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Published: Mon, 26 June 2017 04:51:14 +0800


Loeb's Third Point hedge fund targeting Nestle for strategic changes: Bloomberg

Mon, 26 June 2017 04:00:08 +0800

Nestle SA , is being targeted by activist investor Daniel Loeb's hedge fund Third Point LLC, Bloomberg reported, citing people familiar with the matter.

RBS to cut 443 jobs in UK, move many of them to India

Mon, 26 June 2017 02:45:07 +0800

British lender Royal Bank of Scotland is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said.

Italy to pay up to US$19b to deal with two troubled banks

Mon, 26 June 2017 04:48:50 +0800

ROME: Italy will pay up to €17 billion (US$19 billion) to break up two insolvent Venetian banks, which have posed a threat to country's banking system, the government announced on Sunday (Jun 25). Both face bankruptcy and European authorities had urged Italy to devise a rescue framework, selling ...

Japan eyes free trade talks with Britain

Sun, 25 June 2017 23:44:45 +0800

TOKYO: Japan wants to hold informal free trade talks with Britain as it also works to sign a deal with the European Union, a report said on Sunday (Jun 25). Tokyo's moves aim to minimise Brexit's impact on Japanese companies as Britain negotiates its exit from the EU, the business daily Nikkei ...

Push on with the 'great unwinding', BIS tells central banks

Sun, 25 June 2017 18:50:06 +0800

Major central banks should press ahead with interest rate increases, the Bank for International Settlements said on Sunday, while recognizing that some turbulence in financial markets will have to be negotiated along the way.

China's drone king DJI turns to farming

Sun, 25 June 2017 12:27:28 +0800

China drone-maker DJI is betting on flying machines that shoot pesticide instead of photos to fend off growing competition in the global remote-controlled aircraft market.

Portugal investigating fraud linked to Venezuela PDVSA funds, PDVSA says

Sun, 25 June 2017 07:35:06 +0800

Portugal is investigating alleged appropriation of funds belonging to Venezuelan state oil company PDVSA that were channeled through now-defunct Portuguese bank Banco Espirito Santo between 2009 and 2014, PDVSA said on Saturday.

Internal dossier criticises Audi top management: Bild

Sun, 25 June 2017 06:15:07 +0800

German luxury carmaker Audi's management board, including Chief Executive Rupert Stadler, has been sharply criticised by company managers, Bild am Sonntag reported on Sunday, citing an internal dossier.

US lawmakers urge Trump to press India's Modi on trade, investment

Sun, 25 June 2017 06:05:45 +0800

WASHINGTON: Leading US congressmen have called on President Donald Trump to press Indian Prime Minister Narendra Modi to remove barriers to US trade and investment when they meet for the first time on Monday. The lawmakers, from the Republican and Democratic parties, said in a letter to Trump that ...

CEO of Raytheon's Forcepoint eyes IPO

Sun, 25 June 2017 01:59:39 +0800

FRANKFURT: US missile maker Raytheon's cybersecurity unit could thrive were it to be listed separately, the head of the unit, Forcepoint, told German business daily Boersenzeitung in an interview published on Saturday (Jun 24). "Raytheon has undertaken that Forcepoint will achieve for civilian ...

Rome out to rescue two troubled banks

Sun, 25 June 2017 00:42:19 +0800

ROME: At the 11th hour, the Italian government has vowed to rescue two troubled Venetian banks with the aid of a retail bank, plus billions of taxpayer's cash. The government was due to meet over the weekend to devise the rescue framework for Banca Popolare di Vicenza and Veneto Banca, the finance ...

India's Infosys says reassessing long-term goals due tougher market

Sun, 25 June 2017 00:25:06 +0800

Infosys Ltd, India's second-biggest software services exporter, is re-evaluating its long-term targets because tougher market conditions have made them appear "daunting", the company's chairman said on Saturday.

Oil's drop could leave a stain on earnings

Sat, 24 June 2017 09:05:15 +0800

Heading into second-quarter earnings season, investors are looking for a continuation of strong U.S. company results to justify high stock valuations, now trading near their loftiest levels since 2004.

Even with Whole Foods, Amazon would need many more warehouses to reshape grocery delivery

Sat, 24 June 2017 21:15:10 +0800

If Inc hopes to revolutionize grocery delivery, then its bid to buy Whole Foods Market Inc for US$13.7 billion will be just the start of a long and costly process.

Brazil defends meat against US ban, but image tattered

Sat, 24 June 2017 07:31:58 +0800

Brazil's agriculture minister Blairo Maggi announced Friday he will travel to the United States to fight a ban on Brazilian beef imports, but the Latin American country's meat industry is already reeling.

VW ex-manager should stay in Germany: lawyer in Bild

Sat, 24 June 2017 06:10:18 +0800

A lawyer for one of the former Volkswagen managers sought in the United States in connection with the carmaker's diesel emissions-cheating scandal has advised him not to leave Germany, she told a German daily.

Tech shares lead US stocks; retailers lag

Sat, 24 June 2017 05:50:38 +0800

NEW YORK: Tech shares finished the week on a strong note, lifting the Nasdaq on Friday (Jun 23), while leading retailers fell following another weak earnings report from a leading store chain. A muted session ended with market sentiment bolstered modestly as oil prices mustered a second straight ...

Wal-Mart not considering a bid for Whole Foods: Source

Sat, 24 June 2017 08:55:25 +0800

Wal-Mart Stores Inc is not actively considering making an offer for Whole Foods Market Inc, a source familiar with the matter told Reuters on Friday.

DBRS downgrades Cenovus after ConocoPhillips deal

Sat, 24 June 2017 03:40:14 +0800

Ratings agency DBRS on Friday downgraded Cenovus Energy Inc, saying the Canadian oil company's acquisition of ConocoPhillips assets in March negatively affects its credit and more than outweighs the benefits of the deal.

Honda engineer debunks own claim about cause of Takata air bag failures

Sat, 24 June 2017 02:50:20 +0800

Honda Motor Co on Friday released a 2013 email in which one of its engineers suggested that he knew some hidden truth about "the root cause" of Takata Corp air bag failures, but the engineer later said he was mistaken.

Investment funds offered to invest in Italy's Veneto banks three weeks ago - sources

Sat, 24 June 2017 08:55:11 +0800

A group of four international investment funds offered to inject 1.6 billion euros (US$1.79 billion) of fresh capital into two ailing Italian banks in Veneto at the end of May, sources told Reuters, but their plan was not pursued by Rome.

GM says settles many lawsuits over ignition switches

Sat, 24 June 2017 02:30:24 +0800

General Motors Co has reached a settlement to resolve lawsuits by 203 plaintiffs over defective ignition switches in many of its vehicles, lawyers for the automaker said in a court filing on Friday.

Russia's fighter jet makers 'not afraid' of US competition in India

Sat, 24 June 2017 02:25:10 +0800

PARIS: Russian military aviation firm MiG said on Friday it was ready to deepen its cooperation with India, just days after U.S. arms maker Lockheed Martin Corp agreed with Tata Advanced Systems to build F-16 fighters there. India's air force needs hundreds of aircraft to replace its Soviet-era ...

Goldman Sachs global head of equity capital markets to retire: Bloomberg

Sat, 24 June 2017 00:35:22 +0800

REUTERS: Goldman Sachs Group Inc's global head of equity capital markets, Stephen Pierce, is retiring from the role after 31 years at the firm, Bloomberg reported on Friday. Pierce will remain with Goldman Sachs as an advisory director and the investment banking division's client and business ...

Ford's China move casts new cloud on Mexican carmaking

Fri, 23 June 2017 23:40:12 +0800

A second U-turn this year by Ford Motor Co in Mexico has raised the specter of Chinese competition for local carmaking, adding to pressure on the industry after repeated threats by U.S. President Donald Trump to saddle it with punitive tariffs.

Europe faces Herculean challenge to develop new fighter jet

Fri, 23 June 2017 23:30:14 +0800

Europe is embarking on an expensive and politically charged effort to develop a new combat jet that will shape the future of the European fighter industry and its three existing programs - Eurofighter, France's Rafale and Sweden's Gripen.

VW is cutting jobs at core brand more quickly than planned: HR boss

Sat, 24 June 2017 00:43:43 +0800

Volkswagen is reducing the workforce at its core division more rapidly than planned, its human resources chief said, helping the brand make headway on cost-cuts needed to revive the business.

US new home sales jump, median price surges to record high

Sat, 24 June 2017 00:29:21 +0800

WASHINGTON: New U.S. single-family home sales rose in May and the median sales price surged to an all-time high, suggesting the housing market had regained momentum. The Commerce Department said on Friday new home sales increased 2.9 percent to a seasonally adjusted rate of 610,000 units last ...

Policy ponder: central banks head for the Portuguese hills

Sat, 24 June 2017 09:05:11 +0800

The cool shade of the hills above Lisbon will offer leading central bankers an escape from the summer heat in the coming week, but there is little they can do to get away from their differing monetary policy conundrums.

Commentary: Does Singapore still need a national airline?

Fri, 23 June 2017 21:33:24 +0800

It recently rose in Skytrax rankings to be named second best airline in the world, but Singapore Airlines' performance in the last quarter has sparked a debate on whether the airline is sufficiently innovative.

Tech shares boost Nasdaq; energy stocks rebound

Sat, 24 June 2017 03:50:10 +0800

U.S. stock index futures were little changed on Friday as oil prices edged up and ahead of economic data and speeches by Federal Reserve policymakers.

Accenture unloads US$1.6 billion in pension liabilities to AIG, MassMutual

Fri, 23 June 2017 19:35:09 +0800

Consulting and outsourcing services provider Accenture Plc said on Friday it would transfer US$1.6 billion in pension obligations to insurers American International Group Inc and MassMutual.

Ford recalls 15,600 cars in South Africa over steering fluid leak

Fri, 23 June 2017 16:20:19 +0800

Ford Motor Co is recalling nearly 16,000 Ikon and Figo models in South Africa due to a power steering fluid leak, it said on Friday.

Singapore's manufacturing output rises for 10th straight month in May

Fri, 23 June 2017 13:00:39 +0800

SINGAPORE: The manufacturing sector in Singapore extended its winning streak in May as output rose for the 10th straight month, although the pace of growth continued to ease. Industrial output increased 5 per cent last month on a year-on-year basis, according to figures released by the Economic ...

Elbit Systems says innovation key to crowded drone market

Fri, 23 June 2017 12:40:10 +0800

PARIS: Israeli defense electronics company Elbit Systems Ltd , is moving quickly to innovate and maintain its edge in a global market in which it faces increasing competition from China, France, Turkey and others. The unmanned aerial vehicles (UAV) maker's vice president Elad Aharonson told ...

China's ICBC says checks of loans by big acquirers are routine

Fri, 23 June 2017 11:55:15 +0800

Industrial and Commercial Bank of China (ICBC) said on Friday its checks of loans to companies that made overseas acquisitions is routine, following reports that the regulator had ordered lenders to assess credit extended to a handful of highly acquisitive firms.

Tentative oil price recovery lifts energy stocks

Fri, 23 June 2017 16:20:15 +0800

World stocks were poised to eke out slim gains for the week on Friday as a tentative recovery in oil prices spurred investors to hunt for bargains in the beaten-down energy sector and helped commodity-related currencies gain against the dollar.

Toshiba stock listing status downgraded, deeper losses flagged

Fri, 23 June 2017 16:05:16 +0800

Toshiba Corp plans to ask regulators for an extension for filing its annual financial statement on Friday, the Yomiuri daily reported.

US bans fresh Brazil beef imports over safety concerns

Fri, 23 June 2017 15:45:09 +0800

The United States halted imports of fresh Brazilian beef on Thursday, the U.S. Department of Agriculture (USDA) said, after a high percentage of shipments failed to pass safety checks.

France's Altice USA surges in New York market debut

Fri, 23 June 2017 05:30:38 +0800

NEW YORK: Altice USA shares rallied on Thursday (Jun 22) in their New York market debut after the telecom group controlled by French billionaire Patrick Drahi raised some US$1.9 billion in an initial public offering. Shares jumped nine per cent to close at US$32.71 in the first day of trading ...

GSK's new CEO aims to divest sports nutrition brand: Source

Fri, 23 June 2017 07:11:04 +0800

GlaxoSmithKline Plc's new Chief Executive Officer Emma Walmsley is shaking up the British drugmaker's portfolio of smaller products with plans to divest its MaxiNutrition sports nutrition brand, two people familiar with the matter said on Thursday.

Tesla eyes manufacturing in China

Fri, 23 June 2017 05:12:11 +0800

NEW YORK: Tesla said on Thursday (Jun 22) it was considering the possibility of manufacturing in China as it ramps up for expansion of its line of electric-powered cars. The California company founded by entrepreneur Elon Musk said in an email it was in talks with the Shanghai Municipal Government ...

Major US banks would withstand recession: US Fed

Fri, 23 June 2017 06:36:50 +0800

WASHINGTON: The largest US banks would withstand a severe recession and still be able to lend to American households and businesses, the Federal Reserve announced on Thursday (Jun 22). The results of the first part of the central bank's so-called stress tests showed 34 major lenders were on solid ...

Health shares boosted as US stocks end flat

Fri, 23 June 2017 05:30:05 +0800

NEW YORK: Health and pharmaceutical shares moved broadly higher on Thursday (Jun 22) after Senate Republicans unveiled a new health reform proposal as US stocks ended little changed. Oil prices, which finished at multi-month lows on Wednesday, rallied a bit, boosting some petroleum-linked equities ...

Airbus' Leahy reveals negotiating tricks after 'last air show'

Fri, 23 June 2017 04:01:44 +0800

Airbus sales chief John Leahy, one of the dominant figures of modern aviation, hinted on Thursday he would retire this autumn, as he wrapped up what he said would be his last air show by revealing a few precious negotiating tricks.

Dispute at key German plant could hit Daimler output

Fri, 23 June 2017 03:05:55 +0800

FRANKFURT: Germany's Daimler could suffer a drop in production of Mercedes-Benz luxury cars next month because of a dispute over future projects between management and unions at a key plant. The works council at Untertuerkheim, home to Daimler's global headquarters, will oppose any overtime work ...

US banking group sees three more Fed rate hikes in 2018

Fri, 23 June 2017 04:46:03 +0800

NEW YORK: The trend of solid US economic growth should continue into 2018, setting the stage for potentially three more Federal Reserve rate increases next year, the American Bankers Association said on Thursday (Jun 22). The banking group's economic forecast committee predicts a "slight ...

US regulators, lawmakers support Volcker rule revamp at hearing

Fri, 23 June 2017 02:40:31 +0800

U.S. financial regulators and lawmakers who appeared at a congressional hearing on Thursday generally agreed that the Volcker rule, which restricts banks' ability to make bets with their own money, needs to be reconsidered.

CEO Zuckerberg tweaks Facebook mission to focus on groups

Fri, 23 June 2017 02:30:52 +0800

Facebook Inc Chief Executive Mark Zuckerberg revised the world's largest online social network's mission statement on Thursday to emphasize support for hobby clubs, civil society organizations and other community groups.

Beyond air show, newcomers challenge Airbus-Boeing duopoly

Fri, 23 June 2017 02:15:42 +0800

PARIS: This year's Paris Air Show was dominated by the annual order battle between Airbus and Boeing , but industry executives said the duopoly will be forced to share the stage at future shows as newcomers from Russia, China and Japan muscle into the passenger plane market. Japan's Mitsubishi ...

Strike at Volkswagen's Slovak unit to continue after talks fail: union

Fri, 23 June 2017 02:10:46 +0800

A strike at Volkswagen's Slovak unit will continue into a fourth day after talks on wage deal failed, union chief Zoroslav Smolinsky said on Thursday.

Home Capital's shares surge as Buffett rides to rescue

Fri, 23 June 2017 02:00:33 +0800

Warren Buffett's Berkshire Hathaway Inc is providing a CUS$2 billion loan to Home Capital Group Inc and taking a 38 percent stake in the lender, with the U.S. billionaire pitching himself against short-sellers who have targeted the stock as Canada's housing market has turned riskier.

Exclusive: Uber hires law firm to probe how it handled India rape case - source

Fri, 23 June 2017 01:40:58 +0800

Uber Technologies Inc has hired a law firm to investigate how it obtained the medical records of an Indian woman who was raped by an Uber driver in 2014. The review will focus in part on accusations from some current and former employees that bribes were involved, two people familiar with the ...

Oil barrels higher, but equities can't gain traction

Fri, 23 June 2017 07:59:00 +0800

LONDON: Oil prices rebounded on Thursday (Jun 22), coming off 10-month lows, but the increase did not give much boost to global equity markets. Stock markets in Paris and Frankfurt rose marginally, while London dipped and Wall Street ended near flat. "The turbulence in the energy market is ...

Bubbling Chinese market centrestage at world wine fest

Fri, 23 June 2017 07:35:19 +0800

BORDEAUX: With a middle-class increasingly thirsty for reds, whites and Italian bubbly, China is the hot ticket for wine traders looking for opportunities at this year's Vinexpo industry extravaganza. The world's most populous nation has for years been seen as an El Dorado for foreign wine-makers ...

Tyre giant Michelin to cut nearly 2,000 jobs worldwide

Thu, 22 June 2017 23:45:39 +0800

PARIS: Tyre giant Michelin is to cut nearly 2,000 jobs worldwide by 2021 as part of a reorganisation, the company announced on Thursday (Jun 22), saying there would be no forced redundancies. The company plans to shed 1,500 staff in France, mostly by not replacing workers when they retire, and a ...

Parent of Burger King, Tim Hortons to curb antibiotics in chicken

Fri, 23 June 2017 05:26:12 +0800

The parent of Burger King and Tim Hortons on Thursday vowed to cut the use of antibiotics in its chicken supply, joining other major fast-food chain operators in the battle against the rise of dangerous antibiotic-resistant bacteria known as superbugs.

US banks look to rebuild European football from the ground up

Thu, 22 June 2017 23:11:41 +0800

U.S. banks that have carved out a lucrative niche financing the construction and renovation of sports stadia are making a push into Europe, signing a major deal with English Premier League soccer club Tottenham Hotspur last month.

Tesla moves a step closer to building electric cars in China

Fri, 23 June 2017 00:06:10 +0800

Tesla Inc is exploring the possibility of establishing a Chinese manufacturing plant with the Shanghai municipal government, the U.S. electric carmaker said on Thursday in a statement.

AT&T unclear what final merger conditions Justice Department will seek

Thu, 22 June 2017 22:37:11 +0800

WASHINGTON: AT&T Inc was confident it would win regulatory approval for its US$85.4 billion acquisition of Time Warner Inc before year's end as the Justice Department continues its review, but was still awaiting details about any final requirements for the deal, a senior executive said. Bob Quinn ...

Home Capital to get CUS$2 billion loan from Berkshire Hathaway

Thu, 22 June 2017 22:11:59 +0800

Canadian lender Home Capital Group Inc said Berkshire Hathaway Inc will provide a new CUS$2 billion line of credit to its unit Home Trust Co and indirectly buy CUS$400 million (US$300.2 million) of its common shares in a private placement.

Mylan shareholders vote against executive pay, re-elect board

Fri, 23 June 2017 01:35:57 +0800

AMSTERDAM: Mylan NV shareholders voted against the generic drugmaker's executive pay policy but re-elected the board at its annual meeting on Thursday despite a shareholder campaign in the wake of a scandal over high prices for its EpiPen emergency allergy treatment. The company did not disclose ...

Gains in healthcare stocks lift Wall Street

Fri, 23 June 2017 00:06:08 +0800

U.S. stocks opened little changed on Thursday as oil prices remained near multi-month lows, undermining efforts by major producers to stabilize the market.

US jobless claims rise, labour market still tight

Thu, 22 June 2017 23:24:53 +0800

WASHINGTON: The number of Americans filing for unemployment benefits increased slightly last week, but remains at levels consistent with a tight labour market. Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week ended Jun 17, the Labour ...

American Airlines pushes back on Qatar Airways plan to buy stake

Fri, 23 June 2017 07:09:01 +0800

The move by Qatar Airways would expand its investments in North America as Qatar is embroiled in the region's worst diplomatic crisis in years.

China Unicom counts Alibaba, Tencent among investors in drive to raise US$10b

Fri, 23 June 2017 06:02:21 +0800

HONG KONG: Chinese tech giants Alibaba Group Holdings and Tencent Holdings will be among new investors pouring a total of around US$10 billion into mobile carrier China Unicom, sources said, part of efforts by Beijing to rejuvenate state behemoths with private cash. Four sources with knowledge of ...

Citi poaches two senior UBS Asia bankers for China, EMEA roles

Thu, 22 June 2017 20:49:09 +0800

Citigroup Inc has appointed UBS Group AG senior China banker Jiang Guorong as its chairman and head of China corporate and investment banking, according to an internal memo seen by Reuters on Thursday.

Tesla reaches agreement with Shanghai to explore production: Bloomberg

Thu, 22 June 2017 18:52:55 +0800

U.S. electric-car maker Tesla Inc has reached a preliminary agreement with Shanghai to explore production in the Chinese city, Bloomberg reported on Thursday, citing people familiar with the matter. (

Indian IT sector lobby group sees export growth at 7-8 percent for 2017-18

Thu, 22 June 2017 18:16:45 +0800

A leading lobby group for India's IT industry on Thursday forecast the sector's export revenues to grow at 7-8 percent for the year to March, around the growth levels seen last year, as the industry faces continued headwinds from the U.S. market.

Airbus concedes defeat to Boeing in Paris order race

Thu, 22 June 2017 18:06:20 +0800

PARIS: Airbus conceded defeat to rival Boeing in the race for new business at the Paris Airshow on Thursday, as a late haul of almost 100 aircraft failed to close a gap opened up by the launch of the American firm's new 737 model. The European planemaker said it won 326 net new orders and ...

China regulator orders checks on loans to acquisitive firms: sources

Thu, 22 June 2017 18:06:17 +0800

China's banking regulator has ordered a group of commercial banks to assess their exposure to offshore purchases by a handful of acquisitive Chinese corporate groups, two people familiar with the matter said on Thursday.

Asia energy firms under pressure on oil drop

Thu, 22 June 2017 17:40:38 +0800

HONG KONG: Energy firms struggled again in Asian trade on Thursday (Jun 22) after fresh plunge in oil prices as supply glut fears returned, while regional equities saw a mixed response to the previous day's sell-off. Both main crude contracts dived more than two per cent on Wednesday despite a ...

Belgium drops case against business of LVMH chief Arnault

Thu, 22 June 2017 17:27:29 +0800

Belgian prosecutors said on Thursday they have closed an investigation into a 2.9 billion euro (US$3.24 billion) capital increase in a Belgian company owned by billionaire and chief executive of LVMH Bernard Arnault.

Iran's Airtour signs MoU for 45 A320neo Airbus aircraft

Thu, 22 June 2017 15:56:14 +0800

Iran's Airtour Airlines has signed a memorandum of understanding (MoU) for 45 Airbus A320neo aircraft, Airbus said on Thursday, in a deal unveiled at the Paris Airshow.

Eyes on AirAsia as Airbus looks for airshow comeback: sources

Thu, 22 June 2017 15:57:11 +0800

Airbus has seen its rival Boeing grab most of the headlines at the Paris Airshow this week, but it could turn to AirAsia - one of its largest customers - to narrow the gap after the launch of a new Boeing plane, industry sources said.

Iran's Zagros Airlines commits to buying 28 Airbus aircraft

Thu, 22 June 2017 14:35:31 +0800

Iran's Zagros Airlines has signed a memorandum of understanding (MoU) to buy 28 new Airbus planes, comprising 20 A320neo jets and eight A330neo aircraft, Airbus said in a statement.

UK competition watchdog clears Standard Life-Aberdeen deal

Thu, 22 June 2017 14:31:00 +0800

Britain's competition watchdog said it had cleared Standard Life's 11 billion pound (US$14 billion) deal to buy Aberdeen Asset Management , paving the way for the tie-up which will create the country's biggest listed asset manager.

China's Dalian Wanda Group denies 'rumors' of bond sales

Thu, 22 June 2017 13:15:41 +0800

China's Dalian Wanda Group Co denied as "malicious speculation" that some Chinese banks had ordered the sale of its bonds, the company said in a statement on Thursday.

Takata to file for bankruptcy Monday, SMBC to provide bridge loan: Sources

Thu, 22 June 2017 16:07:09 +0800

Takata Corp will seek bankruptcy protection from creditors on Monday, two sources said, as the Japanese company faces billions of dollars in liabilities stemming from the biggest recall in automotive history.

Foxconn plans US display making plant for over US$10 billion, scouting for location

Thu, 22 June 2017 23:42:39 +0800

Foxconn , the world's largest contract electronics maker, is looking at six U.S. states including Wisconsin as locations for a display-making plant, a top executive said on Thursday.

Mexico's Supreme Court rules in spat related to telecom reform

Thu, 22 June 2017 11:15:31 +0800

Mexico's Supreme Court ruled on Wednesday in a spat over interconnection rates paid between telecommunications firm America Movil and rivals that touches on a bigger case related to an antitrust reform the company is fighting.

Oil bounces off 10-month lows; crude glut still weighs

Fri, 23 June 2017 03:25:51 +0800

Oil prices rose on Thursday for the first time in three days after U.S. crude and gasoline stockpiles fell, but investors are looking for more signs that output cuts by OPEC and some other producers are ending a three-year glut.

Toshiba shares slip as it gears up for chip unit sale

Thu, 22 June 2017 08:35:47 +0800

Shares of Toshiba Corp skidded on Thursday, as the company aims to seal a deal worth some US$18 billion by next week for the sale of its chip business needed to cover massive losses.

Exclusive: Sycamore Partners close to deal to acquire Staples - sources

Thu, 22 June 2017 08:11:22 +0800

Private equity firm Sycamore Partners is in advanced talks to acquire Staples Inc following an auction for the U.S. office supplies retailer, people familiar with the matter said on Wednesday, in a deal that could top US$6 billion.

US could ease some post-crisis regulation: Fed governor

Thu, 22 June 2017 06:43:18 +0800

WASHINGTON: The US Federal Reserve is open to easing some banking regulations put in place after the 2008 financial crisis, including stress tests and the so-called Volcker Rule, according to a central bank governor. In testimony to be delivered on Thursday (Jun 22), Federal Reserve Governor ...

Jackie Kennedy watch fetches nearly US$380K in New York

Thu, 22 June 2017 06:44:49 +0800

NEW YORK: An engraved gold Cartier watch given to Jacqueline Kennedy and a reciprocal thank-you painting from the former first lady sold for US$379,500 at auction in New York on Wednesday (Jun 21), Christie's said. The Tank watch was given to Kennedy by her brother-in-law, Prince Stanislaw "Stas" ...

Weak oil weighs on Dow but biotech gains boost Nasdaq

Thu, 22 June 2017 05:00:38 +0800

NEW YORK: Wall Street investors punished petroleum-linked equities on falling oil prices on Wednesday (Jun 21), but gains by pharmaceutical and biotech shares helped lift the Nasdaq. US oil prices ended at their lowest level since August on growing worries about excess crude supply, pushing Dow ...

Oracle profit beats as cloud shift gains steam, shares at record

Thu, 22 June 2017 06:51:29 +0800

Oracle Corp reported a 14.8 percent rise in quarterly profit as the business software maker's transition to cloud-based services begins to yield results, sending its shares up 8 percent in after-market trading.

Judge approves temporary stop to DraftKings, FanDuel merger

Thu, 22 June 2017 04:01:43 +0800

A federal judge has approved a temporary halt of a merger between sport fantasy companies DraftKings and FanDuel.

For thousands of US auto workers, downturn is already here

Thu, 22 June 2017 03:57:29 +0800

Wall Street is fretting that the U.S. auto industry is heading for a downturn, but for thousands of workers at General Motors Co factories in the United States, the hard times are already here.

Exclusive: Qatar sovereign fund moves stakes to government, may sell assets - sources

Thu, 22 June 2017 03:20:28 +0800

Qatar's sovereign wealth fund has transferred over US$30 billion worth of its domestic equity holdings to the finance ministry and may sell other assets as part of a restructuring drive, people familiar with the matter told Reuters.

Harley-Davidson enters race to buy Italian rival Ducati: sources

Thu, 22 June 2017 03:06:14 +0800

U.S. motorcycle maker Harley-Davidson is lining up a takeover bid for Italian rival Ducati, potentially bringing together two of the most famous names in motorcycling in a deal that could be worth up to 1.5 billion euros (US$1.67 billion), sources told Reuters.

Cigna's 2017 growth may include Medicare Advantage acquisitions

Thu, 22 June 2017 03:01:09 +0800

Cigna Corp Chief Executive David Cordani told investors on Wednesday that the company has US$7 billion to US$14 billion in capital it could use in 2017 for mergers and acquisitions in several areas, including Medicare Advantage for older people.

Apple adds Virgin to US carrier lineup as Virgin ditches Android

Fri, 23 June 2017 08:26:26 +0800

REUTERS: Apple Inc will soon start selling wireless plans from Virgin Mobile USA, the first new carrier offered by the iPhone maker's since 2013, the companies said on Wednesday (Jun 21). Virgin Mobile USA, a subsidiary of Sprint that licenses its name from the Virgin Group co-founded by Richard ...

Boeing's Conner bows out with US$1.2 billion air show deal

Thu, 22 June 2017 01:56:32 +0800

Boeing Vice Chairman Ray Conner on Wednesday sealed his last air show deal before retiring, signing off with the conversion of ten orders to the new 737 MAX 10 model for Donghai Airlines in China, where near-record traffic growth is powering aviation.

Airbus and Boeing eye lucrative maintenance market

Thu, 22 June 2017 00:44:17 +0800

LE BOURGET, France: Airbus and Boeing wheeled out the usual round of order announcements at the Paris Air Show on Wednesday (Jun 21), but alongside the big ticket purchases, the aerospace rivals are also eyeing the lucrative maintenance and servicing market as they seek to boost growth. Boeing ...

Tesco supermarket to cut 1,100 UK jobs

Thu, 22 June 2017 00:35:02 +0800

LONDON: Britain's biggest retailer, supermarket giant Tesco, said on Wednesday (Jun 21) it plans to cut 1,100 jobs with the closure of a call centre in the Welsh capital Cardiff. Operations will be shifted to its office in Dundee, Scotland, creating 250 jobs, Tesco added in a statement. "The ...

European stocks slide on oil price slump

Thu, 22 June 2017 00:30:39 +0800

LONDON: Global stocks sank on Wednesday (Jun 21) as the energy sector took a beating from an oil price slump. Crude prices slid further after diving more than two per cent on Tuesday on increasing fears of a global supply glut, as continued production in the US and elsewhere offsets an OPEC output ...

US existing home sales unexpectedly rise in May

Wed, 21 June 2017 23:11:07 +0800

U.S. home resales unexpectedly rose in May to the third highest monthly level in a decade and a chronic inventory shortage pushed the median home price to an all-time high.

US home refinancing activity climbs to seven-month high: MBA

Wed, 21 June 2017 23:11:02 +0800

U.S. applications to refinance an existing home reached a seven-month peak last week as mortgage rates were unchanged to higher, the Mortgage Bankers Association said on Wednesday.