US Business

Egypt resumes air freight service to United States after 2015 halt

17/01 EgyptAir has resumed air freight service to New York after a three-year halt following the downing of a Russian airliner over the Sinai Peninsula in an Islamist bomb attack, a source at the flagship carrier said on Thursday.  Full story

Trump says no amnesty for 'Dreamers,' signals support in broader deal

00h33 President Donald Trump said on Sunday that his proposed immigration deal to end a 30-day partial government shutdown would not lead to amnesty for "Dreamers," but appeared to signal support for amnesty as part of. . .  Full story

Focus sharpens on Mexico fuel theft plan after blast kills 79

20/01 A blast at a gasoline pipeline in Mexico that killed at least 79 people has put renewed attention on the government's strategy to stop fuel theft, with some relatives saying fuel shortages stemming from the. . .  Full story

Berkshire's lithium venture may supply U.S. automakers, including Tesla -FT

20/01 Warren Buffett's Berkshire Hathaway Inc has signed an agreement to allow extraction of lithium from its geothermal wells in California, a project that could offer U.S. carmakers and battery producers a secure supply of the. . .  Full story

Wall St Week Ahead-U.S. chipmakers may give clues on China hazard

20/01 Intel Corp operates mostly outside the Apple-sphere, and that is exactly why whatever it says next week about business in its vital Chinese market matters so much for investors.. . .  Full story

Rheinmetall plans to sue Germany over Saudi arms embargo -Spiegel

20/01 German weapons maker Rheinmetall plans to sue the government over its decision to stop all arms exports to Saudi Arabia after the killing of journalist Jamal Khashoggi, Spiegel Online reported on Sunday.. . .  Full story

Toyota, Panasonic to set up EV battery JV in 2020 - source

20/01 Toyota Motor Corp and Panasonic Corp are set to launch a joint venture next year to produce batteries for electric vehicles (EV) in an effort to compete with Chinese rivals, a source familiar with the. . .  Full story

GM warns workers in Brazil on losses, tough turnaround plan

19/01 General Motors Co has warned employees in Brazil that new investments there depend on a painful plan to return to profit in the country, according to a memo seen by Reuters on Saturday.. . .  Full story

Trump says deal 'could very well happen' with China

19/01 U.S. President Donald Trump said on Saturday there has been progress toward a trade deal with China, but denied that he was considering lifting tariffs on Chinese imports.. . .  Full story

White House adviser Kudlow says making progress on China trade talks

19/01 White House economic adviser Larry Kudlow said on Friday that the United States and China were making progress on trade negotiations but reaching a deal would take time.. . .  Full story

House Speaker Pelosi accuses Trump of endangering U.S. troops, lawmakers

19/01 U.S. House Speaker Nancy Pelosi on Friday accused President Donald Trump of putting American troops and civilians working in Afghanistan in danger by publicizing a planned congressional trip to the war-torn country, as tensions between. . .  Full story

Fed policymakers leave little doubt: Rate hikes can wait

19/01 "Patience" is the new mantra at the Federal Reserve, less than two weeks ahead of the U.S. central bank's first policy meeting of the new year, as officials leave little doubt they want to. . .  Full story

Fed's Brainard sees mounting negative risks for U.S. economy

19/01 Federal Reserve Governor Lael Brainard on Friday became the latest U.S. central banker to worry publicly about rising risks for the U.S. economy, suggesting she could embrace a pause on raising interest rates that. . .  Full story

LJM Partners sues unnamed 'manipulators' it blames for volatility losses

19/01 LJM Partners Ltd on Friday filed a lawsuit against unnamed parties it holds responsible for hundreds of millions of dollars it lost after last year's jump in stock market volatility that effectively put the. . .  Full story

FedEx to take up to $575 mln charge as it starts voluntary buyouts

19/01 FedEx Corp said on Friday it could take as much as $575 million in charges as it began offering voluntary cash buyouts to certain U.S-based employees in a bid to reduce costs.. . .  Full story

FedEx to take up to $575 mln charge as it offers voluntary buyouts

18/01 FedEx Corp said on Friday it began offering voluntary cash buyouts to certain U.S-based employees in a bid to reduce costs.. . .  Full story

How U.S.-China talks differ from any other trade deal

18/01 The trade deal that U.S. negotiators are seeking with China may have more in common with a sanctions-monitoring regime than a traditional trade pact.. . .  Full story

Wall Street extends rally on U.S.-China trade optimism

18/01 U.S. stocks rallied on Friday, helping Wall Street's major indexes advance for the fourth consecutive week, as increased hopes the United States and China would resolve their trade dispute lifted shares across sectors.. . .  Full story

Canada dismisses China's warning of repercussions over Huawei ban

18/01 Canada's government on Friday dismissed China's warning of repercussions if Ottawa banned Huawei Technologies Co Ltd from supplying equipment to 5G networks, saying it would not compromise on security.. . .  Full story

EXCLUSIVE-U.S. demands regular review of China trade reform

18/01 The United States is pushing for regular reviews of China's progress on pledged trade reforms as a condition for a trade deal - and could again resort to tariffs if it deems Beijing has. . .  Full story

Renewed optimism about U.S. China trade talks lifts grains

18/01 U.S. corn and soybean futures rose for a third straight session on Friday in a broad commodities and equities market rally sparked by renewed optimism about U.S.-China trade talks.. . .  Full story

Wall Street rally lifts U.S. bond yields to 3-week peaks

18/01 U.S. Treasury yields climbed to three-week highs on Friday as investors piled back into Wall Street on hopes Washington and Beijing were moving to end their trade dispute as well as on stronger-than-expected data. . .  Full story

U.S. drillers cut most rigs in three years-Baker Hughes

18/01 U.S. energy firms cut 21 oil rigs this week, the biggest decline since February 2016, as drillers reacted to the 40 percent plunge in U.S. crude prices late last year.. . .  Full story

Canadian oil firm MEG says Husky balked at friendly takeover talks

18/01 Canadian oil producer MEG Energy Corp's CEO invited his Husky Energy Inc counterpart this month to negotiate a friendly takeover of MEG, but Husky did not follow up, MEG's vice president of investor relations John. . .  Full story

ArcelorMittal to build its first ever desalination plant in Brazil -execs

18/01 ArcelorMittal SA, the world's largest steelmaker, is set to build its first-ever desalination unit in Brazil to handle unforeseen water needs at its plant in the eastern state of EspĂ­rito Santo, senior company executives said. . .  Full story

U.S. consumer sentiment at two-year low, manufacturing rebounds

18/01 U.S. consumer sentiment tumbled in early January to its lowest level since President Donald Trump was elected more than two years ago as an ongoing partial shutdown of the federal government and financial market volatility. . .  Full story

Macquarie sues Jupiter MLP for $17.5 mln for breach of contract

18/01 The trading arm of Australian bank Macquarie Group has filed a lawsuit against Jupiter Marketing & Trading, alleging the U.S. firm breached contracts for oil purchase and storage.. . .  Full story

PBGC steps in to oversee Sears' two pension plans

18/01 Pension Benefit Guaranty Corp (PBGC) is taking steps to assume responsibility for bankrupt retailer Sears Holdings Corp's two pension plans, covering about 90,000 people, the U.S. government agency said on Friday.. . .  Full story

-U.S. refiners scramble as White House eyes Venezuela sanctions

18/01 U.S. refiners are bidding up prices for scarce types of crude oil needed for their most sophisticated plants as the United States reconsiders harsher sanctions on Venezuela that could further reduce imports of the. . .  Full story

Citi says female employees earn 29 percent less than men (Jan 16)

18/01 Citigroup's female employees earn 29 percent less than male employees on a global median basis, the Wall Street bank revealed on Wednesday, while announcing targets for appointing more women and minorities to senior roles.. . .  Full story

Avianca Brasil lessor says it will seek earlier return of 10 jets

18/01 Aircastle Ltd will try to repossess 10 planes from Avianca Brasil before the Feb. 1 expiration of a 15-day stay on repossessions from the struggling airline, a spokesperson for the aircraft lessor said on. . .  Full story

Tesla cuts jobs as it looks to make Model 3 more affordable

18/01 Tesla Inc said on Friday it would cut thousands of jobs to rein in costs as it plans to increase production of lower-priced versions of its crucial Model 3 sedan, sending its shares down. . .  Full story

Tiffany holiday sales fall as dollar crimps Chinese tourists' spending

18/01 Tiffany & Co tempered its yearly profit forecast on Friday after the luxury jeweler's holiday sales fell unexpectedly as Chinese tourists spent less globally due to a stronger dollar and demand softened in Europe. . .  Full story

Canada inflation rate jumps in Dec but central bank seen on rate hold

18/01 Canada's annual inflation rate climbed in December, matching the Bank of Canada's 2 percent target, but stable underlying price pressures were set to forestall additional interest rate hikes over the coming months as lower oil. . .  Full story

Robots will be your colleagues not your replacement-Manpower

18/01 Fears that robots will eliminate your job are unfounded with a growing number of employers planning to increase or maintain headcount as a result of automation, staffing company ManpowerGroup said in a survey published on. . .  Full story

Schlumberger shares rise on lower 2019 capex, international outlook

18/01 Oilfield services provider Schlumberger NV said on Friday it would spend less in 2019 and forecast single-digit growth in international markets this year, sending its shares as much as 5 percent higher.. . .  Full story

VF Corp raises full-year forecasts on continuing Vans demand

18/01 Apparel maker VF Corp raised its full-year revenue and profit forecast on Friday, as demand for its high-margin, popular Vans sneakers continues to boost sales, sending the company's shares up as much as 15. . .  Full story

EU open to discussing cars, not farming in U.S. trade talks

18/01 The European Union is willing to discuss car tariffs but will not remove duties on farm products in trade talks with the United States, its trade chief said on Friday, setting it on a. . .  Full story

TSX set for fourth weekly gain as oil prices buoy energy shares

18/01 Canada's main stock index rose on Friday, set for its fourth straight weekly gain, as an increase in oil prices lifted shares of energy companies.. . .  Full story

Schlumberger to abandon Russia's EDC bid if approvals not met soon

18/01 Schlumberger NV said on Friday it would withdraw its application for the acquisition of a stake in Russia's Eurasia Drilling Company (EDC) if it is not successful in getting approvals soon.. . .  Full story

Fed's Williams says rate policy must be patient, data dependent

18/01 The U.S. Federal Reserve must be patient and guided by data when considering whether to raise interest rates, New York Fed President John Williams said on Friday, in remarks reinforcing the central bank's commitment to. . .  Full story

India's Wipro expects small rise in IT services revenue in quarter

18/01 Indian software services provider Wipro Ltd on Friday forecast a small rise in revenue growth from IT services for the quarter to March after beating third quarter profit estimates.. . .  Full story

India's Reliance jumps as results show consumer business thriving

18/01 Shares in India's Reliance Industries rose on Friday, following record quarterly numbers that showed the conglomerate's strategy to diversify beyond refining and petrochemicals was bearing fruit.. . .  Full story

CVS, Walmart resolve pharmacy contract impasse

18/01 Walmart Inc, the world's largest retailer, will remain part of CVS Health Corp's network for commercial and Medicaid pharmacy customers, the companies said on Friday, breaking a contract impasse disclosed earlier this week.. . .  Full story

China Moly to increase stake in Congo's Tenke copper mine to 80 pct

18/01 China Molybdenum Co Ltd said on Friday it had agreed to buy a holding company for $1.14 billion in order to increase its control in Democratic Republic of Congo's massive Tenke. . .  Full story

Bad bets on oil, gas spark wave of energy-fund closures

18/01 Energy fund managers took heavy losses last year with wrong-way bets on the prices of oil and natural gas, leading to a wave of closures in the volatile fund sector.. . .  Full story

ANALYSIS-Shutdown clouds outlook for consumer-driven U.S. economic growth

18/01 After tax cuts, rising incomes and buoyant stock markets set off a consumer boom in 2018, signs are emerging that the main engine of U.S. economic growth could sputter, and a record-long government. . .  Full story

Japan Inc profits under siege from China slowdown

18/01 Two prominent Japanese electronics and equipment makers warned of profit declines over the past week due to the impact of the U.S.-Sino trade war, stoking worries of widespread cuts to corporate earnings forecasts and. . .  Full story

Trump-Deutsche Bank links in sights of U.S. House investigators

18/01 Democrats now in control of the U.S. House of Representatives are working out which House panels will take the lead in investigating President Donald Trump's business ties to Deutsche Bank, lawmakers and aides familiar with. . .  Full story

Israeli minister reassures U.S. over Chinese telecoms investment

18/01 Israel is taking U.S. concerns about possible cyber-security risks posed by Chinese investments into account and is in any case skilled at protecting itself from information theft, a senior Israeli official said on Friday.. . .  Full story

U.S crude gains, slowing global economy challenge oil market in 2019 - IEA

18/01 U.S. oil production growth combined with a slowing global economy will put oil prices under downward pressure in 2019, challenging OPEC's resolve to support the market with output cuts, the International Energy Agency said on. . .  Full story

Reality check for Europe Inc: investors brace for bumpy Q4 results season

18/01 Investors are bracing for more wild swings in European stocks as the upcoming earnings season tests whether fears about slowing economic and corporate growth that punished equities in recent months have become a reality.. . .  Full story

BOJ Kuroda quoted: see Sino-U.S. friction resolved this year

18/01 Bank of Japan Governor Haruhiko Kuroda said he expected trade tensions between China and the United States to be resolved this year, a government official said at a key economic panel on Friday.. . .  Full story

COLUMN-OPEC cuts offset headwinds from slowing economy: Kemp

18/01 Oil traders seem increasingly convinced OPEC's prompt action in cutting production will be enough to offset the impact of rising shale production and slowing global growth.. . .  Full story

Volatile market hits Morgan Stanley's trading, wealth management

18/01 Morgan Stanley's quarterly profit fell short of expectations as bond trading revenue slumped more than rivals and its wealth management business faltered, sending its shares down 4.4 percent.. . .  Full story

Trump cancels U.S. delegation to Davos forum - press secretary

18/01 President Donald Trump has canceled his delegation's trip to the World Economic Forum in Davos, Switzerland, next week due to the partial U.S. government shutdown, according to a statement released by Press Secretary Sarah Sanders. . .  Full story

U.S. grand jury indicts 4 Audi managers in VW emissions probe

18/01 A federal grand jury in Detroit on Thursday indicted four managers at Volkswagen AG's luxury Audi unit as part of the U.S. government's investigation into the German automaker's diesel emissions cheating scandal, according to court. . .  Full story

U.S. fund investors put most cash in 'junk' since late 2016 -Lipper

18/01 U.S. fund investors charged into high-yield "junk" bonds during the latest week, pouring in $3.3 billion, the most cash flowing into that market since late 2016, Lipper said on Thursday, boosted by soothing words. . .  Full story

AmEx misses estimates on slowing customer spending; shares drop

18/01 American Express Co missed Wall Street's fourth-quarter profit estimates on Thursday, as the rate of customer spending slowed despite a strong U.S. holiday sales season.. . .  Full story

U.S. House backs sanctions on Russia's Rusal in symbolic vote

18/01 The U.S. House of Representatives backed legislation on Thursday to keep sanctions on companies linked to Russian oligarch Oleg Deripaska, including aluminum firm Rusal, but the Trump administration is expected to lift them as soon. . .  Full story

Lampert wins Sears bankruptcy auction with $5.2 bln bid

18/01 Sears Holdings Corp Chairman Eddie Lampert won a bankruptcy auction to buy the once iconic U.S. retailer after presenting an improved offer of $5.2 billion, Sears said on Thursday, but creditors quickly moved to oppose. . .  Full story

JPMorgan board raises Dimon's compensation to $31 million

18/01 JPMorgan Chase & Co Chief Executive Jamie Dimon is receiving a 5 percent raise, bringing his total 2018 compensation to $31 million, the company said in a filing on Thursday.. . .  Full story

AmEx misses estimates on higher provisions, expenses

17/01 American Express Co missed Wall Street's fourth-quarter profit estimates on Thursday, hurt by higher expenses and provisions for credit losses.. . .  Full story

Slack's product chief to step down

17/01 Slack Technologies Inc's chief product officer, April Underwood, is leaving the messaging startup, at a time when the company is exploring a public listing later this year.. . .  Full story

Nissan to lay off 700 contract workers in Mississippi

17/01 Nissan Motor Co Ltd's U.S. arm said on Thursday it plans to lay off up to 700 contract workers at its Mississippi assembly plant, citing slowing sales of its vans and Titan pickup trucks.. . .  Full story

U.S. Treasury Secretary Mnuchin weighs lifting tariffs on China -WSJ

17/01 U.S. Treasury Secretary Steven Mnuchin discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for Jan. 30, the Wall Street Journal reported on Thursday,. . .  Full story

Fitch says PG&E's bankruptcy will not hurt California's credit rating

17/01 Fitch Ratings said on Thursday power company PG&E Corp's planned bankruptcy will not at this point hurt the credit quality of California.. . .  Full story

Wall Street advances as industrials jump on trade hopes

17/01 U.S. stocks advanced on Thursday as hopes of a resolution to the trade dispute between the United States and China boosted industrial shares and lifted investor sentiment.. . .  Full story

Chinese envoy to Canada warns against any future Huawei 5G ban

17/01 China's envoy to Canada on Thursday warned Ottawa of possible repercussions if it banned technology firm Huawei Technologies Co Ltd from supplying equipment to Canadian 5G networks, the latest blast in a deepening bilateral dispute.. . .  Full story

U.S. Treasury says China trade talks 'nowhere near completion'

17/01 A U.S. Treasury spokesman said on Thursday that Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer have not made any recommendations with respect to tariffs on Chinese goods after it was reported Mnuchin. . .  Full story

-Alcoa beats profit estimates on strength in alumina segment (Jan. 16)

17/01 Top U.S. aluminum producer Alcoa Corp beat Wall Street estimates for quarterly profit on Wednesday, buoyed by strength in its alumina segment, but shares slipped after the company did not provide a closely watched profit. . .  Full story

U.S. yields rise on economic data, trade hopes

17/01 U.S. Treasury yields rose on Thursday with the benchmark 10-year yield reaching near three-week highs as better-than-expected economic data and hopes for progress in U.S.-China trade talks diminished safe-haven demand for government debt.. . .  Full story

Wheat firms on short-covering, export hopes; corn, soy also jump

17/01 U.S. corn, soybean and wheat futures climbed for a second straight session on Thursday in a short-covering and technical bounce following a steep drop earlier this week.. . .  Full story

U.S. yields rise more on report U.S. considers ending tariffs on China

17/01 U.S. Treasury yields rose further on Thursday, as Wall Street investors sold U.S. government debt and purchased stocks after Dow Jones reported that the United States was considering whether to remove tariffs on Chinese-made goods.. . .  Full story

U.S. House tax panel chair wants Treasury Secy to testify on shutdown

17/01 The Democratic chairman of the U.S. House of Representatives tax committee has asked Treasury Secretary Steven Mnuchin to testify next week about the partial government shutdown's impact on the upcoming federal tax filing season, the. . .  Full story

Cargill to invest $200 million in Pakistan, government says

17/01 Food and agriculture group Cargill Inc will invest some $200 million in Pakistan over the coming three to five years in sectors ranging from dairy, to edible oils and animal feed, the prime minister's. . .  Full story

Before start of new oil pact, OPEC made progress averting glut

17/01 OPEC cut oil output sharply in December before a new accord to limit supply took effect, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019. . .  Full story

Husky scraps bid for oil rival MEG Energy, citing Alberta output cuts

17/01 Canadian oil producer Husky Energy shocked investors on Thursday when it abandoned its hostile bid for MEG Energy, saying it could not win sufficient MEG shareholder support after Alberta's government ordered production cuts to reduce. . .  Full story

Trade war shifts feed for U.S. hogs away from ethanol byproduct

17/01 A steep downturn in U.S. ethanol output linked to the trade war with China is raising costs for American farmers who feed a byproduct of the corn-based biofuel to hogs, cattle and chickens.. . .  Full story

U.S. labor market strong; mid-Atlantic factory activity improves

17/01 The number of Americans filing applications for jobless benefits unexpectedly fell last week, pointing to sustained labor market strength that should continue to underpin the economy.. . .  Full story

Japan's Nidec cuts profit outlook on trade war, sees unprecedented demand fall

17/01 Japanese precision motor maker Nidec Corp on Thursday cut its annual operating profit outlook by a quarter as the deepening U.S.-China trade war dampened demand from automakers and home appliance manufacturers in China.. . .  Full story

Chile's Cochilco keeps 2019 copper forecast at $3.05/lb amid trade war, Brexit

17/01 Chile's Cochilco state copper commission on Thursday maintained its average price prediction of $3.05 per pound for 2019, rising to $3.08 for 2020, amid the continuing U.S.-China trade war and further potential volatility because. . .  Full story

TSX threatens to snap 9-day rally as oil slide hits energy shares

17/01 Canada's main stock index dipped marginally on Thursday, endangering a nine-day winning streak after a drop in oil prices hurt the energy sector.. . .  Full story

OPEC cuts offset headwinds from slowing economy: Kemp

17/01 Oil traders seem increasingly convinced OPEC's prompt action in cutting production will be enough to offset the impact of rising shale production and slowing global growth.. . .  Full story

Germany considers barring Huawei from 5G networks

17/01 The German government is debating whether to follow the United States and allies like Australia in restricting China's Huawei Technologies from accessing its next-generation mobile networks on national-security grounds.. . .  Full story

FOCUS-Trump tariffs force tough choices at U.S. auto suppliers

17/01 Bob Roth makes no bones about his feelings towards U.S. manufacturing.. . .  Full story

Trading operations stung banks in 4th qtr but dovish Fed fuels hope

17/01 Big trading operations were a thorn in the side of the top U.S. banks in the fourth quarter as fears about global growth sent credit markets into a tailspin, but a "dovish" turn from. . .  Full story

SocGen blames rocky markets for its profit warning

17/01 French bank Societe Generale warned that volatile markets would hurt its fourth quarter profit, hitting its shares and other banks which have yet to report earnings.. . .  Full story

Venture capital funding of cybersecurity firms hit record high in 2018 -report

17/01 Venture capital investments in cybersecurity firms hit a record high last year amid a surge in cyber crime over the last few years, according to a report released on Thursday by U.S.-based Strategic Cyber. . .  Full story

Shutdown is starting to hurt Trump's financial deregulation agenda

17/01 The U.S. government shutdown over President Donald Trump's call for Congress to fund a wall he promised to build on the U.S.- Mexican border is threatening another campaign pledge to make rules easier to. . .  Full story

Some rule changes now on go-slow due to U.S. shutdown

17/01 The ongoing federal government shutdown is impeding efforts to advance several rule changes that aim to make life easier for financial institutions.. . .  Full story

India's e-commerce curbs could hit online sales by $46 billion by 2022-PwC draft analysis

17/01 India's new foreign investment restrictions for its e-commerce sector, which includes giants such as Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global. . .  Full story

Norway sovereign fund excludes three more firms from portfolio

17/01 Norway's sovereign wealth fund, the world's largest, said on Thursday it has added three more companies to the list of firms in which it will not invest.. . .  Full story

U.S. legislation steps up pressure on Huawei and ZTE, China calls it "hysteria"

17/01 A bipartisan group of U.S. lawmakers introduced bills on Wednesday that would ban the sale of U.S. chips or other components to Huawei Technologies Co Ltd, ZTE Corp or other Chinese telecommunications companies that violate. . .  Full story

China confirms Vice Premier Liu to visit U.S. for trade talks Jan 30-31

17/01 Chinese Vice Premier Liu He will visit the United States on Jan. 30 and 31 for the next round of trade negotiations with Washington, China's commerce ministry said on Thursday, confirming earlier reports of. . .  Full story