Category | Business

Yellen tone suggests choppiness for markets ahead

Posted on 22 May 2015

NEW YORK (Reuters) – U.S. stock investors have been enjoying an extended period of low volatility and steady gains, but with the Federal Reserve on track to raise interest rates this year and major indexes near records, the market could get a bit chopp…

Justice Department finds criminal wrongdoing in GM ignition switch defect: NYT

Posted on 22 May 2015

WASHINGTON (Reuters) – U.S. Justice Department investigators have identified criminal wrongdoing in General Motors Co’s failure to disclose a defective ignition switch, and they are negotiating what is expected to be a record penalty, the New York Time…

Microsoft, Salesforce talks fell through on pricing: CNBC

Posted on 22 May 2015

(Reuters) – Microsoft Corp and Salesforce.com Inc held “significant talks” this spring but failed to agree on a price, CNBC reported, citing people familiar with the matter.

Fed on track to hike rates as economic headwinds wane: Yellen

Posted on 22 May 2015

PROVIDENCE, R.I. (Reuters) – Federal Reserve Chair Janet Yellen was clearer than ever on Friday that the central bank was poised to raise interest rates this year, as the U.S. economy was set to bounce back from an early-year slump and as headwinds at …

Contest for Nokia’s HERE seen as a three-way race

Posted on 22 May 2015

NECKARSULM, Germany (Reuters) – The contest for Nokia’s maps business has become a three-way race between German carmakers, a consortium including Uber and Baidu, and a third group including China’s Tencent and Navinfo, people familiar with the process…

Porsche recalls 918 Spyder on cooling system risk

Posted on 22 May 2015

FRANKFURT (Reuters) – Germany’s Porsche on Friday launched a precautionary worldwide recall of its 918 Spyder sportscar, which can cost up to 850,000 euros ($937,000), saying a carbon fibre part could damage the cooling system and needed to be checked….

Fed still seen in lift-off mode as Yellen takes center stage

Posted on 22 May 2015

NEW YORK (Reuters) – The U.S. Federal Reserve is likely to stick with plans to raise interest rates later this year, with progress towards its employment and inflation goals helping allay concerns over the economy’s recent weakness, current and former …

Exclusive: Altice seeks financing for Time Warner Cable bid: sources

Posted on 22 May 2015

SAN FRANCISCO/LONDON (Reuters) – French telecommunications group Altice SA is talking to several banks about raising debt for a potential bid for Time Warner Cable Inc, the second-largest U.S. cable operator, according to people familiar with the matte…

Firmer underlying inflation keeps Fed on rate hike path

Posted on 22 May 2015

WASHINGTON (Reuters) – Rising shelter and medical care costs boosted underlying U.S. inflation pressures in April, a welcome sign for the Federal Reserve as it contemplates raising interest rates this year.

Wall St. ends lower after Yellen comments fail to inspire

Posted on 22 May 2015

(Reuters) – U.S. stocks ended weaker on Friday after Federal Reserve Chair Janet Yellen indicated that the central bank was poised to raise interest rates this year, in line with Wall Street’s expectations.

British banks planning for EU ‘no’ stymied by lack of European office space

Posted on 22 May 2015

LONDON (Reuters) – A shortage of prime office space in rival European financial centres may torpedo plans by some of London’s banks to quit the UK capital if Britain opts out of European Union membership.

Nokia CEO says in no hurry to sell mapping unit HERE: magazine

Posted on 22 May 2015

HELSINKI (Reuters) – Nokia is in no hurry to sell its mapping unit HERE despite receiving high quality bids, the Finnish company’s chief executive said in a trade magazine interview.

Audi chairman says will take ‘bit of time’ to replace Piech on board

Posted on 22 May 2015

NECKARSULM, Germany (Reuters) – Audi Chairman Martin Winterkorn said on Friday it would still take “a bit of time” to replace Ferdinand Piech and his wife on the luxury carmaker’s supervisory board.

Lufthansa CEO advocates random psych tests for pilots: FAZ

Posted on 22 May 2015

FRANKFURT (Reuters) – Random checks of pilots’ psychological fitness could help reduce risks in the aviation sector, Lufthansa Chief Executive Carsten Spohr said in his first newspaper interview since the crash of a Germanwings plane in March.

ECB’s Draghi urges Europe to reform to brighten dim prospects

Posted on 22 May 2015

SINTRA, Portugal (Reuters) – The president of the European Central Bank called on euro zone countries to reform their economies, warning that future growth, in the face of entrenched unemployment and low investment, will be modest.

Mazda, Mitsubishi add 624,000 more cars to Takata air bag recall

Posted on 22 May 2015

TOKYO (Reuters) – Mazda Motor Corp and Mitsubishi Motors Corp said on Friday they would recall about 624,000 more vehicles to replace air bag inflators made by Japan’s Takata Corp , following similar moves last week by domestic automakers.

Germany, France usher Greece back to negotiating table

Posted on 22 May 2015

RIGA (Reuters) – European leaders told Greece on Friday to return to the negotiating table for “intensive work” to wrap up a reform agreement before cash runs out, sidestepping Athens’ demand for a comprehensive, long-term solution to its troubles.

Monte Paschi signs underwriting agreement with banks for cash call

Posted on 22 May 2015

MILAN (Reuters) – Banca Monte dei Paschi di Siena said on Friday it had signed an underwriting agreement with a pool of banks to subscribe to the lender’s planned 3-billion-euro rights issue.

U.S. drivers yield ‘swing’ oil demand crown to Saudis

Posted on 22 May 2015

NEW YORK (Reuters) – As the United States raced over the past five years toward becoming a global petroleum powerhouse, the world’s biggest oil exporter Saudi Arabia quietly seized a market milestone from America: the largest source of peak summer dema…

China, India likely to be biggest shareholders in AIIB

Posted on 21 May 2015

SINGAPORE (Reuters) – China is likely to hold a 25-30 percent stake in the new Asian Infrastructure Investment Bank (AIIB) while India will be the second-biggest shareholder, delegates said on Friday after a three-day meeting of the bank’s founding mem…

Senate advances fast-track trade bill sought by Obama

Posted on 21 May 2015

Washington (Reuters) – President Barack Obama moved closer to winning the power to speed trade deals through the Congress, as the Senate on Thursday advanced legislation important to his Asian trade push.

House panel issues subpoena to Fed over 2012 information leak

Posted on 21 May 2015

WASHINGTON (Reuters) – The chairman of a congressional committee on Thursday subpoenaed Federal Reserve documents and communications related to a 2012 leak of monetary policy information, ramping up his attack of the central bank’s handling of the case…

HP sells $2.3 billion China unit stake to forge partnership with Tsinghua Unigroup

Posted on 21 May 2015

HONG KONG (Reuters) – Hewlett-Packard Co will sell a controlling 51 percent stake in its China-based data-networking business to China’s Tsinghua Unigroup for at least $2.3 billion, forming a partnership designed to create a Chinese technology powerhou…

HP forecasts split-related costs below expectations

Posted on 21 May 2015

(Reuters) – Hewlett-Packard Co , which is in the process of splitting itself, forecast separation-related costs below the expectation of several analysts and reported a better-than-expected quarterly profit.

Charter in talks with Time Warner Cable over bid likely above $170 per share: WSJ

Posted on 21 May 2015

(Reuters) – Charter Communications is in talks with Time Warner Cable about a bid that is likely to be well above the $170 per share expected by some analysts, the Wall Street Journal reported, citing people familiar with the matter.