BusinessToday Previous Editions

04.04.19 8 FOREIGN NEWS THE United States and China made progress in trade talks this week, with the two coun- tries discussing how to imple- ment and enforce an agree- ment, the Financial Times reported on Wednesday. The publication said that, despite this, there still re- main issues which need to be overcomes, most impor- tantly regarding the fate of current US levies on Chinese goods, which Beijing wants to see done away with, and the terms of an enforcement mechanism demanded by Washington to ensure China keeps to the deal. Myron Brilliant, US Cham- ber of Commerce execu- tive vice-president for in- ternational affairs, said the deal was close to start being wrapped up. "We're getting into the end- game stage," Brilliant told the Financial Times, "We're get- ting to the point where it's clear that both governments want a deal. The presidents want a deal, and they need to get through the end-game is- sues. This is a critical week." "Ninety percent of the deal is done, but the last 10 per- cent is the hardest part, it's the trickiest part and it will require trade-offs on both sides," he added. White House economic ad- viser Larry Kudlow, while refusing to give any further details on the headway made, acknowledged that there still remained points of conten- tion which needed to be re- solved. Kudlow said the Trump ad- ministration would be focus- ing on ways to ensure China keeps its promises of reform, curbing intellectual property theft and forced technology transfers, and decreasing tar- iff and non-tariff barriers. US and China one step closer to final trade deal CAR manufacturing giant Toy- ota will be offering free access to its hybrid-vehicle patents through, with the aim of expand- ing the use of lower-emission technology. e grant period will last until 2030, the Japanese corporation said on Wednesday, and signals the firm's objective of driving up- take of hybrids within the motor industry up, and counteracting the challenge from all-battery electric vehicles. It will be granting licenses on almost 24,000 patents on tech- nologies used in its Prius, the first mass-produced environ- mentally-friendly car in the world, and will also be offering to supply competitors with compo- nents including motors, power converters and batteries used in its lower-emission vehicles. "We want to look beyond pro- ducing finished vehicles," Toyota Executive Vice President Shigeki Terashi said. "We want to contribute to an increase in take up (of electric cars) by offering not just our technology but our existing parts and systems to other vehi- cle makers," he added. Toyota to allow royalty- free access to hybrid vehicle patents Left to right: US Treasury Secretary Steven Mnuchin, US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He pose for a group photo at the Diaoyutai State Guesthouse in Beijing WALGREENS Boots Alliance Inc has cut its 2019 profit growth forecast as the drugstore chain struggles with falling generic drug prices in a crowded market. e company also reported a quarterly prof- it that missed Wall Street estimates and said macro trends had resulted in the "most diffi- cult quarter" for the company since the merger of Alliance Boots and Walgreen. e company reduced its adjusted earnings growth forecast for fiscal 2019 from a range of 7% to 12% growth to roughly flat, at constant currency rates. e magnitude of the cut surprised some Wall Street analysts, who had expected it af- ter the company had warned about increased competition and reimbursement pressures at its pharmacies. e company said it would be pushing for- ward on the execution of its partnership ini- tiatives. Analysts have repeatedly questioned Wal- greens' strategy of signing partnerships unlike many of its rivals that have chosen to ink mul- ti-billion dollar merger deals to stem the im- pact from rising pricing pressures. Walgreens now expects to save more than $1.5 billion from its previously announced cost-savings program that includes consolida- tion of warehouses and shutting stores. Net income attributable to Walgreens fell 14% to $1.16 billion in the second quarter end- ed 28 February. Excluding items, the company earned $1.64 per share, missing analysts' expectations of $1.72 per share, according to IBES data from Refinitiv. Revenue rose 4.6% to $34.53 billion, but was shy of the average estimate of $34.56 billion. Walgreens cuts 2019 profit forecast as it is hit by lower drug prices

• Cover