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EU trade ministers agreed on Thursday to start negotiations to create a free-trade area with Japan, overcoming resistance from European carmakers who fear a deal might damage their industry. “We have a deal,” said an EU official close to the negotiations. An accord between Europe and Japan would bring together two trading partners responsible for a third of global economic output and could create 400,000 jobs in Europe alone. France and Italy have been worried about the impact on their carmakers.

Obama, Romney to meet at White House

President Barack Obama will host his former political rival Mitt Romney for a private lunch at the White House on Thursday, their first meeting since the election. Obama promised in his victory speech earlier this month to engage with Romney following their bitter campaign and consider the Republican’s ideas. “In the weeks ahead, I also look forward to sitting down with Gov Romney to talk about where we can work together to move this country forward,” Obama said at the time. Obama aides said they reached out to Romney’s team shortly before Thanksgiving to start working on a date for the meeting. The two men will meet in the White House’s private dining room, with no press coverage expected.

Mitsubishi Heavy, Hitachi to join power businesses

Mitsubishi Heavy Industries and Hitachi are to combine their thermal power businesses to compete against overseas rivals Siemens and General Electric, which are winning deals even in the Japanese firms’ backyard. The deal,

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