Markets gain…US limits tech exports to Chinese firm…Volkswagen profit up
SINGAPORE (AP) – World markets were mostly higher on Tuesday after U.S. President Donald Trump said he was ready to strike a “great deal” with China over trade, although he warned of more tariffs if the countries could not find a middle ground. Futures point to an optimistic open on Wall Street. Benchmark U.S. crude oil fell below $67 per barrel. The dollar strengthened against the yen and fell against the euro.
WASHINGTON (AP) – The Trump administration has imposed restrictions on technology exports to a state-supported Chinese semiconductor maker, citing national security grounds amid a mounting tariff battle. The controls imposed Monday on Fujian Jinhua Integrated Circuit Co. reflect concern Chinese competition could drive American technology suppliers out of business, leaving the military without secure sources of components.
FRANKFURT, Germany (AP) – Volkswagen saw net profit more than double in the third quarter even as sales fell due to delays certifying vehicles for new emissions tests. Profit rose to 2.76 billion euros ($3.14 billion) from an adjusted figure of 1.07 billion in the same period last year. Sales revenue rose 0.9 percent to 55.2 billion euros, the company said Tuesday. Vehicles sales, however, fell 3.6 percent in the quarter, to 2.54 million, as the company failed to get vehicles certified in time for new European emissions tests intended to more closely reflect cars’ pollution levels.
BERLIN (AP) – Germany’s headline unemployment rate has dipped to its lowest October level since reunification nearly three decades ago. The Federal Labor Agency said Tuesday that the unadjusted jobless rate in Europe’s biggest economy slipped to 4.9 percent from 5 percent in September, with 2.204 million people registered as unemployed. That’s 53,000 fewer than the previous month and 185,000 fewer than a year earlier.
TOKYO (AP) – Nintendo Co., the Japanese video-game maker behind the Super Mario and Pokemon franchises, has recorded a 12 percent gain in its profit in July-September on the back of healthy Switch console sales. Nintendo said Tuesday that it logged a 34 billion yen ($301 million) profit in the last quarter. Automaker Honda Motor Co. reported a 21 percent jump in its profit of 210.7 billion yen ($1.9 billion), in the last quarter on cost cuts and healthy motorcycle sales. And Sony Corp.’s net profit rose 32 percent in the last quarter, helped by healthy video game sales, to 173 billion yen ($1.5 billion).