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Trump seeks to slash $3.6 trillion of spending in austere budget

WASHINGTON (Reuters) – U.S. President Donald Trump asked lawmakers on Tuesday to cut $3.6 trillion in government spending over the next decade, taking aim at healthcare and food assistance programs for the poor in an austere budget that also boosts the military.

Wall Street rises on investor relief after Trump budget

(Reuters) – Wall Street ended higher on Tuesday after the release of President Donald Trump’s budget plan but gains were tempered by declines in consumer discretionary stocks amid weakness in auto-parts companies.

Morgan Stanley to curb veteran adviser recruiting

NEW YORK (Reuters) – Morgan Stanley, the biggest U.S. brokerage by head count, told brokers Tuesday that it is standing down from the expensive recruitment wars, following similar steps taken earlier this month by competitor Bank of America Merrill Lynch.

U.S. government sues Fiat Chrysler over excess emissions

WASHINGTON (Reuters) – The U.S. government filed a civil lawsuit on Tuesday accusing Fiat Chrysler Automobiles NV of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014.

OPEC set to prolong oil output cuts by nine months

VIENNA (Reuters) – OPEC is likely to extend production cuts for another nine months, ministers and delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.

Uber inadvertently underpaid New York City drivers for over two years

(Reuters) – Uber Technologies Inc [UBER.UL] said on Tuesday it underpaid its New York City drivers for the past two-and-a-half years, an error that could cost the ride-hailing company tens of millions of dollars.

Patent plaintiffs see way around U.S. Supreme Court ruling

(Reuters) – Corporations are cheering a U.S. Supreme Court decision limiting where they can be sued for patent infringement, but some intellectual property lawyers say loopholes in the ruling likely mean lawsuits will continue to be filed in plaintiff-friendly jurisdictions.

U.S. plan to sell oil reserve shows declining import needs

SINGAPORE/VIENNA (Reuters) – President Donald Trump’s proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user’s reliance on imports – and a weaning off OPEC crude – as its domestic production soars.

Westinghouse reaches deal for $800 million U.S. bankruptcy loan

(Reuters) – Westinghouse Electric Co told a U.S. court on Tuesday the nuclear power company had reached a deal to borrow $800 million after allaying creditors’ concerns that the money would be flowing to non-bankrupt affiliates overseas.

CEOs of Target, ADM offer differing views on U.S. border tax at hearing

WASHINGTON (Reuters) – The chief executive officers of two major American companies – retailer Target Corp and agribusiness Archer Daniels Midland Co – offered opposing views in a hearing before U.S. lawmakers on Tuesday on a proposed border adjustment tax.

Apple and Nokia see deeper partnership after ending patent dispute

HELSINKI (Reuters) – Apple has settled a patent dispute with Finnish telecom equipment maker Nokia and agreed to buy more of its network products and services, sending Nokia shares up 7 percent.

Kashkari adds to dovish caution on rate hikes at Fed

MINNEAPOLIS (Reuters) – Minneapolis Federal Reserve Bank President Neel Kashkari said Tuesday that while the U.S. economy is closer now than it was in March to full employment, he still does not know “if we are there yet,” and that the recent decline in core inflation is “concerning.”

Housing recovery intact despite drop in new home sales

WASHINGTON (Reuters) – New U.S. single-family home sales tumbled from near a 9-1/2-year high in April, but the housing recovery likely remains intact amid a tightening labor market.

U.S. carmaker lobby wants rules of origin left intact in NAFTA talks

WASHINGTON (Reuters) – A powerful U.S.-based automakers group said on Tuesday that it favors keeping rules of origin intact in the North American Free Trade Agreement (NAFTA), echoing comments from its Mexican counterpart.

Trump budget to increase growth by boosting investment, labor force: Mnuchin

WASHINGTON (Reuters) – The Trump administration believes its budget plan will boost economic growth by fostering capital investment and creating jobs for workers who gave up their job hunts during tough times, Treasury Secretary Steven Mnuchin said on Tuesday.

Daimler board members not targeted in German prosecutor probe: source

FRANKFURT (Reuters) – Daimler’s board members are not personally under investigation as part of a fraud probe being conducted by the Stuttgart public prosecutor, a company source said on Tuesday.

Fidelity to allow clients to see digital currencies on website

NEW YORK (Reuters) – Fidelity Investments will allow its clients to see their holdings of bitcoin and other virtual currencies held on digital asset exchange Coinbase on the company’s website, said Chief Executive Abigail Johnson on Tuesday.

Oil prices rise as expected decision to extend cuts nears

LONDON (Reuters) – Oil rose on Tuesday as expectations of an extension to OPEC-led supply cuts supported prices, reversing losses earlier in the session after a White House proposal suggested selling off half the country’s huge oil stockpile.

After Brexit, EU plans ‘offer you cannot refuse’ to expand euro zone: Moscovici

BRUSSELS (Reuters) – The European Commission aims to make adopting the euro more attractive to European Union members currently outside the currency bloc, the economics commissioner said on Tuesday, in a bid to make the union more tight-knit after Britain’s vote to leave.

Investors skeptical Ford CEO change will revive stock price

NEW YORK (Reuters) – Ford Motor Co’s unexpected decision to replace its chief executive officer on Monday may not be the catalyst that revives its slumping share prices.

China to open more sectors to foreign investors

BEIJING (Reuters) – China will further open its economy to foreign investors, through measures such as allowing investment in more industries, such as services, state television said on Tuesday, citing a reform group meeting chaired by President Xi Jinping.

German Fin Min sees deal for Greece in three weeks ‘if all goes well’

BRUSSELS (Reuters) – Germany’s Finance Minister Wolfgang Schaeuble expressed some confidence on Tuesday that Greece’s international creditors would overcome their differences and agree in three weeks on a deal that would release more loans to Athens.

As Syngenta deal closes, ChemChina and Sinochem press $120 billion deal: sources

HONG KONG/BEIJING (Reuters) – Chinese state-owned Sinochem and ChemChina are in merger talks to create the world’s biggest industrial chemicals firm, to be headed by Sinochem chief Ning Gaoning, four people with knowledge of the negotiations said.

BHP hires Barclays to divest U.S. shale gas assets: sources

LONDON (Reuters) – BHP has hired Barclays to divest its U.S. Fayetteville shale gas assets as the miner seeks to fend off an attack by activist funds, two sources close to the matter said on Tuesday.

French VW probe identifies 22.78 billion euros in diesel sales: paper

PARIS (Reuters) – France’s consumer fraud watchdog believes Volkswagen made 22.78 billion euros ($25.65 billion) in sale proceeds on cars sold in the country with illegal defeat devices, Le Monde reported on Tuesday.

Buoyant data bolsters euro rally, shares climb

LONDON (Reuters) – The euro set a new six-month month high on Tuesday and the region’s shares made gains as the latest economic data made for some encouraging reading, especially in Germany.

PPG CEO says remains interested in ‘consensual’ deal with Akzo

AMSTERDAM (Reuters) – PPG Industries remains interested in negotiating a “consensual” deal with Akzo Nobel , even as the Dutch rival paint maker resists its 26.3 billion euro ($29.5 billion) takeover offer, PPG’s top executive said on Tuesday.

Apple in talks to expand India production capacity: minister

NEW DELHI (Reuters) – Apple Inc wants to expand its contract manufacturer’s facility in the southern Indian tech hub of Bengaluru, a federal minister said on Tuesday, as the iPhone maker seeks a bigger share in one of the world’s biggest smartphone markets.

Trial over RBS 2008 cash call faces further delay amid settlement talks

LONDON (Reuters) – A trial in which Royal Bank of Scotland is accused by investors of misleading them over its 2008 fundraising is set to be delayed for a second day, as frantic settlement talks between the claimants and the bank continued in London on Tuesday.

GM to cut 600 South Africa jobs by July as it pulls out of country

CAPE TOWN (Reuters) – South Africa’s top manufacturing union NUMSA said late Monday that 600 workers out of 1,500 at General Motors SA will lose their jobs by July after a decision last week by the car maker to sell its local operations.

Exclusive: U.S., Japanese firms collaborating on new missile defense radars – sources

TOKYO (Reuters) – Raytheon Co and Lockheed Martin Corp are working with Japanese partners on rival projects to develop new radars that will enhance Japan’s shield against any North Korean missile strike, government and defense industry sources in Tokyo told Reuters.

Pound sags vs yen after Manchester blast, euro at six-month highs

TOKYO (Reuters) – The pound slipped against the yen after a suspected terrorist attack at a concert in Britain’s city of Manchester, while the euro hovered near a six-month high against the dollar on Tuesday after German Chancellor Angela Merkel said the currency was “too weak.”

Ford names Hackett as CEO to tackle car rivals, Silicon Valley

WASHINGTON/DEARBORN, Mich. (Reuters) – Ford Motor Co abruptly named James Hackett as chief executive on Monday, responding to investors’ growing unease about the U.S. automaker’s slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.

Exclusive: North American carmakers want rules of origin in NAFTA left untouched – Mexico lobby

MEXICO CITY (Reuters) – The auto industries of the United States, Canada and Mexico agree there should be no changes to rules of origin in the North American Free Trade Agreement (NAFTA), the president of the Mexican automakers’ association said on Monday.

Volkswagen CEO says enforcing culture change poses challenges

HANOVER, Germany (Reuters) – Volkswagen’s top executive said some managers are resisting the German carmaker’s push for a new era of accountability after its emissions fraud, suggesting it could still take years to establish a new corporate culture.

Euro zone ministers eye Greek debt deal with IMF, new loans decision in June

BRUSSELS (Reuters) – Euro zone finance ministers failed to agree on debt relief for Greece with the International Monetary Fund on Monday and did not release new loans to Athens, but came close enough in talks to aim for both deals at their next meeting in three weeks.

Wall Street ends up; defense, tech stocks a boost

NEW YORK (Reuters) – U.S. stocks rose on Monday, boosted by technology shares and by defense companies, which gained after the United States and Saudi Arabia signed a multi-billion dollar arms deal.

Boeing wins $1.09 billion U.S. defense contract: Pentagon

WASHINGTON (Reuters) – Boeing Co was awarded a $1.09 billion undefinitized modification to a previously awarded contract for the procurement of Redesigned Kill Vehicle development, the Pentagon said in a statement on Monday.

U.S. top court tightens patent suit rules in blow to ‘patent trolls’

WASHINGTON (Reuters) – The U.S. Supreme Court on Monday tightened rules for where patent lawsuits can be filed in a decision that may make it harder for so-called patent “trolls” to launch sometimes dodgy patent cases in friendly courts, a major irritant for high-tech giants like Apple and Alphabet Inc’s Google.

Shareholders go to court seeking to oust Akzo chairman

AMSTERDAM (Reuters) – Akzo Nobel shareholders angered by the Dulux paint maker’s rejection of a 26.3 billion euro ($29.5 billion) takeover proposal from U.S. rival PPG Industries took their fight to an Amsterdam court on Monday.

GE faces EU probe related to LM Wind Power deal

(Reuters) – General Electric Co said on Monday that the European Union’s competition watchdog is investigating whether the industrial conglomerate provided misleading information during a merger review.

In Bombardier fight, Boeing sees ghost of Airbus ascent

PARIS/SEATTLE (Reuters) – Two words underpin Boeing’s decision to launch a U.S. trade complaint against Bombardier , which plunged it into a row with Canada last week: “Never again”.

U.S. Justice Dept., Citigroup settle probe into Banamex USA

NEW YORK (Reuters) – The U.S. Department of Justice and Citigroup Inc said on Monday that they have settled a criminal investigation into violations of anti-money laundering rules and the Bank Secrecy Act at the bank’s Banamex USA unit.

Long seen as partners, Huntsman and Clariant seal $14 billion merger

ZURICH/FRANKFURT (Reuters) – U.S.-based Huntsman Corp and Switzerland’s Clariant AG are combining to create a chemical manufacturer with a market value of about $14 billion, the deal coming together after years of tentative mutual approaches.

German government at odds with itself over Greek debt relief

BERLIN (Reuters) – Germany’s coalition government split along party lines on Monday over the question of debt relief for Greece ahead of a crunch meeting in Brussels to tackle the thorny issue.