Category: Business

Oil and gas major Chevron Corp (CVX.N) on Wednesday announced a $19.8 billion capital and exploratory investment program for 2017.The company said the 2017 budget represents a reduction of 42 percent from 2015 outlays and is expected to be at least 15 percent lower than projected 2016 capital investments.

By Steve Holland | WASHINGTON WASHINGTON U.S. President-elect Donald Trump said on Wednesday he will nominate professional wrestling magnate and former Senate candidate Linda McMahon as his choice to head the Small Business Administration.Trump's announcement said McMahon would be a key player in his effort to generate stronger job growth and roll back federal regulations.McMahon, 68, is a co-founder and former

By Lewis Krauskopf and Bill Berkrot | NEW YORK NEW YORK President-elect Donald Trump on Wednesday took aim at drugmakers, promising in a magazine interview that "I'm going to bring down drug prices," and shares of U.S. pharmaceutical and biotechnology companies fell. In a cover story for Time magazine, which named him its Person of the Year, Trump said that "I

Starbucks Corp (SBUX.O) set an annual revenue growth target of 10 percent and profit growth target of 15-20 percent for the next five years, and the coffee chain said it planned to open 12,000 stores globally by 2021.The company also said on Wednesday it would open an outlet of its high-end coffee chain, Reserve Roastery and Tasting Room, in Europe, bringing the number to five globally.Details of the launch will be announced early next year, the company said.

LONDON Citi (C.N) said on Wednesday that its trading operations functioned appropriately in a thin and illiquid market during October's "flash crash" in sterling, responding to a Financial Times report saying a trader at the U.S. bank exacerbated the pound's fall. "Sterling fell sharply following a news event just after midnight UK time, when the GBP spot foreign exchange market was extremely illiquid," Citi said."Citi managed the situation appropriately and our systems and controls functioned throughout the period."

By Beth Pinsker | NEW YORK NEW YORK Want to save a few quick bucks on your holiday shopping? Your credit card may offer some little-known perks that could save you money both upfront and after the purchase. Of the 100 most popular credit cards, 81 offered some kind of extended warranty, according to a study released on Wednesday from Creditcards.com,

By Julia Love and Stephen Nellis | SAN FRANCISCO SAN FRANCISCO Apple Watch sales appear to have rebounded for the holidays from mid-year doldrums on a redesign, price cuts and strong promotions, but analysts say long-term demand has yet to be proven.The Watch is Apple Inc's (AAPL.O) first new product under Chief Executive Officer Tim Cook and is seen as a

Wall Street climbed on Tuesday as telecom stalwarts AT&T and Verizon gained and bank shares added to their torrid post-election rally, helping the Dow set another record closing high.The S&P financial sector .SPSY rose nearly 1 percent, lifted by a 2.2 percent gain for Wells Fargo (WFC.N). The bank's chief executive told an investor conference it will see a near-term profit hit because of the sharp rise in interest rates, but will benefit in the longer term from rising rates.Bank

Alaska Air Group Inc (ALK.N) is likely to get the U.S. Justice Department's approval for its $2.6 billion acquisition of Virgin America Inc (VA.O) soon, a person close to the deal told Reuters.Separately, a government official said an announcement of the approval was scheduled for Tuesday, but neither source said what conditions would be put on the deal.Experts had previously said they expected Alaska to agree to give up its code-sharing agreement with Delta Air Lines Inc (DAL.N)."The Alaska-Delta code

By Jonathan Cable | LONDON LONDON Britain will most likely leave the European Union having signed a bilateral trade agreement, according to a Reuters poll of economists on Tuesday that also suggested there remains little chance of the country slipping into recession.Since the June 23 decision to leave the EU, Britain's economy has performed much better than had been previously feared.

TOKYO Toyota Motor Corp said on Tuesday it will expand the development of its gasoline-hybrid technology over the next five years to speed up the introduction of lower-emission engines in the face of stricter global emissions standards.The announcement was the latest by the Japanese firm aimed at making cars "greener" as global automakers face tighter regulations in China, the United States and other regions that will require more environment-friendly cars in the coming years.Toyota is also stepping up the development

By Julia Love | SAN FRANCISCO SAN FRANCISCO Sales of the Apple Watch to consumers set a record during the first week of holiday shopping, and the current quarter is on track to be the best ever for the product, Apple Inc (AAPL.O) Chief Executive Tim Cook told Reuters.Responding to an email from Reuters, Cook said the gadget's sell-through - a

HONG KONG Asian stocks opened higher on the back of a strong Wall Street with markets discounting the potential impact of Italy's referendum vote, while U.S. Treasury yields firmed as robust economic data pointed to an interest rate hike next week.MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.4 percent in early trade with Antiopodean markets leading gains. Korea .KS11 climbed 1 percent in opening trades. Wall Street rose on Monday, with the Dow

Wall Street rose on Monday, with the Dow Jones industrials setting fresh record highs, as services sector data gave further evidence of strength in the domestic economy.U.S. services sector activity hit a one-year high in November, with a surge in production boosting hiring, following on the heels of Friday's employment report that showed strong job gains last month.U.S. stocks have climbed since the Nov. 8 election, fueled by expectations of significant economic stimulus and cuts in corporate taxes and regulations

By Jonathan Spicer | NEW YORK NEW YORK The U.S. election of Donald Trump has created "considerable" uncertainty over the policies he will pursue so it is too soon for the Federal Reserve to judge whether its plan for gradual interest rate hikes needs adjusting, one of the most influential Fed policymakers said on Monday.In a speech that stepped well into

MILAN Ferrero, maker of Nutella chocolate spread, has appointed Jerome Gregoire, currently head of the company's operations in Greece, Cyprus and Malta, as managing director at Delacre, the biscuit maker it has just bought from United Biscuits.Belgium-based Delacre said on Monday Ferrero had completed the acquisition of the Delacre and Delichoc biscuit brands from United Biscuits. Ferrero had made an offer in July to acquire the two biscuit brands through a private investment vehicle of its owner, the Ferrero family.

BEIJING China's Foreign Ministry expressed displeasure on Monday after President Barack Obama blocked a Chinese investment fund from acquiring the U.S. business of German semiconductor equipment maker Aixtron (AIXGn.DE).Obama's executive order barring China's Fujian Grand Chip Investment Fund (FGC) from completing the acquisition of a German company with American assets was one of only a few such instances in which a U.S. president has blocked a transaction due to national security concerns.Chinese Foreign Ministry spokesman Lu Kang said the government

SHANGHAI Chinese trainmaker CRRC (601766.SS)(1766.HK) plans to build more factories abroad as part of its plan to double sales outside of China to up to $15 billion by 2020, state-run China Daily reported on Monday.CRRC expects a total of $8 billion worth of orders from overseas customers this year, and was also open to teaming up with competitors to win bids in some markets, company executives were quoted by the newspaper as saying.Since it was formed in 2015 by the

By Nichola Saminather and Wayne Cole | SINGAPORE/SYDNEY SINGAPORE/SYDNEY The euro was under the gun on Monday, skidding to a 20-month low after Italian Prime Minister Matteo Renzi said he would resign following a stinging defeat on constitutional reform that could destabilise the country's shaky banking system.The single currency, which slumped to as low as $1.0505 EUR= in early Asian

GENEVA Europe's trade negotiator blamed China on Sunday for scuppering a global environmental trade deal by submitting impossible late demands at World Trade Organization talks aimed at scrapping import tariffs on exports worth more than $1 trillion."China came in with their list, bringing in totally new elements of perspective, which was very late in the process," European Trade Commissioner Cecilia Malmstrom told Reuters.The change of U.S. president also puts a big question mark over the future prospects for a deal.

ATHENS Political uncertainty in Europe has created fresh momentum for a "comprehensive and permanent" solution to the Greek debt crisis before the year ends, a government spokesman said on Sunday.Euro zone finance ministers will meet in Brussels on Monday to discuss short-term debt relief for Greece, and Germany's Wolfgang Schaeuble said it must implement reforms instead of hoping for further debt forgiveness.Greece remained optimistic for a final debt deal, however, just as Italians are voting on a constitutional referendum on

VIENNA Novartis Chief Executive Joe Jimenez has played down suggestions the Swiss drugmaker could bid for Swiss biotech group Actelion, which is in talks with U.S. healthcare group Johnson & Johnson about a transaction. Asked by Swiss Sunday newspaper SonntagsBlick whether Novartis could emerge as a white knight, he said: "We have always said that we will concentrate on complementary acquisitions in the range of $2 billion to $5 billion." He did not elaborate.Actelion is worth nearly $20 billion at

By Arno Schuetze | FRANKFURT FRANKFURT Deutsche Bank's Global Markets division will cut ties with about 3,400 clients in its debt and equities sales activities, the bank said on Friday. Deutsche Bank will immediately cease debt sales services to some financial institutions and hedge funds as well as equity sales activities, the execution of equities trading orders and

SHANGHAI/BEIJING (Reuters) - China's wealthiest shoppers are spending at home again, roused from a three-year slumber by a weaker yuan, lower prices and a crackdown on overseas sales agents - a welcome boost for the world's luxury brands.Reuters

The U.S. government and the private sector must cooperate to improve the security of digital networks, a U.S. presidential commission on cyber security recommended in a wide-ranging report issued on Friday.The commission created by President Barack Obama earlier this year also recommended that the president and Congress accelerate the pace at which technology is updated in the federal sector and that the president appoint an ambassador for cyber security for efforts abroad."Technological advancement is outpacing security and will continue to

FRANKFURT German semiconductor equipment maker Aixtron will explore with its Chinese suitor what can be salvaged of the planned takeover after a U.S. presidential order ruled the deal posed a national security risk, the company said on Saturday.U.S. President Barack Obama blocked China's Fujian Grand Chip Investment Fund (FGC) from acquiring Aixtron's U.S. business, the Treasury Department said on Friday."The bidder and Aixtron are evaluating the impact of the Order on the conditions to be fulfilled under the takeover offer

NEW YORK The United States "absolutely must" complete unfinished work ending the too-big-to-fail bank problem that helped plunge the global economy into recession eight years ago, an influential Federal Reserve policymaker said on Saturday.In remarks that appeared to pre-empt President-elect Donald Trump, who has promised to roll back Wall Street regulations, New York Fed President William Dudley said much progress has been made making the financial system "less prone to panics.""Still," he said in prepared remarks, "there is more to

By Sinead Carew and Chuck Mikolajczak | NEW YORK NEW YORK The rally in regional U.S. bank stocks that followed last month's election of Donald Trump may not be over, but investors may have to wait for policy to take shape for the massive move to extend further.The S&P 600 index of small-cap banks has surged more than 20 percent since

BEIJING The chairman of China's securities regulator condemned "barbaric" leveraged company buy-outs by some asset managers using illegal funds, according to a statement posted on the China Securities Regulatory Commission (CSRC) website on Saturday. "You've ultimately become a robber in the industry, and that is unacceptable," CSRC chairman Liu Shiyu said during his strong-worded speech at a meeting held by the Asset Management Association of China.Liu said China's capital markets had seen a series of "abnormal phenomena" lately, challenging the

By Nate Raymond | NEW YORK NEW YORK Airbnb Inc and New York City said on Friday they had resolved a lawsuit brought by the company challenging a law it argued could expose it to significant penalties for advertising short-term apartment rentals.Airbnb filed the suit in October after New York state enacted a law imposing fines of up to $7,500 on

The U.S. Transportation Department said on Friday it granted flying rights to Norwegian Air Shuttle ASA's (NWC.OL) Irish unit, setting the stage for a new battle among airlines for leisure travelers across the Atlantic.The order finalized a tentative ruling the department made in April and came days after the European Commission formally filed for arbitration over Norwegian's request, which had languished for three years.U.S. airlines and unions have said the subsidiary, Norwegian Air International, would undermine U.S. wages and working

Starbucks Chief Executive Howard Schultz's decision to step down is unlikely to hamper growth at the world's biggest coffee chain as his successor Kevin Johnson is well suited to take the helm, analysts said. Starbucks Corp (SBUX.O) said on Thursday that Schultz would step down as CEO on April 3 to focus on new high-end coffee shops, handing the top job to Chief Operating Officer Johnson, a long-time technology executive.The company's shares were down 2.5 percent at

By Lucia Mutikani | WASHINGTON WASHINGTON U.S. employers boosted hiring in November and the unemployment rate dropped to a more than nine-year low of 4.6 percent, making it almost certain that the Federal Reserve will raise interest rates later this month.Nonfarm payrolls increased by 178,000 jobs last month after increasing by 142,000 in October, the Labor Department said on Friday. The

By Matthias Inverardi and Harro Ten Wolde | FRANKFURT FRANKFURT Aixtron (AIXGn.DE) will have to take action to balance income and costs, including potential job cuts, if U.S. President Barack Obama blocks its takeover by China's Fujian Grand Chip Investment Fund (FGC).Shares in the German semiconductor equipment maker fell more than 5 percent on Friday following a report by Bloomberg, citing