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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…

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GE faces shareholder lawsuit over insurance shortfall, SEC probe

NEW YORK (Reuters) – General Electric Co was sued on Friday by a shareholder who accused the conglomerate of concealing mounting insurance liabilities and a U.S. Securities and Exchange Commission probe, saying it cost shareholders tens of billions of dollars. The complaint filed by the Cleveland Bakers and Teamsters Pension Fund appears…

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Uber plans to sell Southeast Asia business to Grab: CNBC

(Reuters) – Uber Technologies [UBER.UL] is preparing to sell its Southeast Asia ride-hailing business to Singapore-based Grab in return for a substantial stake in the company, CNBC reported, citing two sources familiar with the matter. No deal has been reached yet and the timing of any deal is uncertain, the report said.…

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Dashed hopes for Mexico oil boom leave Gulf Coast hotels idle

MEXICO CITY (Reuters) – When a Mexican real estate investment trust bought four hotels along the country’s Gulf coast operating under the Marriott, Quality Inn and Fiesta Inn brands, it expected the government’s recent energy reform to attract droves of oil executives, engineers and technicians. Instead, FibraHotel’s properties in Ciudad del Carmen…

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Pot Pharm: Booming Canada weed sector plots next-wave medicines

TORONTO (Reuters) – Canopy Growth Corp, one of the world’s biggest medical marijuana producers, now wants to take on the world’s pharmaceutical giants. The Canadian firm launched Canopy Health Innovation in late 2016 to build a portfolio of patented and federally approved cannabinoid-based medicines. The venture is one of a small but…

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Audi chairman rubbishes report of CEO Stadler ouster

BERLIN (Reuters) – Audi (NSUG.DE) Chairman Matthias Mueller appealed to workers to ignore a media report that Chief Executive Rupert Stadler was about to be ousted, hoping to quell another outbreak of unrest at the diesel scandal-hit Volkswagen group. German tabloid Bild reported on its front page on Friday that Stadler would…

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Lost in translation? GM plant shutdown shocks South Korea

SEOUL (Reuters) – Only weeks into a new job heading General Motors Co’s international operations, Barry Engle flew into a frigid South Korea in January and held a series of meetings with government officials to discuss the future of GM’s loss-making local unit. In what they thought were meet-and-greet introductions, senior officials…

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As mining investors push caution, Glencore differs from rivals

TORONTO/MELBOURNE (Reuters) – As shareholders push the world’s cash-rich miners to maintain lush dividends and make the most of existing assets, Glencore is taking a slightly different tactic that positions it for shrewd acquisitions. Like other big rivals, Glencore is expected to lift its dividend payout when it reports results next week,…

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World stocks steam higher as inflation fears suddenly fizzle

LONDON (Reuters) – Stocks, bond yields and commodities steamed higher on Thursday while the dollar tumbled, as investors suddenly seemed to forget the inflation fears blamed for a brutal market sell-off in recent weeks. Economists were struggling to explain the turnaround except for the argument that historically it’s not unusual for stocks…

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Britain’s Burberry pairs up with Farfetch in online push

PARIS (Reuters) – Burberry (BRBY.L) will team up with online retailer Farfetch to make all of its products available to internet shoppers in 150 countries, the British fashion company said on Thursday. Luxury groups from Louis Vuitton owner LVMH LMVH.PA to Gucci parent Kering (PRTP.PA) are putting more resources into e-commerce as…

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Amazon says to create 2,000 jobs in France in 2018

PARIS (Reuters) – U.S. online retail giant Amazon said on Thursday it will create 2,000 permanent contract positions this year in France, its largest market in Europe after Britain and Germany. The increase will bring Amazon’s total number of permanent French staff to 7,500 in 2018 and reflects confidence in the economy…

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Google’s app network quietly becomes huge growth engine

SAN FRANCISCO (Reuters) – Google makes ads show up in more smartphone apps than any other technology company. That is the core of a resurgent business for parent Alphabet Inc. Google’s ad network unit has posted three straight quarters of year-over-year double-digit sales increases. The business is nearing $20 billion in annual…

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China’s ZTE says is trusted partner after U.S. concern

BEIJING (Reuters) – Chinese telecoms equipment group ZTE Corp hit back on Thursday against concerns from U.S. lawmakers that it is a vehicle for Chinese espionage, saying it was a trusted partner of its U.S. customers, state news agency Xinhua reported. China is trying to gain access to sensitive U.S. technologies and…

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