Business News

Bank of America to pay $30 million 'manipulation' penalty: CFTC

WASHINGTON (Reuters) - U.S. regulators ordered Bank of America (BAC.N) on Wednesday to pay a $30 million civil penalty for what it called attempted manipulation of the swaps and derivatives benchmark. The Commodity Futures Trading Commission said in a statement that Bank of America from January 2007 through December 2012 made false reports and attempted to manipulate the U.S. Dollar International Swaps and Derivative...

19 Sep 6:07 PM 0 Read More...

Banks lift S&P, Dow; Nasdaq weighed by Microsoft

(Reuters) - The S&P 500 and the Dow Jones Industrials Average rose on Wednesday, helped by upbeat housing data and a gain for bank stocks driven by rising Treasury yields, while the tech-heavy Nasdaq was weighed by a drop in Microsoft. The benchmark 10-year U.S. Treasury yield US10YT=RR moved back above the symbolic 3 percent mark on Tuesday and hit its highest in four months on Wednesday, while two-year rates US...

19 Sep 6:06 PM 0 Read More...

China says won't weaken currency to boost exports, as U.S. tariffs mount

TIANJIN, China (Reuters) - China will not stoop to competitive devaluation of its currency, Premier Li Keqiang stressed, hours after China hit back, with a softer punch than the one landed by the United States, in an escalating tariff war between the world’s largest economies. Addressing a World Economic Forum event in the port city of Tianjin on Wednesday, Li did not directly mention the trade conflict but said ta...

19 Sep 1:04 PM 0 Read More...

EU says McDonald's, Luxembourg tax deal not illegal

BRUSSELS (Reuters) - McDonald’s (MCD.N) tax deal with Luxembourg did not breach EU state aid rules, EU antitrust regulators ruled on Wednesday, saying the reason the U.S. fast food chain did not pay some taxes was due to the mismatch between U.S. and Luxembourg laws. The decision by the European Commission came after a three-year long investigation, part of its crackdown against illegal sweetheart deals between EU ...

19 Sep 1:04 PM 0 Read More...

Luxembourg welcomes EU ruling on McDonald's taxes

BRUSSELS (Reuters) - Luxembourg welcomed on Wednesday the European Commission’s ruling that its tax deal with McDonald’s (MCD.N) was not illegal after a three-year long investigation. The Commission said the mismatch between U.S. and Luxembourg tax laws resulted in the U.S. fast food chain not paying any taxes on some profits. “This decision strengthens Luxembourg’s position that while the application of the ...

19 Sep 1:04 PM 0 Read More...

AutoNation's Mike Jackson to step down as CEO next year

(Reuters) - AutoNation Inc’s (AN.N) longtime Chief Executive Officer Mike Jackson will step down from the role next year but remain executive chairman until 2021, the largest U.S. auto retail chain said on Wednesday. AutoNation’s stock has more than tripled since Jackson became CEO in 1999 after the company’s founder H. Wayne Huizenga hired him from Mercedes-Benz USA, where Jackson was president. The Fort Laude...

19 Sep 1:04 PM 0 Read More...

World stocks bat aside trade war fears, rally for second day

LONDON (Reuters) - Global equities rallied for a second straight day on Wednesday while safe-haven assets such as U.S. bonds and the Japanese yen slipped to multi-week lows as investors bet the escalating U.S.-China trade spat would inflict less damage than feared. The deepening tariff row between the United States and China threatens to disrupt supply chains and undermine the world economy, with Beijing adding $60 b...

19 Sep 1:04 PM 0 Read More...

China’s Alibaba doubles down on chips amid cloud computing push

HANGZHOU, China (Reuters) – Alibaba Group Holding Ltd (BABA.N) will set up a dedicated chip subsidiary and aims to launch its first self-developed AI inference chip in the second half of 2019 that could be used for autonomous driving, smart cities and logistics. The Chinese firm said at an event in Hangzhou on Wednesday that the new subsidiary would make customised AI chips and embedded processors to support...

19 Sep 9:47 AM 0 Read More...

U.S. senators seek punishment if China’s ZTE violates deal

WASHINGTON (Reuters) – Republican and Democratic U.S. senators introduced a bill on Tuesday that would reimpose sanctions on China’s ZTE Corp (0763.HK) (000063.SZ) if it does not fully comply with U.S. laws and an agreement with the Trump administration that ended stiff restrictions on the telecommunications equipment company. President Donald Trump angered many members of Congress, including some of his f...

18 Sep 11:39 PM 0 Read More...

Wall Street bounces back as investors shrug off trade tensions

NEW YORK (Reuters) - Wall Street rebounded on Tuesday in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China. All three major U.S. indexes closed higher following Monday’s sell-off. Late Monday, U.S. President Donald Trump announced that 10 percent tariffs on $200 billion in imports from China would go into effect next week, escalating the tit-for-tat trade...

18 Sep 9:51 PM 0 Read More...