Rusal appoints independent director as new board chairman

MOSCOW/HONG KONG (Reuters) – Russian aluminum company Rusal said on Friday it has appointed independent non-executive director Jean-Pierre Thomas as its new chairman as part of an agreed restructuring in exchange for the lifting of U.S. sanctions. FILE PHOTO: Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in […]

Mexico says military to play larger role in fighting fuel theft

MEXICO CITY (Reuters) – Mexico’s government unveiled a plan on Thursday to step up use of the armed forces to combat fuel theft, vowing to root out corrupt officials it says are largely responsible for a problem that has cost the country billions of dollars. FILE PHOTO: A policeman inspects barrels containing stolen diesel fuel, […]

Nissan to cut China auto output over three months as demand slows: source

TOKYO (Reuters) – Nissan Motor Co (7201.T) plans to cut vehicle production in China by 30,000 units in the coming months, a person briefed on the matter told Reuters, as global automakers grapple with falling demand in the world’s biggest car market. Nissan cars are seen at a storage area in Guangzhou, Guangdong province, China […]

Asia stocks lifted as Wall Street extends comeback

TOKYO (Reuters) – Asia stocks gained on Friday after Wall Street ended volatile trade in the green, adding to the big advances of the previous session, although lingering investor jitters helped support safe-haven currencies such as the yen. FILE PHOTO: Pedestrians are reflected on an electronic board showing stock prices outside a brokerage in Tokyo, […]

Green Growth to launch hostile bid for pot producer Aphria

(Reuters) – U.S. cannabis retailer Green Growth Brands Ltd (GGB.CD) said on Thursday it would make a hostile takeover bid for Aphria Inc (APHA.TO) in an all-stock deal valuing the Canadian pot producer at C$2.8 billion ($2.06 billion). Aphria CEO Vic Neufeld poses near a wall covering of a marijuana leaf at a party the […]

Fed survey points to a scaling back of bets on emerging market gains

FILE PHOTO: The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. REUTERS/Chris Wattie/File Photo WASHINGTON (Reuters) – Most financial market credit officers surveyed by the Federal Reserve in November said their big clients were exposed to emerging markets but were scaling back bets emerging market assets would rise in value, the […]

Wall Street roars back late to keep rally going

(Reuters) – U.S. stocks roared back to end in positive territory on Thursday following steep losses for much of the session, as equities rebounded for a second day. The failure of an initial selloff to gain more momentum lent credence to the idea that the extended bout of selling pressure may be coming to an […]

U.S. stock funds attract cash for first time in six weeks: Lipper

NEW YORK (Reuters) – U.S. fund investors eased into wild stock markets during the latest week, adding $5.2 billion, according to Lipper data on Thursday that reflected the first net positive flows for funds since December’s selloff began. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December […]

Oil prices slide as concerns about global economy, oversupply weigh

NEW YORK (Reuters) – Oil prices fell on Thursday, retreating from an 8 percent rally in the previous session as the oil market focused on signs of faltering global economic growth and record production of crude. FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of […]

Lockheed Martin wins $712 million U.S. defense contract: Pentagon

Trade visitors are seen walking over a road crossing covered with Lockheed Martin branding at Farnborough International Airshow in Farnborough, Britain, July 17, 2018. REUTERS/Toby Melville WASHINGTON (Reuters) – Lockheed Martin Corp (LMT.N) has been awarded a $712 million U.S. defense contract for the development of advanced hardware in support of the F-35 Lightning II […]

Second dramatic day for global stocks ends on high note

NEW YORK (Reuters) – A wild Christmas week ride in global markets continued on Thursday as stocks rallied from significant losses to post gains for the day. For the second consecutive session, early weakness in markets turned to strength by the time U.S. stocks closed as investors shuffled their portfolios. “We had a very wild […]

Wall St. tumbles after data sparks concerns over economy

(Reuters) – U.S. stocks fell broadly on Thursday, giving back a chunk of the previous day’s big rally, as fresh concerns arose about the U.S. economy with a measure of consumer confidence dropping by the most in more than three years. The pullback on the heels of Wednesday’s huge advance, which featured the Dow Jones […]

Dramatic stock market rally runs out of steam

(Reuters) – A dramatic global stock rally faded on Thursday after a fall in Chinese industrial profits offered a reminder of the pressures on the world economy. Still, an index of world stocks stayed off near two-year lows hit earlier this week before Wednesday’s 1,000 point-plus surge on the U.S. Dow Jones index, which was […]

Oil prices fall more than 1 percent as U.S. stock markets retreat

NEW YORK (Reuters) – Oil prices fell on Thursday after rebounding 8 percent in the previous session, with prices pressured by concerns over a faltering global economy and worries about a glut in crude supply. FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy […]

France's Vinci in $3.7 billion swoop on UK's Gatwick airport

PARIS (Reuters) – France’s Vinci (SGEF.PA) is taking advantage of a Brexit hit to UK asset prices to buy a majority stake in Britain’s second-busiest airport, London’s Gatwick, for 2.9 billion pounds ($3.7 billion), the construction company said on Thursday. The deal to buy a 50.01 percent stake gives Vinci, which already runs 45 airports […]

U.S. regulator SEC to operate on partial basis due to federal shutdown

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission (SEC) announced on Thursday that it will partially operate with reduced staff during to the ongoing federal shutdown. The agency […]

U.S. jobless claims signal labor market strength after rough patch

WASHINGTON (Reuters) – The number of Americans filing applications for jobless benefits fell marginally last week in a sign of labor market strength, with claims appearing to stabilize after drifting higher in recent months. Job seekers line up at a job fair of an oil services giant Halliburton at the MCM Grande Fundome hotel in […]

China's Sinopec suspends top officials at trading arm

SINGAPORE (Reuters) – Sinopec (600028.SS) has suspended two top officials at its trading arm Unipec and is evaluating the details related to certain crude oil transactions that have incurred some losses, the Chinese state oil company said on Thursday. FILE PHOTO: Unipec’s President Chen Bo speaks at the 34th Asia Pacific Petroleum Conference (APPEC) in […]

Tesla sets up Shanghai financial leasing unit as China plans accelerate

FILE PHOTO: A Tesla Model 3 car is displayed during a media preview at the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Jason Lee/File Photo BEIJING (Reuters) – Tesla Inc (TSLA.O) has registered a financial leasing company in China, a local business registration filing shows, in the latest sign the U.S. […]

JPMorgan to pay more than $135 million for improper handling of ADRs

The SEC Wednesday announced that JPMorgan Chase Bank N.A. will pay more than $135 million to settle charges of improper handling of “pre-released” American Depositary Receipts. ADRs – U.S. securities that represent foreign shares of a foreign company – require a corresponding number of foreign shares to be held in custody at a depositary bank. […]

Fund investors pull $56 billion in biggest exit since 2008

Mutual funds suffered redemptions of $56.2 billion in the week ended Dec. 19. That’s the biggest outflow since the week ended Oct. 15, 2008, according to data released Wednesday by the Investment Company Institute. And the numbers over the last several weeks have only gotten worse as the chart below shows. Yet even as investors […]

U.S. Commerce Department won't publish economic data during shutdown: WSJ

FILE PHOTO: A fence surrounds the U.S. Department of Commerce in Washington October 5, 2013. REUTERS/Mike Theiler (Reuters) – The U.S. Department of Commerce’s Bureau of Economic Analysis and Census Bureau will not publish economic data during the ongoing partial government shutdown, the Wall Street Journal reported on Wednesday, citing an agency spokeswoman. The Commerce […]

Wall Street surge provides relief to battered stock markets

TOKYO (Reuters) – Asian shares on Thursday rode a dramatic surge on Wall Street as markets, hammered by a recent drum roll of deepening political and economic gloom, cheered upbeat U.S. data and the Trump administration’s effort to shore up investor confidence. Pedestrians talk in front of an electronic board showing Nikkei share average outside […]

Sinopec suspends top officials at its trading arm: sources

FILE PHOTO: Unipec’s President Chen Bo speaks at the 34th Asia Pacific Petroleum Conference (APPEC) in Singapore September 24, 2018. REUTERS/Edgar Su SINGAPORE (Reuters) – Chinese state oil major Sinopec (600028.SS) has suspended two senior officials at its trading arm Unipec after the company suffered losses, sources with knowledge of the matter said on Thursday. […]

Oil prices fall after jump the day before; glut, economy worries weigh

SEOUL (Reuters) – Oil fell on Thursday after soaring 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support. FILE PHOTO: Oil pours out of a spout from Edwin Drake’s original 1859 well that […]

Most shorted stocks log record gain as Wall Street surges

NEW YORK (Reuters) – One notable factor in Wall Street’s monster rally on Wednesday was a record gain in an index of stocks that have the largest bets placed against them by market contrarians. A trader works at his post on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,December 26, […]

Ex-Insys CEO to plead guilty to opioid kickback scheme

BOSTON (Reuters) – The former chief executive of Insys Therapeutics Inc (INSY.O) has agreed to plead guilty to participating in a scheme to bribe doctors to prescribe a powerful opioid medication in order to boost its sales, U.S. prosecutors said on Wednesday. FILE PHOTO: A box of the Fentanyl-based drug Subsys, made by Insys Therapeutics […]

Dow notches record point surge in dramatic rebound

(Reuters) – The Dow Jones Industrial Average surged more than 1,000 points for the first time on Wednesday, leading a broad Wall Street rebound after a report that holiday sales were the strongest in years helped mollify concerns about the health of the economy. Following Wall Street’s worst-ever Christmas Eve drop in the previous session, […]

In Japan, a scramble for new workers disrupts traditional hiring

TOKYO(Reuters) – It’s a rite of spring in Japan: Major corporations hire fresh university graduates en masse every April, starting them all at the same salary with assurances of rising pay and lifetime employment. An employee of Mercari Inc. Takashi Murakami, 23, poses for a photograph at the company office in Tokyo, Japan, December 5, […]

Exxon continues drilling offshore Guyana as Venezuela lodges complaint

CARACAS (Reuters) – Exxon Mobil Corp (XOM.N) said on Wednesday its oil drilling and development activities offshore Guyana were unaffected by a weekend incident in which Venezuela’s navy stopped two exploration vessels the company had hired. The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock […]

Here are three crazy market statistics on a wild day of trading

To say that U.S. stocks trading has been odd this week seems like an understatement. All three major U.S. indexes gained at least 4 percent on Wednesday. That’s the first time that’s happened since 2011. The Dow Jones Industrial Average and the S&P 500 Index both came a hair shy of topping 5 percent. The […]

U.S. stocks surge in best rally since March 2009

U.S. stocks staged one of the biggest rallies of the 9 1/2 year bull market after coming within points of seeing it end, with major indexes surging at least 4.9 percent. Crude jumped almost 10 percent. All but one member of the S&P 500 finished in the green, the Dow Jones Industrial Average jumped more […]

U.S. fund investors sold most bonds in seven weeks on Fed hike: ICI

NEW YORK (Reuters) – U.S. fund investors battered bond markets with the biggest withdrawals in seven weeks and snatched the most cash from foreign stocks since mid-2015 as the Federal Reserve hiked interest rates, Investment Company Institute (ICI) data showed on Wednesday. Some $12.2 billion tumbled from U.S.-based bond funds during the week ended Dec. […]

Finra fines Morgan Stanley $10 million for lapses in anti-money laundering program

The Financial Industry Regulatory Authority Inc. announced Wednesday that it fined Morgan Stanley Smith Barney $10 million for anti-money laundering program and supervisory failures that spanned a period of more than five years. FINRA found that Morgan Stanley’s AML program failed to meet the requirements of the Bank Secrecy Act because of three shortcomings: • […]

U.S. stocks attempt rebound

(Reuters) – U.S. stocks were attempting a modest rebound on Wednesday, boosted by technology shares and an Amazon-led jump in retailers, following four sessions of steep losses that pushed the S&P 500 and Dow Industrials near bear market territory. A trader works on the floor of the New York Stock Exchange (NYSE) in New York, […]

U.S. holiday shopping season best in six years: report

(Reuters) – Sales in the 2018 U.S. holiday shopping season rose 5.1 percent to over $850 billion, the strongest in six years, according to a Mastercard report on Wednesday, as shoppers were encouraged by a robust economy and early discounts. The data follows Inc’s announcement of a “record-breaking” selling season, with the online retail […]

Stocks and oil rebound after pre-holiday thumping

(Reuters) – Stocks and oil prices rebounded on Wednesday as the Trump administration attempted to shore up confidence and markets welcomed a report on strong U.S. holiday spending. MSCI’s gauge of stocks across the globe gained 0.22 percent, while Brent crude futures were last at $52.42, up 3.86 percent. Benchmarks for both oil and stocks […]

Morgan Stanley unit to pay $10 million fine for anti-money laundering violations

(Reuters) – Wall Street’s industry funded watchdog fined the U.S. brokerage unit of Morgan Stanley $10 million on Wednesday for compliance failures in the firm’s anti-money laundering program, the regulator said. A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson The Financial Industry Regulatory Authority (FINRA) […]

Lawsuit against Boeing over Lion Air crash demands Chicago jury trial

Indonesia’s National Transportation Safety Committee (KNKT) sub-committee head for air accidents, Nurcahyo Utomo, holds a model airplane while speaking during a news conference on its investigation into a Lion Air plane crash last month, in Jakarta, Indonesia November 28, 2018. REUTERS/Darren Whiteside CHICAGO(Reuters) – The family of a man who was killed when a Lion […]

Oil rebounds from steep slide but growth fears still weigh

LONDON/NEW YORK (Reuters) – Oil rebounded from recent losses on Wednesday, gaining more than 1 percent on perceptions that the price slide to 2017 lows prompted by economic worries has gone too far, too fast. FILE PHOTO: Oil pumps are seen after sunset outside Vaudoy-en-Brie, near Paris, France November 14, 2018. REUTERS/Christian Hartmann/File Photo Crude […]

Facebook shares could hit $160 in 2019: Citron

FILE PHOTO: A 3D printed Facebook logo is seen in front of displayed cyber code in this illustration taken March 22, 2016. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) – Short-seller Citron Research on Wednesday backed Facebook Inc, saying the stock could hit $160 in 2019 as the company’s revenue and user base have seen little impact from […]

Rusal board chairman quits as part of U.S. sanctions waiver deal

FILE PHOTO: Matthias Warnig attends a meeting with Russia’s President Vladimir Putin and Kazakhstan’s President Nursultan Nazarbayev in Sochi, Russia October 12, 2017. REUTERS/Maxim Shemetov MOSCOW (Reuters) – Russian aluminum company Rusal said on Wednesday that board chairman Matthias Warnig resigned as part of a restructuring it agreed to implement in exchange for a waiver […]

Exxon continues drilling offshore Guyana despite Venezuela incident

The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. Standard & Poor’s Ratings Services said on April 26, 2016, it had cut Exxon Mobil Corp’s corporate credit rating to “AA+” from “AAA,” citing the impact of low oil […]

Special Report: Oil output goes AWOL in Venezuela as soldiers run PDVSA

CARACAS (Reuters) – Last July 6, Major General Manuel Quevedo joined his wife, a Catholic priest and a gathering of oil workers in prayer in a conference room at the headquarters of Petroleos de Venezuela SA, or PDVSA. The career military officer, who for the past year has been boss at the troubled state-owned oil […]