SEOUL (Reuters) – South Korean prosecutors said on Tuesday they will charge Samsung Group [SARG.UL] chief Jay Y. Lee with bribery and embezzlement as the top conglomerate announced the dismantling of its corporate strategy office, the latest developments in a scandal that has rocked the country for months.
KUALA LUMPUR (Reuters) – Saudi oil giant Aramco is buying an equity stake in Malaysian firm Petronas’ major refining and petrochemicals project in the southeast Asian country, investing a total of $7 billion, the companies confirmed on Tuesday.
HONG KONG (Reuters) – China’s largest auto glass manufacturer, Fuyao Glass Industry Group , will press ahead with investments worth about $1 billion in the United States this year despite criticism at home amid growing China-U.S. tensions, the company’s chairman said.
DUBAI/LONDON (Reuters) – Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said.
CHICAGO/WILMINGTON, Del. (Reuters) – A year ago, Peabody Energy Corp’s chief executive was presiding over $2 billion of losses as the world’s largest private sector coal miner spiraled into bankruptcy.
BEIJING (Reuters) – China plans to target broad money supply growth of around 12 percent in 2017, slightly lower than last year’s goal, policy sources said, signaling a bid to contain debt risks while keeping growth on track.
LOS ANGELES (Reuters) – Starbucks Corp is making a big bet on Italy, the home of espresso, with plans to debut in Milan late next year with a sprawling, super-premium Reserve Roastery in a turn-of-the-century post office building on Piazza Cordusio.
WASHINGTON (Reuters) – President Donald Trump is seeking what he called a “historic” increase in defense spending, but ran into immediate opposition from Republicans in Congress who must approve his plan and said it was not enough to meet the military’s needs.
(Reuters) – Snap Inc, owner of popular messaging app Snapchat, disclosed on Monday that it expected investors buying up to a quarter of the shares in its $3.2 billion initial public offering this week to agree not to sell them for a year.
NEW YORK (Reuters) – U.S. stocks ended slightly higher on Monday and the Dow closed at a record high for a 12th straight session, as President Donald Trump said he would make a “big” infrastructure statement on Tuesday.
(Reuters) – Morgan Stanley gave some wealth management clients incorrect information on taxes that caused some to underpay and others to overpay, according to a regulatory filing on Monday.
DETROIT (Reuters) – Japan’s Takata Corp on Monday pleaded guilty to a felony charge as part of an expected $1 billion deal with the U.S. Justice Department that includes compensation funds for automakers and victims of its faulty airbag inflators.
(Reuters) – India’s Tata Sons Ltd has agreed to pay Japan’s NTT DoCoMo about $1.17 billion in connection with the termination of a joint venture in the South Asian nation, the Nikkei daily reported, without citing its sources.
NEW YORK (Reuters) – JPMorgan Chase & Co , Microsoft Corp , Intel Corp and more than two dozen other companies have teamed up to develop standards and technology to make it easier for enterprises to use blockchain code Ethereum in the latest push by large firms to move toward distributed ledger systems.
TORONTO/NEW YORK (Reuters) – Milestone Apartments Real Estate Investment Trust, which has agreed to be acquired by Starwood Capital Group for about C$1.7 billion ($1.3 billion), is in talks with the U.S. private investment firm about raising its bid, people familiar with the situation told Reuters.
NEW YORK (Reuters) – Billionaire investor Warren Buffett told CNBC on Monday his conglomerate Berkshire Hathaway Inc had more than doubled its stake in Apple Inc. since the end of 2016, making it one of Berkshire’s biggest equity holdings, and that U.S. stocks overall were not in “bubble territory.”
SAN FRANCISCO (Reuters) – ServiceNow Inc said it had hired former eBay Inc executive John Donahoe to be chief executive, replacing longtime CEO Frank Slootman starting in April, a surprise move that sent shares of the enterprise software lower on Monday.
WASHINGTON (Reuters) – The head of the U.S. Federal Communications Commission does not expect to review AT&T Inc’s planned $85.4 billion acquisition of Time Warner Inc , a spokesman for the agency said on Monday.
(Reuters) – American International Group Inc’s directors are discussing whether to penalize or oust Chief Executive Peter Hancock over a major setback in the insurance firm’s turnaround plan, the Wall Street Journal reported, citing people familiar with the matter.
NEW YORK (Reuters) – Oil prices ended little changed on Monday as the prospect for U.S. crude production to continue growing offset reports of high compliance to the OPEC production cut agreement and record bullish bets that prices would rise further.
SAN FRANCISCO (Reuters) – Shares of Tesla dropped on Monday after a downgrade by Goldman Sachs, bringing the electric carmaker’s decline to 11 percent since its quarterly report last week stoked worries about how much cash it is using to launch its Model 3 sedan.
(Reuters) – Wal-Mart Stores Inc on Monday won the dismissal of a U.S. lawsuit accusing the world’s largest retailer of defrauding shareholders in its Wal-Mart de Mexico unit by concealing its suspected bribery of public officials in Mexico.
BERLIN (Reuters) – Daimler has picked the head of its North American trucks division to run group-wide truck operations, it said on Monday, avoiding a lengthy search for a successor to departed chief Wolfgang Bernhard.
WASHINGTON (Reuters) – New orders for key U.S.-made capital goods unexpectedly fell in January after three straight months of strong gains, but did little to change views that manufacturing was recovering from a prolonged downturn amid rising commodity prices.
LONDON/FRANKFURT (Reuters) – The London Stock Exchange has all but ended a planned merger with Deutsche Boerse to create Europe’s biggest exchange, which had faced growing opposition since Britain’s vote to leave the European Union.
(Reuters) – Wal-Mart Stores Inc is running a new price-comparison test in at least 1,200 U.S. stores and squeezing packaged goods suppliers in a bid to close a pricing gap with German-based discount grocery chain Aldi and other U.S. rivals like Kroger Co , according to four sources familiar with the moves.
PARIS (Reuters) – Airbus faces tough negotiations on two fronts as it seeks new relief from European governments and engine makers for losses on its troubled A400M military transporter plane.
(Reuters) – Goldman Sachs Group Inc is building a 1.1 million square foot office in London with initial occupancy slated for 2019, it said in a regulatory filing on Monday, even as global banks grapple with risks around Brexit.
WASHINGTON (Reuters) – Contracts to buy previously owned U.S. homes dropped in January on a shortage of inventory in the Midwest and West regions, the National Association of Realtors said on Monday.
(Reuters) – The United States is “diverging” from the rest of the world and will be “less of a leader in trade”, General Electric Co Chief Executive Jeffrey Immelt said in a letter to shareholders.
(Reuters) – Mexico’s economy minister Ildefonso Guajardo warned that his country will break off negotiations on the North American Free Trade Agreement (NAFTA) if the United States were to propose tariffs on products from Mexico, Bloomberg reported on Monday.
LONDON (Reuters) – World stocks fell on Monday, after two huge European merger and acquisition deals fell through and billionaire U.S. investor Warren Buffett warned that while stocks are cheap, they are currently unpredictable and prone to a sudden, steep correction.
LONDON (Reuters) – From a non-descript office in south London, Mark Hiley may be showing the way for Wall Street giants such as JPMorgan and Merrill Lynch to adapt to new European rules requiring them to charge an explicit fee for investment research.
NEW YORK (Reuters) – Anthem Inc. and other U.S. health insurers complained to the White House for more than a year that they were losing money on people who waited to sign up for Obamacare coverage until they were sick.
BEIJING (Reuters) – China’s Alibaba Group Holding Ltd on Monday blamed ambiguous laws and lax penalties at the root of its difficulties in enforcing laws against counterfeiting, as the firm lobbies to be taken off a U.S. blacklist of marketplaces notorious for fakes.
LOS ANGELES (Reuters) – Silicon Valley crashed Hollywood’s biggest awards show on Sunday as Amazon.com Inc and Netflix Inc collected the first Academy Awards for streaming services while independent studio A24 won the coveted best picture Oscar.
MOSCOW (Reuters) – Russian bank VTB plans to cut costs by slimming down its operations in the European Union to focus on Frankfurt while keeping London as the base for its investment banking business, the bank’s first deputy president said.
NEW YORK (Reuters) – The lobby group for Wall Street’s structured finance companies has partnered with the trade association for the blockchain industry to explore ways blockchain technology can streamline the $1.9 trillion U.S. securitization market.
WASHINGTON (Reuters) – The White House will send federal departments a budget proposal on Monday containing the defense spending increase President Donald Trump promised, financed partly by cuts to the U.S. State Department, Environmental Protection Agency and other non-defense programs, two officials familiar with the proposal said.
TOKYO/HONG KONG (Reuters) – Japan’s SoftBank Group Corp is close to making an investment in U.S. office-sharing startup WeWork expected to be worth over $3 billion, CNBC reported on Monday, as it expands its reach beyond tech and telecoms.
WASHINGTON (Reuters) – U.S. President Donald Trump’s first budget proposal will spare big social welfare programs such as Social Security and Medicare from any cuts, Treasury Secretary Steven Mnuchin said in an interview broadcast on Sunday.
NEW YORK (Reuters) – Passive investment funds are poised to shift an estimated $2 billion from far-term to near-term crude futures over the next week, anticipating an energy market rally as a historic OPEC output cut slashes supply.
WASHINGTON (Reuters) – U.S. Transportation Secretary Elaine Chao said on Sunday she was reviewing self-driving vehicle guidance issued by the Obama administration and urged companies to explain the benefits of automated vehicles to a skeptical public.
BARCELONA (Reuters) – Phonemakers are piling in to fill a gap in the market left by Samsung , still licking its wounds from a costly recall of its flagship Note 7 and with no key device of its own to launch at the telecom industry’s biggest annual fair.
NEW YORK (Reuters) – Slowing sales could cause shares of Harley-Davidson Inc. to decline after being on the rise for much of the past 12 months, according to a Barron’s cover story dated Feb. 27.