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NEW YORK — Uber Technologies Inc. is on track to go public next year and has no plans to sell its self-driving car research arm, Chief Executive Dara Khosrowshahi said on Wednesday. 

The ride-hailing company will not sell its Advanced Technologies Group "at this time," he told Reuters in an interview after a media event to unveil changes to improve the safety of drivers and riders.

"Ultimately, it is a big asset that we are building and we can monetise that in whatever way we want to. It's not something we're thinking about it at this point," he added.

Uber is "quite optimistic" it can resume testing of self-driving cars later this year after a fatal crash involving an autonomous Uber car in Tempe, Arizona in March, Khosrowshahi said. Federal regulators are investigating the crash.

Advanced Technologies Group will "absolutely" be a part of Uber after the initial public offering, but it will also partner with other companies that are building self-driving technology, he added. "We want to get the technology ready for prime time as soon as possible," he said.

Last month, Toyota Motor Corp. said it would invest $500 million in Uber to jointly develop self-driving cars. "We are incredibly happy to start with Toyota but it's not going to end there," he said.

Reuters reported in July that Uber was being probed by the US Equal Employment Opportunity Commission for alleged gender discrimination on issues such as pay.

In August 2017, Uber said it was cooperating with a preliminary investigation led by the US Department of Justice into possible violations of bribery laws. Reuters reported in 2017 the Justice Department had begun a criminal probe into Uber's use of a software tool that helped its drivers evade local transportation regulators.

Khosrowshahi said Uber is "in process of working with a number of authorities to resolve these investigations" but he did not think resolving those probes would be a factor in the IPO's timing.

Uber is preparing to address the "systems" requirements of a publicly traded company, Khosrowshahi said. "The growth rates for a company our size are unrivaled. Right now, we're on track for an IPO next year, market conditions permitting."

Khosrowshahi, who has led the company for a year, said he was not concerned if rival ride-hailing firm Lyft went public first because he expected enough demand for both companies.

"Historically, there has been plenty of funding for Uber, for Lyft, etc. and we don't think that's going to change," he said. "This is an enormous market we are going after."

Khosrowshahi unveiled new efforts to ensure the safety of US drivers and passengers by using software to detect unusual events including crashes.

He said Uber would use software to flag atypical rides and would contact drivers and riders in the event of a possible crash in what it calls "Ride Check". The feature could be prompted by a long unexpected stop during a trip.

Uber also plans to use sensors on the driver's phone to analyse acceleration data and other factors to detect probable crashes.

Uber will protect riders' information by concealing specific pickup and dropoff addresses in a driver's trip history, the company added.

Amazon.com Inc. on Tuesday briefly joined Apple Inc. to become the second $1 trillion publicly listed US company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing.

Its shares traded as high as $2,050.50 before easing a little to end the session at $2,039.51, up 1.3 per cent and just short of the milestone level of $2,050.2677.

If the online retailer's shares keep up their recent pace, it would be a matter of when, not if, Amazon's stock market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2. 

Apple took almost 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years. While Apple's iPhone and other devices remain popular and

its revenues are growing, it is not keeping up with Amazon's blistering sales growth.

Amazon has impressed investors by diversifying into virtually every corner of the retail industry, altering how consumers buy products and putting big pressure on many brick-and-mortar stores. 

"It says a lot about Amazon and its ever-increasing dominance of segments of the retailing world as well as the web services business," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.

 "They have a tiny share of the worldwide retail sales market so there's a lot left to capture there."

Amazon also provides video streaming services and bought upscale supermarket Whole Foods. Its cloud computing services for companies have become its main profit driver. 

"Amazon's a little bit more dynamic than Apple because the iPhone has become more mature. Amazon's cloud business is an extra growth driver that Apple doesn't have," said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta who describes Amazon's cloud services as its "crown jewel". 

In the second quarter, the unit accounted for 55 per cent of Amazon's operating income and 20 per cent of total revenue, according to Morgan. 

Apple started trading in December 1980 but its stock did not truly start to take flight for another 25 years, spurred by the iPhone, the breakthrough device that left competitors in the dust.

Amazon — founded as an online book-retailer in Chief Executive Jeff Bezos' garage in 1994 — started trading on May 15, 1997 at $1.50 on a split-adjusted basis. 

By October 2009, it had risen to $100 and the stock hit $1,000 for the first time on May 30, 2017. It has held above that level since October 27, 2017.

Just 10 months later, on August 30, Amazon shares hit $2,000 for the first time, just $50 per share away from giving the company a $1 trillion market value. 

The stock is up 74.5 per cent year to date. In comparison, Apple has risen about 35 per cent in 2018. 

Analysts expect Apple's revenue to jump 14.9 per cent in its fiscal year ending in September, according to Thomson Reuters data, a hefty rise, but that is still far short of Amazon's expected revenue growth of 32 per cent for 2018.

BEIJING — Chinese and African officials on Tuesday rejected criticism of Beijing's debt-laden overseas development projects as they wrapped up a summit that included a new $60 billion assistance pledge for the continent.

President Xi Jinping hosted leaders from across Africa amid criticism that his country's Belt and Road global trade infrastructure project is worsening debt problems in some countries.

"Everything we do with China is perfectly under control, including on the financial and debt side," said Senegal's President Macky Sall, whose country took over the co-chairmanship of the Forum on China-Africa Cooperation (FOCAC) for the next three years.

"We shouldn't let our conscience be disturbed by criticism made regarding the nature of our relations with China," Sall said in remarks alongside Xi and South African President Cyril Ramaphosa to close the triannual FOCAC summit.

Xi said the summit "opened a new chapter in the history of China-Africa relations".

Ramaphosa, who handed over the co-chairmanship to Sall, said another achievement at the summit was an agreement to "work hard to increase Africa's value-added exports to China". 

He had called on Monday for the two sides to work to "balance" trade relations, noting that Africa exports raw materials to China while Chinese factories send finished products back to the continent.

'Vanity projects' 

Xi opened the meeting on Monday with an offer of $60 billion in funding for projects over the next three years, saying there were "no political strings attached" but warning against spending on "vanity projects". 

Xi also said China would write off the debt of some of the poorest African countries, without specifying which.

The money comes on top of $60 billion offered at the last summit in 2015.

China's special envoy for African affairs, Xu Jinghu, said Beijing would be "very conscientious" in its cooperation with Africa and conduct feasibility studies before choosing projects.

"China has not increased the debt burden of Africa," she told reporters.

"The reasons behind the African debt are quite complex. It has been accumulated for a long time," Xu said, adding that the prices of raw materials exported by Africa have fallen and reduced countries' revenues.

"There are many countries in Africa. Even for the countries that are heavily indebted, China is not the main creditor. So it doesn't make sense and it's groundless to put the blame on China for the African debt," she said.

The new financing includes $15 billion in grants, interest-free loans and concessional loans, $20 billion in credit lines, the creation of a $10 billion fund for development financing and a $5 billion special fund to pay for imports from Africa. 

Chinese companies were encouraged to invest at least $10 billion on the continent.

Johan Burger, director of the NTU-SBF Centre for African Studies at Singapore's Nanyang Technological University, said Xi's warning against vanity projects showed the "severity" of the issue.

"Should this money be spent on vanity projects, it will lend credence to the charges against China," Burger said.

"China itself does not have an [a] never-ending source of funding, and would not want to see its financing be wasted, with no returns for itself and no real benefit for the countries involved."

BUENOS AIRES — Argentina's President Mauricio Macri announced austerity measures on Monday, including the elimination of government ministries and stiff taxes on exports to reduce budget deficits and stabilise the economy.

The centre-right president admitted in a speech to the nation that Argentina was facing "an emergency".

"We must confront a fundamental problem: To not spend more than we have, to make efforts to balance the state's accounts," he said in the televised address.

Argentina is one of the world's biggest exporters of corn and soy oil. Addressing rich agricultural exporters who will face export taxes, he said: "We know it's a bad tax, but I ask you to undertstand that it's an emergency."

In a bid to reassure Argentines increasingly concerned over austerity, he said he would allocate more aid to the country's poor, suffering from the effects of high inflation.

"We will overcome the crisis by taking care of the most needy," promising "increased allocations, food programmes and price caps on some commodoties".

Several ministries will be eliminated, which will result in a decrease in budget and staff.

Economy Minister Nicolas Dujovne recognised in a press conference later that "mistakes had been made" in managing the economy and announced measures to cut the budget deficit to 1.3 per cent of GDP in 2019.

Dujovne was speaking before flying to Washington for a meeting with the International Monetary Fund on Tuesday to finalise a deal to speed up disbursement of a $50 billion loan agreed in June.

LONDON — Prime Minister Theresa May said she would not allow compromises to her Brexit strategy that went against the national interest, seeking to allay fears among some in her Conservative Party that she will cave in to Brussels' demands in negotiations. 

But her words drew scepticism, including from the former Brexit negotiator David Davis who said the pledge was little reassurance and that he would vote against parliament giving May's exit plan its required approval. 

With under two months before Britain and the European Union want to agree a deal to end over 40 years of union, May is struggling to sell what she calls her business-friendly Brexit to her own party and across a divided country.

After an initially sceptical reaction, the EU is formulating its response to what has become known as the Chequers plan, which is designed to protect cross-border trade.

Boxed in between those at home who would balk at further concession and an EU negotiator demanding more concession, difficult talks lie ahead, followed by a vote in parliament on whatever deal is reached.

"I will not be pushed into accepting compromises on the Chequers proposals that are not in our national interest," May wrote in the Sunday Telegraph newspaper. Parliament returns from its summer break on Tuesday. 

"The coming months will be critical in shaping the future of our country and I am clear about my mission."

Both Britain and the EU have stepped up contingency planning in case the two sides are unable reach a deal in time, setting financial markets on edge and weakening sterling at the prospect of economic disruption.

May also said she would not hold a second referendum on Britain's EU membership, reiterating a long-held position in an attempt to counter increasingly vocal campaigning for another public vote on the terms of the divorce.

National interest 

May's plan would keep Britain in a free-trade zone with the EU for manufactured and agricultural goods. But some Brexit supporters have said that would mean parts of the British economy would still be subject to rules set in Brussels. 

Davis, who resigned in protest over the Chequers plan after two years as May's chief negotiator, said the proposal was "almost worse than being in" the EU, and that May could use 'national interest' as a caveat to justify further concessions.

"You're not going to turn around said to parliament 'Oh, I agreed this, but that wasn't in the national interest' are you?" he told the BBC.

Trade Minister Liam Fox, who also campaigned for Brexit but still supports May, said it was now up to the EU to respond to the British proposal, when asked whether he thought further compromises would be necessary. 

"We have already set out what we think is a reasonable position for the United Kingdom to have in our future trading relationship with Europe," Fox told the BBC. 

Any agreement Britain is able to strike with EU will need approval from the British parliament. According to a report in the Sunday Times newspaper, leading Brexiteer lawmakers in May's party are ready to publish their own plan for Brexit ahead of the party's annual conference which begins at the end of September.

Meanwhile, lawmaker Nick Boles, who voted to remain in the EU in 2016, has launched a campaign to stop the Chequers plan and seek even closer ties.

May is unlikely to be able to rely on the support in parliament of the opposition Labour Party, which is also split over the best approach to Brexit.

In her article, May reiterated that Britain would be ready to leave the EU without a deal if the two sides cannot agree on the divorce terms. 

ANKARA — Turkey raised natural gas prices on Saturday by as much as 14 per cent, two sources said, while the energy regulator announced a similar increase in electricity costs as a deepening currency crisis stokes inflation. 

The lira has fallen 42 per cent against the dollar this year, hit by concerns about President Recep Tayyip Erdogan's grip on monetary policy and a worsening rift with the United States over a detained American Christian pastor.

The sell-off has increased the cost of food and petrol and raised fears about the impact on the country's wider economy and banks. Economists are particularly worried about the central bank's inability to rein in inflation, which hit a 14-year high of nearly 16 per cent in July.

State pipeline operator Botas raised natural gas prices by 14 per cent for industrial use and 9 per cent for residential use effective from Saturday, two sources told Reuters. Officials for Botas were not immediately available to comment.

Last month, Botas increased the price of natural gas for electricity production by 50 per cent and by 9 per cent for residential use. Turkey is dependent on imports for almost all of its energy needs. The lira crisis has driven up the cost, in local currency terms, of oil and gas.

Likewise, Turkey's energy regulator said it would raise electricity prices by 14 per cent for industrial use and 9 per cent for households from Saturday. It increased prices by the same amount last month.

Almost a third of Turkey's total 293 billion megawatt power production came from natural gas power plants in 2017. 

Eyes on inflation 

Retail prices in Istanbul, Turkey's biggest city, surged 2.23 per cent month-on-month in August, for a year-on-year increase of 14.99 per cent, the Istanbul Chamber of Commerce said on Saturday.

Official August inflation data is due on Monday, and economists expect another hefty reading.

"This will provide the first hard evidence of the impact of the lira's collapse this month on the wider economy," Jason Tuvey of Capital Economics said in a note to clients on Friday.

The latest hikes in electricity and gas prices will directly increase inflation by 35 basis points, according to Reuters calculations. 

Erdogan, self-described "enemy of interest rates", wants to see lower borrowing costs to keep credit flowing, particularly to the construction sector. Investors, who see the economy heading for a hard landing, say decisive interest rate hikes are needed to put the brakes on inflation.

Erdogan, who has appointed his son-in-law Berat Albayrak as finance minister, casts the lira's slide as an economic attack on Turkey by Western governments, financiers and ratings agencies. He says high interest rates cause inflation — a stance at odds with orthodox economics.

"We see little chance that an ugly set of inflation figures will change the government's — and, crucially, President Erdogan's — stance on interest rates," Tuvey of Capital Economics said.

ANKARA — Turkey's embattled lira tumbled almost 5 per cent in value on Thursday as the resignation of the deputy central bank governor intensified market concerns over the direction of monetary policy.

The lira has lost nearly 45 per cent of its value since the start of the year against the dollar as investors took fright over a bitter row with the United States and anxiety over the direction of policy under President Recep Tayyip Erdogan.

The lira was trading at 6.73 to the dollar, a loss of value of 4.5 per cent on the day, with Turkish markets closed due to a holiday.

A particular concern has been the independence of the central bank which has not moved its headline interest rate higher despite the nose-diving currency and inflation that has surged to almost 16 per cent.

Economists fear that Erdogan is pressuring the nominally independent institution not to raise rates in order to maintain growth, after he described interest rates as the "mother and father of all evil".

State-run news channel TRT Haber said that Deputy central Bank Deputy Governor Erkan Kilimci was stepping down from the job he has held for the last two years to a new post at the Development Bank of Turkey.

This should open the way for Erdogan to choose a figure of his own choosing as new deputy governor. Kilimci was one of four deputies to governor Murat Cetinkaya who sit on the monetary policy committee that sets interest rates.

"With this development [the resignation of Kilimci] fuelling concerns over Turkey's fragile financial system, the lira could be set to extend losses," Lukman Otunuga, research analyst at FXTM, told AFP.

"Lira weakness may remain a dominant theme amid ongoing fears of double digit inflation, the deepening of current account deficit and questions over the central bank independence," he added.

Turkey has been slapped with sanctions on two ministers and also with doubled tariffs on aluminium and steel by the United States over its holding for the last two years of US pastor Andrew Brunson.

Economists fear further measures from the United States would cause more bleeding for the lira while the domestic outlook remains uncertain.

Turkey will on Monday release inflation data for August — which will be scrutinised for any further jump. September 10 sees growth data for the second quarter, with some economists fearing Turkey risks going into recession in 2019 due to the tighter monetary conditions.

"The latest Turkish activity data suggest that the plunge in the lira since May, and the associated sharp tightening of financial conditions, has tipped the economy into recession. Things are only likely to get worse," Capital Economics said in a note.

A crucial watershed is expected to be the next meeting of the central bank on September 13, with markets hollering for a hike to support the lira and the currency likely to be punished in case of no action.

MOSCOW — A new state-owned Russian carmaker on Wednesday launched a Soviet-influenced luxury vehicle it hopes will lure the domestic super rich away from brands such as Rolls-Royce. 

A glitzy presentation at a Moscow motor show saw Russian Trade Minister Denis Manturov help unveil two models from the new "Aurus" brand — the Senat limousine and a smaller Senat sedan.

Putin at his inauguration for a fourth presidential term this May rode to the Kremlin in a boxy black Aurus limousine with a huge front grill.

This marked a return to the Soviet-era practice of leaders riding in domestically made ceremonial cars. In previous years, Putin has opted for a Mercedes, instead.

The new designs are influenced by Soviet-era cars produced only for top officials, the carmakers said, and the Kremlin has already received a number of the vehicles.

Chief designer Vadim Pereverzev told AFP that market research among Russians showed "there is demand for a high-tech quality product made in our country, in particular for a car of such a class."

"Consumers of such cars, you could say they are tired of Rolls-Royces, Mercedes and Maybachs," said Pereverzev, who has worked with Italian brands including Fiat.

The launch comes days after arms maker Kalashnikov surprised observers by presenting a new electric car with a retro powder blue design.

Pereverzev acknowledged design influences for the Aurus Limousine included a model made for Soviet dictator Joseph Stalin, the ZIS, which also featured a huge chrome grille.

"I'd say that it was more that era that inspired our designers — an era of great achievements by our state when cars like the ZIS appeared," Pereverzev said.

The cars were developed by a state enterprise called NAMI, which owns a controlling stake in the Aurus brand, in conjunction with Russian automotive group Sollers.

Russian state funding for the project came to around 12 billion rubles ($176 million).

There is also an investor from United Arab Emirates, Tawazun, which invested 110 million euros, Manturov said.

The brand is hoping to attract both wealthy Russians and international customers who currently opt for Western-made models.

"We will not sell this vehicle only in Russia, we will sell it abroad," the CEO of the Aurus brand, Franz Gerhard Hilgert, said in his presentation.

The price of the model will be "somewhere in between Mercedes and Rolls-Royce", said Hilgert, who used to represent Daimler Chrysler in Russia.

WASHINGTON — The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to new terms on auto trade and dispute settlement rules to remain part of the three-nation pact.

Auto stocks soared and the S&P 500 and the Nasdaq rallied to record highs on the expectation that Canada would sign onto the deal and ease the economic uncertainty caused by US President Donald Trump's repeated threats to ditch the 1994 accord.

Details of gains and concessions in the deal were only starting to emerge on Monday. Trump threatened he still could put tariffs on Canadian-made cars if Canada did not join its neighbours and warned he expected concessions on Canada's dairy protections.

"I think with Canada, frankly, the easiest we can do is to tariff their cars coming in. It's a tremendous amount of money and it's a very simple negotiation. It could end in one day and we take in a lot of money the following day," Trump said.

Trump and Canadian Prime Minister Justin Trudeau discussed trade in a telephone call on Monday, and "agreed to continue productive conversations", White House spokeswoman Sarah Sanders said in a statement.

Negotiations among the three partners, whose mutual trade totals more than $1 trillion annually, have dragged on for more than a year, putting pressure on the Mexican peso and the Canadian dollar. Both currencies gained against the US dollar after Monday's announcement.

The political stakes are high for all three countries. Trump and Republicans in the US Congress up for re-election in November want to ensure farmers and other voters whose jobs depend on trade with Canada and Mexico that the deal is sealed.

Mexican President Enrique Pena Nieto wants to sign the agreement before leaving office at the end of November, and Trudeau faces a national election expected by October 2019.

Canadian Foreign Minister Chrystia Freeland is expected to travel to Washington for talks on Tuesday. Her spokesman said Canada would sign only a new agreement that is good for the country.

Trump's economic adviser, Larry Kudlow, told reporters the deal with Mexico should serve as a "reset" for talks with Canada.

90-day window

If talks with Canada are not wrapped up by the end of this week, Trump plans to notify Congress that he has reached a deal with Mexico, but would be open to Canada joining, US Trade Representative Robert Lighthizer told reporters.

The White House said Trump will sign the deal in 90 days. Congress has to approve it.

"There are still issues with Canada but I think they could be resolved very quickly," a senior trade official told Reuters in an interview.

Some Republicans in Congress called the deal a positive step, but said Canada must be part of the new pact.

Trudeau spoke to Pena Nieto on Sunday and shared their commitment to reaching a successful conclusion of NAFTA "for all three parties", the prime minister's office said.

Mexican Foreign Minister Luis Videgaray told a news conference in Washington that if Canada and the United States do not reach an agreement on NAFTA, "we already know that there will still be a deal between Mexico and the United States".

New auto rules

The Mexico-US discussions focused on crafting new rules for the automotive industry, which Trump has put at the heart of his drive to rework a pact he has repeatedly described as a "disaster" for American workers.

Matt Blunt, president of the American Automotive Policy Council, which represents General Motors Co., Ford Motor Co. and Fiat Chrysler Automobiles NV, said the group was optimistic about the new deal, though it was still reviewing the details.

The deal would require 75 per cent of auto content to be made in the NAFTA region, up from the current level of 62.5 per cent, a US trade official said. A fact sheet describing the bilateral agreement specified the content would be made in the United States and Mexico.

That requirement could shift some auto parts manufacturing to Mexico from China, a White House official told Reuters, speaking on condition of anonymity.

The Trump administration said the deal improves labour provisions, in part by requiring 40 per cent to 45 per cent of auto content to be made by workers earning at least $16 per hour.

That measure could move some production back to the United States from Mexico and should lift Mexican wages, the White House official said.

The United States relented on its demand for an automatic expiration for the deal, known as a "sunset clause".

Instead, the United States and Mexico agreed to a 16-year lifespan for the deal, with a review every six years that can extend the pact for 16 years, Lighthizer said. 

Mexico agreed to eliminate dispute settlement panels for certain anti-dumping cases, a move that could complicate talks with Canada, which had insisted on the panels.

Monday's announcement lifted equity markets in all three countries, with shares in automotive companies standing out on relief that the deal appeared to end the uncertainty that has dogged the sector for months.

General Motors Co., Ford Motor Co., and Fiat Chrysler Automobiles NV gained between 3.3 per cent and 4.8 per cent, while Canadian auto parts makers such as Magna International Inc. gained 4.6 per cent.

ISTANBUL  - The Turkish lira weakened on Tuesday as investors weighed up Turkey's efforts to manage its rift with the United States after Finance Minister Berat Albayrak warned that US trade sanctions against Ankara could destabilise the Middle East.
The row with Washington over an American evangelical Christian pastor detained in Turkey on terrorism charges has accelerated losses in the lira, which is down about 38 per cent against the dollar this year.
At 0509 GMT, the lira stood at 6.2000 against the dollar, easing from a close of 6.1200 on Monday, when it weakened to near 6.3 before rebounding in its first day of trade after a week-long holiday.
After meeting his French counterpart in Paris, Albayrak highlighted Ankara's push for better ties with Europe and took aim at the United States, saying US sanctions could ultimately aggravate the region's terrorism and refugee crises.
US President Donald Trump this month authorised a doubling of duties on aluminium and steel imported from Turkey, triggering retaliatory measures from Ankara.
Investors are also worried by a US Treasury investigation into state-owned Turkish lender Halkbank, which could face a potentially hefty fine over allegations of busting sanctions on Iran. The bank has said all its transactions were legal.
Turkey and the United States are also at odds over their diverging interests in Syria and US objections to Ankara's plan to buy Russian defence systems.