(Reuters) – Japan’s SoftBank Group Corp (9984.T) will invest $2.25 billion in General Motors Co’s (GM.N) autonomous vehicle unit Cruise, the companies said on Thursday, a deal that validates the venerable Detroit automaker’s leadership in self-driving cars and sent GM shares up more than 10 percent. The move by SoftBank’s $100-billion Vision…
Month: May 2018
Wall St. falls on fresh trade war fears; posts gains for May
NEW YORK (Reuters) – U.S. stocks fell on Thursday after the United States moved to impose tariffs on metal imports from Canada, Mexico and the European Union, prompting retaliatory measures from some of its trading partners. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New…
U.S. consumer spending accelerates; job market strengthening
WASHINGTON (Reuters) – U.S. consumer spending posted its biggest gain in five months in April, a further sign that economic growth was regaining momentum early in the second quarter, while inflation continued to rise steadily. FILE PHOTO: A cashier counts out money at Macy’s Herald Square in New York, U.S., November 28,…
Walmart launches order-by-text service to challenge Amazon Prime
BENTONVILLE, Ark. (Reuters) – Walmart Inc (WMT.N) is starting a new same-day delivery service where customers can place orders using a text message, another step in its effort to scale up its e-commerce offerings and compete with rival Amazon.com Inc (AMZN.O). FILE PHOTO: A customer pushes a shopping cart at a Walmart…
Facebook says all directors elected, shareholder proposals rejected
BOSTON (Reuters) – All eight of Facebook Inc’s (FB.O) director nominees were elected at its annual meeting on Thursday, and all six shareholder proposals urging reforms, including to its voting structure and content oversight, were rejected, company executives said. FILE PHOTO – The Facebook logo is shown at Facebook headquarters in Palo…
Workers to vote on ‘micro union’ at Boeing South Carolina plant
NORTH CHARLESTON, S.C. (Reuters) – A small group of workers at Boeing Co’s South Carolina jetliner factory is voting on Thursday on whether to form a “micro union,” despite efforts by Boeing to challenge the election. FILE PHOTO: A Boeing logo is pictured during the European Business Aviation Convention & Exhibition (EBACE)…
Goldman says market activity ebbs in second quarter
(Reuters) – Goldman Sachs Group Inc (GS.N) President David Solomon said on Thursday that second-quarter market activity had decreased from the first quarter, when heightened volatility helped Wall Street banks record huge profits. David M. Solomon, President and Chief Operating Officer, Goldman Sachs, speaks at the Milken Institute’s 21st Global Conference in…
Icahn sells 10.5 million Herbalife shares back to company
BOSTON (Reuters) – Billionaire investor Carl Icahn, who sparred for years with short-seller William Ackman over the future of Herbalife Nutrition Ltd (HLF.N), on Thursday said he sold roughly $552 million worth of Herbalife stock back to the company, trimming his stake to 21 percent. FILE PHOTO: Billionaire activist-investor Carl Icahn gives…
Exclusive: Russia’s Deripaska empire bets on mid-summer plan to escape U.S. sanctions
LONDON (Reuters) – The aluminium empire of Russian magnate Oleg Deripaska is in close contact with the U.S. Treasury, but needs until mid-summer to come up with a plan to meet U.S. requirements to escape sanctions, the chairman of its holding company told Reuters. FILE PHOTO: Oleg Deripaska, En+ Group’s major shareholder,…
U.S. hits allies with tariffs as risk of trade war rises
WASHINGTON/PARIS (Reuters) – The United States on Thursday said it will impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union, reigniting investor fears of a global trade war as Washington’s allies took steps to retaliate against U.S. goods. The move, announced by U.S. Commerce Secretary Wilbur Ross…
Why U.S. retirees are waiting longer to claim Social Security
CHICAGO (Reuters) – Fewer Americans are asking Social Security to “show me the money” as soon as possible. A resident at the Greenspring Village Community in Springfield, Virginia holds a “Wiimote” as he plays with the community’s Wii videogame console March 22, 2007. REUTERS/Kevin Lamarque The share of workers claiming Social Security…
The rise of the apprentice: a European tradition comes to the U.S
NEW YORK (Reuters) – The growing number of apprenticeships in the U.S. has more to do with European companies importing the practice into their American operations than with the long-running NBC television reality show and its former host who now lives in the White House. Traditional apprenticeships are more than summer internships…
Asian stocks rebound, euro pulls off lows as anxiety over Italy recedes
TOKYO (Reuters) – Asian stocks rebounded from a two-month trough on Thursday and the euro enjoyed a respite after sinking to its lowest in 10 months as the political turmoil in Italy that roiled global financial markets showed signs of easing. FILE PHOTO: A man looks at an electronic stock quotation board…
Uber seeks to cut pricing on $1.13 billion term loan
NEW YORK (LPC) – Ride-hailing service Uber Technologies Inc is asking lenders to lower pricing on its $1.13 billion term loan due in 2023, sources said. FILE PHOTO: The logo of Uber is seen on an iPad, during a news conference to announce Uber resumes ride-hailing service, in Taipei, Taiwan April 13, 2017. REUTERS/Tyrone Siu/File…
Exxon CEO urges New York prosecutor to rethink climate change probe
DALLAS (Reuters) – Exxon Mobil Corp’s chief executive said on Wednesday that he hopes the new attorney general in New York “comes to a different conclusion” than predecessor Eric Schneiderman on a climate change probe into the world’s largest publicly traded oil producer. FILE PHOTO: Darren Woods, Chairman & CEO of Exxon…
Wall St. rebounds; worries over Italy ease
NEW YORK (Reuters) – U.S. stocks ended higher on Wednesday, with the S&P 500 and Dow registering their biggest daily percentage gains since May 4, as signs emerged of an easing of political turmoil in Italy and a surge in oil prices boosted energy stocks. FILE PHOTO: Traders work at the Citadel…
How Kinder Morgan won a billion-dollar bailout on Canada pipeline
OTTAWA/HOUSTON (Reuters) – U.S. energy firm Kinder Morgan’s C$4.5 billion sale of an oil pipeline to Canada’s government marked an extraordinary escape from months of fraught negotiations among warring camps of Canadian officials. A workman walks past steel pipe to be used in the oil pipeline construction of Kinder Morgan Canada’s Trans…