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By Sabina Zawadzki LONDON (Reuters) - Oil prices slipped on Tuesday as crude output rose in virtually every major export region despite plans by OPEC and Russia to cut production, triggering fears that a fuel glut that has dogged markets for over two years might last well into 2017. Traders and analysts said the boost from last week's decision by OPEC to cut crude production had faded and the cartel's promise had been undermined by data showing rising production from within its member countries and Russia. "Most of the position adjustments that the OPEC decision forced upon traders have now run their course and it leaves the market exposed to profit taking," said Ole Hansen, head of commodities strategy at Saxo Bank, citing surveys pointing to record production from OPEC during November.
Asian stocks posted their biggest rise in two weeks on Tuesday and the euro steadied as investors judged the selloff after Italy's referendum to be overdone, with robust U.S. economic data also helping sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.7 percent, its biggest daily rise since Nov. 22, breaking two days of falls. Korea climbed 1.4 percent while Japan rose 0.4 percent.
McDonald's Corp is looking to raise $1 billion to $2 billion with the sale of its China and Hong Kong stores after the U.S. fast-food chain decided to keep "a significant minority stake in the business," a person with direct knowledge of the plans said on Tuesday. The company has picked a consortium led by private-equity firm Carlyle Group LP and Chinese conglomerate Citic Group Corp [CITIC.UL] to buy the stores and its decision to retain the minority stake lowered the price tag for the business from up to $3 billion expected previously, said the person, who declined to be identified because details of the deal are not public. McDonald's wants exposure to future growth in the world's second-largest economy which is why it decided to maintain the stake, the person said.
By Julia Love SAN FRANCISCO (Reuters) - Sales of the Apple Watch to consumers set a record during the first week of holiday shopping, and the current quarter is on track to be the best ever for the product, Apple Inc Chief Executive Tim Cook told Reuters. Responding to an email from Reuters, Cook said the gadget's sell-through - a measure of how many units are sold to consumers, rather than simply stocked on retailers' shelves - reached a new high. Cook's comments followed a report on Monday from technology research firm IDC estimating that the tech giant sold 1.1 million units of the Apple Watch during the third quarter of 2016, down 71 percent from the year-ago quarter.
Nissan Motor Co Ltd's premium Infiniti brand will likely end 2016 with record sales well beyond the 215,000 vehicles it sold worldwide last year, the Japanese brand's global chief told Reuters. Infiniti on Tuesday said global sales reached 20,050 cars in November, a rise of 5 percent from the same period a year prior. "We don't give forecasts, but you can do the math and figure out we have a record year in the making," Infiniti global head Roland Krueger said in a telephone interview the same day.
By Edward Taylor and Ilona Wissenbach STUTTGART (Reuters) - Daimler may make batteries and Mercedes-Benz electric cars in China as part of a drive to manufacture more products locally and to try to boost sales, according to board member Hubertus Troska. Sales of the German company's luxury cars in China have grown 28 percent so far this year after Mercedes spruced up its designs to give its cars a more sporty and upmarket feel, gaining traction with drivers in the world's largest car market. "I am confident that Mercedes in China will show a decent performance next year," Troska, Daimler's board member responsible for Greater China, told reporters.
By Naomi Tajitsu TOKYO (Reuters) - Toyota Motor Corp said on Tuesday it will expand the development of its gasoline-hybrid technology over the next five years to speed up the introduction of lower-emission engines in the face of stricter global emissions standards. Toyota is also stepping up the development of longer-range battery-electric cars, in a shift from an earlier strategy of promoting hydrogen fuel-cell technology as the future of zero-emission vehicles. "We need to take an aggressive approach to deal with changing regulations," Toshiyuki Mizushima, president of Toyota's powertrain division, told reporters at a briefing.
Oil firm Statoil will not resume using Airbus' Super Puma helicopters even if Norway's Civil Aviation Authority decides to lift the ban imposed after a fatal crash off Norway in April, the company said on Tuesday. The Super Pumas, a workhorse of the offshore oil industry, were banned from commercial traffic in Norway and Britain following the accident that killed 13 oil workers flying from a Norwegian offshore oil platform operated by Statoil.