Business News

U.S. retail sales, labor market data paint upbeat economic picture

WASHINGTON (Reuters) - U.S. retail sales increased by the most in 1-1/2 years in March as households boosted purchases of motor vehicles and a range of other goods, the latest indication that economic growth picked up in the first quarter after a false start. The economy’s enduring strength was reinforced by other data on Thursday showing the number of Americans filing applications for unemployment benefits dropped...

18 Apr 5:45 PM 0 Read More...

Wall Street edges higher on industrial gains; healthcare drags again

(Reuters) - U.S. stocks eked out gains in volatile trading on Thursday, ahead of a long Easter weekend, as strong results from industrials countered another drop in healthcare stocks, with investors shrugging off release of the Mueller report. In a bright spot, U.S. retail sales increased by the most in 1-1/2 years in March, while a labor department report showed the number of Americans filing for unemployment benefi...

18 Apr 5:45 PM 0 Read More...

U.S. weekly jobless claims lowest since 1969; unemployment rolls shrink

WASHINGTON, (Reuters) - The number of Americans filing applications for unemployment benefits fell to more than a 49-1/2-year low last week, pointing to sustained strength in the economy. Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 192,000 for the week ended April 13, the lowest level since September 1969, the Labor Department said on Thursday. Data for the prior week was rev...

18 Apr 12:44 PM 0 Read More...

AmEx posts lower-than-expected first-quarter revenue

(Reuters) - Credit card issuer American Express Co’s quarterly revenue missed analysts’ estimates on Thursday, due to muted growth in its global merchant and network services unit. Shares of AmEx were down 1.2 percent in premarket trading. Revenue growth in the unit, which operates a global payments network for processing and settling card transactions, remained flat at $1.6 billion compared to a year ago. Total ...

18 Apr 12:44 PM 0 Read More...

Blackstone to switch from a partnership to a corporation

NEW YORK (Reuters) - Blackstone Group LP, the world’s largest manager of alternative assets such as private equity and real estate, said on Thursday it would convert from a partnership to a corporation, in a bid to get more investors into its stock. Blackstone is hoping the move, which will take effect July 1, will boost its share price, which has traded at a discount to traditional asset managers such as BlackRock...

18 Apr 12:44 PM 0 Read More...

Union Pacific profit rises 6.2 percent

(Reuters) - Union Pacific Corp on Thursday reported a 6.2 percent rise in quarterly profit, as the U.S. railroad raised prices, helping offset the impact of severe winter weather and record flooding that damaged rails in the Midwest. The Omaha, Nebraska-based company’s net income rose to $1.4 billion, or $1.93 per share, in the first-quarter ended March 31 from $1.31 billion, or $1.68 per share, a year earlier. Tot...

18 Apr 12:44 PM 0 Read More...

Poor PMIs wipe week's gains off global shares

LONDON (Reuters) - Global shares erased this week’s gains on Thursday after weak manufacturing surveys from Asia and Europe stoked fears of a widespread slowdown in growth, adding to profit-taking ahead of the long Easter weekend. French and German surveys of purchasing managers in the manufacturing sector for April showed activity continuing to contract, hitting European stocks in early trade. However, short-cover...

18 Apr 12:44 PM 0 Read More...

Oil prices slip, but ongoing supply cuts support

TOKYO/SYDNEY (Reuters) - Oil markets fell on Thursday despite a surprise decline in U.S. inventories, but the price drops were tempered by a smaller-than-expected reduction in gasoline stocks and ongoing OPEC-led supply cuts. Brent crude futures were at $71.43 a barrel at 0700 GMT, down 19 cents, or 0.3 percent, from their last close and further away from Wednesday’s five-month high of $72.27 a barrel. U.S. West T...

18 Apr 7:41 AM 0 Read More...

Grounded Jet Airways' shares sink, rivals rush to grab market share

MUMBAI/BENGALURU (Reuters) - Jet Airways shares plunged on Thursday, battered by worries about whether the grounded Indian airline would fly again, while carriers such as SpiceJet rushed in to plug a supply gap in the wake of their rival’s demise. Once India’s largest private airline, Jet halted all flight operations indefinitely on Wednesday evening after lenders led by the State Bank of India declined to extend...

18 Apr 7:41 AM 0 Read More...

Pernod CEO: in regular and 'courteous' talks with Elliott

PARIS (Reuters) - Drinks group Pernod Ricard is having regular and “courteous” talks with activist investor Elliott, although it is not necessarily meeting Elliott any more than it would with any other regular shareholder, the head of Pernod told Reuters. “There is a regular dialogue between the teams, but we do not see them more than other shareholders. My ambition remains to deliver on our strategic plan, tha...

18 Apr 7:40 AM 0 Read More...