc as a shareholder, according. . .  Full story

US Senate will not vote on new North America trade pact in 2018 -McConnell

16/10 The U.S. Senate's top Republican said on Tuesday that senators will not vote to approve a revised North American trade pact in 2018, leaving the issue to the next Congress.. . .  Full story

Tough markets hit BlackRock results; shares slump 4 percent

16/10 BlackRock Inc's quarterly revenue fell short of Wall Street's expectations on Tuesday as the world's biggest asset manager reported its lowest sales of equity, bond and other long-term investments since the second quarter of 2016.. . .  Full story

Wells Fargo to shift European investment banking business to Paris as Brexit looms

16/10 Wells Fargo & Co said on Tuesday it had applied for an investment firm license in France as part of a Brexit strategy to shift some of its servicing of European mainland customers out. . .  Full story

UnitedHealth forecasts 2019 profit gains after earnings beat

16/10 UnitedHealth Group Inc on Tuesday backed Wall Street's 2019 earnings forecast, citing momentum in newer businesses like providing medical services and traditional areas, including managing U.S. government Medicare health insurance plans.. . .  Full story

TomTom shares slide 13 pct after Volvo contract loss

16/10 Shares in navigation firm TomTom slid 13 percent on Tuesday on news it had lost a contract with carmaker Volvo, renewing worries that Google's entry into in-dashboard software may hurt the Dutch firm.. . .  Full story

U.S. job openings hit record high of 7.14 million

16/10 U.S. job openings jumped to a record high in August, far outpacing a rise in hiring, suggesting that companies could be increasingly having difficulties finding qualified workers.. . .  Full story

Canada tariff exemptions offer auto industry relief

16/10 Canada has excluded a long list of steel and some aluminum products from its 25 percent tariff on U.S. metal, offering short-term relief to the country's auto sector, which relies heavily on U.S.-made steel.. . .  Full story

Main index gains driven by financial stocks on rate hike hopes

16/10 Canada's main stock index rose on Tuesday, led by shares in the financial sector on expectations of another interest rate hike next week, after a central bank report showed business optimism at near record. . .  Full story

Equity trading strength boosts profits at Morgan Stanley, Goldman

16/10 Wall Street's top investment banks reported better-than-expected quarterly profits on Tuesday, helped by strength in stock trading and equity underwriting, wrapping up what has been a strong quarter for the big U.S. banks.. . .  Full story

Omnicom cuts workforce by 7,000 people

16/10 Omnicom Group Inc has cut its workforce by about 7,000 people, the U.S. advertising company said in a post earnings call on Tuesday.. . .  Full story

Saudi Arabia's oil weapon doesn't work: Kemp

16/10 Saudi Arabia is unlikely to employ its so-called "oil weapon" in the diplomatic crisis over the disappearance of a journalist after visiting the country’s consulate in Istanbul.. . .  Full story

Bombardier meets 70 pct of delivery target for 2018

16/10 Canada's Bombardier Inc said on Tuesday it had delivered 31 business jets in the third quarter, meeting more than 70 percent of its delivery target of 135 jets for the year.. . .  Full story

Domino's U.S. sales disappoint, shares fall 6 pct

16/10 Domino's Pizza Inc reported a smaller-than-expected increase in quarterly same-store sales at company-owned stores in the United States on Tuesday, underscoring intensifying competition from Pizza Hut and food delivery upstarts in an overcrowded market.. . .  Full story

Musk says new autopilot chip to be available in six months

16/10 Tesla Inc Chief Executive Officer Elon Musk said a new chip that improves autopilot features would be available in about six months in all of the company's new production electric cars.. . .  Full story

Sears faces tough foe: an unforgiving bankruptcy code

16/10 When Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday, it said it would close another 142 unprofitable Sears and Kmart locations and seek to reorganize around financially healthier stores. It also triggered a. . .  Full story

Soybeans fall from highs on talk of faster U.S. harvest

16/10 Chicago soybeans fell on Tuesday, after rising to their highest in about eight weeks on Monday, on speculation drier weather in the U.S. Midwest will enable U.S. soybean harvesting to speed up.. . .  Full story

German carmakers have 50:50 chance of facing Detroit's fate, VW says

16/10 German carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform their businesses to meet new regulations and adapt supply chains, Volkswagen's chief executive said on. . .  Full story

Trade dispute, Brexit angst weigh on German investor morale

16/10 German investor morale darkened more than expected in October, a survey showed on Tuesday, as concerns about an escalating Sino-U.S. trade dispute and Britain crashing out of the EU without a divorce deal clouded. . .  Full story

Trump rhetoric unhelpful for trade talks, says EU's Malmstrom

16/10 The EU's Trade Commissioner said on Tuesday that some of U.S. President Donald Trump's rhetoric was unhelpful while she was trying to make progress in trade talks and said the bloc would have to. . .  Full story

MRPL expects India to get waiver from U.S. sanctions on Iran this month - official

16/10 India's Mangalore Refinery and Petrochemicals Ltd (MRPL) expects India to get a waiver from U.S. sanctions on Iranian oil exports this month, a company official said on Tuesday.. . .  Full story

Trade war cost: China's Q3 GDP growth seen hitting lowest since 2009

16/10 At week's end, global investors and policy makers will likely be given a stark reminder of the costs of a bitter Sino-U.S. trade war, with a Reuters poll predicting that China's third-quarter growth will. . .  Full story

Global steel body hikes demand forecasts, but says risks remain

16/10 The World Steel Association on Tuesday doubled its 2018 and 2019 forecasts for growth in global demand for the material used in everything from cars to construction, but said that trade tensions were clouding. . .  Full story

OnDeck launches new subsidiary to partner with banks

16/10 OnDeck Capital Inc has set up a subsidiary that will provide technology and other services to banks looking to lend to small businesses online, it said on Tuesday.. . .  Full story

China's cooling factory-gate inflation signals waning demand

16/10 China's factory-gate inflation cooled for a third straight month in September amid ebbing domestic demand, pointing to more pressure on the world's second biggest economy as it remains locked in an intensifying trade war with. . .  Full story

United States seeking Mexican steel export quotas -negotiator

16/10 The United States is seeking to impose quotas on Mexican steel exports as part of a negotiation to remove metals tariffs, the chief trade negotiator of Mexico's incoming government said on Monday, adding the. . .  Full story

One third of Japan firms hurt by U.S.-China trade friction

16/10 One third of Japanese companies say they have been affected by the U.S.-Sino trade war, up sharply from just 3 percent in May. Below are the questions and answers. . .  Full story

Growing impact: a third of Japan Inc hurt by U.S.-China trade war -Reuters poll

16/10 The number of Japanese companies affected by the U.S.-Sino trade war has jumped to a third, soaring from just 3 percent in May with firms fretting about prospects for their exports from China as. . .  Full story

China to show off its zeal to import but business awaits policies

16/10 China will soon host a huge trade fair to highlight its commitment to free trade and show off its willingness to import, but sceptical foreign businesses and diplomats say they want to see concrete. . .  Full story

Bankruptcy judge approves financing to keep Sears open

16/10 A bankruptcy judge on Monday approved $300 million in financing to keep department store chain Sears Holdings Corp open through the holiday season, giving the century-old retailer that once dominated U.S. shopping malls a chance. . .  Full story

Textron, NetJets strike deal for up to 325 Cessna planes

16/10 NetJets, the luxury plane unit of Warren Buffett's Berkshire Hathaway Inc, announced a deal on Monday to purchase up to 325 Cessna Citation business jets from Textron Inc's aviation unit, one of the biggest orders. . .  Full story

Koreas to reconnect roads, rail, U.S. concerned over easing sanctions

15/10 The two Koreas agreed on Monday to begin reconnecting rail and road links, another step in an improving relationship in spite of U.S. concerns that the rapid North-South thaw could undermine efforts to press. . .  Full story

U.S. eyes West Coast military bases to export coal, gas -report

15/10 President Donald Trump's administration is considering using West Coast military facilities to export coal and natural gas to Asia, according to an Associated Press report on Monday, citing U.S. Department of Interior Secretary Ryan Zinke.. . .  Full story

U.S. government, but not Trump, can be sued over climate -judge

15/10 A group of young Americans suing the federal government over lack of action to fight climate change can proceed with their lawsuit, but U.S. President Donald Trump cannot be named as a defendant, a. . .  Full story

U.S. government posts widest deficit since 2012

15/10 The U.S. government closed the 2018 fiscal year $779 billion in the red, its highest deficit in six years, as Republican-led tax cuts pinched revenues and expenses rose on a growing national debt, according to. . .  Full story

Tech stocks drag down Wall St as earnings worries weigh

15/10 U.S. stocks ended lower in a choppy trading session on Monday, dragged down by technology stocks amid lingering worries over interest rates and corporate earnings.. . .  Full story

U.S. yields rise as supply weighs despite retail sales, geopolitics

15/10 U.S. Treasury yields rose on Monday despite stock market volatility stemming from rising borrowing costs and geopolitical risks, while the outlook for U.S. economic growth was tempered by weaker-than-expected data on domestic retail sales.. . .  Full story

Soybeans rally on slow U.S. harvest pace, quality concerns

15/10 U.S. soybean futures jumped 2.8 percent on Monday on poor Midwest harvest conditions, coupled with reminders of strong domestic crushing demand and signs of U.S. soy cargoes headed to China, analysts said.. . .  Full story

Textron, NetJets strike deal for more than 300 Cessna planes

15/10 NetJets, the luxury plane unit of Warren Buffett's Berkshire Hathaway Inc, on Monday announced a deal to purchase up to 325 Cessna Citation business jets from Textron Inc's aviation unit, one of the biggest orders. . .  Full story

Venezuela's PDVSA preparing $950 mln payment on 2020 bond -sources

15/10 Venezuela's state-owned oil company PDVSA is preparing to pay holders of its 2020 bond some $950 million this month, after failing to make interest payments on most other bonds this year, sources at the. . .  Full story

Around 100,000 Opel vehicles to be recalled in diesel probe - ministry

15/10 Germany's Transport Ministry said on Monday it would order roughly 100,000 Opel vehicles to be recalled as part of an emissions probe, after prosecutors searched the carmaker's offices earlier in the day.. . .  Full story

Amazon India say services boosting large appliance sales

15/10 Amazon's investment in an extensive delivery network, and offering installation services and monthly payment plans, helped make large appliances a major category during its annual festive sale, the head of its Indian business said on. . .  Full story

Mexico discussed concerns over Canada steel tariffs with Ottawa -source

15/10 Mexican Economy Minister Ildefonso Guajardo on Monday discussed his concerns about new Canadian tariffs on steel during a call with Foreign Minister Chrystia Freeland, a Canadian government source said.. . .  Full story

As companies embrace AI, it's a job-seeker's market

15/10 Dozens of employers looking to hire the next generation of tech employees descended on the University of California, Berkeley in September to meet students at an electrical engineering and computer science career fair.. . .  Full story

Bank of America's lagging loan growth overshadows profit gains

15/10 Bank of America Corp's loan growth lagged rivals and fees from advising on deals and underwriting bonds fell in the third quarter, sending its share price 1.7 lower even as profit beat expectations.. . .  Full story

U.S. retail sales increase modestly; consumer spending strong

15/10 U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years.. . .  Full story

Occidental to no longer pursue Qatar offshore field extension

15/10 Occidental Petroleum Corp said on Monday it would no longer pursue extension of the Idd El-Sharghi North Dome (ISND) offshore oilfield in Qatar, sending its shares down more than 5 percent.. . .  Full story

Sears, once a retail titan, files for Chapter 11 bankruptcy

15/10 Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday with a plan to close about 142 of its 700 stores by the end of the year, throwing into doubt the future of the. . .  Full story

Precious metal shares drive Canada's main stock index higher

15/10 Canada's main stock index was higher on Monday as mining stocks rose on the back of climbing gold prices.. . .  Full story

Hurricane Michael insured losses will cost as much as $10 bln - AIR Worldwide

15/10 Insured losses for wind and storm surge from Hurricane Michael will run between an estimated $6 billion and $10 billion, risk modeler AIR Worldwide said on Monday.. . .  Full story

China's resilient commodity imports show trade war yet to factor: Russell

15/10 It's tempting to look at the relative resilience of China's imports of major commodities in September and conclude that the world's second-biggest economy is weathering the trade dispute with the United States quite well.. . .  Full story

Oil prices ease as funds continue profit-taking: Kemp

15/10 Hedge fund managers have continued to take profits on their bullish positions in crude oil as the late summer rally has faded and fears about oil consumption and the state of the economy have. . .  Full story

Iranian crude exports fall further as Trump's sanctions loom

15/10 Turkey and Italy are the last buyers of Iranian crude outside China, India and the Middle East, according to tanker data and an industry source, the latest sign that shipments are taking a major. . .  Full story

Carl Icahn boosts stake in Dell IPO standoff

15/10 Activist investor Carl Icahn reported an increased 8.3 percent stake in Dell tracking stock on Monday, as he looks to block a proposed plan by the computer maker to return to the public market. . .  Full story

INSIGHT-With risky bets back in play, stock selloff revives 'Volmageddon' memories

15/10 Months after he lost millions when an esoteric corner of financial markets cratered in February, former Target Corp store manager Seth Golden is betting against volatility again.. . .  Full story

Bear or bull? Five reasons to claw or thunder

15/10 A sharp pullback in stocks last week, including the S&P 500's biggest single-day drop since a market correction in February, has left investors questioning whether this could. . .  Full story

Bond bears stalk a FANG, short Netflix debt

15/10 In March, noted short-seller Andrew Left took a swipe at Netflix Inc's stock, calling the online video company's aggressive spending on content acquisition "unsustainable.". . .  Full story

Alibaba's Jack Ma says in talks with Indonesia on tech training institute

15/10 Jack Ma, executive chairman of China's Alibaba Group Holding, said on Saturday he is discussing with Indonesia's government the possibility of opening an institute to train tech entrepreneurs in the Southeast Asian country.. . .  Full story

President Trump, First Lady to visit storm-ravaged Florida Panhandle

15/10 U.S. President Donald Trump and First Lady Melania Trump will travel to Florida's storm-ravaged Panhandle on Monday, the White House announced, in the president's first tour of the destruction left by the deadly Hurricane Michael.. . .  Full story

Promotional toys boost sales for Australia's Coles ahead of listing

15/10 Australia's second-largest supermarket chain, Coles, posted its fastest quarterly sales growth in nearly three years as promotional toy offerings proved to be a big hit - a welcome filip ahead of its listing next. . .  Full story

At IMF meetings, China's globalisation agenda left behind in trade debate

15/10 Three days before U.S. President Donald Trump took office in January 2017, Chinese President Xi Jinping portrayed Beijing as the champion and defender of globalisation at the Davos World Economic Forum amid rising fears of. . .  Full story

Harris and L3 agree merger to become sixth-largest U.S. defense contractor

14/10 Military communication equipment providers Harris Corp and L3 Technologies Inc announced on Sunday an all-stock merger that will create the United States' sixth-largest defense contractor with a market value of $34 billion.. . .  Full story

Wall St Week Ahead-New communication sector's shine could soon wear off

14/10 The mash-up of old and new media may not be a winning combination for the new S&P communication services sector index as its. . .  Full story

China says U.S. arms sales to Taiwan interfere in its affairs

14/10 China accused the United States on Sunday of going on the offensive by sending U.S. Navy vessels into the South China Sea and described U.S. arms sales to Taiwan as interference in Chinese internal. . .  Full story

White House adviser Kudlow plays down stock market drop

14/10 White House economic adviser Larry Kudlow on Sunday played down the U.S. stock market drop as a normal correction and said President Donald Trump had some concern the Federal Reserve may be raising interest. . .  Full story

Philippines mulls sponsoring catastrophe bond issue

14/10 The Philippines' finance ministry said on Sunday it was exploring a plan to sponsor a catastrophe bond issue, similar to the one launched by the World Bank early this year covering Latin American earthquakes.. . .  Full story

Mexico says new U.S. trade deal won't block other economic relations

14/10 Mexico's Foreign Minister Luis Videgaray told his Chinese counterpart in a phone call on Saturday that Mexico's new trade deal with the United States and Canada will not impede economic relations with other countries, according. . .  Full story

Hopes fade for more survivors of Hurricane Michael

14/10 The hunt for missing people in the aftermath of Hurricane Michael early Sunday is turning into a search for the dead, as hope of finding more people alive fades in the Florida Panhandle, U.S.. . .  Full story

Crowbars, cadaver dogs in search for survivors, bodies after Florida hurricane

13/10 Search and rescue volunteers have located hundreds of people reported missing in the U.S. Southeast after Hurricane Michael tore through their Florida Panhandle communities, but the death toll of at least 18 was expected to. . .  Full story

US senators urge India to soften data localisation stance

13/10 Two U.S. senators have called on Indian Prime Minister Narendra Modi to soften India's stance on data localisation, warning that measures requiring it represent "key trade barriers" between the two nations.. . .  Full story

Fed official says rate hikes 'right course' for U.S. monetary policy

13/10 The U.S. Federal Reserve does consider the impact of interest rate hikes on emerging markets when setting policy, but the increases are the "right course of domestic policy" for the world's largest economy, said a. . .  Full story