FILE PHOTO: U.S. President Donald Trump and China’s President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017. REUTERS/Damir Sagolj/File Photo/File Photo (Reuters) – U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet next month, a U.S. Department of…
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Cisco quarterly revenue beats estimates
FILE PHOTO: The logo of U.S. networks giant Cisco Systems is seen at their headquarters in Issy-les-Moulineaux, near Paris, France, April 3, 2018. REUTERS/Philippe Wojazer/File Photo (Reuters) – Cisco Systems Inc reported second-quarter revenue that beat Wall Street estimates on Wednesday, as the network gear maker benefited from its shift to newer…
Democratic lawmakers say U.S. military action in Venezuela ‘not an option’
WASHINGTON (Reuters) – Democratic lawmakers on Wednesday said Congress would oppose U.S. military intervention in Venezuela and challenged the credibility of President Donald Trump’s special envoy, Elliott Abrams, over his past embrace of American covert action. The Democratic chairman of the House of Representatives Foreign Affairs Committee, Eliot Engel, expressed concern about…
Johnson & Johnson supplier seeks bankruptcy over talc lawsuits
(Reuters) – A key supplier of talc used in Johnson & Johnson’s baby powder filed for Chapter 11 bankruptcy on Wednesday in the wake of multibillion-dollar lawsuits alleging its products caused ovarian cancer and asbestos-related mesothelioma. FILE PHOTO: A bottle of Johnson and Johnson Baby Powder is seen in a photo illustration…
U.S. posts another budget deficit as tax revenues sag
WASHINGTON (Reuters) – The U.S. federal government ran a $14 billion budget deficit in December as revenues sagged following last year’s tax cuts even as the economy appeared strong, Treasury Department data showed on Wednesday. FILE PHOTO: The U.S. Capitol building is seen in Washington, U.S., February 8, 2018. REUTERS/ Leah Millis…
Exclusive: Volkswagen, Ford far apart on investment in Ford autonomous unit – sources
(Reuters) – Partners Volkswagen AG and Ford Motor Co are at odds over how much the German automaker will invest in the No. 2 U.S. automaker’s self-driving vehicle unit, with Ford seeking at least $500 million, people familiar with the negotiations said. Analysts and investors have focused on the potential savings their…
Exclusive: FBI investigating top Vitol executives in Americas – sources
RIO DE JANEIRO/HOUSTON (Reuters) – The FBI is investigating energy trading firm Vitol’s top two executives in the Americas in connection with a Brazil bribery case, two sources with direct knowledge of the matter said, deepening the U.S. role in a probe of foreign oil firms’ dealings with state-controlled Petrobras. FILE PHOTO:…
Oil gains 1 percent after Saudi Arabia pledges more output cuts
NEW YORK (Reuters) – Oil prices rose more than 1 percent on Tuesday after OPEC figures showed it cut production sharply in January, and as lead member Saudi Arabia said it would reduce its output in March by an additional 500,000 barrels. FILE PHOTO: An oil pumpjack is seen in Velma, Oklahoma…
Blackstone to back ex-Eton Park partner with $150 million seed
BOSTON (Reuters) – Blackstone Group LP is backing a new hedge fund being run by former Eton Park partner Aaron Wertentheil with a $150 million commitment, two sources familiar with the matter said on Tuesday. FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it…
Exclusive: Venezuelan Juan Guaido’s team prepares to nominate its own Citgo board – sources
FILE PHOTO: The logo of PDVSA’s U.S. unit Citgo Petroleum is seen at a gas station in Stowell, Texas, U.S., June 12, 2018. REUTERS/Jonathan Bachman/File Photo (Reuters) – Advisers to Venezuelan Congress head Juan Guaido have proposed appointing executives Luisa Palacios, Angel Olmeta, Luis Urdaneta and Edgar Rincon to a transitional board…
Trump says he could let China trade deal deadline slip, ‘not inclined to’
WASHINGTON/BEIJING (Reuters) – U.S. President Donald Trump said on Tuesday that he could let the March 1 deadline for a trade agreement with China “slide for a little while,” but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point.…
Overseas tariffs sour U.S. whiskey exports
NEW YORK (Reuters) – American whiskey makers are feeling the pain after their major overseas markets imposed hefty duties on their liquor in retaliation against President Donald Trump’s tariffs on aluminum imports. FILE PHOTO: A bottle of Jack Daniels is shown for sale among other brands in the liquor section of a…
World stock markets rally on hopes for U.S.-China trade deal
NEW YORK (Reuters) – Signs that the United States and China might reach an agreement in trade talks and news of a tentative deal to avoid another government shutdown in Washington helped push world stock markets and bond yields broadly higher Tuesday. Traders work on the floor of the New York Stock…
Vale CFO says miner’s top managers were unaware of dam risk report
RIO DE JANEIRO (Reuters) – Senior management at Brazilian miner Vale were never shown internal security documents indicating that its dam at Brumadinho was at risk of collapse, the company’s chief financial officer said on Tuesday. Luciano Siani, Chief Financial Officer of Brazilian miner Vale, speaks during a press conference in Rio…
One of the oldest U.S. refineries in trouble again in Philadelphia: court filings
NEW YORK (Reuters) – Philadelphia Energy Solutions Inc, owner of the largest and oldest refinery on the U.S. East Coast, is facing another financial crisis just months after emerging from a controversial bankruptcy, according to two sources and a Reuters review of court filings. FILE PHOTO: The Philadelphia Energy Solutions oil refinery…
Pernod CEO pursues change and engages activist shareholder
LONDON (Reuters) – Pernod Ricard will embrace change and continue “constructive” talks with activist investor Elliott Management, CEO Alexandre Ricard said on Tuesday while dismissing speculation that the company could become a takeover target. FILE PHOTO: Alexandre Ricard, Chairman and Chief Executive Officer of French drinks maker Pernod Ricard, poses at the…
Wall Street climbs on trade hopes, government budget deal
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 8, 2019. REUTERS/Brendan McDermid NEW YORK (Reuters) – Wall Street rallied on Tuesday as investors were heartened by a tentative congressional spending deal to avoid another government shutdown and by optimism surrounding the U.S.-China…
CalSTRS backs new activist hedge fund Impactive with $250 million
(Reuters) – The California State Teachers’ Retirement System (CalSTRS), the second largest U.S. pension fund said on Monday it made a $250 million investment with Impactive Capital, a new activist hedge fund that expects to start trading next month. FILE PHOTO – Christopher Ailman, chief investment officer of the California State Teachers’…
T. Rowe Price nearly halves stake in Tesla to 5.2 percent: filing
FILE PHOTO: A driver recharges the battery of his Tesla car at a Tesla Super Charging station in a petrol station on the highway in Sailly-Flibeaucourt, France, January 12, 2019. REUTERS/Pascal Rossignol/File Photo (Reuters) – Tesla Inc shareholder T. Rowe Price Group Inc had a 5.2 percent stake in the electric car…
Exclusive: International development banks criticize Romania over bank tax plans
LONDON (Reuters) – Two major international development banks, the European Bank for Reconstruction and Development and the International Finance Corporation, have formally complained to the Romanian government about proposed new banking sector taxes. FILE PHOTO: The headquarter of the European Bank for Reconstruction and Development (EBRD) is seen in London, Britain, November…