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Tuesday, May 23, 2017

Wall St. set to open higher ahead Trump's budget plan

(Reuters) - U.S. stocks looked set to open higher on Tuesday, shrugging off a deadly bomb blast in Britain and ahead of U.S. President Donald Trump's first full budget plan that is aimed at slashing government spending and trimming the deficit.

U.S. plan to sell oil reserves undermines OPEC supply management efforts

SINGAPORE (Reuters) - U.S. President Donald Trump's proposal to sell half of the United States' strategic oil reserve surprised energy markets on Tuesday since it counters OPEC's efforts to control supply in order to boost prices.

Trump seeks to slash government spending in budget plan

WASHINGTON (Reuters) - The White House on Tuesday will ask Republicans who control the U.S. Congress - and federal purse strings - to slash spending on healthcare and food assistance programs for the poor as they push ahead on plans to cut taxes and trim the deficit.

GM to cut 600 South Africa jobs by July as it pulls out of country

CAPE TOWN (Reuters) - South Africa's top manufacturing union NUMSA said late Monday that 600 workers out of 1,500 at General Motors SA will lose their jobs by July after a decision last week by the car maker to sell its local operations.

China to open more sectors to foreign investors

BEIJING (Reuters) - China will further open its economy to foreign investors, through measures such as allowing investment in more industries, such as services, state television said on Tuesday, citing a reform group meeting chaired by President Xi Jinping.

As Syngenta deal closes, ChemChina and Sinochem press $120 billion deal: sources

HONG KONG/BEIJING (Reuters) - Chinese state-owned Sinochem and ChemChina are in merger talks to create the world's biggest industrial chemicals firm, to be headed by Sinochem chief Ning Gaoning, four people with knowledge of the negotiations said.

Daimler says German prosecutors search premises in emissions probe

FRANKFURT (Reuters) - German carmaker Daimler on Tuesday said the Stuttgart public prosecutor’s office would search Daimler premises as part of a fraud probe related to the possible manipulation of exhaust-gas after-treatment in diesel-engine cars.

CEOs of Target, ADM to square off on U.S. border tax at hearing

WASHINGTON (Reuters) - The chief executive officers of two major American companies - retailer Target Corp and agribusiness Archer Daniels Midland Co - will offer countering views in a hearing before U.S. lawmakers on Tuesday on a proposed border adjustment tax.

German Fin Min sees deal for Greece in three weeks 'if all goes well'

BRUSSELS (Reuters) - Germany's Finance Minister Wolfgang Schaeuble expressed some confidence on Tuesday that Greece's international creditors would overcome their differences and agree in three weeks on a deal that would release more loans to Athens.

Trial over RBS 2008 cash call faces further delay amid settlement talks

LONDON (Reuters) - A trial in which Royal Bank of Scotland is accused by investors of misleading them over its 2008 fundraising is set to be delayed for a second day, as frantic settlement talks between the claimants and the bank continued in London on Tuesday.