Here is the latest Business News from Reuters.
GM’s China chief says Chinese car market to grow 3-5 percent/year till 2020
BEIJING (Reuters) – General Motors Co (GM) expects to see China’s car market to grow 3-5 percent every year until 2020, its China chief Matt Tsien said on Monday.
GM targets big jump in South Korea sales to alleviate production woes
YANGPYEONG, South Korea (Reuters) – General Motors Co said it is aiming to boost its South Korean sales by one fifth and attain market share of more than 10 percent, part of efforts to revive output at one of its key Asia production bases.
Sherwin-Williams paint company to buy Valspar for $9.3 billion
(Reuters) – The Sherwin-Williams Co has agreed to acquire rival U.S. paint company Valspar Corp , the companies said on Sunday, in an all-cash deal valued at about $9.3 billion.
Exclusive: A plea for help – How China asked the Fed for its stock crash play book
WASHINGTON (Reuters) – Confronted with a plunge in its stock markets last year, China’s central bank swiftly reached out to the U.S. Federal Reserve, asking it to share its play book for dealing with Wall Street’s “Black Monday” crash of 1987.
For bank heist hackers, the Philippines was a handy black hole
MANILA (Reuters) – In February 2013, the Philippines was up against a deadline to amend its Anti-Money Laundering Act and get itself off the ‘grey list’ of a global watchdog, and lawmakers were bickering over whether to include casinos under the legislation.
Asian stocks ease as investors wary after oil drops
HONG KONG (Reuters) – Asian stocks took a step back on Monday after three consecutive weeks of gains as a retreat in oil prices left investors in a ponderous mood about the health of the global economy.
FedEx shares could rise 15-20 percent over next year: Barron’s
(Reuters) – Shares of U.S. delivery services company FedEx Corp could rise another 15 to 20 percent over the next year after soaring 12 percent on Thursday, Barron’s reported on Sunday.
Wilbur Ross to buy Nexeo from TPG for $1.6 billion: source
(Reuters) – Billionaire investor Wilbur Ross has reached a deal to buy Nexeo Solutions Holdings LLC, a distributor of plastic resins and chemicals, for roughly $1.6 billion, including debt, a person familiar with the matter told Reuters on Sunday.
Exclusive: U.S. to offer China’s ZTE ‘temporary relief’ on export curbs – official
(Reuters) – The U.S. Department of Commerce is expected this week to lift export curbs it imposed on Chinese telecom equipment and smartphone maker ZTE Corp for alleged Iran sanctions violations.
Euro zone lenders, Greece make progress on tax, pension reforms
BRUSSELS (Reuters) – European lenders have made important progress in talks with Greece on tax and pension reforms that are part of a package of measures Athens must adopt to win new loans and debt relief, a European Commission spokesperson said on Sunday.
Foxconn lowering offer for Japan’s Sharp: Yomiuri
TOKYO (Reuters) – Taiwan’s Foxconn is lowering an offer for loss-making Japanese electronics maker Sharp Corp from an initial plan of 489 billion yen ($4.4 billion), the Yomiuri newspaper reported on Sunday.
Starwood signs first U.S.-Cuba hotel deal since 1959 revolution
HAVANA (Reuters) – Starwood Hotels & Resorts Worldwide on Saturday became the first U.S. hotel company to sign a deal with Cuba since the 1959 revolution, announcing a multimillion-dollar investment a day before U.S. President Barack Obama was due to visit Havana.
Brazil’s Agnelli, who turned Vale into top miner, dies in crash
SAO PAULO (Reuters) – Roger Agnelli, the Brazilian banker who turned Vale SA into the world’s No. 1 iron ore producer, died on Saturday in a plane crash, a source close to aviation authorities told Reuters. He was 56.
Amazon takes nearly 10 percent stake in Air Transport Services Group
(Reuters) – Amazon.com Inc has taken a 9.99 percent stake in Air Transport Services Group Inc , the company from which it will be leasing freighter aircraft.
Spotify agreement a ‘win’ for artists, company :Billboard editor
(Reuters) – A senior editor for Billboard magazine on Friday called an agreement over royalties reached between Spotify and the National Music Publishers Association “a win” for songwriters and for the music streaming service.
Struggling U.S. oil and gas companies eye rare financing deals
NEW YORK (Reuters) – Some cash-strapped U.S. oil and gas companies are considering creating an unusual layer of debt as a way of surviving the rout in oil and gas prices, according to restructuring advisors.
BlackRock’s Larry Fink paid nearly $26 million in 2015
NEW YORK (Reuters) – BlackRock Inc , the world’s largest asset manager, raised total compensation for Chairman and Chief Executive Larry Fink by about 8 percent in 2015, according to a filing on Friday.
Airbus sets maiden flight of its first jetliner built in U.S.
NEW YORK (Reuters) – Airbus said on Friday it had scheduled the maiden flight of its first U.S.-built jetliner, an A321 that is due to take off on Monday from a factory in Mobile, Alabama.
GameStop attracts large investors as shorts back off
SAN FRANCISCO (Reuters) – GameStop, one of the most shorted U.S. stocks, has started to attract institutional buyers and dissuade some traders betting against it as it fights off a consumer shift toward downloading video games and its depressed share price stabilizes.
U.S. prosecutors, Apple to bring witnesses to hearing on locked iPhone
WASHINGTON (Reuters) – The U.S. government and Apple Inc will be able to cross-examine the other’s witnesses in a court hearing next week over whether the technology company must help federal investigators unlock an encrypted iPhone tied to one of the San Bernardino killers, Apple said.
BlackRock income fund manager slices preferred stocks on volatility fear
NEW YORK (Reuters) – A top BlackRock Inc fund manager said his team cut its exposure to preferred stocks to a “historical” low of 5 percent on fears that market volatility could spill into the asset class.
Bullard says Fed’s goals largely met, rates should edge up
WASHINGTON (Reuters) – The U.S. central bank’s inflation and employment goals have essentially been met and it would be “prudent” to edge interest rates higher, St. Louis Fed President James Bullard said on Friday.
Saudi Arabia leaves shale-favoring plants to Shell in Motiva split
NEW YORK (Reuters) – Royal Dutch Shell Plc plans to maintain control of two refineries that can run more domestic crude, leaving a plant that runs massive volumes of Saudi Arabian oil to Saudi Aramco as the companies end their Motiva Enterprises joint venture.
Exclusive: After Motiva split, Saudi Aramco aims to buy more U.S. refineries – sources
HOUSTON (Reuters) – Saudi Arabia’s national oil company wants to buy more U.S. refining and chemical plants to expand its footprint in the world’s largest energy market once the break-up of its joint venture with Royal Dutch Shell Plc is complete, sources said.
Eyes on the dollar with stocks out of the hole
NEW YORK (Reuters) – U.S. stock market investors will be watching currency markets next week for signs that the recent, related trends of a weakening dollar and a strengthening stock market will continue.
Six months into ‘Dieselgate’ scandal, gloom deepens in VW’s hometown
WOLFSBURG, Germany (Reuters) – When Martin Winterkorn dropped by to order some new glasses in the Volkswagen company town of Wolfsburg, he was “visibly dejected”, according to his optician. But the visit wasn’t last September, when Winterkorn had just quit as the German carmaker’s chief, it was this week.
Argentina, creditors agree $155 million more in default settlement: mediator
NEW YORK (Reuters) – Argentina settled with an additional 115 individual creditors holding defaulted sovereign bonds for $155 million, Daniel Pollack, the court-appointed mediator in the long-running case, said on Friday.
CRH, LafargeHolcim contest final price of 2015 deal
DUBLIN (Reuters) – Building materials companies CRH and LafargeHolcim are contesting the final price of CRH’s acquisition of assets from the Swiss-French company, the two companies said.
Lehman employees lose appeal over stock losses from bankruptcy
NEW YORK (Reuters) – Richard Fuld, the former chief executive officer of Lehman Brothers Holdings Inc [LEHLO.UL], is not liable to onetime employees who suffered millions of dollars in losses in company stock as the bank descended into bankruptcy, a federal appeals court has ruled.
U.S. probe on Wal-Mart finds little sign of bribery in China: Bloomberg
(Reuters) – U.S. prosecutors investigating allegations of bribery by Wal-Mart Stores Inc across the globe have found little evidence of corrupt practices in China, Bloomberg reported.
Some documents in Sumner Redstone case to be unsealed: judge
LOS ANGELES (Reuters) – A Los Angeles judge tentatively ruled on Friday that certain documents can be made public in a lawsuit that challenges the mental competency of 92-year-old media mogul Sumner Redstone.
Twitter to keep 140-character limit, says CEO Jack Dorsey
(Reuters) – Twitter Inc will keep the 140-character limit for tweets, Chief Executive Jack Dorsey said on Friday.
VW managers knew of possible penalties in August 2015: Der Spiegel
FRANKFURT (Reuters) – Volkswagen’s VW brand chief and its head of procurement were told in an internal meeting on Aug. 24, 2015 that the German carmaker could face potential penalties of more than $20 billion for the use of illegal software in its vehicles, weekly Der Spiegel reported on Friday.
FBI probes Bangladesh bank account cyber theft: WSJ
(Reuters) – The Federal Bureau of Investigation (FBI) is probing the cyber theft of tens of millions of dollars from the Bangladesh central bank’s U.S. account, the Wall Street Journal reported on Friday, citing people familiar with the matter.
How UK company formation agents fuel fraud
LONDON (Reuters) – British government efforts to crack down on money laundering and fraud through UK businesses are failing to tackle a key area – the role of company formation agents – a Reuters study of the sector shows.
Bitcoin finds room in small funds; large institutions still on sidelines
NEW YORK (Reuters) – Digital currency bitcoin has found favor among smaller investors, thanks to the availability of funds designed to invest in it, but remains a niche among the larger investing community.
Daimler receives huge order from Uber: Manager Magazin
FRANKFURT (Reuters) – Ride-hailing service Uber [UBER.UL] has placed a large order for cars with Germany’s Daimler , Manager Magazin reported on Friday.
BofA raises share buyback by up to $800 million
(Reuters) – Bank of America Corp said its board has authorized share repurchase of up to $800 million, in addition to the $4 billion share buyback announced earlier.
Staples, Office Depot say FTC opposition to deal ‘simply wrong’
(Reuters) – Staples Inc said the U.S. Federal Trade Commission’s opposition to its $6.3 billion acquisition of Office Depot Inc was “simply wrong” and that it did not take into account increasing competition from online retailers.
Wall St. opens higher, helped by rising oil prices
(Reuters) – U.S. stocks were higher at the open on Friday as the Federal Reserve’s tempered view on interest rates and rising oil prices whetted investors’ risk appetite.
UK sugary drink tax could be sweet for food ingredient suppliers
LONDON (Reuters) – The British government’s planned levy on sugary soft drinks means more business for suppliers of specialty ingredients that boost sweetness without adding calories and can mask aftertastes or add texture.
Fed bank supervisors can curb but not eliminate failures: Dudley
NEW YORK (Reuters) – The army of supervisors from the Federal Reserve and other agencies can reduce but not eliminate the risk of bank failures, New York Fed President William Dudley said on Friday.
Ford CEO’s compensation jumped 17 pct to $17.4 million in 2015
DETROIT (Reuters) – Ford Motor Co Chief Executive Officer Mark Fields’ salary, bonus and stock awards jumped 17 percent to $17.4 million in 2015, a year in which the auto maker earned a record pretax profit, the company said on Friday.
Sheraton owner Starwood set to accept offer from China’s Anbang
(Reuters) – Starwood Hotels & Resorts Inc , the operator of Sheraton and Westin hotels, said on Friday it planned to accept a raised buyout offer from a group led by China’s Anbang Insurance and scrap its deal with Marriott International Inc .
Sweden’s ‘Warren Buffett’ eyes bigger investment crown
STOCKHOLM (Reuters) – In a country where family-run business spheres dominate the landscape, Fredrik Lundberg, often referred to as Sweden’s Warren Buffett, is tackling bigger rivals on several fronts.
German court acquits former Porsche CEO in VW takeover case
STUTTGART, Germany (Reuters) – A German court on Friday acquitted Wendelin Wiedeking, a former chief executive of Porsche , of alleged market manipulation in the wake of one of the auto industry’s most controversial takeover battles.
HSBC says it has begun search for new chairman
LONDON (Reuters) – HSBC has begun the search for a successor to its Chairman Douglas Flint and will aim to nominate a candidate in 2017, Europe’s biggest bank said on Friday.
UBS says European court accepts French tax case petition
ZURICH (Reuters) – Swiss bank UBS said on Friday that the European Court of Human Rights (ECHR) had accepted its petition to challenge French court rulings in a case over whether it helped clients avoid tax.
UK fraud prosecutors get arrest warrants for Euribor bankers
LONDON (Reuters) – The UK Serious Fraud Office (SFO) said on Friday it had obtained arrest warrants to try to bring four Germans and one Frenchman to Britain to face charges of conspiracy to rig Euribor benchmark interest rates.
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