Page 1600 - Business Finance

Fed seen slowing, or even stopping, rate hikes next year

(Reuters) - The Federal Reserve's plans to continue raising interest rates next year were met with more scepticism on Wall Street on Monday, with futures traders betting on a pause and one major bank partially walking back a hawkish prediction.

Wells Fargo won't be allowed to grow unless problems fixed - Fed's Powell

WASHINGTON/NEW YORK (Reuters) - Wells Fargo & Co must keep a lid on its growth until the bank has hardened its risk management policies to prevent any further abuse of its customers, said Jerome Powell, chairman of the Federal Reserve.

S&P 500 turns positive with help from tech in volatile session

(Reuters) - The S&P 500 turned positive on Monday afternoon with help from technology stocks in a volatile session as investors remained worried about global growth, the U.S.-China trade war and uncertainty over Britain's exit from the European Union.

Global Markets: Stocks extend sell-off on growth and Brexit worries

NEW YORK (Reuters) - A gauge of global equities stumbled on Monday, as losses in Europe and Asia extended to Wall Street on new signs the U.S.-China trade spat was impacting world economic growth, but rebounded from an initial drop as Apple Inc shares recovered.

Autos, labour groups urge strong currency rules in U.S.-Japan trade talks

WASHINGTON (Reuters) - Detroit automakers and U.S. labour groups on Monday insisted that any U.S. trade deal with Japan contain strong provisions to combat currency manipulation and pry open Japan's largely closed auto market before lowering any U.S. autos tariffs.

ICRA affirms negative outlook on the airline industry

Ratings agency ICRA on Monday gave a negative outlook on the airline industry and said that strong passenger demand is offset by capacity additions leading to intense competition and continued pressure on yields.

Tariffs prompt GoPro to pull manufacturing from China

GoPro on Monday announced plans to pull production of US-bound cameras out of China to avoid tariffs that could push up its prices in a fiercely competitive market. Manufacturing of GoPro cameras for countries other than the US will remain in China, according to the Silicon Valley-based electronics firm. "Today's geopolitical business environment requires agility, and we're proactively addressing tariff concerns by moving most of our US-bound camera production out of China," said GoPro chief financial officer Brian McGee. "We believe this diversified approach to production can benefit our business regardless of tariff implications." GoPro expected to make the move at relatively low cost since it owns production equipment it uses in China while a partner there provides facilities. Production of US-bound GoPro cameras should be moved out of China by the middle of next year, according to McGee. The company offered no details on where it would relocate. The camera and technology company ..

EDMC proposes two new taxes, education cess in 2019-20 budget

Cash-strapped East Delhi Municipal Corporation (EDMC) on Monday proposed two new taxes and an education cess in its budget for 2019-20. EDMC Commissioner Puneet Kumar Goel made the announcement while presenting the budget at the civic agency's Patparganj headquarters. He also presented the revised budget estimates for 2018-19. Professional and betterment taxes and an education cess have been proposed to augment the corporation's income, a senior official said. Recently, the civic bodies for north and south Delhi had also proposed the two taxes in their respective budgets. The EDMC's revised budget estimate for the current financial year stands at Rs 4,391.35 crore, while the budget estimate for the next fiscal year is Rs 4,616.26 crore. "In 2018-19, Rs 80 crore was earmarked for construction and upgrading roads and drains, which is to be increased to Rs 100 crore in the revised estimates. And Rs 80 crore has been proposed for year 2019-20," the EDMC said in a statement. It said the ...

Apple helps Wall St pull back after S&P hits eight-month low

(Reuters) - Wall Street fell for a fourth straight day on Monday, sending the S&P 500 to an eight-month low, with banks, energy and health stocks leading losses on mounting worries over global growth, the U.S.-China trade war and uncertainty over Brexit.

Gold eases from 5-month peak as dollar firms

(Reuters) - Gold edged lower on Monday as the dollar firmed, but stock market volatility and prospects of a slower pace of U.S. interest rate hikes in 2019 kept bullion close to a 5-month peak scaled earlier in the session.

KODA AUTO India to increase prices from January

Automobile manufacturer KODA AUTO India on Monday announced an upward price revision across its model range by up to 2 per cent from January 1, 2019.

High finance cost dents November passenger vehicle sales

High finance cost dragged the monthly sale of domestic passenger vehicles in the domestic market lower by 3.43 per cent on a year-on-year basis in November to 266,000 units, the Society of Indian Automobile Manufacturers (SIAM) said on on Monday.

Verizon says to shed 10,400 jobs by mid next year

(Reuters) - Verizon Communications Inc said on Monday that about 10,400 employees will be leaving the U.S. wireless carrier by mid next year as part of the company's voluntary separation program.

Prosecutors eye former Deutsche Bank anti-money laundering official: report

FRANKFURT (Reuters) - Frankfurt prosecutors have launched a probe against a former anti-money laundering official of Deutsche Bank on suspicion of money laundering, German public broadcaster Hessischer Rundfunk reported on Monday.

S&P drops to eight-month low on global growth worries

(Reuters) - The S&P 500 fell to an eight-month low on Monday as Apple Inc, as well as financial and healthcare sectors led losses on mounting worries over global growth, the U.S.-China trade war and uncertainty over Britain's exit from the European Union.

Nissan, ex-chairman clash over Rio apartment filled with art, cash - filing

SAO PAULO/TOKYO (Reuters) - A Rio de Janeiro apartment containing cash, art works and personal belongings of Carlos Ghosn has become the latest battleground between the indicted former Nissan Motor Co Ltd chairman and the automaker.

Oil falls nearly two percent on stocks sell-off, pares OPEC deal gains

NEW YORK (Reuters) - Oil fell nearly 2 percent on Monday, echoing the weakness in global stock markets as the focus returned to demand growth concerns and the crude prices erased some of the gains made last week on an OPEC-led decision to cut output.

Exclusive: Nissan, ex-chairman clash over Rio apartment filled with art, cash

SAO PAULO/TOKYO (Reuters) - A Rio de Janeiro apartment containing cash, art works and personal belongings of Carlos Ghosn has become the latest battleground between the indicted former Nissan Motor Co Ltd chairman and the automaker.

Nissan opens global digital hub in Kerala

Nissan on Monday opened country's first global digital hub at the Technopark campus here.

UK economy slows in three months to October, Brexit uncertainty looms

LONDON (Reuters) - Britain's economy lost speed in the three months to October, reflecting lower car sales and factory stoppages due to weaker demand that business groups blamed on uncertainty about Brexit.