Business News

EU lawmakers back wifi-based car standard in win for Volkswagen

BRUSSELS (Reuters) - The European Commission’s push for a wifi-based standard for cars backed by Volkswagen took a big step forward on Wednesday after EU lawmakers endorsed the move over 5G technology promoted by BMW and Qualcomm. The EU executive wants to set benchmarks for internet connected cars, a market that could generate billions of euros in revenues for carmakers, telecoms operators and equipment makers, ac...

17 Apr 4:34 PM 0 Read More...

Qualcomm gains $30 billion in market value after Apple settlement

(Reuters) - Qualcomm Inc added $30 billion to its market value after it resolved a legal battle with Apple Inc, a move that secures its leadership in 5G phone chips and could pave the way for a similar settlement with China’s Huawei Technologies. The company’s shares, which closed up 23 percent on Tuesday after the announcement, rose as much as 17 percent on Wednesday, hitting their highest in nearly two decades....

17 Apr 4:34 PM 0 Read More...

BNY Mellon expects net interest revenue to drop again, shares slide

(Reuters) - Bank of New York Mellon Corp said on Wednesday it expects net interest revenue to decline again in the current quarter as the world’s largest custodian bank pays higher interest rates to attract deposits, sending its shares down 9 percent. The U.S. Federal Reserve in March did an about-turn on its campaign to raise interest rates and now sees no hikes this year on risks to the economy from a global slow...

17 Apr 4:34 PM 0 Read More...

Continental, Valeo seek EU antitrust action against Nokia

BRUSSELS (Reuters) - German car parts maker Continental and French rival Valeo have joined Daimler and Bury Technologies to seek an EU antitrust investigation into Nokia’s patent licensing practices for cars, the Finnish tech company said on Wednesday. Last month, German carmaker Daimler and Bury complained to the European Commission about Nokia’s patents essential to car communications. The complaint highlights ...

17 Apr 4:34 PM 0 Read More...

PepsiCo results beat on boost from North American snacks, beverages units

(Reuters) - PepsiCo Inc reported first-quarter sales and profit above analysts’ estimates on Wednesday, boosted by higher demand for its snacks, sparkling water and low-sugar sodas, sending its shares up about 2 percent before the bell. Beverage and packaged food companies have been under pressure from changing consumer preferences and Pepsi has responded by coming up with new recipes and using better ingredients f...

17 Apr 11:29 AM 0 Read More...

Stock futures edge higher on robust China data; chipmakers rise

(Reuters) - U.S. stock index futures inched higher on Wednesday, buoyed by upbeat economic data from China, but gains were capped by disappointing quarterly reports from Netflix and IBM. China’s economy grew at a steady 6.4 percent pace in the first quarter, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement. The data, along with semi...

17 Apr 11:29 AM 0 Read More...

Morgan Stanley quarterly profit falls 9 percent

(Reuters) - Morgan Stanley reported a 9 percent drop in quarterly profit on Wednesday as equities and bond trading fell due to low market volatility. The bank said earnings attributable to common shareholders fell to $2.34 billion, or $1.39 per share, in the first quarter ended March 31, from $2.58 billion, or $1.45 per share, a year ago. mgstn.ly/2vaVd4I On an adjusted basis, the company earned $1.33 per share. Anal...

17 Apr 11:29 AM 0 Read More...

BNY Mellon profit misses estimates on lower fee revenue

(Reuters) - Bank of New York Mellon Corp missed analysts’ estimates for quarterly profit on Wednesday, as lower client activity and a fall in assets under management pressured fee revenue. A 9 percent drop in fee revenue to $3.03 billion pulled down overall revenue by 6.7 percent to $3.90 billion. Asset servicing revenue fell 7.4 percent to $1.41 billion, while asset management revenue plummeted 17 percent to $637 ...

17 Apr 11:29 AM 0 Read More...

Exclusive: Apple in talks with potential suppliers of sensors for self-driving cars - sources

SAN FRANCISCO (Reuters) - Apple Inc has held talks with at least four companies as possible suppliers for next-generation lidar sensors in self-driving cars, evaluating the companies’ technology while also still working on its own lidar unit, three people familiar with the discussions said. The moves provide fresh evidence of Apple’s renewed ambitions to enter the autonomous vehicle derby, an effort it calls Proj...

17 Apr 11:29 AM 0 Read More...

Foxconn’s Gou to ‘follow order of sea goddess’ in Taiwan vote; yet to declare presidential run

TAIPEI (Reuters) – Terry Gou, chairman of Apple supplier Foxconn, said on Wednesday he “will follow the instruction” of a sea goddess who has told him to run in Taiwan’s presidential election next year. The billionaire was speaking as over 100 people crowded into Ci Hui temple in Banqiao, New Taipei City. The temple is devoted to the sea goddess Mazu, a popular figure in Taiwan that governs everything ...

17 Apr 6:55 AM 0 Read More...