Business News

North Korea factories humming with 'Made in China' clothes, traders say

DANDONG, China (Reuters) - Chinese textile firms are increasingly using North Korean factories to take advantage of cheaper labor across the border, traders and businesses in the border city of Dandong told Reuters. The clothes made in North Korea are labeled "Made in China" and exported across the world, they said. Using North Korea to produce cheap clothes for sale around the globe shows that for every door that is...

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

Exclusive: Arab bloc won’t discriminate against U.S. firms in Qatar rift – sources

DUBAI (Reuters) – Four Arab countries that imposed sanctions on Qatar have told the United States that U.S. companies doing business with them would not be punished for also working with Doha, four sources with knowledge of the matter said. Foreign firms have become increasingly cautious on their cross border dealings over concerns they could fall foul of the region’s biggest diplomatic crisis in years. Saudi...

13 Aug 8:14 PM 0 Read More...

Exclusive: Arab bloc won't discriminate against U.S. firms in Qatar rift - sources

DUBAI (Reuters) - Four Arab countries that imposed sanctions on Qatar have told the United States that U.S. companies doing business with them would not be punished for also working with Doha, four sources with knowledge of the matter said. Foreign firms have become increasingly cautious on their cross border dealings over concerns they could fall foul of the region's biggest diplomatic crisis in years. Saudi Arabia...

13 Aug 3:14 PM 0 Read More...

After a long drought, bear market funds attract buyers

NEW YORK (Reuters) - Bearish stock investors are slowly coming out of hibernation, as money has begun to move into funds that aim to profit when markets dive. U.S. mutual funds that attempt to profit in falling markets attracted $413 million in new investments during the second quarter, the funds' largest inflows since the height of 2013's "Taper Tantrum" selloff, according to Thomson Reuters' Lipper research unit....

12 Aug 3:54 AM 0 Read More...

Uber, beset by scandal, faces battle over 'destructive' lawsuit

SAN FRANCISCO (Reuters) - Ride-services company Uber is facing a divided board of directors and angry shareholders after investor Benchmark Capital filed a lawsuit against the company's ousted chief executive, Travis Kalanick, dealing another blow to the firm as it struggles to recover from a series of scandals and hire a new leader. On Friday morning, three Uber investors asked Benchmark to divest its shares and ste...

12 Aug 3:54 AM 0 Read More...

Wall Street rises on Fed bets but North Korea mutes gains

(Reuters) - The three major U.S. stocks indexes ended higher on Friday, snapping three days of losses, as investors bet on slower U.S. rate hikes, but gains were muted by increasingly aggressive exchanges between the United States and North Korea. Weaker-than-expected July consumer price data led investors to bet that benign inflation would keep the U.S. Federal Reserve from raising rates again this year. While this...

11 Aug 10:51 PM 0 Read More...

Audits show lax oversight by Wisconsin agency counting Foxconn jobs

CHICAGO (Reuters) - The Wisconsin agency tasked with holding Foxconn accountable for delivering up to 13,000 jobs in exchange for $1.5 billion in state payroll tax credits has a history of failing to verify job-creation claims and rewarding companies that fall short of quotas, according to state audits. The deal to secure Foxconn's proposed LCD screen plant announced late last month is one of the largest economic de...

11 Aug 10:51 PM 0 Read More...

Uber investors seek to oust Benchmark after 'destructive' lawsuit -report

SAN FRANCISCO (Reuters) - A lawsuit filed by investor Benchmark Capital against ousted Uber Chief Executive Travis Kalanick has raised the ire of three investors who on Friday asked the venture firm to divest its shares and step down from the ride-services company's board, according to an email published by news website Axios. Investors Shervin Pishevar of Sherpa Capital, Ron Burkle of Yucaipa Companies and Adam Lebe...

11 Aug 10:51 PM 0 Read More...

GM blasts $1 billion deal between ignition switch plaintiffs, creditor trust

(Reuters) - Plaintiffs suing General Motors Co (GM.N) over faulty ignition switches and other alleged vehicle defects have reached a $1 billion settlement requiring the automaker to turn over that amount of stock, a lawyer for the plaintiffs said in a court hearing on Friday. GM lawyer Richard Godfrey strongly criticized the agreement, telling U.S. District Judge Jesse Furman in Manhattan the Detroit-based company wa...

11 Aug 10:51 PM 0 Read More...

Third Point takes 1.6 million share stake in BlackRock, 4.5 million in Alibaba

NEW YORK (Reuters) - Dan Loeb's Third Point took a 1.6 million-share stake in BlackRock Inc (BLK.N) and reinitiated a stake in Alibaba Group Holding (BABA.N) of 4.5 million shares during the second quarter ended June 30, according to regulatory filings late on Friday. In its letter last month to investors, Third Point called BlackRock an "asset-gathering machine," with organic net inflows of over 70 percent annualiz...

11 Aug 10:51 PM 0 Read More...