Business News

Healthcare stocks jump after Republicans unveil plan; banks, staples slip

The S&P healthcare index .SPXHC rose 1 percent on Thursday, hitting its fifth consecutive record close following the release of Senate Republicans' bill to replace Obamacare, while financial and consumer staple shares ended lower.The legislation aims at curbing Medicaid funding and reshaping subsidies to low-income people for private insurance. The index has risen 3.9 percent in five days. The Nasdaq biotechn...

22 Jun 9:13 PM 0 Read More...

Biggest U.S. banks clear first hurdle in Fed's annual stress tests

WASHINGTON/NEW YORK The 34 largest U.S. banks have all cleared the first stage of an annual stress test, showing they would be able to maintain enough capital in an extreme recession to meet regulatory requirements, the Federal Reserve said on Thursday.Although the banks, including household names like JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N), would suffer $383 billion in loan losses in th...

22 Jun 9:13 PM 0 Read More...

U.S. regulators, lawmakers support Volcker rule revamp at hearing

WASHINGTON U.S. financial regulators and lawmakers who appeared at a congressional hearing on Thursday generally agreed that the Volcker rule, which restricts banks' ability to make bets with their own money, needs to be reconsidered.The rule should focus only on banks that do a lot of trading, said Federal Reserve Governor Jerome Powell, who leads banking regulation for the central bank."We believe we have the a...

22 Jun 9:13 PM 0 Read More...

Exclusive: Amazon to charge $2.8 million for NFL ad packages – sources

NEW YORK Amazon.com Inc is looking to charge advertisers $2.8 million for packages that include 30-second spots during the Thursday night National Football League games it will stream live to its Prime customers this coming season, two people familiar with the matter told Reuters. The offering will be closely watched by the advertising and broadcasting industries as the world’s largest online retailer and cloud-...

22 Jun 9:13 PM 0 Read More...

Gains in healthcare stocks lift Wall Street

Wall Street was higher in late morning trading on Thursday as health stocks got a boost after Republicans unveiled a bill to repeal Obamacare and the energy sector took a breather with oil prices edging up from multi-month lows.The S&P healthcare index .SPXHC rose 1.08 percent to hit a record high as investors cheered the bill, which is aimed at curbing Medicaid funding and reshaping subsidies to low-income p...

22 Jun 4:09 PM 0 Read More...

U.S. jobless claims rise, labor market still tight

WASHINGTON The number of Americans filing for unemployment benefits increased slightly last week, but remains at levels consistent with a tight labor market.Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week ended June 17, the Labor Department said on Thursday.Economists polled by Reuters had forecast first-time applications for jobless claims rising to 240...

22 Jun 4:09 PM 0 Read More...

European stock markets stumble as oil languishes near lows

LONDON European stock markets fell for a third straight day on Thursday, as battered oil prices hovered near seven-month lows hit overnight on worries about a supply glut and falling demand.Britain's FTSE 100 .FTSE, Germany's DAX .GDAXI and France's CAC 40 .FCHI all slipped 0.3-0.4 percent as trading in Europe got under way. U.S. stock futures were also a touch weaker ESc1 1YMc1.Sharp falls in oil prices this wee...

22 Jun 11:04 AM 0 Read More...

Tesla reaches agreement with Shanghai to explore production: Bloomberg

U.S. electric-car maker Tesla Inc has reached a preliminary agreement with Shanghai to explore production in the Chinese city, Bloomberg reported on Thursday, citing people familiar with the matter. (bloom.bg/2twAd6z) Tesla's revenue from China more than tripled to over $1 billion last year, according to its annual report. The company did not immedi...

22 Jun 11:04 AM 0 Read More...

Takata to file for bankruptcy Monday, SMFG to provide bridge loan: sources

TOKYO Takata Corp (7312.T) will seek bankruptcy protection from creditors on Monday, two sources said, as the Japanese company faces billions of dollars in liabilities stemming from the biggest recall in automotive history.The firm, whose defective air-bag inflators have been blamed for at least 16 deaths and more than 150 injuries worldwide, will file for protection in Tokyo District Court under the Civil Rehabi...

22 Jun 11:04 AM 0 Read More...

Airbus concedes defeat to Boeing in Paris order race

PARIS Airbus (AIR.PA) conceded defeat to rival Boeing (BA.N) in the race for new business at the Paris Airshow on Thursday, as a late haul of almost 100 aircraft failed to close a gap opened up by the launch of the American firm's new 737 model.The European planemaker said it won 326 net new orders and commitments against its estimate of a comparable Boeing tally of 443, excluding conversions from other models to...

22 Jun 11:04 AM 0 Read More...