Category: Business

By Shinichi Saoshiro | TOKYO TOKYO Asian stocks edged up on Wednesday, joining a record-setting night for world markets as investors cheered upbeat factory activity in Europe and solid earnings on Wall Street. The dollar was steady after hawkish comments from top Federal Reserve officials bolstered expectations the world's no. 1 economy was strong enough to keep policymakers on course to

U.S. stocks rose to fresh record highs on Tuesday, boosted by strong earnings reports from Wal-Mart and Home Depot and continued optimism about the economic agenda of President Donald Trump.Wal-Mart's (WMT.N) shares were the top gainer in the Dow Jones Industrial Average, rising 3 percent after the world's largest retailer reported higher-than-expected U.S. sales.Home Depot (HD.N) shares gained 1.4 percent after the home improvement retailer reported higher-than-expected quarterly profit and sales, boosted by a strong U.S. housing market.In broad gains

Restaurant Brands International Inc (QSR.TO), owner of the Burger King and Tim Hortons fast-food chains, said on Tuesday it would acquire Popeyes Louisiana Kitchen (PLKI.O) for $1.8 billion in cash.The deal is a bet by Oakville, Ontario-based Restaurant Brands that it can use its international reach to introduce Popeyes' Louisiana-style fried chicken and buttermilk biscuits to more diners globally.Popeyes shareholders will get $79.00 for each share they hold, a 19.5 percent premium to the stock's Friday close.Popeyes, whose fans include

By Edward Taylor and Laurence Frost | FRANKFURT/PARIS FRANKFURT/PARIS PSA Group (PEUP.PA) has pledged to respect existing Opel and Vauxhall job guarantees if it buys the European arm of General Motors (GM.N), though some analysts say thousands of jobs are eventually likely to go for the deal to work. As part of a broader charm offensive, PSA Chief Executive Carlos Tavares

By Sumeet Chatterjee and Lawrence White | HONG KONG/LONDON HONG KONG/LONDON HSBC Holdings (HSBA.L) reported a 62 percent slump in annual pre-tax profit that fell way short of analysts' estimates as the British bank took hefty writedowns from restructuring and pointed to brakes on revenue growth.HSBC shares slid more than 6 percent after the company reported revenues fell by a fifth

By Michael O'Boyle and Ana Isabel Martinez | MEXICO CITY MEXICO CITY Mexico's central bank faces difficult decisions as it balances a spike in inflation against an expected economic slowdown, Deputy Governor Alejandro Diaz de Leon said on Monday."We are in an especially complex environment," Diaz de Leon told Reuters in an interview.Diaz de Leon pointed to the heightened risk of

HONG KONG Asian stocks held near 1-1/2-year highs in subdued early trade on Tuesday as a holiday in the United States left investors with few catalysts, while the euro nursed overnight losses as lingering concerns about the looming French election rattled its bonds.Political concerns have been at the front and center of investors' minds over the past week or so, with markets wary about the outcome of the French elections in the wake of Brexit. The premium investors demand to

By Lauren Hirsch and Greg Roumeliotis Restaurant Brands International Inc, owner of the Burger King and Tim Hortons fast-food chains, is nearing a deal to acquire Popeyes Louisiana Kitchen Inc, people familiar with the matter said on Monday.The deal, which will likely value Popeyes at more than $1.7 billion, is a bet by Oakville, Ontario-based Restaurant Brands that it can use

By Simon Jessop and Sophie Sassard | LONDON LONDON Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering in the face of concerns about its growth prospects, valuation and corporate governance.The U.S. company, which has yet to make a profit, aims to

LONDON The head of Britain's biggest trade union Unite is likely to meet the CEO of Peugeot (PEUP.PA) on Friday in London to discuss the potential takeover of General Motors' (GM.N) European operations, a trade union source told Reuters."It looks like it is happening on Friday morning," the source said of the meeting between Unite General Secretary Len McCluskey and Peugeot Chief Executive Carlos Tavares.There is growing concern over the future of GM's British Vauxhall plants following reports Peugeot has

LONDON Shares in Anglo-Dutch consumer goods group Unilever (ULVR.L) (UNc.AS) dropped 8 percent on Monday after U.S. rival Kraft Heinz Co (KHC.O) abruptly ditched its surprise $143 billion merger proposal. Backed by Warren Buffett and the private equity firm 3G, Kraft had wanted to buy Unilever to build a global consumer goods giant but its offer was flatly rejected on Friday by the maker of Lipton tea and Dove soap.According to people familiar with the matter, Kraft had not expected

SYDNEY Asian share markets were mixed on Monday as political uncertainty globally kept the mood cautious, while the U.S. dollar dithered in a tight range ahead of a busy week for Federal Reserve events.Turnover was light with U.S. markets closed for the Presidents Day holiday. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged up 0.1 percent and back toward a 19-month peak reached last week.Japan's Nikkei .N225 went flat after domestic data showed exports disappointed in January even

SINGAPORE The U.S. economy is on "sound footing," a hawkish Federal Reserve official said on Monday in a speech that cautioned against asking the central bank to solve problems beyond its control such as low productivity growth.Cleveland Fed President Loretta Mester, at a forum in Singapore, did not comment specifically on interest rates. However she has dissented in the past in favor of quicker rate hikes and on Monday urged the Fed to focus on returning to a more normal

By Carl O'Donnell | NEW YORK NEW YORK U.S. food company Kraft Heinz Co (KHC.O) withdrew its proposal for a $143-billion merger with larger rival Unilever Plc (ULVR.L), the companies said on Sunday, raising questions about whether Kraft could turn its focus to another target.Kraft had made a surprise offer for Unilever to build a global consumer goods behemoth that was

LONDON British Prime Minister Theresa May has asked top officials to examine U.S. food company Kraft Heinz's (KHC.O) proposed takeover of Unilever Plc (ULVR.L), the Financial Times reported on Sunday without citing any sources.Kraft's surprise $143 billion offer, which would be the largest ever acquisition of a UK-based company, was flatly rejected by Unilever on Friday.The Financial Times said May had ordered officials to see if the proposed deal raised any concerns for the wider British economy and merits government

FRANKFURT PSA Group (PEUP.PA) has pledged to the German government to continue operating all four of Opel's German production sites as part of the French carmaker's planned takeover of General Motors' (GM.N) European arm, German Sunday paper Bild am Sonntag reported.The planned sale was confirmed by both companies on Tuesday, raising the specter of cutbacks in the wake of a deal because Europe's car industry has been dogged for years by overcapacity.Government sources told Reuters that PSA had signaled it

By Saqib Iqbal Ahmed | NEW YORK NEW YORK U.S. stock investors may look to a host of results from consumer-facing companies including Wal-Mart Stores Inc (WMT.N) next week for signs on whether the recent market rally has more room to run.The consumer names are among the last major companies of the S&P 500 earnings season to report, but the results

DUBAI Iran has found shale oil reserves of 2 billion barrels of light crude in its western Lorestan province, a senior official at the state-run National Iranian Oil Company (NIOC) was quoted as saying on Saturday."Based on studies, it is estimated that the shale oil reserves in Ghali Koh in Lorestan amount to 2 billion barrels of oil in place,” Bahman Soleimani, NIOC’s deputy director for exploration, told the semi-official news agency Tasnim. "The oil is light."

By Agustinus Beo Da Costa | JAKARTA JAKARTA Chappy Hakim, chief executive of miner Freeport-McMoran Inc's (FCX.N) Indonesian unit, has resigned, the company said on Saturday, after the parent firm declared force majeure on copper concentrate shipments from its Grasberg mine in Papua.Freeport, which has been negotiating with the Indonesian government after halting exports due to new mining rules, said on

DUBAI U.S. President Donald Trump's eldest sons Donald Trump Jr. and Eric Trump were guests of honor at the opening of a Trump-branded golf course in Dubai on Saturday, the first Trump property project launched since their father's inauguration.Speaking on a stage in front of the clubhouse at the Trump International Golf Club Dubai, Donald Trump Jr. praised the development of the United Arab Emirates (UAE), a close U.S. ally that is also a global trade, transport and tourism hub."To

By Laurence Frost and David Milliken | PARIS/LONDON PARIS/LONDON The chief executive of Peugeot manufacturer PSA Group (PEUP.PA) will meet British Prime Minister Theresa May to discuss his firm's planned acquisition of General Motors' (GM.N) Opel and Vauxhall operations, a government spokesman said on Saturday.Both Britain and Germany fear PSA will cut jobs if the takeover goes ahead, and British politicians

LONDON Britain has offered Peugeot manufacturer PSA Group (PEUP.PA) assurances on post-Brexit trade and supply chains in an attempt to protect Vauxhall car plants after a possible takeover, the Financial Times reported on Saturday.Business minister Greg Clark met French politicians and PSA executives in Paris on Thursday to discuss their plan to buy General Motors' (GM.N) European unit, Opel, which include Vauxhall plants in Britain.The talks have set political alarm bells ringing in Britain and Germany, where there are fears

SEOUL Handcuffed and tied with white rope, the scion of one of the world's biggest conglomerates, Samsung Group, was taken on Saturday for questioning by South Korean authorities after spending a night in a small detention cell.Samsung Group chief Jay Y. Lee was arrested on Friday for his alleged role in a corruption scandal that has led to the impeachment of President Park Geun-hye.The 48-year-old Lee, who has a net worth of $6.2 billion, heads the technology giant that is

By Jeff Mason | NORTH CHARLESTON, S.C. NORTH CHARLESTON, S.C. President Donald Trump promised to boost U.S. manufacturing and punish companies for moving jobs overseas during a visit on Friday to a South Carolina Boeing Co (BA.N) plant to celebrate the unveiling of its latest Dreamliner jet.The Republican president, who previously feuded with the plane maker over projected costs for the

Brad Grey, the chairman and chief executive officer of Viacom Inc's (VIAB.O) Paramount Pictures film studio is expected to leave with an announcement coming as early as next week, according to two sources familiar with the situation.Grey's departure from the studio, which he has headed for 12 years, comes after years of underperformance, producing box office bombs such as "Teenage Mutant Ninja Turtles: Out of the Shadows" and "Ben-Hur."Viacom Chief Executive Bob Bakish will work with an interim management team

By John Tilak and David French | TORONTO/NEW YORK TORONTO/NEW YORK Kinder Morgan Inc (KMI.N) has begun talks with institutional investors including major Canadian pension funds and private equity firms to raise capital for the C$6.8 billion ($5.2 billion) expansion of its Trans Mountain pipeline project, according to people familiar with the process.Kinder Morgan has held discussions with Canada Pension Plan

By Yashaswini Swamynathan U.S. stocks were set to open lower on Friday, after a record-setting few days on Wall Street, as investors await clarity on economic policy and ahead of a long weekend.The S&P 500 has risen about 5 percent so far in 2017, with the Dow Jones Industrial Average up 4 percent, mainly on signs of an improving economy and

FRANKFURT German and U.S. defense groups Rheinmetall (RHMG.DE) and Raytheon (RTN.N) have signed a memorandum of understanding to cooperate globally on defense technology, they said in a joint statement on Friday.The partnership should bring together Raytheon's market-leading position in air-defense systems and guided missiles with Rheinmetall's expertise in combat and defense systems, army weapons and munitions, they said.

By Hyunjoo Jin and Joyce Lee | SEOUL SEOUL Samsung Group chief Jay Y. Lee was arrested early on Friday over his alleged role in a corruption scandal rocking the highest levels of power in South Korea, dealing a fresh blow to the world's biggest maker of smartphones and memory chips.The 48-year-old Lee, scion of the country's richest family, was taken

SHANGHAI China's Juneyao Airlines (603885.SS) has finalised a $1.32 billion order for five Boeing (BA.N) 787-9 dreamliners, part of a plan for new routes to North America, Europe and Australia over the next four years. The order represents the airline's first Boeing order and its first for widebody aircraft, the companies said in a statement issued late on Thursday. Juneyao said last month was planning on five firm dreamliner orders with an option for five more.The Shanghai-based privately owned company,

NEW YORK The S&P 500 dipped on Thursday, weighed down by the energy sector and financials, which snapped a five-session winning streak. The Dow Jones Industrial Average .DJI rose 8.18 points, or 0.04 percent, to close at 20,620.04, the S&P 500 .SPX lost 2.02 points, or 0.09 percent, to 2,347.23 and the Nasdaq Composite .IXIC dropped 4.54 points, or 0.08 percent, to 5,814.90.

By Mike Stone | WASHINGTON WASHINGTON The cost of Lockheed Martin Corp's stealthy F-35 jet could fall 16 percent to around $80 million in future purchases, according to the Department of Defense's head of the program.In February, the Pentagon agreed to a deal for the tenth batch of the fighter aircraft at below $95 million per jet for the first time,

WASHINGTON - U.S. homebuilding fell in January as the construction of multi-family housing projects dropped, but upward revisions to the prior month's data and a jump in permits to a one-year high suggested the housing recovery remained on track.Housing starts declined 2.6 percent to a seasonally adjusted annual rate of 1.25 million units, the Commerce Department said on Thursday. December's starts were revised up to a rate of 1.28 million units from the previously reported 1.23 million pace.Homebuilding was up

VIENNA Austria filed a lawsuit on Thursday against Airbus (AIR.PA) and the Eurofighter consortium, alleging them of wilful deception and fraud linked to a 2 billion euro ($2.1 billion) order for Eurofighter jets in 2003, the defense ministry said.A recently completed ministry investigation found that Airbus and Eurofighter (BAES.L) (LDOF.MI), with fraudulent intent, misled Austria about the purchase price, the deliverability and the equipment of the jets, the ministry said, confirming earlier media reports.