WASHINGTON (Reuters) – The Federal Reserve is expected to hold interest rates steady at its policy meeting this week as policymakers balance recent stronger-than-expected U.S. economic growth against sluggish inflation. Officials have given no signal in recent weeks of any change to the U.S. central bank’s benchmark overnight lending rate, currently set…
Month: April 2019
Google parent’s shares dive as YouTube changes, competition hurt revenue
(Reuters) – Alphabet Inc’s Google on Monday saw its slowest revenue growth in three years from increased competition in advertising, stumbles in its smartphone business and disruptive changes at YouTube that left the leading internet ad company lagging rivals. FILE PHOTO: The Google logo is pictured at the entrance to the Google…
Trump sues Deutsche Bank and Capital One to block House subpoenas
(Reuters) – U.S. President Donald Trump, three of his children and one of his companies filed a federal lawsuit Monday against Deutsche Bank and Capital One Financial Corp to block the banks from complying with federal subpoenas investigating his financial dealings. FILE PHOTO: The Deutsche Bank headquarters are pictured in Frankfurt, Germany,…
Virgin Australia to delay taking Boeing 737 MAX jets to cut spending
SINGAPORE (Reuters) – Virgin Australia Holdings said on Tuesday it would delay taking the first deliveries of Boeing Co 737 MAX jets for nearly two years to reduce capital spending and give it time to be satisfied with the model’s safety. A Boeing 737-800 aircraft from Australia’s second largest airline, Virgin Australia,…
White House says Stephen Moore still has Trump’s support for Fed seat
WASHINGTON (Reuters) – The White House still backs Stephen Moore for a seat on the Federal Reserve’s Board of Governors, President Donald Trump’s top economic adviser said on Monday, despite concerns among some Democratic lawmakers about his competence and past remarks. FILE PHOTO: White House economic adviser Larry Kudlow listens to a…
Samsung Electronics bets on better second half after first quarter profit slumps
SEOUL (Reuters) – South Korea’s Samsung Electronics Co Ltd flagged improved second-half results on expectations of a pick up in memory chip and smartphone sales, after posting its weakest profit in more than two years in the first quarter. FILE PHOTO: Attendees at Samsung Electronics Co Ltd’s Unpacked event test out the…
Asian shares fall as China manufacturing data disappoints
SHANGHAI (Reuters) – Shares in Asia fell on Tuesday as readings on China’s manufacturing activity failed to meet expectations, underscoring weakness in the world’s second-largest economy despite Beijing’s attempts to spur growth. FILE PHOTO: An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China July…
Anadarko to negotiate sale to Occidental ‘superior’ to Chevron deal
(Reuters) – Anadarko Petroleum Corp said on Monday it would negotiate with Occidental Petroleum Corp over its $38 billion cash-and-stock bid, after determining it could get a better deal than its agreed $33 billion sale to Chevron Corp. FILE PHOTO: The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September…
Indebted Chinese seek wisdom of credit card ‘goddesses’ as retail lending surges
SINGAPORE/SHANGHAI (Reuters) – In a ballroom at the Vienna International Hotel in Shanghai, Mei Liangming was giving a lecture on the ins and outs of getting credit cards, rolling over debts with multiple cards, and cleaning up one’s bad credit history. FILE PHOTO: Office workers walk past an advertisement for a credit…
Why Airbus isn’t pouncing on Boeing’s 737 MAX turmoil
PARIS (Reuters) – When Boeing launched its 737 MAX jetliner in response to Airbus’s record-selling A320neo, a wave of poker-faced satisfaction spread through Airbus headquarters in France. FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse, France, March 20, 2019. REUTERS/Regis Duvignau Its reasons for cheering Boeing’s…
U.S. opens criminal probe into Ford emissions certification
WASHINGTON (Reuters) – The U.S. Justice Department has opened a criminal investigation into Ford Motor Co’s emissions certification process in the United States, the automaker disclosed on Friday, saying it was cooperating fully with the probe and still conducting its own internal review. Ford said in a statement the Justice Department had…
Oil falls after Trump urges greater OPEC output to replace Iranian oil
SINGAPORE (Reuters) – Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is…
DBS posts record quarterly profit, powered by lending income
SINGAPORE (Reuters) – DBS Group Holdings Ltd, Southeast Asia’s biggest lender, beat market estimates on Monday to post a record quarterly profit, as strong net interest income offset weakness in wealth management, brokerage and investment banking fees. FILE PHOTO: A DBS bank signage is pictured in Singapore September 5, 2017. REUTERS/Edgar Su/File…
Boeing CEO faces shareholders for first time since 737 MAX crashes
CHICAGO (Reuters) – Boeing Co Chief Executive Dennis Muilenburg will face shareholders on Monday for the first time since two fatal crashes that led to the 737 MAX’s grounding worldwide and triggered investigations, lawsuits and a sharp loss in share value. FILE PHOTO: Dennis Muilenburg, CEO of The Boeing Company, arrives at…
Asian shares up, sentiment still fragile after U.S. GDP
SHANGHAI (Reuters) – Asian shares rebounded on Monday after strong U.S. first-quarter economic growth boosted the S&P 500 index to a record high, and the recovery was also supported by data showing profits at Chinese industrial firms grew for the first time in four months. FILE PHOTO: An investor looks at an…
RBS begins global hunt for CEO to replace McEwan
LONDON/EDINBURGH (Reuters) – Royal Bank of Scotland is searching for a new chief executive after Ross McEwan resigned, signaling a fresh start as it heads for full private ownership after a state bailout. New Zealand-born McEwan, who has led RBS since October 2013, has a 12-month notice period and will remain in…
3M cuts 2019 profit outlook on weak China, shares fall 11 percent
(Reuters) – Shares of 3M Co fell 11 percent on Thursday after the U.S. manufacturing conglomerate cut its 2019 earnings forecast and said it would lay off 2,000 workers, citing worsening performance in high-growth markets such as China. The stock’s worst day in more than three decades dragged down the Dow Jones…