US Business

Beijing autoshow: Demand rebound, EV boom mix with murky outlook

06h10 China's auto market has rebounded smartly from the COVID-19 crash in recent months, especially for high-end cars, but questions about the durability of that recovery hung over the Beijing autoshow that started on Saturday.. . .  Full story

Two ex-Deutsche Bank traders convicted in U.S. over fake orders

02h30 Two former Deutsche Bank AG traders were found guilty on Friday by a federal jury in Chicago of placing fraudulent "spoof" orders for precious metals futures contracts, the Justice Department said.. . .  Full story

Justice Department asks judge to allow U.S. to bar WeChat from U.S. app stores

02h09 The U.S. Justice Department asked a federal judge in San Francisco on Friday to allow the government to bar Apple Inc and Alphabet Inc's Google from offering WeChat for download in U.S. app stores pending. . .  Full story

USDA funds $1 mln research project studying COVID-19 in U.S. beef supply chain

01h44 The U.S. Department of Agriculture is funding a $1 million research project to identify how the virus that causes COVID-19 might be transmitted in the nation's beef supply chain, from cattle on the farm. . .  Full story

Trudeau says he will 'take into account' U.S. drug import plans but will put Canadians first

25/09 Canadian Prime Minister Justin Trudeau said on Friday that while he is willing to entertain demands from the United States for Canadian medications, he would put the nation's needs first.. . .  Full story

Wall Street ends higher as tech rally squashes virus fears, but S&P down for week

25/09 Technology stocks again rode to Wall Street's rescue on Friday, lifting the main indexes more than 1%, but the Dow and the S&P 500 still posted their longest weekly losing streaks in a year. . .  Full story

Some 3,500 U.S. companies sue over Trump-imposed Chinese tariffs

25/09 About 3,500 U.S. companies, including Tesla Inc, Ford Motor Co, Target Corp , Walgreen Co and Home Depot have sued the Trump administration in the last two weeks over the imposition of tariffs on more. . .  Full story

Hygo trading halted as CEO named in Brazil corruption probe

25/09 Debut trading in Hygo Energy Transition Ltd was suspended on Thursday hours after the liquefied natural gas transport and infrastructure operator's chief executive was named in a corruption investigation in Brazil.. . .  Full story

FAA chief set to conduct 737 MAX evaluation flight next week

25/09 Federal Aviation Administration Chief Steve Dickson is set to conduct an evaluation flight at the controls of a Boeing 737 MAX next week, a key milestone as the U.S. planemaker works to win approval to. . .  Full story

Hungary's Orban rejects criticism over rule of law, says he is a "freedom fighter"

25/09 Hungarian Prime Minister Viktor Orban, declaring himself a "freedom fighter" for national sovereignty, rejected on Friday a plan that would force European Union member states to welcome asylum seekers.. . .  Full story

Details on Trump's $200 cards for Medicare users scarce and conflicted

25/09 The Trump administration's planned distribution of $200 benefit cards to Medicare recipients will take place over the next few months, with not all beneficiaries receiving one before the Nov. 3 presidential election, a U.S. Department. . .  Full story

U.S. corn, soy futures firm after four days of losses; wheat weak

25/09 Chicago Board of Trade corn and soybean futures rose on Friday, bouncing back from four straight days of declines on a mild round of bargain buying, traders said.. . .  Full story

Yields flat after U.S. durable goods data

25/09 U.S. Treasury yields moved off earlier lows on Friday in the wake of an upbeat report on U.S. durable goods, while stocks shook off a weaker start to turn higher.. . .  Full story

Europe regulator sees November lifting of Boeing 737 MAX flight ban

25/09 Boeing's grounded 737 MAX could receive regulatory approval to resume flying in November and enter service by the end of the year, Europe's chief aviation safety regulator said on Friday.. . .  Full story

Alphabet settles shareholder suit over sexual misconduct cases

25/09 Alphabet Inc on Friday settled a shareholder lawsuit that accused the Google parent of covering up lavish exit packages to executives found responsible for sexual misconduct, saying it would overhaul workplace policies and increase oversight. . .  Full story

-ConocoPhillips sees global oil demand returning, executive says

25/09 U.S. oil producer ConocoPhillips sees global demand returning to 100 million barrels per day and growing from there, with oil an "important part of the energy mix in any scenario" going forward, a senior. . .  Full story

VIA Optronics shares slide as much as 35% after lackluster New York debut

25/09 VIA Optronics AG's shares underwhelmed in their debut on the New York Stock Exchange and fell as much as 35% on Friday, after the Germany-based company priced its initial public offering at the lower. . .  Full story

Guyana nears deal with Exxon for Payara project development, minister says

25/09 Guyana is close to reaching a deal with Exxon Mobil Corp to approve the company's Payara project, after the company committed to stricter environmental restrictions on gas flaring and wastewater, a top government official said. . .  Full story

G20 exploring structural approaches to boost funding for developing countries

25/09 The Group of 20 major economies on Friday said they are looking at structural approaches to secure longer-term financing for developing countries, including development of domestic capital markets and work to catalyze private sector investment.. . .  Full story

G7 ministers back extension of debt freeze for poorest nations, urge reforms

25/09 G7 finance ministers on Friday backed an extension of a G20 temporary freeze in debt payments and recognized the need for broad debt relief in the future, while taking aim at G20 member China. . .  Full story

U.S. drillers add rigs for second week, still down for 7th quarter -Baker Hughes

25/09 U.S. energy firms this week added oil and natural gas rigs for a second week in a row as some drillers return to the wellpad now that crude prices have held gains made since. . .  Full story

U.S. business spending digging out of deep hole; outlook uncertain

25/09 New orders for key U.S.-made capital goods increased more than expected in August and shipments raced to their highest level in nearly six years, suggesting a rebound in business spending on equipment was underway after. . .  Full story

Bank of America issues $2 billion bond to promote racial equality

25/09 Bank of America Corp said on Friday it was issuing a $2-billion bond, where a portion of the proceeds will be used for the financial empowerment of Black and Hispanic-Latino communities.. . .  Full story

German bond yields fall as coronavirus worries rattle Europe

25/09 Safe-haven German bond yields edged lower on Friday as fears of further coronavirus restrictions weighed on the region's financial markets.. . .  Full story

Asian LNG prices rise on winter demand expectations

25/09 Asian spot liquefied natural gas (LNG) prices edged up this week amid spot buying in the region and a possibility of higher consumption in winter due to cold weather.. . .  Full story

G7 backs extension of G20 debt freeze, calls for reforms to address 'shortcomings'

25/09 G7 finance ministers on Friday backed an extension of a G20 bilateral debt relief initiative for the world's poorest countries, but said it must be revised to address shortcomings hindering its implementation.. . .  Full story

TSX set for first monthly fall since April on virus fears

25/09 Canada's main stock index opened lower on Friday and was set for its first monthly loss since April, as concerns around the economic impact of rising coronavirus infections drowned optimism over domestic stimulus measures.. . .  Full story

J&J signs manufacturing deal with GRAM for potential COVID-19 vaccine

25/09 Johnson & Johnson has signed a manufacturing deal for its coronavirus vaccine candidate with Grand River Aseptic Manufacturing Inc, the contract manufacturing organization said on Friday.. . .  Full story

Harley close to deal with India's Hero after stopping local manufacturing-sources

25/09 Harley-Davidson Inc is in advanced talks with India's Hero MotoCorp for a distribution deal which will allow the U.S. company's motorcycles to be sold in India, after it stops local manufacturing there, three sources told. . .  Full story


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U.S. core capital goods orders increase more than expected in August

25/09 New orders for key U.S.-made capital goods increased more than expected in August and demand for the prior month was stronger than previously reported, pointing to a steady recovery in manufacturing.. . .  Full story

U.S. refiners bringing diesel stocks under control: Kemp

25/09 U.S. oil refiners are starting to make progress towards eliminating excess stocks of middle distillates by restraining crude processing and switching equipment to maximise gasoline production.. . .  Full story

Wall St Week Ahead-Trump-Biden debate could spark stock volatility

25/09 Some U.S. stocks could face more volatility next week as President Donald Trump and rival Joe Biden face off in their first debate ahead of a November election that betting services currently view as. . .  Full story

Israel becomes new obstacle for Sudan in quest to leave US terrorism list

25/09 Despite over a year of negotiations, Sudan is facing a fresh obstacle to its removal from a U.S. terrorism list that has hindered its economy: a demand that it normalize relations with Israel, three sources. . .  Full story

India plans $4.6 bln in incentives for battery makers in electric vehicle push -document

25/09 India plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil, according to. . .  Full story

Shares in defence supplier Hensoldt drop after market debut

25/09 Shares in German defence supplier Hensoldt fell below their issue price on their first day of trading in Frankfurt on Friday, testing the market in Germany's second initial public offering this week.. . .  Full story

Somalia meeting most targets on road to debt relief, says IMF

25/09 Somali authorities have met their first round of targets for financial reform, the International Monetary Fund said on Thursday, part of a broader program paving the way to debt relief for. . .  Full story

Russia keeps China oil supplier crown in Aug; U.S., Brazil shipments soar

25/09 Russia was the biggest oil supplier to China in August for a second consecutive month, customs data showed on Friday, with Saudi Arabia trailing after its volumes dropped by one-third.. . .  Full story

China's August soybean imports from Brazil rise 22% from year earlier

25/09 China's August imports of soybeans from Brazil rose 22% from a year ago, customs data showed on Friday, as buyers increased their purchases to take advantage of higher margins earlier this year.. . .  Full story

Electrified by Tesla, Chinese startups are on the charge

25/09 China's electric vehicle startups are on the charge again, thanks to Tesla.. . .  Full story

Fed's policymakers diverge on outlook for inflation, economy

24/09 Federal Reserve policymakers charged with guiding the economy through its worst collapse in a century diverged broadly this week over what to expect in coming months, with narratives of an unexpectedly fast recovery vying. . .  Full story

BMW to pay $18 mln U.S. fine to resolve inflated sales probe

24/09 BMW AG and two U.S. subsidiaries agreed Thursday to pay an $18 million U.S. fine to resolve accusations that they disclosed misleading information about the German luxury automaker's retail sales volume in the United States. . .  Full story

Mnuchin, Powell say some $380 bln in unused aid could help U.S. economy

24/09 As much as $380 billion from the U.S. Congress' last big coronavirus aid package is unused and could help households and businesses if lawmakers approve, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin. . .  Full story

Wall Street closes up on tech rally despite mixed signs on economic rebound

24/09 Wall Street rallied in a rocky session on Thursday as beaten-down technology shares gained favor after data showing a surge in the sale of new homes revived faith in the economic recovery even as. . .  Full story

U.S. stock funds shed $13.6 billion in week -Lipper

24/09 U.S.-based stock funds shed $13.6 billion in the week to Wednesday, the largest outflow in 14 weeks, according to Lipper.. . .  Full story

Italy pledges to strengthen national security in 5G networks

24/09 Italian Prime Minister Giuseppe Conte and his most senior ministers agreed on Thursday to take stronger measures to ensure national security in the country's 5G networks, Conte's office said after a meeting of the government's. . .  Full story

Bayer resolves more Roundup cases, judge keeps pause on litigation

24/09 Attorneys for Bayer AG and consumers suing the company over allegations its Roundup weedkiller caused cancer told a judge on Thursday they are continuing to resolve thousands more cases, improving prospects for its $11 billion. . .  Full story

Flying Dutchman: Cargoes of Iranian fuel seized by U.S. remain at sea

24/09 Tankers carrying Iranian gasoline that was confiscated by the U.S. government and became embroiled in a court ownership battle have struggled to discharge in the United States, shifting course over the last week.. . .  Full story

Harvest pressure weighs on U.S. corn, soybeans; wheat firm

24/09 U.S. corn and soybean futures dropped to their lowest in more than a week on Thursday, with investors locking in gains made from a recent rally as combines rolled across key production areas of. . .  Full story

ConocoPhillips sees global oil demand returning, executive says

24/09 U.S. oil producer ConocoPhillips sees global demand returning to 100 million barrels per day and growing from there, with oil an "important part of the energy mix in any scenario" going forward, a senior. . .  Full story

U.S. labor market losing speed as fiscal stimulus wanes

24/09 The number of Americans filing new claims for unemployment benefits unexpectedly increased last week, supporting views the economic recovery from the COVID-19 pandemic was running out of steam amid diminishing government funding.. . .  Full story

'Healthy correction' or something more? Stock swings keep investors on edge

24/09 A barrage of worrisome news is rocking the U.S. stock market after a nearly six-month surge, leading some investors to question whether the recent selloff in equities heralds a longer period of volatility.. . .  Full story

Fed's Bullard: Not reasonable to make second virus wave a baseline outlook for U.S. economy

24/09 It is unreasonable to expect a second wave of coronavirus infections to push the U.S. recovery off track given the steady progress in tamping down deaths from the pandemic, St. Louis Fed President James. . .  Full story

Fed's Evans says U.S. taking unnecessary risks with lack of more fiscal aid

24/09 The United States should extend more help to the millions of Americans who have lost work in the coronavirus crisis, Chicago Federal Reserve Bank President Charles Evans said Thursday in the latest blunt warning. . .  Full story

Chinese lobby group slams EU plan against state-backed foreign buyers

24/09 The European Commission's plan to fence off the EU's industrial crown jewels from state-backed foreign buyers may breach WTO rules, while its ambiguous standards create legal uncertainties, lobbying group the China Chamber of Commerce to. . .  Full story

Visits to U.S. stores, restaurants stall as concern over economic recovery grows

24/09 Foot traffic to U.S. restaurants and stores showed little improvement last week, high frequency data show, and signs emerged of deepening stress for small businesses as economists worry the recovery from coronavirus lockdowns continues to. . .  Full story

Global economic outlook 'somewhat less dire' than expected -IMF

24/09 The global economic outlook is not quite as dark as expected even just three months ago, a top International Monetary Fund official said on Thursday, citing better-than-anticipated economic data from China and other advanced economies.. . .  Full story

Fed's Powell says Main Street may use up to $30 bln by year end

24/09 The Federal Reserve's Main Street Lending facility may lend as much as $30 billion by the end of the year, Fed Chair Jerome Powell said in testimony before the Senate Banking Committee.. . .  Full story

Global steel output edges up in August, buoyed by strong China

24/09 Global crude steel production edged up in August as buoyant output in top producer China offset coronavirus-related declines in most of the rest of the world, data from the World Steel Association showed on. . .  Full story

U.S. new home sales vault to near 14-year high in August

24/09 Sales of new U.S. single-family homes increased to their highest level in nearly 14 years in August, suggesting the housing market continued to gain momentum even as the economy's recovery from the COVID-19 recession appears. . .  Full story

Calfrac rejects Wilks Brothers' takeover offer, sweetens recapitalization bid

24/09 Canada's Calfrac Well Services on Thursday rejected a takeover offer of 18 Canadian cents per share from billionaire investor Wilks Brothers LLC and said it was sweetening its recapitalization plan to reduce debt.. . .  Full story

Italy govt to discuss security of key networks, Huawei in 5G - sources

24/09 The Italian government will meet on Thursday to discuss the best ways to strengthen the security of strategic networks, two sources said, as the United States mounts pressure on Rome to exclude China's Huawei. . .  Full story

Trump, eyeing Farm Country, starts working on ethanol industry's year-old wishlist

24/09 President Donald Trump, looking to shore up support in the U.S. Farm Belt during a tight race for re-election, is taking steps to help producers of corn-based ethanol using a list of policy goals. . .  Full story

TSX drops as pandemic aid fails to offset virus worries

24/09 Canada's main stock index fell at the open on Thursday as a second wave of coronavirus infections dented optimism around an economic revival, while the government's pledge to boost public spending had little effect on. . .  Full story

European producers welcome EU provisional duties on China aluminium

24/09 European aluminium producers on Thursday welcomed a decision by the European Commission to impose provisional anti-dumping duties of up to 48% on aluminium extrusions from China.. . .  Full story

E.W. Scripps scales up with $2.65 bln Berkshire-backed deal for ION Media

24/09 E.W. Scripps Co said on Thursday it has agreed to buy broadcaster ION Media for $2.65 billion as the TV station owner, backed by Warren Buffett's Berkshire Hathaway Inc, scales up operations to counter. . .  Full story

EU launches investigation into Chinese optical fibre cable imports

24/09 The European Commission launched an investigation on Thursday into imports of optical fibre cable from China, which EU manufacturers believe are being sold in Europe at artificially low prices.. . .  Full story

Electric vehicle charging network ChargePoint to go public at $2.4 bln valuation

24/09 ChargePoint Inc, one of the world's oldest and largest electric vehicle charging networks, said on Thursday it will go public by merging with Switchback Energy Acquisition Corp in a deal that values the company at. . .  Full story

As wildfires approach Silicon Valley, tech firms struggle to find the backing to fight them

24/09 Silicon Valley's innovation engine has been slow to produce useful new tools to help firefighters like Dave Winnacker extinguish the deadly blazes that each year fill California's skies with smoke.. . .  Full story

Wells Fargo signs data exchange agreement with Envestnet Yodlee

24/09 Wells Fargo & Co and data aggregator Envestnet Yodlee said on Thursday they had signed a data exchange agreement, the latest move in an ongoing tug of war between fintechs and large banks over. . .  Full story

RDIF head says fund plans to invest in shipping giant Sovcomflot -Ifax

24/09 The Russian Direct Investment Fund (RDIF) plans to invest in state-controlled shipping giant Sovcomflot, which is hoping to raise at least $500 million in an IPO, the Interfax news agency cited RDIF chief Kirill. . .  Full story

Canada 'bets the farm' on big spending as second wave threatens economic recovery

24/09 Canada's vow to double down on pandemic-related spending to keep the economic recovery under way in the face of a second wave of COVID-19 infections will support activity but raises questions over the burgeoning deficit,. . .  Full story

A roller coaster six months leaves U.S. recovery still uncertain

24/09 As businesses shuttered and millions hit the unemployment line last spring, the most dour predictions saw the United States heading for another Great Depression of spiraling collapse and years of massive joblessness.. . .  Full story

U.S., Chinese diplomats signal tricky road ahead for climate diplomacy

24/09 After several years of dismissing global action to fight climate change, U.S. leadership was formally challenged this week by China announcing bold new climate pledges.. . .  Full story

Tesla seeks to build battery cells in Berlin

24/09 Tesla is pressing ahead with plans to build its new factory in Germany and intends to build battery cells and battery packs at the site in Brandenburg, near Berlin, a spokesman for the U.S.. . .  Full story

Uber's Mideast business Careem sees speedier-than-expected recovery

24/09 Uber Technologies Inc-owned Middle East business Careem is seeing its ride service recover more quickly than expected from the coronavirus crisis, while its delivery business is larger than before the pandemic.. . .  Full story

Iraqi oil ministry denies deal to up oil exports

24/09 Iraq's oil ministry on Thursday denied a media report citing Oil Minister Ihsan Abdul Jabbar as saying an agreement was imminent with the OPEC+ group to increase Iraq's crude oil exports.. . .  Full story

Caught in China-US trade war, Taiwan offers support to chipmakers

24/09 Taiwan President Tsai Ing-wen promised on Thursday to help the island's key semiconductor industry overcome difficulties and consolidate its leading position, offering support to a sector increasingly caught up in China-U.S. trade tensions.. . .  Full story

California sets goal to ban sale of new gasoline-powered passenger vehicles starting in 2035

24/09 California plans to ban the sale of new gasoline-powered passenger cars and trucks starting in 2035 as the top U.S. auto market shifts to electric vehicles to reduce climate-warming emissions, Governor Gavin Newsom said on. . .  Full story

Corporate groups cheer, investors cry foul as U.S. tightens shareholder rights rules

23/09 The U.S. Securities and Exchange Commission (SEC) voted 3-2 on Wednesday to make it tougher for shareholders to push companies on issues such as climate change, social justice and diversity, with Democratic commissioners dissenting against. . .  Full story

Fed policymakers vow to keep interest rates near zero, call for more fiscal help

23/09 Federal Reserve officials on Wednesday doubled down on efforts to convince investors they will keep monetary policy easy for years to allow unemployment to fall, emphasizing that interest rates will stay near zero until inflation. . .  Full story

Oil-trading bribery probe widens with new U.S. charges, guilty pleas

23/09 U.S. prosecutors charged a former U.S. employee of a Swiss energy trading firm with bribery and a Florida company pleaded guilty to bribery as a probe into corruption in energy trading widened in the. . .  Full story

Tesla could struggle to implement some of its battery advances-experts

23/09 The advanced battery cell design and new manufacturing processes outlined by Tesla Inc CEO Elon Musk are promising, battery experts say, but they questioned how quickly they can be implemented and how much they’ll. . .  Full story

IMF official warns coronavirus will weigh on some economies for years

23/09 The coronavirus crisis is lasting longer than expected and it will take some countries years to return to growth, the No. 2 official at the International Monetary Fund said on Wednesday.. . .  Full story

Mexican financial authorities relax banking rules to help economy

23/09 Mexico's finance ministry and banking regulator extended tools to allow banks and financial intermediaries to restructure loans and other credits to clients, senior officials said Wednesday, in the government's latest push to help an ailing. . .  Full story

California plans ban on sale of new gasoline-powered passenger vehicles in 2035

23/09 California plans to ban the sale of new gasoline powered passenger cars and trucks starting in 2035 as the top U.S. auto market shifts to electric vehicles to reduce climate-warming emissions, Governor Gavin Newsom said. . .  Full story

Wells Fargo CEO sorry for 'insensitive comment' on diversity

23/09 Wells Fargo & Co Chief Executive Officer Charles Scharf has apologized for making insensitive remarks around race and diversity, seeking to quell a row over his references to a shortage of talent among minority. . .  Full story

Tesla's Nevada lithium plan faces stark obstacles on path to production

23/09 Tesla Inc's plan to produce lithium for electric vehicle batteries close to its Nevada Gigafactory faces stark challenges from the outset, including an onerous permitting process, uncertain access to water and questions about unproven methodologies.. . .  Full story

Wall Street closes lower on fears of a slowing economy

23/09 Wall Street's main indexes fell sharply on Wednesday after data showing a cooling of U.S. business activity and the stalemate in Congress over more fiscal stimulus heightened concerns about the economy while the coronavirus pandemic. . .  Full story

JPMorgan set to pay nearly $1 bln in spoofing penalty -source

23/09 JPMorgan Chase & Co is set to pay nearly $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, a person familiar with the situation said. . .  Full story

-United Wholesale agrees merger with Gores Holdings to go public

23/09 United Wholesale Mortgage (UWM) said on Wednesday it has agreed to go public by merging with special purpose acquisition company (SPAC) Gores Holdings IV Inc in a deal that will value the wholesale mortgage. . .  Full story

Fed's Daly says inflation will be guide on U.S. full employment

23/09 The U.S. central bank's job is to eliminate employment shortfalls, and it will look to inflation to gauge whether it is meeting that goal, San Francisco Federal Reserve President Mary Daly said on Wednesday.. . .  Full story

U.S. wheat, corn, soy fall as dollar rises; harvest accelerates

23/09 Chicago Board of Trade wheat futures dropped 1.8% on Wednesday, pressured by a firm dollar that traders said was depressing already weak overseas demand for U.S. supplies.. . .  Full story

Trump unveils new sanctions targeting Cuban rum, cigars, hotels

23/09 U.S. President Donald Trump on Wednesday imposed new curbs on imports of Cuban rum and cigars and banned Americans from staying at properties owned by the Cuban government, as he sought to lock in. . .  Full story

U.S. business borrowing for equipment falls 24% in August- ELFA

23/09 U.S. companies' borrowings for capital investments fell about 24% in August from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Wednesday.. . .  Full story

IMF official sees coronavirus crisis dampening growth in some countries for years

23/09 It will take some countries years to return to economic growth following the coronavirus crisis, which is lasting longer than expected, the No. 2 official at the International Monetary Fund said on Wednesday.. . .  Full story

Fed's Quarles sees long recovery, says he'll be 'more patient' on inflation

23/09 Federal Reserve Governor Randal Quarles on Wednesday painted a somewhat optimistic picture of a U.S. recovery powered by consumer spending, but said risks are weighted to the downside and the economy still needs further support.. . .  Full story

Playboy nears $425 mln deal to return to the stock market -sources

23/09 Playboy Enterprises is nearing a deal to go public through a merger with Mountain Crest Acquisition Corp , which would value the owner of Playboy magazine at around $425 million, including debt, people familiar. . .  Full story