Business

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VW to temporarily park cars due to new emissions testing bottlenecks

BERLIN (Reuters) - Volkswagen is renting parking spaces from August to stockpile vehicles which cannot be sold due to bottlenecks caused by new engine emissions tests, a spokeswoman said on Sunday.<p>Carmakers are rushing to get models through a new Worldwide Harmonised Light Vehicle Test Procedure …

Airports

Dubai recipe for economic success looks stale as markets slump

DUBAI (Reuters) - In Dubai's posh Jumeirah Beach Residence district, luxury apartment rents are down about 15 percent from a year ago - a sign, some fear, that the wealthy emirate's recipe for economic success is getting stale.<p>For over two decades, Dubai prospered as one of the world's most …

Stock Markets

Turkish finance minister sees promising outlook for economic growth: Anadolu

ANKARA (Reuters) - Turkey is continuing its strong economic growth trend and the foundations of its economy are strong, new Finance Minister Berat Albayrak was quoted as saying by state media on Sunday.<p>Concerns about the central bank's independence intensified after President Tayyip Erdogan …

Interest Rates

German industry groups warn U.S. on tariffs before Trump-Juncker meeting

BERLIN (Reuters) - German industry groups warned on Sunday, before European Commission President Jean-Claude Juncker meets U.S. President Donald Trump this week, that tariffs the United States has imposed or is threatening to introduce risk harming America itself.<p>Citing national security grounds, …

German Economy

U.S. courts allies with free trade offers at G20, France resists

BUENOS AIRES (Reuters) - The United States sought to woo Europe and Japan with free trade deals on Saturday to gain leverage in an escalating tariff war with China but its overtures faced stiff resistance from France at a G20 finance ministers meeting dominated by trade tensions.<p>U.S. Treasury …

Economy

Japan's Aso voices concern about capital outflows from China, emerging market

BUENOS AIRES (Reuters) - Japanese Finance Minister Taro Aso said on Saturday he expressed concerns at the G20 finance leaders' meeting that monetary policy normalization at advanced economies could accelerate capital outflows from China and emerging market economies.<p>Speaking to reporters on the …

Buenos Aires

Fiat Chrysler names Jeep boss to replace stricken CEO Marchionne

MILAN/PARIS (Reuters) - Fiat Chrysler <FCHA.MI> named on Saturday its Jeep division boss Mike Manley to take over immediately from Chief Executive Sergio Marchionne, who is seriously ill after suffering major complications following surgery.<p>The carmaker said British-born Manley, who also takes …

Fiat Chrysler

Brazil says G20 discussed reforms to face rising economic risks

BUENOS AIRES (Reuters) - Brazil's Finance Minister Eduardo Guardia said on Saturday that G20 finance ministers agreed that growing trade tensions and the normalization of monetary policy in major economies represented rising risks to the global economy.<p>Speaking on the sidelines on a G20 meeting in …

Brazil

Airbus CEO says eyes merger of its, BAE's jet fighter units: Sunday Times

LONDON (Reuters) - The chief executive of Airbus (AIR.PA) said he was open to a merger of his firm's jet fighter business with that of BAE Systems (BAES.L), the Sunday Times reported.<p>Tom Enders was quoted as saying it was time to "seriously look at consolidating and coalescing efforts eventually to …

BAE Systems

France's Le Maire says no U.S. trade talks with metals tariffs in place

BUENOS AIRES (Reuters) - French Finance Minister Bruno Le Maire said on Saturday the European Union could not consider negotiating a free trade agreement with the United States without Washington first withdrawing its tariffs on steel and aluminum.<p>Speaking to reporters at the G20 finance ministers …

Economy

BOJ's Kuroda urges restraint on tariffs, says stable FX desirable

BUENOS AIRES (Reuters) - Bank of Japan Governor Haruhiko Kuroda issued a plea on Saturday<p>for leaders of major economies to step back from a tariff war, and said stable currency markets were to everyone's benefit.<p>Kuroda spoke on arrival at a meeting of Group of 20 finance leaders, in response to …

Economy

Ferrari picks Louis Camilleri as CEO, Elkann as chairman

Ferrari

India cuts sales tax across sectors to ease pain of traders and consumers

MUMBAI (Reuters) - India slashed the sales tax rate on over 50 products on Saturday in a move aimed at appealing to traders and the middle classes as Prime Minister Narendra Modi's government eyes next year's elections.<p>Modi is seeking a second term in 2019 amid voter frustration over the abrupt …

India

IMF's Lagarde says Argentina 'unequivocally' making fiscal progress

BUENOS AIRES (Reuters) - Argentina is "unequivocally" making progress on its goals to cut its fiscal deficit as part of a $50 billion International Monetary Fund (IMF) program, Fund Managing Director Christine Lagarde said on Saturday.<p>Lagarde told reporters at the G20 meeting of finance ministers …

International Monetary Fund

Germany lets export guarantee cap for Turkey trade expire: report

BERLIN (Reuters) - The German government has let a cap it imposed in 2017 on the amount of Hermes export guarantees it provides for trade with Turkey at 1.5 billion euros ($1.76 billion) expire, a German newspaper reported on Saturday.<p>The Hermes guarantee scheme provides German government …

German Politics

Iran leader backs suggestion to block Gulf oil exports if own sales stopped

DUBAI (Reuters) - Iran's Supreme Leader Ayatollah Ali Khamenei on Saturday backed President Hassan Rouhani's suggestion that Iran may block Gulf oil exports if its own exports are stopped and said negotiations with the United States would be an "obvious mistake".<p>Rouhani's apparent threat earlier …

Exports

Marchionne exits Fiat Chrysler, Ferrari amid health crisis: sources

MILAN/PARIS (Reuters) - Fiat Chrysler chief Sergio Marchionne is to be replaced permanently at the helm of the global carmaker as well as Ferrari after suffering serious complications from surgery, sources said on Saturday.<p>The boards of carmaker FCA, Ferrari and CNH Industrial, which Marchionne …

Automotive Industry

Trump not trying to intervene in currency markets: Mnuchin

BUENOS AIRES (Reuters) - U.S. President Donald Trump is not trying to influence currency markets, Treasury Secretary Steven Mnuchin said on Saturday, reiterating that a strong U.S. dollar reflects a strong U.S. economy and is in the United States' long-term interest.<p>Mnuchin told reporters in Buenos …

Donald Trump

U.S. tariffs to cost Germans up to 20 billion euros this year: report

BERLIN (Reuters) - U.S. President Donald Trump's tariffs will lead to a drop in prosperity in Germany this year and are likely to cost Germans up to 20 billion euros ($23.44 billion), the head of German think-tank IMK said.<p>The United States imposed tariffs on EU steel and aluminum on June 1 and …

Economy

Amazon, Toyota, Alcoa and others working to counter Trump's tariff plans

SAN FRANCISCO/WASHINGTON (Reuters) - Big companies in the United States from Amazon.com Inc (AMZN.O) to Toyota Motor Corp (7203.T) and Alcoa Corp (AA.N) are working to counter the effect of the Trump administration's trade policies and to head off new tariffs.<p>Companies are attempting to avoid any …

Trump Administration

Exclusive: Treasury's Mnuchin watching Chinese yuan weakness for manipulation

SAO PAULO (Reuters) - The United States is monitoring the recent weakness in China's yuan currency and will review whether the currency has been manipulated, Treasury Secretary Steven Mnuchin told Reuters on Friday.<p>Mnuchin said in an interview in Sao Paulo, Brazil, that the yuan's weakness would be …

Trump Administration

Exclusive: U.S. open to lifting sanctions off aluminum giant Rusal - Mnuchin

SAO PAULO (Reuters) - The U.S. Treasury is open to removing Russian aluminum producer Rusal from a U.S. sanctions list, Treasury Secretary Steven Mnuchin said on Friday, adding the objective was "not to put Rusal out of business."<p>Mnuchin's comment was the latest indication the Trump administration …

Sanctions

U.S. lawmakers cut anti-ZTE measure from defense bill

WASHINGTON (Reuters) - U.S. lawmakers cut measures from a defense bill that would have reinstated sanctions on China's ZTE Corp, abandoning an attempt to punish the company for illegally shipping U.S. products to Iran and North Korea.<p>Lawmakers from both parties have been at odds with President …

Donald Trump

Over sorghum salad, U.S. farmers and Chinese buyers chew on trade

CHICAGO (Reuters) - Chinese importers of the livestock feed sorghum feasted on tabbouleh salad and chipotle tortillas made with the U.S. grain at a Texas barbecue this week, as farmers try to woo buyers in the middle of an escalating U.S.-China trade war.<p>Despite the overtures to the world's top …

Forestry

U.S. oil industry lobbies against tighter sanctions on Russia

WASHINGTON (Reuters) - The U.S. oil and gas industry is lobbying against tighter sanctions on Russia that could impact U.S. investments there, congressional sources said on Friday.<p>The U.S. Senate has revived a bill, called DETER, that would allow for swift sanctions if Moscow was found meddling in …

Oil

New York dominates next week's municipal bond deals

NEW YORK (Reuters) - New York will bring the biggest U.S. municipal bond deal to market amid an overall weak supply load next week, issuing nearly $1.2 billion of future sales and income tax-backed debt to help finance capital projects in the Big Apple.<p>The New York City Transitional Finance …

New York City

Exclusive: Buyout firm Apollo in advanced talks to buy LifePoint Health - sources

(Reuters) - Private equity firm Apollo Global Management LLC (APO.N) is in advanced talks to acquire LifePoint Health Inc (LPNT.O), in its latest bid to consolidate the rural U.S. hospital sector, two people familiar with the matter said on Friday.<p>The deal could value LifePoint at close to $6 …

Market Capitalization

Wall Street slips as trade worries dampen upbeat earnings

NEW YORK (Reuters) - U.S. stocks ended slightly lower on Friday as escalating trade anxieties driven by U.S. President Donald Trump's latest tariff threats against China offset a string of robust earnings led by Microsoft.<p>The Dow Jones Industrial Average posted its third consecutive weekly gain, …

Stock Markets

U.S. dollar drops, yields rise after Trump comments on Fed policy and tariffs

NEW YORK (Reuters) - The U.S. dollar weakened, long term Treasury yields rose and stocks closed mostly lower on Friday after President Donald Trump complained again about the greenback's strength and about Federal Reserve interest rate rises.<p>Wall Street and European stock markets stalled, despite …

Economy