Wall Street pay is slipping

Goldman Sachs CEO David Solomon was paid $23 million last year, a third of what his predecessor received in 2007. Other Goldman employees haven’t fared much better. Compensation per employee is down by 61% at the Wall Street firm when adjusted for nominal wage growth in the period, according to company filings and calculations by […]

Oil prices up 12% after attack on key Saudi oil facilities

NEW YORK (Reuters) – Oil prices jumped roughly 12% on Monday after an attack on Saudi Arabian crude oil facilities over the weekend sliced the kingdom’s production in half and intensified concerns of retaliatory actions in the Middle East. FILE PHOTO: Oil pours out of a spout from Edwin Drake’s original 1859 well that launched […]

Evidence points to Iran weapons used in Saudi strike, says alliance, as oil jumps

DUBAI (Reuters) – An attack on Saudi Arabia that triggered the biggest jump in oil prices in almost 30 years was carried out with Iranian weapons, a Saudi-led coalition said on Monday, as President Donald Trump said Washington was “locked and loaded” to hit back. The Iran-aligned Houthi group that controls Yemen’s capital claimed responsibility […]

Cheers and honking horns greet first day of UAW strike against GM

FLINT, Mich./DETROIT (Reuters) – Willie Elzy has been readying for a possible strike against General Motors Co for months and, pointing to a parking lot full of freshly built pickup trucks, he says it’s clear the automaker has been preparing too. General Motors assembly workers picket outside the General Motors Powertrain Flint Engine plant during […]

Workers picket GM plants as UAW contract talks resume

DETROIT (Reuters) – Negotiators for General Motors Co and the United Auto Workers resumed talks Monday at 10 a.m. EDT to resolve a strike that shut down the automaker’s highly profitable U.S. operations. The UAW on Sunday launched the first company-wide strike at GM in 12 years, saying negotiations toward a new national agreement covering […]

Exclusive: F-35 chief to run Lockheed aeronautics as Evans undergoes medical treatment

WASHINGTON (Reuters) – Greg Ulmer, head of Lockheed Martin Corp’s (LMT.N) F-35 fighter program, will temporarily lead the company’s aeronautics division while its current chief, Michele Evans, undergoes treatment for a “significant” medical issue, Evans told employees on Monday. FILE PHOTO: U.S. President Donald Trump greets Lockheed Martin CEO Marillyn Hewson in front of a […]

Wall Street drops after Saudi attacks; energy stocks limit losses

(Reuters) – U.S. stocks fell on Monday on global growth worries after weekend attacks on Saudi Arabia’s crude facilities hit 5% of the world’s supply, but a sharp jump in crude prices lifted beaten-down energy stocks and kept losses in check. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) […]

Israel 'well-prepared' for any spill-over from attack on Saudi oil plant

FILE PHOTO: Israeli Prime Minister Benjamin Netanyahu gestures during a weekly cabinet meeting in the Jordan Valley, in the Israeli-occupied West Bank September 15, 2019. REUTERS/Amir Cohen/File Photo JERUSALEM (Reuters) – Israel is prepared for the possibility it might be drawn into any U.S.-Iranian confrontation over a strike on a Saudi oil plant, Prime Minister […]

Evidence indicates Iranian arms used in Saudi attack, say Saudis

Official spokesperson for the Saudi-led coalition fighting in Yemen, Colonel Turki Al-Malik speaks during a press conference, in Riyadh, Saudi Arabia, September 16, 2019. REUTERS/Ahmed Yosri RIYADH (Reuters) – The Saudi-led military coalition battling Yemen’s Houthi movement said on Monday that the attack on Saudi Arabian oil plants was carried out with Iranian weapons and […]

Oil soars after attack on Saudi facilities, stocks weaken

NEW YORK (Reuters) – Oil prices soared on Monday after attacks on crude facilities in Saudi Arabia sparked worries over the impact of an oil shock on economic growth, halting a positive run in world stocks as investors reached for less risky assets. Increased demand for safe-haven U.S. debt pushed Treasury yields lower, while gold […]

Apple takes fight against 13-billion-euro EU tax order to court

LUXEMBOURG (Reuters) – Apple (AAPL.O) will launch a legal challenge on Tuesday to a European Commission order to pay 13 billion euros ($14.4 billion) in Irish back taxes in a landmark case in the EU’s crackdown on tax avoidance by multinational companies. The iPhone maker is expected to send a six-man delegation headed by Chief […]

DealBook Briefing: The World Reckons With a New Oil Order

Good Monday morning. Updates from the Saudi government on the Aramco plants that were attacked could help determine whether the country will move forward with an I.P.O. for the state-owned oil giant. (Was this email forwarded to you? Sign up here.) Oil is soaring after the attacks on Aramco Crude oil prices posted their largest-ever […]

Oil soars after Saudi facility attacks, weak China data hits shares

SYDNEY (Reuters) – Oil surged to four-month highs on Monday after weekend attacks on crude facilities in Saudi Arabia sparked supply fears, while shares in Asia extended losses as bleak economic data from China sapped investors’ risk appetite. FILE PHOTO – Passersby are reflected on a stock quotation board outside a brokerage in Tokyo, Japan, […]

OxyContin maker Purdue Pharma files for bankruptcy protection

NEW YORK (Reuters) – OxyContin maker Purdue Pharma LP filed for bankruptcy protection Sunday night, succumbing to pressure from more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic. FILE PHOTO: Bottles of prescription painkiller OxyContin pills, made by Purdue Pharma LP, are seen on a counter at a local pharmacy […]

Oil surges as Saudi attack focuses market on supply risks

SEOUL (Reuters) – Oil prices surged on Monday, with Brent crude posting its biggest intra-day percentage gain since the start of the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut in the equivalent of 5% of global supply. FILE PHOTO: Oil pours out of a spout from Edwin […]

Volkswagen agrees to Australian settlement over diesel cheating

SYDNEY (Reuters) – Volkswagen (VOWG_p.DE) said on Monday it had agreed to pay up to A$127 million ($87.3 million) to settle lawsuits brought on behalf of thousands of Australian customers caught up in its global diesel emissions cheating scandal. FILE PHOTO: A new logo of German carmaker Volkswagen is unveiled at the VW headquarters in […]

Dream Global REIT to be bought by Blackstone funds in $4.7 billion deal

The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid (Reuters) – Dream Global Real Estate Investment Trust (DRG_u.TO) said funds managed by Blackstone Group Inc (BX.N) would buy the Canadian firm in […]

Trump urges GM, UAW to resolve contract dispute

WASHINGTON (Reuters) – U.S. President Donald Trump said Sunday that General Motors Co and the United Auto Workers union should “get together and make a deal.” Trump tweeted about five hours before the union is set launch its first nationwide strike at GM in 12 years. GM and the union did not immediately comment. Reporting […]

Explainer: Attack on Saudi leaves world without spare oil capacity

LONDON (Reuters) – The strike on the heartland of Saudi Arabia’s oil industry, including damage to the world’s biggest petroleum-processing facility, has driven oil prices to their highest level in nearly four months. FILE PHOTO: Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq, Saudi Arabia, September 14, 2019. […]

People over profits: Learning from the rise in climate change lawsuits

Rebecca Byrnes is a policy analyst at LSE’s Grantham Research Institute on Climate Change and the Environment Companies are increasingly in the firing line for climate litigation, argues Rebecca Byrnes at LSE’s Grantham Research Institute on Climate Change and the Environment Major corporations and investment funds are increasingly in the firing line for strategic climate […]

U.S. stock futures fall after Saudi oil attacks

FILE PHOTO – A trader works at his post on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 12, 2019. REUTERS/Brendan McDermid (Reuters) – U.S. stock futures fell 0.3% percent when trading resumed on Sunday, a day after attacks on Saudi oil facilities that risk disrupting global energy supplies.  […]

Saudi, Gulf stocks fall after attacks on Aramco oil plants

DUBAI/RIYADH (Reuters) – Saudi stocks fell sharply on Sunday, after attacks on two plants at the heart of the kingdom’s oil industry a day earlier knocked out more than half of Saudi crude output. Sunday’s decline extended a losing spree for Saudi stocks, which in recent weeks have been hit by expensive valuations, weak oil […]

Saudi oil exports to run as normal from stocks this week: source

DUBAI (Reuters) – Saudi Arabia’s oil exports will continue as normal this week as the kingdom taps into stocks from its large storage facilities, an industry source briefed on the developments told Reuters on Sunday. Attacks on Saudi oil plants on Saturday knocked out more than half of the country’s output or more than 5% […]

Axel Springer plans layoffs after KKR becomes biggest shareholder: report

FILE PHOTO: CEO of German publisher Axel Springer Mathias Doepfner makes a speech during the annual news conference in Berlin, Germany, March 8, 2018. REUTERS/Hannibal Hanschke/File Photo BERLIN (Reuters) – Axel Springer (SPRGn.DE) is planning layoffs as part of a cost-cutting program that would mainly affect its newspapers, the German media group’s chief executive told […]

As talks falter, UAW calls first national strike against GM since 2007

DETROIT (Reuters) – The United Auto Workers (UAW) said on Sunday that its roughly 48,000 hourly workers at General Motors Co facilities would go on strike as of midnight Sunday after U.S. labor contract talks reached an impasse, the first nationwide strike at GM in 12 years. A member of United Auto Workers, Aramark workers, […]

Benetton holding says dismayed by road probe, hints at action

ROME (Reuters) – Edizione, the Benetton family holding company which has a controlling stake in Italian infrastructure group Atlantia (ATL.MI), said at the weekend it was dismayed by revelations of alleged safety violations in its road operations. FILE PHOTO: A logo of the Atlantia Group is seen outside their headquarters in Rome, Italy August 31, […]

UAW to strike against GM starting Sunday evening

DETROIT (Reuters) – The United Auto Workers (UAW) said that its members will go on strike against General Motors Co as of Sunday evening, after a lack of progress in contract talks on key issues from wages to health care benefits, temporary employees, job security and profit sharing. “We do not take this lightly,” Terry […]

After LSE's sharp rebuff, HKEX begins investor charm offensive

LONDON (Reuters) – Hong Kong Exchanges and Clearing (0388.HK) is embarking on a three-week charm offensive with London Stock Exchange (LSE.L) investors as the Asian trading house tries to salvage its proposed $39 billion takeover offer. FILE PHOTO: The name of Hong Kong Exchanges and Clearing Limited is displayed at the entrance in Hong Kong, […]

Analyst View: Saudi attacks raise specter of oil at $100/barrel

LONDON (Reuters) – The oil market will rally by $5-10 per barrel when it opens on Monday and may spike to as high as $100 per barrel if Saudi Arabia fails to quickly resume oil supply lost after attacks over the weekend, traders and analysts said. Crude oil is dispensed into a bottle in this […]

Fed trades 'remarkably positive' for 'no precedents' after volatile year

WASHINGTON (Reuters) – A year ago, U.S. Federal Reserve Chair Jerome Powell held a “remarkably positive outlook” for an economy enjoying a “historically rare” combination of good news including low unemployment, steady inflation and strong growth that were all expected to continue. FILE PHOTO: Federal Reserve Board Chairman Jerome Powell testifies before a Senate Banking, […]

Attacks on Saudi facilities threaten spare oil capacity, price hikes

HOUSTON (Reuters) – Saturday’s attacks on key Saudi Arabia processing plants will test the world’s ability to handle a supply crisis as it faces the temporary loss of more than 5% of global supply from the world’s biggest crude exporter. Smoke is seen following a fire at an Aramco factory in Abqaiq, Saudi Arabia, September […]

Global spare oil capacity in U.S. hands after Saudi outage

LONDON (Reuters) – An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country’s production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers. FILE PHOTO: Oil pump jacks […]

Factbox: U.S. readies emergency oil reserves in wake of Saudi attacks

WASHINGTON (Reuters) – The Trump administration said on Saturday it stood ready to tap U.S. emergency oil reserves if needed after attacks in Saudi Arabia shut more than half the crude output in the world’s largest oil exporter. FILE PHOTO – Oil pump jacks work at sunset near Midland, Texas, U.S., August 21, 2019. REUTERS/Jessica […]

UAW says no GM contract extension, union leaders to meet Sunday

DETROIT (Reuters) – The United Auto Workers (UAW) said late on Saturday it would not extend its contract with General Motors Co (GM.N) and would decide on a course of action at a meeting of union leaders in Detroit Sunday morning that could result in talks resuming or possibly workers going out on strike. FILE […]

UAW will not extend GM contract, but no decision on strike

FILE PHOTO – United Auto Workers (UAW) union Vice-President Terry Dittes addresses delegates during the ‘Special Convention on Collective Bargaining’ in Detroit, Michigan, U.S. March 12, 2019. REUTERS/Rebecca Cook (Reuters) – The United Auto Workers said late on Saturday that it will not extend its contract with General Motors Co (GM.N) that was set to […]

Companies ask judge in U.S. opioid trial to recuse himself

WASHINGTON (Reuters) – Major drug wholesalers and retailers facing a massive lawsuit for allegedly fostering the nation’s opioid crisis asked the judge hearing the case to recuse himself on Saturday. Federal Judge Dan A. Polster, of the U.S. District Court’s Northern District of Ohio, poses in an undated photo obtained by Reuters in Cleveland, Ohio, […]

BMW engine development expert Duesmann set to become Audi chief in April: report

FILE PHOTO – Markus Duesmann, board member of German luxury carmaker BMW attends the company’s annual news conference in Munich, Germany, March 21, 2018. REUTERS/Michael Dalder BERLIN (Reuters) – BMW’s (BMWG.DE) engine development and purchasing expert, Markus Duesmann, is set to become the CEO of Volkswagen’s (VOWG.DE) Audi premium brand, after BMW dropped its opposition […]

Overshadowed by U.S. corruption probe, UAW, GM near contract deadline

DETROIT (Reuters) – A federal corruption probe of top union officials stirred growing uncertainty about collective bargaining talks on Saturday, as the current labor contract between the United Auto Workers (UAW) and General Motors Co (GM.N) was set to expire at the stroke of midnight. FILE PHOTO: United Auto Workers President Gary Jones delivers remarks […]

House panel wants Boeing CEO to allow employee interviews on 737 MAX crashes

(In September 12 story, corrects name of European Union Aviation Safety Agency from European Aviation and Space Agency in paragraph 10) FILE PHOTO: Boeing Co Chief Executive Dennis Muilenburg in Chicago, Illinois, U.S., April 29, 2019. Jim Young/Pool via REUTERS/File Photo By David Shepardson WASHINGTON (Reuters) – Congress on Thursday asked Boeing Co’s chief executive […]

Here's to a profession as old as Woodstock

With battalions of graying baby boomers marching — or, perhaps, ambling — into retirement, this summer’s 50th anniversary of Woodstock was especially significant. For the hundreds of thousands who attended the event in 1969 and the millions more who took part vicariously through the media, Woodstock marked a defining moment for a generation. [More: Few […]

Disney CEO Bob Iger resigns from Apple board as TV battle looms

FILE PHOTO: Walt Disney CEO Bob Iger attends the European premiere of “The Lion King” in London, Britain July 14, 2019. REUTERS/Henry Nicholls (Reuters) – Apple Inc (AAPL.O) said on Friday that Walt Disney Co (DIS.N) Chief Executive Officer Bob Iger had resigned from the company’s board of directors on Sept. 10 as the two […]