Category: Business

By Yashaswini Swamynathan U.S. stock index futures were little changed on Thursday as investors digested the minutes of the Federal Reserve's most recent meeting, which pointed to an interest rate hike "fairly soon". Still, policymakers did not appear to show a sense of urgency in raising rates as inflation remained below the long-term target of 2 percent, effectively taking a rate

PARIS PSA Group's (PEUP.PA) proposed acquisition of Opel would swiftly create savings and value from the General Motors (GM.N) European division's turnaround and complementary brands, the French carmaker's Chief Executive Carlos Tavares said on Thursday.Adding GM's German Opel British Vauxhall brand would bring new customers reluctant to buy French cars, Tavares told analysts and reporters, while generating savings from shared technical underpinnings."There is significant complementarity in terms of customer consideration between the German Opel brand and our three French brands,"

By Naomi Tajitsu and Chang-Ran Kim | TOKYO TOKYO Nissan Motor Co (7201.T) said Carlos Ghosn will step aside as CEO after leading the firm for 16 years, allowing him to concentrate on deploying his cost-cutting expertise across its alliance with Renault SA (RENA.PA) and newly added Mitsubishi Motors Corp (7211.T).In handing over the helm to Hiroto Saikawa, a company veteran

By Nichola Saminather | SINGAPORE SINGAPORE Asian stocks pulled back from a 19-month high on Thursday, while the dollar tried to steady from losses suffered in the wake of the U.S. Federal Reserve minutes indicating a cautious approach to more interest rate increases.MSCI's broadest index of Asia-Pacific shares outside Japan was fractionally lower. Japan's Nikkei slid 0.1 percent, while Australian shares

Tesla Inc (TSLA.O) posted a smaller quarterly loss and said its mass-market Model 3 sedan was on track for volume production by September.The electric car maker said it expected to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017.The company said it planned to invest between $2 billion and $2.5 billion in capital expenditures ahead of the start of Model 3 production.Tesla's shares rose 1.6 percent to $277.89 after the bell on

By Simon Jessop and Pamela Barbaglia | LONDON LONDON Unilever (ULVR.L) sought to show shareholders it can go it alone on Wednesday after rejecting Kraft Heinz's (KHC.O) $143 billion bid, with the promise of a swift, far-reaching review.This should be completed by early April and could lead to asset sales and cost cuts, a source close to the Anglo-Dutch company said

By Yashaswini Swamynathan U.S. stocks looked set to open little changed on Wednesday as investors awaited the minutes of the Federal Reserve's most recent policy meeting for clues on the timing of the next interest rate hike.The Fed will release the minutes of its Jan. 31-Feb. 1 meeting at 2:00 p.m. ET (1900 GMT).Policymakers, including Fed Chair Janet Yellen, have been

By Henning Gloystein | SINGAPORE SINGAPORE Oil traders from around the world, including the United States, Britain and Brazil, have tripled their sales to Asia as they take advantage of an emerging supply gap following OPEC-led production cuts announced late last year.Around 30 supertankers have this month made long-haul trips to ship crude oil from the Americas, the North Sea and

Oil company Saudi Aramco [IPO-ARMO.SE] has selected JPMorgan Chase & Co, Morgan Stanley, and HSBC Holdings Plc as lead underwriters for its planned initial public share offering, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The listing of Aramco is expected to be the world's biggest initial public offering and could raise up to $100 billion. The IPO is the centerpiece of the Saudi government's ambitious plan, known as Vision 2030, to diversify the economy

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

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