Business News

Toshiba investigated by Japan's securities watchdog: source

TOKYO (Reuters) - Japan’s securities watchdog is investigating Toshiba Corp’s (6502.T) accounting practices for the last business year to see if it properly handled the losses incurred by its U.S. nuclear unit Westinghouse, a source familiar with the matter told Reuters. The Securities and Exchange Surveillance Commission is examining the process involved in creating the financial report for the 2016/17 business ...

19 Oct 3:49 AM 0 Read More...

Japan transport ministry considering checks of cars, trains using Kobe Steel products: Kyodo

TOKYO (Reuters) - Japan’s transport ministry is considering convening a meeting to probe the safety of automobiles, trains and planes using products from scandal-hit Kobe Steel Ltd, Kyodo reported on Thursday. With the data falsification scandal at Japan’s No. 3 steelmaker affecting a wide range of manufacturers, the Ministry of Land, Infrastructure, Transport and Tourism has decided to consider countermeasures ...

19 Oct 3:49 AM 0 Read More...

Dow closes above 23,000 for first time; IBM soars

NEW YORK (Reuters) - The Dow Jones Industrial Average closed above 23,000 for the first time on Wednesday, driven by a jump in IBM after it hinted at a return to revenue growth. The Dow hit 22,000 on Aug. 2, only 54 trading days earlier and roughly half the time it took the index to move from 21,000 to 22,000. This marks the fourth time this year the Dow has reached a 1,000-point milestone. “Retail investors contin...

18 Oct 10:45 PM 0 Read More...

United Airlines profit falls, sees margin decline this quarter

(Reuters) - United Airlines (UAL.N) on Wednesday said its third-quarter net income fell slightly less than investors had feared as the third-largest U.S. carrier was hit by $185 million in pre-tax losses caused by canceled flights during the Atlantic hurricane season. Looking forward, it forecast a pre-tax margin of between 3 percent and 5 percent for the current quarter, a steep drop from 9.8 percent a year ago, lar...

18 Oct 10:45 PM 0 Read More...

EBay's profit forecast disappoints, shares fall

(Reuters) - EBay Inc warned Wall Street on Wednesday that profit this quarter could fall below analysts’ estimates as it invests in marketing and a revamped website to attract more shoppers, sending shares down more than 5 percent in after-hours trade. The online marketplace is making a big push to catch up to Amazon.com Inc with three-day guaranteed delivery and a more user-friendly website, hoping to distinguish ...

18 Oct 10:45 PM 0 Read More...

Kenneth Chenault to step down as AmEx CEO next year

(Reuters) - American Express Co (AXP.N) said Kenneth Chenault will step down as chief executive early next year, ending a nearly 17-year tenure at the helm of the No.1 U.S. card issuer by spending. Chenault, 66, will be succeeded by Vice Chairman Stephen Squeri, 58, effective Feb. 1, the company said on Wednesday. His retirement comes at a time when the company is rebounding from the loss of big partnerships such as...

18 Oct 10:45 PM 0 Read More...

Blue Apron cuts 6 percent of its workforce

(Reuters) - Blue Apron Holdings Inc (APRN.N) said it had cut about 6 percent of its total workforce, nearly four months after going public, as the meal-kit delivery company comes under increasing pressure from deep-pocketed rivals such as Amazon.com Inc (AMZN.O). Blue Apron, which went public in June has seen its valuation drop by more than 50 percent, due to rising costs, falling customer numbers and the threat of c...

18 Oct 10:45 PM 0 Read More...

Dow stays above 23,000-mark on IBM surge

(Reuters) - The Dow Jones Industrial Average rallied above the 23,000-mark on Wednesday, propelled by IBM’s 9 percent surge after the computing giant hinted a return to revenue growth. IBM shares (IBM.N) were on course to record their biggest percentage gain in more than eight years and accounted for nearly 95 points of the 148 point-gain for the blue-chip index. The Dow had briefly surpassed the all-time peak on ...

18 Oct 5:39 PM 0 Read More...

U.S. housing starts hit one-year low; building permits tumble

WASHINGTON (Reuters) - U.S. homebuilding fell to a one-year low in September as Hurricanes Harvey and Irma disrupted the construction of single-family homes in the South, suggesting housing probably remained a drag on economic growth in the third quarter. The report on Wednesday from the Commerce Department also showed a decline in building permits, raising concerns that the housing market recovery was stalling. Hom...

18 Oct 5:39 PM 0 Read More...

U.S. bankers hold onto hopes that Trump will boost profits

NEW YORK (Reuters) - Top U.S. bankers are still hoping the President Trump’s administration will make policy changes to boost profits, but made clear in public comments in recent days that they are not seeing any signs of progress so far. Optimism about tax cuts, infrastructure investment and an unwind of costly financial regulations sent bank stocks soaring after the November 2016 presidential election that usher...

18 Oct 12:34 PM 0 Read More...