Business News

Gucci owner Kering close to settling Italian tax dispute for 1.3-1.4 billion euros: sources

MILAN (Reuters) - French luxury group Kering is close to agreeing to pay between 1.3 billion and 1.4 billion euros ($1.5-1.6 billion) to settle a dispute with Italian authorities over unpaid taxes by its fashion brand Gucci, three sources told Reuters. The agreement between the French luxury goods group and the Italian tax authority is expected to be signed in the first days of May, said one of the sources, who all h...

25 Apr 6:14 AM 0 Read More...

Bayer's profit gets boost from Monsanto but legal burden mounts

FRANKFURT (Reuters) - German drug and farming supplies company Bayer posted a 45 percent gain in quarterly core earnings thanks to the acquisition of seed maker Monsanto, while the legal burden it took on with the deal increased. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose to 4.19 billion euros ($4.67 billion), it said on Thursday, edging past the 4.12 billion euro average anal...

25 Apr 6:14 AM 0 Read More...

Nokia reports surprise first quarter loss, sees pressure in second half

HELSINKI (Reuters) - Finnish telecom network equipment maker Nokia reported a surprise quarterly loss on Thursday, citing hard competition in its core networks business. “The slow start to 2019 and expected weak overall first half puts significant pressure on execution in the second half,” the company said in a statement. Having signaled back in January “a particularly weak Q1”, Nokia reported a fall to an op...

25 Apr 6:14 AM 0 Read More...

PSA quarterly revenue declines as sales collapse in Iran and China

PARIS (Reuters) - French carmaker PSA Group said first-quarter revenue fell 1.1 percent, as sales continued to decline in China and were also impacted by the Peugeot maker’s withdrawal from Iran. Revenue declined to 17.98 billion euros ($20.05 billion) in January-March from 18.2 billion a year earlier, the Paris-based carmaker said on Thursday. Reporting by Laurence Frost; Editing by Sudip Kar-Gupta...

25 Apr 6:14 AM 0 Read More...

Microsoft tops $1 trillion as it predicts more cloud growth

(Reuters) - Microsoft Corp on Wednesday briefly topped $1 trillion in value for the first time after executives predicted continued growth for its cloud computing business. The Redmond, Washington-based company beat Wall Street estimates for quarterly profit and revenue, powered by an unexpected boost in Windows revenue and brisk growth in its cloud business which has reached tens of billions of dollars in sales. Mic...

25 Apr 1:09 AM 0 Read More...

Walmart creates Angus beef supply chain, cutting out meat processors

(Reuters) - Walmart Inc is taking control of the supply chain for Angus beef sold in some of its stores, cutting out meat processors as the company looks to offer higher quality products in an intensely competitive grocery industry. The world’s largest retailer said on Wednesday that the move would allow it to ensure supplies of quality Angus beef and meet demands from customers who want to know the origin of their...

24 Apr 8:09 PM 0 Read More...

U.S. judge suspends Blackstone lawsuit against Italy's RCS over Milan HQ

MILAN (Reuters) - A New York judge has put on hold a lawsuit by U.S. private equity firm Blackstone Group LP against Italian publisher RCS Mediagroup over the disputed sale of real estate assets, pending the outcome of an arbitration in Italy. The case centers on RCS’ historic headquarters in central Milan, which Blackstone bought from RCS for 120 million euros ($134 million) in 2013. Both companies now claim owner...

24 Apr 8:09 PM 0 Read More...

Occidental offers $57 billion for Anadarko, topping Chevron

HOUSTON (Reuters) - Oil and gas producer Occidental Petroleum Corp on Wednesday made a $57 billion bid for Anadarko Petroleum Corp, topping Chevron Corp’s $50 billion offer and sparking the first takeover battle for a major oil company in years. The surprise $76-per-share bid comes after Occidental had been trying to woo Anadarko and had made two other proposals since late March. Anadarko plans to reply to the offe...

24 Apr 3:04 PM 0 Read More...

Ford Motor to put $500 million into electric vehicle startup Rivian

(Reuters) - Ford Motor Co said on Wednesday it will invest $500 million in U.S. electric vehicle startup Rivian Automotive LLC, joining Amazon.com Inc in backing the potential rival to Silicon Valley’s Tesla Inc. Ford said it will use Rivian’s “skateboard” - a chassis that bundles electric motor, batteries and controls - to build a new vehicle for North America. It did not provide details on what type of vehi...

24 Apr 3:04 PM 0 Read More...

Boeing abandons financial outlook, stops buybacks after 737 MAX groundings

(Reuters) - Boeing Co on Wednesday abandoned its 2019 financial outlook, halted share buybacks and announced $1 billion in increased costs due to the grounding of its fastest-selling 737 MAX jet after two fatal plane crashes in five months. The world’s largest planemaker is facing one of the biggest crises in its 103-year history following the disasters on Lion Air in Indonesia on Oct. 29 and another on Ethiopian A...

24 Apr 3:04 PM 0 Read More...