Business News

Strong jobs data lifts Wall Street higher

(Reuters) - Wall Street ticked higher on Friday after a stronger-than-expected jobs data for November showed that the world’s largest economy has gained strength, ahead of a near certain interest rate hike next week. The Labor Department’s closely watched employment report showed job growth increased at a strong clip in November and wages rebounded. Nonfarm payrolls rose by 228,000 jobs last month amid broad gai...

08 Dec 4:39 PM 0 Read More...

After dramatic gains, bitcoin tumbles 20 percent in 10 hours

LONDON/TOKYO (Reuters) - Bitcoin lost almost a fifth of its value in 10 hours on Friday, having surged more than 40 percent in the preceding 48 hours, sparking fears the market may be heading for a price collapse. In a hectic day on Thursday, bitcoin leapt from below $16,000 to $19,500 in less than an hour on the U.S.-based GDAX, one of the biggest exchanges globally, while it was still changing hands at about $15,90...

08 Dec 4:39 PM 0 Read More...

CVS expects Justice Department to handle review of Aetna deal

WASHINGTON (Reuters) - CVS Health Corp expects the U.S. Justice Department to do the antitrust review of its planned acquisition of health insurer Aetna Inc, a spokesman for the drugstore chain operator said. CVS Health Corp and Aetna announced the $69 billion deal on Dec. 3, arguing it would enable the companies to tackle soaring healthcare spending by offering lower-cost medical services in pharmacies. The Justice...

08 Dec 4:39 PM 0 Read More...

Trump says fines against Wells Fargo won't be dropped: Twitter

WASHINGTON (Reuters) - U.S. President Donald Trump said on Friday that government fines and penalties against Wells Fargo & Co will not be dropped and could be “substantially increased.” “Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I wil...

08 Dec 4:39 PM 0 Read More...

Exclusive: Bangladesh Bank, NY Fed discuss suing Manila bank for heist damages

DHAKA (Reuters) - Bangladesh’s central bank has asked the Federal Reserve Bank of New York to join a lawsuit it plans to file against a Philippines bank for its role in one of the world’s biggest cyber-heists, several sources said. The Fed is yet to respond formally, but there is no indication it would join the suit. Unidentified hackers stole $81 million from Bangladesh Bank’s account at the New York Fed in Fe...

08 Dec 4:39 PM 0 Read More...

Bitcoin plummets more than 12 percent to below $15,000

TOKYO (Reuters) - Bitcoin tumbled more than 12 percent in volatile Asian trading on Friday, dropping below the $15,000 level after touching a record high above $16,000 earlier in the session. Bitcoin was down 12.6 percent on the Bitstamp exchange at $14,500.76 as of 0530 GMT, after rising to a record $16,666.66 BTC=BTSP. It was still up more than 30 percent for the week, as investors debated about whether the crypto...

08 Dec 6:30 AM 0 Read More...

Asia cheers China trade boost, bitcoin shoots for the stars

SYDNEY (Reuters) - Asian shares rallied for a second session on Friday as economic news from China and Japan beat all expectations and investors marveled at the meteoric ascent of bitcoin, the market’s new crypto-star. Beijing reported exports surged 12.3 percent in November from a year earlier, more than double the forecast, while imports climbed almost 18 percent. Iron ore and copper imports enjoyed a stellar re...

08 Dec 6:30 AM 0 Read More...

Bitcoin blows past $16,000, alarm bells ring louder

LONDON/NEW YORK (Reuters) - Bitcoin rocketed to a lifetime high well above $16,000 on Thursday after climbing some 67 percent over one week, intensifying the debate about whether the cryptocurrency is in a bubble about to burst. The largest U.S. cryptocurrency exchange struggled to keep up with record traffic as the price surged, with an upcoming launch of the first bitcoin futures contract further fueling investor i...

08 Dec 1:25 AM 0 Read More...

Japanese shares rally, bitcoin shoots for the moon

SYDNEY (Reuters) - Asian shares rallied for a second session on Friday as investors awaited major economic data from China and the United States while marveling at the meteoric ascent of the market’s new crypto-star, bitcoin. Japan's Nikkei .N225 led the way again with an early gain of 0.9 percent, adding to Thursday's 1.45 percent bounce. Australian stocks put on 0.4 percent while MSCI’s broadest index of Asia-...

08 Dec 1:25 AM 0 Read More...

General Electric to cut 12,000 jobs in power business revamp

ZURICH (Reuters) - General Electric Co (GE.N) said Thursday it is axing 12,000 jobs at its global power business, the struggling industrial conglomerate’s latest effort to shrink itself into a more focused company. The U.S. company, whose stock has plunged 44 percent this year, launched the cuts to save $1 billion in 2018, saying it expected dwindling demand for fossil fuel power plants to continue. GE did not give...

07 Dec 3:24 PM 0 Read More...