Exxon sues U.S. over fine levied for Russia deal under Tillerson

WASHINGTON/HOUSTON - Exxon Mobil Corp  sued the U.S. government on Thursday, blasting as "unlawful" and "capricious" a $2 million fine levied against it for a three-year-old oil joint venture with Russia's Rosneft 

The U.S. Treasury Department on Thursday morning slapped the world's largest publicly traded oil producer with the fi

U.S. toughens stance on foreign deals in blow to China`s buying spree

A secretive U.S. government panel has objected to at least nine acquisitions of U.S. companies by foreign buyers so far this year, people familiar with the matter said, a historically high number that bodes poorly for China's overseas buying spree.

The objections indicate that the Committee on Foreign Investment in the United States (CFIUS), which reviews acquisitions by foreign e

Dollar near two-year lows vs euro after Draghi comments

TOKYO - The dollar headed for weekly losses on Friday, wallowing at its lowest levels against the euro in nearly two years after European Central Bank chief Mario Draghi said policymakers would discuss changing its bond-buying programme in the autumn.

The dollar index , which tracks the greenback against a basket of six major rivals, was flat on the day at 94.316, not

Gold steady, on track for second straight weekly gain

BENGALURU  - Gold held steady early on Friday and was on track for a second consecutive weekly gain after easing from a three-week high hit in the previous session.

FUNDAMENTALS

* Spot gold edged down 0.04 percent to $1,243.80 per ounce at 0049 GMT after touching a three-week high on $1,247.48 an ounce in the previous session. It has ri

China says U.S. talks covered joint efforts on excess steel capacity

By David Lawder

WASHINGTON - Seeking a more positive spin on U.S.-China economic talks viewed as ending in discord, China said on Thursday that the two sides agreed to "active and effective measures" to reduce global excess steel production capacity.

The statement issued a day after the talks by the Chinese embassy in Washington did not elaborate o

U.S., China fail to agree on trade issues, casting doubt on other issues

By David Lawder and Lesley Wroughton

WASHINGTON - The United States and China failed on Wednesday to agree on major new steps to reduce the U.S. trade deficit with China, casting doubt over President Donald Trump's economic and security relations with Beijing.

The annual economic dialogue session in Washington ended with canceled news conferences, no joi

Factbox: Big U.S. banks fail to impress, Morgan Stanley stands out

Most big U.S. banks reported better-than-expected quarterly profits but failed to enthuse investors who were looking for better results and a sunnier outlook.

However, Morgan Stanley, which wrapped up big bank earnings on Wednesday, managed to pull a rare feat in producing more trading gains than rival Goldman Sachs.

While trading and mortgage lending remained weak, the bank

NAFTA exit, border tax would raise U.S. carmakers` costs: study

DETROIT - A U.S. exit from NAFTA or implementation of a border tax would result in many billions of dollars in additional costs for automakers and their suppliers and add hundreds of dollars to each car's production costs, according to a study released on Wednesday.

"Vitality in the motor vehicle sector hinges on a globally integrated supply chain," said

U.S. appeals court voids Libor convictions of ex-London traders

NEW YORK - A U.S. appeals court on Wednesday overturned the convictions of two former London traders from the first U.S. criminal trial stemming from the worldwide probe into manipulation of the Libor interest rate benchmark.

The 2nd U.S. Circuit Court of Appeals in New York said Anthony Allen's and Anthony Conti's constitutional right against self-incriminati

U.S. homebuilding hits four-month high, supply constraints remain

WASHINGTON - U.S. homebuilding surged to a four-month high in June, but construction activity remains constrained by rising lumber prices and labor and land shortages.

June's better-than-expected increase in housing starts ended three straight months of declines, offering hope that investment in homebuilding was only a modest drag on economic growth in the second

Reckitt cuts the mustard with $4.2 billion food business sale

U.S. spices maker McCormick & Co Inc has agreed to buy Reckitt Benckiser Group's food business for a higher-than-expected $4.2 billion to give it a wider variety of seasonings and sauces.

London-listed Reckitt said in April it was reviewing options for the unit, which includes French's mustard and Frank's RedHot sauce, to cut its debt following the $16.6 billion purcha

Akzo Nobel CEO quits, successor must deliver merger defence promises

AMSTERDAM - The chief executive of Akzo Nobel, Ton Buechner, has stepped down for health reasons, leaving his successor to deliver the higher sales and margins promised when the Dutch paintmaker fended off a U.S. takeover attempt this year.

Chemicals division chief Thierry Vanlancker, 52, who joined in 2016, replaces Buechner, who repelled a 26.3 billion euro ($30.35

U.S., China talks seen offering small-scale market access deals

WASHINGTON  - U.S. and Chinese officials will try to ease trade tensions and bridge differences on Wednesday in annual economic talks that trade experts say will likely yield some small-scale agreements to grant U.S. firms more access to some of China's markets.

But the talks are not expected to solve larger problems, such as U.S. complaints about China's

Oil dips on rising U.S. crude inventories, high OPEC supplies

SINGAPORE  - Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang.

Brent crude futures, the international benchmark for oil prices, were at $48.81 per barrel at 0259 GMT, down 3 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futur

Bank of Americas quarterly profit rises 11 percent

 Bank of America Corp , the second-largest U.S. lender by assets, reported an 11 percent rise in quarterly profit on Tuesday as net interest income increased.

Net income attributable to shareholders rose to $4.91 billion in the second quarter ended June 30 from $4.42 billion a year earlier.

Earnings per share rose to 46 cents from 41 cents.

Analysts on average

Mahindra Group to double US investment in next 5 years

Indian conglomerate Mahindra Group plans to double its investment in the US within the next five years, the group's top executives have said.

Mahindra has invested $1 billion in the US market to date, employing about 3,000 Americans and generating annual revenue of $2.6 billion, Xinhua news agency cited Mahindra and Mahindra Managing Director Pawan Goenka as saying.

Goen

Global markets: Setback for Trump agenda leaves dollar stranded

LONDON - The dollar fell to a 10-month low on Tuesday, bearing the brunt of a selloff triggered by another setback to U.S. President Donald Trump's agenda and scaled back expectations for another rate hike at Federal Reserve this year.

The announcement overnight that two Republican senators would not support the latest version of the healthcare bill -- had led to

Fed to announce balance sheet unwind in Sept, hike rates in Quarterly Result Reuters poll

BENGALURU- The U.S. Federal Reserve will announce plans to shrink its more than $4 trillion balance sheet in September, according to a Reuters poll of economists who also said the central bank will wait until the fourth quarter before raising rates again.

Results in the survey are in line with what Fed officials have hinted at in recent weeks, even as they are split o

U.S. makes lower trade deficit top priority in NAFTA talks

WASHINGTON - The United States on Monday launched the first salvo in the renegotiation of the 23-year-old North American Free Trade Agreement (NAFTA), saying its top priority for the talks was shrinking the U.S. trade deficit with Canada and Mexico.

In a much-anticipated document sent to lawmakers, U.S. Trade Representative Robert Lighthizer said he would seek to redu

Netflix beats subscriber targets, shares jump over 10 percent

 Netflix Inc crushed Wall Street forecasts by adding 5.2 million new streaming customers in the second quarter and predicted continued momentum as foreign subscriptions topped those in the United States, lifting its stock 10.4 percent on Monday.

Shares of the streaming-television pioneer jumped $16.82 to $178.55 in after-hours trading, beating their all-time intraday high of $166

U.S. dairy lobby increases pressure on Canada; NAFTA fight looms

OTTAWA/WINNIPEG - The U.S. dairy lobby is ratcheting up the pressure on Canada as talks to renegotiate NAFTA draw closer, demanding concessions the Canadian government looks unwilling to grant, according to people familiar with the file.

The result could be a brawl that sours efforts to modernize the North American Free Trade Agreement, under which Canada sends most o

Wall Street ends flat; Netflix jumps after the bell

NEW YORK - U.S. stocks closed little changed in low volume on Monday as gains in utilities and consumer stocks offset declines in healthcare, with earnings news filtering out winners and losers across the board.

BlackRock shares  fell 3.1 percent to $424.63 after the world's biggest asset manager's quarterly profit came in below expectations.

Af

Asian shares, dollar slip as passage of US healthcare bill doubtful

TOKYO  - Asian shares stepped back from more than two-year highs on Tuesday and the dollar extended losses as passage of a U.S. healthcare bill grew doubtful, and as investors bet the Federal Reserve will be more cautious about raising interest rates.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent, a day after scaling its loft

Mexico welcomes U.S. NAFTA objectives, eyes stronger North America

MEXICO CITY  - Mexico's government on Monday said it would work to strengthen the North American economy after the United States published its objectives for the renegotiation of the NAFTA trade deal, which one Mexican official described as "not as bad" as feared.

In a statement, the Mexican economy ministry said it expected talks between the U

Dollar index hits 10-month low on Fed bets, strong China data

NEW YORK - The U.S. dollar hit its lowest level against a basket of major currencies in 10 months on Monday and the Australian dollar hit a more than two-year high on strong Chinese economic data and doubts that the Federal Reserve would raise interest rates again this year.

China's second-quarter gross domestic product topped forecasts with a rise of 6.9 percent