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Exxon CEO is now Trump's secretary of state favorite -transition official

Sat, 10 Dec 2016 03:10:13 GMT

Exxon Mobil Corp Chief Executive Officer Rex Tillerson emerged on Friday as President-elect Donald Trump's leading candidate for U.S. secretary of state, a senior transition official said.

Ex-Cantor Fitzgerald mortgage bond trader indicted in US for fraud

Sat, 10 Dec 2016 01:55:15 GMT

A former Cantor Fitzgerald trader has been indicted on charges that he defrauded investors by lying about the price of mortgage bond transactions he handled for them after the financial crisis, U.S. prosecutors said on Friday.

Trump names Dow Chemical CEO Liveris to head Manufacturing Council

Sat, 10 Dec 2016 03:10:18 GMT

President-elect Donald Trump said on Friday he would name Andrew Liveris, chairman and chief executive of Dow Chemical Co, to head the Manufacturing Council, a private sector group that advises the U.S. secretary of commerce.

All eyes focused on clues for future Fed hikes

Sat, 10 Dec 2016 01:40:13 GMT

Just how fast the Federal Reserve hikes rates next year will be the all-important question global investors will be hoping to get answered when the U.S. central bank meets next week.

Aetna CEO defends merger with Humana in antitrust trial

Sat, 10 Dec 2016 01:15:23 GMT

Aetna Inc's chief executive denied on Friday that its withdrawal from some Obamacare exchanges was in retaliation for government efforts to halt its merger with Humana Inc , as he sought to convince a federal judge to approve the deal. The U.S. Justice Department sued to stop the US$34 billion tie-up in July, saying that it and another insurance mega merger, Anthem Inc's planned purchase of Cigna Corp , would mean higher prices and worse service for many consumers.

Exclusive: Reinsurer Beechwood explores sale after Platinum woes - source

Sat, 10 Dec 2016 00:10:25 GMT

The Beechwood group of reinsurance companies is in talks to sell most or all of itself after a backlash from some clients due to its relationship with troubled hedge fund manager Platinum Partners, according to a person familiar with the situation.

In Sky deal, Murdochs shield Fox from sagging US ad market

Fri, 09 Dec 2016 23:55:30 GMT

Twenty-First Century Fox Inc's plan to buy the remaining stake in Sky Plc further insulates the Murdoch family-owned media company from a U.S. television advertising market roiled by sagging ratings, experts said.

US hits cheap China washing machines with punitive duties

Fri, 09 Dec 2016 21:49:54 GMT

Chinese manufacturers are dumping washing machines into the US market at artificially low prices, making them subject to punitive duties of up to 52 per cent, the Commerce Department announced on Friday.

Hawkish Fed a potential speed bump for stock bulls

Sat, 10 Dec 2016 01:25:14 GMT

Next week's Federal Reserve meeting and possible signals on the pace of rate hikes for next year could pose the biggest risk yet to the rally the U.S. stock market has seen since last month's presidential election.

Dow, S&P 500, Nasdaq all close at records again

Fri, 09 Dec 2016 21:58:33 GMT

Wall Street stocks bulldozed to fresh records yet again on Friday, with all three major indices jumping to new highs for the second straight session.

J. Crew makes preparations for possible debt restructuring: sources

Fri, 09 Dec 2016 22:20:11 GMT

U.S. apparel retailer J. Crew Group Inc is taking steps to negotiate with its creditors about cutting the value of its approximately US$2 billion debt load, as its struggles with falling sales, people familiar with the matter said on Friday.

US agency concerned about destroyed, lost phones in VW probe

Fri, 09 Dec 2016 21:30:10 GMT

A U.S. agency involved in settlement talks with Volkswagen AG over its diesel emissions scandal has raised concerns about nearly two dozen mobile phones destroyed or lost by the German carmaker.

US government seeks to speed up Takata air bag replacements

Fri, 09 Dec 2016 21:20:16 GMT

The U.S. Department of Transportation on Friday said it will press the auto industry to accelerate the pace of replacements for defective Takata Corp air bag inflators and signaled a likely widening of the industry's largest ever recall.

Euro drops for second day after dovish ECB meeting

Fri, 09 Dec 2016 20:00:43 GMT

The euro dropped on Friday for a second consecutive day in a continued reaction to the European Central Bank's extending its bond-buying programme longer than many had anticipated.

Samsung to disable Note 7 phones in recall effort

Fri, 09 Dec 2016 18:15:54 GMT

The South Korean electronics giant, the world's biggest smartphone vendor, said 93 per cent of Note 7 phones in the United States had been returned to the company after its recall earlier this year, which came amid reports of devices exploding or catching fire.

Sumitomo gobbles Europe's top banana giant Fyffes

Fri, 09 Dec 2016 18:04:35 GMT

The Dublin-based fruit importer and distributor, best known for its Fyffes-branded bananas, accepted Sumitomo's bid worth the equivalent of US$804 million, it said in a statement to the Irish Stock Exchange.

Japan's TDK in talks to buy iPhone supplier InvenSense

Fri, 09 Dec 2016 17:55:36 GMT

Japanese electronic parts manufacturer TDK Corp is in talks to acquire InvenSense Inc, a US chip maker that produces motion sensors for Apple Inc and Samsung Electronics Co, people familiar with the matter said on Friday.

World stocks squeeze out gains, Italian bank trembles

Fri, 09 Dec 2016 17:50:39 GMT

Global stock markets eked out further gains on Friday after a strong week, but Milan equities were held back by more bad news for the world's oldest bank, Monte dei Paschi.

OPEC to push for non-member oil cuts

Fri, 09 Dec 2016 17:00:40 GMT

The Vienna meeting, which includes major producer Russia, aims to nail down details on implementing the accord reached late last month.

Exclusive: Japan's TDK in talks to buy iPhone supplier InvenSense - sources

Fri, 09 Dec 2016 17:55:41 GMT

Japanese electronic parts maker TDK Corp is in talks to acquire InvenSense Inc, a U.S. chip maker that produces motion sensors for Apple Inc and Samsung Electronics Co, people familiar with the matter said on Friday.

Sky receives takeover approach from 21st Century Fox

Fri, 09 Dec 2016 17:36:25 GMT

The London-listed firm said in a statement it had agreed on an informal offer of £10.75 per share from the Murdoch-controlled US media-entertainment giant, which is seeking to take full control.

Murdoch's Twenty-First Century Fox bids US$14 billion for UK's Sky

Fri, 09 Dec 2016 23:55:25 GMT

Rupert Murdoch's Twenty-First Century Fox Inc has struck a preliminary deal to buy the 61 percent of British pay-TV firm Sky Plc it does not already own for around US$14 billion, five years after a political scandal wrecked a previous bid.

Among the shocks, steady global growth is the biggest surprise

Fri, 09 Dec 2016 16:35:42 GMT

In a year of political shocks, the unexpected strength of the global economy going into 2017 may be the most enduring surprise for financial markets.

Trump to name Goldman executive Cohn to key economic post

Fri, 09 Dec 2016 22:35:20 GMT

U.S. President-elect Donald Trump will likely ask a senior Goldman Sachs banker to coordinate economic policy across his administration, turning again to Wall Street for expertise in managing the world's largest economy, a transition official said on Friday.

Peet's expanding roasting capacity amid premium coffee boom

Fri, 09 Dec 2016 15:20:14 GMT

Peet's Coffee & Tea, a longtime rival to Starbucks Corp , said on Friday it will invest US$58 million to open a new coffee roasting facility in Suffolk, Virginia, to support its expanding business in an increasingly competitive environment.

US wholesale inventories fall in October

Fri, 09 Dec 2016 15:05:21 GMT

U.S. wholesale inventories fell as previously reported in October amid a surge in sales, supporting views that inventory investment would provide a modest boost to economic growth in the fourth quarter.

Swiss seize evidence from AMAG group in VW emissions case

Fri, 09 Dec 2016 14:55:13 GMT

Swiss prosecutors have opened criminal proceedings and seized evidence from the AMAG dealership network after an appellate court ruled Swiss investigators must conduct their own investigation of an emissions scandal at German carmaker Volkswagen AG , they said on Friday.

Record-setting rally pushes on as S&P ends week up 3 percent

Fri, 09 Dec 2016 21:35:11 GMT

Major U.S. stock indexes powered to another day of fresh record highs on Friday, with the S&P 500 ending the week up 3 percent, as investors bid up shares in sectors that have lagged in the month-long rally since Donald Trump's presidential election.

Tag Heuer bucks downturn, expands in China: CEO

Fri, 09 Dec 2016 14:40:57 GMT

Tag Heuer's renaissance is far from over, its chief executive told Reuters, adding the high-end watch brand still had room to expand in China and other markets after some of the strongest sales growth in the industry this year.

ECB contemplated bolder stimulus before compromise: sources

Fri, 09 Dec 2016 14:45:33 GMT

The European Central Bank contemplated even bolder stimulus measures than it agreed at Thursday's meeting but scaled back in a compromise move when conservatives, joined by several swing voters, pushed back, two sources with direct knowledge said.