Category: Business

U.S. stocks reversed course to trade slightly higher in late morning trading on Monday, helped by a rise in technology stocks including Apple.Apple (AAPL.O) rose nearly 1 percent, hitting a new record-high of $141.34, lifting the tech-heavy Nasdaq Composite index to yet another intraday high.The iPhone-maker's stock could rise another 10 percent in six months, Barron's wrote in an article posted Saturday.The U.S. stock market has been on record-setting spree since the election of Donald Trump as president, but the

ZURICH UBS (UBSG.S) and its French subsidiary face a trial in France after authorities laid out charges against the Swiss bank, marking an escalation of a long-running probe into allegations they helped wealthy clients avoid taxes."We will now have the possibility to respond in detail in a court of law," UBS said in an emailed statement on Monday. "UBS has made clear that the bank disagrees with the allegations, assumptions and legal interpretations being made."A spokesman for UBS said the

By Heather Somerville | SAN FRANCISCO SAN FRANCISCO Ride services company Uber Technologies Inc [UBER.UL] has been thrust deeper into turmoil with the departure of company president Jeff Jones, a marketing expert hired to help soften its often abrasive image.Jones quit less than seven months after joining the San Francisco company, an Uber spokesman said on Sunday.In a statement to Reuters,

By Nichola Saminather | SINGAPORE SINGAPORE Asian stocks were mixed on Monday in thin trade, following Wall Street's declines and the G20's decision to drop a pledge to avoid trade protectionism, while the Federal Reserve's less hawkish-than-expected comments continued to drag the dollar lower.MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.1 percent. Chinese shares .SSEC added 0.2 percent,

By Lawrence Delevingne | NEW YORK NEW YORK Grocery business Albertsons Cos held preliminary talks to merge with Sprouts Farmers Market Inc (SFM.O), Bloomberg reported on Sunday, citing people familiar with the situation.Bloomberg said the early stage discussions took place in recent weeks and involved a plan to take Sprouts private. Doing so would add the natural and organic foods-focused business

By Mike Stone | WASHINGTON WASHINGTON U.S. President Donald Trump says he wants to build dozens of new warships in one of the biggest peace-time expansions of the U.S. Navy. But interviews with ship-builders, unions and a review of public and internal documents show major obstacles to that plan.The initiative could cost nearly $700 billion in government funding, take 30 years

FRANKFURT A large Porsche SE (PSHG_p.DE) stake owned by former Volkswagen (VOWG_p.DE) chairman Ferdinand Piech may be bought by other members of the Porsche and Piech clans before May 30, German weekly Bild am Sonntag said. Porsche SE said on Friday that Piech wanted to sell his 14.7 percent stake in the family-controlled holding company, which is worth at least 1.1 billion euros ($1.2 billion). It said that although the Porsche and Piech families were in talks to buy much

By Michael Nienaber | BADEN-BADEN BADEN-BADEN The failure of the world's financial leaders to agree on resisting protectionism and support free trade marks a setback in the G20 process and poses a risk for growth of export-driven economies such as host Germany, economists said on Sunday.Acquiescing to an increasingly protectionist United States after a two-day meeting in the German town of

By Tracy Rucinski | CHICAGO CHICAGO A U.S. judge formally approved Peabody Energy Corp's (BTUUQ.PK) plan to emerge from bankruptcy late Friday after the coal producer struck a settlement with the U.S. government over legacy environmental claims at a gold and metal mining subsidiary.Under a last-minute deal with the U.S. Department of Justice, Peabody agreed to create a $43 million trust

FRANKFURT Munich prosecutors searched the offices of Volkswagen (VOWG_p.DE) Chief Executive Matthias Mueller as part of an investigation into diesel emission test cheating at Audi, German weekly Bild am Sonntag said. Some 100 officials searched Audi's headquarters in Ingolstadt, Germany, and its Neckarsulm plant last week, as well as the Wolfsburg base of Audi's parent Volkswagen.

LONDON Unilever (ULVR.L) (UNc.AS) is preparing a 6 billion pound ($7.44 billion) sale of some of its food brands, British newspapers reported on Saturday, without citing sources. The Anglo-Dutch company is planning to sell Flora margarine and Stork butter brands, the Sunday Times said. The Sunday Telegraph, which also

SAO PAULO Wal-Mart Stores Inc (WMT.N) has asked suppliers in Brazil to clarify alleged cases of meatpackers bribing health officials to subvert inspections, the retailer said on Friday.

By Allison Lampert | MONTREAL MONTREAL Bombardier Inc would suffer "irreparable harm" to its global reputation if it loses a light train contract from a Toronto transportation agency, a senior company official said in recent court filings.    The Canadian plane and train maker, which is fighting to save the C$770 million ($573 million) contract with Toronto's Metrolinx, will seek an injunction

By Andrea Shalal | BERLIN BERLIN The German government plans to buy six Lockheed Martin (LMT.N) C-130J military transport planes for around 900 million euros ($966 million) starting in 2019 under a joint operating agreement with France, German government documents show.Germany and France first began working on the deal in October and announced broad outlines of their plans in February

Warren Buffett's compensation for running Berkshire Hathaway Inc (BRKa.N) edged up 4.0 percent last year to $487,881 reflecting the higher cost of keeping the world's second-richest person safe.Buffett's pay was disclosed in a Friday regulatory filing, in which Berkshire also recommended the rejection of three shareholder proposals at its May 6 annual meeting, including that it disclose its political contributions twice a year.Berkshire said Buffett's salary in 2016 was $100,000, the same amount he has received for more than a

By Caroline Valetkevitch | NEW YORK NEW YORK Small-cap stocks benefited from a dovish lining to the U.S. Federal Reserve's decision to raise interest rates this past week, but strategists warn it will take more to make these pricey stocks outperform their larger brethren in the long haul.The Fed on Wednesday raised rates by a quarter of a percentage point, as

By Lisa Baertlein | LOS ANGELES LOS ANGELES McDonald's Corp (MCD.N) investors will vote soon on whether to give the franchisees who operate most of the fast-food chain's restaurants the opportunity to elect a board member, the proponent of a shareholder proposal said on Friday.The proposal, which faces long odds of success, is believed to be the first of its kind

STUTTGART, Germany Porsche (VOWG_p.DE) will invest hundreds of millions of euros in digital services to generate the revenue needed to offset an expected decline in car sales in the coming years, its finance chief said on Friday.Growing demand for ride-hailing and car-sharing will make the part-time use of vehicles, including Porsches, as convenient as ownership in seven to 10 years and that could dent new car sales, Porsche CFO Lutz Meschke said."To compensate for this decline, we have no choice

Tiffany & Co (TIF.N) reported fourth-quarter profit ahead of analysts' estimates as it sold more jewelry in Japan and China, sending shares to a 19-month high in morning trading on Friday.Sales in Japan were bolstered by the brand exposure Tiffany got through a popular television show last year and a strong yen helped boost spending by Japanese tourists in other regions, Tiffany's Chairman and interim Chief Executive Michael Kowalski said on a conference call.Chinese consumers spent more locally than as

By Julia Fioretti | BRUSSELS BRUSSELS Social media companies Facebook Inc, Alphabet Inc and Twitter Inc will have to amend their terms of service for European users within a month or face the risk of fines, a European Commission official said on Friday.U.S. technology companies have faced tight scrutiny in Europe for the way they do business, from privacy to how

By Sijia Jiang | HONG KONG HONG KONG Chinese technology conglomerate LeEco is looking to sell a 49-acre U.S. Silicon Valley property less than a year after buying it from Yahoo Inc, sources said, in what is the latest effort by the firm to ride out a cash crunch.LeEco, one of China's most ambitious companies that grew from a Netflix-like video

By Jackie Cai and Adam Jourdan | SHANGHAI SHANGHAI China's annual consumer rights day TV show turned its spotlight on U.S. sports brand Nike Inc (NKE.N) for misleading advertising and Japanese brand Muji for selling food products allegedly sourced from part of Japan affected by radiation.The state-run China Central Television (CCTV) show - which can have brands and their corporate PR

NEW YORK Jeffrey Gundlach, chief executive officer of DoubleLine Capital, said on Wednesday he expected a short-term rally in U.S. Treasuries and that investors should "use the strength" in U.S. stocks to take profits and diversify in overseas markets. "I am surprised with the relentless nature" of equities after the election of U.S. President Donald Trump, Gundlach said on CNBC. Gundlach, who oversees more than $101 billion in assets at Los Angeles-based DoubleLine, said he continued to short the shares

By Dustin Volz | WASHINGTON WASHINGTON The U.S. government on Wednesday unsealed charges against two Russian spies and two criminal hackers for allegedly pilfering 500 million Yahoo user accounts in 2014, The indictments, announced at a news conference in Washington, represent the first time the U.S. government has criminally charged Russian officials for cyber offenses.The content of at least 30 million

BERLIN German Finance Minister Wolfgang Schaeuble said on Wednesday he was looking forward to the first meeting with his U.S. counterpart Steven Mnuchin on Thursday, adding he did not expect him to come to Germany with a closed mind on all matters. Asked about proposals to introduce a U.S.

By Kevin Yao and Ryan Woo | BEIJING BEIJING China's Premier Li Keqiang reassured investors on Wednesday that the world's second-largest economy is strong and not at risk of a hard landing, while stressing Beijing's support for globalization and free trade at a time of rising protectionism.Li also reiterated that China does not want a trade war with the United States,

TOKYO Shares in Toshiba Corp tumbled on Wednesday after it said it would consider a sale of Westinghouse but did not offer any clarity on whether it would proceed with a Chapter 11 filing for the U.S. nuclear unit - a move that could stem losses. Toshiba's failure to submit audited third-quarter earnings on Tuesday and its announcement of an expanded probe into Westinghouse also contributed to broad disappointment as did the Tokyo Stock Exchange's placing of the stock on

Ant Financial Services Group, the financial services affiliate of China's Alibaba Group Holding Ltd (BABA.N), said on Tuesday it remained committed to the consummation of its merger with U.S. money-transfer company MoneyGram International Inc (MGI.O), after Euronet Worldwide Inc (EEFT.O) trumped its offer.U.S. electronic payments company Euronet Worldwide launched a $1 billion bid for MoneyGram on Tuesday, saying that its all-American deal would face less regulatory scrutiny than a lower bid by Ant Financial.

NEW YORK U.S. stocks fell on Tuesday as oil prices dropped to their lowest since November and airlines pulled industrial stocks down as a blizzard hit the U.S. northeast. The Dow Jones Industrial

LONDON/PARIS An activist hedge fund has said it objects to plans by Walt Disney (DIS.N) to take full control of debt-laden Paris theme park operator Euro Disney (EDLP.PA), according to a letter seen by Reuters.Paris-based CIAM, which owns 1.4 percent of Euro Disney shares, has written to the board of the French company to object to what it believes are plans by Walt Disney to force out minority shareholders. It said it has the support of more than 5 percent

WOLFSBURG, Germany Volkswagen (VOWG_p.DE) Chief Executive Matthias Mueller said he is not ruling out talks with Fiat Chrysler (FCHA.MI) boss Sergio Marchionne about a possible merger."I am not ruling out a conversation," Mueller told reporters on Tuesday after the carmaker's annual earnings press conference in Wolfsburg. Marchionne has long

|By Arabian Post Staff| Paris Gallery  announced plans to open 30 new stores for the Group's various brands and subsidiaries, which will take the total number of  stores to 116 stores by 2021. The luxury retailer currently has  86 branches across the UAE, KSA, Qatar, Bahrain, Oman, Iraq, Azerbaijan and other countries. The UAE-based Group also confirmed that its total retail areas will reach 3.2 million square feet by 2021, compared with 2 million square feet currently. "Since 2006, the Group has developed a

By Makiko Yamazaki and Taiga Uranaka | TOKYO TOKYO Japan's Toshiba Corp failed to submit audited third-quarter earnings for a second time on Tuesday, gaining a one month extension as its expands a probe into problems at its U.S. nuclear unit Westinghouse.With its financial woes only deepening, Toshiba said it would speed up looking at whether to sell a majority of

By Anna Irrera | NEW YORK NEW YORK Brokerage Charles Schwab Corp (SCHW.N) on Tuesday launched a service that combines its automated investment management technology with human advisors, as financial institutions race to offer digital financial advice.The service, called Schwab Intelligent Advisory, provides clients with a financial and investment plan, unlimited access to a human advisor via phone or video conference,