Business News

Asia shares rebound as fidgety U.S. rate fears shift again

SYDNEY (Reuters) - Asian shares rebounded on Friday as comments from a Federal Reserve official eased worries about faster rate rises in the United States, while the dollar ticked higher as investors dipped their toes back into riskier assets. Indications were mixed for other global equity markets, with E-Mini futures for the S&P 500 up 0.3 percent but London’s FTSE futures slipping 0.2 percent. Financial ma...

23 Feb 8:49 AM 0 Read More...

GM Korea seeks to trim benefits, wages: internal letter

SEOUL (Reuters) - General Motors Co will propose a base wage freeze and no bonuses this year along with a suspension of some worker benefits at its money-losing South Korean unit to cut costs, according to an internal letter that Reuters reviewed on Friday. GM is bracing for a major showdown with its South Korean unionised workers, after the U.S. automaker announced last week it would shut a plant by May in the city ...

23 Feb 8:49 AM 0 Read More...

China seizes control of Anbang Insurance as chairman prosecuted

BEIJING/SHANGHAI (Reuters) - The Chinese government on Friday seized control of Anbang Insurance Group Co Ltd and said its chairman had been prosecuted, a dramatic move that highlights Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk. Anbang had violated laws and regulations which “may seriously endanger the solvency of the company”, the China Insurance Regulatory ...

23 Feb 8:49 AM 0 Read More...

Asia shares rebound as fidgety U.S. rate fears ebb again

SYDNEY (Reuters) - Asian shares rebounded on Friday as comments from a Federal Reserve official eased worries about faster rate rises in the United States, while the safe-haven yen held on to its gains amid heightened volatility across markets. Financial markets have fluctuated wildly this month as investors fretted about how fast the Fed might raise rates in the wake of data showing a pick up in U.S. inflation. Eve...

23 Feb 3:49 AM 0 Read More...

GM to propose wage freeze, no bonuses for South Korean workers this year

SEOUL (Reuters) - General Motors Co (GM.N) will propose a base wage freeze and no bonuses this year as well a suspension of some worker benefits at its money-losing South Korean unit, in an effort to cut costs, showed an internal letter seen by Reuters on Friday. GM announced last week it would shut a plant in the city of Gunsan, southwest South Korea, by May and decide the future of its remaining three plants in the...

23 Feb 3:49 AM 0 Read More...

Airbnb CEO pledges to take more responsibility for impact to housing

SAN FRANCISCO (Reuters) - Home-booking company Airbnb has sparred with regulators across the globe, but Chief Executive Brian Chesky on Thursday spoke of coming to terms with his responsibility for how the company can impact housing markets and neighborhoods. “Every year I think you have a sense you have even more responsibility than the year before,” Chesky said in an interview with Reuters. Chesky’s view rep...

23 Feb 3:49 AM 0 Read More...

Regulator in China seizes control of Anbang as chairman prosecuted

BEIJING/SHANGHAI (Reuters) - The Chinese government on Friday seized control of Anbang Insurance Group Co Ltd [ANBANG.UL], one of China’s biggest insurance conglomerates, in a dramatic move that underscores Beijing’s intent to crackdown on financial risk. Anbang’s chairman and key shareholder, Wu Xiaohui, had also been prosecuted for economic crimes, the China Insurance Regulatory Commission (CIRC) said in a st...

23 Feb 3:49 AM 0 Read More...

HP Inc results beat estimates, raises 2018 profit forecast

HP Inc (HPQ.N) reported first-quarter revenue and profit on Thursday above Wall Street estimates as it sold more personal computers and printers, helping the company raise its full-year profit forecast. Shares of the company, which houses the hardware business of former Hewlett-Packard Co, rose 5.3 percent to $22.53 after the bell. The company said it expects fiscal 2018 earnings per share to be in the range of $1...

23 Feb 3:49 AM 0 Read More...

Dow, S&P climb on energy and industrials; Nasdaq falls

NEW YORK (Reuters) - The Dow and S&P 500 advanced on Thursday to halt a two-session losing skid, buoyed by gains in industrial and energy shares as U.S. Treasury yields eased, while the Nasdaq lost ground for a third straight session. Major indexes advanced early as worries about a faster pace of interest rate hikes by the U.S. Federal Reserve were eased by comments by St. Louis Fed President James Bullard, who ...

22 Feb 10:44 PM 0 Read More...

HP Inc quarterly results beat estimates on higher PC sales

HP Inc (HPQ.N), which houses the hardware business of former Hewlett-Packard Co, reported a better-than-expected revenue and profit in the first quarter as the company sold more personal computers and printers. Shares of the company rose 8 percent to $23.11 after the bell on Thursday. HP Inc’s personal systems business, which accounts for nearly two-thirds of the company’s total revenue, rose nearly 15 percent to...

22 Feb 10:44 PM 0 Read More...