Category: Business

MILAN Loss-making airline Alitalia, which asked to be put under special administration on Tuesday, had debts of around 3 billion euros ($3.3 billion) as of Feb. 28, Italy's government said. In a document marking the opening of the special administration process and the appointment of three commissioners that will

By Lawrence Delevingne | NEW YORK NEW YORK Paul Singer's hedge fund firm Elliott Management Corp raised more than $5 billion in about 24 hours this week, citing a major potential investment opportunity at a time when Singer said financial markets could face a disruption after being distorted by years of economic stimulus.Singer, in an email to investors on Wednesday announcing

By Dan Levine and Joseph Menn The city of Portland, Oregon plans to subpoena Uber Technologies Inc to force it to disclose software that helped its drivers evade local transportation regulators, a city official said on Friday.Uber has acknowledged using the software, known as Greyball, to circumvent government officials who were trying to clamp down on Uber in areas where its

By Lucia Mutikani | WASHINGTON WASHINGTON U.S. job growth rebounded sharply in April and the unemployment rate dropped to 4.4 percent, near a 10-year low, pointing to a tightening labor market that likely seals the case for an interest rate increase next month despite moderate wage growth. Nonfarm payrolls surged by 211,000 jobs last month after a paltry gain of 79,000

By Jonathan Stempel | OMAHA, Neb. OMAHA, Neb. Berkshire Hathaway Inc (BRKa.N), the conglomerate run by billionaire investor Warren Buffett, on Friday reported a 27 percent decline in first-quarter profit, and said a loss from insurance underwriting contributed to operating results that fell short of forecasts.The results were released one day before Berkshire's annual meeting in Omaha, Nebraska, where Buffett, 86,

By Dominique Vidalon | PARIS PARIS The shareholders of AccorHotels (ACCP.PA) on Friday granted former French President Nicolas Sarkozy a seat on the board of Europe's largest hotel group, and rejected a bid to block long-term shareholders from getting more double voting rights. Chairman and CEO Sebastien Bazin reiterated at the annual shareholders meeting that double voting rights were a good

The S&P 500 and the Nasdaq Composite opened higher on Friday after a report showed U.S. job growth accelerated sharply last month, but a drop in IBM kept the Dow in negative territory. The Dow Jones Industrial Average .DJI was down 7.14 points, or 0.03 percent, at 20,944.33.

WOLFSBURG, Germany Volkswagen (VOWG_p.DE) is targeting fixed productivity gains at its troubled core division through 2020 by pushing cost savings, stemming overseas losses and launching more higher-margin cars as the carmaker battles to overcome its emissions scandal.Positive development at Volkswagen's namesake VW brand may continue throughout 2017, the carmaker said on Friday, building on a strong rebound in the first quarter when cost cuts helped operating profit to surge to 869 million euros ($953 million)from 73 million a year earlier

By Saikat Chatterjee | HONG KONG HONG KONG Asian stocks declined for a third consecutive day on Friday as fresh falls in commodities raised concerns about the health of the global economy, though the euro bucked the broad weakness on receding concerns about France's presidential election.Chinese stocks led regional losers, falling to a three-month low as concerns about tighter financial

Berkshire Hathaway's (BRKa.N) Warren Buffett has sold "a reasonable amount" of his stake in International Business Machines Corp (IBM.N) after the stock crossed $180, CNBC reported.IBM's stock touched $180 on Feb 14 and reached a high of $182.78 during Feb. 16 trading. It closed on Thursday at $159.05 on the New York Stock Exchange.Berkshire Hathaway and IBM could not be reached for comment outside regular business hours.

By Michael Flaherty and Ankit Ajmera Greenlight Capital escalated its battle against General Motors Co (GM.N) on Thursday, posting credit ratings documents that it said the automaker inappropriately changed to undermine the hedge fund's proposal to create two classes of GM stock.Greenlight, which owns 3.6 percent of GM shares, has said its dual share plan would boost GM's value by creating

By Julia Simon | NEW YORK NEW YORK Oil prices collapsed on Thursday to their lowest since late November as investor worries about the world's stubbornly persistent glut of crude erased most of the gains that followed last year's OPEC's output cut.The slide worsened after OPEC delegates downplayed the chance that their group and other producing countries would deepen their output

Wall Street opened slightly higher on Thursday, led by banks, after the Federal Reserve expressed confidence in the strength of the economy. However, gains were limited by a fall in technology and energy stocks.

By Sumeet Chatterjee | HONG KONG HONG KONG UBS Group AG (UBSG.S) plans to hire about 100 wealth management client advisors over the next two years in Hong Kong, the biggest wealth hub in Asia-Pacific, to grab a bigger share of the fast-growing mid-tier millionaire segment.The Swiss bank's sharpening focus on the middle of the wealth market comes as some global

By Rishika Sadam and David Ingram Facebook Inc reported surging quarterly profit and revenue on Wednesday, helped by its fast-growing mobile ad business, but its shares dipped from a record high in after-hours trading as investors showed some nervousness about future earnings. The world's biggest online social network, which is nearing the five-year anniversary of its initial public offering, is searching

By Nichola Saminather | SINGAPORE SINGAPORE Asian stocks retreated on Thursday, taking their cues from a subdued session on Wall Street, while the dollar retained gains made after the Federal Reserve delivered a hawkish policy statement.At the end of its two-day meeting, the Fed kept its benchmark interest rate steady as expected, but downplayed weak first-quarter economic growth and emphasized the

By Lindsay Dunsmuir and Jason Lange | WASHINGTON WASHINGTON The U.S. Federal Reserve kept interest rates unchanged on Wednesday and downplayed weak first-quarter economic growth while emphasizing the strength of the labor market, in a sign it was still on track for two more rate rises this year.In a bullish statement following the end of a two-day policy meeting, the central

By Nick Carey and Joseph White | DETROIT DETROIT Automotive supplier Delphi Automotive Plc (DLPH.N) on Wednesday said it plans to spin off operations tied to internal combustion engines and focus on technology for electrically powered and self-driving vehicles, boosting its share price and highlighting the challenges for legacy auto industry players.Vehicles driven by humans and powered with petroleum will dominate

Yum Brands Inc (YUM.N) posted a better-than-expected quarterly profit, helped by lower taxes, vigorous sales of Taco Bell's Naked Chicken Chalupas and lower costs at KFC restaurants.Shares of the company were up 1.7 percent at $67.45 before the opening bell on Wednesday.Sales rose 8 percent at Taco Bell restaurants open for more than a year, topping the 3.7 percent growth expected by analysts polled by research firm Consensus Metrix.The sales figure was boosted by $1 Double Stacked Tacos and the

By Karolin Schaps | LONDON LONDON Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much higher-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply.Benchmark Brent crude LCOc1 was up 37 cents at $50.83 a barrel at 0815 GMT. On Tuesday the futures had settled at their lowest since Nov. 30, when the

As the United States adapts to the presidency of Donald Trump and faces rising tensions abroad, Berkshire Hathaway Inc shareholders will descend on Omaha, Nebraska this weekend seeking reassurance, from Warren Buffett.The weekend known as "Woodstock for Capitalists" is unique in corporate America, a celebration of the billionaire's image and success at a conglomerate whose businesses range from Geico insurance to the BNSF railroad to See's candies to Ginsu knives.Buffett, 86, and vice chairman Charlie Munger, 93, will answer five

By Nichola Saminather | SINGAPORE SINGAPORE Asian stocks followed global indexes higher on Wednesday, as strong earnings and manufacturing data boosted risk appetite, while expectations that the Federal Reserve will signal a June rate increase later in the session lifted the dollar.Oil prices pulled higher after a sharp fall on Tuesday on technical selling in a market already worried about oversupply

By Anya George Tharakan and Stephen Nellis Apple Inc (AAPL.O) reported a surprise fall in iPhone sales for its second quarter on Tuesday, indicating that customers may have held back purchases in anticipation of the 10th-anniversary edition of the company's most important product later this year.Shares of the world's most valuable listed company were down 2.1 percent at $144.37 in after-hours

Dutch paint maker Akzo Nobel NV's (AKZO.AS) supervisory board is scheduled to meet on Tuesday to discuss how to proceed after deeming PPG Industries Inc's (PPG.N) latest $29 billion offer to be insufficient, people familiar with the matter said.Akzo believes that PPG's third acquisition bid, which was unveiled on April 24, still does not value the company highly enough, especially in light of Akzo's plans to unlock value by exploring a spin-off or sale of its specialty chemicals business, and

Pfizer Inc (PFE.N), the largest U.S. drugmaker, reported quarterly revenue that missed estimates as sales of its key drugs fell short of expectations.Sales of breast cancer drug Ibrance, which is expected to face competition from rival Novartis AG's (NOVN.S) Kisqali, rose more than 58 percent to $679 million, but missed the consensus estimate of $682 million, according to Barclays."Key franchises came in well below expectations, raising concerns about Pfizer's ability go grow in the absence of M&A," Goldman Sachs analysts

BEIJING China has conditionally approved the proposed merger between the Dow Chemical Co and Dupont, the country's Commerce Ministry said on Tuesday. The merger was approved by EU antitrust regulators in March on

For nearly two months, American International Group Inc (AIG.N) has planned to replace its chief executive but a successor has yet to be named, creating a void that has fueled investor concern about the insurance company's future.AIG reports its first-quarter earnings on Wednesday and analysts and investors said they want to know more about AIG's succession plans. Chief Executive Officer Peter Hancock announced on March 9 that he would depart once the board found a replacement, citing a lack of

TOKYO Asian shares advanced on Tuesday, helped by rising optimism on the technology industry and easing concerns over North Korea, while the dollar edged up to one-month high versus the yen.MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent, with many of the region's markets reopening after a long holiday weekend.Japan's Nikkei rose 0.3 percent.On Wall Street, although the Dow Jones Industrial Average fell 0.13 percent on Monday, the S&P 500 gained 0.17 percent and the Nasdaq

Bill Shine, co-president of Fox News Channel, has become the latest executive to resign in the wake of a sexual misconduct scandal at the cable channel, and will be partly replaced by Fox's highest-ranking female executive. The exit of Shine, who has been with Twenty-First Century Fox Inc's Fox News since its inception over 20 years ago, marks an important step in the attempt by Rupert Murdoch and his sons, who run the company, to clean house at Fox after

By Olivia Oran and Svea Herbst-Bayliss | BEVERLY HILLS BEVERLY HILLS U.S. Treasury Secretary Steven Mnuchin said on Monday that economic growth of three percent is achievable in the next two years as the Trump administration sets out to dramatically cut taxes. Speaking at the Milken Institute Global Conference in Beverly Hills, California, almost a week after he helped unveil plans

WASHINGTON U.S. consumer spending was unchanged in March for a second straight month and the overall monthly inflation rate fell for the first time in a year,confirming the weak domestic demand in the first quarter.But when adjusted for inflation consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.3 percent, ending two straight months of decline,the Commerce Department said on Monday.Economists polled by Reuters had forecast consumer spending,rising 0.2 percent. The data was included in last

By Jessica Toonkel and Lauren Hirsch | NEW YORK NEW YORK Twenty-First Century Fox Inc (FOXA.O) is in talks with Blackstone Group LP (BX.N) about submitting an offer to buy Tribune Media Co (TRCO.N), one of the largest U.S. television station operators, sources familiar with the matter said on Sunday.Blackstone, the largest manager of private equity and real estate assets, would

TOKYO The United States will begin an investigation into whether thermoplastic components used in some Japanese and German vehicle models sold in the country violate its patent laws, trade authorities said late last week.The U.S. International Trade Commission (USITC) on Friday listed 25 companies in the probe, including BMW, Honda Motor Co Ltd, Toyota Motor Corp, along with Japanese parts suppliers Aisin Seiki Co Ltd and Denso Corp.The probe was initiated by patent holding firm Intellectual Ventures II, which in

By Shinichi Saoshiro | TOKYO TOKYO Asian stocks struggled for traction on Monday after weaker-than-expected U.S. economic growth data, while the dollar dropped against the yen amid tensions over North Korea and slipped versus the euro on evidence of strong euro zone inflation.MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS inched up 0.1 percent and Japan's Nikkei .N225 added 0.1