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Congress sets sights on federal cryptocurrency rules

WASHINGTON (Reuters) – Jolted by the global investment craze over bitcoin and other cryptocurrencies, U.S. lawmakers are moving to consider new rules that could impose stricter federal oversight on the emerging asset class, several top lawmakers told Reuters. Bipartisan momentum is growing in the Senate and House of Representatives for action to…

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HSBC profit disappoints as CEO Gulliver bows out

HONG KONG/LONDON (Reuters) – HSBC Holdings (HSBA.L) reported a smaller than expected rise in annual profits and unveiled plans to raise up to $7 billion to bolster its capital, as CEO Stuart Gulliver hands over to a new leadership team on Tuesday. Gulliver is stepping down after more than seven years at…

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Alibaba, Tencent rally troops amid $10 billion retail battle

SHANGHAI (Reuters) – China’s tech giants Alibaba Group Holding Ltd (BABA.N) and Tencent Holdings Ltd (0700.HK), worth a combined $1 trillion, are on a retail investment binge, forcing merchants to choose sides amid a battle for shoppers’ digital wallets. Since the start of last year, the two companies have between them spent…

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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…

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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…

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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…

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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…

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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…

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