Business News

U.S. housing starts approach two-year low; permits weak

WASHINGTON (Reuters) - U.S. homebuilding dropped to a near two-year low in March, pulled down by persistent weakness in the single-family housing segment, suggesting the housing market continued to struggle despite declining mortgage rates. Some of the weakness in homebuilding reported by the Commerce Department on Friday likely reflected disruptions caused by massive flooding in the Midwest, with housing starts in t...

19 Apr 1:59 PM 0 Read More...

China will keep supporting economy as 'pressure' lingers: politburo

BEIJING (Reuters) - China will maintain policy support for the economy, which still faces “downward pressure” and difficulties after better-than-expected first quarter growth, a top decision-making body of the Communist Party said on Friday. The statement from the politburo came two days after China reported had steady 6.4 percent annual growth in January-March, defying expectations for a further slowdown, as ind...

19 Apr 1:59 PM 0 Read More...

Nissan slams output cut report as 'completely incorrect'

(Reuters) - Nissan Motor Co Ltd said on Friday a report by the Nikkei that it would slash production this year was “completely incorrect” and that it had lodged a complaint with the business daily, in an unusually strong denial of a media report in Japan. The comment came after the Nikkei, revered in Japan for its business news and known for its market-moving scoops and previews, said Nissan would cut its global ...

19 Apr 1:59 PM 0 Read More...

Carlos Ghosn to be indicted on additional charge: NHK

TOKYO (Reuters) - Tokyo prosecutors are likely to indict former Nissan Motor Co Ltd boss Carlos Ghosn on an additional charge of aggravated breach of trust as early as Monday, when his current detention period expires, public broadcaster NHK reported on Friday. Ghosn was arrested for the fourth time this month on suspicion he had tried to enrich himself at Nissan’s expense, to the tune of $5 million. He is also awa...

19 Apr 8:54 AM 0 Read More...

HNA denies embezzlement claims as it fights for control of Hong Kong Airlines

HONG KONG (Reuters) - Embattled Chinese conglomerate HNA Group has denied accusations of embezzlement and financial irregularity made by a rival group of shareholders in Hong Kong Airlines (HKA) as the two sides fight for control of the struggling carrier. The allegations were made by Zhong Guosong and Frontier Investment Partner who between them control 61 percent of HKA’s shares. On Tuesday, they declared they ha...

19 Apr 3:54 AM 0 Read More...

Nissan to cut global production by 15 percent: Nikkei

(Reuters) - Nissan Motor Co Ltd will cut global production by about 15 percent for the current fiscal year ending March 2020, as it shifts away from the aggressive expansion campaign promoted by former Chairman Carlos Ghosn, the Nikkei newspaper reported on Friday. That would be the steepest production cut in more than a decade by the Japanese automaker, as it battles weak sales in overseas markets including the Unit...

19 Apr 3:54 AM 0 Read More...

Exclusive: New York Fed cracks down on Puerto Rico banks following Venezuela sanctions

CARACAS (Reuters) - U.S. sanctions on Venezuela have led the New York Federal Reserve to crack down on Puerto Rico’s $50 billion offshore banking industry, according to four sources and a document seen by Reuters. The development will prevent the island’s offshore banks, several of which are owned by citizens of crisis-stricken Venezuela, from opening accounts with the Fed that give them direct access to the U.S...

19 Apr 3:54 AM 0 Read More...

National Enquirer to be sold to owner of magazine distributor

(Reuters) - American Media Inc (AMI) said on Thursday it was selling its National Enquirer tabloid to James Cohen, whose family owns a magazine distributor and used to own the Hudson chain of airport newsstands. The National Enquirer had admitted to paying hush money to help U.S. President Donald Trump get elected and been accused of attempting to blackmail Amazon founder Jeff Bezos. The weekly tabloid, along with tw...

19 Apr 3:54 AM 0 Read More...

Hudson Media chief James Cohen to buy National Enquirer

(Reuters) - American Media Inc (AMI) said on Thursday it is selling its tabloid the National Enquirer to James Cohen, chief executive officer of Hudson Media. The National Enquirer had admitted to paying hush money to help U.S. President Donald Trump get elected and been accused of attempting to blackmail Amazon founder Jeff Bezos. The weekly tabloid, along with two of its sister publications, will be purchased by th...

18 Apr 10:49 PM 0 Read More...

Sears sues Lampert, claiming he looted assets and drove it into bankruptcy

NEW YORK (Reuters) - Sears Holdings Corp sued longtime former Chairman Eddie Lampert, his hedge fund ESL Investments and others like Treasury Secretary Steven Mnuchin, claiming they illegally siphoned billions of dollars of assets from the retailer before it went bankrupt. The lawsuit, made public on Thursday, was filed by the restructuring team winding down Sears’ bankruptcy estate and suing on behalf of creditors...

18 Apr 10:49 PM 0 Read More...