Business News

EU fines Mastercard 570 million euros over cross-border barriers

BRUSSELS (Reuters) - The European Commission said on Tuesday it had fined Mastercard (MA.N) 570.6 million euros ($648.3 million) for limiting the possibility for merchants to benefit from better conditions offered by banks elsewhere in the European Union. “By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard’s rules artificially raised the costs o...

22 Jan 12:09 PM 0 Read More...

Johnson & Johnson quarterly sales beat expectations

(Reuters) - Johnson & Johnson reported better-than-expected fourth-quarter revenue on Tuesday, helped by strong demand for its drugs to treat cancer and psoriasis. Overall sales rose to $20.39 billion from $20.20 billion, above the average Wall Street estimate of $20.20 billion, according to IBES data from Refinitiv. The company posted net profit of $3.04 billion, or $1.12 per share, for the fourth quarter, compa...

22 Jan 12:09 PM 0 Read More...

Halliburton posts fourth-quarter profit compared with year-ago loss

(Reuters) - Oilfield services provider Halliburton Co (HAL.N) reported a quarterly profit on Tuesday, compared with a loss for the same period a year ago when it set aside $1.05 billion for income tax payments related to a change in U.S. taxes. The company said net income attributable to the company was $664 million, or 76 cents per share, for the fourth quarter ended Dec. 31, compared with a loss of $824 million or ...

22 Jan 12:09 PM 0 Read More...

Mastercard: EU fine of 570 million euros to be taken as charge in the fourth quarter of 2018

BRUSSELS (Reuters) - Mastercard (MA.N) said on Tuesday that an EU antitrust fine of 570.6 million euros ($648.3 million) would be taken as a charge in the fourth quarter of 2018, calling the closure of the case an important milestone for the company. “This decision relates to historic practices only, covers a limited period of time of less than 2 years and will not require any modification of Mastercard’s current...

22 Jan 12:09 PM 0 Read More...

Verdi union speaks out against any Deutsche Bank, Commerzbank merger

FRANKFURT (Reuters) - Germany’s Verdi labor union on Tuesday voiced concern over any possible merger between Germany’s largest banks – Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE). Jan Duscheck, head of Verdi’s banking division, said that any possible merger would lead to big job cuts. Speaking to journalists, Duscheck also said that the union did not see any added value from a possible merger between t...

22 Jan 12:09 PM 0 Read More...

Exclusive: Tesla says it received battery quotes from China’s Lishen but no deal agreed

BEIJING (Reuters) – Tesla Inc (TSLA.O) said on Tuesday it had received quotes from Tianjin Lishen to supply batteries for its new Shanghai electric car factory but had not signed any agreement with the Chinese firm. “Tesla previously received quotes from Lishen, but did not proceed further. We have not signed any agreement of any kind with them,” a Tesla spokeswoman told Reuters. Reuters earlier on Tue...

22 Jan 9:44 AM 0 Read More...

China’s Lishen says has not signed agreement with Tesla on supplying batteries

BEIJING (Reuters) – China’s Tianjin Lishen said on Tuesday it has not signed any agreement with Tesla Inc (TSLA.O) on supplying batteries to the U.S. electric vehicle maker’s Shanghai factory. Tesla earlier on Tuesday also denied it had signed a preliminary agreement with Tianjin Lishen to supply batteries for its new factory in China, saying it had received quotes from the Chinese battery maker but did ...

22 Jan 9:44 AM 0 Read More...

Tesla says it has no agreement with Chinese battery maker Lishen

SHANGHAI (Reuters) - Tesla Inc (TSLA.O) denied on Tuesday that it had signed a preliminary agreement with Tianjin Lishen to supply batteries for its new Shanghai car factory, saying it had received quotes from the Chinese battery maker but did not proceed further. “We have not signed any agreement of any kind with them,” a Tesla spokeswoman told Reuters. Reuters earlier on Tuesday reported, citing two sources w...

22 Jan 7:04 AM 0 Read More...

Oil prices fall 1 percent as China warns of job losses, Korea growth stalls

SYDNEY/SINGAPORE (Reuters) - Oil prices fell by around one percent on Tuesday as signs of a spreading global economic slowdown stoked concerns over future fuel demand. International Brent crude oil futures were at $62.09 per barrel at 0601 GMT, down 65 cents, or 1 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude futures were at $53.22 per barrel, down 1.1 percent, or 58 cents. China’s...

22 Jan 7:04 AM 0 Read More...

UBS posts fourth-quarter pre-tax profit miss, sees bumpy road ahead

ZURICH (Reuters) - UBS (UBSG.S) on Tuesday posted a $690 million fourth-quarter pre-tax profit, hit by a slowdown in its flagship wealth management business and weaker earnings in its investment bank. On an adjusted basis, fourth-quarter pre-tax profit fell to $862 million, less than the $1.038 billion forecast in the bank’s own analyst consensus summary, under conditions Chief Executive Sergio Ermotti described as...

22 Jan 7:04 AM 0 Read More...