Category | Business

Viacom’s Redstone to undergo mental exam on Friday

Posted on 28 January 2016

LOS ANGELES (Reuters) – Viacom Inc Executive Chairman Sumner Redstone will undergo an examination on Friday by a doctor hired by an ex-girlfriend in a lawsuit that challenges his mental competency, a spokesman for the former girlfriend said.

Fix stock market rules before admitting IEX: Nasdaq CEO

Posted on 28 January 2016

NEW YORK (Reuters) – Regulators should overhaul decade-old rules that govern the U.S. stock market before allowing upstart venue IEX Group to become a fully-fledged exchange, Bob Greifeld, head of Nasdaq Inc , said on Thursday.

Exclusive: Brookfield mulls buying mall operator General Growth – sources

Posted on 28 January 2016

(Reuters) – Brookfield Asset Management Inc has been exploring an acquisition in recent months of General Growth Properties Inc (GGP) , the U.S. mall operator with a market value of $24 billion, according to people familiar with the matter.

Fed owns up to global risks in statement shift

Posted on 28 January 2016

SAN FRANCISCO/WASHINGTON (Reuters) – In the U.S. Federal Reserve’s arsenal of tools the characterization of economic risks is heavy artillery, used to flag the moments when major events like the 2003 Iraq war or the near crack-up of the euro zone in 20…

Here comes the sun – and with it, U.S. earnings excuses

Posted on 28 January 2016

NEW YORK (Reuters) – U.S. companies are singing the warm weather blues this corporate earnings season.

JD Power, LMC forecast 4.5 percent drop in Jan U.S. auto sales

Posted on 28 January 2016

DETROIT (Reuters) – January U.S. auto sales will fall 4.5 percent because of the recent snow storm on the East Coast and two fewer selling days than a year ago, JD Power and LMC Automotive said on Thursday.

Under Armour demand continues to soar, stock leaps

Posted on 28 January 2016

(Reuters) – Under Armour Inc , the No. 2 U.S. sportswear maker, on Thursday reported a better-than-expected 31 percent jump in revenue, allaying concerns that apparel sales were slowing, sending its stock up as much as 21 percent.

Yahoo to shut Argentina and Mexico offices

Posted on 28 January 2016

(Reuters) – Yahoo Inc plans to close its offices in Argentina and Mexico, a company spokeswoman said on Thursday.

Russia says Saudis proposing global oil production cut

Posted on 28 January 2016

ST PETERSBURG, Russia/DUBAI (Reuters) – Russia said on Thursday that OPEC’s largest producer Saudi Arabia, had proposed oil production cuts of up to 5 percent in what would be the first global deal in over a decade to help clear a glut of crude and pro…

EU clamps down on corporate multi-billion tax avoidance

Posted on 28 January 2016

BRUSSELS (Reuters) – The European Commission weighed into the row about multinational corporations avoiding tax on Thursday, proposing to clamp down on companies shifting their profits to low-tax countries.

Pending home sales almost flat in December

Posted on 28 January 2016

WASHINGTON (Reuters) – Contracts to buy previously owned U.S. homes barely rose in December, an indication that the housing market remains mixed going into the first quarter of 2016.

Pending home sales almost flat in December

Posted on 28 January 2016

WASHINGTON (Reuters) – Contracts to buy previously owned U.S. homes barely rose in December, an indication that the housing market remains mixed going into the first quarter of 2016.

Within OPEC, Iran is a challenge to any deal on oil cuts: sources

Posted on 28 January 2016

LONDON/DUBAI (Reuters) – Iran, boosting oil exports after the lifting of sanctions, is talking of a need to recoup its market share, making the OPEC member a challenge to any deal among producers to fix a supply glut, OPEC sources said on Thursday.

BG shareholders give Shell’s $52 billion acquisition final nod

Posted on 28 January 2016

LONDON (Reuters) – BG Group shareholders overwhelmingly approved Royal Dutch Shell’s $52 billion takeover on Thursday, clearing the way for the two firms to create the world’s biggest trader of liquefied natural gas (LNG).

Raytheon sees higher sales, profit in 2016; fourth-quarter profit tops view

Posted on 28 January 2016

WASHINGTON (Reuters) – Raytheon Co on Thursday reported better-than-expected fourth-quarter profit and forecast higher results for 2016, citing increasing demand from the Middle East, Asia and Europe for precision missiles and missile defense.

Rocky markets test the rise of amateur ‘algo’ traders

Posted on 28 January 2016

LONDON (Reuters) – University student Spencer Singleton is among a growing band of amateurs turning to computer-driven automated stock trading – until now the preserve of hedge funds and mega brokers – and says he’s beating the market.

Lower oil prices squeezing U.S. manufacturing sector

Posted on 28 January 2016

WASHINGTON (Reuters) – New orders for long-lasting U.S. manufactured goods in December recorded their biggest drop in 16 months as lower oil prices and a strong dollar pressured factories, the latest indication that economic growth braked sharply at th…

Deutsche Bank scraps board bonuses after record loss

Posted on 28 January 2016

FRANKFURT (Reuters) – Deutsche Bank scrapped board bonuses this year after posting a record loss for 2015 on Thursday, with Chief Executive John Cryan urging investors to be patient with his revamp of Germany’s largest lender.

Caterpillar fourth-quarter results take a hit, but outlook above estimates

Posted on 28 January 2016

CHICAGO (Reuters) – Caterpillar Inc on Thursday reported results that showed a continued slump across most of its businesses, and warned 2016 would be another grim year, but forecast earnings above estimates for 2016, sending its stock up nearly 5 perc…

Putin ally absent as Russia considers joint action with OPEC

Posted on 28 January 2016

LONDON/MOSCOW (Reuters) – When Russian officials this week discussed the merits of jointly cutting oil output with OPEC to push up prices, one man — President Vladimir Putin’s ally Igor Sechin — was conspicuous in his absence.

Facebook ‘likes’ push Wall Street higher

Posted on 28 January 2016

(Reuters) – Wall Street climbed on Thursday as a blockbuster quarterly report from Facebook drove tech shares higher and a bounce in oil prices propped up the beleaguered energy sector.

Alibaba delivers on revenue but feels China slowdown

Posted on 28 January 2016

(Reuters) – Strong holiday sales helped e-commerce giant Alibaba Group Holding Ltd beat forecasts on Thursday with a 32 percent rise in third-quarter revenue, but it was not immune from China’s slowdown.

Johnson Controls revenue misses as automotive unit sales tumble

Posted on 28 January 2016

(Reuters) – U.S. auto parts maker Johnson Controls Inc reported lower-than-expected first-quarter revenue, largely because of lower sales in its automotive seating and interiors business.

Ford Motor earnings beat forecast, stock off after margin warning

Posted on 28 January 2016

DEARBORN, Mich. (Reuters) – Ford Motor Co’s fourth-quarter earnings beat Wall Street expectations and the company reiterated a forecast that 2016 pre-tax profit would be equal to or higher than last year.

Facebook shares jump 15.5 percent after strong results

Posted on 28 January 2016

(Reuters) – Facebook Inc shares surged 15.5 percent on Thursday, their biggest percentage increase since July 2013, after the social networking service posted quarterly results that blew away expectations on every key measure.