WASHINGTON (Reuters) – U.S. economic growth slowed less than previously estimated in the fourth quarter as the biggest gain in consumer spending in three years partially offset the drag from a jump in imports. A shopper is seen in a Target store in the Brooklyn borough of New York, U.S., November 14,…
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Deutsche Bank reviews structure of investment bank: source
FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) is conducting a global review of its investment bank that could result in cost cuts, a person with direct knowledge of the matter said on Wednesday. The logo of Deutsche Bank is seen at its headquarters ahead of the bank’s annual general meeting in Frankfurt, Germany…
Equifax names former GE executive Mark Begor as CEO
(Reuters) – Credit-monitoring firm Equifax Inc (EFX.N) named former General Electric Co (GE.N) executive Mark Begor as chief executive officer on Wednesday, as it looks to regain investor confidence after being hit by a massive data breach. FILE PHOTO: Credit reporting company Equifax Inc. corporate offices are pictured in Atlanta, Georgia, U.S.,…
On China trade clash, Wall Street embraces Trump’s poker face
SAN FRANCISCO (Reuters) – To Wall Street money managers who make bets for a living, U.S. President Donald Trump’s aggressive stance against China on trade looks like a high-stakes poker hand – but they believe they can play it for all it’s worth. FILE PHOTO: Traders work on the floor of the…
U.S. opens probe into fatal Tesla crash, fire in California
(Reuters) – A fatal crash and vehicle fire of a Tesla Inc Model X near Mountain View, California, last week has prompted a federal field investigation, the U.S. National Transportation Safety Board said on Tuesday, sparking a big selloff in Tesla stock. Tesla tumbled 8.2 percent, or $25 a share, to close…
Aluminum wrestles with steel over electric vehicle market
LONDON (Reuters) – When electric carmaker Tesla Inc. launched its first mass market model last summer, it sent a shockwave through the aluminum industry by largely shifting to steel and away from the lighter weight metal it had used in its first two luxury models. FILE PHOTO: A Tesla Model 3 is…
Amazon targets French grocery market with Monoprix deal
PARIS (Reuters) – U.S. e-commerce giant Amazon (AMZN.O) has made further inroads into food retail in France as Casino’s (CASP.PA) upmarket Monoprix chain became the first local retailer to agree to sell groceries via Amazon. The logo of Monoprix is seen on a shopping trolley at a Monoprix supermarket in Nice, France,…
Bank of America, Credit Suisse and Morgan Stanley disclose big UK gender pay gaps
LONDON (Reuters) – Bank of America Merrill Lynch (BAML) (BAC.N), Credit Suisse (CSGN.S) and Morgan Stanley (MS.N) all revealed large gender pay gaps in their British operations on Tuesday, the latest banks to report lower average hourly pay for women, largely caused by fewer female staff holding top roles. FILE PHOTO: The…
Wall Street opens higher as trade war tensions ease
(Reuters) – Wall Street’s main indexes rose on Tuesday, extending their rally from the previous session as fears of a possible trade war between the United States and China eased. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 26, 2018. REUTERS/Brendan McDermid The…
Apple set to update iPad lineup at Chicago education event
CHICAGO (Reuters) – Apple Inc on Tuesday was widely expected to announce a lower-priced iPad aimed at helping it grab more of the U.S. educational market. FILE PHOTO – An Apple employee uses an iPad with an augmented reality app on it to show off features of the new Apple Park at…
GSK buys out Novartis in $13 billion consumer healthcare shake-up
FRANKFURT/ZURICH (Reuters) – GlaxoSmithKline (GSK.L) is buying Novartis (NOVN.S) out of their consumer healthcare joint venture for $13 billion, taking full control of products including Sensodyne toothpaste, Panadol headache tablets, muscle gel Voltaren, and Nicotinell patches. GSK’s biggest move since Emma Walmsley became chief executive last year follows the British drugmaker’s decision…
Facebook’s Zuckerberg will not answer UK lawmakers’ questions over data scandal
LONDON (Reuters) – Facebook boss Mark Zuckerberg will not answer questions from British lawmakers over how millions of users’ data got into the hands of political consultancy Cambridge Analytica as the company faces further pressure on both sides of the Atlantic. FILE PHOTO: Facebook founder Mark Zuckerberg speaks during the Alumni Exercises…
Akzo Nobel reshapes business with 10 billion euro sale
AMSTERDAM (Reuters) – Akzo Nobel will sell its chemicals business in a 10.1 billion euro ($12.6 billion) deal to buyers led by Carlyle Group, the maker of Dulux paints said on Tuesday, making good on a promise made as it fought off a takeover last year. FILE PHOTO: General view of the…
Exclusive: OPEC, Russia consider 10-20 year oil alliance – Saudi Crown Prince
NEW YORK (Reuters) – OPEC and Russia are working on a long-term deal to cooperate on oil supply curbs that could extend controls over world oil supplies by major exporters for many years to come. The Russian flag and the OPEC logo are seen before a news conference in Vienna, Austria, October…
Deutsche Bank seeks new CEO as it runs out of quick fixes: sources
FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) has begun searching for a new chief executive, two people familiar with the matter said on Tuesday, as investors grow frustrated with the slow turnaround of the loss-making German lender. Deutsche Bank CEO John Cryan addresses the bank’s annual news conference in Frankfurt, Germany, February 2,…
Pep Boys suspends Facebook ads after data security breach
(Reuters) – U.S. auto parts retailer Pep Boys said on Monday it is suspending all advertising on Facebook Inc following concerns of data privacy, joining internet company Mozilla Corp in pulling ads from the social networking site. A 3D-printed Facebook dislike button is seen in front the Facebook logo, in this illustration…
Wall Street jumps at open as trade war fears cool
(Reuters) – Wall Street’s main indexes surged 1.5 percent at the open on Monday after reports that the United States and China were willing to negotiate tariffs and trade imbalances to avert a trade war. A traders works on the floor of the New York Stock Exchange, (NYSE) in New York, U.S.,…
China urges WTO members: put U.S. tariff ‘beast back in the cage’
GENEVA (Reuters) – China called on World Trade Organization members on Monday to unite to prevent the United States “wrecking” the WTO and urged them to oppose U.S. tariffs targeting China’s alleged theft of intellectual property. FILE PHOTO – Xiangchen Zhang, Chinese Ambassador to the World Trade Organization (WTO) attends an interview…
Boeing completes Dreamliner family with first 787-10 delivery
NORTH CHARLESTON S.C. (Reuters) – Boeing Co (BA.N) delivered its first 787-10 Dreamliner to Singapore Airlines (SIAL.SI) on Sunday, rounding out a family of lightweight jets on which the U.S. planemaker is betting its future. A Boeing 787-10 aircraft being built for Singapore Airlines sits in the Final Assembly Area before a…
U.S. top court rejects AIG ex-CEO Greenberg’s bailout challenge
WASHINGTON (Reuters) – The U.S. Supreme Court on Monday handed a defeat to former American International Group Inc (AIG.N) CEO Maurice “Hank” Greenberg, refusing to hear an appeal he led arguing that the federal government illegally bailed out the insurer during the 2008 financial crisis at the expense of shareholders. FILE PHOTO…