US Business

Tesla sets revenue record, makes profit thanks to pollution credit sales to rivals

02h08 Tesla Inc on Wednesday reported its fifth consecutive quarterly profit on record revenue of $8.8 billion, boosted by an uptick in vehicle deliveries and sales of environmental regulatory credits to other automakers.. . .  Full story

In emails, Sacklers fret over wealth, opioid business

01h57 Soon after a Purdue Pharma LP affiliate pleaded guilty to misbranding its addictive opioid painkiller OxyContin in 2007, the company's Sackler family owners fretted about possible threats to their wealth.. . .  Full story

Apollo seeks to tame investor concerns over CEO's ties to Epstein

01h51 Apollo Global Management Inc said on Wednesday it would launch an independent review of Chief Executive Leon Black's ties with late financier and convicted sex offender Jeffrey Epstein, as some of the private equity firm's. . .  Full story

U.S. economy's rebound sets up test of Fed's new pledge

01h40 The stronger-than-expected U.S. economic rebound from coronavirus lows could set up an early test for the Federal Reserve's new pledge to keep interest rates near zero and its increased tolerance for inflation.. . .  Full story

Used car consignment store CarLotz nears deal to go public -sources

01h24 CarLotz Inc, a U.S. consignment store for used vehicles, is nearing a deal to go public through a merger with blank-check acquisition company Acamar Partners Acquisition Corp at a valuation of close to $830 million,. . .  Full story

Paul Singer's Elliott Management to open offices in Florida and Connecticut

01h24 Elliott Management Corp, one the world's busiest activist investors, plans to open two new offices - one in Florida and one in Connecticut - to give staff more flexibility when the threat of COVID-19. . .  Full story

Streaming service Quibi to wind down operations six months after launch

01h08 Streaming service Quibi said on Wednesday it intends to wind down its operations and start a process to sell its assets, just six months after its launch.. . .  Full story

Outgoing UBS CEO to serve as chairman of blank-check firm Investindustrial

00h54 Sergio Ermotti, the outgoing chief executive officer of UBS Group AG, has agreed to serve as chairman of Investindustrial Acquisition Corp, the blank check company said in a U.S. filing.. . .  Full story

Kinder Morgan profit falls as pandemic hits demand for refined products

00h19 U.S. pipeline operator Kinder Morgan Inc reported a 10% drop in quarterly profit on Wednesday as a steep fall in energy demand due to the coronavirus crisis led to lower shipments of refined products. . .  Full story

Whirlpool sees strong 2020 as profit beats on pandemic boost

00h13 Whirlpool Corp on Wednesday forecast a smaller drop in sales for the year and reinstated earnings targets after posting better-than-expected quarterly profit, as robust demand for home appliances helped it navigate the coronavirus crisis.. . .  Full story

Fed's Bullard says U.S. can wait on fiscal aid, businesses adapting

21/10 St. Louis Federal Reserve Bank President James Bullard on Wednesday repeated his view that U.S. businesses are largely adapting to life amid COVID-19 and the U.S. economy is on track to better-than-trend growth even without. . .  Full story

Moelis adds tech banker to expand in Israel - memo

21/10 Moelis & Co has hired technology investor Elan Zivotofsky as a managing director to provide financing and transaction advice to Israeli-based companies, the investment bank told staff on Wednesday in an internal memo seen. . .  Full story

Whirlpool third-quarter profit rises 11%

21/10 Appliances maker Whirlpool Corp on Wednesday reported a 10.8% rise in third-quarter profit as stay-at-home orders boosted demand for its home appliances during the coronavirus crisis.. . .  Full story

S&P ends choppy session lower as U.S. stimulus talks drag on

21/10 Wall Street's three major averages closed lower on Wednesday after a volatile trading session, as investors worried whether difficult negotiations in Washington would produce a deal for a fresh U.S. coronavirus stimulus package.. . .  Full story

Kinder Morgan quarterly profit falls on lower natgas volume

21/10 U.S. pipeline operator Kinder Morgan Inc reported a 10% drop in quarterly profit on Wednesday as a steep drop in natural gas prices due to the COVID-19 pandemic hurt production and transportation of fuel.. . .  Full story

U.S. economy recovering slowly, but some sectors struggling -Fed survey

21/10 The U.S. economy continued to recover at a slight to modest pace through early October as consumers bought homes and increased spending, but the picture varied greatly from sector to sector, the Federal Reserve. . .  Full story

U.S. corn, soy rise on export hopes; wheat futures dip on profit taking

21/10 Chicago Board of Trade corn and soybean futures rose on Wednesday, as concerns about dry conditions in key global production areas of South America boosted export prospects for both U.S. commodities.. . .  Full story

Abu Dhabi's IPIC drops lawsuit against Goldman Sachs over 1MDB scandal

21/10 Abu Dhabi's International Petroleum Investment Co (IPIC) said on Wednesday that it was dropping a lawsuit against Goldman Sachs Group Inc to recover losses suffered from the U.S. investment bank's dealings with Malaysian state fund. . .  Full story

Yields hit four-month highs on hopes for bigger stimulus package

21/10 Benchmark U.S. Treasury yields rose to four-month highs on Wednesday on hopes that U.S. lawmakers will reach a deal to pass new fiscal stimulus in the near term. U.S. House Speaker. . .  Full story

Apollo CEO Leon Black seeks outside review of his ties with Epstein

21/10 Apollo Global Management Inc and its chief executive, Leon Black, have agreed to appoint outside counsel to review his ties with late financier and convicted sex offender Jeffrey Epstein, the buyout firm said on. . .  Full story

Disney's Bob Iger invests in animal-free dairy startup Perfect Day

21/10 Walt Disney Co Executive Chairman Bob Iger has invested in Perfect Day and will serve on its board along with the animal-free dairy products maker's co-founders, the company said on Wednesday.. . .  Full story

As U.S. election odds narrow, market analysts factor in higher risks

21/10 A higher risk of a split U.S. Congress and a contested election is being factored into some market analysts' models after some odds on the Presidential election have shown a narrowing.. . .  Full story

Biden presidency could cut slow path to resumed Iran, Venezuela oil exports

21/10 Democratic U.S. presidential hopeful Joe Biden's promised return to diplomacy with OPEC-members Iran and Venezuela could cut a path for a return of their oil exports should he win, but not before many months at. . .  Full story

Monsanto loses final appeal over French farmer's weedkiller accident

21/10 Bayer's Monsanto division on Wednesday lost a final appeal in a long-running French legal battle in which the crop chemical maker has been held liable for the accidental inhalation of a weedkiller by a crop. . .  Full story

Fed's Kaplan says U.S. economy will live with virus well into next year

21/10 Dallas Federal Reserve Bank President Robert Kaplan on Wednesday repeated his forecast for the U.S. economy to shrink about 2.5% this year and grow a strong 3.5% next year, adding that he expects the. . .  Full story

-FDA declines to approve Zosano's drug for relieving migraine headaches

21/10 The U.S. health regulator has declined to approve Zosano Pharma Corp's experimental treatment to relieve pain after the onset of migraine headaches, citing issues with its delivery during clinical trials, the company said on Wednesday.. . .  Full story

U.S. crude exports likely to be muted through 2020 as production slides

21/10 U.S. crude oil exports are expected to sputter through the end of 2020 due to weak production and unfavorable economics for foreign buyers of U.S. oil, traders and analysts said.. . .  Full story

Nikola shares jump after GM executive backs deal

21/10 Shares of Nikola Corp rose nearly 10% on Wednesday after a General Motors executive said the Detroit-based automaker still sees potential in a partnership with the electric and hydrogen truck startup, and is still discussing. . .  Full story

Disney's Bob Iger to join board of animal-free dairy maker Perfect Day

21/10 Walt Disney Co Executive Chairman Bob Iger will share a board seat at animal-free diary maker Perfect Day along with co-founders Ryan Pandya and Perumal Gandhi, the company said on Wednesday.. . .  Full story

Abbott says COVID-19 test demand to grow in 2021

21/10 Abbott Laboratories said it expects demand for its COVID-19 tests to grow in 2021 even if a vaccine is developed and for the business to eventually stabilize into a lucrative new franchise.. . .  Full story

Canada's annual inflation rate up in September, but retail sales data weighs

21/10 Canada's annual inflation rate accelerated in September but softer-than-expected retail sales growth for August and a sluggish estimate for September suggest a dampening heading into the holidays, Statistics Canada data showed on Wednesday.. . .  Full story

Nasdaq quarterly profit tops estimates as indexes shine

21/10 Nasdaq Inc on Wednesday reported third-quarter profits that topped Wall Street views, helped by strength in the transatlantic exchange operator's indexing business and a surge in trading volumes.. . .  Full story

U.S. crude stockpiles dip, gasoline builds amid weak fuel demand -EIA

21/10 U.S. crude oil and distillate inventories fell last week, while gasoline stocks rose in another weak showing for fuel demand, the Energy Information Administration said on Wednesday.. . .  Full story

Indian refiner Reliance's Sept oil imports drop 10% m/m - trade

21/10 India's Reliance Industries, owner of the world's biggest refining complex, imported 10% less oil in September from August and made its first purchase of north sea's Johan Sverdrup oil, according to data from. . .  Full story

Baker Hughes posts third straight quarterly loss as demand still hurt

21/10 Oilfield services provider Baker Hughes Co reported a third straight quarterly loss on Wednesday and warned that activity may be lower next year, as a coronavirus-induced slump in commodity prices continued to hurt demand for. . .  Full story

Fed's Brainard calls for more fiscal aid for economy

21/10 Despite a "heartening" bounceback from the initial hit to the U.S. economy delivered by the COVID-19 pandemic, the recovery is uneven and uncertain and will require continued support to ensure it becomes broadbased and sustainable,. . .  Full story

United States vs Google vindicates old antitrust gripes from Microsoft

21/10 The U.S. government's antitrust suit against Alphabet Inc's Google on Tuesday could deliver a huge opportunity for Microsoft Corp to increase usage of its Bing search engine, an unexpected epilogue years after it abandoned a. . .  Full story

TSX falls as energy sector drags on weaker oil prices

21/10 Canada's main stock index fell on Wednesday, dragged by energy stocks, as oil prices fell after a surprise build-up in U.S. crude stockpiles stoked concerns of a supply glut and a spike in global. . .  Full story

OxyContin maker Purdue reaches plea deal in opioid probe-sources

21/10 Purdue Pharma LP has reached an agreement to plead guilty to criminal charges over handling of its addictive prescription opioid OxyContin, in a deal with U.S. prosecutors that effectively sidesteps paying billions of dollars in. . .  Full story

Hines, Cale Street bet almost $600 mln on revamping 'Italy's Stalingrad'

21/10 U.S. real estate group Hines and Kuwait Investment Office-backed Cale Street have agreed to invest 500 million euros ($592 million) to buy and develop part of a former industrial area on the northern outskirts. . .  Full story

Goldman Sachs-backed ThredUp files confidentially for IPO

21/10 Resale clothing firm ThredUp Inc said on Wednesday it has confidentially submitted paperwork with the U.S. Securities and Exchange Commission for an initial public offering of its Class A common stock.. . .  Full story

Morgan Stanley unveils scholarship fund for Black colleges

21/10 Morgan Stanley said on Wednesday it will cover college expenses for 60 students at historically Black colleges and universities (HBCUs) in the banking industry's latest attempt to address racial injustice after the death of George. . .  Full story

Verizon profit beats estimates on remote working boost

21/10 Verizon Communications Inc beat estimates for third-quarter profit on Wednesday, helped by strong demand for its phone and internet services as offices and schools continued to operate virtually amid the COVID-19 pandemic.. . .  Full story

AutoNation profit jumps as strong demand, tight inventory drive prices

21/10 U.S. auto dealer AutoNation Inc's quarterly profit nearly doubled on Wednesday as a stronger-than-expected recovery in demand and tight inventories helped drive more profit per vehicle just months after the pandemic slammed the economy.. . .  Full story

Investors chase European equities, dump U.S. as election nears

21/10 Fund flows into European stocks have surged in recent months, data showed, as global investors look to diversify away from U.S. equities amid concerns over higher valuations and caution ahead of the presidential elections.. . .  Full story

U.S. banks sweat regulatory exposure from pandemic loans

21/10 Banks that facilitated the U.S. government's Paycheck Protection Program at first saw the effort as a small revenue booster with a patriotic bonus, shepherding $525 billion in loans to businesses slammed by the fallout of. . .  Full story

U.S. investment bankers' new pitch: Biden's tax hike

21/10 Investment bankers keen to win lucrative assignments have a new pitch for U.S. corporate owners: hire us to sell your company now or pay at least twice as much in taxes if Democratic presidential. . .  Full story

China's blueprint to stockpile copper expected in 5-year plan

21/10 The prospect of China buying copper for its stockpiles is filtering through the market ahead of a meeting of the country's leaders to discuss its next five-year economic and social development plan.. . .  Full story

Iraqi leader battles pressure from friends and foes in security crackdown

21/10 It was a series of intercepted phone calls on a tense night in June that made Iraq’s new prime minister Mustafa al-Kadhimi fully realise how few friends he had.. . .  Full story

Kremlin calls U.S. sanctions on Nord Stream 2 'unfriendly and destructive'

21/10 The Kremlin said on Wednesday that U.S. sanctions targeting the Russia-led Nord Stream 2 gas pipeline project were unfriendly and destructive.. . .  Full story

Green is the color of money for funds betting on a Biden win

21/10 Fund managers betting that green-type stocks with environmental, social and governance (ESG) credentials will benefit from an expected win by Democrat Joe Biden in the U.S. presidential election are also looking at a swathe of. . .  Full story

Iberdrola, PNM to create $20 bln U.S. clean powerhouse

21/10 Spain's Iberdrola announced a deal worth $8.3 billion including debt on Wednesday, adding PNM Resources to its Avangrid business to create the third-largest U.S. renewable energy operator.. . .  Full story

China urges Sweden to reverse its Huawei, ZTE ban to avoid harming its companies

21/10 Sweden should reverse its ban on Chinese telecommunications companies Huawei and ZTE from a planned 5G spectrum auction to avoid a "negative impact" on its own companies, said China's foreign ministry.. . .  Full story

Hong Kong shares end higher on hopes for U.S. stimulus, strong Q3 earnings

21/10 Hong Kong shares ended higher for a fourth consecutive session on Wednesday, as hopes for a new round of U.S. fiscal stimulus and strong third quarter results due to China's accelerated economic recovery boosted sentiment.. . .  Full story

Akzo Nobel core profit beats as sales recover from coronavirus slump

21/10 Dutch paints and coatings maker Akzo Nobel reported on Wednesday a better-than-expected 18% jump in third-quarter core profit to 353 million euros ($418.16 million), as sales recovered from the deep fall due to the coronavirus. . .  Full story

Rating agency scrutiny raises stakes for U.S. election process

21/10 As Americans go to the polls, some of the more influential observers of the election process will be the agencies that determine the country's credit rating.. . .  Full story

Shale producer Pioneer Natural to buy rival Parsley for $4.5 bln in all-stock deal

21/10 Pioneer Natural Resources Co said on Tuesday it would buy smaller rival Parsley Energy Inc in a deal valued at about $4.5 billion, the latest consolidation among U.S. shale producers slammed by the rout in. . .  Full story

Amazon extends work from home option till June

21/10 Amazon.com Inc on Tuesday told employees whose work can be done from home that they can do so until June, extending the timeline on a return to office due to the COVID-19 pandemic.. . .  Full story

U.S. shale mergers accelerate, as Pioneer-Parsley deal joins roster

21/10 Consolidation in the U.S. shale industry is accelerating, ratcheting up pressure on oil and gas producers to gobble up smaller rivals, analysts and executives said.. . .  Full story

Aeromexico posts slimmer quarterly loss, eyes pickup amid pandemic

21/10 Mexican airline Aeromexico on Tuesday posted a net loss of $130.38 million in the third quarter under the strain of the coronavirus pandemic, yet said passenger demand had begun to revive.. . .  Full story

Top Morgan Stanley commodities executives leave after rules breach -source

21/10 Two top commodities trading executives at Morgan Stanley are leaving the bank after breaching company policy related to the use of communication tools, a source familiar with the matter said on Tuesday.. . .  Full story

Snap shares jump as user growth, revenue beat estimates

21/10 Shares of Snap Inc rallied 23% on Tuesday after the Snapchat messaging app owner beat user growth and revenue forecasts as more people signed up to chat with friends and family during the coronavirus. . .  Full story

AMC to raise fresh capital as liquidity troubles deepen

20/10 AMC Entertainment Holdings Inc, the world's largest theater chain, said on Tuesday it would raise cash through a share offering and was working hard to restructure its debt and avoid seeking bankruptcy protection.. . .  Full story

U.S. coronavirus aid talks moving closer to deal-Pelosi aide

20/10 The White House and Democrats in the U.S. Congress moved closer to agreement on a new coronavirus relief package on Tuesday as President Donald Trump said he was willing to accept a large aid. . .  Full story

Can Tesla hit 2020 delivery goal? Investors watch for Musk steer

20/10 When Tesla Inc reports results for the third quarter after the bell on Wednesday, it will be the next three months, and whether Chief Executive Elon Musk can achieve the company's ambitious year-end goal,. . .  Full story

Wall Street shares end higher on stimulus optimism

20/10 Wall Street shares closed higher Tuesday on growing optimism that U.S. lawmakers are nearing a deal on a stimulus package aimed at cushioning the economic shock from the coronavirus pandemic. House of Representatives Speaker Nancy. . .  Full story

Former Goldman exec Chavez reflects on diversity on Wall Street

20/10 Former Goldman Sachs Group Inc executive Marty Chavez said on Tuesday Wall Street's position on diversity has evolved since he started at the megabank in the 1990s.. . .  Full story

U.S. offers Brazil telecoms financing to buy 5G equipment from Huawei rivals

20/10 The U.S. government stepped up an offensive on Tuesday to keep China's Huawei Technologies out of Brazil's 5G market, with Washington offering to finance purchases by Brazilian telecom companies of equipment from its competitors.. . .  Full story

Snap beats user growth and revenue estimates, shares jump 18%

20/10 Snap Inc, owner of the single-view messaging app Snapchat, on Tuesday beat Wall Street's third-quarter forecasts for user growth and revenue as more people signed up to chat with friends and family during the coronavirus. . .  Full story

Brazil, U.S. sign memorandum of understanding for up to $1 bln trade financing

20/10 Brazil and the United States on Tuesday signed a memorandum of understanding to forge closer trade links, a step that could see U.S. Export-Import Bank finance up to $1 billion of exports to and. . .  Full story

Less carbon, more electric vehicles: automakers prepare for potential Biden win

20/10 Automakers are gearing up for tough new vehicle emissions rules and policies favoring electric vehicles if Democratic presidential candidate Joe Biden wins the White House.. . .  Full story

Top Morgan Stanley commodities executives leave after rules breach -Bloomberg News

20/10 Two of the most senior commodities executives at Morgan Stanley are leaving the bank after compliance breaches related to use of communication tools, Bloomberg News reported https://bit.ly/3j9i8UI on Tuesday, citing two people familiar with the. . .  Full story

Soybeans, corn rise on exports; wheat extends rally

20/10 U.S. corn and soybean futures rose on Tuesday on strong export demand while wheat firmed on concerns that dry weather could limit global production, traders said.. . .  Full story

California sets strict guidelines for reopening of large theme parks

20/10 Officials in California, home to Walt Disney Co's Disneyland, said on Tuesday that large theme parks cannot reopen until a county's COVID-19 risk level drops to the lowest tier of "minimal" spread.. . .  Full story

U.S. says Google breakup may be needed to end violations of antitrust law

20/10 The U.S. sued Google on Tuesday, accusing the $1 trillion company of illegally using its market muscle to hobble rivals in the biggest challenge to the power and influence of Big Tech in decades.. . .  Full story

Betting on further U.S. yield curve steepening? Not so fast!

20/10 Investors betting that optimism over the U.S. economic outlook will lift yields on longer-term U.S. Treasury securities faster than short-term rates could be in for a major surprise.. . .  Full story

Fed's Evans sees less economic drag from new COVID-19 wave

20/10 The current rise in COVID-19 infections in the United States may not dent the recovery too much, Chicago Federal Reserve Bank President Charles Evans said on Tuesday, adding that he remains "reasonably optimistic" U.S.. . .  Full story

Yields reach four-month highs on stimulus hopes

20/10 Benchmark U.S. Treasury yields hit four-month highs on Tuesday and the yield curve steepened as hopes grew that U.S. lawmakers will agree on a deal for new stimulus. President Donald Trump. . .  Full story

U.S. wheat futures extend winning streak on global production worries

20/10 Chicago Board of Trade wheat futures rose for the fifth day in a row on Tuesday, with the most-active contract again touching its highest since December 2014, on concerns about dry weather curtailing harvests around. . .  Full story

Fed's Evans says recovery could stall without more fiscal stimulus

20/10 Chicago Federal Reserve Bank President Charles Evans said on Tuesday he is "reasonably confident" the U.S. economic recovery will maintain momentum into next year, but without more fiscal stimulus the recovery could stall and more. . .  Full story

Berkshire Hathaway to pay $4.14 mln to settle Iran sanctions violations claims

20/10 Warren Buffett's Berkshire Hathaway Inc agreed to pay $4.14 million to settle civil allegations that a Turkish subsidiary committed "egregious" violations of U.S. sanctions against Iran, the U.S. Treasury Department said on Tuesday.. . .  Full story

Process to elect ICC war crimes prosecutor stalls amid U.S. sanctions

20/10 Washington's decision to impose financial sanctions on the chief prosecutor of the International Criminal Court is overshadowing the search for her successor, with countries deadlocked over a post that has new visibility as the target. . .  Full story

U.S. single-family homebuilding, permits surge to more than 13-year high

20/10 U.S. single-family homebuilding raced to a more than 13-year high in September, cementing the housing market's status as the star of the economic recovery amid record-low mortgage rates and a migration to the suburbs and. . .  Full story

GM to invest $2 billion to build electric vehicles in Tennessee

20/10 General Motors Co said on Tuesday it will invest $2 billion to convert its Spring Hill, Tennessee, factory to produce electric vehicles, starting with the new Cadillac Lyriq, alongside existing combustion-engine Cadillacs.. . .  Full story

Fed's Quarles says pandemic stresses highlighted fragility in nonbanks

20/10 U.S. Federal Reserve Vice Chair Randal Quarles said Tuesday that the market stresses created by the coronavirus pandemic showed the nonbank financial system is "significantly more fragile" than its traditional counterpart.. . .  Full story

Laurentian Bank of Canada taps Rania Llewellyn as CEO; first woman in role

20/10 Laurentian Bank of Canada on Tuesday named Rania Llewellyn chief executive officer and president, making her the first woman to head a major Canadian bank.. . .  Full story

U.S. banking regulators set to finalize new net stable funding ratio for large banks

20/10 A trio of U.S. banking regulators are set to move Tuesday on finalizing a pair of long-running rulewriting projects aimed at ensuring banks have enough liquidity while minimizing volatility.. . .  Full story

Wall Street backs Intel's $9 billion sale of NAND unit to Hynix

20/10 Intel Corp's $9 billion sale of its NAND memory chip unit will help the U.S. chip giant focus on its core business in higher-margin processors, Wall Street analysts said on Tuesday, after its deal. . .  Full story

TSX tracks Wall Street higher on U.S. stimulus hopes

20/10 Canada's main stock index rose on Tuesday, in line with Wall Street gains, as optimism around Washington lawmakers agreeing on a U.S. stimulus deal before the presidential election offset weakness in energy shares due. . .  Full story

INSIGHT-Walmart cranks up advertising drive, with or without TikTok

20/10 Walmart Inc is aggressively expanding its advertising business after years of stuttering progress, even as a proposed deal to buy a stake in video-sharing app TikTok remains stuck in limbo.. . .  Full story

U.S. housing starts rebound in September

20/10 U.S. homebuilding rebounded in September as the housing market continued to be the star of the economic recovery, driven by record-low interest rates and a migration to the suburbs and low-density areas in search. . .  Full story

"It's a Powerpoint killer" - Berlin startup Pitch goes live

20/10 Take a Powerpoint slide deck, embed it in an online teamworking tool and add video conferencing and you have Pitch: a collaborative presentation application that launched on Tuesday.. . .  Full story

Insurance startup Root eyes $6.3 bln valuation in market debut

20/10 Automobile insurance startup Root Inc said on Tuesday it plans to raise as much as $604.1 million in its initial public offering on the Nasdaq, the latest in a line of insurers looking to. . .  Full story

U.S. insurer Travelers profit beats on higher premiums, lower costs

20/10 Property and casualty insurer Travelers Companies Inc beat third-quarter profit expectations on Tuesday, helped by higher premiums, lower costs and an increase in returns from non-fixed income investments.. . .  Full story

Latin American payment giant rises amid pandemic, with an eye on China's Ant

20/10 Latin America's top e-commerce firm is revving up its digital payments engine as shops shift online amid the coronavirus pandemic, and is looking toward China for inspiration to bring the region's un-banked and cash-loving savers. . .  Full story

Ermotti hands $1.5 bln buyback baton to Hamers after UBS profit blowout

20/10 UBS doubled third quarter profit and set aside $2.5 billion to return to shareholders next year, a lucrative passing of the baton from CEO Sergio Ermotti to Ralph Hamers, as the Swiss bank reaped. . .  Full story

For Biden, ambitious economic plans may wait on battle with coronavirus

20/10 The Democratic party's sprawling presidential primary last spring offered a wide-open debate on economic policy ranging from the merits of wealth taxes and other ways to ease U.S. economic inequality to aggressive proposals for reducing. . .  Full story

Taiwan Sept export orders top forecast as new iPhone launched

20/10 Taiwan's export orders rose for the seventh consecutive month in September, helped by strong global demand for the island's tech products, with Apple Inc rolling out a new iPhone.. . .  Full story

US's Pompeo to visit Sri Lanka and Maldives as China threat looms

20/10 U.S. Secretary of State Mike Pompeo will visit Sri Lanka and the Maldives this month, officials of both Indian Ocean nations said on Tuesday, as Washington seeks to counter China's growing influence in. . .  Full story

Japan stocks drop on caution over U.S. stimulus package

20/10 Japanese shares ended lower on Tuesday, tracking overnight Wall Street losses, as investors cautiously looked to whether U.S. lawmakers could reach an agreement on a stimulus package as a deadline to reach the deal came. . .  Full story

After America First, some investors bet on a Biden boost abroad

20/10 After four years of America First, some money managers outside the United States looking for big post-election investment winners are quietly confident it is the turn of the rest of the world to shine.. . .  Full story

Longer-dated JGBs firm after 20-year debt auction attracts demand

20/10 Longer-dated Japanese government bond prices rose on Tuesday, with strong demand seen during the 20-year debt sale, powered by expectations of additional U.S. stimulus package and a coronavirus vaccine by the end of this year.. . .  Full story

As the Arctic's attractions mount, Greenland is a security black hole

20/10 On a windy August afternoon in 2017, Akitsinnguaq Ina Olsen was relaxing in the old harbour of Nuuk, Greenland's capital, when a Chinese icebreaker sailed unannounced into the Arctic island's territorial waters.. . .  Full story