Category: Business

DETROIT Volkswagen (VOWG_p.DE) executive Oliver Schmidt will appear in Federal Court in Miami, Florida, on Monday, a spokeswoman for the United States Attorney's office in Detroit said.The Federal Bureau of Investigation arrested Schmidt on charges of conspiracy to defraud the United States in connection with the automaker's emissions cheating scandal, a source briefed on the matter told Reuters on Monday.The arrest was first reported by the New York Times.

The Federal Bureau of Investigation has arrested a Volkswagen AG (VOWG_p.DE) executive on charges of conspiracy to defraud the United States, the New York Times reported on Monday.Oliver Schmidt, who headed the company's regulatory compliance office in the U.S. from 2014 to March 2015, was arrested on Saturday by federal investigators in Florida, the newspaper said, citing people familiar with the matter. nyti.ms/2iTA73SVW admitted in September 2015 to installing secret software known as "defeat devices" in 475,000 U.S. 2.0-liter diesel

By Bernie Woodall and David Shepardson | DETROIT DETROIT Fiat Chrysler Automobiles (FCHA.MI) (FCAU.N) on Sunday said it will invest $1 billion to modernize two plants in the U.S. Midwest and create 2,000 jobs, upping the ante as automakers respond to threats from President-elect Donald Trump to slap new taxes on imported vehicles.FCA's announcement that it would retool factories in Ohio

By Henning Gloystein | SINGAPORE SINGAPORE Oil prices fell early on Monday as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th week.Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.97 per barrel at 0019 GMT, down 13 cents from

By Rodrigo Campos | NEW YORK NEW YORK Investors puzzled over whether U.S. interest rates are rising due to a stronger economy or because of fears about inflation might want to look at the recent gains in REITs for some useful guidance.Real estate investment trusts typically perform poorly in an environment of rising interest rates, as they are used by some

CHICAGO A push by Washington for more business-friendly regulation and fiscal support for the economy could improve America's mix of policies which in recent years have relied too much on the Federal Reserve, Fed Governor Jerome Powell said.Powell, speaking on Saturday at a conference, did not mention the incoming Trump administration by name but his comments suggest some Trump policies will be welcomed by U.S. central bankers who have been urging other institutions to do more to help the economy."We

NEW YORK China's Anbang Insurance Group is in talks to invest in a project to redevelop a flagship New York City building owned by Kushner Companies, the family real estate business run by U.S. President-elect Donald Trump's son-in-law Jared Kushner, according to a person familiar with the discussions.The talks to revitalize the 41-floor building located at 666 Fifth Avenue, were first reported by the New York Times on Saturday in an extensive article about Jared Kushner that detailed a November

Britain's three quoted major supermarkets are expected to report this week that they enjoyed solid Christmas trading, though investor concern about a potential squeeze on consumer spending in 2017 means the focus is on their outlooks.Shares in market leader Tesco (TSCO.L) and Morrisons (MRW.L), the UK's fourth biggest grocer, soared 38 percent and 55 percent respectively in 2016, reflecting a recovery in trading.That coincided with a slowdown in sales growth at German discounters Aldi ALDIEI.UL, which will update on Christmas

HELSINKI HMD Global, the Finnish company that owns the rights to use Nokia's brand on mobile phones, announced on Sunday its first smartphone, targeted for Chinese users with a price of 1,699 yuan ($246).The launch marks the first new smartphone carrying the iconic handset name since 2014 when Nokia Oyj (NOKIA.HE) chose to sell its entire handset unit to Microsoft (MSFT.O).The new device, Nokia 6, runs on Google's (GOOGL.O) Android platform and is manufactured by Foxconn (2354.TW). It will be

BERLIN German luxury-car brand Audi said its deliveries rose to a new record last year despite the diesel emissions scandal, although that would likely not be enough to save it from dropping into third place behind luxury rivals Mercedes-Benz (DAIGn.DE) and BMW (BMWG.DE) in global sales rankings. The key contributor to Volkswagen (VOWG_p.DE) group profit increased sales of luxury cars and sport-utility vehicles to 1.87 million units from 1.80 million in 2015, a spokesman said on Saturday.Ingolstadt-based Audi raised deliveries

By Christine Murray | SAN LUIS POTOSI, Mexico SAN LUIS POTOSI, Mexico Ford Motor Co's (F.N) abrupt move to scrap a planned $1.6 billion car plant in central Mexico has spooked a network of suppliers who bet on a growing customer base and dramatized the risk that Donald Trump's agenda poses to the country's broader economy. Many auto parts makers had

By Ann Saphir and Jason Lange | CHICAGO CHICAGO Chicago Federal Reserve President Charles Evans said on Friday the central bank could raise interest rates three times this year, faster than he had expected just a few months ago and in line with the majority of his colleagues.The comments from Evans, a voting member of the Fed's policy committee this year,

TOKYO U.S. President-elect Donald Trump has threatened Toyota Motor Corp (7203.T) over its Mexican-built cars, but the biggest risk from a punitive tariff would be for its compatriot Nissan Motor Co (7201.T), the largest automaker operating in the country.Trump has criticized U.S. companies like General Motors (G.N) and Ford Motor Co (F.N) which manufacture abroad, accusing them of costing U.S. jobs. On Thursday he took on Toyota, warning the world's largest automaker that it would face a "big border tax"

By Yashaswini Swamynathan U.S. stocks edged lower on Friday after data showed employment in December rose less than expected but a rebound in wages suggested sustained growth in the labor market.The public and private sectors together added 156,000 jobs last month, a U.S. Labor Department report showed, compared with 204,000 jobs added in November.Average hourly earnings increased 10 cents, or 0.4

PARIS Airbus (AIR.PA) reached a target for at least 50 deliveries of its A350 wide-body jetliner in 2016, two industry sources said on Friday.Widely watched deliveries of the newest European long-haul jet had been delayed by problems in supplies of cabin equipment, notably from France's Zodiac Aerospace (ZODC.PA).Airbus declined to comment ahead of an annual news conference on orders and deliveries on Jan 11.

ZURICH Johnson & Johnson (JNJ.N) and Actelion (ATLN.S) have asked Switzerland's takeover board about the viability of a complicated takeover deal the U.S. healthcare company is discussing with the Swiss biotech firm, newspaper Tages-Anzeiger reported on Friday, without saying how it got the information.The two companies asked about the proposal under which Johnson & Johnson would acquire Actelion while separating its commercialized portfolio from its research and development assets, a deal structure first reported by Reuters last week.The panel's preliminary

Low-cost carrier Frontier Airlines is preparing for an initial public offering and has hired banks to plan the debut, The New York Times reported, citing people familiar with the matter. Frontier Airlines has hired Deutsche Bank AG (DBKGn.DE), JPMorgan Chase & Co (JPM.N) and Evercore to manage the debut, the newspaper reported. nyti.ms/2jgXFCTThe Denver-based airline is aiming to raise about $500 million, valuing the company at about $2 billion, NYT said, citing sources.

By David Shepardson | WASHINGTON WASHINGTON U.S. President-elect Donald Trump targeted Toyota Motor Corp (7203.T) on Thursday, threatening to impose a hefty fee on the world's largest automaker if it builds its Corolla cars for the U.S. market at a plant in Mexico."Toyota Motor said will build a new plant in Baja, Mexico, to build Corolla cars for U.S. NO WAY!

Donald Trump remains opposed to AT&T Inc's (T.N) planned $85.4 billion acquisition of Time Warner Inc (TWX.N), Bloomberg reported, citing people close to the president-elect.Trump, who has been silent about the transaction for months, told a friend in the last few weeks that he still considers the merger to be a bad deal, Bloomberg reported. (bloom.bg/2jfkJlx)He believed the deal would concentrate too much power in the media industry, Bloomberg said.Shares of AT&T were down 0.2 percent, while Time Warner's stock

By Yashaswini Swamynathan U.S. stocks were little changed on Thursday as a drop in banks and discretionary stocks were offset by gains in technology names.Investors are also assessing a host of economic data including the ADP payrolls report, which showed that 153,000 jobs were added in the private sector in December compared with economists' expectation of 170,000.The report sets a precedent

By Alexandria Sage and Paul Lienert | LAS VEGAS LAS VEGAS Electric vehicle start-up Faraday Future showed off in Las Vegas on Tuesday a prototype of a vehicle set for production next year as the China-backed company strives to win credibility in the crowded sector and weather its funding challenges. The "FF 91", described by its designer Richard

SYDNEY The U.S. dollar crept nearer to 14-year peaks on Wednesday as an abundance of upbeat global economic data boosted Wall Street and signs of quickening inflation dented fixed-income debt.The strength of the U.S. currency pressured commodity prices and helped drag oil off an 18-month top, but gave Japan's exporter-heavy stock market a fillip.The Nikkei climbed 2.1 percent, recovering from two sessions of losses as domestic data showed factory activity expanded at the fastest pace in a year.Markets elsewhere in

Tesla Motors Inc (TSLA.O) said on Tuesday fourth-quarter deliveries fell 9.4 percent due to short-term production hurdles from the transition to a new autopilot hardware.Deliveries fell to about 22,200 vehicles in the fourth quarter from 24,500 vehicles in the preceding quarter.Total deliveries for 2016 of 76,230 also fell short of the company's projection of 80,000 to 90,000.Shares of the company, led by entrepreneur Elon Musk, were down nearly 2 percent at $212.90 in extended trading.

By Bernie Woodall and David Shepardson | FLAT ROCK, Mich./WASHINGTON FLAT ROCK, Mich./WASHINGTON Ford Motor Co (F.N) said Tuesday it will cancel a planned $1.6 billion factory in Mexico and will invest $700 million at a Michigan factory, after President-elect Donald Trump had harshly criticized the Mexico investment plan. The second largest U.S. automaker said it would build new electric,

By David Morgan | WASHINGTON WASHINGTON Big Oil could be in a unique position to protect its interests against a Republican proposal to tax imports, given that President-elect Donald Trump's cabinet is studded with oil champions sensitive to the risk of higher gasoline prices. Trump's emerging leadership includes Exxon Mobil Corp Chief Executive Officer Rex Tillerson as secretary of

LONDON Upbeat data from China helped lift global markets as 2017 trading started in earnest on Tuesday, with the dollar notching its biggest gain in three weeks, oil on a tear and European stocks setting a one-year high.Base metal prices and bond yields also advanced, as the better-than-expected factory growth in China dovetailed with higher inflation data in Europe to give investors a solid start to the new year.Much of Europe had been open on Monday but it was the

JAKARTA Indonesia has penalized JPMorgan Chase & Co after the investment bank's research arm recommended a smaller exposure to the country's sovereign bonds, a senior finance ministry official said on Tuesday."After we did a comprehensive review, we said no need to use JPMorgan's services as a primary (bond) dealer and a perception bank," Suahasil Nazara, the head of the ministry's fiscal policy office, told Reuters.A 2006 government decree says a perception bank is one appointed by the finance minister to

SEOUL Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining the global supply glut.International Brent crude oil prices LCOc1 were trading up 31 cents, or 0.55 percent, at $57.13 a barrel at 0203 GMT on Tuesday - close to last year's high of $57.89 per barrel, hit on Dec. 12. Oil markets were closed on

LONDON Euro zone stocks opened 2017 by climbing to their highest in more than a year on Monday after data showed manufacturers in the currency bloc ramped up activity at the fastest pace in more than five years.With all of Asia's major markets closed for the New Year holiday - along with Britain and Switzerland in Europe - trade was thin, which could cause some volatility. The United States and Canada will also be closed. The euro zone's blue-chip Euro

SEOUL South Korea has banned the sale of 10 models of Nissan, BMW and Porsche vehicles after the carmakers were found to have fabricated certification documents, in the latest fallout from the Volkswagen emissions scandal. The government announced in August that it would ban all 10 models after conducting an investigation into whether foreign carmakers besides Volkswagen AG falsified documents on emissions and noise-level tests.Nine of the models have been banned since last month and Nissan's Qashqai diesel sport utility

LONDON Digital currency bitcoin kicked off the new year by jumping above $1,000 for the first time in three years late on Sunday, having outperformed all central-bank-issued currencies with a 125 percent climb in 2016.Bitcoin - a web-based "cryptocurrency" that has no central authority, relying instead on thousands of computers across the world that validate transactions and add new bitcoins to the system - jumped 2.5 percent to $1,022 on the Europe-based Bitstamp exchange, its highest since December 2013.

By Sankalp Phartiyal | MUMBAI MUMBAI Smartphone component maker Wistron Corp, which counts Apple Inc among its customers, has applied for permission to expand its plant in the Indian city of Bengaluru, a high-ranking regional government official said on Monday.The Taiwanese contract manufacturer has also requested that its application be fast-tracked, the official at the state government of Karnataka in southern

SEOUL Samsung Electronics Co Ltd (005930.KS) will announce this month the results of an investigation into what caused some of its Galaxy Note 7 smartphones to catch fire, the JoongAng Ilbo newspaper reported on Monday citing unnamed sources. The South Korean firm said in October it was examining all aspects of the phone, suggesting there may be a combination of factors that contributed to one of the costliest product safety failures in tech history.The world's top smartphone maker warned of

By Hyunjoo Jin and Se Young Lee | SEOUL SEOUL Hyundai Motor Co (005380.KS) and affiliate Kia Motors (000270.KS) said on Monday they aim to increase their combined sales to 8.25 million vehicles globally in 2017, despite rising competition.The 2017 target is slightly higher than their 2016 goal of 8.13 million vehicles. The South Korean automakers' final sales figures for 2016