Category: Business

BEIJING A joint venture between Hon Hai Precision Industry Co (2354.TW), known as Foxconn, and Sharp Corp (6753.T) plans to build a 61 billion yuan ($8.8 billion) factory in China to produce liquid-crystal displays (LCDs).Sakai Display Products Corp's plant will be a so-called Gen-10.5 facility specializing in large-screen LCDs and will be operational by 2019, the company said at a signing event with local officials in Guangzhou on Friday. It said the plant will have capacity equating to 92 billion

U.S. fishing and hunting equipment retailer Cabela's Inc (CAB.N), which is being bought by privately held rival Bass Pro Shops, said the Federal Trade Commission had sought more information from the companies about the deal.Cabela's shares were down 7.6 percent at $56.98 in premarket trading on Friday.Cabela's did not provide details about the FTC's request.As part of the proposed $5.5 billion deal, announced in October, Capital One Financial Corp (COF.N) had said it would buy Cabela's credit card business and

LIMA Peruvian president Pedro Pablo Kuczynski said on Saturday that he is evaluating the possibility of suing Brazilian construction firm Odebrecht [ODBES.UL] for damages after the company admitted to using bribes to secure public contracts in the Andean nation.Odebrecht, Latin America's largest construction outfit, acknowledged in a U.S. settlement earlier in December to having doled out hundreds of millions of dollars in bribes to public officials in 12 nations. That led the Peruvian government to announce on Wednesday that the

SAN FRANCISCO Tesla Motors Inc was sued on Friday by a Model X owner who said his electric SUV suddenly accelerated while being parked, causing it to crash through the garage into the owner's living room, injuring the driver and a passenger.The Model X owner, Ji Chang Son, said that one night in September, he slowly pulled into his driveway as his garage door opened when the car suddenly sped forward."The vehicle spontaneously began to accelerate at full power, jerking

By Lewis Krauskopf and Chuck Mikolajczak | NEW YORK NEW YORK After a late-year rally fueled by the U.S. election pushed stocks to surprising new peaks, investors are wary that the market could be primed for a spill to start 2017.The benchmark S&P 500 .SPX is set to post a roughly 10 percent price gain for 2016 and around 12 percent

SHANGHAI A Shanghai court ordered two Chinese firms to pay Walt Disney Co and Pixar more than 1.35 million yuan ($194,440) compensation for copying parts of their hit movies "Cars" and "Cars 2", the official Xinhua news agency reported on Saturday.The ruling is the latest in a slew of intellectual property wins for large foreign firms, who have complained about widespread copyright infringement in China.Disney and Pixar took the Chinese firms to court saying the characters, titles and posters from

FRANKFURT German utility E.ON (EONGn.DE) plans to cut administrative jobs as part of efforts to reduce costs by 400 million euros (340.78 million pounds), Chief Executive Johannes Teyssen told newspaper Rheinische Post."Based on previous experience, 50 percent of savings in such efficiency programs come from personnel costs and 50 percent from the cost of material," he said in the interview, published on Saturday, adding the company was in the process of determining how many jobs are to go.He said staff

BEIJING China's economy is on a steady growth path as 2016 ends, supported by a housing boom and billions in government investment, but the mood of policymakers is more cautious than celebratory as they face "complexity" in the new year. Controlling risks has been a constant refrain in recent months as the focus of policymakers switches to taming asset bubbles and checking unbalanced growth stemming from efforts to fuel the economy with credit.The central bank - while reaffirming a long-standing

Social media firm Snap Inc may be the highest profile tech IPO planned for 2017, with the potential to raise billions.But more than a dozen expected stock offerings of relatively obscure software firms targeting business customers - little-known names such as Apttus, Tintri and Okta - could be just as important in thawing a long-frozen IPO market, according to investment bankers and advisers who work on IPOs. Such firms are a "leading indicator" of broader investor demand for market debuts,

By Sam Forgione | NEW YORK NEW YORK The U.S. dollar slipped on Friday but notched its fourth straight year of gains against a basket of major currencies.The dollar index .DXY, which measures the greenback against a basket of six major rivals, gained about 3.7 percent for the year.The index rose about 7.1 percent during the fourth quarter, more than half

Apple Inc (AAPL.O) will trim production of iPhones by about 10 percent in the January-March quarter, the Nikkei financial daily reported, citing calculations based on data from suppliers.The company slashed output by 30 percent in the January-March quarter this year due to accumulated inventory, the Nikkei reported. s.nikkei.com/2hClWTvApple's shares were down 0.85 percent in midday trading.

By Yashaswini Swamynathan Wall Street aimed to end 2016 on a positive note, setting up the Dow for its best annual performance since 2013 amid increasing optimism about the outlook for the economy. The markets have shown surprising resilience to major political events, such as Britain's vote in June to leave the European Union and the election of Donald Trump as

FRANKFURT China's Midea said it will complete its takeover of German robotics maker Kuka in the first half of January after the United States authorities gave the deal a green light.Midea, which launched a 4.5 billion euro ($5 billion) offer for Kuka in May, said Germany's markets regulator had approved the settlement of the transaction, allowing it to control a 94.55 percent voting stake in Kuka from January onwards. The bid for Kuka, a high-tech robotics manufacturer,

HONG KONG China's Huawei Technologies Co Ltd [HWT.UL], one of the world's largest telecom equipment makers, said on Friday it expects 2016 revenue growth to slow slightly to 32 percent and forecast greater uncertainties next year. The Shenzhen-based company, which competes with Sweden's Ericsson (ERICb.ST) for the top spot in the global market for telecoms equipment, sees 2016 revenue hitting 520 billion yuan ($74.8 billion), said Eric Xu, Huawei's rotating chief executive. The expected growth rate for this year

Singapore Oil prices rose in early Asian trade on Friday shrugging off a second consecutive week of U.S. crude oil inventory builds, with a U.S. Energy Information Administration (EIA) report late on Thursday indicating an unexpected rise in crude stocks.U.S. benchmark West Texas intermediate (WTI) CLc1 crude futures were up 18 cents or 0.33 percent to $53.95 at 0105 GMT after settling 29 cents lower at $53.77 per barrel in the previous session.Brent front-month March crude oil futures LCOc1 were

By Jonathan Stempel | NEW YORK NEW YORK A founder of Run-DMC on Thursday filed a lawsuit accusing Amazon.com Inc and Wal-Mart Stores Inc of selling a wide variety of clothing and accessories bearing the pioneering rap group's name without permission.Darryl McDaniels, the owner of Run-DMC Brand LLC, the plaintiff in the lawsuit, is seeking at least $50 million of damages

By Tom Hals | WILMINGTON, Del. WILMINGTON, Del. Peabody Energy Corp said on Thursday the deadline for creditors to join financing deals aimed at bringing the largest U.S. coal miner out of bankruptcy had been extended after large investors sued to slow the process.Last week, Peabody unveiled its plan to eliminate more than $5 billion of debt and raise capital from

By Yashaswini Swamynathan Wall Street looked set to open little changed on Thursday, a day after the S&P 500 index suffered its biggest fall in two months, putting a damper on a post-election rally. A report showed the number of Americans applying for jobless claims fell by 10,000 to 265,000 last week, indicating sustained strength in the labor market.U.S. equities had

By Jamie McGeever | LONDON LONDON European shares, the dollar and bond yields fell on Thursday, with traders using the quiet holiday period to book some profit on the rise that had lifted all three to multi-year and in some cases record highs recently. Weakness in European financial stocks helped push broader indices into the red, extending the slippage after soft

TOKYO Shares in Toshiba (6502.T) fell more than 19 percent in morning trade on Thursday, clocking a third day of heavy losses after the Japanese tech-to-nuclear conglomerate said earlier this week it faced a potential multi-billion dollar writedown.Late on Wednesday, Moody's became the second rating agency to downgrade the group, pushing it deeper into "junk", or non-investment grade territory, with a Caa1 rating, from B3."Although Toshiba is still assessing the exact amount of the impairment loss, its financial metrics will

Singapore Oil prices fell in early trade in Asia on Thursday following a surprise build in U.S. crude stocks shown in data published by the American Petroleum Institute (API) late on Wednesday.U.S. benchmark West Texas intermediate (WTI) CLc1 crude futures were down 31 cents or 0.57 percent to $53.75 at 0104 GMT after settling up 16 cents at $54.06 per barrel in the previous session.Brent crude oil futures LCOc1 also fell 13 cents or 0.23 percent to $56.09 a barrel

New York state's financial regulator on Wednesday revised a proposal for the nation's first cyber security rules for banks and insurers, loosening some security requirements and delaying implementation by two months to March 1.The rules from the New York State Department of Financial Services are being closely because they lay out unprecedented requirements on steps that financial firms must take to protect their networks and customer data from hackers and disclose cyber events to state regulators."Many organizations are going to

By Yashaswini Swamynathan Wall Street lost ground for the first time in three days on Wednesday due to declines across sectors, slowing the Dow's race to 20,000. The blue-chip index came within 19 points of the milestone shortly after the open, before slipping into negative territory as losses in Boeing (BA.N) offset Goldman Sach's (GS.N) 0.86 percent gain. Boeing fell 0.8

By Se Young Lee and Stephen Nellis | SEJONG, South Korea/SAN FRANCISCO SEJONG, South Korea/SAN FRANCISCO South Korea's antitrust regulator fined Qualcomm Inc (QCOM.O) 1.03 trillion won ($854 million) for what it called unfair business practices in patent licensing and modem chip sales, a decision the U.S. chipmaker said it will challenge in court.The fine, the largest ever levied in South

By Makiko Yamazaki | TOKYO TOKYO A looming writedown at Japanese conglomerate Toshiba Corp has wiped almost $5 billion off its value in two days and prompted a credit rating downgrade on Wednesday, as the company grapples to plug a potential multi-billion dollar hole.Toshiba said late on Tuesday that cost overruns at a U.S. nuclear business it bought from Chicago Bridge

By Shinichi Saoshiro | TOKYO TOKYO Asia stocks followed Wall Street higher on Wednesday, while the dollar firmed against the yen following the release of upbeat U.S. economic data overnight.Crude oil prices held large gains on expectations of supply tightening once oil-producing nations implement a scheduled output cut. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose

By Thomas Wilson and Saeed Azhar | TOKYO/SINGAPORE TOKYO/SINGAPORE Japan Inc may become a more important force in dealmaking next year as its cashed-up companies seek to buy growth prospects elsewhere in the world and as Beijing's crackdown on capital outflows prevents some Chinese companies from making foreign acquisitions, bankers and lawyers said.Facing tepid prospects at home after decades of stagnation

By Diane Bartz | WASHINGTON WASHINGTON Healthcare company Abbott Laboratories (ABT.N) has won U.S. antitrust approval for its proposed $25 billion acquisition of medical device maker St. Jude Medical Inc (STJ.N), the U.S. Federal Trade Commission said on Tuesday.Abbott agreed to divest two medical devices used in cardiovascular procedures to resolve FTC concerns the acquisition would stifle competition, the commission said

By Yashaswini Swamynathan Wall Street was higher on Tuesday, with the Dow Jones Industrial Average resuming its climb toward 20,000 and the Nasdaq hitting a record as technology and health stocks rose. The blue-chip index has been riding on a post-election rally, feeding on optimism that President-elect Donald Trump's plans for deregulation and infrastructure spending would bolster the economy. The index,

By Patrick Graham | LONDON LONDON Share prices inched higher on Tuesday as trading in some of the world's major financial markets resumed after a Christmas break, with oil and the dollar also rising marginally.Concerns about Italian banks, Chinese growth and U.S. President-elect Donald Trump's protectionist bent look set to keep investors on edge into the start of 2017.But expectations the

TOKYO Tokyo Electric Power (Tepco) is gauging demand for its first bond offering since the 2011 Fukushima nuclear calamity, with some market participants expecting a sale as early as February, people familiar with the plans said.Once-sceptical investors are now more comfortable with the utility's outlook after government moves to reassess decommissioning and compensation costs, bankers and investors who asked not to be identified told Thomson Reuters DealWatch.Tepco (9501.T) is likely to have to pay investors a 1 percentage point premium

By Osamu Tsukimori | TOKYO TOKYO Oil prices were little changed on Tuesday in light pre-New Year holiday trading with markets adopting a wait-and-see stance less than a week before the first output cut deal agreed between OPEC and non-OPEC members in 15 years is scheduled to kick in.London Brent crude for February delivery LCOc1 was down 1 cents at $55.15

By Makiko Yamazaki | TOKYO TOKYO Toshiba Corp (6502.T) said on Tuesday it was considering booking a goodwill impairment loss of several hundreds of billion yen on a U.S. nuclear power acquisition made by its Westinghouse division, sending its stock plunging 10 percent.The loss would deal a yet another heavy blow to a sprawling conglomerate hoping to recover from a $1.3

MILAN The European Central Bank has told Monte dei Paschi it needs to plug a capital shortfall of 8.8 billion euros ($9.2 billion), higher than a previous 5 billion euro gap estimated by the bank, the lender said on Monday, confirming what sources told Reuters.Last Friday the Italian government approved a decree to bail out Monte dei Paschi (BMPS.MI) after Italy's No. 3 lender failed to win investor backing for a desperately needed 5 billion euro capital increase. The bank