Business News

Verizon quarterly revenue tops estimates as subscribers rise

NEW YORK (Reuters) - Verizon Communications Inc’s (VZ.N) quarterly revenue topped Wall Street analyst estimates on Thursday and the company added more phone subscribers than expected, sending shares of the No. 1 U.S. wireless carrier up in pre-market trading. The company said that it added 274,000 phone subscribers who pay a monthly bill on a net basis. Churn, or rate of customer defections for all customers paying...

19 Oct 1:56 PM 0 Read More...

Japan carmakers vouch for safety of Kobe Steel's aluminum parts

TOKYO (Reuters) - Four Japanese automakers on Thursday said they found no safety issues with aluminum parts supplied by Kobe Steel Ltd (5406.T), allaying some concerns that falsified quality data on products from the steelmaker had compromised their vehicles. Kobe Steel shares surged after the car makers’ statements, but the steelmaker still has to contend with a U.S. Justice Department probe, while checks continue...

19 Oct 1:56 PM 0 Read More...

U.S. jobless claims hit more than 44-year low

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits dropped to its lowest level in more than 44 years last week, pointing to a rebound in job growth after a hurricane-related decline in employment in September. The labor market outlook was also bolstered by another report on Thursday showing a measure of factory employment in the mid-Atlantic region rising to a record high in October. The ...

19 Oct 1:56 PM 0 Read More...

Stocks stumble off all-time highs, kiwi takes a dive

LONDON (Reuters) - World stocks set a fresh record high before stalling in Europe on Thursday, as the longest winning streak for Japanese stocks since 1988 and the first close above 23,000 for Wall Street’s Dow index helped to offset nerves about Spain. Traders were marking 30 years to the day since the 1987 Black Monday stock market crash but there couldn’t have been a greater contrast as equity markets continue...

19 Oct 1:56 PM 0 Read More...

Asia stocks shed gains after data shows slower China growth

TOKYO (Reuters) - Asian stocks shed early gains on Thursday, pulling back from decade highs, with Chinese equities leading the way lower after data showed growth in the world’s second largest economy slowed slightly in the third quarter. The dollar halted its decline, supported by higher U.S. yields. Spreadbetters expected Britain's FTSE .FTSE to open 0.1 percent lower, Germany's DAX .GDAXI to start flat and France...

19 Oct 8:51 AM 0 Read More...

Thirty years ago this week, Wall Street slid into the abyss

NEW YORK (Reuters) - Thirty years ago, before heading to work at the New York Stock Exchange, Peter Kenny left his home in lower Manhattan and made a detour to the nearby Our Lady of Victory church to pray to St. Jude, the Roman Catholic patron saint of desperate and lost causes. The reason was the stock market crash known as “Black Monday” on October 19, 1987. “Blessed mother get me through this,” he pray...

19 Oct 8:51 AM 0 Read More...

Could the 1987 stock market crash happen again?

NEW YORK (Reuters) - On the 30th anniversary of the 1987 stock market crash, U.S. stocks are at a record high and investors are concerned that steep valuations may mean a correction is overdue, despite healthy corporate earnings and economic growth. But could a repeat of “Black Monday” happen today? Modern trading technology, changes to the way stock exchanges operate and in the way investor funds are managed sho...

19 Oct 8:51 AM 0 Read More...

Japan carmakers vouch for safety of some Kobe Steel parts; company future uncertain

TOKYO (Reuters) - Three Japanese automakers on Thursday said they found no safety issues with aluminum parts made by Kobe Steel Ltd, allaying some concerns that falsified quality data on products from the steelmaker had compromised their vehicles. Kobe Steel shares surged after the car makers’ statements, but the steelmaker still has to contend with a U.S. Justice Department probe, while checks continue at hundred...

19 Oct 8:51 AM 0 Read More...

Asia stocks approach 10-year peak, unfazed by China GDP, dollar rises

TOKYO (Reuters) - Asian stocks rose to near decade highs on Thursday, continuing to ride on a global equities rally, while the dollar resumed its rise on the back of a spike in U.S. yields. There was little market reaction to China data showing its economic growth cooled slightly to 6.8 percent in the third quarter year-on-year from the second quarter’s 6.9 percent, which had been widely predicted. A modest loss of...

19 Oct 3:49 AM 0 Read More...

Special Report: Backroom battle imperils $230 million cryptocurrency venture

ZUG, Switzerland/NEW YORK (Reuters) - Just three months ago, a tech project called Tezos raised $232 million online in a wildly successful “initial coin offering,” in which new digital currency is parceled out to buyers. At the time, it was the most money ever raised from the public in the white-hot cryptocurrency sector. But the venture is now in danger of falling apart because of a battle for control playing ...

19 Oct 3:49 AM 0 Read More...