Business

U.S. to scrap trade deal on Russian steel duties

(Reuters) – The U.S. Department of Commerce will terminate a 15-year-old deal sheltering Russian flat-rolled steel producers from high import duties, it said in a letter to Russian authorities. In the letter published on Monday, the United States gave Russia60 days notice of the termination and said anti-dumping duties would then apply. The so-called suspension agreement has sheltered Russian steelmakers from anti-dumping duties as high as 184.56 percent on hot-rolled, flat-rolled, carbon quality steel, instead setting a cap on […]

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Daimler sees $780 million windfall from sale of Tesla stake

(Reuters) – Daimler AG (DAIGn.DE) said on Tuesday it would book a $780 million windfall from selling its 4 percent stake in rival electric car maker Tesla Motors Inc (TSLA.O). The stake sale comes as a surprise, even though the Stuttgart-based maker of Mercedes-Benz cars insisted that a technological cooperation deal between the two carmakers remains unchanged. Tesla declined to comment. In a statement, Daimler Chief Financial Officer Bodo Uebber said, “We are extremely satisfied with the […]

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Yahoo ekes out third quarter revenue gain despite display ad weakness

(Reuters) – Yahoo Inc reported a modest increase in revenue during the third quarter, exceeding lackluster Wall Street targets, as the Internet company’s online display advertising business continued to struggle. Shares of Yahoo rose 1.1 percent to $40.61 in extended trading on Tuesday. “This is a continuation of what we’ve seen for most of the last two years,” said Pivotal Research Group analyst Brian Wieser, citing the ongoing weakness in the display advertising business. Yahoo’s revenue, excluding fees shared with partner […]

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More lawsuits filed against Honda, Takata over air bags

(Reuters) – The recall crisis involving Takata-made air bags exploding with too much force and spraying vehicle occupants with metal shrapnel is growing, with two more lawsuits filed over accidents in older Honda cars. News of the lawsuits came a day after Toyota Motor Corp (7203.T) on Monday recalled 247,000 vehicles in the United States because of potentially defective air bags made by Takata Corp (7312.T). Also on Monday, U.S. safety regulators urged consumers affected […]

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Oil falls below $86 as oversupply, global economy worries weigh

(Reuters) – Brent crude fell on Monday, dropping below $86 a barrel as worries about booming supply and sluggish demand pushed the global oil benchmark back toward last week’s four-year low. U.S. crude hovered below $83 a barrel. Brent tumbled more than a dollar in early U.S. trade, but bounced off session lows as global equities markets gained. Oil prices are down more than 25 percent since June on concern about a saturated global oil […]

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Deaths linked to GM ignition-switch defect rise to 29

(Reuters) – A program to compensate victims of a faulty ignition switch in General Motors Co (GM.N) vehicles has approved two new death claims, bringing the total number of deaths linked so far to the switch to 29, according to a report released on Monday by the lawyer overseeing the program. Since it began accepting claims on Aug. 1, the program has received a total of 1,517 claims for deaths and injuries, according to the […]

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Toyota recalls 247,000 vehicles in U.S. over Takata air bags

(Reuters) – Toyota Motor Corp recalled 247,000 cars, SUVs and pickup trucks in the United States on Monday because of potentially defective front passenger air bag inflators from Japan’s Takata Corp that can rupture and spray metal shrapnel, according to U.S. safety regulators. That raised the number of vehicles affected by regional recalls launched in June by several automakers due to the Takata air bags to more than 4.5 million. The regional recalls by Toyota […]

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Total CEO Christophe de Margerie killed in Moscow plane accident: airport spokeswoman

(Reuters) – Total SA (TOTF.PA) CEO Christophe de Margerie was killed in an airplane accident at Moscow’s Vnukovo airport, airport spokeswoman Elena Krylova said on Tuesday. “Tonight, a plane crashed when it collided with a snow-clearing machine. Three crew members and a passenger died. I can confirm that the passenger was Total’s head de Margerie,” she said. Total was not immediately reachable for confirmation.  

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Lufthansa cancels 1,450 flights, 200,000 passengers affected by new pilots’ strike

(Reuters) — German airline Lufthansa cancelled 1,450 flights after a pilots union called for a strike on Monday (October 20) and Tuesday, adding to travellers’ misery after millions were left stranded by a weekend-long train drivers’ stoppage. Lufthansa said late on Sunday more than 200,000 passengers and two thirds of its scheduled flights – short and mid-length services, mostly within Europe – would be affected by the strike. Both the pilots’ and train drivers’ strikes hit at […]

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Toyota recalls 1.67 million Toyota, Lexus cars

(Reuters) – Japan’s Toyota Motor Corp said on Wednesday it would recall a total 1.67 million vehicles globally in a voluntary move to address three separate defects including a faulty brake master cylinder that could hinder the brake’s performance. Toyota said in an email it was not aware of any crashes, injuries or deaths resulting from the defects. Some 1.05 million vehicles will be recalled in Japan and 615,000 overseas, covering Toyota models Crown Majesta, […]

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Facing new oil glut, Saudi tries to avoid 1980s mistakes to halt price slide

(Reuters) – Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world’s top oil exporter Saudi Arabia is determined not to make the same mistake again. The oil glut of the 1980s, the early days of the modern crude market and a distant memory for most traders, has resurfaced recently in conversations with Saudi officials and veteran analysts who see it […]

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What can we learn from Abenomics?

Author: Adam S. Posen, Peterson Institute of International Economics (Courtesy East Asia Forum) — One of the striking things about the past few decades of Japan’s economic history has been the fact that textbook macroeconomics could have predicted most of it. Back in the late 1990s, this was a controversial point of view. Many people spoke about the ‘specialness’ of the Japanese economy, just as they have about the ‘specialness’ of recent monetary policy. This over-complication seems […]

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