Bayer to win EU approval for $62.5-bn Monsanto deal: Sources

German drug and crop chemicals maker Bayer is set to win conditional European Union antitrust approval for its $62.5 billion bid for world No. 1 seed company Monsanto, two people familiar with the matter said on Wednesday.

The takeover, one of a trio of major deals in the agribusiness sector in recent years, would create a company with a share of more than a quarter of the world's seed and pesticides market.

Shifting weather patterns, competition in grain exports and a souring global farm economy have spurred consolidation among the major players, triggering protests from environmental and farming groups worried about their market power.

Bayer has already pledged to sell certain seed and herbicide assets for 5.9 billion euros ($7.2 billion) to BASF to address EU regulatory concerns.

Trump names 'safe' choice Jerome Powell to lead US Fed: 5 questions answered

ditor’s note: Markets breathed a sigh of relief after President Donald Trump named Jerome Powell his pick to be the next chair of the Federal Reserve. If confirmed, Powell – considered a “safe” choice – would take over from current Chair Janet Yellen in February, becoming one of the world’s most powerful people. So what’s the big deal? Economist Greg Wright explains why who leads the U.S. central bank matters to us all.

What does the Fed do?

The Federal Reserve oversees all banks and financial institutions based in the U.S., including branches of foreign companies, and also sets U.S. monetary policy.

The main way it does the latter is through its target interest rate. This benchmark influences the pace of economic growth, the level of employment and the price of goods, services and assets around the world. As the engine behind the world’s most important economy, the Fed’s influence is hard to overstate.

As a result, the Fed affects the likelihood that you – and millions of others around the world – will keep your job, will be able to afford a new home and will be able to retire when you want. And while most Fed decisions are made by a seven-member Board of Governors, the chair’s voice is by the far the most important. For this reason the Fed chair is sometimes referred to as the “second-most-powerful person in the world” – after the U.S. president
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Apple delivers higher profit as iPhone X launches on Friday

Apple profits rose on the back of strong iPhone sales in the past quarter, the company reported today, as the US tech giant begins selling its newest flagship handset.

Net profit rose 19 per cent from a year ago to $10.7 billion in the fiscal fourth quarter to September 30, Apple said. Revenues were up 12 per cent to $52.6 billion.

Release of the earnings figures pushed Apple shares up more than three percent to $173.20 and came as iPhone X models began hitting the market in some time zones.

Apple sold more iPhones, iPads and Mac computers than it did in the same quarter a year earlier. Smartphones sales climbed by about a million units to 46.7 million in the three months winding up the California company's fiscal year, according to the earnings report.

"We're happy to report a very strong finish to a great fiscal 2017, with record fourth-quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for services," Apple chief executive Tim Cook said in the release.

"We're looking forward to a great holiday season, and with the launch of iPhone X getting underway right now, we couldn't be more excited as we begin to deliver our vision for the future with this stunning device."

Apple closed out its fiscal year posting a full-year profit of $48.35 billion, up 5.8 per cent, on revenues of $229 billion, a rise of 6.3 per cent from the previous year.
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India among its top 3 markets: Nokia phone maker HMD Global

HMD Global, which designs and sells Nokia brand of smartphones and feature phones, on Tuesday said India has become one of its top three global markets within 11 months of launch.

HMD Global is also pumping in significant investment into the Indian market as it looks to become one of the leading players in the country in the next 3-5 years.

"We started our journey very short 11 months ago... India is already among our top 3 markets... There is a potential in India to become our biggest country...because of the country size and also combination of our position as Nokia in the past," HMD Global CEO Florian Seiche told PTI.

He added that the company has introduced a line-up of 11 devices -- both feature and smartphones -- across various price points to cater to various consumer segments in the country.

The other two top markets for HMD are Russia and Indonesia.

HMD Global today launched Nokia 2, its most affordable smartphone that will be available from mid-November. While the exact price was not disclosed, Seiche said it is expected to retail at about 99 euros (nearly Rs 7,500).

The handset features a 5-inch display and 4,100 mAh battery that HMD claims will last for two days.

"USD 100-150 price point is one of the most popular segments and is 17 per cent of the global market volume. In India, this segment is even bigger at 30 per cent of the volume," he said.

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S&P, Nasdaq slip as tech weighs; Dow hits record high

The S&P 500 and the Nasdaq lost ground in late morning trading on Thursday as tech stocks slipped, while the Dow moved above the 22,000 mark to hit a new record.

The S&P tech index — which has been the best performer in 2017, with a 23 per cent rise — was down 0.39 per cent.

Apple, Amazon and Microsoft were top drags on the S&P and the Nasdaq.

However, Tesla's 7.20 per cent jump eased some pressure on the tech-heavy index after the luxury electric car maker reported quarterly revenue that more than doubled.

"The tech sector is going through a consolidation phase where people are taking some money away from big names and putting it towards underperformers," said Randy Frederick, vice president of trading and derivatives at Charles Schwab.

"I don't see that as a bad thing as it helps broaden out this rally."

Quarterly earnings remain in the spotlight to see if valuations are justified, especially with the S&P 500 trading at around 18 times earnings estimates for the next 12 months, well above its long-term average of 15 times.
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Oil prices plunge as drop in US inventories encourage more production

Oil prices rose to near eight-week highs on Wednesday, as a fall in US inventories bolstered expectations that the long-oversupplied market was moving toward balance.

Brent crude futures rose 40 cents to $50.60 a barrel by 1213 GMT, after rallying more than 3 percent on Tuesday.

U.S. West Texas Intermediate futures climbed 50 cents to $48.39 a barrel.

U.S. crude stockpiles fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, the industry group the American Petroleum Institute said on Tuesday.

Crude inventories fell 10.2 million barrels in the week ending July 21 to 487 million, more than the expected decrease of 2.6 million barrels. Data from the U.S. Energy Information Administration on Wednesday could provide more support, with forecasts of a drop for a fourth week in a row.

Tuesday's stock draw added to hopes the long-awaited oil market rebalancing was underway. Saudi Arabia said on Monday it would limit oil exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier.
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