Economy

Germany's Ursula Von Der Leyen to Lead EU Commission
2019-07-16 23:35:25 UTC
STRASBOURG (Reuters) - Germany’s Ursula von der Leyen secured European parliamentary approval on Tuesday to become the first female European Commission president on a platform of a greener, fairer and rule-based Europe. The German conservative got the thumbs up from socialist and liberal lawmakers which, together with the endorsement by her fellow conservatives, gives her a stronger mandate to tackle issues such as climate change, trade and maintaining democracy in the European Union. Rejection by the EU legislature would have been a painful blow for a bloc beset by challenges ranging from trade to Brexit and erosion of democratic no...
EU, South American Bloc Mercosur Announce World's Largest Free Trade Deal
2019-06-29 01:15:31 UTC
BRUSSELS (Reuters) - The European Union and South American bloc Mercosur agreed a free-trade treaty on Friday, concluding two decades of talks and committing to more open markets in the face of a rising tide of protectionism. The two regions launched negotiations exactly 20 years ago and intensified efforts to reach an accord after Donald Trump’s presidential victory led the Europeans to freeze talks with the United States and seek other global trading allies. As world leaders meet at a G20 summit in Japan, EU Trade Commissioner Cecilia Malmstrom told a news conference the deal sent a “loud and clear message” in support of open trade...
Mexico to Provide 40,000 Jobs to Migrants
2019-06-28 18:19:59 UTC
MEXICO CITY (Reuters) - Mexico is finalizing a deal to provide 40,000 factory jobs to migrants in northern states, President Andres Manuel Lopez Obrador said Friday, addressing a key need for the thousands waiting in Mexico as their U.S. asylum cases are decided. Speaking at his daily press conference, Lopez Obrador said he expected an agreement with factories to be signed next week. “This agreement is going to be signed, there will be no legal problem,” he said. “We are arranging this so that they can be hired without much processing.” Mexico’s border states have been inundated with migrants who must often wait weeks to seek U.S....
Steve Jobs Design Chief to Start Own Firm
2019-06-28 00:58:11 UTC
(Reuters) - Jony Ive, a close creative collaborator with Apple Inc co-founder Steve Jobs whose iPhone and other designs fueled Apple’s rise to become a $1 trillion company, will leave later this year to form an independent design company. Apple said Ive will continue work on its products at his new venture, but shares fell as much as 1.5% to $197.44 in after-market trading, wiping about $9 billion from the firm’s value. Ive spent nearly three decades at Apple, playing a leading role in the design of the candy-colored iMacs that helped Apple re-emerge from near death in the 1990s to the iPhone, regarded by many business experts as one...
Japan Eats Whale Despite Environmental Concerns
2019-06-24 04:59:19 UTC
MINAMIBOSO, Japan (Reuters) - Whale cutlets, sliced raw whale, deep-fried whale nuggets, whale bacon and whale jerky feature on the menu at the restaurant Yoko Ichihara runs - and that's just a small sample of the ways Japan eats whale. Though Japan's government maintains that eating whale is a cherished part of its food culture, nationwide consumption didn't really take off until after World War Two and peaked in the early 1960s before falling as other protein sources became cheaply available. A 1986 global whaling moratorium made whale a pricey food that rarely appears on family tables or in ordinary supermarkets, with vendors rely...
Euro Hits Three-Month High Against US Dollar
2019-06-24 04:00:44 UTC
TOKYO (Reuters) - The euro rose to a three-month high against the dollar on Monday, as bearish bets on the U.S. currency remained solid on prospects of a near-term interest rate cut by the Federal Reserve. The euro stretched its rally last week, up 1.4%, and advanced about 0.15% to $1.1386 in early Asian trade, its highest since March 22. The dollar index versus a basket of six major currencies was a shade lower at 96.135, having struck 96.093 on Friday, its lowest since March 21, after the Fed last week opened the door for a potential rate cut as early as next month. That weighed on the dollar and in turn reinvigorated its counte...
2 Finalists in UK Leadership Race Make Pitch to Tory Members
2019-06-22 20:51:35 UTC
LONDON (AP) — The two finalists in the race to lead Britain’s governing Conservative Party — and become the country’s new prime minister — made their first formal pitches to party members Saturday, both vowing to be the right man to deliver Brexit. Ex-foreign secretary and former London mayor Boris Johnson, the runaway favorite of Tory lawmakers, faced off with Jeremy Hunt, the current foreign secretary, at a Conservative conference in central England’s Birmingham. Opening his address with a focus on delivering Britain’s stalled exit from the European Union, Johnson told the audience “We need to get Brexit done” and be prepared to le...
US Weekly Jobless Claims Rise; Imported Inflation Weak
2019-06-13 18:19:18 UTC
WASHINGTON (Reuters) - The number of Americans filing applications for unemployment benefits unexpectedly rose last week, which could add to concerns that the labor market was losing steam after job growth slowed sharply in May. Other data on Thursday showed import prices fell by the most in five months in May amid a broad decline in the cost of goods, the latest indication of muted inflation pressures. The import deflation supports expectations that the Federal Reserve will cut interest rates this year. U.S. central bank policymakers are scheduled to meet on June 18-19 against the backdrop of rising trade tensions. Financial markets...
UK’s Johnson Threatens to Withhold $50 Billion Brexit Payment
2019-06-09 01:46:56 UTC
(Reuters) - Boris Johnson, the leading candidate to succeed Theresa May as Britain’s next prime minister, said he would withhold a previously agreed 39 billion pound ($50 billion) Brexit payment until the European Union gives Britain better exit terms. The EU has repeatedly said it will not reopen discussion of the Brexit transition deal it reached with May last year, which British lawmakers have rejected three times, prompting May to announce her resignation earlier this month. May stepped down as leader of the governing Conservatives on Friday. Johnson, a former foreign secretary in May’s cabinet, is popular with ordinary Conser...
US Economic Growth Continues to Slow
2019-06-07 16:37:19 UTC
NEW YORK (Reuters) - The U.S. economy is growing at a 1.4% annualized rate in the second quarter based on data that showed a weaker-than-forecast payrolls growth in May, the Atlanta Federal Reserve’s GDPNow forecast model showed on Friday. This was a tad slower than the 1.5% pace estimated by Atlanta Fed’s GDP program on Thursday. — US HIRING SLOWS WASHINGTON (AP) — U.S. hiring stumbled in May as employers added just 75,000 jobs, a sign that businesses have become more cautious in the face of weaker global growth and widening trade conflicts. Last month’s modest job gain followed a much healthier increase of 224,000 in Apr...
Hunt for Shoppers: Luxury Brands Raising Stakes on Instagram
2019-06-07 16:10:35 UTC
PARIS (Reuters) - Big-spending luxury brands like Gucci, Louis Vuitton and Christian Dior are splashing out on everything from dance-fuelled fashion shows to teams of advisers as they target social media platforms in the hunt for young shoppers. Without the entry barriers of magazine advertising - where a one page glossy ad can cost tens of thousands of dollars - sites like Instagram, a fashionista favorite, have allowed unknown labels to find an audience with canny or eye-catching campaigns. But big bucks are changing the game as cash rich luxury goods groups like LVMH and Kering hike their social media budgets, giving them vast mea...
Toyota Speeds Up Electric Vehicle Schedule
2019-06-07 15:52:16 UTC
TOKYO (Reuters) - Toyota Motor Corp aims to get half of its global sales from electrified vehicles by 2025, five years ahead of schedule, and will tap Chinese battery makers to meet the accelerated global shift to electricity-powered cars. The change illustrates the breakneck growth in the electric vehicle (EV) market, which is transforming the auto industry, and is also an acknowledgment by Japan’s top car maker that it may not be able to meet demand for batteries on its own. Toyota is now faced with a higher-than-expected demand for cars that use batteries, rather than gasoline, Executive Vice President Shigeki Terashi told a brief...
EU to Create a System to Get Around US Block on WTO
2019-06-06 20:49:33 UTC
BERLIN/GENEVA (Reuters) - The European Union is set to propose creating a shadow system to get around a U.S. block on appeals in disputes at the World Trade Organization (WTO), according to a draft proposal circulated to national lawmakers. U.S. President Donald Trump is blocking appointments to the WTO’s Appellate Body, saying its judges have overstepped their mandate and ignored their instructions. Trump’s critics say he resents their power over U.S. law. Unless the block is lifted, the world’s top trade court will have only one of its seven members left by December, leaving it unable to hear appeals in international trade disputes...
Apple wants its login button above Google and Facebook
2019-06-05 05:23:38 UTC
(Reuters) - Apple Inc will ask developers to position a new “Sign on with Apple” button in iPhone and iPad apps above rival buttons from Alphabet Inc’s Google and Facebook Inc, according to design guidelines released this week. The move to give Apple prime placement is significant because users often select the default or top option on apps. And Apple will require apps to offer its button if they want to offer options to login with Facebook or Google. Apple unveiled its login button on Monday, emphasizing users’ privacy and also introducing a feature that randomly generates an email address to avoid revealing the person’s true email....
Tearful Theresa May Quits as UK Prime Minister
2019-05-25 03:17:25 UTC
LONDON (Reuters) - Fighting back tears, Theresa May said on Friday she would quit after failing to deliver Brexit, setting up a contest that will install a new British prime minister who could pursue a cleaner break with the European Union. May’s departure deepens the Brexit crisis as a new leader, who should be in place by the end of July, is likely to want a more decisive split, raising the chances of a confrontation with the EU and potentially a snap parliamentary election. Former foreign minister Boris Johnson, the favorite to replace May, was first out of the blocks, saying Britain should be prepared to leave the EU without a de...
Elon Musk Says Tesla deliveries Set to Top Record
2019-05-23 15:41:53 UTC
(Reuters) - Tesla Inc is on course to top its record for quarterly deliveries in the second quarter, beating the 90,700 it sent to customers in the final quarter of last year, according to an email from Chief Executive Officer Elon Musk to staff. Musk’s email, widely posted on social media and authenticated for Reuters by a source familiar with the matter, also said the company had on average produced 900 Model 3 cars per day this week, bringing it closer to a target of 7,000 per week. Demand for the Model 3 sedan and Tesla’s other cars has moved to the top of investors’ list of concerns around the company after it reported slack fir...
British PM Theresa May 'Expected to Quit Friday'
2019-05-23 05:52:23 UTC
LONDON (Reuters) - British Prime Minister Theresa May is expected on Friday to announce her departure from office, The Times reported, without citing a source. May will remain as prime minister while her successor is elected in a two-stage process under which two final candidates face a ballot of 125,000 Conservative Party members, the newspaper said. <I><strong><hr>Reporting by Guy Faulconbridge</I></strong><hr>
Asia Shares Hit 4-Month Low on Risk of Endless Trade War
2019-05-23 05:34:55 UTC
SYDNEY (Reuters) - Asian shares broke support and caved to a four-month low on Thursday, as concerns grew that the Sino-U.S. trade conflict was fast morphing into a prolonged technology cold war between the world’s two largest economies. Late Wednesday, Reuters reported the U.S. administration was considering Huawei-like sanctions on Chinese video surveillance firm Hikvision over the country’s treatment of its Uighur Muslim minority, according to a person briefed on the matter. After the United States placed Huawei Technologies on a trade blacklist last week, British chip designer ARM has halted relations with Huawei in order to comp...
Trump Says Some Auto Imports Threaten National Security
2019-05-17 20:40:13 UTC
WASHINGTON (Reuters) - US President Donald Trump declared that some imported vehicles and parts pose a national security threat but delayed a decision for as long as six months on whether to impose tariffs to allow for more time for trade talks with the European Union and Japan. The unprecedented designation of foreign vehicles imported to the United States from some of its closest allies sparked anger from automakers, dealers and foreign governments after a White House document hinted it would seek voluntary export quotas on autos from U.S. trading partners. European Trade Commissioner Cecilia Malmstroem said on Twitter that “we com...
Dutchman Travels Across 33 Countries on Electric Car
2019-04-18 22:49:36 UTC
Dutchman Wiebe Wakker on Sunday ended a 95,000 kilometer (59,000 mile) electric car journey that he hoped would show the world the viability of such vehicles. Wakker arrived in the eastern Australian city of Sydney after driving his retrofitted station wagon nicknamed "The Blue Bandit" across 33 countries including Turkey, Iran, India, Myanmar, Malaysia and Indonesia, with the route determined by the offers he received on his website. The trip started in the Netherlands and took just over three years. It was funded by public donations from around the globe, including electricity to charge the "Bandit," food and accommodation. "I wante...
Restaurant Dishes Labeled Gluten-Free Often Are Not
2019-04-02 22:07:57 UTC
For people with celiac disease, even tiny amounts of gluten in foods can cause trouble, and restaurants may be the hardest places to avoid the hidden protein, a U.S. study suggests. More than half of gluten-free pizza and pasta dishes tested in restaurants were positive for the presence of gluten, and overall, about one third of supposedly gluten-free foods had some gluten, researchers report in the American Journal of Gastroenterology. “The long-suspected problem of gluten contamination in restaurant foods that has been reported by patients likely has some truth behind it,” said senior study author Dr. Benjamin Lebwohl, director of ...
Oil Prices Continue to Rise Amid OPEC-Led Supply Cuts
2019-04-02 21:38:57 UTC
NEW YORK (Reuters) - Oil prices on Tuesday hit their highest level so far in 2019, with Brent crude approaching $70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut. Brent futures reached a session peak at $69.52 a barrel, the highest since Nov. 13. The global benchmark rose 36 cents, or 0.52 percent, to settle at $69.37 a barrel. U.S. West Texas Intermediate (WTI) crude rose 99 cents, or 1.61 percent, to settle at $62.58 a barrel, after touching $62.75, its highest level since Nov. 7. The United States is considering more sanctions against Iran, the ...
Still Unclear How, When or If UK Will Ever Indeed Quit EU
2019-04-02 20:57:13 UTC
LONDON (Reuters) - Prime Minister Theresa May said on Tuesday she would seek another Brexit delay to agree an EU divorce deal with the opposition Labour leader, a last-ditch gambit to break an impasse over Britain’s departure that enraged many in her party. Nearly three years since the United Kingdom voted to leave the European Union in a shock referendum result, it is still unclear how, when or if it will ever indeed quit the European club it first joined in 1973. In a hastily arranged statement from her Downing Street office after spending seven hours chairing cabinet meetings on how to plot a way out of the Brexit maze, May said s...
Brexit: EU Prepares For a 'No-Deal' Scenario
2019-03-29 20:39:59 UTC
Theresa May's exit deal failed by 58 votes, and April 12 beckons as a new exit date for the UK out of the EU. More indicative votes are on the table, as the EU prepares for a 'no-deal' scenario. LONDON (Reuters) - Lawmakers rejected Prime Minister Theresa May’s Brexit deal for a third time on Friday, sounding its probable death knell and leaving Britain’s withdrawal from the European Union in turmoil on the very day it was supposed to quit the bloc. The decision to reject a stripped-down version of May’s divorce deal has left it totally unclear how, when or even whether Britain will leave the EU, and plunges the three-year Brexit cri...
U.S. Judge Approves Bankruptcy Loan for PG&E
2019-03-27 18:31:51 UTC
SAN FRANCISCO (Reuters) - Bankrupt California power provider PG&E Corp won court approval on Wednesday for a $5.5 billion loan to help maintain electricity and natural gas delivery and for investments to reduce the risk of wildfires as it reorganizes. San Francisco-based PG&E filed for Chapter 11 bankruptcy protection in January in the aftermath of devastating wildfires that struck California in recent years, some linked or suspected to be linked to the company’s equipment. Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco approved the debtor-in-possession loan over objections of a committee representing victims of w...