Ukrainian politicians have accused Russia of waging a trade war as a way to pressure the country against signing a cooperation pact with the EU. Late last month Russia banned popular Ukrainian confectionary products from its stores, citing safety concerns. This week, Moscow imposed tough restrictions on scores of other products. Ukraine’s government has shied from openly criticising Russia, a big trade partner, but a business group says the restrictions amounted to a ?complete halt of Ukrainian exports?. Hundreds of cargo train cars were reportedly stuck at the Russian-Ukrainian border. Analysts see the move as an ill-disguised threat aimed at dissuading Kiev from signing a free-trade and political association agreement with the EU.

Wal-Mart cutting profit outlook on shopper worries

Wal-Mart Stores is cutting its annual profit outlook as the world’s largest retailer continues to deal with a tough economy at home and abroad. Wal-Mart reported also second-quarter results on Thursday that missed Wall Street estimates. The US-based retailer says second-quarter profit rose 1.3% to $4.07 billion, or $1.24 per share, for the three months ended July 31. That compares with $4.02 billion, or $1.18 per share, a year earlier. Net sales rose 2.4% to $116.2 billion. Analysts were expecting earnings of $1.25 per share on revenue of $118.09 billion. Revenue at stores open at least a year at Wal-Mart’s namesake business fell 0.3%. That’s considered an important measure of a retailer’s performance.

Japanese visits to shrine on war anniversary irk China

Japan’s PM Shinzo Abe sent an offering to a shrine for the war dead on Thursday, the anniversary of Japan’s World War II defeat, while cabinet members visited it in person, drawing harsh complaints from China and South Korea, and putting at risk tentative steps to improve ties. At least three cabinet ministers and dozens of lawmakers paid their respects at Yasukuni Shrine, seen as a symbol of Japan’s past militarism. China summoned the Japanese ambassador to protest. Visits to the shrine by top politicians outrage China and South Korea because the shrine honours 14 Japanese wartime leaders convicted as war criminals by an Allied tribunal, along with the war dead.

HKEx CEO says close to picking new LME chief

Hong Kong Exchanges and Clearing (HKEx) is close to picking a new CEO for the London Metal Exchange (LME) and will make an announce-ment in due course, CEO Charles Li said on Thursday. HKEx, which bought the LME last year, has narrowed the field to three contenders for the post when Martin Abbott leaves at the end of this year. The exchange is choosing from among its chief operating officer, Diarmuid O’Hegarty, Garry Jones, a former CEO of NYSE Liffe, and Martin Pratt, chief operating officer at metals trader Triland, market sources have said. As for litigation related to the LME’s ware-housing business, Li said it was unclear how long it would last or how much it would cost.