US Business

Uber agrees to pay VAT in Egypt -tax chief

19/02 Uber [UBER.UL] has agreed to pay value-added tax on its services in Egypt, Egyptian officials said on Monday, a move that may help resolve a long-simmering feud with traditional taxi drivers.  Full story

China regulator requests pause in new game applications to clear backlog -sources

04h50 China's top content regulator has asked local authorities to stop submitting requests to monetise new video games while it processes a backlog of applications built up after a lengthy pause last year, three people with. . .  Full story

Japan's exports fall most in 2 years as China shipments weaken

04h18 Japan's exports posted their biggest decline in more than two years as China-bound shipments tumbled, fuelling concerns about slowing global demand as the business mood sours and orders for the country's machinery goods fell sharply.. . .  Full story

Oil dips from 2019 highs as rising U.S. supply erodes OPEC cuts

03h43 Oil prices slipped from 2019 highs on Wednesday as soaring U.S. production and expectations of an economic slowdown undermined efforts led by producer club OPEC to cut supply to tighten global markets.. . .  Full story

Tesla prepares to offer Model 3 leasing to boost demand - Electrek

03h26 Elon Musk's Tesla Inc is preparing to launch its leasing products for Model 3 to boost demand, news website Electrek said on Tuesday, citing an email sent to employees.. . .  Full story

COLUMN-Slowing U.S. economy can ill afford any more shocks: Kemp

03h00 The U.S. economy lost a lot of momentum during the fourth quarter and suffered a serious wobble in December, which should give policymakers pause before doing anything that could unsettle fragile sentiment further.. . .  Full story

Walmart holiday-quarter sales jump, says consumers still spending

01h04 Walmart Inc posted its strongest holiday quarter in at least a decade on Tuesday, boosted by higher grocery and e-commerce sales, and said it saw no signs of weakness in U.S. consumer spending despite. . .  Full story

LendingClub forecasts bigger-than-expected 1st-qtr loss

00h17 Online lender LendingClub Corp forecast a bigger-than-expected first-quarter loss on Tuesday, and revenue that missed Wall Street estimates, sending its shares down 6 percent in after-market trading.. . .  Full story

Wall Street rises modestly on Walmart bump

00h12 U.S. stocks gained ground on Tuesday as upbeat results from Walmart boosted investor sentiment and high-level U.S.-China trade talks resumed in Washington.. . .  Full story

U.S. watchdog proposes 'testing waters' before all public offerings

19/02 The U.S. Securities and Exchange Commission proposed on Tuesday to expand a rule that allows companies to sound out prospective investors privately before going public.. . .  Full story

-Ford to close oldest plant in Brazil, costing 2,700 jobs

19/02 Ford Motor Co said on Tuesday it will close its oldest factory in Brazil and exit its heavy commercial truck business in South America, a move that could cost more than 2,700 jobs as. . .  Full story

Fed's Williams says new economic outlook necessary for rate hikes

19/02 New York Fed President John Williams on Tuesday said he was comfortable with the level U.S. interest rates are at now and that he sees no need to raise them again unless economic growth. . .  Full story

TransCanada restarts shut portion of Keystone oil pipeline

19/02 TransCanada Corp restarted a section of the Keystone oil pipeline on Tuesday, following a leak in Missouri earlier this month, company spokesman Terry Cunha said.. . .  Full story

ICE cotton ends higher as dollar slips; trade talks eyed

19/02 ICE cotton futures settled higher on Tuesday, having touched a one-week high earlier in the session, helped by a weaker dollar, while investors focused on the latest round of trade talks between the United. . .  Full story

Yields lower with FOMC, U.S.-China trade talks in view

19/02 Treasury yields were lower in Tuesday afternoon trade ahead of the release on Wednesday of minutes from the Federal Reserve's January policy-setting meeting and as trade talks between the United States and China neared their. . .  Full story

U.S. shale oil output to hit record 8.4 mln bpd in March - EIA

19/02 U.S. oil output from seven major shale formations is expected to rise 84,000 barrels per day (bpd) in March to a record of about 8.4 million bpd, the U.S. Energy Information Administration said in. . .  Full story

Lebanon nominates challenger to Trump's choice to lead World Bank

19/02 Lebanon has nominated investment banker Ziad Hayek as a candidate for president of the World Bank, mounting the first challenge to U.S. President Donald Trump's choice to lead the development lender, Hayek said in a. . .  Full story

Carl Icahn urges Caesars Entertainment to sell itself

19/02 Activist investor Carl Icahn on Tuesday urged Caesars Entertainment Corp to sell itself, after disclosing a 9.78 percent stake in the U.S. casino operator.. . .  Full story

BlackRock, KKR plan $4 bln-$5 bln investment in ADNOC pipeline unit - FT

19/02 U.S. investment firms BlackRock Inc and KKR & Co Inc are in advanced talks to take a $4 billion to $5 billion stake in Abu Dhabi National Oil Co's (ADNOC) pipeline network, the Financial. . .  Full story

European lawmakers say NordLB rescue may involve state aid, urge EU probe

19/02 The recapitalisation of Germany's NordLB bank should be investigated by the European Commission as it likely involved state aid that might have violated European Union rules, two EU lawmakers said on Tuesday.. . .  Full story

U.S. Silica posts smaller-than-expected loss as industrial push pays off

19/02 U.S. Silica Holdings Inc reported a smaller-than-expected quarterly loss on Tuesday, driven by increased supply of sand to industries such as glass and construction as its main frac sand business slows.. . .  Full story

U.S. consumers forecast more spending than a year ago -NY Fed

19/02 U.S. consumers expect to spend more money in 2019 than they did a year ago, data from the Federal Reserve Bank of New York showed on Tuesday.. . .  Full story

Israeli chipmaker TowerJazz expects core business growth, shares rise

19/02 Israeli chip manufacturer TowerJazz said it expects its main business units to grow further this year, despite macro-economic headwinds facing the sector, lifting its shares.. . .  Full story

Intercept's fatty liver drug meets late-stage main goal, shares soar

19/02 Intercept Pharmaceuticals Inc said on Tuesday its treatment in patients with a progressive fatty liver disease showed an improvement in scarring on the organ, taking the drug a step closer to approval and sending. . .  Full story

TSX edges higher as material shares gain on higher gold prices

19/02 Canada's main stock index inched higher on Tuesday, as shares of precious metal miners gained on the back of higher gold prices.. . .  Full story

Slowing U.S. economy can ill afford any more shocks: Kemp

19/02 The U.S. economy lost a lot of momentum during the fourth quarter and suffered a serious wobble in December, which should give policymakers pause before doing anything that could unsettle fragile sentiment further.. . .  Full story

Cyber security provider Palo Alto to buy Demisto for $560 mln

19/02 Cyber security company Palo Alto Networks Inc said on Tuesday it would buy U.S.-Israeli information security firm Demisto Inc for $560 million in cash and stock.. . .  Full story

Mexico pushes mobile payments to help unbanked consumers ditch cash

19/02 Mexico's new leftist government is betting on financial technology to help lift people out of poverty.. . .  Full story

Germany, with bumper current account surplus, frets about car tariffs

19/02 Germany recorded the world's largest current account surplus for the third year running in 2018 due to strong exports that are vexing U.S. President Donald Trump and raising the risk of U.S. tariffs on. . .  Full story

EU agrees to cut greenhouse gas emissions from trucks

19/02 The European Union agreed on Tuesday to reduce emissions of carbon dioxide (CO2) from new trucks and buses by 30 percent by a 2030 deadline as part of its commitment to cut its output. . .  Full story

Investors lose interest in Italy's malls as Sunday shopping curbs loom

19/02 Three deals to sell shopping malls in Italy have been scrapped or put on hold as a plan by the coalition to restrict Sunday trading raises questions about the value of the properties involved,. . .  Full story

Despite sanctions, Iran's oil exports rise in early 2019-sources

19/02 Iran's exports of crude oil were higher than expected in January and are at least holding steady this month, according to tanker data and industry sources, as some customers have increased purchases due to. . .  Full story

EU parliament committee backs start of U.S. trade talks

19/02 European Union lawmakers voted on Tuesday to start negotiations with the United States over lower tariffs for industrial goods, a deal designed to ease trade tension with the Trump administration.. . .  Full story

Germany sees 'most difficult part' in EU-U.S. trade talks ahead

19/02 The most difficult part in trade negotiations between Europe and the United States is starting now and talks should focus on reducing tariffs on industrial goods to increase the chances of a deal, German. . .  Full story

Australia's Oil Search banks on 2020 sign-off for major expansion

19/02 Australia's Oil Search is confident its partners ExxonMobil Corp and Total SA will be ready to sign off on two big projects in 2020 that together will double liquefied natural gas (LNG) exports from Papua. . .  Full story

Vitamin maker Blackmores sounds alarm on China demand health, shares hammered

19/02 Australian vitamin maker Blackmores Ltd said it would review its China business and issued a surprise profit warning, citing soft consumer demand on the mainland, sending its shares down the most since listing three decades. . .  Full story

Australia shares firmer, led by financial sector; NZ slips

19/02 Australian shares rose on Tuesday, led by financials sector gains, which outweighed declines in other segments of the market as patchy company results and guidance raised concerns about future growth.. . .  Full story

As medical costs mount, Japan to weigh cost-effectiveness in setting drug prices

19/02 Japanese doctor Yasushi Goto remembers prescribing the cancer drug Opdivo to an octogenarian and wondering whether taxpayers might object to helping fund treatment, which at the time cost hundreds of thousands of dollars, for patients. . .  Full story

Auto industry lines up against possible U.S. tariffs

18/02 The U.S. auto industry urged President Donald Trump's administration on Monday not to saddle imported cars and auto parts with steep tariffs, after the U.S. Commerce Department sent a confidential report to the White House. . .  Full story

EU's Juncker expects Trump to refrain from imposing higher tariffs on cars

18/02 U.S. President Donald Trump has promised European Commission President Jean-Claude Juncker that he will not impose additional import tariffs on European cars for the time being, Juncker was quoted in a published interview as saying. . .  Full story

U.S. sanctions delay Russian passenger jet by a year - Rostec CEO

18/02 Serial production of Russia's first post-Soviet mainline commercial aircraft will be delayed by a year due to U.S. sanctions, the head of state-owned industrial conglomerate Rostec said on Monday, Russian news agencies reported.. . .  Full story

U.S. may have overshot in China trade talks: Kemp

18/02 Brinkmanship has been one of the defining characteristics of the Trump administration, as the White House ramps up pressure to create a sense of crisis and force negotiating partners to make concessions.. . .  Full story

Bad loan manager Fire to boost assets as it considers IPO - CEO

18/02 Italian bad loan investor Fire is looking to add 1 billion euros ($1.1 billion) in assets under management this year as it works towards an eventual stock market listing, its chief executive said.. . .  Full story

Chinese traders cut Australian coal imports over customs delays - sources

18/02 Chinese coal traders are halting purchases of Australian coal and coking coal as clearing times through China's customs have at least doubled to 40 days or more, four traders at major buyers told Reuters. . .  Full story

Indian Oil signs first annual deal for U.S. oil

18/02 Indian Oil Corp , the country's top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to. . .  Full story

Hedge funds accelerate oil buying: Kemp

18/02 Investors bought crude oil futures and options at the fastest rate for almost six months in the week to Feb. 12.. . .  Full story

Saudi's military company eyes $10 bln revenue in next five years

18/02 State-owned Saudi Arabian Military Industries (SAMI) aims to generate $10 billion in revenue over the next five years, its chief executive said on Monday, as the wealth fund-backed group spearheads a drive to localise military. . .  Full story

China stocks jump on trade talk hopes, strong loan data

18/02 China stocks jumped on Monday after trade talks between the United States and Beijing saw progress ahead of a March 1 deadline, and new data showed Beijing's attempts to boost investment led to record. . .  Full story

New Zealand to target online giants with digital tax

18/02 New Zealand said on Monday that it plans to update its laws so it can tax revenue earned by multinational digital firms such as Google, Facebook and Amazon, extending a global effort to bring. . .  Full story

Nicaraguan gov't meets with business leaders in bid to end crisis

17/02 The Nicaraguan government said it has initiated talks with the country's private sector in what observers see as a bid to repair the relationship between embattled President Daniel Ortega and business leaders and ease a. . .  Full story

Indonesian presidential hopefuls vow energy self-sufficiency through palm

17/02 Indonesia's two presidential candidates pledged on Sunday to achieve energy self-sufficiency by boosting the use of bioenergy, particularly fuelled by palm oil, to cut costly oil imports by Southeast Asia's biggest economy.. . .  Full story

European car imports no threat to U.S. national security -VDA

17/02 Car imports from Europe do not endanger U.S. national security, German car lobby the VDA said on Sunday, echoing comments by Chancellor Angela Merkel a day earlier.. . .  Full story

ANALYSIS-After strong 2019 start for U.S. stocks, trade verdict looms

17/02 Optimism about a U.S.-China trade agreement has helped drive U.S. stocks to more than two-month highs, creating a make-or-break moment for Wall Street as a year-long clash between the world's two largest economies comes to. . .  Full story

Wall St Week Ahead-RPT-Profit estimates may be adding in too much cost risk

17/02 As Wall Street braces for the first quarterly decline in earnings in nearly three years, some investors are wondering if the market is factoring in a bigger erosion in profit margins than will actually. . .  Full story

U.S. President Trump receives update on China trade talks

17/02 President Donald Trump received an update on trade talks with China on Saturday at his Florida retreat after discussions in Beijing saw progress ahead of a March 1 deadline for reaching a deal.. . .  Full story

U.S. President Trump to get update on China trade talks

16/02 U.S. President Donald Trump will meet with members of his trade team and receive an update on the ongoing talks with China, White House spokeswoman Sarah Sanders said on Saturday.. . .  Full story

Russian court extends custody of Baring Vostok's Calvey until April

16/02 A Russian court on Saturday ordered Michael Calvey, the U.S. founder of one of Russia's biggest private equity firms accused of fraud, to be kept in custody until April 13.. . .  Full story

Automakers brace for U.S. government report on import tariffs

16/02 A confidential Commerce Department report due to be sent to Donald Trump on Sunday is widely expected to clear the way for the U.S. president to threaten tariffs on imported autos and auto parts. . .  Full story

China-U.S. trade talks 'making a final sprint' - state media

16/02 Chinese state media on Saturday expressed cautious optimism over trade talks between the United States and China, a day after President Xi Jinping said a week of discussions had produced "step-by-step" progress.. . .  Full story

Wheat falls to multimonth lows as global prices sag; soy firm

16/02 U.S. wheat futures fell to multimonth lows on Friday, despite broad strength in commodity and equity markets as grain traders monitored bearish technical signals as well as falling prices in the global cash wheat market.. . .  Full story

Mattel warns of weak 2019, shares drop most in 20 years

16/02 Mattel Inc on Friday issued a disappointing 2019 forecast and said demand for its iconic Barbie doll was slowing, triggering an 18 percent drop in its shares, their worst day in nearly two decades.. . .  Full story

U.S.-China trade talks to resume next week, Trump hints at extension

16/02 The United States and China will resume trade talks next week in Washington with time running short to ease their bruising trade war, but U.S. President Donald Trump repeated on Friday that he may. . .  Full story

Fed policymakers see one U.S. rate hike, or none, as growth slows

16/02 When the Federal Reserve last month adopted a new "patient" approach to monetary policy, it gave no specific guidance about how long its policy pause would last, or how many more interest-rate increases, if any,. . .  Full story

Citigroup CEO gets $24 mln as compensation in 2018

15/02 Citigroup Inc said on Friday Chief Executive Michael Corbat will get a 4.35 percent raise, bringing his total compensation for 2018 to $24 million.. . .  Full story

Mattel shares plunge as 2019 forecast disappoints

15/02 Mattel Inc on Friday issued a disappointing 2019 forecast, barely a week after posting a surprise quarterly profit, triggering an 18 percent drop in its shares.. . .  Full story

Wall Street rallies on trade optimism

15/02 Wall Street rallied on Friday, with the Dow and the Nasdaq posting their eighth consecutive weekly gains as investors grew hopeful that the United States and China would hammer out an agreement resolving their protracted. . .  Full story

Amazon places big bet on aspiring Tesla rival Rivian

15/02 Amazon.com Inc said on Friday it would lead a $700 million investment in U.S. electric pickup truck startup Rivian Automotive LLC, in the e-commerce giant's biggest bet on technologies with potential to reshape the automotive. . .  Full story

ICE cotton ends little changed, posts worst week in nearly 2 months

15/02 ICE cotton futures were little changed on Friday ahead of a three-day long U.S. holiday weekend, as traders kept a close watch on the progress in U.S.-China trade talks. * The. . .  Full story

XPO Logistics' top customer pulls back, Amazon suspected

15/02 XPO Logistics Inc shares sank more than 14 percent on Friday after it said its biggest customer, believed to be Amazon.com, slashed its business with the warehousing and last-mile delivery provider by two-thirds.. . .  Full story

Yields range-bound amid mixed economic data

15/02 U.S. Treasury yields rose slightly on Friday but held in the middle of their recent range as investors digested mixed economic data for signals of Federal Reserve interest rate policy. Data. . .  Full story

After strong 2019 start for U.S. stocks, trade verdict looms

15/02 Optimism about a U.S.-China trade agreement has helped drive U.S. stocks to more than two-month highs, creating a make-or-break moment for Wall Street as a year-long clash between the world's two largest economies comes to. . .  Full story

Wheat falls to multi-month lows as global prices sag; soy firm

15/02 U.S. wheat futures fell to multi-month lows on Friday, despite broad strength in commodity and equity markets as grain traders eyed falling prices in the global cash wheat market and bearish technical signals.. . .  Full story

U.S. drillers add oil rigs for second week in a row -Baker Hughes

15/02 U.S. energy firms this week increased the number of oil rigs operating for a second week in a row amid concerns that crude supplies will swamp global demand as U.S. output keeps growing from. . .  Full story

Uber posts $50 bln in annual bookings as profit remains elusive ahead of IPO

15/02 Uber Technologies Inc had $50 billion in total bookings for its ride-service and food-delivery businesses last year, a testament to the size and global reach of the company as it prepares to woo investors in. . .  Full story

US drafts WTO reform to halt handouts for big and rich states

15/02 The United States proposed a reform of the World Trade Organization on Friday that would slash the number of countries that are eligible for "special and differential treatment", a plan likely to be resisted. . .  Full story

Deere's Q1 earnings hurt by higher costs, trade war

15/02 Deere & Co's first-quarter earnings on Friday missed Wall Street's estimates, hurt by higher raw materials and logistics costs as well as by slowing trade between the United States and its partners, particularly China, sending. . .  Full story

Sputtering auto production sinks U.S. manufacturing output

15/02 U.S. manufacturing fell sharply in January, led by the biggest drop in motor vehicle production since the recession, the latest indication that the economy was losing momentum.. . .  Full story

Wall St Week Ahead-Profit estimates may be adding in too much cost risk

15/02 As Wall Street braces for the first quarterly decline in earnings in nearly three years, some investors are wondering if the market is factoring in a bigger erosion in profit margins than will actually. . .  Full story

Russia's RDIF, Germany's Siemens sign deal on $4.5 bln rail link

15/02 Russia's RDIF sovereign wealth fund and a unit of Germany's Siemens signed an agreement on working together on a 300 billion rouble ($4.5 billion) high-speed rail link between the Russian cities of Chelyabinsk and Yekaterinburg,. . .  Full story

Newell shares plunge as Toys 'R' Us liquidation, strong dollar weigh on forecast

15/02 Newell Brands Inc on Friday forecast lower-than-expected full-year sales and profit, hit by a strong dollar, higher costs and sluggish sales of its Graco baby products in the aftermath of the liquidation of Toys. . .  Full story

Trump says he will declare an emergency on U.S.-Mexico border

15/02 President Donald Trump said on Friday he would declare a national emergency at the U.S.-Mexico border, a move expected to plunge him into a fight with Democrats over what they call an unconstitutional attempt to. . .  Full story

PepsiCo says investments to drive sales will dent profit this year

15/02 PepsiCo Inc said on Friday increased investments in advertising and products aimed at boosting sales growth would lead to a fall in profit this year.. . .  Full story

U.S. factory output drops, autos fall the most since recession

15/02 U.S. manufacturing output fell steeply in January as motor vehicle production posted its biggest fall since 2009, with declines in a broad range of goods likely to fuel fears of a sharp slowdown in. . .  Full story

Enbridge 'not surprised' by Minnesota governor's pipeline appeal -CEO

15/02 Canadian pipeline operator Enbridge Inc was not surprised by renewed opposition from Minnesota's state government to its C$9 billion Line 3 but still expects the oil pipeline replacement to enter service by year-end, its chief. . .  Full story

TSX mirrors rise in energy shares on higher oil prices

15/02 Canada's main stock index rose slightly on Friday, as energy stocks gained from higher oil prices and upbeat earnings from the country's largest pipeline operator Enbridge Inc.. . .  Full story

Nvidia forecasts demand rebound, Wall Street not so sure

15/02 Nvidia Corp's forecast of a demand rebound by the end of the year calmed investor nerves and pushed its shares up 5 percent on Friday, but several Wall Street analysts said the outlook was. . .  Full story

U.S. proposes Medicare coverage for CAR-T cancer therapies

15/02 The U.S. Centers for Medicare & Medicaid Services (CMS) on Friday proposed Medicare coverage of approved CAR-T cell therapies that use the patient's immune system to fight cancer.. . .  Full story

Risk of U.S. corporate recession rises as earnings outlook dims

15/02 The outlook for Wall Street earnings has deteriorated significantly in recent months, data shows, raising the risk that companies in the United States may slip into recession before its economy does - with Europe. . .  Full story

Dollar LIBOR falls for six straight weeks

15/02 A key gauge of interbank borrowing costs has declined for six consecutive weeks, the longest such streak since 2013, prompted by expectations the U.S. Federal Reserve will refrain from raising interest rates in 2019.. . .  Full story

How Amazon scrapped its plans for a New York headquarters

15/02 More than a year of work to bring Amazon.com Inc's headquarters and tens of thousands of jobs to New York City ended on Thursday with a couple of phone calls.. . .  Full story

FOCUS-Lyft to woo investors with fast U.S. growth in IPO race with Uber

15/02 Lyft Inc will pitch investors on its fast growth in the United States as it seeks to beat out Uber Technologies Inc to become the first publicly listed ride-hailing company, according to people familiar with. . .  Full story

China says reached consensus on some key issues during U.S. trade talks

15/02 China and the United States reached a consensus in principle on some key issues during trade talks in Beijing, state news agency Xinhua reported on Friday.. . .  Full story

Germany may change law to comply with EU pipeline rules - minister

15/02 Germany is considering changes to the legal framework governing the Nord Stream 2 gas pipeline to make sure that it complies with new European Union regulations, Economy Minister Peter Altmaier told Reuters on Friday.. . .  Full story

China's Xi: trade talks with U.S. to continue in Washington next week

15/02 Chinese President Xi Jinping said on Friday trade talks with the United States will continue in Washington next week and that he hopes the two sides will be able to reach a mutually beneficial. . .  Full story

Foreigners were net sellers of Japanese stocks in week to Feb. 8

15/02 Foreigners were net sellers of Japanese stocks in the week ended on Feb 8, for the second consecutive week, as fuelled by renewed worries about the U.S.-China trade dispute and dismal earnings from. . .  Full story

China soybean traders dismiss market jitters over U.S. cancellations

15/02 Soybean traders in China on Friday shrugged off recent cancellations of import orders as "old business", even as the global market worried it could be a sign of Beijing backtracking on its pledge to. . .  Full story

Hong Kong shares end lower on deflation, trade worries

15/02 The Hong Kong stock market closed lower on Friday on lacklustre China economic data, and as Chinese and U.S. officials remained locked in high-level talks, aimed at resolving the two countries' trade dispute.. . .  Full story

China stocks fall after lacklustre inflation data, but up for the week

15/02 China stocks retreated on Friday, after latest official data raised deflation fears, while investors were worried about uncertainties over the Sino-U.S. trade negotiations.. . .  Full story

Germany looks into tax move on foreign internet firms - report

15/02 Germany's finance ministry is looking into the possibility of a 15 percent special tax on online advertising revenue collected by foreign internet companies such as Google or Facebook from German operators, Wirtschaftswoche magazine reported on. . .  Full story