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Ministers positive on OPEC, non-OPEC oil output cuts

VIENNA (Reuters) – Energy ministers from OPEC and non-OPEC countries meeting in Vienna on Sunday have struck a positive note regarding their agreement to cut oil output as a committee set to monitor compliance with the deal meets for the first time.

Foxconn CEO says investment for display plant in U.S. would exceed $7 billion

TAIPEI (Reuters) – Foxconn, the world’s largest contract electronics maker, is considering setting up a display-making plant in the United States in an investment that would exceed $7 billion, company chairman and chief executive Terry Gou said on Sunday.

Chief of Taiwan’s Foxconn says rise of protectionism unavoidable

TAIPEI (Reuters) – The head of Foxconn, the world’s largest contract manufacturer of electronic goods and a major Apple Inc supplier, said on Sunday that the rise of protectionism is unavoidable.

Wall Street Week Ahead: Optimism among S&P 500 CEOs as Trump takes power

SAN FRANCISCO (Reuters) – U.S. President Donald Trump’s administration is only hours old, but already a small parade of S&P 500 companies’ chiefs have voiced optimism that his promised tax cuts, stimulus spending and deregulation will boost corporate profits.

Apple files $1 billion lawsuit against chip supplier Qualcomm

(Reuters) – Apple Inc filed a $1 billion lawsuit against supplier Qualcomm Inc on Friday, days after the U.S. government accused the chip maker of resorting to anticompetitive tactics to maintain a monopoly over key semiconductors in mobile phones.

Investment Focus: History suggests Trump month will be stocks down, dollar up

LONDON (Reuters) – For financial markets, the Trump era begins on Monday, and if history is any guide the following month should be a rocky one for Wall Street but positive for the dollar.

Wall Street ends higher as Trump becomes president

NEW YORK (Reuters) – U.S. stocks closed higher on Friday in a modest but broad-based advance as Donald Trump was sworn in as U.S. President, marking the first time in more than 50 years that a new commander-in-chief has been welcomed by a rising equity market on his first day in office.

U.S. bankruptcy court judge OKs $425 million for Avaya loan

NEW YORK (Reuters) – A U.S. bankruptcy court judge granted Avaya Inc approval on Friday to tap $425 million of the $725 million loan proposed to carry the telecommunications company through its restructuring, funds the company said were essential to continue operations.

Morgan Stanley CEO James Gorman’s 2016 pay up 7 pct to $22.5 million

(Reuters) – Morgan Stanley Chief Executive James Gorman’s overall pay rose 7 percent in 2016 as the Wall Street bank’s stock soared and it edged closer to hitting a key profitability target.

TrailStone buys Cargill’s power and gas group: sources

HOUSTON (Reuters) – Commodities trader and investor TrailStone Group has purchased Cargill Inc’s gas and power trading group, three sources familiar with the deal said this week.

U.S. department stores steady profitability boat even as sales slide

CHICAGO (Reuters) – U.S. department store chains, hit by slowing sales for more than two years, have used layoffs, store closings and cutbacks to maintain one aspect of stability: profit margins.

Maverick Capital eyes rebound on bets Trump may roil Wall Street

BOSTON (Reuters) – U.S. President Donald Trump’s policies could lead to more violent stock market movements, something prominent hedge fund manager Lee Ainslie said could help his portfolio rebound after a lousy 2016.

AIG to pay Buffett’s Berkshire about $10 billion in insurance deal

NEW YORK (Reuters) – American International Group Inc has agreed to pay roughly $10.2 billion to Warren Buffett’s Berkshire Hathaway Inc to take on many long-term risks on U.S. commercial insurance policies it has already written.

Uber hires Google search veteran Singhal for senior engineering post

SAN FRANCISCO (Reuters) – Ride-hailing company Uber Technologies Inc. has hired the man behind Google search to work closely with Chief Executive Travis Kalanick and help grow the company’s self-driving car program.

Fed’s Williams says need to raise rates before economy overshoots

SAN FRANCISCO (Reuters) – San Francisco Federal Reserve Bank President John Williams on Friday repeated his view that the U.S. central bank needs to reduce monetary stimulus before the economy overshoots the Fed’s employment and inflation goals and the Fed has to “slam on the brakes.”

Morgan Stanley, Citi plan Brexit job moves: sources

LONDON/FRANKFURT (Reuters) – U.S. banks Morgan Stanley and Citigroup have identified many of the roles that will need to be moved from Britain following its exit from the European Union, sources involved in the processes told Reuters.

Canada’s Competition Bureau reaches deal with Apple, publishers

OTTAWA (Reuters) – Canada’s business competition watchdog said on Friday it had reached an agreement with Apple Inc and three major e-book publishers that will allow retailers to offer discounts to customers.

Odebrecht group ready to return $5 billion pipeline contract to Peru

LIMA (Reuters) – A consortium controlled by Brazilian builder Odebrecht S.A. will miss a financing deadline on Monday for a natural gas pipeline project in Peru and awaits government notification that it will lose the $5 billion contract, the company said on Friday.

FTC not sold on Walgreens’ plan to win nod for Rite Aid deal: Bloomberg

(Reuters) – The U.S. Federal Trade Commission is not satisfied with Walgreens Boots Alliance Inc’s plan to divest stores to win antitrust clearance for its acquisition of Rite Aid Corp , Bloomberg reported, citing people familiar with the matter.

ECB probed by watchdog over ties with bankers in G30 group

FRANKFURT (Reuters) – The European Union’s ethics watchdog has opened an inquiry into the participation of European Central Bank President Mario Draghi and senior ECB officials in the work of an exclusive group that includes bankers and fund managers.

Machinists seek union vote for Boeing South Carolina workers

SEATTLE (Reuters) – The International Association of Machinists and Aerospace Workers said it planned to petition on Friday for about 2,850 workers at Boeing Co’s assembly plant in South Carolina to vote on union representation.

Goldman Sachs rejects Indonesian businessman’s $1.1 billion claim over share trade

JAKARTA (Reuters) – Goldman Sachs has rejected allegations by an Indonesian businessman who is seeking $1.1 billion in damages from the U.S. bank for making what he called “unlawful” trades in the shares of a property firm.

Fears of economic ‘race to bottom’, strong dollar in Davos

DAVOS, Switzerland (Reuters) – A strengthening dollar and a “race to the bottom” on taxes, deregulation and trade policy are the major risks to an otherwise brightening global economy, financial leaders said on the final day of the World Economic Forum in Davos.

GE profit rises 36 percent, but sales slow

(Reuters) – General Electric Co reported a 36 percent jump in fourth-quarter earnings on Friday, helped by strength in its power and renewable energy businesses, and it affirmed its growth and profit forecasts for 2017.

Exclusive: HSBC cutting around 100 senior banking jobs globally – sources

LONDON (Reuters) – HSBC has begun cutting around 100 senior jobs in its investment banking division worldwide this week, according to sources with direct knowledge of the matter.

Ford to record pre-tax remeasurement loss of $3 billion in 2016

(Reuters) – Ford Motor Co said on Friday it would record a pre-tax remeasurement loss of about $3 billion related to its pension plans and other post-retirement employee benefits plans.

U.S. bankers tell Europeans to think positively on Trump

DAVOS, Switzerland (Reuters) – U.S. bankers, buoyed by a resurgence in profits, are advising their counterparts in Europe to think positively about the new administration of U.S. President-elect Donald Trump.

China-U.S. trade tensions high on Big Oil’s worry list

DAVOS, Switzerland (Reuters) – Oil executives and Middle East producers are concerned that trade tensions between the United States and China risk clouding the outlook for global energy demand growth and a recovery in the price of oil.

P&G profit and sales beat Wall Street estimates

(Reuters) – Procter & Gamble Co , maker of Tide detergent and Pampers diapers, reported better-than-expected quarterly sales and profit, helped by demand for its healthcare products.

Trumponomics may be wrong medicine for U.S. economy today

WASHINGTON (Reuters) – Tax cuts, deregulation and more federal spending advocated by the incoming Trump administration are a classic remedy for economic stagnation and long unemployment lines.

Fairfax may sell 25 percent of India’s ICICI Lombard in up to $1 billion deal: sources

MUMBAI (Reuters) – Fairfax Financial Holdings is in early talks to sell 25 percent of India’s largest private general insurer ICICI Lombard in a deal that could fetch up to $1 billion, as the Canadian firm looks to cash out and start a new insurance joint venture, sources familiar with the matter said.

Carrefour weighs Best Buy executive to replace CEO: paper

BRASILIA (Reuters) – Carrefour SA shareholders could appoint a new chief executive this year and have identified Best Buy SA CEO Hubert Joly as one of their favorites for the post, Brazilian newspaper Valor Economico reported on Friday.

Toshiba making preparations for sale of stake in chip business: sources

TOKYO (Reuters) – Japan’s Toshiba Corp has begun preparations to sell a minority stake in its core chip business, people with knowledge of the matter said, as it urgently seeks funding to avoid being crippled by an upcoming multi-billion dollar writedown.

South Korea prosecutors summon another Samsung executive

SEOUL (Reuters) – South Korea’s special prosecutor’s office said on Friday it summoned a Samsung Electronics Co Ltd executive for questioning as it investigates a widening influence-peddling scandal that has embroiled President Park Geun-hye.

Dollar lower, stocks flat as caution creeps in ahead of Trump inauguration

LONDON (Reuters) – The dollar edged lower while stocks were little changed on Friday as investors held back ahead of Donald Trump’s inauguration as U.S. president and a speech that could shed some light on his economic policies.

ChemChina seeks U.S. anti-trust approval for Syngenta deal

BEIJING (Reuters) – China National Chemical Corp [CNNCC.UL], or ChemChina, said on Friday it has sought the U.S. anti-trust regulator’s approval for its planned $43 billion acquisition of Swiss crop protection and seed group Syngenta AG .

For stock performance under Trump, don’t look to prior transitions

NEW YORK (Reuters) – As he is sworn in as the 45th U.S. president on Friday, Donald Trump will mark one of the best performances for the American stock market for any presidential transition period of the modern era.

China GDP beats expectations but debt risks loom

BEIJING (Reuters) – China’s economy grew a faster-than-expected 6.8 percent in the fourth quarter, boosted by higher government spending and record bank lending, giving it a tailwind heading into what is expected to be a turbulent year.

Sanofi’s M&A misses frustrate some investors in drugmaker

PARIS/DAVOS, Switzerland (Reuters) – For the last year, Sanofi’s chief executive has made clear his quest for deals to help revive the fortunes of France’s biggest drugmaker.

Indonesia watchdog says former CEO of airline Garuda a bribery suspect

JAKARTA (Reuters) – Indonesia’s anti-corruption agency said on Thursday it was treating the former chief executive of airline PT Garuda Indonesia Tbk as a suspect in a bribery case.

More TV networks follow Netflix to binge-watching model

LOS ANGELES (Reuters) – Traditional TV networks are following Netflix Inc’s lead by releasing all new episodes of a series at the same time, a step to win over binge viewers who do not want to wait a week for the next installment.

China extends Hollywood push with $1 billion Paramount investment

NEW YORK (Reuters) – Viacom Inc’s Paramount Pictures will receive a $1 billion cash investment from two Chinese film companies, Shanghai Film Group (SFG) and Huahua Media, giving the U.S. studio much-needed cash and support as it attempts to grow.

Fed’s Yellen says unwise to allow U.S. economy to run ‘hot’

PALO ALTO, Calif. (Reuters) – With monetary policy still modestly accommodative, the U.S. central bank should continue to raise interest rates slowly or risk harm to the recovery the Fed has sought to nurture, Federal Reserve Chair Janet Yellen said on Thursday.

Toshiba shares extend losses on accounting woes

TOKYO (Reuters) – Shares in Japan’s Toshiba Corp extended losses on Friday, weighed down by concern over a potentially bigger-than-expected $6 billion writedown triggered by cost overruns at its U.S. nuclear business.

IBM revenue fall dims upbeat profit forecast

(Reuters) – International Business Machines Corp reported its 19th straight quarter of declining revenue, but forecast full-year earnings above Wall Street estimates due to growth in newer areas such as cloud-based services and analytics.