Business News

Goldman creates 'brain trust' in effort to boost deals business

(Reuters) - Goldman Sachs Group Inc (GS.N) is betting it can get its money-making mojo back by pitching creative deals to big, complex clients, marking a return to its investment banking roots as trading revenue slows. The Wall Street bank is forming a group, known internally as the Innovation Lab, focused on generating compelling deal ideas for companies like Warren Buffett’s conglomerate Berkshire Hathaway Inc (...

11 Oct 7:10 PM 0 Read More...

Loyalists unhappy as Coach becomes Tapestry Inc

(Reuters) - Iconic luxury handbag maker Coach Inc risked Wall Street and social media ire on Wednesday by announcing a change of its corporate name to Tapestry Inc, as it evolves into a multi-brand upscale retailer. The company’s shares fell as much as 3 percent in early trading, which analysts attributed to strong results from rival LVMH on Tuesday, and to a broader selloff in the consumer discretionary space on W...

11 Oct 7:09 PM 0 Read More...

Dow inches up to record-high on gains in J&J, Wal-Mart

(Reuters) - Gains in Wal-Mart and Johnson & Johnson nudged the Dow Jones Industrial Average to another record level on Wednesday, but the broader market was sluggish ahead of big bank earnings. Investors also awaited the release of the minutes of the Federal Reserve’s September policy meeting. J&J (JNJ.N) rose about 2 percent after Jefferies upgraded the stock to “buy”, saying the company’s pharma div...

11 Oct 7:09 PM 0 Read More...

Fed split on inflation intensified at September policy meeting: minutes

WASHINGTON (Reuters) - Federal Reserve policymakers had a prolonged debate about the prospects of a pickup in inflation and the path of future interest rate rises if it did not, according to the minutes of the U.S. central bank’s last policy meeting on Sept. 19-20 released on Wednesday. The readout of the meeting, at which the Fed announced it would begin this month to reduce its large bond portfolio mostly amassed...

11 Oct 7:09 PM 0 Read More...

Facebook to launch new virtual reality headset, ‘Oculus Go’

SAN JOSE, Calif. (Reuters) – Facebook Inc plans to release a new virtual reality headset that does not require a separate computer to operate, unlike its Oculus Rift product, which allows for mobile uses, Chief Executive Mark Zuckerberg said on Wednesday. Zuckerberg, speaking at a conference for virtual reality developers, said the “Oculus Go” device would cost $199 and ship early next year. Reporting by ...

11 Oct 7:09 PM 0 Read More...

Asian shares gain as Wall Street hits record, Catalan fears ease

SYDNEY (Reuters) - Asian shares rose on Wednesday, tracking Wall Street’s rally to all-time highs, while the euro hovered near a 10-day peak after Catalonia’s leader talked down immediate plans to secede from Spain, easing near-term concerns about euro zone instability. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS nudged 0.24 percent higher to test a recent decade peak of 545.56. Aus...

11 Oct 3:54 AM 0 Read More...

Wal-Mart rally pushes Dow to all-time high

(Reuters) - The Dow Jones Industrial Average hit a record high on Tuesday, helped by a surge in Wal-Mart Stores, while Amazon and Facebook lost ground and investors focused on upcoming quarterly reports. Wal-Mart (WMT.N) jumped 4.47 percent to a two-year high after forecasting U.S. online sales would rise by about 40 percent in the next fiscal year and unveiling a $20-billion share buyback. That helped the S&P 50...

10 Oct 10:53 PM 0 Read More...

Procter & Gamble declares proxy war victory, Peltz refuses to concede

(Reuters) - Procter & Gamble Co (PG.N) said activist hedge fund manager Nelson Peltz had lost his fight to win a seat on the company’s board, according to a preliminary tally of shareholder votes on Tuesday in the biggest-ever proxy fight. Trian Fund Management LP CEO Peltz refused to concede defeat, saying the vote had been too close to call and that the company would await the certified results. Sources said ...

10 Oct 5:49 PM 0 Read More...

Honeywell spins off units worth $7.5 billion in sales, keeps aerospace

(Reuters) - U.S. manufacturer Honeywell International Inc will spin off its home and ADI global distribution business and transportation systems into two independent, publicly-traded companies by the end of 2018, the company said on Tuesday. Honeywell said the two businesses were together worth $7.5 billion in annualized sales. The changes defy calls by one of its shareholders, activist hedge fund Third Point LLC, t...

10 Oct 12:49 PM 0 Read More...

Wal-Mart launches $20 billion buyback plan

(Reuters) - Wal-Mart Stores Inc (WMT.N) on Tuesday unveiled a $20 billion share buyback plan and forecast U.S. online sales to increase by about 40 percent in the fiscal year ending January 2019. Wal-Mart’s shares were up 1.6 percent at $81.80 in premarket trading after the company also forecast overall net sales to increase by at least 3 percent in the same period. The company, locked in a battle for market share ...

10 Oct 12:49 PM 0 Read More...