Business News

Exclusive: Venezuela shifts oil ventures' accounts to Russian bank - document, sources

CARACAS (Reuters) - Venezuela’s state-run oil company PDVSA is telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Russia’s Gazprombank AO, according to sources and an internal document seen by Reuters on Saturday. PDVSA’s move comes after the United States imposed tough, new financial sanctions on Jan. 28 aimed at blocking Venezuela’s President Nicolas Madur...

10 Feb 1:14 AM 0 Read More...

Exclusive: Venezuela moves to replace U.S. executives on Citgo board – sources

(Reuters) – Venezuelan state-run oil company PDVSA is taking steps to remove at least two American executives from the board of directors of its U.S. refining subsidiary, Citgo Petroleum Corp, according to people close to the matter. Citgo is facing unprecedented challenges to its finances and management after the U.S. government last week imposed tough sanctions on Petroleos de Venezuela [PDVSA.UL] designed...

09 Feb 11:04 PM 0 Read More...

Exclusive: Venezuela moves to replace U.S. executives on Citgo board - sources

(Reuters) - Venezuelan state-run oil company PDVSA is taking steps to remove at least two American executives from the board of directors of its U.S. refining subsidiary, Citgo Petroleum Corp, according to people close to the matter. Citgo is facing unprecedented challenges to its finances and management after the U.S. government last week imposed tough sanctions on Petroleos de Venezuela [PDVSA.UL] designed to preve...

09 Feb 8:09 PM 0 Read More...

Marriott teams up with Kuwait Projects on St. Regis resort in Morocco

DUBAI (Reuters) - United Real Estate Co., a unit of Kuwait Projects Co, and Marriott International said in a joint statement on Saturday that they had agreed to open a resort near Marrakech. Marriott said in October it had signed deals with partners to increase its hotels in Africa 50 percent by 2023, opening new ones in Ghana, Kenya, Morocco, South Africa and entering the market in Mozambique. The St. Regis Marrakec...

09 Feb 3:04 PM 0 Read More...

Credit Suisse investment bank won't shrink more: chairman

ZURICH (Reuters) - Credit Suisse’s investment banking operation has been scaled back enough, Chairman Urs Rohner was quoted saying in a newspaper interview, underscoring the number two Swiss bank’s commitment to the business. Asked by Schweiz am Wochenende if the investment bank was tying up too much capital, Rohner said: “No, we see 60 billion Swiss francs ($60 billion) in risk-weighted assets as a reasonable ...

09 Feb 3:04 PM 0 Read More...

Exclusive: Tesla’s delivery team gutted in recent job cuts – sources

SAN FRANCISCO (Reuters) – When Tesla Inc announced last month a second round of job cuts to rein in costs, one crucial department was particularly badly hit. The automaker more than halved the division that delivers its electric vehicles to North American customers, two of the laid-off workers said. Some 150 employees out of a team of about 230 were let go in January at the Las Vegas facility that gets tens of t...

09 Feb 2:44 AM 0 Read More...

EA's 'Fortnite' rival wins 10 million gamers in three days

(Reuters) - A game developed by Electronics Arts Inc as a competitor to the wildly popular “Fortnite” has signed up 10 million players within three days of its launch, the videogame maker said, driving its shares up 16 percent on Friday. With “Apex Legends,” EA is hoping to reproduce the success of “Fortnite,” a sort of hybrid of “The Hunger Games” and “Minecraft” that drops 100 people onto an isl...

08 Feb 11:54 PM 0 Read More...

New UK laws will block China's Huawei from sensitive state projects: The Sun

(Reuters) - New laws on foreign investment in the UK will block Chinese firm Huawei from sensitive UK tech projects, The Sun newspaper reported on Friday. Many are concerned that allowing Huawei an inside track on the rollout of the 5G mobile network in the UK would let China spy on private lives and hack UK companies, The Sun said. Foreign Secretary Jeremy Hunt and Defence Secretary Gavin Williamson are among thos...

08 Feb 11:54 PM 0 Read More...

U.S. fund managers brace for consumer slowdown

(Reuters) - With expectations for slowing growth escalating, U.S. fund managers are selectively avoiding stocks in consumer companies as lofty valuations, concerns about declining earnings estimates, and consumer confidence keep them on guard. Low U.S. unemployment and rising wages should point to a healthy consumer, but worries about global growth, domestic U.S. politics and a U.S.-China trade war have been wearing ...

08 Feb 11:54 PM 0 Read More...

Amazon exploring potential alternatives to New York HQ: source

WASHINGTON (Reuters) - Amazon.com Inc is exploring alternatives to locating part of its new headquarters in New York in case the plan should fail due to local opposition, a person briefed on the matter told Reuters on Friday. The online retailer has not yet acquired any land for the project, which would make it easy to scrap its plans, the source said. The Washington Post reported the story earlier on Friday. The per...

08 Feb 11:54 PM 0 Read More...