Business News

U.S. homebuilding near two-year low; permits extend decline

WASHINGTON (Reuters) - U.S. homebuilding dropped to a near two-year low in March, pulled down by persistent weakness in the single-family unit segment, suggesting the housing market continued to struggle despite falling mortgage rates. The second straight monthly decline in homebuilding reported by the Commerce Department on Friday probably reflected in part massive flooding in the Midwest, with housing starts in the...

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

Return of the bench seat: Concept EVs show space big enough for sofas

SHANGHAI (Reuters) - Electric vehicle (EV) concepts shown in Shanghai this week, such as the Audi AI:me and Infiniti QX Inspiration, point to a future of living-room-like comfort in cars with flat floors and ample space for sofa-like bench seats. In the design studies, automakers have taken advantage of the space freed up by the electric motor, which takes less room than the bulky internal combustion engine, cooling...

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

Fiat Chrysler recalls 320,000 Dart cars that could roll away

WASHINGTON (Reuters) - Fiat Chrysler Automobiles NV said Friday it is recalling more than 320,000 Dodge Dart compact cars in North America that could roll away because of a defective part that could allow the shift cable to detach from the transmission. The Italian-American automaker said the recall covers 2013 through 2016 model year automatic transmission Dart cars and that the defect could prevent drivers from shi...

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

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...