Business News

Exclusive: SEC officials' holdings, legal work, pose potential conflicts

WASHINGTON (Reuters) - Two lawyers appointed to senior jobs at the U.S. Securities and Exchange Commission have ties to major companies including financial firms Goldman Sachs Group Inc (GS.N) and Wells Fargo & Co (WFC.N) that could complicate efforts to regulate them, according to government documents viewed by Reuters. Steven Peikin, the new co-head of enforcement at the SEC, held as much as $9 million worth of...

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

Wisconsin debates billions in incentives for Foxconn plant

(Reuters) - The Wisconsin State Assembly on Thursday opened debate on a $3 billion incentive package for a proposed liquid-crystal display plant by Taiwan's Foxconn, a deal that caused a stir when it was announced by President Donald Trump last month. A vote on the deal was expected to immediately follow the debate. It will be the first time a chamber of Wisconsin's Republican-controlled legislature has voted on the ...

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

Wall Street pares losses after Cohn resignation rumor knock-down

(Reuters) - U.S. stocks opened lower on Wednesday after minutes from the Federal Reserve's July meeting showed growing concerns over weak inflation, while investors worried about President Donald Trump's ability to pursue his pro-growth policies. All the 11 major indexes were lower, with technology index's .SPLRCT 0.4 percent fall topping the list. Cisco's (CSCO.O) 4 percent fall weighed the most on the S&P and t...

17 Aug 3:09 PM 0 Read More...

U.S. jobless claims drop to near six-month low

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. Labor market strength was corroborated by other data on Thursday showing manufacturers in the mid-Atlantic region sharply increased hours for...

17 Aug 3:09 PM 0 Read More...

U.S. appeals court rules for Uber in arbitration dispute

NEW YORK (Reuters) - A U.S. appeals court on Thursday ruled in favor of Uber Technologies Inc [UBER.UL] in a lawsuit over whether passengers gave up their right to sue the company when they registered for its taxi-hailing service, The 2nd U.S. Circuit Court of Appeals in New York vacated a lower court order that had denied motions by Uber and former Chief Executive Officer Travis Kalanick to compel arbitration. It al...

17 Aug 3:09 PM 0 Read More...

Germany's Lufthansa looking to buy majority of Air Berlin planes

BERLIN/FRANKFURT (Reuters) - Germany's Lufthansa is considering buying a majority of insolvent Air Berlin's aircraft, two people familiar with the matter said, as the government and rivals race to carve it up. Air Berlin (AB1.DE), Germany's second-largest airline, filed for bankruptcy protection on Tuesday after shareholder Etihad Airways withdrew funding following years of losses. The insolvency comes as many German...

17 Aug 3:09 PM 0 Read More...

China’s Alibaba outstrips revenue estimates with online sales growth

(Reuters) – Alibaba, China’s top e-commerce firm, beat analyst’s estimates with a 56 percent rise in first-quarter revenue, driven by growth in online sales which make up most of its business. Thursday’s results show that Alibaba Group Holding Ltd (BABA.N), one of Asia’s most valuable companies, is benefiting from more and more Chinese buying an increasing proportion of everything from food to clothing to...

17 Aug 3:09 PM 0 Read More...

European stocks and bond yields fall after Fed flags weak inflation

LONDON (Reuters) - European stocks and bond yields fell in early trade on Thursday after the Federal Reserve expressed concern over weak U.S. inflation, a trend which has clouded the outlook for the world's largest economy. Some policymakers argued against future rate rises until there was more concrete evidence that inflation was moving back toward the Fed's objective, according to minutes of the U.S. central bank'...

17 Aug 10:09 AM 0 Read More...

China targets Alibaba’s Taobao, other e-commerce sites, in VPN crackdown

BEIJING (Reuters) – Chinese authorities have issued a warning to the country’s top e-commerce platforms, including Alibaba Holding Group Ltd’s Taobao.com, over the sale of illegal virtual private networks that allow users to skirt state censorship controls. Five websites have been asked to carry out immediate “self-examination and correction” to remove vendors that sell illegal virtual private networks (V...

17 Aug 10:09 AM 0 Read More...

Asia shares up as North Korea tensions ease, wary Fed weighs on dollar

SINGAPORE (Reuters) - Asian stocks edged higher on Thursday as tensions between the United States and North Korea came off the boil, while the Federal Reserve's concerns about weak U.S. inflation weighed on the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.5 percent. Japan's Nikkei .N225 slipped 0.1 percent, weighed down by a stronger yen as the dollar wilted and shrugging...

17 Aug 5:06 AM 0 Read More...