Global Glance: China’s Xi to meet Trump in April; Cenovus buying most of ConocoPhillips’ Canadian assets

Powered by The Associated Press

Here are today’s top business headlines from across the nation and world:

China’s Xi to meet Trump in Mar-a-Lago on April 6-7

BEIJING (AP) — U.S. President Donald Trump will meet with his Chinese counterpart Xi Jinping for the first time on April 6-7 at Trump’s Florida resort, China’s Foreign Ministry announced Thursday, amid a range of pressing issues including trade, North Korea and territorial disputes in the South China Sea. The relationship between the world’s No. 1 and No. 2 economies has been uncertain following the election of Trump, who accused China during his campaign of unfair trade practices and threatened to raise import taxes on Chinese goods and declare Beijing a currency manipulator. Read more

Cenovus buying most of ConocoPhillips’ Canadian assets

CALGARY, Alberta (AP) — Cenovus Energy announced Wednesday it will pay $17.7 billion Canadian (US$ 13.2 billion) for most of ConocoPhillips’ Canadian assets. Houston-based ConocoPhillips is the latest company to reduce exposure to Canada’s oil sands – the world’s third-largest oil reserves. Cenovus CEO Brian Ferguson called it a “transformational acquisition” for the Calgary-based company. Read more

Westinghouse troubles loom over SC, Georgia projects

Westinghouse Electric Co., the U.S. nuclear unit of Japan’s Toshiba Corp., filed for bankruptcy protection Wednesday, calling into question the future of a number of billion-dollar nuclear projects under construction, including two in the U.S. Westinghouse said in a statement that it filed the Chapter 11 petition in the U.S. Bankruptcy Court of New York. The move had been largely expected. The troubles at a company long associated with nuclear power add to the industry’s problems. Nuclear power is cleaner than generating electricity with coal or natural gas, but building a nuclear reactor is much more complex and prohibitively costly. Read more

US economy grew at 2.1 percent rate in Q4

WASHINGTON (AP) — The U.S. economy grew at a slightly faster rate in the fourth quarter than earlier estimates, as consumers powered economic momentum heading into 2017. The gross domestic product, the economy’s total output of goods and services, expanded at an annual rate of 2.1 percent in the October-December period, the Commerce Department reported Thursday. That is an improvement from the previous estimate of 1.9 percent. The added strength stemmed from stronger consumer spending, which offset an increased drag from trade. Read more

Samsung’s Galaxy S8 phone aims to dispel the Note 7 debacle

NEW YORK (AP) — Samsung seems to be playing it safe -at least with its battery – as it unveils its first major smartphone since the embarrassing recall of its fire-prone Note 7. The Galaxy S8 will come in two sizes, both bigger than comparable models from last year. To maximize display space, there’s no more physical home button. The S8 also sports a voice assistant intended to rival Siri and Google Assistant. But battery capacity isn’t increasing, despite the larger sizes, meaning more breathing room for the battery. Samsung had pushed the engineering envelope with the Note 7 battery, which contributed to spontaneous combustions. That recall cost Samsung at least $5.3 billion. Though many customers remain loyal, any further misstep could prove fatal. Read more

Environmental groups file lawsuit over Trump climate change actions

CHICAGO (AP) — Environmental groups that vowed to fight President Donald Trump’s efforts to roll back his predecessor’s plans to curb global warming made good on their promise Wednesday, teaming up with an American Indian tribe to ask a federal court to block an order that lifts restrictions on coal sales from federal lands. The Interior Department last year placed a moratorium on new coal leases on federal lands to review the climate change impacts of burning the fuel and whether taxpayers were getting a fair return. But Trump on Tuesday signed a sweeping executive order that included lifting the moratorium, and also initiated a review of former President Barack Obama’s signature plan to restrict greenhouse gas emissions from coal-fired power plants. Environmentalists say lifting the moratorium will worsen climate change and allow coal to be sold for unfairly low prices. Read more


Amazon tests grocery pickup service in Seattle

NEW YORK (AP) — Amazon is testing a grocery pickup service in Seattle. The AmazonFresh Pickup service is currently open only to Amazon employees. Eventually, members of Amazon’s $99-a-year Prime loyalty program will be able to order groceries online and drive to a pickup location, where crews will deliver items to the car. Amazon says orders will be ready in as little as 15 minutes after being placed. The service is being tested in two locations in Seattle, where Amazon is headquartered. Read more


Want the state’s top business and entrepreneurship news in your inbox? Sign up here for our newsletters.

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students