Business News

U.S. proposes expedited appeal in fight with AT&T over Time Warner purchase

WASHINGTON (Reuters) - The U.S. Justice Department has proposed an expedited schedule for an appeal of a judge’s ruling that allowed AT&T Inc (T.N) to buy movie and TV show maker Time Warner, according to a court filing on Wednesday. The department said last Thursday that it would appeal a federal judge’s approval of the $85.4 billion acquisition. AT&T, which owns pay-TV company DirecTV, said it did not o...

18 Jul 10:09 PM 0 Read More...

U.S. regulatory panel gives Zions Bancorp green light to shed Fed oversight

WASHINGTON (Reuters) - A top U.S. regulatory panel on Wednesday said it had preliminarily approved Zions Bancorp’s petition to shed Federal Reserve oversight on the basis it is not systemically important to the U.S. financial system, in a further sign of regulatory easing.     Utah-based Zions (ZION.O) should benefit from major regulatory relief as a result of the decision by the Treasury’s Financial Stability...

18 Jul 10:09 PM 0 Read More...

Microsoft's focus on cloud, partnerships paying off

SAN FRANCISCO (Reuters) - In the elevator industry, breakdowns are bad for business. So when Thyssenkrupp North America needed help predicting when to service its lifts, it turned to Microsoft Corp (MSFT.O), a partnership that illustrates how Microsoft’s chief executive, Satya Nadella, has leveraged the cloud to grow its own business. A 2014 meeting between the leadership of the North American operations of Germany...

18 Jul 10:09 PM 0 Read More...

U.S. tariffs could raise auto prices by $83 billion: trade group

WASHINGTON (Reuters) - A group representing major automakers will tell the U.S. Commerce Department on Thursday that imposing tariffs of 25 percent on imported cars and parts would raise the price of U.S. vehicles by $83 billion annually and cost hundreds of thousands of jobs. The Alliance of Automobile Manufacturers, whose members include General Motors Co (GM.N), Volkswagen AG (VOWG_p.DE) and Toyota Motor Corp (720...

18 Jul 10:09 PM 0 Read More...

CITGO says CEO's U.S. visa has been revoked

(Reuters) - Citgo Petroleum Corp [PDVSAC.UL], the U.S. subsidiary of Venezuelan state-run oil company PDVSA [PDVSA.UL], said on Wednesday that the U.S. visa of its President and Chief Executive Asdrubal Chavez has been revoked. The company statement did not give a reason. But Citgo executives have been targeted for individual sanctions by the United States in an effort to isolate the country’s leadership under Pres...

18 Jul 10:09 PM 0 Read More...

Amazon.com's stock market value hits $900 billion, threatens Apple

SAN FRANCISCO (Reuters) - Amazon.com’s (AMZN.O) stock market value reached $900 billion on Wednesday for the first time, marking a major milestone in its 21-year trajectory as a publicly listed company and threatening to dislodge Apple (AAPL.O) as Wall Street’s most valuable jewel. After Jeff Bezos founded the online book-selling company in his garage in 1994, Amazon survived the dot-com crisis and then expanded ...

18 Jul 5:04 PM 0 Read More...

S&P hovers at five-month highs, Amazon hits $900 billion market cap

(Reuters) - The benchmark S&P 500 remained at five-month highs on Wednesday as a rise in financial and industrial stocks due to strong earnings from marquee companies were offset by a drop in technology stocks. On a day when highly valued FAANG stocks weighed on the market, Amazon.com (AMZN.O) became the second company after Apple (AAPL.O) to top $900 billion in market value, before retreating. Morgan Stanley (MS...

18 Jul 5:04 PM 0 Read More...

Novartis hints at 2018 outlook hike despite drug price freeze

ZURICH (Reuters) - Novartis (NOVN.S) may ratchet up its 2018 sales outlook, its finance chief said on Wednesday, despite halting planned U.S. drug price hikes amid pressure on the industry from President Donald Trump’s administration over the high cost of medicines. Shares in the Swiss drugmaker, whose decision to freeze prices this year in the world’s largest drug market was mirrored by Pfizer (PFE.N), closed 2....

18 Jul 5:04 PM 0 Read More...

Berkshire shares climb after Buffett is empowered to buy back more stock

(Reuters) - Berkshire Hathaway Inc (BRKa.N) shares rose on Wednesday after its board gave its billionaire chairman, Warren Buffett, more freedom to conduct stock buybacks, which the conglomerate has not done since 2012. Class A shares of Berkshire gained $10,305, or 3.6 percent, to $298,805 in morning trading, while Class B shares rose $7.47, or 3.9 percent, to $197.88 on the New York Stock Exchange. The gains follow...

18 Jul 5:04 PM 0 Read More...

Boeing in talks with Airbus, others for German helicopter bid

LONDON (Reuters) - Boeing Co (BA.N) is in talks with Airbus (AIR.PA) and other companies about joining its bid for a 4 billion euro ($4.7 billion) heavy-lift helicopter contract in Germany, the head of business development for Boeing’s defence unit said on Wednesday. Gene Cunningham told Reuters that Boeing was continuing to fine-tune its approach for the German competition, which pits Boeing’s CH-47 Chinook agai...

18 Jul 5:04 PM 0 Read More...