US Business

OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus

16/08 OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply.  Full story

Wall St Week Ahead-Lower rates could boost housing stocks, but risks remain

15h00 Lower U.S. interest rates could help support outperforming U.S. homebuilder stocks, even as they raise worries about the economy, while a bonanza of industry data and Federal Reserve speakers next week are likely to. . .  Full story

China's Ganfeng closes deal to raise stake in Argentina lithium project

13h38 China's Ganfeng Lithium said on Sunday it had completed a $160 million deal to raise its stake in the Cauchari-Olaroz lithium brine project in Argentina to 50%.. . .  Full story

Russia says no plans to install new missiles unless U.S. deploys them

10h44 Russia will not deploy new missiles as long as the United States shows similar restraint in Europe and Asia, Russian defence minister Sergei Shoigu said on Sunday, after Washington's withdrawal from a Soviet-era arms pact.. . .  Full story

Alibaba and the $15 bln question: Amid Hong Kong's protests, when to list?

17/08 Hong Kong's political unrest is posing a dilemma for Alibaba Group Holding Ltd on the timing of its planned $15 billion listing in the city, with sources saying China's biggest e-commerce company is now considering. . .  Full story

U.S. set to give Huawei another 90 days to buy from American suppliers -sources

17/08 The U.S. Commerce Department is expected to extend a reprieve given to Huawei Technologies that permits the Chinese firm to buy supplies from U.S. companies so that it can service existing customers, two sources familiar. . .  Full story

China's Ninebot unveils scooters that drive themselves to charging stations

17/08 Segway-Ninebot Group, a Beijing-based electric scooter maker, on Friday unveiled a scooter that can return itself to charging stations without a driver, a potential boon for the burgeoning scooter-sharing industry. Ninebot said Uber and Lyft, the ride-hailing. . .  Full story

Court leaves PG&E with sole right to submit bankruptcy plan

17/08 A federal judge on Friday allowed PG&E Corp to retain the sole rights to propose a plan to exit bankruptcy, as he rejected efforts by investors to put forward competing plans, according to court. . .  Full story

Trump says he is having dinner Friday with Apple CEO Cook

17/08 U.S. President Donald Trump said he was having dinner on Friday with Chief Executive Officer Tim Cook of Apple Inc, a company the president has criticized for not manufacturing more of its products in. . .  Full story

U.S. removes some Chinese furniture, modems from planned 10% tariffs

17/08 The Trump administration is sparing some Chinese-made household furniture, baby items and internet modems and routers from its next rounds of 10% tariffs, it said on Friday.. . .  Full story

Edwards Lifesciences, Medtronic heart valves win U.S. approval for expanded use

17/08 Heart valve systems from Edwards Lifesciences Corp and Medtronic Plc have been approved for use in a condition that restricts blood flow from the heart in patients at low-risk of death linked to open-heart surgeries,. . .  Full story

U.S. corn, soy, wheat futures rise but post big weekly losses

16/08 U.S. corn, soybean and wheat futures rose on Friday on a technical rebound as traders evened up positions after the grains market posted sharp declines during the week.. . .  Full story

Apollo Global approached media company Tegna for a deal earlier this year - WSJ

16/08 Private equity firm Apollo Global Management has approached TV station operator Tegna Inc about a sale earlier this year, the Wall Street Journal reported, citing people familiar with the matter.. . .  Full story

Surprise rate cut in Mexico 'no use' for growth in short term

16/08 The Mexican central bank's surprise interest rate cut on Thursday is likely to have a limited impact at best on lifting growth this year after the sluggish economy narrowly avoided recession in the first. . .  Full story

Palo Alto executive VP of worldwide sales steps down

16/08 Palo Alto Networks Inc said on Friday its executive vice president of worldwide sales, Dave Peranich, is stepping down after three years in the cyber security company.. . .  Full story

Tyson Foods slaughterhouse fire ignites U.S. beef prices

16/08 Margins for U.S. beef processors climbed to a record high on Friday as the closure of a Tyson Foods Inc slaughterhouse due to a damaging fire last week fueled concerns about a shortage of. . .  Full story

Wall Street ends sharply higher on German stimulus optimism

16/08 U.S. stocks rebounded on Friday as an ebbing bond rally and news of potential German economic stimulus brought buyers back to the equities market, closing the book on a tumultuous week.. . .  Full story

CME hog futures plunge daily limit on demand concerns

16/08 CME lean hog futures fell sharply on Friday, with the most-active October contract notching a limit down move as traders worried that seasonal growth in supplies will outstrip demand.. . .  Full story

Vessels from Venezuela can still transit Panama Canal -authority

16/08 The Panama Canal will allow vessels coming from Venezuela to transit the waterway provided they present the necessary paperwork, the canal authority's chief said on Wednesday, suggesting a new round of U.S. sanctions on the. . .  Full story

Oil rises alongside equities, but downbeat OPEC outlook caps gains

16/08 Oil prices on Friday rebounded from a two-day drop, alongside equities as expectations of further stimulus by central banks helped to ease recession concerns.. . .  Full story defeats IRS appeal in U.S. tax dispute

16/08 Inc on Friday defeated an appeal by the U.S. Internal Revenue Service in what the online retailer has called a $1.5 billion dispute over its tax treatment of transactions with a Luxembourg subsidiary.. . .  Full story

Yields rise on German fiscal stimulus hopes

16/08 Benchmark U.S. Treasury yields rose on Friday on a report that Germany may be open to running a deficit to boost growth, while stronger stock markets also reduced demand for safe haven debt.. . .  Full story

Trump held conference call with big bank CEOs amid market turmoil -source

16/08 President Donald Trump held a conference call on Wednesday with the chief executives of the three largest Wall Street banks as financial markets were in turmoil, one source with direct knowledge of the matter. . .  Full story

Deforestation in Brazil, vote in Argentina endanger EU-Mercosur pact

16/08 Brazil's backsliding on Amazon conservation under right-wing President Jair Bolsonaro and a likely Peronist return to power in Argentina could delay or even derail ratification of an EU-Mercosur trade agreement that took two decades to. . .  Full story

U.S. drillers add oil rigs for first week since June -Baker Hughes

16/08 U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year.. . .  Full story

Deere to slash costs after trade war hits earnings

16/08 Deere & Co. on Friday announced a review of costs after a combination of the U.S.-China trade war and bad weather dented its quarterly profits, forcing the company to trim its full-year earnings forecast for. . .  Full story

U.S. housing market mired in weakness; consumer sentiment ebbs

16/08 U.S. homebuilding fell for a third straight month in July amid a steep decline in the construction of multi-family housing units, but a jump in permits to a seven-month high offered hope for the. . .  Full story

TSX bounces as techs rise, slowdown concerns ease

16/08 Canada's main stock index attempted to bounce back from a two-day slide on Friday, as expectations of further stimulus from global central banks eased concerns of an economic slowdown.. . .  Full story

U.S. auto sector outlook is softening: Kemp

16/08 U.S. motor manufacturing has been a rare bright spot amid a worldwide slowdown in the auto sector and a cooling in the rest of U.S. industry, but there are signs U.S. automakers could now. . .  Full story

U.S. housing starts drop for third straight month

16/08 U.S. homebuilding fell for a third straight month in July amid a steep decline in the construction of multi-family housing units, but a jump in permits to a seven-month high offered hope for the. . .  Full story

Bid for Inter Pipeline highlights Canada's oil sector bright spot

16/08 A recent unsolicited bid for Inter Pipeline Ltd has highlighted the potential of Canada's midstream companies to offer insulation from volatile oil prices.. . .  Full story

Springer heirs tender some shares in KKR buyout

16/08 The grandchildren of the founder of German publisher Axel Springer have tendered some of their shares to KKR, the U.S. private equity investor that has offered to buy out minority shareholders.. . .  Full story

Top-5 shareholder backs Scout24 management in clash with Elliott

16/08 Fund manager Baillie Gifford on Friday threw its weight behind the management team at German classifieds group Scout24, which has faced calls from activist investor Elliott Advisors to break up the business.. . .  Full story

SoftBank's Fortress emerges as white knight for hotel chain Unizo with $1.3 bln bid

16/08 Japanese hotel chain Unizo Holdings said it received a friendly buyout offer worth up to $1.3 billion from a SoftBank Group investment firm, a deal that will help it fend off a rare hostile. . .  Full story

Bond funds net fourth largest weekly inflows amid recession fears - BAML

16/08 Investors stampeded into investment-grade and government bond funds, giving fixed income the fourth largest weekly inflows ever, Bank of America Merrill Lynch said on Friday, as investors sought safety from the risk of a global. . .  Full story

Foreign ministers of China, Japan, S.Korea to hold talks amid trade, history tensions

16/08 Top diplomats of South Korea and Japan plan to meet their Chinese counterpart in Beijing next week amid a flare-up in tension over trade and history, Seoul's foreign ministry said on Friday.. . .  Full story

HK stocks post fourth weekly drop as markets brace for more protests

16/08 Hong Kong stocks ended firmer on Friday, but posted their fourth straight weekly decline as sentiment wilted amid worries over global economic slowdown, the Sino-U.S. bruising tariff tussle and violent protests that threatened the island. . .  Full story

STAR Market tech board offers hope to Chinese venture capitalists

16/08 When Chinese venture capital firm New Vision Capital invested in two startups focusing on cloud computing and micro-optics, the plan was to eventually take them public on the Nasdaq exchange.. . .  Full story

EXCLUSIVE-Buyout firms KKR, Blackstone among bidders for Philippine hospitals group -sources

16/08 Buyout firms KKR, Blackstone and CVC are among bidders competing for a stake in the hospital unit of Philippines' Metro Pacific Investments Corp, people with knowledge of the matter told Reuters.. . .  Full story

ExxonMobil charters Singapore's first LNG-fuelled bunker barge

16/08 ExxonMobil Asia Pacific has signed a two-year time charter agreement with Singapore-based Sinanju Tankers Holdings Pte Ltd to lease Singapore's first liquefied natural gas (LNG) powered bunker tanker, Sinanju said in an statement on Friday.. . .  Full story

Invesco thrives in China as former exec Ross leads Trump's trade war

16/08 The former investment company of U.S. Commerce Secretary Wilbur Ross has been flourishing in China, even as he marshals billions of dollars' worth of punishing tariffs in America's deepening trade war.. . .  Full story

Japan exports seen shrinking for 8th month in July, core inflation weak

16/08 Japan's exports likely fell for an eight straight month in July, a Reuters poll showed Friday, as a protracted U.S.-China trade war and weak global demand hurt shipments from the world's third-largest economy.. . .  Full story

Irish fintech FINEOS, ASX's biggest IPO this year, opens higher on debut

16/08 FINEOS Holdings Corp PLC's Australia-listed shares opened slightly higher than their IPO price in their trading debut on Friday.. . .  Full story

Trump says China talks 'productive'; Beijing vows tariff retaliation

16/08 U.S. President Donald Trump said on Thursday that U.S. and Chinese negotiators were holding "productive" trade talks and expected them to meet in September despite U.S. tariffs on over $125 billion worth of Chinese imports. . .  Full story

Ackman eyes more gains for his fund with help of Berkshire, others

16/08 Billionaire investor William Ackman, whose portfolio has gained almost 50% this year, said his fund can keep delivering "high, long-term" returns, and he expects that a newly disclosed stake in Berkshire Hathaway Inc will help. . .  Full story

China says U.S. block on nuclear firms a 'misuse' of export controls

16/08 A U.S. decision to stop China General Nuclear Power Corp (CGN) and its subsidiaries from dealing with U.S. companies was a misuse of export control measures and would harm both U.S. and Chinese firms,. . .  Full story

Nvidia revenue tops expectations on strength in video gaming, auto units

16/08 Nvidia Corp on Thursday said new high-end graphics chips for video gamers was bringing its core business back to "normalized" levels and raising profitability, as the company posted quarterly results ahead of Wall Street targets,. . .  Full story

Apple says it supports 2.4 million U.S. jobs

16/08 Apple Inc said on Wednesday it was either directly or indirectly responsible for 2.4 million U.S. jobs, up 20% from the 2 million the technology company estimated in 2017.. . .  Full story

Fed's Kashkari says he is leaning toward further rate cuts

16/08 Calling economic and financial market signals for the economic outlook "mixed," Minneapolis Federal Reserve Bank President Neel Kashkari signaled on Thursday that he is likely to support further reductions in U.S. interest rates to support. . .  Full story

Trump says trade war with China will be fairly short

15/08 U.S. President Donald Trump said on Thursday he believes China wants to make a trade deal and the trade war with Beijing will be fairly short.. . .  Full story

GE shares fall on Madoff whistleblower calling its finances a fraud

15/08 General Electric Co shares fell as much as 15% on Thursday after fraud investigator Harry Markopolos, who blew the whistle on Bernard Madoff's Ponzi scheme, said GE was concealing deep financial problems, prompting a sharp. . .  Full story

S&P 500, Dow gain as upbeat retail sales offset recession fears

15/08 The S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering U.S.-China trade tensions.. . .  Full story

Hog futures sink to five-month low despite China purchases of U.S. pork

15/08 Chicago Mercantile Exchange (CME) hog futures fell to a five-month low on Thursday, pressured by big supplies that overwhelmed any optimism about news that China made its biggest purchases of U.S. pork in seven weeks,. . .  Full story

Oil deepens slide on recession fears, China's trade threats

15/08 Oil prices fell more than 1% on Thursday, extending the previous session's 3% drop, pressured by mounting recession concerns and China's threat to impose counter-measures in retaliation for the latest U.S. tariffs on $300 billion. . .  Full story

U.S. corn futures break losing streak; soy falls despite strong crush

15/08 U.S. corn futures steadied near a three-month low on Thursday as traders said the market was oversold following sharp declines stemming from a bearish U.S. Agriculture Department harvest forecast issued on Monday.. . .  Full story

U.S. 30-year yields drop to record low; 10-year yields sink

15/08 U.S. 30-year Treasury yields fell to a record low below 2% and benchmark 10-year notes dropped to a three-year trough on Thursday amid persistent worries about global trade tensions and economic slowdowns around the world.. . .  Full story

Gold prices firm on mixed signals on economy, trade

15/08 Gold prices rose on Thursday as lingering fears over a global economic downturn and lack of clarity on the U.S.-China trade front kept the safe haven precious metal comfortably above the key $1,500 per. . .  Full story

CFTC says Kraft, Mondelez to pay $16 million in wheat price manipulation case

15/08 The U.S. Commodity Futures Trading Commission (CFTC) said on Thursday Kraft Heinz Co and Mondelez International Inc will have to pay $16 million in penalty regarding a wheat manipulation case that dates back to 2015.. . .  Full story

Venezuela's congress to consider new, scaled-back oil reform

15/08 Venezuela's opposition-controlled congress is considering reforms to the country's oil law that would open up the sector to private investment but are scaled back from the sweeping changes outlined in a past proposal, according to. . .  Full story

China bought U.S. pork last week as Beijing declared halt in U.S. farm purchases

15/08 China made its biggest purchases of U.S. pork in seven weeks last week as Beijing said Chinese companies suspended purchases of American agricultural products, according to U.S. Department of Agriculture data issued on Thursday.. . .  Full story

Strong U.S. retail sales ease gloom over economy

15/08 U.S. retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, helping to assuage financial market fears that the economy was heading into. . .  Full story

Tapestry sees Kate Spade turnaround taking more time, shares plunge

15/08 Tapestry Inc shares tumbled to their lowest in over a decade on Thursday after the high-end fashion house forecast a surprise fall in first-quarter revenue and profit and said it was not sure when. . .  Full story

US money fund deposits surged by $202 bln in past 3 months

15/08 U.S. money-market fund deposits surged by about $202 billion during the past three months, the strongest showing in at least a decade, research firm Morningstar Inc said on Thursday.. . .  Full story

China to counter latest U.S. tariffs as Trump vows deal on U.S. terms

15/08 China on Thursday vowed to counter the latest U.S. tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal, as U.S. President. . .  Full story

TSX hits five-month low on global growth concerns

15/08 Canada's main stock index hit a five-month low on Thursday, as the inversion of the country's yield curve by the most in nearly two decades raised fears of a looming recession, adding to worries. . .  Full story

U.S. business inventories unchanged; retail stocks revised down

15/08 U.S. business inventories were unexpectedly unchanged in June as stocks at retailers dropped more than initially estimated, government data showed on Thursday.. . .  Full story

WTO quarterly trade growth indicator drops from May

15/08 The World Trade Organization (WTO) said on Thursday that its latest economic barometer showed that the growth in merchandise trade was likely to weaken further in the third quarter.. . .  Full story

TSX edges lower at open amid growth worries

15/08 Canada's main stock index fell at the open on Thursday, as the inversion of the country's yield curve by the most in nearly two decades added to worries over slowing global growth.. . .  Full story

Corteva forecasts higher revenue growth for 2020 and beyond

15/08 Corteva Inc on Thursday raised its revenue growth forecast for 2020 and beyond to a range of 4% to 6%, citing expectations of higher pesticide sales.. . .  Full story

Trump says any trade deal with China must be on 'our terms' -radio interview

15/08 Any trade deal the United States makes with China must be on U.S. terms, Donald Trump said on Thursday, as Beijing prepared to take countermeasures in response to the Republican U.S. president's latest tariffs. . .  Full story

U.S. manufacturing output drops in July

15/08 U.S. manufacturing output dropped in July, ending a run of two months of growth.. . .  Full story

U.S. productivity slows in Q2; labor costs revised up in Q1

15/08 U.S. worker productivity slowed in the second quarter amid a sharp drop in productivity in the manufacturing sector, while labor costs were far stronger than previously estimated in the first quarter.. . .  Full story

U.S. retail sales surge in July in boost to economy

15/08 U.S. retail sales surged in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, which could help to assuage financial markets' concerns that the economy was. . .  Full story

U.S. weekly jobless claims rise more than expected

15/08 The number of Americans filing applications for unemployment benefits increased more than expected last week, but the trend continued to point to a strong labor market.. . .  Full story

WTO to rule on China's complaint on U.S. duties on solar cells

15/08 The World Trade Organization (WTO) set up a dispute panel requested on Thursday by China to rule on U.S. safeguard duties imposed on imports of solar cells, a Geneva trade official said.. . .  Full story

WTO to rule on India sugar export subsidies - trade official

15/08 The World Trade Organization (WTO) set up panels on Thursday to rule on complaints by Australia, Brazil and Guatemala against India's export subsidies for sugar and sugarcane producers which they assert are illegal, a Geneva. . .  Full story

Malaysia extends licence for rare earth miner Lynas' operations for 6 months

15/08 Malaysia on Thursday renewed the operating licence for a rare earths processing plant owned by miner Lynas Corp for six months with new conditions, an extension shorter than investors and industry analysts had expected.. . .  Full story

Coal may be dying, but growth in the seaborne market says not yet: Russell

15/08 The prevailing market view on coal is that the industry is now facing terminal decline, as renewables and natural gas displace the polluting fuel. The problem is the facts don't quite fit the narrative.. . .  Full story

Alibaba results beat estimates on cloud, e-commerce growth

15/08 China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.. . .  Full story

Mastercard, Indonesia's Artajasa to collaborate on payment gateway

15/08 Mastercard Inc said on Thursday it signed an agreement with Indonesian payment switching firm Artajasa Pembayaran Elektronis to make a foray into the Southeast Asian country's national payment gateway system.. . .  Full story

Aegon takes capital hit from low rates, market turmoil

15/08 Dutch insurer Aegon NV on Thursday showed how low interest rates and turbulent markets hit its capital position in the first half of the year, sending the group's shares down as much as 8%.. . .  Full story

K+S cash flow boost and earnings growth lift shares

15/08 Germany's K+S beat second-quarter cash flow expectations on Thursday and was upbeat about its full year performance, sending shares in Europe's biggest salt and potash miner up 5% in early trade.. . .  Full story

Papua New Guinea sends team to Singapore to renegotiate Total LNG deal

15/08 Papua New Guinea has sent a team to Singapore to renegotiate its Papua LNG agreement with French oil major Total SA, the nation's petroleum minister said in a statement on Thursday, warning the talks could. . .  Full story

Australian jobs boon at risk as RBA warns businesses against turning glum

15/08 As the Sino-U.S. trade war raise fears of a global recession, businesses run the risk of being caught in a self-fulfilling vicious cycle, a top Australian central banker warned on Thursday, threatening the country's sturdy. . .  Full story

Recession fear grips Australia, NZ stock markets

15/08 Australian and New Zealand shares fell sharply on Thursday as investors sold off equities globally in search of safety after a drop in a U.S. bond yield curve highlighted the risk of recession.. . .  Full story

Dutch insurer Aegon's solvency slips on low interest rates

15/08 Dutch insurer Aegon's capital position weakened in the first half of the year because of low interest rates and other unfavourable market developments, it said on Thursday.. . .  Full story

China's Luckin counts cost of Starbucks battle, looks to break even

15/08 Luckin Coffee turned in a bigger-than-expected loss as costs ballooned on store openings and heavy discounts aimed at competing with Starbucks, driving the Chinese firm's U.S.-listed stock down sharply on Wednesday.. . .  Full story

Lenovo warns of price hikes to absorb U.S. tariffs, shares slide

15/08 China's Lenovo Group, the world's largest PC maker, warned it will have to raise product prices if U.S. tariffs increase, sending its shares tumbling 6.5% to two-month lows.. . .  Full story

S.Korea's Moon open to dialogue with Japan amid trade row

15/08 South Korean President Moon Jae-in said on Thursday that Japan should look back upon its imperialist past but Seoul will "gladly join hands" if Tokyo chooses dialogue, in a carefully choreographed message amid an escalating. . .  Full story

Australia, NZ shares fall prey to global recession fears

15/08 Australian shares tumbled on Thursday after an inversion in the U.S. bond yield curve flashed warning signals to investors that the global economy faces severe risks.. . .  Full story

Trump ties China trade deal to 'humane' Hong Kong resolution after troop buildup worry

15/08 President Donald Trump on Wednesday tied a U.S. trade deal with China to humane resolution of the weeks of protests wracking Hong Kong, hours after the State Department said it was "deeply concerned" about. . .  Full story

Founder's grip on WeWork may be hard for investors to stomach

15/08 Investors in the upcoming initial public offering of WeWork's parent, The We Company, are being asked to lower their standards for corporate governance beyond what other technology startups have demanded, securities law experts said on. . .  Full story

S.Korea imports more U.S. oil in July as Iran shipments on hold

15/08 South Korea's oil imports from the United States and the United Arab Emirates jumped in July, with Iranian shipments remaining at zero for a third month due to U.S. sanctions, customs data showed on. . .  Full story

VMWare in talks to buy Pivotal Software; both controlled by Dell

15/08 VMware Inc and Pivotal Software Inc are negotiating a deal for VMWare to acquire Pivotal, according to a regulatory filing from Dell Technologies Inc on Wednesday, valuing Pivotal, a maker of software development and management. . .  Full story

Tariffs, China sales weigh on Cisco outlook, shares slide

15/08 Cisco Systems Inc said on Wednesday that impending U.S. tariffs and Chinese customers shunning the networking company's gear were weighing on its business, and it forecast sales and profit below Wall Street targets.. . .  Full story

Brazil's JBS posts strong second quarter results, bolstered by Asian demand

15/08 JBS SA, the world's largest meatpacker, on Wednesday reported net income of 2.184 billion reais ($539 million) in the second quarter, beating analysts' expectations as an outbreak of African swine fever in Asia boosted exports.. . .  Full story

Brazil's Embraer posts small profit, but 2019 outlook still dim

15/08 Brazilian planemaker Embraer on Wednesday swung to a $7.2 million profit in the second quarter as higher revenue at its executive jets business offset lower commercial jet sales, but still played down hopes of turning. . .  Full story