Business News

Wall Street opens flat on tech, oil weakness

(Reuters) - U.S. stock indexes fell on Friday on weakness in technology stocks and as energy companies were hit by lower oil prices after President Donald Trump criticized OPEC for artificially high prices. Traders work on the floor of the New York Stock Exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., April 19, 2018. REUTERS/Brendan McDermidOil prices reversed course to fall about 1 percent...

20 Apr 2:24 PM 0 Read More...

GE profit tops estimates, shares rise in 'relief rally'

(Reuters) - General Electric Co (GE.N) posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher in premarket trading. FILE PHOTO: A pedestrian walks past a General Electric (GE) facility in Medford, Massachusetts, U.S., April 20, 2017. REUTERS/Brian Snyder/File PhotoGE also affirmed ...

20 Apr 2:24 PM 0 Read More...

Wells Fargo agrees to pay $1 billion to settle customer abuses

(Reuters) - Wells Fargo & Co has agreed to pay $1 billion in penalties to federal regulators to settle a probe into abuses at its auto and mortgage businesses, the bank and regulators said on Friday, confirming an earlier Reuters report. FILE PHOTO: A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S., February 10, 2015. REUTERS/Jim Young/File Photo The settlement is the most aggressive...

20 Apr 2:24 PM 0 Read More...

Facebook’s damage limitation drive hits trouble in Germany

BERLIN/FRANKFURT (Reuters) – Facebook’s attempt to limit fallout from a massive data breach hit trouble in Germany on Friday as a privacy watchdog opened a case against the social network and politicians accused its bosses of evasion. FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustrati...

20 Apr 1:04 PM 0 Read More...

Exclusive: U.S. sorghum armada U-turns at sea after China tariffs

CHICAGO (Reuters) - Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain, trade sources and a Reuters analysis of export and shipping data showed. A field of sorghum (milo) grain is seen at a farm outside of Texhoma, Oklahoma, U.S., in this undated photo released to Reuters on April 3, 2018. C...

20 Apr 4:19 AM 0 Read More...

China's ZTE slams U.S. ban on sales, says company's survival at risk

HONG KONG (Reuters) - China’s ZTE Corp (0763.HK) (000063.SZ) said on Friday that a ban on the sale of parts and software to the company was unfair and threatens its survival, and vowed to safeguard its interests through all legal means. The inside of a ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/IllustrationThe United States this week imposed a ban on sales by Am...

20 Apr 4:19 AM 0 Read More...

Tobacco and tech drag on Wall Street; yields boost banks

NEW YORK (Reuters) - Wall Street’s three major indexes closed lower on Thursday, with tobacco stocks leading a tumble in consumer staples while concerns about smartphone demand hurt the technology sector and rising bond yields and earnings helped financials rebound. The market pared some losses late in the session after Bloomberg reported that Deputy Attorney General Rod Rosenstein told President Donald Trump last...

19 Apr 11:14 PM 0 Read More...

Qualcomm cutting 1,500 jobs at its California offices

(Reuters) - Chipmaker Qualcomm Inc (QCOM.O) is cutting 1,500 jobs across multiple divisions at its offices in California, as part of its promise to investors to cut annual costs by $1 billion. FILE PHOTO: A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo The company, which has about 33,800 employees as of Sept.24, informed about its job cut plans in C...

19 Apr 11:14 PM 0 Read More...

Consumer activists, experts advise against buying ZTE phones

(Reuters) - Consumer activists and technology experts are advising consumers to hold off on buying Android handsets from China’s ZTE until the company clarifies whether U.S. sanctions against the company prevent it from providing operating system updates for its devices. A ZTE smart phone is pictured in this illustration taken April 17, 2018. REUTERS/Carlo Allegri/IllustrationThe U.S. Commerce Department on Monda...

19 Apr 11:14 PM 0 Read More...

Shire rejects $63 billion Takeda bid as Allergan drops pursuit

NEW YORK/LONDON (Reuters) - Rare disease drug maker Shire Plc (SHP.L) said on Thursday it had rejected a $63 billion cash-and-stock acquisition offer by Japan’s Takeda Pharmaceutical Co Ltd (4502.T), while Allergan Plc (AGN.N) reversed course on pursuing a rival bid. FILE PHOTO: Takeda Pharmaceutical's signboard is seen on its headquarters building in Tokyo, Japan January 30, 2018. REUTERS/Kim Kyung-Hoon/File Pho...

19 Apr 11:14 PM 0 Read More...