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Saudi Arabia freezes new trade with Canada for urging activists’ release

RIYADH/OTTAWA (Reuters) – Saudi Arabia froze new trade and investment with Canada after Ottawa urged Riyadh to free arrested civil society activists, in the top oil exporter’s latest retort to Western criticism of its human rights record. The announcement carried on the official Saudi Press Agency caught diplomats in Riyadh off guard, a source with knowledge of the situation told Reuters, noting that both the Saudi and Canadian ambassadors were away on leave when it was made. …read more […]

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PepsiCo veteran Ramon Laguarta to replace Indra Nooyi as CEO

Laguarta will take over on Oct. 3 and will also join the board, the company said in a statement. A 22-year veteran of PepsiCo, Laguarta oversaw global operations, corporate strategy, public policy and government affairs in his role as president. “Ramon Laguarta is exactly the right person to help build on @PepsiCo’s strong position and success. …read more […]

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Graphic: Race is on for second place after Apple’s $1 trillion valuation

Amazon, Microsoft and Alphabet are locked in a tight race to become the second publicly-listed U.S. company to reach a $1 trillion stock market value after Apple became the first to touch the 13-digit milestone. Wall Street’s optimism about last year’s 10th anniversary iPhone, coupled with record share buybacks, have propelled Apple’s stock 34 percent higher over the past 12 months, pushing the company’s stock market value above $1 trillion on Thursday. The Cupertino, California company’s shares added another 0.3 percent on Friday, putting its market capitalization at $1.005 trillion. …read more […]

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EU asks WTO to certify it has removed Airbus subsidies

The European Union has asked the World Trade Organization to certify that it has complied with WTO rulings on its subsidies for planemaker Airbus, attempting to forestall billions of dollars of U.S. sanctions, a document published by the WTO showed on Monday. The legal move is the latest step in a 14-year-old trade dispute between the EU and the United States over funding for Airbus (AIR.PA) and its U.S. rival Boeing. …read more […]

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5 killed when small plane crashes in California parking lot

Ella Pham said it was a painful thing to see. Pham, 20, and her boyfriend were walking in a parking lot Sunday when they saw a twin-engine Cessna crash, she told the Los Angeles Times. Five people on board the small airplane were killed but nobody on the ground was hurt when the plane crashed in the Southern California parking lot, authorities said. …read more […]

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Barroso Says Trade Protectionism Is Biggest Risk to Global Economy

Aug.06 — Jose Manuel Barroso, former president at the European Commission, discusses the trade tensions between the U.S. and China, how President Trump should handle the trade deficit, the global economy, the U.S.-European trade relationship, and his outlook for Brexit. He speaks on “Bloomberg Markets: Asia.” …read more […]

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RPT-WRAPUP 1-China’s stocks waver after latest tariff volley

China’s stock markets swung in and out of negative territory on Monday, the first day of trading after Beijing proposed retaliatory tariffs on $60 billion worth of U.S. goods, the latest shot in an escalating Sino-U.S. trade war. In contrast, shares in Hong Kong opened higher, with the Hang Seng index gaining 0.4 percent. On Friday, the People’s Bank of China said it would require banks to keep reserves equivalent to 20 percent of their clients’ foreign exchange forward dollar sales positions from Monday, in a move to stabilise the …read more […]