ROSARIO, Argentina/CHICAGO (Reuters) – On the banks of the Parana River, machines hum 24 hours a day in Argentina’s grain ports, churning out soy-based animal feed and shooting it straight into the hulls of ships bound for buyers worldwide. The wind stirs up fine meal dust, creating a protein-filled haze. Rosario is…
Month: February 2018
Lowe’s quarterly profit miss estimates
(Reuters) – Lowe’s Companies Inc’s (LOW.N) quarterly profit missed analysts’ estimates as the No.2 U.S. home improvement chain’s margins fell, sending its shares down nearly 8 percent in premarket trading on Wednesday. Lowe’s net income fell to $554 million, or 67 cents per share, in the fourth quarter ended Feb. 2, from…
Fed’s Powell sends world stocks reeling to five-day low to end turbulent February
LONDON (Reuters) – World stocks were set to snap a record 15-month long winning streak on Wednesday, tumbling another quarter percent after new Fed boss Jerome Powell’s comments suggested the possibility of four U.S. interest rate rises this year rather than three. Barely recovered after an early-February sell-off, equity sentiment has been…
GM Korea to slash executive numbers, talks with union make little progress
SEOUL (Reuters) – General Motors’ South Korean unit plans to slash the number of its executives, an internal letter seen by Reuters showed – the latest step by the U.S. automaker as it attempts a politically contentious restructuring of the loss-making business. GM, which has some 16,000 employees in South Korea, also…
Indonesia seizes luxury yacht linked to 1MDB probe
JAKARTA (Reuters) – Indonesia on Wednesday seized a luxury yacht on the island of Bali sought by the U.S. Department of Justice (DOJ) as part of a multi-billion dollar corruption investigation linked to Malaysian state fund 1Malaysia Development Berhad (1MDB). “We have been inspecting the crew since yesterday and now we are…
Why Oppenheimer Global fund is focusing on biotech as rates rise
NEW YORK (Reuters) – The recent volatility in the global stock market may make some investors feel queasy, but it is providing a buying opportunity in biotechnology stocks. That is because biotechs will see little impact from rising interest rates because investors are more focused on the long-term potential of their drugs,…
A question of interest at the heart of debate over GM Korea rescue
SEOUL (Reuters) – For years, General Motors resisted calls from South Korean officials to cut interest rates it was charging on nearly $3 billion in loans to its loss-making South Korean unit, according to three sources and documents seen by Reuters. The U.S. automaker, which has announced plans to close one GM…
Exclusive: Bayer to win EU approval for $62.5 billion Monsanto deal – sources
BRUSSELS (Reuters) – German drug and crop chemical maker Bayer (BAYGn.DE) is set to gain conditional European Union antitrust approval for its $62.5 billion bid for world No. 1 seed company Monsanto (MON.N), two people familiar with the matter said on Wednesday. The takeover, the latest in a series in the agribusiness…
Exclusive: Amid liquidity concerns, China’s HNA Group aviation fuel bill hits $476 million – sources
BEIJING (Reuters) – China’s HNA Group has amassed an estimated 3 billion yuan ($476 million) bill with a state-run aviation fuel company, two oil industry sources said, underscoring how a deepening cash crunch is plaguing core operations at the conglomerate. HNA’s outstanding balance with China National Aviation Fuel Group Ltd (CNAF), the…
Toys R Us goes into administration in Britain, putting 3,000 jobs at risk
LONDON (Reuters) – Retailer Toys R Us UK [TOYUK.UL] has gone into administration, the firm appointed to oversee the process said, putting around 3,000 jobs at risk. The toy retailer has struggled in Britain in recent years as shoppers increasingly prefer to spend online rather than visit its large out-of-town stores. Moorfields…
World stocks hit three-week highs before new Fed chief’s debut
LONDON (Reuters) – World stocks rose to three-week highs on Tuesday, helped by a decline in borrowing costs ahead of Federal Reserve Chairman Jerome Powell’s first testimony before the United States Congress later in the day. The MSCI All-Country World Index, was up 0.1 percent and set for its third straight day…
Comcast challenges Murdoch and Disney with $31 billion offer for Sky
LONDON (Reuters) – U.S. cable giant Comcast (CMCSA.O) offered to buy Sky (SKYB.L) for $31 billion in an unsolicited approach, taking on Rupert Murdoch’s Fox and Bob Iger’s Walt Disney in the battle for Europe’s biggest pay-TV group. The world’s biggest entertainment company, which owns NBC and Universal Pictures, said it proposed…
Israel’s Bezeq to name Paz as interim CEO amid police probe: source
JERUSALEM (Reuters) – Bezeq Israel Telecom (BEZQ.TA) on Tuesday is expected to name Yaakov Paz as interim chief executive for at least the next month while CEO Stella Handler remains under police investigation, a source close to the company said. Paz is a vice president and head of Bezeq’s business division. Handler…
Exclusive: Secretive U.S. security panel discussing Broadcom’s Qualcomm bid – sources
WASHINGTON (Reuters) – A national security panel that can stop mergers that could harm U.S. security has begun looking at Singapore-based chipmaker Broadcom Ltd’s plan to take over rival Qualcomm Inc, according to three sources familiar with the matter. CFIUS, an opaque inter-agency panel, has been in touch with at least one…
American Airlines, Qantas re-seek U.S. nod for joint venture
SYDNEY (Reuters) – American Airlines Group Inc (AAL.O) and Qantas Airways Ltd (QAN.AX) are making a second attempt at gaining U.S. regulatory permission for a venture that would allow them to coordinate prices and schedules, threatening to cancel services if they are rejected. The pair’s application for a joint venture covering the…
Microsoft clashes with Justice Department at U.S. Supreme Court
WASHINGTON (Reuters) – The U.S. Supreme Court on Tuesday wades into a major privacy rights fight between Microsoft Corp(MSFT.O) and the Justice Department, weighing whether U.S. law allows prosecutors to compel technology companies to hand over data stored overseas. The nine justices will hear arguments in a case that pits the interests…
Starbucks opens first Reserve store, sees retail rents easing
LOS ANGELES (Reuters) – Starbucks Corp (SBUX.O) on Tuesday will open the first of 1,000 planned upscale Starbucks Reserve stores as part of a broad strategy to defend against high-end coffee rivals like Intelligentsia Coffee & Tea and Blue Bottle Coffee Co (NESN.S). Starbucks for the first time in 2017 had more…