The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
(Adds comments from CEO interview)
NEW YORK, May 8 (Reuters) - Thomson Reuters Corp on Wednesday reported stronger-than-expected quarterly profit, boosted by strong demand for information it sells to legal professionals, and reaffirmed its forecast for the rest of this year and 2020.
The news and information provider and parent of Reuters News reported earnings excluding special items of 36 cents per share, compared with 28 cents per share a year ago, helped by lower interest expenses and stock repurchases.
That beat the average analyst estimate of 25 cents, according to IBES data from Refinitiv.
First-quarter revenue rose 8 percent from a year ago to $1.49 billion, slightly below analysts' average estimate of $1.5 billion.
The company's Toronto-listed shares have jumped 60 percent over the last 12 months, hitting an all-time high of C$83.83 on May 1.
Currency exchange rates weighed on sales across the company's operations. Excluding that effect, each of the company's units reported higher revenue. The largest business, Legal Professionals, reported a 3-percent rise in sales in constant currency and a 19-percent jump in adjusted earnings.
"Whats driving our business is the ever-increasing regulatory environment that our clients have to deal with and needs for efficiencies and tools to help our professional customers do their job," Chief Executive Jim Smith said in an interview.
Asked for an update on the company's acquisitions strategy, Smith said, "We are still hunting. We are actively exploring the market."
Last year, Thomson Reuters sold a 55-percent stake in its Financial & Risk (F&R) unit, which provides data and news primarily to financial customers, to private equity firm Blackstone Group LP. The deal valued the F&R unit, now a standalone business called Refinitiv, at about $20 billion.
Thomson Reuters, controlled by Canada's Thomson family, has said it set aside $2 billion of the $17 billion proceeds from the Blackstone deal to make purchases to help expand its Legal, Tax & Accounting and Corporates businesses.
Revenue from Reuters News more than doubled to $155 million in the latest quarter, due to a 30-year agreement for Reuters to supply news and editorial content to Refinitiv, which began in the fourth quarter of 2018.
Thomson Reuters in November appointed Michael Friedenberg as president of Reuters News. The senior leadership team just reviewed Friedenberg's strategy and will share it with the board in June, Smith said in the interview.
For 2019, the company repeated its forecast for revenue growth of 7% to 8.5% before the effect of currency exchange rates and sales growth of about half that pace in 2020.
(Additional reporting by Ken Li Writing by Nick Zieminski in New York Editing by Bill Rigby)