Business News

Exclusive: India threatens Philip Morris with 'punitive action' over alleged violations

NEW DELHI (Reuters) - The Indian government has threatened Philip Morris International Inc with "punitive action" over the tobacco giant's alleged violation of the country's anti-smoking laws, according to a letter sent to the company by the federal health ministry. The letter was prompted by a Reuters investigation last month that revealed how Philip Morris was deploying marketing tactics in India, some targeting yo...

18 Aug 11:20 AM 0 Read More...

Ukraine central bank warns of new cyber-attack risk

KIEV (Reuters) - The Ukrainian central bank said on Friday it had warned state-owned and private lenders of the appearance of new malware as security services said Ukraine faced cyber attacks like those that knocked out global systems in June. The June 27 attack, dubbed NotPetya, took down many Ukrainian government agencies and businesses, before spreading rapidly through corporate networks of multinationals with ope...

18 Aug 11:20 AM 0 Read More...

China’s Lenovo warns of cost challenges as it sinks to Q1 loss

HONG KONG (Reuters) – Chinese personal computer maker Lenovo Group Ltd (0992.HK) warned of higher costs and margin pressure due to shortages of components like memory chips, as it posted its first quarterly loss in almost two years on Friday. Lenovo, which gave up its title as the world’s largest PC maker to HP Inc (HPQ.N) in the quarter through June, lost $72 million compared with a profit of $173 million ...

18 Aug 11:20 AM 0 Read More...

Former Uber CEO says investor lawsuit a ‘public and personal attack’

SAN FRANCISCO (Reuters) – The ousted chief executive officer of Uber Technologies Inc called a lawsuit filed against him by one of the company’s top investors a “public and personal attack” without merit, according to court documents filed late on Thursday. Venture capital firm Benchmark Capital, which says it owns 13 percent of Uber and controls 20 percent of the voting power, sued former Uber CEO Travis K...

18 Aug 6:19 AM 0 Read More...

Investors sell stocks, dollar on fears Trump agenda is foundering

SINGAPORE (Reuters) - Asian stock investors joined a global retreat from riskier assets on Friday and the dollar wavered on growing doubts about U.S. President Donald Trump's ability to fulfill his economic agenda. Confidence was shaken further after a van mowed through crowds of tourists in Barcelona on Thursday, killing at least 13 people and injuring more than 100 in an attack authorities were treating as terroris...

18 Aug 1:19 AM 0 Read More...

On sidelines of trade talks, businesses tout NAFTA's benefits

WASHINGTON (Reuters) - Steps away from this week's NAFTA trade negotiations, business unified in hopes of sending a singular message: do no harm. Representatives from the United States, Canada and Mexico convened behind closed doors at a Washington, D.C. hotel in an effort to strike a new North American Free Trade Agreement. And not far away, industry representatives from all three nations sat waiting and hoping to ...

18 Aug 1:19 AM 0 Read More...

Wisconsin bill giving $3 billion incentives to Foxconn advances

(Reuters) - Wisconsin's Republican-controlled state Assembly voted 59-30 on Thursday to approve a bill that paves the way for a $3 billion incentives package for a proposed liquid-crystal display plant by Taiwan's Foxconn. The plan still needs to be approved by the joint finance committee, which has members from both the Assembly and the state Senate, as well as the Senate before it can go to the governor. The financ...

18 Aug 1:19 AM 0 Read More...

Auto groups side with Canada, Mexico on NAFTA origin rules

WASHINGTON (Reuters) - Auto industry groups from Canada, Mexico and the United States are pushing back against the Trump administration's demand for higher U.S. automotive content in a modernized North American Free Trade Agreement. At talks underway this week in Washington, automaker and parts groups from all three countries were urging negotiators against tighter rules of origin, said Eduardo Solis, president of th...

18 Aug 1:19 AM 0 Read More...

Wall Street sells off as Washington worries rise

(Reuters) - U.S stocks sold off on Thursday, with the S&P 500 hitting its lowest level in a month, as escalating worries about the Trump administration's ability to push through its agenda rattled investors. Stocks began to lose ground early in the session, following speculation of White House Economic Adviser Gary Cohn's possible departure. A White House official later said Cohn intends to remain in his position...

17 Aug 8:14 PM 0 Read More...

U.S. labor market tightening; autos weigh on manufacturing

WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits fell to near a six-month low last week, pointing to a further tightening in the labor market that could encourage the Federal Reserve to lay out a plan to start unwinding its massive bond portfolio. A weakening automobile sector is, however, adding a wrinkle to an otherwise brightening economic picture. Other data on Thursday showed manuf...

17 Aug 8:14 PM 0 Read More...