Business

China's Yangzijiang Shipbuilding plans 10 percent more job cuts in 2017

SINGAPORE (Reuters) - China's Yangzijiang Shipbuilding Holdings Ltd plans to cut another 10 percent of its workforce in 2017, its executive chairman said, as the company seeks to ride out a prolonged downturn in the industry. The Singapore-listed firm plans to...

Tuesday, February 28, 2017 - 11:57pm

Asian factories pick up steam in shadow of Trump protectionist threat

By Saikat Chatterjee HONG KONG (Reuters) - Asian factories extended a global manufacturing revival as activity picked up steam in February, though the outlook for many of the region's export-reliant economies remained uncertain in the wake of U.S. President...

Tuesday, February 28, 2017 - 11:29pm

Oil slips after U.S. crude stocks build to record high

By Jessica Resnick-Ault NEW YORK (Reuters) - Oil prices ended slightly lower on Wednesday as record high U.S. crude supplies tempered expectations that the market will rebalance as evidence emerges that OPEC producers are complying with an agreement to cut...

Tuesday, February 28, 2017 - 11:20pm

Dollar jumps as Fed interest rate hike seen nearer

By Karen Brettell and Saqib Iqbal Ahmed NEW YORK (Reuters) - The dollar hit a seven-week high on Wednesday after hawkish comments from two Federal Reserve officials late on Tuesday boosted expectations that the U.S. central bank is closer to raising interest...

Tuesday, February 28, 2017 - 11:09pm

China banking regulator names Guo Shuqing as new chairman

BEIJING (Reuters) - China's banking regulator named Guo Shuqing as the new chairman of China Banking Regulatory Commission (CBRC)on Wednesday. Guo will hold a press conference on March 2, the country's cabinet information office said earlier in the day...

Tuesday, February 28, 2017 - 10:48pm

BOJ's Sato calls for raising yield targets flexibly

By Leika Kihara TOKUSHIMA, Japan (Reuters) - Dissenting Bank of Japan board member Takehiro Sato said the central bank should be open to the idea of raising its bond yield targets before inflation hits its 2 percent goal, if improvements in the economy drive up...

Tuesday, February 28, 2017 - 10:48pm

German automakers top U.S. magazine brand rankings

By David Shepardson WASHINGTON (Reuters) - German automakers dominated Consumer Reports' annual ranking of automotive brands released on Tuesday, with Volkswagen AG's <VOWG_p.DE> Audi <NSUG.DE> leading the pack, while U.S. brands continued to lag...

Tuesday, February 28, 2017 - 9:58pm

Stocks, dollar up on U.S. rate hike bets, Trump relief

By Sinead Carew NEW YORK (Reuters) - U.S. Treasury yields rose along with the U.S. dollar and Wall Street rallied, lifting the Dow above 21,000, as investors increased bets on an imminent interest rate hike and gave a sigh of relief after President Donald Trump'...

Tuesday, February 28, 2017 - 9:58pm

China February factory growth beats expectations as global demand improves

By Elias Glenn and Yawen Chen BEIJING (Reuters) - China's factory activity expanded faster than expected in February as domestic and export demand picked up, adding to signs that the global economy is regaining momentum even as fears grow of a surge in trade...

Tuesday, February 28, 2017 - 9:58pm

Fed officials jolt market with talk of pending rate hike

By Ann Saphir and Jonathan Spicer SANTA CRUZ, Calif./NEW YORK (Reuters) - A handful of Federal Reserve policymakers on Tuesday jolted markets into higher expectations for a March U.S. interest rate increase, with comments that suggested rate-setters are...

Tuesday, February 28, 2017 - 7:15pm

VW has spent $2.9 billion on U.S. buybacks: court document

By David Shepardson WASHINGTON (Reuters) - Volkswagen AG has paid $2.9 billion to repurchase nearly 138,000 U.S. diesel vehicles through Feb. 18 in the wake of its emissions scandal, a court document made public on Tuesday shows. The report by an...

Tuesday, February 28, 2017 - 6:59pm

Exclusive: Mexico may force Slim's America Movil to separate fixed unit - sources

By Christine Murray MEXICO CITY (Reuters) - Mexico's telecoms regulator has discussed forcing billionaire Carlos Slim to legally separate part of his fixed-line unit Telmex from the rest of the company, people familiar with the matter said, a move that would...

Tuesday, February 28, 2017 - 5:48pm

Hershey to reduce global workforce by 15 percent

(Reuters) - Hershey Co <HSY.N>, maker of Hershey's Kisses and Reese's Peanut Butter Cups, said on Tuesday it would cut its global workforce by about 15 percent as part of a restructuring program. The company said it would book pre-tax charges of $375...

Tuesday, February 28, 2017 - 5:48pm

FCA reveals U.S. state, federal probes on diesel emissions

By Bernie Woodall and David Shepardson DETROIT (Reuters) - Fiat Chrysler Automobiles NV has received subpoenas from U.S. federal and state authorities, including the Securities and Exchange Commission, related to alleged excess diesel emissions by some of...

Tuesday, February 28, 2017 - 5:48pm

Case for Fed rate hike now a lot more compelling: Dudley

NEW YORK (Reuters) - The case for raising U.S. interest rates has become "a lot more compelling" since the November election given rising confidence and expectations for fiscal stimulus, New York Fed President William Dudley, among the most influential U.S. central bankers,...

Tuesday, February 28, 2017 - 5:43pm

Business, unions ramp up campaign for U.S. infrastructure spending

By Luciana Lopez (Reuters) - Business groups and unions are bulking up lobbying budgets and coordinating efforts to put pressure on Congress not to let President Donald Trump’s infrastructure spending plans fall through the cracks on Capitol Hill. “...

Tuesday, February 28, 2017 - 4:02pm

Mexico will only stay in NAFTA if it suits it: minister

MEXICO CITY (Reuters) - A defiant Mexico said on Tuesday it would only stay in NAFTA if it suited it and rejected the imposition of any tariffs or quotas when renegotiating the trade deal U.S President Donald Trump wants to recast to benefit the United States...

Tuesday, February 28, 2017 - 3:48pm

Fed's Williams says March rate hike up for 'serious consideration'

SANTA CRUZ, Calif. (Reuters) - With the U.S. economy at full employment and inflation moving back up toward the central bank's goal of 2 percent, the Federal Reserve could raise borrowing costs again as soon as next month, San Francisco Federal Reserve Bank President John...

Tuesday, February 28, 2017 - 3:40pm

Buffett's Berkshire rejects fossil fuel proposal, shareholder says

By Jonathan Stempel (Reuters) - Warren Buffett's Berkshire Hathaway Inc <BRKa.N> will urge shareholders to reject a proposal by a Nebraska nonprofit that it sell its investments in oil refiner Phillips 66 <PSX.N> and other companies involved in...

Tuesday, February 28, 2017 - 3:37pm

Fed's Harker repeats he sees three rate hikes in 2017

(Reuters) - A Federal Reserve official repeated on Tuesday that he expects the central bank to raise U.S. interest rates three times this year as long as the economy continues on the same path. "I see three hikes as appropriate for 2017, assuming things stay on...

Tuesday, February 28, 2017 - 3:23pm