Business News

Daimler first-quarter hurt by production delays at Mercedes, China slowdown

FRANKFURT (Reuters) - Daimler’s first-quarter operating profit fell 16 percent on Friday as a 718 million euro ($800 million) one-off gain failed to offset costs from a production delay for its Mercedes-Benz GLE and higher raw material costs. “We cannot and will not be satisfied with this, as expected, moderate start to the year. We now have to work hard to achieve our targets for 2019,” Chief Executive Dieter ...

26 Apr 7:35 AM 0 Read More...

Renault to propose joint holding company with Nissan: Nikkei

TOKYO (Reuters) - Renault SA will propose to Nissan Motor Co a plan to create a joint holding company in which both firms would nominate a nearly equal number of directors, as the French automaker seeks further integration with its Japanese partner, the Nikkei newspaper reported on Friday. Under the proposal, the holding company would be headquartered in a third country, the newspaper said, without citing sources. Re...

26 Apr 7:35 AM 0 Read More...

Asia shares set for weekly loss, dollar perky on GDP hopes

SYDNEY (Reuters) - Asian shares were headed for their biggest weekly loss in more than a month on Friday, while the dollar held around two-year highs on speculation that U.S. data later in the day will show its economy is outperforming the rest of the developed world. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent for its third straight day of losses, with most stock markets around t...

26 Apr 7:35 AM 0 Read More...

Battle for Hong Kong Airlines pulls complex HNA holdings into daylight

HONG KONG (Reuters) - Shareholders summoned by Hong Kong Airlines this month for a meeting were greeted with some shocking news: the airline needed at least HK$2 billion in fresh funds or it would lose its operating license. The carrier had lost HK$3 billion ($382.54 million) in 2018, they were told, and an infusion was crucial, according to people present. Dialed in, but silent for the hour-long meeting on April 1,...

26 Apr 7:35 AM 0 Read More...

China's Xi says Belt and Road must be green, sustainable

BEIJING (Reuters) - China’s Belt and Road initiative must be green and sustainable, President Xi Jinping said at the opening of a summit on his grand plan on Friday, adding that the massive infrastructure and trade plan should result in “high-quality” growth for everyone. Xi’s plan to rebuild the old Silk Road to connect China with Asia, Europe and beyond has become mired in controversy as some partner natio...

26 Apr 7:35 AM 0 Read More...

Ford more confident of stronger 2019 despite ‘volatile environment’

DETROIT (Reuters) – Ford Motor Co on Thursday posted a better-than-expected first-quarter largely due to strong pickup truck sales in its core U.S. market and said it was more confident in its forecast 2019 would bring better results than last year. The first-quarter results sent Ford’s shares up as much as 8 percent in after-market trading. Ford is restructuring its business, which will include cutting c...

25 Apr 10:04 PM 0 Read More...

Ford more confident of stronger 2019 despite 'volatile environment'

DETROIT (Reuters) - Ford Motor Co on Thursday posted a better-than-expected first-quarter largely due to strong pickup truck sales in its core U.S. market and said it was more confident in its forecast 2019 would bring better results than last year. The first-quarter results sent Ford’s shares up as much as 8 percent in after-market trading. Ford is restructuring its business, which will include cutting costs by $1...

25 Apr 9:24 PM 0 Read More...

Intel cuts full-year revenue forecast, misses on data-center sales

(Reuters) - Chipmaker Intel Corp cut its full-year revenue forecast on Thursday and missed analysts’ estimates for first-quarter sales for its higher-margin data center business, sending its shares down 7 percent after hours. The lowered full-year revenue forecast adds to concerns that an industry-wide slowdown could persist until the end of 2019 and follows a similar warning earlier this week from chipmaker Texas ...

25 Apr 9:24 PM 0 Read More...

Drugmakers Astellas, Amgen to pay $125 million in U.S. charity kickback probe

BOSTON (Reuters) - Two drugmakers will pay nearly $125 million to resolve claims they used charities that help cover Medicare patients’ out-of-pocket drug costs as a way to pay kickbacks aimed at encouraging the use of their high-priced medications, the U.S. Justice Department said on Thursday. The department said Japan-based Astellas Pharma and Amgen Inc, the world’s largest biotechnology company, were the lates...

25 Apr 9:24 PM 0 Read More...

Canada watchdog to seek court order to force Facebook to follow privacy laws

OTTAWA (Reuters) - Facebook Inc broke Canadian privacy laws when it collected the information of some 600,000 citizens, a top watchdog said on Thursday, pledging to seek a court order to force the social media giant to change its practices. Privacy Commissioner Daniel Therrien made his comments while releasing the results of an investigation, opened a year ago, into a data sharing scandal involving Facebook and the n...

25 Apr 4:19 PM 0 Read More...