Business News

CVS, Aetna executives defend $69 billion deal with eye on savings

NEW YORK (Reuters) - CVS Health Corp (CVS.N) and Aetna Inc (AET.N) top executives on Monday defended their planned merger to Wall Street analysts who questioned the $69 billion deal, promising both near- and long-term savings for the combined company. CVS and Aetna announced on Sunday that they had reached a deal, two months after talks between the companies were first reported. With the agreement and the price alre...

04 Dec 4:24 PM 0 Read More...

Wall Street cheers Senate's approval of tax bill

(Reuters) - Wall Street indexes surged on Monday after the U.S. Senate passed its version of a tax code overhaul, bringing the Republicans closer to implementing corporate tax cuts. Some of the biggest gainers included bank and industrial stocks. Bank of America (BAC.N) and JPMorgan (JPM.N) rose more than 3 percent, while Caterpillar (CAT.N) and Boeing (BA.N) gained about 2 percent. “This is a positive reaction to ...

04 Dec 4:24 PM 0 Read More...

Broadcom launches 11-nominee slate for Qualcomm board

(Reuters) - Chipmaker Broadcom Ltd (AVGO.O) made its first formal move toward a hostile bid to take over Qualcomm Inc (QCOM.O) on Monday, laying out a slate of 11 nominees it wants to put on the board of the U.S. semiconductor firm. Shares of both companies fell as Qualcomm confirmed receiving the list, saying Broadcom’s action was a “blatant attempt to seize control of the Qualcomm board in order to advance Broa...

04 Dec 4:24 PM 0 Read More...

Shares of big U.S. banks jump as Senate approves tax overhaul

(Reuters) - Shares of the biggest U.S. banks rose on Monday, after the Senate approved a tax overhaul bill on Saturday, raising investor hopes that their earnings would get a boost from a significantly lower tax bill. JPMorgan Chase (JPM.N) rose 2.4 percent to hit a record on Monday, while Bank of America (BAC.N) rose 3.5 percent to its highest since October 2008. Both were the top performers on the S&P 500 Inde...

04 Dec 4:24 PM 0 Read More...

Tax deal sends dollar surging, preps U.S. stocks for strong day

LONDON (Reuters) - The dollar jumped on Monday versus the currencies of other developed and emerging nations while Treasury yields rose and Wall Street was primed for a another record-setting day after the U.S. Senate voted to approve a wide-ranging tax overhaul. European stocks opened higher, with French, German and British markets up 0.9 to 1.4 percent, anticipating a strong New York session - futures for the Dow ...

04 Dec 11:24 AM 0 Read More...

UK pushing to include Bitcoin under money-laundering rules

LONDON (Reuters) - Britain wants to increase regulation of Bitcoin and other digital currencies by expanding the reach of European Union anti-money-laundering rules that force traders to disclose their identities and report suspicious activity. With demand for Bitcoin surging, fuelling a 1,000 percent rally in its value so far this year, the British finance ministry said it expected negotiations over changes to the E...

04 Dec 11:24 AM 0 Read More...

Confusion reigns as banks scramble to price FX, bond research under EU markets revamp

LONDON (Reuters) - How much are you worth? For the FX and bond analysts covering the world’s biggest markets, how much to charge for their time and research remains in question just a month away from sweeping new rules that require fund managers to pay for these services. Forcing funds pay separately for research is one element of the wide-ranging EU financial markets directive known as ‘MiFID II’, which is aim...

04 Dec 11:24 AM 0 Read More...

Dollar gains on U.S. tax cut progress; Asian shares listless

SYDNEY (Reuters) - The U.S. dollar bounced to a two-week top on Monday and S&P futures rallied as traders marked the passage of a Senate tax bill over the weekend, a move that raises the risk of more aggressive rate hikes in the world’s largest economy. Asian shares were less euphoric, with MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS hovering near a one-month trough on fears U.S. ...

04 Dec 6:22 AM 0 Read More...

CVS Health to acquire Aetna for $69 billion in year's largest acquisition

(Reuters) - U.S. drugstore chain operator CVS Health Corp (CVS.N) said on Sunday it had agreed to acquire U.S. health insurer Aetna Inc (AET.N) for $69 billion, seeking to tackle soaring healthcare spending through lower-cost medical services in pharmacies. This year’s largest corporate acquisition will combine one of the nation’s largest pharmacy benefits managers (PBMs) and pharmacy operators with one of its ol...

04 Dec 1:15 AM 0 Read More...

Dollar, stock futures gain on U.S. tax cut progress

SYDNEY (Reuters) - The U.S. dollar bounced to a two-week top on Monday as traders celebrated the passage of a Senate tax bill over the weekend, while stronger U.S. stock futures pointed to a merry start for Asian shares. The greenback jumped 0.7 percent JPY= in early Asian trade to as far as 112.98 yen, the highest since Nov. 17. It climbed 0.5 percent last week, a welcome reprieve to bulls after three straight sessi...

04 Dec 1:15 AM 0 Read More...