Factbox: From phone makers to farmers, the toll of Trump's trade wars

WASHINGTON (Reuters) - U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet on Saturday to seek an end to a costly trade war between the world’s largest economies.

The United States has demanded wide-ranging economic reforms from China, including providing better protection for American intellectual property, ending subsidies that favor Chinese state-owned enterprises, and improving access to China’s markets for U.S. companies.Trump has imposed tariffs on $250 billion of Chinese imports and is threatening to extend those to cover another $300 billion of goods - effectively everything China exports to the United States.China has retaliated with tariffs on U.S. imports.

Read more

Boeing sees fix for latest 737 MAX software flaw in September

(Reuters) - Boeing Co (BA.N) will take until at least September to fix a newly identified problem on its grounded 737 MAX, a company official told Reuters, meaning the workhorse jet’s return to service will be delayed until October at the earliest, significantly longer than most airlines had expected.

Boeing shares closed 3% lower on Thursday, after the Chicago-based company told air carriers that it would complete the latest software update for the 737 MAX by September after a new issue arose last week during a simulator test.

Read more

Twitter to deemphasize, label politician tweets that break rules

WASHINGTON/SAN FRANCISCO (Reuters) - Twitter Inc (TWTR.N) said on Thursday it would identify and de-emphasize tweets that broke its rules but came from important sources such as politicians, in order to strike a balance between free expression and accountability.

Twitter said the new rules would apply to politicians and government officials with more than 100,000 followers.

Read more

Mexican president says Pemex secures $8 billion multi-bank loan

MEXICO CITY (Reuters) - Mexican state oil company Pemex [PEMX.UL] signed an $8 billion syndicated loan with more than 20 banks to renew credit lines and refinance liabilities, President Andres Manuel Lopez Obrador said on Thursday.

Pemex, saddled with about $106 billion in debt and facing the prospect of a costly credit rating downgrade, announced in February the financial operation, which is aimed at reducing liabilities and providing funds for investment.

Read more

Nike misses quarterly profit estimates on higher marketing expenses

(Reuters) - Nike Inc (NKE.N) missed analysts’ estimates for quarterly profit on Thursday, as the world’s largest sportswear maker spent more on marketing and new product launches.

To generate more demand Nike has collaborated with more celebrities, sped up product development in its popular Jordan sneaker brand and ramped up marketing around major sporting events.

Read more

Mitsubishi weighs new Canadian engineering design center in Montreal: source

MONTREAL (Reuters) - Mitsubishi Heavy Industries Ltd, is weighing the creation of a new engineering design center in Montreal, a source familiar with the matter told Reuters, in a move fueled by the company’s planned acquisition of Bombardier’s CRJ regional jet business.

The engineering design center will start with “a couple hundred” workers to support the development of its smaller Spacejet model, the 65- to 76-seat M100 jet, in collaboration with sites in Japan and Seattle, the source added.

Read more

FCC probes whether Sinclair misled agency during failed Tribune deal

WASHINGTON (Reuters) - Shares in Sinclair Broadcast Group Inc fell by 1.6% after the U.S. Federal Communications Commission disclosed it has opened an investigation into whether the company misled the agency in its failed effort to win approval for a $3.9 billion bid to purchase Tribune Media Co.

In a June 25 letter to Sinclair posted Wednesday on the FCC’s website, the government agency’s media bureau directed Sinclair to answer a series of questions by July 9.

Read more

Oil edges higher ahead of G20, OPEC meeting

NEW YORK (Reuters) - Oil prices edged higher on Thursday on expectations that OPEC will extend an output cut agreement, while investors awaited a meeting between the United States and China that could produce a breakthrough on trade talks.

Brent crude futures rose 6 cents to settle at $66.55 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 5 cents to settle at $59.43 a barrel.

Read more

Western intelligence hacked 'Russia's Google' Yandex to spy on accounts - sources

WASHINGTON/LONDON/SAN FRANCISCO (Reuters) - Hackers working for Western intelligence agencies broke into Russian internet search company Yandex (YNDX.O) in late 2018 deploying a rare type of malware in an attempt to spy on user accounts, four people with knowledge of the matter told Reuters.

The malware, called Regin, is known to be used by the “Five Eyes” intelligence-sharing alliance of the United States, Britain, Australia, New Zealand and Canada, the sources said. Intelligence agencies in those countries declined to comment.

Read more

State Street pays $94.3 million to settle U.S., state charges over hidden fund markups

(Reuters) - State Street Corp agreed to pay $94.3 million to settle federal and state regulatory charges it routinely overcharged mutual fund customers and other clients over roughly 17 years by adding hidden markups on back-office expenses.

Thursday’s settlements with the U.S. Securities and Exchange Commission and Massachusetts Attorney General Maura Healey resolve allegations that State Street overbilled clients by more than $170 million related to its custody of their assets.

Read more