Page 1612 - Business Finance
China export growth slows in November: customs data
China's export growth slowed last month weighed down by slowing global demand and trade tensions with the United States, official data released Saturday showed. Exports rose 5.4 per cent for November on-year, short of the 9.4 per cent forecast by Bloomberg News, while imports rose 3.0 per cent on-year, also below the forecast, according to customs administration data. China's overall trade -- what it buys and sells with all countries -- logged a USD 44.7 billion surplus in November, up from USD 35 billion the previous month, the data showed. The sagging export and import growth is another bad sign for China's economy, which grew at its slowest pace for nine years in the third quarter, expanding 6.5 per cent on-year for July-September. China's trade surplus with the US has reached records highs this autumn as China has cut back imports from the US while American importers have rushed goods across the Pacific to beat the higher tariffs most expected in January. Last week as part of a ...
Musk may buy GM plant to boost Tesla production
Tesla founder and CEO Elon Musk has shown interest in buying a defunct General Motors (GM) plant to increase production of its electric cars.
Uber makes confidential filing for long-awaited IPO
NEW YORK/SAN FRANCISCO, (Reuters) - Uber Technologies Inc has filed paperwork for an initial public offering, according to three people with knowledge of the matter, taking a step closer to a key milestone for one of the most closely watched and controversial companies in Silicon Valley.
U.S. locks in duties on Chinese aluminum sheet imports
WASHINGTON (Reuters) - The U.S. International Trade Commission said on Friday it made a final determination that American producers were being harmed by imports of common alloy aluminum sheet products from China, a finding that locks in duties on the products.
Exclusive: GE's push to fix power turbine problem goes global
NEW YORK (Reuters) - Utilities are shutting down at least 18 of General Electric Co's newest gas turbines for repairs at power plants from Taiwan to France, according to more than a dozen interviews with plant operators and industry experts.
Akorn CEO to retire after drugmaker fails to salvage Fresenius merger deal
WILMINGTON, Del (Reuters) - Akorn Inc said late on Friday its Chief Executive Officer would retire following the drugmaker's inability to salvage its takeover deal with Germany's Fresenius SE.
Exclusive: Chat-service firm Slack taps Goldman Sachs to lead IPO - sources
(Reuters) - Slack Technologies Inc, a provider of chat and direct messaging services for businesses, has hired investment bank Goldman Sachs Group Inc to lead its initial public offering (IPO) next year as an underwriter, people familiar with the matter said.
Uber confidentially files for IPO - sources
NEW YORK/SAN FRANCISCO, (Reuters) - Uber Technologies Inc has filed paperwork for an initial public offering, according to three people with knowledge of the matter, taking a step closer to a key milestone for one of the most closely watched and controversial companies in Silicon Valley.
Facebook to buy back additional $9 billion of shares
(Reuters) - Facebook Inc will buy back an additional $9 billion of its shares, as it looks to pacify investors following a slump in its stock.
Global shares mixed as trade worries loom; oil surges
NEW YORK (Reuters) - Concerns over China-U.S. trade tensions gave European shares their worst week of losses in two months and sank U.S. stocks on Friday, overshadowing the lift from higher oil prices and jobs data.
U.S. accuses Huawei CFO of Iran sanctions cover-up; hearing adjourned to Monday
VANCOUVER/LONDON (Reuters) - Huawei Technologies Co Ltd's chief financial officer faces U.S. accusations that she covered up her company's links to a firm that tried to sell equipment to Iran despite sanctions, a Canadian prosecutor said on Friday, arguing against giving her bail while she awaits extradition.
OPEC, allies agree to reduce crude production by 1.2 mn bpd
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers agreed to lower their production of crude oil by 1.2 million barrels per day for a six-month period.
Uber confidentially files for IPO - WSJ
(Reuters) - Uber Technologies Inc filed paperwork confidentially this week for its initial public offering next year, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Wipro donates 10k new books to underprivileged children in American
Wipro, an India-based information technology company, has donated more than 10,000 new books to underprivileged children in the United States. Wipro distributed these books in Nashville, Dallas and Tampa in collaboration with First Book, a non-profit social enterprise that provides new books, learning material, and other essentials to deprived children. "Whew! What a week! Over the last five days, we have gifted 10,000+ new books to children in underserved communities around Nashville, Dallas, and Tampa, in collaboration with FirstBook. We're thrilled to empower students through book ownership! (sic)," said the IT company on the social networking site Twitter. FirstBook and Wipro have been giving free new books to underprivileged children for the past few years. All major Indian companies including TCS, Infosys, and Mahindra have been spending millions of dollars every years in various social and charitable causes in parts of the United States where they have a footprint.
US stocks close sharply lower amid soft data
US stocks closed sharply lower on Friday as investors digested a batch of economic data.
German finmin looking at Deutsche, Commerzbank merger scenarios - Focus
FRANKFURT (Reuters) - The German government is ready to orchestrate a merger between Deutsche Bank and Commerzbank to ensure that Europe's largest economy has at least one lender capable of backing its companies abroad, Focus magazine reported.
OPEC agrees to cut crude oil production by 1.2 million barrels/day
In an aim to boost global oil markets, member countries of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies on Friday decided to slash crude oil production by 1.2 million barrels per day.The agreement is set to be implemented in January 2019, Xinhua reported.The 15-member group agreed to cut crude oil output by 800,000 barrels per day, while Russia and its allied producers would slash oil production by around 400,000 barrels per day.Prior to the meeting, Saudi Arabia, the de facto leader of the OPEC, had said that the group would "seriously consider" the views of Prime Minister Narendra Modi and United States President Donald Trump on lowering global crude oil prices.On Wednesday, Trump had urged OPEC countries to keep oil production stable so that its prices remained low in the near future. "Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!", the US President had tweeted.The crucial ..
U.S. shale producers see OPEC pullback helping 2019 profits
HOUSTON (Reuters) - U.S. shale producers cheered OPEC's decision to trim output, a move that sent crude prices higher on Friday, closing at levels that oil executives said would keep their profits flowing.
US Fed on quest for unicorn of monetary policy: the soft landing
The US central bank is on a quest for a mythical goal: keeping steady economic growth without allowing inflation to catch fire. This so-called soft-landing is the unicorn of central banking, rarely if ever seen. The Federal Reserve's job might seem simple: the economy is closing in on the longest period of growth in recorded history, with unemployment at the lowest in nearly 50 years and inflation right on target at two percent. By those measures the Fed can declare victory. Full employment and stable inflation are the goals that Congress set for the central bank. But the wild ride on US stock markets in recent weeks, and in particular the past four days, show the challenge for central bankers in an environment where President Donald Trump can change economic policy and shake business confidence with each tweet. Economic data have started to flash early warning signs and anxiety among businesses is amplified by Trump's use of uncertainty as a negotiating tool while he pursues a ...
Greek Folli founders, executives charged with fraud, money laundering - source
ATHENS (Reuters) - A Greek prosecutor has laid felony charges against jewellery maker Folli Follie's founders and seven other executives for fraud and money laundering, a judicial source told Reuters on Friday.