Business News

Bank results impede Wall Street; oil falls as Russia mulls more production

NEW YORK (Reuters) - World stocks reversed earlier gains on Monday as underwhelming quarterly results from U.S. banks weighed on Wall Street, while oil prices fell as Russia mulled boosting production. The U.S. benchmark S&P 500 stock index dipped after Goldman Sachs Group and Citigroup Inc both reported quarterly revenue below consensus estimates, though the index pared losses in afternoon trading. MSCI’s gaug...

15 Apr 7:04 PM 0 Read More...

UniCredit Group to pay $1.3 billion, German unit to plead guilty in U.S. sanctions resolution

(Reuters) - UniCredit Group, Italy’s biggest bank by assets, has agreed to pay $1.3 billion to U.S. authorities to settle probes of violations of U.S. sanctions on Iran and other countries, U.S. authorities said on Monday. As part of the resolution, German unit UniCredit Bank AG will plead guilty in New York state court for illegally moving hundreds of millions of dollars through banks in Manhattan on behalf of san...

15 Apr 7:04 PM 0 Read More...

Boeing brainstorms to regain trust in MAX, Trump urges rebranding

WASHINGTON/CHICAGO (Reuters) - U.S. President Donald Trump on Monday urged Boeing Co to fix and “rebrand” its 737 MAX jetliner following two fatal crashes, while the planemaker said it was brainstorming with airlines over other ways to win back public trust. Pilots will play a pivotal role in that process, a Boeing spokesman told Reuters. “Pilots’ confidence in the aircraft will lead passengers and crew to ha...

15 Apr 7:04 PM 0 Read More...

Ready when you are, EU tells U.S. on trade talks

BRUSSELS (Reuters) - The European Union is ready to starts talks on a trade agreement with the United States and could conclude a deal before the end of the year, European Trade Commissioner Cecilia Malmstrom said on Monday. Malmstrom spoke after EU countries approved two negotiating mandates proposed by the European Commission. Of the 28 EU countries, only France voted against, while Belgium abstained. The Commissio...

15 Apr 7:04 PM 0 Read More...

Pelosi says Trump's tariffs on EU missed chance to put joint pressure on China

LONDON (Reuters) - The United States has missed an opportunity to gain economic leverage over China when it opted to put tariffs on the European Union rather than join forces with it, the Speaker of the U.S. House of Representatives, Nancy Pelosi, said on Monday. “I thought one of the biggest opportunities was for the U.S. and the EU to join together - the biggest market in the world, the two combined - and use th...

15 Apr 7:04 PM 0 Read More...

U.S. Supreme Court rejects Allergan bid to use tribe to shield drug patents

WASHINGTON (Reuters) - The U.S. Supreme Court on Monday cast aside pharmaceutical company Allergan Plc’s unorthodox bid to shield patents from a federal administrative court’s review by transferring them to a Native American tribe. The justices left in place a lower court ruling upholding the authority of a U.S. Patent and Trademark Office tribunal to decide the validity of patents covering Allergan’s dry eye d...

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

Apple, allies seek billions in U.S. trial testing Qualcomm's business model

(Reuters) - Apple Inc and its allies on Monday will kick off a jury trial against chip supplier Qualcomm Inc in San Diego, alleging that Qualcomm engaged in illegal patent licensing practices and seeking up to $27 billion in damages. Qualcomm, for its part, alleges that Apple forced its longtime business partners to quit paying some royalties and is seeking up to $15 billion. Filed by Apple in early 2017, the lawsui...

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

Wall Street opens flat after Goldman's disappointing results

(Reuters) - U.S. stocks opened flat on Monday as financial stocks fell after disappointing results from Goldman Sachs, offsetting a rebound in healthcare stocks. The Dow Jones Industrial Average fell 4.54 points, or 0.02%, at the open to 26,407.76. The S&P 500 opened higher by 0.91 points, or 0.03%, at 2,908.32. The Nasdaq Composite gained 2.99 points, or 0.04%, to 7,987.16 at the opening bell. Reporting by Srut...

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

Oil rally pauses with focus on supply direction

TOKYO/LONDON (Reuters) - Oil prices halted their rally on Monday with Brent futures falling below $71 per barrel on signals that Russia may exit production cuts. Losses were limited by a tightening of global supplies, as output has fallen in Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers. Brent crude futures were at $71.15 a barrel at 1330 GMT, down 40 cents...

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

VW to take on Tesla X in China from 2021 with electric SUV

SHANGHAI (Reuters) - Volkswagen plans to build a fully electric sports utility vehicle (SUV) for China from 2021, taking on the Chinese market leader Tesla’s Model X as the German carmaker ramps up production of zero emissions vehicles. The planned new SUV is the latest move in Volkswagen’s aggressive growth strategy in China, where electric cars are given preferential treatment by authorities. VW said its ID ROO...

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