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Business San Diego-based Sempra Sempra Energy Texas U.S. 

Sempra Energy to buy Oncor for $9.45 billion in blow for Berkshire

August 21, 2017 (Reuters) – Sempra Energy said it will buy Oncor for $9.45 billion in cash after Energy Future Holdings Corp, which indirectly owns Oncor, abandoned a deal to sell the power transmission company to Warren Buffett’s Berkshire Hathaway Inc. San Diego-based Sempra expects to own about 60 percent of a reorganized Energy Future after the transaction that is valued at $18.8 billion, including Dallas-based Oncor’s debt, it said late on Sunday. The development represents a rare blow for Buffett, who avoids bidding wars for companies and had swooped…

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bill Business state Taiwan Foxconn Wisconsin Republican-controlled 

Taiwan’s Foxconn to build three ancillary facilities as part of Wisconsin LCD campus

August 21, 2017 TAIPEI (Reuters) – Taiwanese electronics manufacturer Foxconn on Monday said it plans to build three facilities in the U.S. state of Wisconsin for operation as early as next year, as part of a campus housing a $10 billion liquid crystal display (LCD) factory due for 2020. Foxconn, which makes electronics under contract for clients such as Apple Inc , announced its $10 billion plan at the White House in July, saying the LCD plant would occupy 1,000 acres in the state’s south east. Foxconn, formally Hon Hai…

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Automotive News Business FCA Fiat Chrysler Jeep report 

China’s Great Wall confirms interest in Fiat Chrysler

August 21, 2017 By Brenda Goh and Norihiko Shirouzu SHANGHAI/BEIJING (Reuters) – China’s Great Wall Motor Co Ltd is interested in bidding for Fiat Chrysler Automobiles (FCA), a company official said on Monday, confirming reports it is pursuing all or part of the owner of the Jeep and Ram truck brands. There has been speculation over Chinese interest in FCA since Automotive News reported last week that an unidentified “well-known Chinese automaker” made an offer earlier this month, triggering a jump in FCA’s Milan-listed shares. “With respect to this case,…

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Business Europe India VW 

VW in no hurry to sell assets, investments more important

August 21, 2017 By Andreas Cremer and Jan Schwartz WOLFSBURG, Germany (Reuters) – Volkswagen is more focused on its multi-billion-euro shift towards electric vehicles and transport services than any potential sale of motorcycle brand Ducati or transmissions maker Renk, its head of strategy told Reuters. Analysts and bankers have been expecting Europe’s biggest carmaker to sell assets soon to help meet the cost of its diesel emissions test cheating scandal, which has already reached as much as $25 billion. But Thomas Sedran said the German company was in no hurry…

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Bengaluru Editing Business North Korea Sruthi Shankar United States 

Wall Street flat as North Korea, White House worries ebb

August 21, 2017 By Sruthi Shankar (Reuters) – U.S. stocks opened little changed on Monday, with some measure of calm returning after a turbulent two weeks during which turmoil in the White House and simmering tensions between the United States and North Korea roiled the markets. Last week, President Donald Trump fired chief strategist Steve Bannon and disbanded some business councils among other political maneuvers, while there was also speculation about the possible departure of National Economic Council Director Gary Cohn. The unrest in the White House again led to…

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Business Jackson Hole month President Donald Trump U.S. 

Shares barely budge amid uncertainty over Trump’s economic agenda

August 21, 2017 By Hideyuki Sano TOKYO (Reuters) – Asian shares were tentative in early Monday trade as investors remained unconvinced about U.S. President Donald Trump’s ability to fulfill his economic agenda, even as the departure of his controversial policy strategist raised hopes of some progress. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.07 percent while Japan’s Nikkei was off 0.4 percent. S&P Mini futures were flat at 2,427, not far from its one-month low of 2,419.5 touched on Friday. Wall Street shares got only a short-lived…

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Berkshire Hathaway Energy Business offer Texas Warren Buffett 

Bankruptcy fight over Oncor to test Warren Buffett’s discipline

August 20, 2017 By Jonathan Stempel and Jessica DiNapoli (Reuters) – Warren Buffett takes pride in naming his price to buy a company, and not paying a nickel more. But the largest U.S. natural gas distribution utility, an unyielding hedge fund, and a Delaware bankruptcy judge now present one of the biggest challenges to the billionaire’s legendary discipline. The board of bankrupt Texas utility Energy Future Holdings will meet later on Sunday to decide whether to sell its crown jewel, power transmission company Oncor, to Buffett’s Berkshire Hathaway Inc or…

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Business debt month New York Trump 

Summer rumblings could herald a stormy fall for U.S. stocks

August 18, 2017 By Saqib Iqbal Ahmed and Megan Davies NEW YORK (Reuters) – The Trump-fed rally in stocks, lately showing signs of faltering as the long Wall Street summer nears its end, faces a key test in the weeks ahead with the approach of a historically unkind season for equities and a clutch of issues – such as raising the debt ceiling – awaiting the return of lawmakers to Washington. With September, typically the worst month in the year for stocks, on the doorstep, investors are likely to be…

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Business fact policy rates speech 

Stability concerns focus at Fed ahead of Yellen speech

August 18, 2017 By Howard Schneider WASHINGTON (Reuters) – The stock market’s steady rise, still low long-term bond yields and a sagging dollar are girding the Fed’s intent to raise interest rates again this year despite concerns about weak inflation, according to comments this week from Fed officials and analysts anticipating remarks next week by Chair Janet Yellen. Minutes of the July Federal Open Market Committee meeting released this week flagged a division among policymakers focused on weak inflation as a reason to stall further rate increases and those who…

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Business German James Liang U.S. VW 

U.S. prosecutors recommend three years in prison for VW engineer Liang

August 18, 2017 DETROIT (Reuters) – Federal prosecutors on Friday recommended a three-year prison sentence for Volkswagen AG engineer James Liang for his role in a diesel emissions scandal that has cost the German automaker as much as $25 billion. Liang, who pleaded guilty to misleading regulators, is cooperating with prosecutors and will be sentenced on Aug. 25. Prosecutors in U.S. District Court in Detroit said Liang, a diesel engine expert with more than 30 years of experience at VW, “provided an insider’s perspective of a company that had lost…

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