Page 1778 - Business Finance

Australian drought, sporty shoppers push up prices of wool clothing

MADRID/SYDNEY (Reuters) - A jump in the price of wool from drought-ravaged Australia, the world's top exporter of high-quality fleeces, is rattling through the global clothing supply chain, with some mills passing along costs and retailers cutting down on wool or raising prices.

Wall Street sells off again as retail, energy struggle

NEW YORK (Reuters) - U.S. stocks sold off for a second day on Tuesday as energy shares dropped with oil prices, and retailers including Target and Kohl's sank after weak earnings and forecasts, fuelling worries about economic growth.

Global markets: stocks, oil plunge as global growth prospects dim

NEW YORK (Reuters) - World equity markets and oil prices tumbled on Tuesday as investors grew more worried about economic growth prospects, while the U.S. dollar rose on flight to safe-haven currencies.

Carlos Ghosn remains Renault CEO after arrest, with new deputy

French automaker Renault has said that it has appointed its chief operating officer as deputy CEO to ensure day-to-day management after the arrest of chief Carlos Ghosn, who will remain chief executive. After an emergency board meeting, the company said Thierry Bollore would become deputy CEO with Ghosn "temporarily incapacitated" following his arrest Monday in Japan on financial misconduct charges.

Amazon, Blackstone among bidders for 22 Disney sports networks: CNBC

(Reuters) - Amazon.com Inc and private equity firm Blackstone Group are bidding for Walt Disney Co's 22 regional sports networks, including New York-focused Yes Network, CNBC reported on Tuesday, citing https://cnb.cx/2BlKU1H sources familiar with the matter.

Renault taps interim chairman, COO to replace Ghosn: sources

PARIS (Reuters) - French carmaker Renault's board named an interim chairman and handed new powers to its chief operating officer to replace embattled boss Carlos Ghosn following his arrest in Japan on suspicion of financial misconduct, sources said.

Walmart, Target, Best Buy take steps to curb gift card fraud

NEW YORK (Reuters) - Walmart Inc , Target Corp and Best Buy Co have made changes to their gift card programs to reduce the risk of fraud as consumers enter the holiday shopping season.

Oil slumps 7 percent as equities slide fuels demand worries

NEW YORK (Reuters) - Oil prices tumbled about 7 percent on Tuesday, with U.S. crude plunging to its lowest level in more than a year, caught in a broader Wall Street selloff that was fed by rising concerns about slowing global economic growth.

Co-branding rights for 3 NMRC stations awarded; e-rickshaw for last mile connectivity planned

With a highest bid of Rs 1.62 crore, business conglomerate Jai Prakash Associates has won the co-branding right for the Pari Chowk station on the Noida-Greater Noida Metro Rail Corridor (NMRC), officials said Tuesday. The co-branding rights for two other stations -- Noida Sector 137 and Alpha 1 -- have been given to Independent New Services Private Limited and Tauras Financial Services Private Limited, respectively, they said. The bidding for Noida Sector 137 was awarded for Rs 82 lakh and that for Alpha 1 for Rs 60.51 lakh, NMRC executive director P D Upadhyay said, adding that the rights have been awarded for a period of 10 years. However, during the first round of auction, the rights for only three out of the 21 stations could be awarded. Besides the passenger fares, the NMRC had decided to rent out for advertisement space for the names of its metro stations to make for the costs of running and maintaining the Aqua Line. The NMRC had invited bids for co-branding rights on its 21 ...

Airbus to unveil top finance, operational executives -sources

PARIS (Reuters) - Airbus is poised to make top financial and operational appointments as incoming CEO Guillaume Faury tightens his grip after months of turmoil over corruption investigations and output delays, sources familiar with the matter said.

Corrected: eBay polishes plans for online second-hand luxury watch market

(This story corrects lead to remove reference to "auction", also removes reference to Watchfinder, paragraph 5.)

Retail warnings, tech tumble hit Wall Street

(Reuters) - The S&P 500 hit a three-week low on Tuesday, as weak earnings from retailers including Target and Kohl's as well as a fall in energy shares added to worries for Wall Street, which is still reeling from a selloff in technology stocks.

Moody's downgrades Sri Lanka's rating to B2

Moody's Investors Service downgraded Sri Lanka's foreign currency issuer and senior unsecured ratings from B1 to B2 and changed the outlook to stable from negative on Tuesday.This new development comes amidst political upheaval in the nation which has been noted as the prime reason for the decline in ratings of the island nation."The decision to downgrade the rating to B2 is driven by Moody's view that ongoing tightening in external and domestic financing conditions and low reserve adequacy, exacerbated most recently by a political crisis which seems likely to have a lasting impact on policy even if ostensibly resolved quickly, have heightened refinancing risks beyond levels anticipated when the rating agency affirmed the rating at B1 with a negative outlook in July. Moody's projections include a slower pace of fiscal consolidation than assumed in July to reflect disruption to fiscal policy implementation in a period of political turmoil," the credit rating agency mentioned in an ...

Q2 GDP growth expected to ease on sequential basis: ICRA

The pace of India's economic growth is expected to slowdown on a sequential basis during the second quarter of 2018-19, credit ratings agency ICRA said on Tuesday.

Bitcoin at lowest level this yr, breaches $4,300; losses top 25% in a week

By mid-afternoon, it was trading around $4,750 on the Bitstamp exchange

Hedge fund Elliott raises pressure on Mitek after takeover bid rejected

NEW YORK (Reuters) - Hedge fund Elliott Management on Tuesday asked Mitek Systems Inc to scrap a so-called poison pill to let it buy more stock and said it may press for board changes after the software company took steps to protect itself from the activist investor.

Retail, tech stocks lead slide on Wall Street

(Reuters) - The S&P 500 hit a three-week low on Tuesday, as weak earnings from retailers including Target and Kohl's as well as a fall in energy shares added to worries for Wall Street, which is still reeling from a technology selloff.

U.S. housing starts rise, but underlying trend weak

WASHINGTON (Reuters) - U.S. homebuilding rose in October amid a rebound in multi-family housing projects, but construction of single-family homes fell for a second straight month, suggesting the housing market remained mired in weakness as mortgage rates march higher.

Global Markets: Dimming growth prospects send stocks, oil plunging

NEW YORK (Reuters) - World equity markets fell on Tuesday, with U.S. stocks hurt by worries over softening demand for the iPhone and corporate growth prospects, while oil prices sank on concerns about rising global supply.

Target shares tumble after profit miss, big jump in inventories

(Reuters) - Target Corp said on Tuesday that third-quarter profit missed estimates as investments in its online business, higher wages in a tight labor market and price cuts hurt margins and a big jump in inventories ahead of the critical holiday season worried investors.