Some of the biggest bets taken by his predecessor Rex Tillerson, now the U.S. secretary of state, have resulted in billions of dollars in write-downs amid falling production and a stock price that has long lagged peers. That leaves Woods facing the prospect of slow growth and billions of dollars in new spending that could
Gary Cohn, the top economic adviser to U.S. President Donald Trump and a voice for Wall Street in the White House, said on Tuesday he would resign, a move that came after he lost a fight over Trump’s plans for hefty steel and aluminum import tariffs. The departure of Cohn, director of the National Economic
Ant Financial and MoneyGram have already refiled for clearance from Committee on Foreign Investment in the United States (CFIUS) when they were unable to secure it within an assessment period after the first application, Reuters reported in July, citing sources. “We are not commenting on the CFIUS process, but we are continuing to work with
AT&T is working with a financial adviser to field interest in the assets, which could be valued at more than $8 billion, the people added, asking not to be named because the matter is private. Liberty Global PLC (LBTYA.O), Spanish telecommunications company Telefonica SA and Millicom International Cellular SA (MICsdb.ST), a wireless player in Latin
U.S. equity investors could rotate out of high-yielding sectors and into stocks of banks, which would benefit from the next leg up in interest rates, after the Federal Reserve’s policy-setting meeting wraps up on Wednesday. If the Fed next week gives a nod to rising inflation or focuses its trimmed-down bond buying on longer-dated bonds
A.P. Moller-Maersk has been fortified by the $7.5 billion sale of its oil and gas business to France’s Total, but the company’s main sea freight business faces the threat of a new price war in a consolidating industry. Maersk, the world’s biggest container shipping company, has shifted its focus this year from preserving market share
China’s largest sport utility vehicle (SUV) manufacturer made a direct overture to Fiat Chrysler on Monday, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram truck brands. Automotive News first reported the news, quoting Great Wall Motor President Wang Fengying as saying she planned
On Goldman’s fixed income earnings call, Vince said Goldman had added $5 billion of online deposits since it acquired General Electric Co’s online deposits business in 2016. Goldman has also added 60,000 new customers since then, with a focus on U.S. savers. Goldman has around $125.5 billion in deposits, still a small fraction of deposits
The Nasdaq Composite, however, was kept in check by losses in healthcare shares, led by Regeneron. The drugmaker’s (REGN.O) shares were down 3.84 percent after a rating downgrade. All eyes will now be on the quarterly performance of Dow-component Apple (AAPL.O), which reports after the closing bell. The iPhone maker’s shares were up 0.11 percent.
Samsung Electronics Co Ltd (005930.KS) said on Tuesday it will invest at least $18.6 billion in South Korea to extend its lead in memory chips and next-generation smartphone displays, in a plan that promises to create almost half a million jobs. The investment underscores Samsung’s determination to widen its lead in memory chips, which are
President Donald Trump will use fast-growing supplies of U.S. natural gas as a political tool when he meets in Warsaw on Thursday with leaders of a dozen countries that are captive to Russia for their energy needs. In recent years, Moscow has cut off gas shipments during pricing disputes with neighboring countries in winter months.
Blue Apron Holdings Inc said on Monday it expected its initial public offering to be priced at $15 to $17 per share, giving the biggest U.S. meal kit delivery company a valuation as high as $3.18 billion. New York-based Blue Apron, named after the uniform that apprentice chefs wear in France, delivers pre-packaged ingredients and
A van plowed into worshippers near a London mosque on Monday, injuring 10 people in what Prime Minister Theresa May said was a sickening, terrorist attack on Muslims. Shortly after midnight, the vehicle swerved into a group of people leaving prayers at the Muslim Welfare House and the nearby Finsbury Park Mosque in north London,
Toyota Motor Corp (7203.T) said on Saturday it had sold all shares in Tesla Inc (TSLA.O) by the end of 2016, having canceled its tie-up with the U.S. luxury automaker to jointly develop electric vehicles. Japan’s biggest automaker had bought around a 3 percent stake in the Palo Alto-based automaker for $50 million. Toyota spokesman
Embattled Audi Chief Executive Rupert Stadler only got a five-year contract extension last month because of an agreement among supervisory board members that he would not serve out his full term, two sources close to the company’s supervisory board told Reuters. How long Stadler will remain in his current position remains unclear, the sources said.
Swirling uncertainty over U.S. President Donald Trump’s political future saw world stocks extend their steepest fall in over six months on Thursday, though there were signs of stabilization elsewhere as the dollar and gold steadied. Reports that Trump had tried to intervene in an investigation into alleged Russian interference in last year’s U.S. election and
Apple (AAPL.O) has acquired a sleep tracking app and hardware maker Beddit, the Finnish startup said on its website. The terms of the deal were not disclosed and neither of the companies were immediately available for a comment. “Beddit has been acquired by Apple. Your personal data will be collected, used and disclosed in accordance
Snap Inc (SNAP.N) has many similarities with archrivals Facebook Inc (FB.O) and Twitter Inc (TWTR.N), but shareholders are eager to avoid one in particular when the social media company reports earnings on Wednesday for the first time since its initial public offering: a plunging stock price. Investors delivered a stern message of disappointment to Facebook
Alphabet Inc’s Google will open up its popular Android mobile operating system to rival search engines in Russia as part of a deal to settle a two-year dispute with Russian competition authorities. The deal sets a new precedent for the tech giant, which faces multiple complaints worldwide that it is abusing its dominant position by
Wal-Mart Stores Inc’s bid for clothing retailer Bonobos, which surfaced last week, is the latest step in the company’s attempt to recover lost ground against Amazon.com Inc and others in the rapidly growing online fashion world, analysts and retail consultants said. If Wal-Mart succeeds, the move into fashion also would advance its effort to access