Category: Business

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

WASHINGTON The Trump administration's push to overhaul tax laws might soon target a loophole used by some financial managers to lower their tax rates, White House Chief of Staff Reince Priebus said on Sunday.President Donald Trump campaigned before the Nov. 8 election to eliminate the so-called "carried interest" loophole, which is used by many financial managers to lower tax obligations. But a rough outline for a major tax overhaul released last week failed to mention the loophole.

A union representing 1,200 U.S. air maintenance workers at United Parcel Service Inc (UPS.N) turned up pressure on the company on Sunday to settle a three-year contract dispute, saying it would seek clearance to strike.The union is taking its grievances directly to UPS shareholders, running as an advertisement an open letter to David Abney, the company’s chief executive, ahead of a Thursday shareholders meeting.The letter, which has been delivered to board members, was signed by nearly 78 percent of members of Local

LONDON British Prime Minister Theresa May pledged to protect workers against irresponsible practices over pensions on Sunday, promising new regulations on how schemes are handled during corporate takeovers.May's Conservative party will give regulators power to examine takeover proposals that threaten the solvency of a company pension scheme, and the regulator could be empowered to block takeovers if it is not satisfied with the arrangements.

By Sue-Lin Wong and Kevin Yao | BEIJING BEIJING Growth in China's manufacturing sector slowed faster than expected in April, an official survey showed on Sunday, as producer price inflation cooled and policymakers' efforts to reduce financial risks in the economy weighed on demand.The National Bureau of Statistics' official Purchasing Managers' Index (PMI) fell to a six-month low of 51.2 in

By Lawrence Delevingne | BEVERLY HILLS, Calif. BEVERLY HILLS, Calif. Titans of U.S. industry and Wall Street gather in Beverly Hills this week to discuss how to navigate - and profit from - hot topics such as U.S. tax reform, the upcoming French election and Chinese economic growth. U.S. President Donald Trump’s first 100 days and the

SEOUL South Korea's finance minister said on Sunday the government was already working on downsizing its trade surplus with the United States, a reference to U.S. President Donald Trump's comments Thursday that Washington will renegotiate or scrap the free trade pact the two countries have.Finance Minister Yoo Il-ho added in televised comments he did not expect the free trade agreement will be terminated. It has been in effect since 2012.

By Liana B. Baker and John Tilak Shaw Communications (SJRb.TO) is looking for a buyer for ViaWest, the U.S. data center company it bought three years ago, according to people familiar with the matter, as the Canadian cable company continues to shed assets it considers non-core.The sale of ViaWest would be Shaw's latest step to streamline its operations. Last year it

By Giselda Vagnoni and Agnieszka Flak | ROME/MILAN ROME/MILAN Italians are watching their flag carrier Alitalia go into yet another financial tailspin, and a growing number of them believe it would be better for the country if it crashed.Outraged at repeated state bailouts that have cost taxpayers more than 7 billion euros ($7.62 billion) over a decade, many Italians are taking

BERLIN Online fashion retailer Zalando (ZALG.DE) is pondering opening stores in major cities such as London, Paris or Berlin, the company's co-chief executive told Germany's Manager Magazin."We have proper fans in the metropolises who spend much time with us and order a lot," co-Chief Executive Rubin Ritter said in an interview published on Saturday.

SYDNEY Alphabet Inc's (GOOGL.O) Google said it will challenge amended tax assessments issued by the Australian Taxation Office (ATO), which is trying to claw back billions of dollars from multinational corporations citing unpaid taxes.The ATO has increased scrutiny over how much tax multinationals operating in Australia pay. In December, it said it was pursuing seven global businesses over A$2 billion ($1.50 billion) in unpaid tax.While the ATO has not named the businesses it is pursuing, Google's Australia unit said in

By Jeffrey Dastin | SAN FRANCISCO SAN FRANCISCO Amazon.com Inc's ventures far beyond online retail, from cloud computing to movie making, are raising questions among corporate strategy experts about its focus.The Seattle-based company wowed Wall Street again this week with a 23 percent jump in sales, pushing its shares to an all-time high. But there are concerns that if blockbuster growth

DETROIT Tesla Inc needs to complete fixing its Model S sedan emergency braking system to regain Consumer Reports' top safety rating, the magazine said on Friday, noting that a recent update by the luxury electric car maker was not enough.The magazine, which provides an annual rating of vehicles sold in the United States, said on Wednesday the sedan had lost its top ranking in the ultra-luxury car category for failing to install the feature that it had promised to owners

NEW YORK Stocks edged lower on Wall Street on Friday after data showing the U.S. economy grew at its weakest pace in three years in the first quarter gave traders a reason to cash in recent gains. The Dow Jones Industrial Average .DJI fell 40.82 points, or 0.19 percent,

WASHINGTON The U.S. Congress passed and sent to President Donald Trump legislation to pay for federal government operations through May 5 and avoid agency shutdowns that otherwise would have begun on Saturday.

By Lucia Mutikani | WASHINGTON WASHINGTON The U.S. economy likely hit a soft patch in the first quarter as an unseasonably warm winter and rising inflation weighed on consumer spending, in a potential setback to President Donald Trump's promise to boost growth. Reduced business investment in inventories and government spending cuts also crimped gross domestic product growth. A Reuters survey of

FRANKFURT Deutsche Bank is expected to name James von Moltke as new finance chief, replacing Marcus Schenck who is taking on a role as co-head of the investment bank, a source close to the matter said on Friday. Deutsche Bank declined to comment. Von Moltke will join Germany's flagship lender from Citi, where he worked as treasurer from 2015 after earlier looking after the bank's financial planning and analysis.

By Jennifer Ablan and Stephen Nellis | NEW YORK/SAN FRANCISCO NEW YORK/SAN FRANCISCO Growing tensions with North Korea should worry global electronics firms such as Apple Inc as they source key parts from South Korea, but investors are brushing off such concerns and snapping up shares in key exporters, heartened by robust earnings and big investment plans.U.S. President Donald Trump said

By Julia Love and Rishika Sadam Google parent Alphabet Inc (GOOGL.O) posted a surge in profit and revenue on Thursday as its core advertising business continued to grow at an extraordinary rate and problems such as an advertiser boycott of YouTube had little impact.Alphabet's profit beat Wall Street estimates and rose 29 percent to $5.43 billion, a performance that analysts called

Amazon.com Inc (AMZN.O) posted a 41.1 percent jump in first-quarter profit on Thursday, driven by sustained growth in online retail sales and its profitable cloud business. The world's biggest online retailer said net income rose to $724 million, or $1.48 per share, from $513 million, or $1.07 per share,

By Lucia Mutikani | WASHINGTON WASHINGTON New orders for U.S.-made capital goods rose less than expected in March, but a second straight monthly increase in shipments suggested business investment accelerated in the first quarter amid a recovering energy sector.While other data on Thursday showed a bigger-than-expected increase in first-time applications for unemployment benefits last week, the trend in claims remained consistent

NEW YORK United Parcel Service Inc (UPS.N) reported a higher quarterly net profit on Thursday as revenue grew across its domestic, international and supply chain and freight segments. The Atlanta-based company posted first-quarter net income of $1.158 billion, or $1.32 per share, up 2.4 percent

By James Pomfret, Lawrence White and Sumeet Chatterjee | DONGGUAN, China/LONDON/HONG KONG DONGGUAN, China/LONDON/HONG KONG In the digital age, footfall in bricks-and-mortar outlets is an incomplete measure of business activity, but HSBC's empty branches in the Pearl River Delta (PRD) suggest it's not all plain sailing for the bank's expansion in mainland China.HSBC, the world's sixth-largest bank by assets, announced in

By Steve Holland | WASHINGTON WASHINGTON U.S. President Donald Trump told the leaders of Canada and Mexico on Wednesday that he will not terminate the NAFTA treaty at this stage, but will move quickly to begin renegotiating it with them, a White House said.The announcement came after White House officials disclosed that Trump and his advisers had been considering issuing an

SEOUL Strong memory chip earnings propelled tech giant Samsung Electronics Co Ltd (005930.KS) to its best quarterly profit in more than 3 years, the South Korean firm said on Thursday as its first-quarter results matched its earlier guidance.