Reuters Before the Bell: April 7, 2017

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On trial for bribery, Samsung boss lets lawyers do the talking SEOUL (Reuters) - The third-generation leader of South Korea's top conglomerate was mostly silent at his first court appearance in what has been called the "trial of the century," as his lawyers labored to portray him as an innocent bystander in a graft scandal.

Weak crude oil stunts U.S. energy IPOs, boosts outlook for M&A LONDON/NEW YORK (Reuters) - The stream of U.S. energy companies going public at the start of 2017 has dried up on concerns over the future direction of oil prices, but private buyers seeking mergers and acquisitions are ready to take advantage of the volatility to secure cheap deals.

Stocks off lows, oil rallies after U.S. missile strike on Syria LONDON (Reuters) - Oil prices held near one-month highs on Friday after the United States attacked a Syrian air base but stocks and the dollar recovered early falls when a U.S. official played down the risks of an escalation.

Hyundai, Kia to recall nearly 1.5 million vehicles over engine issue SEOUL (Reuters) - Hyundai Motor Co and Kia Motors Corp said on Friday they plan to recall nearly 1.5 million vehicles in the United States and South Korea due to engine issues, the latest blow for two firms already struggling in key markets.

Ford says to launch Ranger pickup truck in China by 2018 BEIJING (Reuters) - Ford Motor Co plans to launch its mid-size Ranger pickup truck in China in 2018, the U.S. automaker said on Friday.

U.S. weekly jobless claims post largest drop in almost two years WASHINGTON (Reuters) - U.S. job growth likely slowed in March after unseasonably mild weather boosted hiring over the prior two months, but the pace of gains should underscore the economy's strength despite a recent slowdown in economic growth.

Despite 'challenging' environment, GM CFO expects strong 2017 DETROIT (Reuters) - General Motors Co's chief financial officer said on Thursday the automaker expects another "very strong year" in 2017 and reiterated the company's earnings forecast for the year.

GM China vehicle sales fall in first quarter as tax cut rolled back BEIJING (Reuters) - U.S. automaker General Motors Co said on Friday its first quarter sales in China fell 5.2 percent compared to the same period a year ago due to a shift in the government's tax policy and Lunar New Year fluctuations.

Chase for tastier tortillas starts with age-old 'Mexican gold' OTZOLOTEPEC, Mexico (Reuters) - Under a scorching sun, Clemente Enriquez tips his wide-brimmed hat up as he proudly displays in an open palm the conico corn seeds he plants on his small plot in the rolling hills outside this village west of Mexico City.

Samsung tips best quarterly profit in over three years as chips soar SEOUL (Reuters) - Samsung Electronics Co Ltd forecast on Friday its best quarterly profit in more than three years in the January-March period, beating expectations and putting it on track for record annual earnings on the back of a memory chip super-cycle.

-reuters-news-now Friday, April 7, 2017

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U.S. Navy guided-missile destroyer USS Ross (DDG 71) fires a tomahawk land attack missile in Mediterranean Sea on April 7, 2017. Robert S. Price/Courtesy U.S. Navy/Handout via REUTERS

The United States fired cruise missiles on Friday at a Syrian airbase, where it said a deadly chemical weapons attack had been launched this week, the first direct U.S. assault on the government of Bashar al-Assad in six years of civil war.

Full Reuters coverage:

In an abrupt shift in policy, Trump turns to military advisersGraphic: Attack location Trump’s statement on U.S. military strikes in SyriaGraphic: Cruise missile specificationsLive updates

Western allies of the U.S. spoke out in support of the decision to launch the strikes. Several countries said they were notified in advance, but none had been asked to take part.

"There is a clear distinction between air strikes on military targets and the use of chemical weapons against civilians," European Commission President Jean-Claude Juncker said. 

U.S. officials and allies described the attack as a one-off that would not lead to further escalation. It signaled Trump's determination to take "decisive action," U.S. officials said.

The attacks spurred a flight to safety in global financial markets, sending yields on safe-haven U.S. Treasury securities to their lowest since November. Stocks weakened in Asia and U.S. equity index futures slid. Prices for oil and gold both rose, and the dollar slipped against the Japanese yen.

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Business

Billionaire investor Julian Robertson is shutting a portfolio that let outsiders bet with him on would-be star managers and has exited entirely from former protégée Nehal Chopra's Ratan Capital Management, according to recent regulatory filings.

Samsung forecasted its best quarterly profit in more than three years in the January-March period, beating expectations and putting it on track for record annual earnings on the back of a memory chip super-cycle.

Twitter filed a federal lawsuit to block an order by the U.S. government demanding that it reveal who is behind an account opposed to President Donald Trump's tough immigration policies.

Yum Brands Inc's U.S. KFC chain plans to curb the use of antibiotics in its chicken supply, making it the last of the big three chicken restaurants to join the fight against the rise of dangerous antibiotic-resistant bacteria known as superbugs.

Hyundai Motor Co and Kia Motors Corp said on Friday they plan to recall nearly 1.5 million vehicles in the United States and South Korea due to engine issues, the latest blow for two firms already struggling in key markets.

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U.S. - China 

President Donald Trump and first lady Melania Trump welcome Chinese President Xi Jinping and Madame Peng Liyuan for dinner at the start of their summit at Trump’s Mar-a-Lago estate in West Palm Beach, Florida. REUTERS/Carlos Barria

Chinese President Xi Jinping urged cooperation with the U.S. on trade and investment on Thursday, inviting President Donald Trump to visit China in a cordial start to their first meeting likely to broach sensitive security and commercial issues.

Photos: Xi and Trump come face-to-face

A Chinese fighter plane was spotted on a Chinese-held island in the South China Sea, the first such sighting in a year and the first since U.S. President Trump took office, a U.S. think tank reported.

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SCOTUS

The Senate is expected to approve Supreme Court nominee Neil Gorsuch today, restoring the court’s (5-4) conservative majority and making it more likely for the court to support gun rights, an expansive view of religious liberty, abortion regulations and Republican-backed voting restrictions, while opposing curbs on political spending. The court also is likely to tackle transgender rights and union funding in coming years.

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U.S.

Southern states like Alabama have built a presence in the global supply chain in direct competition with the country's Midwestern industrial heartland, as President Trump faces pressure to deliver on his promise to revive manufacturing in the northern "rust belt" states.

A 46-year-old man sued Seattle Mayor Ed Murray for sexual abuse and child prostitution on Thursday, claiming that Murray paid him for sex when he was a homeless, drug-addicted teenager in the 1980s.

New applications for U.S. unemployment benefits recorded their biggest drop in nearly two years last week, pointing to a further tightening in the labor market.

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World

Bomb blasts were among 23 coordinated attacks that rocked Muslim-majority southern Thailand early on Friday, a security officer said, just hours after King Maha Vajiralongkorn signed a new constitution as a step towards ending military rule.

Police fired rubber bullets and tear gas at some protesters in downtown Johannesburg, injuring a man and a woman, as thousands of people marched in South African cities to protest against President Jacob Zuma on Friday.

This weeks coal news highlights - 07th April 2017

Dear Mitra, The latest coal news for the week ending 07th April 2017. Cerrejón joins World Coal Association Published on Apr 07, 2017 01:00 pm World Coal Association welcomes Cerrejón into membership.   Navajo coal-fired generating plant can remain competitive with natural gas Published on Apr 07, 2017 12:00 pm A new study has shown Navajo generating station can be competitive with natural gas through 2040 using Peabody's Reduced-price fuel proposal.   Mkomolo mining licence enlarged successfully Published on Apr 07, 2017 11:30 am Edenville Energy has provided an updated on the enlargement of Mining Licence ML362/2016 has been completed.   NSW Mining 2017 Industry and Suppliers' Award winners announced Published on Apr 07, 2017 11:30 am Representatives of the mining industry and supplier businesses from across NSW tonight joined with MPs from across the NSW Parliament at the 2017 Industry and Suppliers Awards Dinner.   Teck updates steelmaking coal guidance Published on Apr 06, 2017 05:29 pm Teck Resources Ltd has provided preliminary guidance for 2Q steelmaking coal volumes and costs, and an update to its guidance for 1Q17.   Paringa Resources secures loan for Polar Grove coal mine Published on Apr 06, 2017 04:00 pm Paringa Resources has secured a fully underwritten five-year US$20 million project loan facility from Macquarie Bank Ltd to develop the Poplar Grove mine.   Tlou CBM operations remain unaffected by recent earthquake in Botswana Published on Apr 06, 2017 12:45 pm Tlou Energy Ltd reports an update on its operations following an earthquake in Botswana.   Bathurst tenders coal supply agreement Published on Apr 06, 2017 12:10 pm Bathurst Resources Ltd has successfully tendered a coal supply agreement from the company's Canterbury coal mine.   Blazing a trail Published on Apr 06, 2017 12:00 pm West Virginia's federal research laboratory takes innovative approach to energy conversion engineering.   Mitsubishi Corp. participates in a biomass power project Published on Apr 06, 2017 11:26 am Mitsubishi Corporation Power Systems Inc. joins with KEPCO to establish a new joint venture for a biomass power generation project.   Contura Affiliate Operations receive awards for mine safety and health Published on Apr 06, 2017 11:00 am The rewards span Contura's coal surface division along with coal's underground division.   Senior management changes at South32 Published on Apr 06, 2017 10:59 am South32 creates Chief Technology Officer role in response to increasing safety and productivity improvements.   Western Australia's mineral sector still strong Published on Apr 06, 2017 10:49 am "The statistics released by the Department of Mines and Petroleum today highlight that Western Australia's mineral sector remains the engine room of the Australian economy," said Simon Bennison, CEO, AMEC.   EU energy companies pledge no new coal-fired plants from 2020 Published on Apr 06, 2017 10:45 am The new pledge demonstrates that there is no future for coal in the EU.   RCT to exhibit at the Austmine Mining Conference Published on Apr 06, 2017 10:11 am RCT's booth will feature the ControlMaster Guidance simulator, allowing attendees to see the Smart Technology in action.   Komatsu acquires Joy Global Published on Apr 05, 2017 05:14 pm Komatsu expands its mining business through its latest acquisition of Joy Global. Joy. will be renamed Komatsu Mining Corp.   Shareholders to pay the price for poor risk management Published on Apr 05, 2017 04:12 pm EnviroSuite has concluded that after the community, shareholders ultimately pay the price when mining organisations do not employ adequate risk management strategies.   Flexco marks 110 year anniversary Published on Apr 05, 2017 01:49 pm Flexco has celebrated 110 years in business with week-long celebrations all over the world.   Stanmore Coal signs JESA agreement with JOGMEC Published on Apr 05, 2017 12:30 pm Stanmore Coal has announced a new Joint Exploration and Support Agreement with the Japan Oil, Gas and Metals National Corp. (JOGMEC).   Paringa secures US$20 million debt facility Published on Apr 05, 2017 12:00 pm The loan will allow the company to rapidly progress the Poplar Grove mine into construction and first coal.   World Coal - March 2017 The March issue of World Coal includes Regional Reports outlining the coal industry in Mozambique and Mongolia. Technical features include Coal Storage Facilities, Longwall Pumps & Hydraulics, Lubrication & Wear Protection and more. Download your issue » World Coal magazine Tel: +44 (0) 1252 718 999 www.worldcoal.com

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North Korea test fails but Kim gets the attention he wants

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As Donald Trump and Xi Jinping began to build a relationship over a cordial state dinner Thursday evening, the two leaders may have encountered the tough crouton of North Korea in their Caesar salads.

Pyongyang’s nuclear and missile provocations were already on the U.S. agenda ahead of Trump’s first summit with Xi, but in a possible bid to spoil the meeting, Kim Jong Un test-launched a ballistic missile early Wednesday.

U.S. and South Korean officials deemed the test a failure, but it was also the kind of behavior the world has come to expect from North Korea when it wants to raise the stakes on the peninsula.

Ahead of the summit, Trump expressed his frustrations about North Korea and indirectly warned China the United States would act independently if Beijing did not apply more pressure on Pyongyang.

But after the missile test was confirmed, U.S. State Secretary Rex Tillerson offered little public information on next steps, while saying the United States had “spoken enough†about North Korea.

The brevity of the secretary’s remarks was matched by the equal lack of response from Beijing, where the government has become increasingly distant from Pyongyang.

Behind the scenes, however, the Trump administration worked around the clock to reassure allies and coordinate potential measures.

Trump's national security adviser, Lt. Gen. H.R. McMaster, came to an agreement with his Seoul counterpart to coordinate on new measures at the United Nations Security Council and continue onward with THAAD deployment despite warnings from China and Russia.

Trump spoke to Japan’s Shinzo Abe on the phone and pledged increased military support.

North Korea’s missile failures have grown in recent weeks, but U.S. and South Korea officials remain ever more vigilant.

South Korea said it successfully tested a cruise missile that can potentially strike all areas of North Korea, and Seoul worked with the United States and Japan during an anti-submarine exercise.

While North Korea never mentioned the failed missile test, the state did double down on its belligerent rhetoric on Thursday, saying the United States will be held responsible if war erupts on the peninsula, regardless of who initiates provocations.

Elizabeth Shim, a native of Seoul, South Korea, covers Asia for UPI. She is a member of the U.S.-Korea NextGen Scholars Program, an initiative of the Center for Strategic and International Studies Korea Chair in Washington, D.C., and the University of Southern California’s Korean Studies Institute. Read more of her stories here.