Japan criticizes U.S. digital tax proposal at G20

FILE PHOTO: Japanese finance minister Taro Aso takes questions at the annual meeting of the International Monetary Fund and World Bank in Washington, U.S., Oct. 18, 2019. REUTERS/James Lawler Duggan/File Photo RIYADH (Reuters) – Japanese finance minister Taro Aso criticized on Sunday a U.S. tax reform proposal that he said could undermine global efforts to […]

Amazon in Holocaust row about 'Hunters' series, anti-Semitic books

WARSAW (Reuters) – The Auschwitz Memorial criticized Amazon (AMZN.O) on Sunday for fictitious depictions of the Holocaust in its Prime series “Hunters” and for selling books of Nazi propaganda. FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, August 8, 2018. REUTERS/Pascal Rossignol/File Photo Seventy-five years after the […]

G20 finance heads see modest growth pickup, to monitor coronavirus

RIYADH (Reuters) – Finance leaders of the world’s top 20 economies expect economic growth to pick up modestly this year and next thanks to loose monetary policy and an easing of trade tensions, and vowed to monitor the effects of the coronavirus outbreak. U.S. Treasury Secretary Steven Mnuchin arrives for a welcome dinner at Saudi […]

Exclusive: If Lebanon needs financial aid, France will be there, finance minister says

FILE PHOTO: French Finance and Economy Minister Bruno Le Maire speaks during the G20 finance ministers and central bank governors meeting in Riyadh, Saudi Arabia, February 22, 2020. REUTERS/Ahmed Yosri RIYADH (Reuters) – France is ready to support Lebanon financially — bilaterally or multilaterally — its finance minister said on Sunday, warning against mixing economic […]

Banned Thai opposition party says junta helped 1MDB cover-up

BANGKOK (Reuters) – A banned Thai opposition party on Sunday accused the former military junta of helping cover up Malaysia’s multi-billion-dollar 1MDB scandal, urging Thais to demand the truth ahead of a censure debate against Prime Minister Prayuth Chan-ocha. View of the slogans written by Thai students and supporters during a protest against a court’s […]

No global digital tax by end-2020 would mean digital tax chaos: France

RIYADH (Reuters) – Failure to reach a global deal on where and how much to tax digital giants like Google(GOOGL.O), Amazon(AMZN.O) or Facebook(FB.O) would result in many digital tax regimes emerging all over the world, France’s Finance Minister said on Sunday. FILE PHOTO: French Finance Minister Bruno Le Maire attends a news conference to kick […]

Shifting sands of inflation unsettle top bankers at Riyadh G20 meeting

RIYADH/WASHINGTON (Reuters) – Central bankers from the United States, Japan and the euro zone meeting in the desert kingdom of Saudi Arabia this weekend had their own shifting sands to cross – those of elusive inflation. FILE PHOTO: European Central Bank President Christine Lagarde arrives for a welcome dinner at Saudi Arabia’s Murabba Palace during […]

Hughes fears Indian closure, bank disruptions over unpaid fees

NEW DELHI (Reuters) – U.S. satellite broadband provider Hughes Network Systems may have to shut its Indian operations due to unpaid levies owed to the government, which could put thousands of banking services at risk, a company letter seen by Reuters showed. FILE PHOTO: A view of telecom towers installed over the buildings is pictured […]

TurboTax maker Intuit nears agreement to buy Credit Karma for $7 billion: WSJ

The new Form 1040 tax form for individuals, released by U.S. Treasury Department, is shown in this handout image obtained June 29, 2018. Department of the Treasury/Handout via REUTERS (Reuters) – Intuit Inc is nearing an agreement to buy financial technology portal Credit Karma Inc for about $7 billion, the Wall Street Journal reported. The […]

Rising stocks fuel record profit for Buffett's Berkshire; operating profit disappoints

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) on Saturday posted a 23% decrease in quarterly operating profit, while soaring prices in stock holdings such as Apple Inc (AAPL.O) enabled the conglomerate to smash its old record for full-year earnings. FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather […]

Buffett calls for more accountability for corporate directors

(Reuters) – Warren Buffett on Saturday called on corporate America to make their boards of directors more accountable to shareholders and less beholden to chief executive officers, perhaps by reducing their pay and requiring that they buy more stock. FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to […]

Let's come together to tax tech giants, say G20 officials eyeing $100 billion boost

RIYADH (Reuters) – Leading world economies must show unity in dealing with aggressive “tax optimization” by global digital giants like Google (GOOGL.O), Amazon (AMZN.O) and Facebook (FB.O), G20 officials said on Saturday. FILE PHOTO: The Facebook logo is displayed on a mobile phone in this picture illustration taken December 2, 2019. REUTERS/Johanna Geron/Illustration – RC2OND9JJLZ0/File […]

Buffett defends stock investments, which fueled record Berkshire profit

NEW YORK (Reuters) – Warren Buffett on Saturday forcefully defended Berkshire Hathaway Inc’s decision to invest heavily in stocks of companies such as Apple Inc as he labors through a four-year drought since his last major acquisition of a company. FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather […]

G20 sees need to coordinate coronavirus response as IMF trims growth forecasts

RIYADH (Reuters) – The world’s top economies called on Saturday for a coordinated response to the coronavirus outbreak, which the IMF predicted would lower China’s growth this year to 5.6% and shave 0.1 percentage points from global growth. FILE PHOTO: IMF Managing Director Kristalina Georgieva speaks during a news conference in Rabat, Morocco, February 20, […]

Honda's Philippine unit to close auto production plant

FILE PHOTO: The Honda logo is seen during the first press day of the Paris auto show, in Paris, France, October 2, 2018. REUTERS/Regis Duvignau (Reuters) – The Philippine unit of Honda Motor Co Ltd (7267.T) said on Saturday its production facility will shut down next month, as the Japanese automaker struggles to shore up […]

Japan urges G20 members with fiscal scope to boost spending

RIYADH (Reuters) – Japan called on G20 countries with fiscal space to ramp up spending to help the global economy weather risks, including the fallout from the coronavirus outbreak, Finance Minister Taro Aso said on Saturday. FILE PHOTO: Japanese Finance Minister Taro Aso takes questions from reporters at the annual meetings of the International Monetary […]

Samsung Electronics confirms coronavirus case at phone factory complex in South Korea

SEOUL (Reuters) – Samsung Electronics (005930.KS) said on Saturday that one coronavirus case had been confirmed at its mobile device factory complex in the southeastern city of Gumi, causing a shutdown of its entire facility there until Monday morning. Samsung Electronics, the world’s top smartphone maker, said the floor where the infected employee worked would […]

The ECB wants to talk to you about inflation. But will it listen?

FRANKFURT/RIYADH (Reuters) – For many people, the language of European Central Bank policymakers is so impenetrable, it could be beamed from another planet. FILE PHOTO: European Central Bank President Christine Lagarde addresses the European Parliament during a debate on the 2018 annual report of the ECB in Strasbourg, France, February 11, 2020. REUTERS/Vincent Kessler Now, […]

Encryption on Facebook, Google, others threatened by planned new bill

WASHINGTON (Reuters) – U.S. legislation will be introduced in the coming weeks that could hurt technology companies’ ability to offer end-to-end encryption, two sources with knowledge of the matter said, and it aims to curb the distribution of child sexual abuse material on such platforms. FILE PHOTO: FILE PHOTO: An encryption message is seen on […]

Markets underprice coronavirus risk: UBS chairman on Bloomberg TV

FILE PHOTO: Axel Weber, UBS Chairman of the Board of Directors, attends a session during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 22, 2020. REUTERS/Denis Balibouse VIENNA (Reuters) – Markets are underpricing the risk that the coronavirus outbreak poses to the global economy, and central banks need to help business […]

RBC to launch U.S. consumer bank betting on wealthy clients

(Reuters) – Royal Bank of Canada plans to open a consumer bank in the United States early next year targeting wealthy clients, with the aim of expanding deposits, its chief financial officer told Reuters on Friday after the bank posted first-quarter profit that beat expectations. The Royal Bank of Canada (RBC) logo is seen outside […]

Boeing finds debris in fuel tanks of many undelivered 737 MAX jets

(Reuters) – Boeing Co (BA.N) has found debris in the fuel tanks of dozens of undelivered 737 MAX jets amid ongoing inspections as the Chicago-based planemaker struggles to restore the trust of airlines and the wider public in the grounded fleet. Boeing found debris in the fuel tanks of about 35 aircraft, a company spokesman […]

France ready to hear U.S. proposal on digital tax

French Finance and Economy Minister Bruno Le Maire speaks during the G20 finance ministers and central bank governors meeting in Riyadh, Saudi Arabia, February 22, 2020. REUTERS/Ahmed Yosri RIYADH (Reuters) – France is ready to listen to the U.S. administration’s proposal of offering U.S. companies a “safe harbor” from a new, international digital tax, its […]

U.S. Treasury's Mnuchin: Tax certainty needed on global basis

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin testifies before the Senate Finance Committee during a hearing on the President’s FY2021 Budget on Capitol Hill in Washington, U.S., February 12, 2020. REUTERS/Yuri Gripas/File Photo/File Photo RIYADH (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Saturday it was very important to have tax certainty on a […]

Federal prosecutors probing if Boeing pilot knowingly lied to FAA: NYT

(Reuters) – Federal prosecutors investigating Boeing Co (BA.N) are examining whether the U.S. planemaker knowingly misled the Federal Aviation Administration while it was seeking approval for its 737 MAX jet, the New York Times reported, citing two people familiar with the matter. FILE PHOTO: Grounded Boeing 737 MAX aircraft are seen parked in an aerial […]

Inside the Philip Morris campaign to 'normalize' a tobacco device

(Reuters) – At Germany’s Bambi Awards for the media industry in November, celebrities posed for red-carpet photos against a backdrop of established luxury brands. Alongside the likes of Mercedes-Benz and Swiss watchmaker Chopard was a newer name: IQOS, a “reduced risk” heated-tobacco device sold by cigarette maker Philip Morris International Inc. FILE PHOTO: A screenshot […]

U.S. SEC probes Altria's investment in Juul: source

FILE PHOTO: Juul brand vape cartridges are pictured for sale at a shop in Atlanta, Georgia, U.S., September 26, 2019. REUTERS/Elijah Nouvelage/File Photo (Reuters) – U.S. regulators have opened a probe regarding Marlboro maker Altria Group Inc’s (MO.N) investment in e-cigarette maker Juul Labs Inc, according to a person familiar with the matter. The U.S. […]

EBay in discussions with multiple parties for sale of classified business

FILE PHOTO: The German headquarters of online marketplace eBay is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow, Germany, August 6, 2019. REUTERS/Fabrizio Bensch (Reuters) – EBay Inc (EBAY.O) is in discussions with multiple candidates regarding a potential transaction for its classified-ads business, the company said on Friday. The company expects to […]

Coronavirus fears, U.S. business data drag down Wall Street

NEW YORK (Reuters) – U.S. stocks sold off and the Nasdaq had its worst daily percentage decline in about three weeks on Friday as a spike in new coronavirus cases and data showing a stall in U.S. business activity in February fueled investors’ fears about economic growth. Declines were led by the technology sector for […]

Factbox: Remaining hurdles for scandal-hit Wells Fargo

FILE PHOTO: An 1860’s era stagecoach is displayed at the Wells Fargo & Co. bank in downtown Denver, Colorado, U.S. April 13, 2016. REUTERS/Rick Wilking/File Photo (Reuters) – Wells Fargo & Co (WFC.N) has racked up well over $7 billion in penalties since a sales practices scandal erupted in 2016, and continues to face headwinds. […]

Stocks slip as coronavirus fears spur safe-haven buying

NEW YORK (Reuters) – Global equity markets slumped on Friday as the fast-spreading coronavirus drove investors into safe havens, with gold hitting a fresh seven-year high and the yield on the 30-year U.S. Treasury bond sliding to an all-time low. Traders work on the floor of the New York Stock Exchange shortly after the opening […]

Federal prosecutors investigating whether Boeing pilot knowingly lied to FAA: NYT

FILE PHOTO: Grounded Boeing 737 MAX aircraft are seen parked in an aerial photo at Boeing Field in Seattle, Washington, U.S. July 1, 2019. REUTERS/Lindsey Wasson/File Photo (Reuters) – Federal prosecutors investigating Boeing Co (BA.N) are examining whether the U.S. planemaker knowingly misled the Federal Aviation Administration while it was seeking approval for its 737 […]

In next downturn, Fed may opt for quick, strong action

NEW YORK/SAN FRANCISCO (Reuters) – In the next economic downturn, the Federal Reserve and other central banks may need to roll out their big guns sooner and use them more aggressively, or risk getting mired in growth-sapping deflation or worse. FILE PHOTO: Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School […]

Wall Street slides as gloomy data adds to coronavirus fears

(Reuters) – U.S. stock indexes fell on Friday after data showed U.S. business activity stalled in February, and a spike in new coronavirus cases in China and elsewhere sent investors scrambling for safer assets such as gold and government bonds. Traders work on the floor of the New York Stock Exchange shortly after the opening […]

Stocks slide as coronavirus fears spur safe-haven buying

NEW YORK (Reuters) – Global equity markets slumped on Friday as the fast-spreading coronavirus drove investors into safe-havens, with gold hitting a fresh seven-year high and the yield on the 30-year U.S. Treasury sliding to an all-time low. Traders work on the floor of the New York Stock Exchange shortly after the opening bell in […]

Deere's unexpected rise in quarterly profits sends shares soaring

CHICAGO (Reuters) – Deere & Co (DE.N) on Friday reported an unexpected increase in first-quarter profit and retained its full-year earnings forecast as signs of stabilization in the U.S. farm sector offset weak demand for construction machines, sending its shares soaring. Its shares were last trading up 8% at $179.22 on Friday. The world’s largest […]

Shopify to join Facebook-led Libra currency group

FILE PHOTO: Shadow of a 3D-printed Facebook Libra cryptocurrency logo is seen near cryptocurrency representation in this illustration taken, September 13, 2019. REUTERS/Dado Ruvic (Reuters) – Canadian e-commerce company Shopify Inc (SHOP.TO) said on Friday it would join Libra Association, a group that manages Facebook Inc (FB.O) led efforts to launch a global digital currency, […]

Tesla resumes tree cutting in Germany to build Gigafactory

FRANKFURT (Reuters) – Tesla Inc (TSLA.O) said it had resumed tree cutting in Gruenheide, Germany so it can construct its first European car and battery factory following moves by environmentalists to stop local deforestation. “Tree clearance is proceeding in an orderly manner,” Tesla said on Friday. There were no environmentalists holding up the process, Tesla’s […]

Fed policymakers call for quick, strong action in next downturn

NEW YORK (Reuters) – The U.S. central bank will need to act aggressively to counter future downturns, deploying old tools more quickly and adopting new ones, Federal Reserve Governor Lael Brainard said on Friday. FILE PHOTO: Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in […]

Oil falls over 2% on concerns over economic toll from virus

BENGALURU (Reuters) – Oil prices slid more than 2% on Friday as investors fretted about crude demand being pinched by the economic impact of the coronavirus outbreak, while leading producers appeared to be in no rush to curb output. FILE PHOTO: Drilling rigs operate at sunset in Midland, Texas, U.S., February 13, 2019.REUTERS/Nick Oxford/File Photo […]

Branson says new Virgin cruise line will overcome coronavirus fears

DOVER, England (Reuters) – British entrepreneur Richard Branson heralded his first cruise ship “Scarlet Lady” on Friday as targeting a younger generation of holidaymakers with a range of attractions that he believes will outweigh any fears around coronavirus. The Virgin Voyages Scarlet Lady cruise liner sits docked at Dover Port in Dover, Britain, February 21, […]

U.S. existing home sales fall as supply tightens

WASHINGTON (Reuters) – U.S. home sales fell in January amid a dearth of houses, but the supply squeeze is likely to ease as building permits and the number of homes under construction are at levels last seen nearly 13 years ago. A new apartment building housing construction site is seen in Los Angeles, California, U.S. […]

The Meaning of Morgan Stanley’s Move Onto Main Street

A Wells Fargo settlement with the S.E.C. over abusive sales practices could be announced as soon as today, our colleague Emily Flitter reports. (Want this in your inbox each day? Sign up here.) Masters of the universe pitch mom-and-pop investors The most obvious conclusion to draw from Morgan Stanley’s $13 billion purchase of E-Trade yesterday […]