Business News

Technology stocks boost Wall Street to record highs

(Reuters) - A surge in technology stocks sent the major Wall Street indexes to record highs on Friday, but a drop in health insurers kept the rally in check, while banks were little changed after mixed reports from Bank of America and Wells Fargo. Bank of America (BAC.N), the second-biggest U.S. bank by assets, rose 1.10 percent after the lender’s profit topped estimates due to higher interest rates and a drop in c...

13 Oct 4:30 PM 0 Read More...

Wells Fargo revises expense target, signaling profit difficulties ahead

(Reuters) - Wells Fargo & Co (WFC.N) management signaled on Friday that the bank may struggle to hit expense targets through next year, raising questions about how much a sales scandal is weighing on the bottom line. Wells, the third-largest U.S. bank by assets, said its third-quarter profit fell 19 percent, mostly because of a $1 billion provision for a mortgage settlement over accusations dating to before 2008....

13 Oct 4:30 PM 0 Read More...

Goldman exploring options for stake in Weinstein Co

(Reuters) - Goldman Sachs Group Inc said on Friday it was exploring options for the stake it holds in the Weinstein Co following allegations of sexual harassment against co-Chairman Harvey Weinstein. “There is no place for the inexcusable behavior that had been reported, and we strongly condemn it,” Andrew Williams, a spokesman for Goldman, said in an email. He said Goldman held a stake worth less than $1 million...

13 Oct 4:30 PM 0 Read More...

BofA profit rises on higher rates, lower costs

(Reuters) - Bank of America Corp (BAC.N), the second-largest U.S. bank by assets, reported a 15 percent rise in quarterly profit as the lender kept a tight leash on costs and benefited from higher interest rates. BofA’s shares rose about 1 percent in premarket trade. The bank's net income attributable to common shareholders rose to $5.12 billion for third quarter ended Sept. 30 from $4.45 billion in the year-ago pe...

13 Oct 11:29 AM 0 Read More...

Dollar heads for worst week in five as stocks cheer record streak

LONDON (Reuters) - World stocks advanced for a fourth straight day on Friday on expectations of broad-based global growth, while the dollar was on course for its worst week in five as investors awaited U.S. inflation data. MSCI’s world equity index, which tracks shares in 47 countries, was up 0.1 percent after hitting record highs on Thursday. Earlier in Asia, MSCI’s broadest index of Asia-Pacific shares outside ...

13 Oct 11:29 AM 0 Read More...

Asia shares at 10-year high ahead of U.S. data, China Congress

TOKYO (Reuters) - Asian stocks edged to a 10-year high on Friday thanks to expectations of brisk global growth, although investors held off chasing shares higher ahead of U.S. economic data and next week’s Chinese Communist Party Congress. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.23 percent, having gained 3.7 percent so far this month. Japan’s Nikkei edged up 1.0 percent to another 21...

13 Oct 6:29 AM 0 Read More...

Richard Branson takes another bet on the future with Hyperloop One

(Reuters) - British billionaire Richard Branson on Thursday placed another bet on the future with an investment in Hyperloop One, which is developing super high-speed transportation systems. Hyperloop One said Branson’s Virgin Group would take the company global and rebrand itself as Virgin Hyperloop One in the near future. Branson has joined the board of Hyperloop One, which will develop pods that will tra...

13 Oct 1:24 AM 0 Read More...

Republicans eye alternatives for getting to 20 percent corporate tax rate

WASHINGTON (Reuters) - Republican lawmakers are considering indirect paths to meeting President Donald Trump’s goal of slashing the corporate tax rate to 20 percent, one of the toughest challenges they face in trying to overhaul the U.S. tax code. Tax writers in the House of Representatives may opt to phase in the 20 percent corporate rate over three to five years by lowering it in stages from the current 35 percen...

13 Oct 1:24 AM 0 Read More...

Disney to cut about 200 jobs at its TV networks: source

(Reuters) - Walt Disney Co (DIS.N) plans to cut about 200 jobs at unit ABC and other cable networks, according to a source familiar with the matter. The largest number of layoffs will be in operational areas, but there would be no job cuts at ESPN, the source told Reuters. The New York Times had reported in September that Disney had cut 250 jobs at its animation unit. (nyti.ms/2cv9Zti) Disney had around 195,000 emplo...

13 Oct 1:24 AM 0 Read More...

GM to scale back production at Detroit sedan plant

DETROIT/WASHINGTON (Reuters) - General Motors Co said on Thursday it plans to scale back production at an assembly plant in Detroit starting later this month as it tries to deal with declining U.S. sedan sales GM said in a statement that effective Oct. 20 its Detroit-Hamtramck plant “will operate under a reduced production schedule.” “This action will help maintain more stable production,” the No. 1 U.S. car...

12 Oct 8:21 PM 0 Read More...