Business News

Merck CEO resigns from Trump council over Charlottesville

(Reuters) - Merck & Co Inc Chief Executive Kenneth Frazier resigned from U.S. President Donald Trump's American Manufacturing Council on Monday, saying he was taking a stand against intolerance and extremism. Frazier, who is African-American, is the only CEO so far to leave one of Trump's advisory councils because of his reaction to the violence in Virginia. Prominent Democrats and Republicans criticized Trump's ...

14 Aug 4:29 PM 0 Read More...

S&P, Nasdaq rise one percent as North Korea tensions wane

(Reuters) - The S&P 500 and the Nasdaq Composite rose more than 1 percent in late morning trading on Monday as investors returned to riskier assets after tensions in the Korean peninsula eased. The gains were broad-based, with the S&P financial sector .SPSY rising 1.40 percent and the technology index .SPLRCT 1.34 percent, putting the S&P index on track for its biggest single-day percentage gain in nearly...

14 Aug 4:29 PM 0 Read More...

Snap shares wither more as filings show some investors bailing

NEW YORK (Reuters) - Snap Inc (SNAP.N) shares fell 4 percent on Monday after U.S. securities filings showed some funds dissolving their stakes in the social media company and another brokerage lowered its price target on the stock. Shares of the Snapchat parent are likely to face new pressure on Monday, when employees for the first time are allowed to sell their stock following the company's blockbuster initial publi...

14 Aug 4:29 PM 0 Read More...

World shares, dollar rise after week of North Korea-driven losses

LONDON (Reuters) - World stocks rose on Monday, recovering some of their poise after fears of a U.S.-North Korea nuclear standoff drove them to the biggest weekly losses of 2017, while the dollar too rose off four-month lows it had hit against the yen. U.S. shares were expected to open higher, index futures showed ESc1 1YMc1. European shares bounced after falling nearly 3 percent last week, with the pan-European STOX...

14 Aug 11:27 AM 0 Read More...

China a sweet spot for U.S. companies’ earnings in second-quarter

SHANGHAI (Reuters) - Trade tensions between Washington and Beijing may be running high but Corporate America is finding China to be a reliable source of profit growth this year. Whether they sell construction equipment, semiconductors or coffee, many major U.S. companies have reported stronger second-quarter earnings and revenue from their Chinese operations in recent weeks. They are benefiting from a Chinese economy...

14 Aug 11:27 AM 0 Read More...

China's Fosun, Shanghai Pharma say bid for stake in U.S. drugmaker Arbor

HONG KONG (Reuters) - A unit of China's Fosun Group and Shanghai Pharmaceuticals Holding Co (601607.SS) are among bidders for a stake in U.S. speciality drugmaker Arbor Pharmaceuticals LLC, the companies said on Monday. The bids come as Chinese companies face tightening scrutiny on their overseas investments. Chinese regulators are reviewing deal agreements in minute details, and have cracked down on some large domes...

14 Aug 11:26 AM 0 Read More...

Aldi enters grocery delivery in partnership with Instacart

CHICAGO (Reuters) - German grocery chain Aldi Inc [ALDIEI.UL] said on Sunday it has partnered with Instacart Inc to deliver groceries in three U.S. cities, a move that comes amid intense competition and disruption in the industry. Aldi will launch a pilot starting the end of this month in Los Angeles, Atlanta and Dallas with the potential of expanding to more cities in the future. The German retailer does not offer c...

14 Aug 11:26 AM 0 Read More...

Asian shares bounce after losses, dollar capped by weak U.S. inflation

TOKYO (Reuters) - Asian stocks bounced on Monday after three straight losing sessions, tracking a firmer Wall Street, while the dollar was capped by tensions on the Korean peninsula and doubts that the Federal Reserve will hike interest rates again this year. Spreadbetters expected the upward momentum for equities to continue in Europe, forecasting Britain's FTSE .FTSE to open 0.2 percent higher, Germany's DAX .GDAXI...

14 Aug 6:24 AM 0 Read More...

Asian shares bounce after losses, dollar sags on weak U.S. CPI

TOKYO (Reuters) - Asian stocks bounced on Monday after three losing sessions, tracking a firmer Wall Street, while the dollar was weighed down by weak U.S. inflation data which dampened prospects of another Federal Reserve interest rate hike later this year. Investors awaited a batch of Chinese data due later in the session (0200 GMT), including industrial output and retail sales. The readings are expected to show co...

14 Aug 1:20 AM 0 Read More...

China a sweet spot for U.S. companies’ earnings in second quarter

SHANGHAI (Reuters) - Trade tensions between Washington and Beijing may be running high but Corporate America is finding China to be a reliable source of profit growth this year. Whether they sell construction equipment, semiconductors or coffee, many major U.S. companies have reported stronger second-quarter earnings and revenue from their Chinese operations in recent weeks. They are benefiting from a Chinese economy...

14 Aug 1:20 AM 0 Read More...