SEOUL (Reuters) – South Korean President Moon Jae-in said on Monday General Motors Co’s (GM) (GM.N) decision to shut down a factory south of Seoul will hurt that region, and called upon his administration to take measures to boost economic activity there. GM announced last week it will shutter the plant in…
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In boost to reform, Saudi Arabia’s cabinet approves bankruptcy law
DUBAI/KHOBAR, Saudi Arabia (Reuters) – Saudi Arabia’s cabinet has approved a bankruptcy law, sources familiar with the matter said on Sunday, giving a boost to efforts to make the kingdom more enticing to investors. Modern bankruptcy legislation does not currently exist in Saudi Arabia, creating difficulties for struggling companies seeking to restructure…
Lego builds foundations in China classrooms as old markets slow
BEIJING/SHANGHAI (Reuters) – Danish toymaker Lego is hoping to build a following with Chinese parents by promoting its place in the classroom as well as the toy box. The firm, famous for its brightly colored building blocks, is working with local education departments, state schools and the private education providers to get…
Jittery U.S. bond market braces for supply wave
NEW YORK (Reuters) – Bond investors, who have been on edge over signs of growing inflation and a possibly more aggressive Federal Reserve, will have their work cut out for them as the U.S. government seeks to sell $258 billion worth of debt this coming week. The Treasury Department began ramping up…
World stocks extend global recovery, set for sixth day of gains
LONDON (Reuters) – World stocks were set for a sixth session of gains on Monday, extending a recovery from a selloff sparked by fears of creeping inflation and higher borrowing costs. Gains were marginal however, and scored largely in Asian markets, with Japan’s Nikkei 225 up 2 percent. European bourses gave up…
For timing of Aramco IPO, watch forward oil price curve
LONDON (Reuters) – It’s the burning question in the oil industry: when will Saudi Arabia pull the trigger on the Aramco stock market listing? Many industry experts are focusing on the current level of oil prices. However another key consideration for Saudi officials in floating up to 5 percent of the state…
Software may have helped Daimler pass U.S. emissions tests: report
BERLIN (Reuters) – U.S. investigators probing Mercedes maker Daimler (DAIGn.DE) have found that its cars were equipped with software which may have help them to pass diesel emissions tests, a German newspaper reported on Sunday, citing confidential documents. There has been growing scrutiny of diesel vehicles since Volkswagen (VOWG_p.DE) admitted in 2015…
Judge approves Takata’s U.S. bankruptcy plan
WILMINGTON, Del. (Reuters) – Takata Corp’s U.S. unit received court approval for its bankruptcy exit plan, a plaintiffs’ law firm said on Saturday, clearing the way for a $1.6 billion sale of Takata assets and providing compensation for those injured by the company’s deadly air bags. Takata and its U.S. unit, TK…
Exclusive: Indian banks may take more than $3 billion hit from PNB fraud – tax department
NEW DELHI (Reuters) – Indian banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies at the center of a massive alleged fraud at the state-run Punjab National Bank, the tax department has estimated. As of March 2017, banks had extended loans and…
Proxy advisory firm ISS says Qualcomm should negotiate sale to Broadcom
(Reuters) – U.S. semiconductor company Qualcomm Inc should try to negotiate a sale to Broadcom Ltd following the latter’s sweetened $121 billion offer, proxy advisory firm Institutional Shareholder Services Inc (ISS) said. Qualcomm has been seeking to walk a fine line between resisting Broadcom’s acquisition approach, which it says undervalues it and…
Qualcomm says open to more deal talks with Broadcom following meeting
(Reuters) – Qualcomm Inc (QCOM.O) on Friday called a meeting with Broadcom Ltd (AVGO.O) to discuss the latter’s $121 billion bid constructive and opened the door to more talks, but continued to reject the proposed deal between the semiconductor companies. Qualcomm’s response raises the stakes in a battle over what would be…
Stock volatility: back with a bang and here to stay
NEW YORK (Reuters) – U.S. stock markets are unlikely to return to the unusually calm conditions seen last year, even though equities have already recovered more than half the ground lost in the recent selloff and traders have rapidly dialed down fear. Stock market volatility spiked to a multi-year high in the…
ADM, Syngenta settle lawsuit over biotech corn exports to China
CHICAGO (Reuters) – U.S. grain merchant Archer Daniels Midland Co has settled a lawsuit with Syngenta over the seed company’s launch of a biotech corn strain that roiled grain exports to China, according to regulatory documents filed on Friday. ADM sued Syngenta four years ago for selling the corn variety known as…
Tesla delays, tax credit concerns spur sales of Chevy Bolts
SAN FRANCISCO (Reuters) – Some potential buyers of Tesla’s long-delayed Model 3 sedan are concerned that they will miss out on big federal tax breaks and are looking for alternatives, including General Motors Co’s (GM.N) Chevrolet Bolt, according to postings by would-be Tesla buyers on websites and interviews with GM dealers. Last…
Exclusive: GE exploring industrial gas engine business sale – sources
(Reuters) – General Electric Co (GE.N) is exploring a sale of its industrial gas engine business that could be worth as much as $2 billion, according to people familiar with the matter. The move comes after Chief Executive Officer John Flannery, who took over as CEO last summer, indicated to analysts and…
Backstory: Warren Buffett’s Valentine’s Day surprise for investors
NEW YORK (Reuters) – Warren Buffett had a Valentine’s Day surprise for investors in Teva Pharmaceutical Industries Ltd (TEVA.TA). A regulatory filing with the U.S. Securities and Exchange Commission (SEC), known as a 13F, showed that Buffett’s Berkshire Hathaway Inc (BRKa.N) took a stake in the generic drugmaker in the fourth quarter…
U.S. seeks to block AT&T from citing Trump opposition in merger lawsuit
WASHINGTON (Reuters) – The U.S. Department of Justice on Friday moved to prevent AT&T Inc (T.N) from arguing that politics played a role in the government’s decision to stop its merger with Time Warner Inc (T.N), a deal that President Donald Trump had publicly criticized. “There was no selective enforcement,” Justice Department…
Trader sues Fidelity over website glitch during market rout
BOSTON (Reuters) – A New Jersey trader filed a lawsuit against Fidelity Investments, accusing it of “gross negligence” because he could not make trades on the company’s website earlier this month during a volatile time on the stock market. The complaint by Christopher Musso comes after mutual fund company Fidelity, which also…