Business News

Exclusive: Ford set for China tie-up with Alibaba to test online, direct auto sales – source

BEIJING (Reuters) – Ford Motor Co is expected to sign as early as Thursday a deal with Alibaba Group Holding Ltd which may allow the U.S. automaker to test selling cars to consumers in China through Alibaba’s online retail arm Tmall, as well as via a new “auto vending machine” store concept, according to a Ford source familiar with the matter. Representatives of Ford and Alibaba, including Ford Executive C...

06 Dec 2:10 PM 0 Read More...

U.S. urges judge to reject AT&T/Time Warner court date proposal

WASHINGTON (Reuters) - The U.S. government on Tuesday urged a federal judge to reject the February court date sought by AT&T (T.N) and Time Warner (TWX.N) in a dispute over the firms’ proposed merger, arguing the companies are rushing to meet an April 22 closing deadline for their $85.4 billion deal. The U.S. Justice Department last month sued to block AT&T’s planned acquisition of Time Warner, saying the...

06 Dec 9:09 AM 0 Read More...

Exclusive: Baupost expected to make quick profit in Westinghouse bankruptcy- sources

(Reuters) - Hedge funds led by the Baupost Group LLC are poised to score a $170 million profit in less than three months from a bet tied to Toshiba Corp’s (6502.T) bankrupt nuclear unit Westinghouse Electric Corp, according to three people familiar with the matter. Baupost and GSO Capital Partners LP, the credit arm of private equity firm Blackstone Group LP (BX.N), in September bought at a discount claims South Ca...

06 Dec 9:09 AM 0 Read More...

Winter holiday travel forecast to give U.S. airlines needed boost

(Reuters) - The holiday travel period will be busier than last year for U.S. airlines, according to an industry trade group on Wednesday, as affordable fares and an improving economy make air travel more accessible. Airlines for America (A4A) forecasts that 51 million passengers will fly on U.S. airlines globally during the 21-day period from Dec. 15 to Jan. 4, up nearly 3.5 percent from the year prior. Airlines wi...

06 Dec 9:09 AM 0 Read More...

Canada scraps plan to buy Boeing fighters amid trade dispute: sources

OTTAWA (Reuters) - Canada is scrapping a plan to buy 18 Boeing Co (BA.N) Super Hornet fighter jets amid a deepening dispute with the U.S. aerospace company, three sources familiar with the matter said on Tuesday. Instead, the Liberal government will announce next week it intends to acquire a used fleet of older Australia F-18 jets, the same kind of plane Canada currently operates, said the sources, who asked not to b...

06 Dec 9:09 AM 0 Read More...

Asia stocks stumble on Wall Street losses, dollar sags

TOKYO (Reuters) - Asian stocks slipped on Wednesday, dragged by losses on Wall Street as the technology sector stuttered yet again after a brief rebound, while the dollar sagged on lower long-term U.S. yields. Weaker copper also checked risk sentiment. Japan's Nikkei .N225 fell 0.9 percent with non-ferrous metals producers .INFRO.T suffering large losses after copper's slide overnight to a two-month low. [.T] MSCI’...

06 Dec 4:00 AM 0 Read More...

Tech rally burns out, leaves Wall Street lower

(Reuters) - Wall Street fell on Tuesday as a technology rebound lost steam and Walt Disney Co (DIS.N) shares dipped, while investors assessed how a Republican U.S. tax overhaul would impact corporate earnings. The S&P 500 fell for a third straight session, a streak not seen since early August, trimming the index’s rally this year to 17 percent. Buoyed by a 2.53 percent increase in Electronic Arts Inc (EA.O), ...

05 Dec 10:56 PM 0 Read More...

CVS likely wants FTC antitrust review, not Justice Department, of Aetna deal

WASHINGTON (Reuters) - It is uncertain who in the U.S. government will carry out an antitrust review of CVS Health Corp’s (CVS.N) deal to buy health insurer Aetna Inc (AET.N), but the drugstore company is likely hoping the potentially more lenient Federal Trade Commission gets the nod, antitrust experts say. The Justice Department’s Antitrust Division and Federal Trade Commission share the job of reviewing merge...

05 Dec 5:50 PM 0 Read More...

Tech stocks rebound as investors assess tax bill details

(Reuters) - Wall Street rose and technology stocks recovered from a two-day selloff on Tuesday, with investors assessing a change to the Senate’s version of the tax overhaul bill that could affect the ability of companies to cut their tax bills. The Republicans made last-minute changes to their tax bill, which included retaining the corporate alternative minimum tax (AMT) after initially proposing its repeal. Th...

05 Dec 5:50 PM 0 Read More...

Nestle to buy vitamin maker Atrium Innovations for $2.3 billion

LONDON (Reuters) - Nestle is paying $2.3 billion to buy Canadian vitamin maker Atrium Innovations, it said on Tuesday, expanding its presence in the consumer healthcare market as it seeks to offset weakness in its traditional packaged foods. The world’s largest packaged food company is buying Atrium, which is expected to have 2017 sales of $700 million, from a group of investors led by Permira Funds. Atrium’s l...

05 Dec 5:50 PM 0 Read More...