Business News

Enter the 'petro': Venezuela to launch oil-backed cryptocurrency

CARACAS (Reuters) - Venezuelan President Nicolas Maduro looked to the world of digital currency to circumvent U.S.-led financial sanctions, announcing on Sunday the launch of the “petro” backed by oil reserves to shore up a collapsed economy. The leftist leader offered few specifics about the currency launch or how the struggling OPEC member would pull off such a feat, but he declared to cheers that “the 21st c...

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

Australia's Crown Resorts faces class action

(Reuters) - Australian casino giant Crown Resorts Ltd (CWN.AX) on Monday said that Maurice Blackburn Lawyers had commenced a class action proceeding against Crown in the Federal Court of Australia. The class action has been filed on behalf of shareholders who acquired stakes in the company between Feb. 6, 2015 and Oct. 16, 2016. Shares of Crown had fallen as much as 1.2 percent as of 0037 GMT while the benchmark ind...

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

Exclusive: Exxon eyes Egypt's offshore oil and gas - sources

LONDON/VIENNA (Reuters) - Exxon Mobil (XOM.N) is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said. Officials from the world’s largest listed oil producer recently held talks with Egypt’s petroleum ministry to discuss investments in oil and gas production, known as upstream operations, Petroleum Mi...

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

Aetna agrees to $69 billion sale to CVS Health: sources

(Reuters) - Aetna Inc’s (AET.N) board of directors approved on Sunday the U.S. health insurer’s sale to drugstore chain operator CVS Health Corp (CVS.N) for approximately $207 per share in cash and stock, according to people familiar with the matter. The $69 billion deal will be this year’s largest corporate acquisition. It will combine one of the nation’s largest pharmacy benefits managers (PBMs) and pharmac...

03 Dec 8:09 PM 0 Read More...

TIM’s board to discuss network options this week: source

MILAN (Reuters) – The board of Telecom Italia (TIM) will this week discuss options for its fixed-line network, including possibly splitting it off, although no decision is expected to be made, a source close to the company said on Sunday. Italian politicians and rival firms have long called on the former monopoly to separate and upgrade its network, an asset some analysts have valued at up to 15 billion euros ($1...

03 Dec 8:09 PM 0 Read More...

Volkswagen ‘misused’ me, accused executive tells judge

BERLIN (Reuters) – Volkswagen AG (VOWG_p.DE) executive Oliver Schmidt, who is due to be sentenced this week in connection with the carmaker’s emissions scandal, has written to the judge to say he feels “misused” by the German company. Schmidt pleaded guilty in August in the U.S. District Court in Detroit to wrongdoing connected to a massive diesel emissions scandal that has cost Volkswagen as much as $30 bi...

03 Dec 8:09 PM 0 Read More...

Volkswagen 'misused' me, accused executive tells judge

BERLIN (Reuters) - Volkswagen AG (VOWG_p.DE) executive Oliver Schmidt, who is due to be sentenced this week in connection with the carmaker’s emissions scandal, has written to the judge to say he feels “misused” by the German company. Schmidt pleaded guilty in August in the U.S. District Court in Detroit to wrongdoing connected to a massive diesel emissions scandal that has cost Volkswagen as much as $30 billio...

03 Dec 3:05 PM 0 Read More...

China’s Xi says country will not close door to global internet

WUZHEN, China (Reuters) – Chinese President Xi Jinping said on Sunday the country will not close its door to the global internet, but that cyber sovereignty is key in its vision of internet development. Xi’s comments were read by Huang Kunming, head of the Chinese Communist Party’s publicity department at the country’s largest public cyber policy forum in the town of Wuzhen in eastern China. “The ...

03 Dec 5:00 AM 0 Read More...

Fear of missing out keeps investors in stocks despite risks

NEW YORK, (Reuters) - Wall Street’s fear of missing out on a relentless rally appears to be trumping rising political risk in a high-stakes December in Washington. The ticking clock on the Republican Party’s efforts to cut corporate taxes, alongside the risk that the U.S. government may shut down if a budget deal isn’t reached by December 8, is increasing the levels of political risk for investors - but they h...

02 Dec 3:41 AM 0 Read More...

Whipsawed by Washington, Wall Street ends modestly lower

NEW YORK (Reuters) - Wall Street fell on Friday, whipsawed by developments with a probe into Russia’s alleged involvement in the U.S. election as well as with progress on a tax bill in Congress. Major indexes ended lower after an ABC News report that former national security adviser Michael Flynn was prepared to testify that before taking office President Donald Trump had directed him to make contact with Russians....

01 Dec 10:34 PM 0 Read More...