Powered by CMS Forex
free counters

Samsung Group dismantles nerve centre as chief faces bribery charge amid scandal

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.

Saudi Aramco buys $7 billion stake in Petronas’ RAPID refinery project

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.

China’s ‘glass king’ to complete U.S. expansion despite Trump tensions

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.

Exclusive: Saudi Arabia wants oil prices to rise to around $60 in 2017 – sources

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.

Coal revival means big stock bonuses at bankrupt Peabody

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.

Exclusive: China eyes 12 percent broad money supply rise in 2017 – sources

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.

Starbucks bets on super premium ‘Roastery’ to lead Italy debut

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.

Trump seeks ‘historic’ U.S. military spending boost, domestic cuts

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.

Snap expects some IPO investors to make year-long commitments

(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.

Dow hits 12th record high close; Trump talks up infrastructure spending

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.

Morgan Stanley gave some clients incorrect tax information

(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.

Takata pleads guilty to U.S. fraud charge linked to faulty air bags

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.

Tata Sons, DoCoMo to settle $1.17 billion legal dispute: Nikkei

(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.

JPMorgan, Microsoft, Intel and others form new blockchain alliance

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.

Starwood in talks on raising initial bid for Milestone: sources

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.

Buffett tells CNBC Berkshire bought 120 million Apple shares in 2017

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.”

ServiceNow appoints former eBay executive as CEO

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.

No AT&T-Time Warner merger review expected: U.S. regulator’s chairman

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.

AIG looks at penalizing or ousting CEO over turnaround plan: WSJ

(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.

Oil steady as rising U.S. output offsets record bullish bets

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.

Tesla plunges another 5 percent on fears of Model 3 delays

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.

U.S. judge dismisses case against Wal-Mart over Mexico bribery

(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.

Daimler picks U.S. executive to lead global trucks operations

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.

U.S. core capital goods orders fall; manufacturing recovery intact

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.

LSE scuppers Deutsche Boerse merger hopes by rejecting EU demand

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.

Exclusive: Wal-Mart launches new front in U.S. price war, targets Aldi in grocery aisle

(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.

Airbus faces battle on two fronts over call for A400M aid

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.

Goldman’s new London office set for occupancy in 2019

(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.

U.S. pending home sales fall to lowest level in a year

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.

GE’s Immelt says U.S. ‘diverging’ from the world

(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.

Mexico warns it will end NAFTA talks if U.S. proposes tariffs – Bbg

(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.

World stocks dip on M&A falling through, Buffett caution

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.

Upstart analysts show banks the way in new era for research

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.

Anthem and Blue Crosses loom large in Obamacare talks

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.

Alibaba says poor laws, enforcement behind spread of fakes

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.

Amazon, Netflix grab a share of Oscar glory

LOS ANGELES (Reuters) – Silicon Valley crashed Hollywood’s biggest awards show on Sunday as Inc and Netflix Inc collected the first Academy Awards for streaming services while independent studio A24 won the coveted best picture Oscar.

Russia’s VTB plans to slim down in Europe, keep London as hub

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.

U.S. blockchain, securitization industry groups join forces

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.

Trump budget plan boosts Pentagon, trims State Dept, EPA: officials

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.

SoftBank nears deal to invest $3 billion in U.S. startup WeWork: CNBC

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.

No cuts to U.S. entitlement programs in Trump budget: Mnuchin

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.

Funds prepare $2 billion oil market play as supply tightens

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.

Trump administration re-evaluating self-driving car guidance

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.

Phonemakers pile in to exploit Samsung weakness

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.

Slowing sales, strong dollar could hit Harley stock: Barron’s

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.