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Trudeau says recognizes NAFTA timeline, will stick up for Canada

LONDON (Reuters) – Canadian Prime Minister Justin Trudeau said on Thursday he recognized the timelines on seeking a NAFTA trade agreement and was engaging as much as possible to meet an opportunity to make “significant progress”.

Trump launches effort to boost U.S. weapons sales abroad

WASHINGTON (Reuters) – The Trump administration rolled out a long-awaited overhaul of U.S. arms export policy on Thursday aimed at expanding sales to allies, saying it will bolster the American defense industry and create jobs at home.

AT&T CEO Stephenson says deal needed in content-dependent world

WASHINGTON (Reuters) – AT&T CEO Randall Stephenson said on Thursday his company’s bid to buy movie and TV show maker Time Warner would allow the two firms to serve customers better by lowering pay TV rates, rejecting government arguments the deal would raise consumer prices.

Shire rejects $63 billion Takeda bid as Allergan drops pursuit

NEW YORK/LONDON (Reuters) – London-listed rare disease drug maker Shire Plc said on Thursday it had rejected a $63 billion cash-and-stock acquisition offer by Japan’s Takeda Pharmaceutical Co , even as their talks continued, while Allergan Plc dropped its rival bid.

Apple, Philip Morris, chips lead slide on Wall Street

(Reuters) – U.S. stocks fell on Thursday, as technology stocks from Apple to chipmakers declined following a weak forecast on smartphone demand, while a sharp drop in Philip Morris’s shares after results weighed on the consumer staples sector.

Peugeot boss faces toughest adversary yet in IG Metall

PARIS/FRANKFURT (Reuters) – PSA Group boss Carlos Tavares, whose career has seen him thrash out margin-boosting labor deals for two carmakers in several countries, is now taking on Germany’s IG Metall union, which has been the undoing of many a cost cutter.

BlackRock wants regulators to address unequal voting rights

BOSTON (Reuters) – BlackRock Inc on Thursday called on securities regulators to set international standards for shareholder voting rights, suggesting they resolve one of the thorniest debates in corporate governance.

European utilities retrench as cross-border deals lose appeal

PARIS/FRANKFURT (Reuters) – European utility companies are retrenching in their home markets and looking to unwind debt-financed cross-border mergers deals as increasingly nationalist governments balk at foreign ownership of strategic power supplies.

TSMC’s smartphone warning points squarely at Apple: analysts

(Reuters) – Shares in Apple Inc and its suppliers fell on Thursday after a raft of analysts read a prediction of softer smartphone sales from Taiwan Semiconductor Manufacturing Co Ltd as driven chiefly by concern about demand for iPhones.

Apple, Philip Morris, chip stocks lead Wall Street slide

(Reuters) – U.S. stocks dropped on Thursday, weighed down by a broad-based decline in technology stocks from Apple to chipmakers as well as a tumble in consumer staples such as Philip Morris and P&G.

GM Korea, union fail to reach agreement before Friday deadline

SEOUL (Reuters) – Wage talks between General Motors’ South Korean unit and its labor union ended without an agreement on Thursday, a day before the deadline the company had set for filing for bankruptcy.

Allergan moves in as Shire rebuffs $63 billion Takeda bid: sources

NEW YORK/LONDON (Reuters) – Drugmaker Shire has rejected a third takeover bid worth nearly $63 billion from Japan’s Takeda Pharmaceutical , although talks are continuing, while sources said Allergan was also in competing negotiations.

The great Russian oil game in Iraqi Kurdistan

LONDON (Reuters) – Last October, at the height of a political crisis in Iraq’s Kurdistan region, a letter arrived at the Iraqi oil ministry in Baghdad from Igor Sechin, head of Kremlin oil major Rosneft .

Apple, P&G and chip stocks lead Wall Street lower

(Reuters) – Wall Street slid on Thursday morning, weighed down by a broad-based slump in technology stocks from Apple to chipmakers as well as a tumble in consumer staples such as Procter & Gamble.

Exclusive: Allergan in talks to acquire Shire, competing against Takeda – sources

(Reuters) – Botox maker Allergan Plc is in talks to acquire Shire Plc, competing against Japan’s Takeda Pharmaceutical Co Ltd for the London-listed drugmaker, two sources familiar with the matter said on Thursday.

ZTE woes may boost network rivals Ericsson and Nokia

STOCKHOLM/LONDON (Reuters) – Investors are warming to beleaguered mobile network makers Ericsson and Nokia as they begin to recover ahead of a once-a-decade uplift from a new business cycle and an unexpected boost from a U.S. ban on exports to low-cost Chinese rival ZTE.

P&G earnings beat as struggling retailers, costs eat into margins

(Reuters) – The world’s largest consumer goods maker Procter & Gamble Co narrowly beat quarterly earnings expectations on Thursday, saying shrinking retailer inventories and higher commodities and transportation costs squeezed margins.

Takeda in talks with Shire after $61 billion bid rejected

LONDON/NEW YORK (Reuters) – Japan’s Takeda Pharmaceutical is in negotiations with Shire after making a third takeover bid worth around $61 billion that was rejected by the London-listed rare diseases drugmaker.

Oil climbs on Saudi price ambitions and U.S. stocks draw

LONDON (Reuters) – Oil prices kept rising to their highest since late 2014 as U.S. crude inventories declined, moving closer to five-year averages, and after sources told Reuters that top exporter Saudi Arabia aims to push prices even higher.

Wall St. eyes lower opening as chip stocks, Apple drop

(Reuters) – Wall Street was on track to open lower on Thursday dragged by declines in chip stocks following a weak forecast from Taiwan Semiconductor, the world’s largest contract chipmaker.

Lyft to offset emissions from rides with projects combating climate change

SAN FRANCISCO (Reuters) – Lyft Inc is launching a program on Thursday to offset emissions from the 1.4 million cars that drive for the U.S. ride-hailing service by investing in projects to reduce other sources of greenhouse gas, the company said.

Venture capital firm Fort Ross aims to bring more U.S. startups to Russia

SAN FRANCISCO (Reuters) – A venture capital firm aiming to bring more U.S. startups to Russia has raised a $200 million fund, hoping to use the fresh pool of money to help Silicon Valley companies deliver their services to Russia’s biggest corporations and its millions of internet-connected consumers.

U.S. ban on sales to ZTE triggers patriotic rhetoric in China

HONG KONG (Reuters) – A U.S. ban on sales of American components to ZTE Corp has unleashed a patriotic backlash in China’s cyberspace, highlighting the growing tension between the world’s two largest economies.

Exclusive: China looks to speed up chip plans as U.S. trade tensions boil – sources

BEIJING (Reuters) – China is looking to accelerate plans to develop its domestic semiconductor market amid a fierce trade stand-off with the United States and a U.S. ban on sales to Chinese phone maker ZTE that has underscored the country’s reliance on imported chips.

Takeda makes $61 billion bid for drugmaker Shire: sources

LONDON (Reuters) – Takeda Pharmaceutical has made a bid for Shire that values the London-listed drugmaker at around $61 billion, two sources with direct knowledge of the matter told Reuters.

Futures dip as chip stocks, Apple offset rising oil prices

(Reuters) – U.S. stock index futures edged lower on Thursday, as the effect of higher oil prices was offset by declines in chipmakers, following a weak forecast from Taiwan Semiconductor, the world’s largest contract chipmaker.

Qualcomm concessions insufficient to clinch NXP deal: commerce ministry

BEIJING (Reuters) – U.S. chipmaker Qualcomm will have to do more to complete its proposed takeover of NXP Semiconductors , a commerce ministry spokesman said on Thursday.

P&G quarterly results surpass estimates

(Reuters) – Procter & Gamble Co reported better-than-expected quarterly results on Thursday, boosted by strong demand for skincare products Olay and SK-II, as well as fabric and home care products such as Febreze.

Sky reports strong quarter before bid battle steps up

LONDON (Reuters) – Sky , the pay-TV group at the center of a takeover battle between Fox, Disney and Comcast, reported a strong third quarter on Thursday, underlining its appeal to rival U.S. entertainment groups who want to expand in Europe.

EU court adviser snubs Nestle KitKat trademark appeal

LUXEMBOURG (Reuters) – A legal adviser to the European Union’s top court advised judges on Thursday to reject an appeal by Nestle in defense of its EU trademark for its KitKat chocolate wafer biscuit.

Morgan Stanley seeks new court in Italian derivatives case

ROME (Reuters) – Morgan Stanley on Thursday asked to have a lawsuit against it for 2.7 billion euros ($3.34 billion) in damages thrown out of an Italian administrative court, an Italian judge said.

P&G to buy German Merck’s consumer health unit for $4.2 billion

(Reuters) – Procter & Gamble Co (P&G) has agreed to acquire Merck KGaA’s consumer health unit for 3.4 billion euros ($4.2 billion), giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets.

Opel CEO says German costs twice those of other plants: source

HAMBURG (Reuters) – Some of Opel’s German plants cost twice as much to run as new French owner PSA Group’s other factories, Opel’s chief executive told employees as the company tries to hammer out an effiency deal with labor leaders in return for investments.

Head of Publicis stays tight-lipped over peer WPP

PARIS (Reuters) – The head of French advertising group Publicis refused on Thursday to get drawn into commenting on rival WPP , following the shock departure of WPP’s boss Martin Sorrell.

Morgan Stanley to seek new court for Italian derivatives case: sources

ROME (Reuters) – Morgan Stanley on Thursday will seek to have a suit against it for 2.7 billion euros ($3.34 billion) in damages thrown out of an Italian administrative court, three sources close to the case told Reuters.

Commodities rocket on $100 oil talk, metals stress

LONDON (Reuters) – Talk that Saudi Arabia has its sights on $80-$100 a barrel oil again ignited a fierce rally in commodities and resource stocks on Thursday, though the potential boost to inflation globally put some pressure on fixed-income assets.

Uber picks VMware’s Zane Rowe as CFO: Bloomberg

(Reuters) – Uber Technologies Inc has picked VMware Inc’s Zane Rowe as the top candidate for chief financial officer to lead preparations for the ride-hailing company’s initial public offering in 2019, Bloomberg reported on Wednesday.

Lost home, fees for the dead – Australia banking inquiry hears testimony

SYDNEY (Reuters) – An Australian inquiry into the financial services sector heard tearful testimony on Thursday from a nurse who lost her home after taking advice from a major lender, and that the country’s biggest bank knowingly charged dead clients for counsel.

China’s ZTE removed chief compliance officer before U.S. sanction: source

HONG KONG (Reuters) – ZTE Corp’s chief compliance and chief legal officer was removed from his posts more than a month before the Chinese telecom equipment maker was slapped with U.S. sanctions this week, a company source with direct knowledge of the situation told Reuters.

Exxon faces setback in Iraq as oil and water mix

LONDON/BASRA, Iraq (Reuters) – Talks between Exxon Mobil and Iraq on a multi-billion-dollar infrastructure contract have reached an impasse, Iraqi officials and two industry sources said, in a potential setback to the oil major’s ambitions to expand in the country.

As GM mulls options for unit, how does bankruptcy work in South Korea?

SEOUL (Reuters) – General Motors has said its loss-making South Korean operation would file for bankruptcy if its union failed to agree to cut labor costs by Friday, heaping pressure on workers and the South Korean government to approve a rescue plan.

Oil near 3-1/2 year highs as Saudi backs higher prices, U.S. stocks draw

SINGAPORE (Reuters) – Oil prices rose on Thursday to their highest in over three years as U.S. crude inventories declined and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies.

Commodities, resource stocks ride oil surge in Asia

SYDNEY (Reuters) – Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014 and ignited a rally across commodities, though the potential boost to inflation globally also put some pressure on fixed-income assets.

P&G to buy German Merck’s consumer health business for about $4.21 billion

(Reuters) – Procter & Gamble Co agreed to acquire the consumer health business of German pharmaceuticals company Merck KGaA for about 3.4 billion euros ($4.21 billion) in cash, the companies said on Thursday.

Oil near late-2014 highs as Saudi backs higher prices, U.S. crude stocks decline

SINGAPORE (Reuters) – Oil prices rose on Thursday to their highest since the end of 2014 as U.S. crude inventories declined and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies.