Business News

Trump-Deutsche Bank links in sights of U.S. House investigators

WASHINGTON (Reuters) - Democrats now in control of the U.S. House of Representatives are working out which House panels will take the lead in investigating President Donald Trump’s business ties to Deutsche Bank, lawmakers and aides familiar with the plans told Reuters. As the new Democratic House of Representatives majority launches a range of investigations into the Republican president and his businesses, the In...

18 Jan 11:50 AM 0 Read More...

Foxconn cuts 50,000 contract jobs in China: Nikkei

(Reuters) - Apple Inc’s (AAPL.O) biggest iPhone assembler Foxconn Technology Group (2317.TW) has let go around 50,000 contract workers in China since October, months earlier than normal, Nikkei reported on Friday. The scale of the cuts is not necessarily deeper than previous years, it is simply significantly earlier, the report said, citing an industry source familiar with the situation. “It’s quite different ...

18 Jan 11:50 AM 0 Read More...

Ghosn received $9 million improperly from Nissan-Mitsubishi JV: companies

TOKYO (Reuters) - Arrested auto executive Carlos Ghosn improperly received 7.8 million euros ($9 million) in compensation from a joint venture (JV) between Nissan Motor Co (7201.T) and Mitsubishi Motors Corp (7211.T), the companies said on Friday. A joint investigation found that Ghosn, ousted as chairman from both automakers, was compensated by the Netherlands-based JV without any discussion with two other board mem...

18 Jan 6:49 AM 0 Read More...

Shutdown clouds outlook for consumer-driven U.S. economic growth

NEW YORK (Reuters) - After tax cuts, rising incomes and buoyant stock markets set off a consumer boom in 2018, signs are emerging that the main engine of U.S. economic growth could sputter, and a record-long government shutdown further muddies the waters. Federal Reserve officials and many economists have long counted on continued robust consumer spending to keep the economy chugging along, despite headwinds from ...

18 Jan 6:49 AM 0 Read More...

Asia stocks rise broadly on U.S.-China trade relief

TOKYO (Reuters) - Asian stocks rose across the board on Friday as a report of progress in U.S.-China trade talks stirred hopes of a deal in their tariff dispute and supported risk sentiment. Spreadbetters expected European stocks to take their cue from Asia, with Britain's FTSE .FTSE seen rising 0.45 percent, while Germany's DAX .GDAXI and France's CAC .FCHI were tipped to each gain 0.5 percent. The Wall Street Journ...

18 Jan 6:49 AM 0 Read More...

India's Sun Pharma tumbles on report of fresh allegations by whistleblower

(Reuters) - Shares of India’s Sun Pharmaceutical Industries Ltd (SUN.NS) slumped over 13 percent on Friday to near six-year low, after a media report of a complaint by a whistleblower raised fresh concerns on the drugmaker’s corporate governance. The complaint, sent to the capital market regulator Securities and Exchange Board of India (SEBI), is the second in over a month, according to the report by Moneylife ma...

18 Jan 6:49 AM 0 Read More...

U.S. grand jury indicts four Audi managers in VW emissions probe

WASHINGTON (Reuters) - A federal grand jury in Detroit on Thursday indicted four managers at Volkswagen AG’s (VOWG_p.DE) luxury Audi unit as part of the U.S. government’s investigation into the German automaker’s diesel emissions cheating scandal, according to court documents. VW admitted in September 2015 to secretly installing software in nearly 500,000 U.S. vehicles to cheat government exhaust emissions test...

18 Jan 6:49 AM 0 Read More...

Slack’s product chief to step down

(Reuters) – Slack Technologies Inc’s chief product officer, April Underwood, is leaving the messaging startup, at a time when the company is exploring a public listing later this year. Underwood is leaving to spend more time working at #Angels, an investing group she co-founded three months before joining Slack in 2015, according to her blog post medium.com/@aunder/new-year-new-old-hashtag-angels-a4f2b73f6...

17 Jan 11:34 PM 0 Read More...

Netflix’s fourth-quarter revenue misses estimates; shares slip

(Reuters) – Netflix Inc (NFLX.O) posted lower-than-expected quarterly quarter revenue on Thursday, despite a slate of original content the streaming pioneer released in the quarter including hit thriller “Bird Box”, sending its shares down 3 percent. The company said it added 8.84 million paid global streaming subscribers in the fourth quarter. It said it expects global paid streaming net subscriber addi...

17 Jan 11:34 PM 0 Read More...

Nissan to lay off 700 contract workers in Mississippi

(Reuters) - Nissan Motor Co Ltd’s (7201.T) U.S. arm said on Thursday it plans to lay off up to 700 contract workers at its Mississippi assembly plant, citing slowing sales of its vans and Titan pickup trucks. The company has about 6,500 direct employees and contract workers in Canton, Mississippi. The news comes as the Japanese automaker grapples with the arrest of former Chairman Carlos Ghosn in November. The lay-...

17 Jan 8:39 PM 0 Read More...