Business News

Cyclical sector rally banks on global economic expansion

NEW YORK (Reuters) - U.S. stock sectors that are particularly dependent on economic growth recently grabbed hold of the market’s rally and are poised to keep the reins should further signs of global expansion emerge. Such sectors, including energy, industrials and financials, beat the S&P 500’s 1.9 percent gain in September. Those sectors had previously lagged behind the benchmark S&P .SPX, which has clim...

15 Oct 6:59 PM 0 Read More...

Fed’s Yellen says watching inflation closely but economy is strong

WASHINGTON (Reuters) – The U.S economy remains strong and the strength of the labor market calls for continued gradual increases in interest rates despite subdued inflation, Federal Reserve Chair Janet Yellen said on Sunday. “We will be paying close attention to the inflation data in the months ahead,” Yellen said in prepared remarks at an international banking seminar in Washington. “My best guess is that...

15 Oct 6:59 PM 0 Read More...

Fed's Yellen says watching inflation closely but economy is strong

WASHINGTON (Reuters) - The U.S economy remains strong and the strength of the labor market calls for continued gradual increases in interest rates despite subdued inflation, Federal Reserve Chair Janet Yellen said on Sunday. “We will be paying close attention to the inflation data in the months ahead,” Yellen said in prepared remarks at an international banking seminar in Washington. “My best guess is that the...

15 Oct 1:55 PM 0 Read More...

General Motors reaches tentative deal with striking Canada workers

TORONTO (Reuters) - General Motors Co (GM.N) said on Friday it reached a tentative labor agreement with striking workers at its CAMI plant in Canada, ending an almost month-old dispute. Some 2,500 workers at the CAMI plant in Ingersoll, in southern Ontario, walked off the job on Sept. 18 after the U.S. automaker rejected a union call to designate the factory as lead production site for the Chevrolet Equinox model in ...

14 Oct 2:39 AM 0 Read More...

Tesla fired hundreds of employees in past week

(Reuters) - Luxury electric vehicle maker Tesla Inc (TSLA.O) fired about 400 employees this week, including associates, team leaders and supervisors, a former employee told Reuters on Friday. The dismissals were a result of a company-wide annual review, Tesla said in an emailed statement, without confirming the number of employees leaving the company. “It’s about 400 people ranging from associates to team leader...

14 Oct 2:39 AM 0 Read More...

Gasoline boosts U.S. consumer prices, underlying inflation tame

WASHINGTON (Reuters) - U.S. consumer prices recorded their biggest increase in eight months in September as gasoline prices soared in the wake of hurricane-related production disruptions at oil refineries in the Gulf Coast, but underlying inflation remained muted. The mixed report from the Labor Department on Friday comes as Federal Reserve officials have been engaged in a vigorous debate on the inflation path and su...

13 Oct 9:35 PM 0 Read More...

Wall St. ends up after economic data; S&P up for a fifth week

NEW YORK (Reuters) - U.S. stocks rose on Friday following upbeat economic data and gains in technology shares, pushing the Dow and the S&P 500 to a fifth straight week of gains. Data showed U.S. retail sales jumped in September, and the University of Michigan’s consumer sentiment index hit its highest since January 2004. Another report showed consumer prices recorded their biggest increase in eight months as hu...

13 Oct 9:35 PM 0 Read More...

Weinstein Co said to explore sale or shutdown, but company denies report

(Reuters) - The Weinstein Co, the film production company part-owned by Harvey Weinstein, is exploring a sale or shutdown and is unlikely to continue as an independent entity, The Wall Street Journal reported on Friday, but the company’s co-chairman, Bob Weinstein, denied the report. “Our banks, partners and shareholders are fully supportive of our company and it is untrue that the company or board is explorin...

13 Oct 9:34 PM 0 Read More...

Qualcomm files lawsuits in China to ban iPhones

(Reuters) - Qualcomm Inc (QCOM.O) confirmed an earlier report that the chipmaker had filed lawsuits in China, seeking to halt the manufacture and sale of Apple Inc’s (AAPL.O) iPhones in the country. Qualcomm filed the suits in a Beijing intellectual property court, claiming patent infringement and is seeking injunctive relief, a company spokeswoman confirmed on Friday, but did not provide further details. Bloomberg...

13 Oct 9:34 PM 0 Read More...

Saudi Aramco in talks to shelve international IPO: FT

(Reuters) - Saudi Aramco is considering shelving plans for an international public offering in favor of a private share sale to world sovereign funds and institutional investors, the Financial Times reported, citing people familiar with the matter. Talks for a private sale to foreign governments, including China, and other investors have gathered pace in recent weeks, according to the report. (on.ft.com/2gBheCT) The ...

13 Oct 9:34 PM 0 Read More...