Business

Asian shares were stuck in the red on Thursday amid worries the Sino-U.S. trade conflict was fast morphing into a technology cold war between the world's two largest economies.

The United States is at least a month from enacting its proposed tariffs on $300 billion in Chinese imports as it studies the impact on American consumers, U.S. Treasury Secretary Steven Mnuchin said on Wednesday.

Brazil's Natura SA said on Wednesday it had reached an agreement to buy rival Avon Products Inc via a share swap, creating the world's fourth-largest beauty company with a redoubled focus on direct sales.

Ride-hailing apps like those of Uber Technologies and Lyft Inc are expected to alter the state of car ownership towards subscription-based services and shared ownership, auto industry experts said at a conference on Wednesday.

Ride-hailing app Uber will spend $40 million over five years to open its third support center in Latin America in September in the Colombian capital Bogota, the company said on Wednesday.

Billionaire Elon Musk's SpaceX accused the U.S. Air Force of breaking contracting rules when it awarded money to three rocket makers but passed on Musk's rival bid, and said the tender should be reopened, according to a court filing unsealed on Wednesday.