Category | Business

Rising U.S. interest rates likely to dent automakers’ earnings

Posted on 16 December 2015

(Reuters) – Rising U.S. interest rates could cut into car makers’ profit margins over the next year and eventually take some of the steam out of auto sales and car loans, analysts say.

European Parliament set to hold inquiry into VW emissions scandal

Posted on 16 December 2015

BRUSSELS (Reuters) – The European Parliament plans to set up a committee to investigate Volkswagen’s emissions scandal and whether regulatory oversight of the car industry was too lax.

Fed aggressively ramps up new tool to pry rates higher

Posted on 16 December 2015

NEW YORK (Reuters) – The Federal Reserve aggressively expanded a new policy tool to help it raise U.S. interest rates from near zero, saying on Wednesday it anticipated about $2 trillion in bids for a facility to help mop up excess cash in financial ma…

Volkswagen to suspend production in Dresden during plant’s restructuring

Posted on 16 December 2015

BERLIN (Reuters) – Volkswagen will suspend production at its factory in the German city of Dresden during the plant’s restructuring, a labor representative at the carmaker said on Wednesday.

U.S. housing data signals economic strength; manufacturing weak

Posted on 16 December 2015

WASHINGTON (Reuters) – U.S. housing starts in November rebounded from a seven-month low and permits surged to a five-month high, signs of strength in the housing market as the Federal Reserve starts hiking interest rates after years of easy monetary po…

Valeant says can contain hit to dermatology, projects 2016 growth

Posted on 16 December 2015

(Reuters) – Drugmaker Valeant Pharmaceuticals International Inc on Wednesday said that fourth-quarter profit was hit when it cut ties with pharmacy Philidor Rx Services, but that it could contain the damage next year and grow profit.

Wall Street rallies on gradual Fed tightening, improving economy

Posted on 16 December 2015

NEW YORK (Reuters) – U.S. stocks rallied on Wednesday after the Federal Reserve announced it is raising its key policy rate for the first time in nearly a decade in a sign of confidence in the U.S. economy.

Google CEO touts India as key testing ground for new products

Posted on 16 December 2015

NEW DELHI (Reuters) – New Google leader Sundar Pichai pledged on Wednesday to use India as a testing ground for its products as the U.S. tech giant targets hundreds of millions of consumers in the developing world set to move online in the next few yea…

Fed raises interest rates, citing ongoing U.S. recovery

Posted on 16 December 2015

WASHINGTON (Reuters) – The Federal Reserve hiked interest rates for the first time in nearly a decade on Wednesday, signaling faith that the U.S. economy had largely overcome the wounds of the 2007-2009 financial crisis.

German lobby group says excess emissions detected in Mercedes model

Posted on 16 December 2015

BERLIN (Reuters) – German environmental lobby group DUH turned on carmaker Daimler on Wednesday, saying test results had shown nitrogen oxide emissions from one of its Mercedes diesel models far exceeded European legal limits.

Daimler calls emissions results cited by German lobby ‘questionable’

Posted on 16 December 2015

BERLIN (Reuters) – Car maker Daimler described as “questionable” results of emissions tests from one of its Mercedes diesel models cited by German environmental lobby group DUH on Wednesday.

Kremlin reiterates Ukraine must pay off debt to Moscow or face court

Posted on 16 December 2015

MOSCOW (Reuters) – Russia’s position on Ukraine’s $3 billion debt to Russia remains unchanged and Kiev must pay it off or face a court case, Kremlin spokesman Dmitry Peskov said on Wednesday.

China central bank sees economic growth slowing to 6.8 percent in 2016

Posted on 16 December 2015

BEIJING (Reuters) – China’s annual economic growth is likely to slow to 6.8 percent next year from an expected 6.9 percent this year, the People’s Bank of China said in a working paper published on Wednesday.

Boeing says China Postal Airlines orders ten 737-800 converted freighters

Posted on 16 December 2015

SINGAPORE (Reuters) – U.S. aircraft maker Boeing Co has signed a deal to supply 10 737-800 passengers jets converted into freighters to cargo carrier China Postal Airlines. 

As end of Fed’s ‘free money’ nears, consumers still likely to spend

Posted on 16 December 2015

KOKOMO, Ind. (Reuters) – Judged by how long it has been going on, the current U.S. economic expansion should be on its last legs, but the mood in this rebounding heartland auto town would not show it.

Toyota sees 2016 global sales flat

Posted on 16 December 2015

TOKYO (Reuters) – Toyota Motor Corp said it expected group-wide global vehicle sales to stay flat in 2016 at 10.11 million vehicles, likely keeping it ahead of rivals Volkswagen AG and General Motors Co as the world’s top-selling automaker.

For some on Wall Street, energy stocks are back in favor for 2016

Posted on 16 December 2015

NEW YORK (Reuters) – While many investors have been wary of taking chances on the battered energy space, a sizeable minority of Wall Street strategists are betting on a pickup in oil prices next year and recommending energy stocks.

Australia banks agree Android Pay deal, Apple Pay still frozen out

Posted on 16 December 2015

SYDNEY (Reuters) – Big Australian banks have agreed to accept payments made on mobile devices using Google Inc’s Android Pay, leaving Apple Inc’s rival Apple Pay system out in the cold as the tech giant struggles to coax lenders to accept its terms.

House Democrats to seek testimony from Valeant in coming weeks

Posted on 16 December 2015

WASHINGTON (Reuters) – Democrats on a U.S. House of Representatives panel are planning to call Valeant Pharmaceuticals Chief Executive Michael Pearson to testify in early 2016 about steep price hikes for some of the company’s drugs, a Democratic aide s…

President Xi says China will guarantee foreign companies’ legal rights

Posted on 15 December 2015

WUZHEN, China (Reuters) – China will guarantee foreign companies’ legal rights, President Xi Jinping said on Wednesday at the country’s second annual World Internet Conference in Wuzhen.

Chinese environmental group sues Volkswagen over emissions scandal

Posted on 15 December 2015

BEIJING (Reuters) – A Chinese environmental group said it has sued Volkswagen AG over its use of software to rig emissions tests, in what state-owned media calls the first public interest lawsuit over the scandal in the German company’s biggest global …

China slowdown sinks Asia sentiment to four-year low: Thomson Reuters/INSEAD

Posted on 15 December 2015

SINGAPORE (Reuters) – Sentiment at some of Asia’s biggest firms deteriorated again in the fourth quarter, falling to a four-year low under the weight of concerns about slowing growth in China, the region’s biggest economy, a Thomson Reuters/INSEAD surv…

Ackman tells investors that this year could be his firm’s worst ever

Posted on 15 December 2015

BOSTON (Reuters) – Billionaire hedge fund investor William Ackman, whose funds have suffered double-digit losses this year, on Tuesday told investors that 2015 could be his firm’s worst ever, but said clients are generally sticking with him.

Ackman tells investors that this year could be his firm’s worst ever

Posted on 15 December 2015

BOSTON (Reuters) – Billionaire hedge fund investor William Ackman, whose funds have suffered double-digit losses this year, on Tuesday told investors that 2015 could be his firm’s worst ever, but said clients are generally sticking with him.

China weakness drives Prada quarterly profit down 38 percent

Posted on 15 December 2015

HONG KONG/MILAN (Reuters) – Italian luxury goods maker Prada reported a 38 percent fall in quarterly profit on Tuesday, hit by slumping sales in Greater China as the country’s economic growth slowed.