Business News

Asia stocks pressured as Wall St. hit by healthcare vote delay

TOKYO Asian shares slumped on Wednesday after Wall Street was knocked hard in the wake of a delay to a U.S. healthcare reform vote, while the euro rallied after European Central Bank President Mario Draghi hinted that the ECB could trim its stimulus this year. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trading, while Japan's Nikkei share average also slipped 0.2 percen...

28 Jun 3:14 AM 0 Read More...

'What's the rush' on interest rate hikes, asks Fed's Kashkari

With inflation low and wages showing little sign of an upward surge, the U.S. Federal Reserve should not be raising interest rates, Minneapolis Fed President Neel Kashkari said on Tuesday."What's the rush?" Kashkari asked at an event at Michigan Technological University in Houghton, Michigan, adding that neither wage nor inflation data is giving any sign that the economy is about to overheat and indeed may sugges...

28 Jun 3:14 AM 0 Read More...

Madoff settlements reach $12 billion with new accords

NEW YORK The trustee recouping money for Bernard Madoff's victims on Tuesday announced nearly $371 million of new settlements with two groups of offshore funds that invested with the imprisoned Ponzi schemer, boosting the total recovery to about $12 billion.Irving Picard, the trustee, said Lagoon Investment Ltd agreed to repay $240.7 million from an account through which Hermes International Fund Ltd invested wit...

28 Jun 3:14 AM 0 Read More...

'Pharma bro' Martin Shkreli's notoriety slows New York jury selection

NEW YORK Jury selection in the New York trial of former drug company executive Martin Shkreli will enter its third day Wednesday, after some potential jurors said they could not be fair to a man who gained notoriety by raising the price of a life-saving drug more than 5,000 percent.U.S. prosecutors have accused Shkreli, dubbed the "pharma bro," of running a Ponzi-like scheme at his former hedge fund and a drug co...

28 Jun 3:14 AM 0 Read More...

Wall St. falters as Senate delays health vote

The tech-heavy Nasdaq led a broad Wall Street decline on Tuesday with stocks falling more sharply after a healthcare bill was delayed in the U.S. Senate, raising fresh questions about President Trump's domestic agenda.The benchmark S&P 500 posted its biggest one-day drop in about six weeks and closed at its lowest point since May 31.Major indexes extended losses after U.S. Senate Republican leader Mitch McCon...

27 Jun 10:14 PM 0 Read More...

Fed's Yellen expects no new financial crisis in 'our lifetimes'

LONDON U.S. Federal Reserve Chair Janet Yellen said on Tuesday that she does not believe that there will be another financial crisis for at least as long as she lives, thanks largely to reforms of the banking system since the 2007-09 crash."Would I say there will never, ever be another financial crisis?" Yellen said at a question-and-answer event in London."You know probably that would be going too far but I do t...

27 Jun 10:14 PM 0 Read More...

Google faces years of EU oversight on top of record antitrust fine

BRUSSELS/FRANKFURT Beyond a headline-grabbing 2.4 billion euro ($2.7 billion) fine EU antitrust regulators have leveled against Google, the internet giant is likely to be shackled for years by Tuesday's precedent-setting decision defining the company as a monopoly. The ruling opens the door for further regulatory actions against more crucial parts of Google's business – mobile phones, online ad buying and s...

27 Jun 10:14 PM 0 Read More...

Nestle plans $20.8 billion share buyback amid Third Point pressure

LONDON/ZURICH Nestle (NESN.S) plans to buy back as much as 20 billion Swiss francs ($20.8 billion) worth of shares over three years, it said on Tuesday, days after U.S. activist shareholder Third Point LLC began a campaign to boost performance at the company.The New York-based hedge fund, controlled by billionaire investor Daniel Loeb, disclosed a $3.5 billion stake in the company on Sunday when it started pushin...

27 Jun 10:14 PM 0 Read More...

U.S. antitrust lawsuit against Qualcomm to proceed, judge rules

The Federal Trade Commission's antitrust lawsuit against Qualcomm Inc (QCOM.O) can proceed, a federal judge ruled late on Monday, meaning the iPhone chip supplier must now wage a fight with U.S. regulators even as it contests a separate $1 billion lawsuit filed by Apple Inc (AAPL.O).U.S. District Judge Lucy Koh of the Northern District of California in San Jose denied Qualcomm's motion to dismiss the FTC's lawsui...

27 Jun 10:14 PM 0 Read More...

EU fines Google record $2.7 billion in first antitrust case

BRUSSELS EU antitrust regulators hit Alphabet (GOOGL.O) unit Google with a record 2.42-billion-euro ($2.7 billion) fine on Tuesday, taking a tough line in the first of three investigations into the company's dominance in searches and smartphones.It is the biggest fine the EU has ever imposed on a single company in an antitrust case, exceeding a 1.06-billion-euro sanction handed down to U.S. chipmaker Intel (INTC....

27 Jun 12:09 PM 0 Read More...