US Business

Nvidia forecasts revenue below estimates, shares slump 17 pct

15/11 Chip designer Nvidia Corp missed third-quarter sales estimates and forecast current-quarter revenue below Wall Street expectations on Thursday, sending its shares down nearly 17 percent.. . .  Full story

Nordstrom's full-price same-store sales miss estimates, shares tumble

15/11 Department store operator Nordstrom Inc on Thursday reported lower-than expected quarterly full-price comparable store sales, as fewer people visited its stores and bought items at full price, sending its shares down 11 percent.. . .  Full story

Wall Street climbs on hopes of easing trade tensions

15/11 U.S. stocks rose on Thursday on optimism the United States and China could resolve their trade dispute, after a news report said Washington would pause further tariffs on Chinese imports.. . .  Full story

Prices rise on Brexit worries; focus on U.S. stocks

15/11 U.S. Treasury prices drifted higher on Thursday, sending yields to two-week lows across the curve, as Britain's draft agreement to exit the European Union ran into trouble, prompting investors to seek the safety of government. . .  Full story

Wells Fargo plans 1,000 U.S. job cuts

15/11 Wells Fargo & Co said on Thursday it notified about 1,000 employees in its Consumer Lending and Payments, Virtual Solutions and Innovations groups of plans to eliminate their positions.. . .  Full story

USTR Lighthizer denies he said China tariffs on hold

15/11 U.S. Trade Representative Robert Lighthizer on Thursday denied a report that he had told some industry executives that another round of tariffs on Chinese imports had been put on hold as the two nations. . .  Full story

Incoming Mexican government has little room for error -adviser

15/11 An adviser to Mexican president-elect Andres Manuel Lopez Obrador sought on Thursday to reassure investors in New York, following weeks of upheaval in Mexican financial markets and doubts about the policies of the incoming left-leaning. . .  Full story

U.S. Senate votes to confirm Fed governor nominee Bowman

15/11 The U.S. Senate on Thursday voted to confirm Michelle Bowman to the Federal Reserve's Board of Governors, cementing a majority at the board for officials picked by President Donald Trump.. . .  Full story

DoubleLine Capital LP warns on U.S. investment-grade bonds

15/11 DoubleLine Capital LP portfolio manager Monica Erickson has a problem. She thinks the investment-grade corporate bond market, which is her specialty, is the worst place to be for bond investors.. . .  Full story

U.S. Gulf Coast crude imports fall to 1-year low as exports surge

15/11 U.S. Gulf Coast crude oil imports in October fell to the lowest level in more than a year as the nation's production and exports soared, data from Refinitiv Eikon and market intelligence firm Kpler. . .  Full story

Defaulted Nordic power trader reaches agreement with creditors

15/11 Norwegian power trader Einar Aas has reached an agreement with creditors, including Nasdaq Clearing, after his default in September forced members of the clearing house to stump up around 100 million euros ($113 million) to. . .  Full story

Amazon to get billions in breaks for HQ2 development

15/11 Amazon.com Inc said on Tuesday it had split its $5 billion second headquarters into two projects that would be located in the Long Island City neighborhood of New York City's Queens borough and a. . .  Full story

U.S. big investors' best investment ideas for 2019

15/11 The best investment ideas for 2019 range from buying local currencies in emerging markets to picking up beaten-down casino stocks to holding on to bank loans, according to investors who appeared this week at. . .  Full story

Paulson seeks immediate resignation of Detour Gold's CEO

15/11 Hedge fund Paulson & Co on Thursday called for the immediate resignation of Detour Gold Corp's interim Chief Executive Officer Michael Kenyon and board member Alex Morrison, adding it does not favor a fire. . .  Full story

U.S. retail sales rebound, but consumer spending slowing

15/11 U.S. retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, but data for the prior two months was revised lower and the underlying trend suggested that consumer spending was. . .  Full story

J.C. Penney gives gloomy outlook before holidays

15/11 J.C. Penney Co Inc predicted a fall in same-store sales this year as it prepared for the holiday shopping season, reporting worse than expected quarterly results on Thursday due to heavy discounting aimed at. . .  Full story

U.S. crude stocks build the most in a week since Feb 2017 - EIA

15/11 U.S. crude oil stocks posted the biggest weekly build in nearly two years last week as production hit a new record high and the government released more barrels from its reserve, the Energy Information Administration. . .  Full story

-Dell sweetens VMware tracking stock offer with higher price, board seat

15/11 Dell Technologies on Thursday raised its offer to buy back shares tied to its interest in software maker VMware to $120 per share, sweetening the deal for shareholders with an additional $5 billion in. . .  Full story

Jet Airways shares soar on reports deal with Tata is close

15/11 Shares in India's Jet Airways Ltd jumped 25 percent on Thursday following media reports that the debt-laden airline was nearing a rescue deal with Indian conglomerate Tata Sons Ltd.. . .  Full story

TSX rises on gains in material shares

15/11 Canada's main stock index rose on Thursday, driven by gains in material shares on the back of rising gold and metal prices, along with news on the possibility of a "free trade deal" between. . .  Full story

German cities ban older diesel cars

15/11 German cities are starting to introduce bans on older diesel vehicles that emit higher amounts of pollutants than later models after the country's highest administrative court in February confirmed such bans are permissible.. . .  Full story

GRAPHIC-Oversupply fears cloud outlook for U.S. crude in 2019

15/11 The U.S. oil market is scrambling to adjust to a deep selloff over the last several weeks, with forward prices signaling a supply glut which could upend plans for producers and traders through 2019.. . .  Full story

Russia wants to steer clear of any OPEC-led oil production cut – sources

15/11 Russia wants to stay out of any oil-production cuts being touted by some of its partners in an OPEC-led supply pact, two high-ranking Russian sources told Reuters.. . .  Full story

Slovenian cenbank sees no major economic slowdown in EU

15/11 Slovenia's central bank currently sees no significant economic slowdown in the European Union, deputy governor Primoz Dolenc told Reuters on Thursday.. . .  Full story

At U.N. climate talks, Trump team plans sideshow on coal

15/11 The Trump administration plans to set up a side-event promoting fossil fuels at the annual U.N. climate talks next month, repeating a strategy that infuriated global-warming activists during last year's talks, according to three people. . .  Full story

RPT-Big-name investors favor U.S. equities over rest of world

15/11 U.S. equities will outshine their international counterparts over the coming year, despite slowing corporate profit growth and increased stock market volatility, several big-name investors said.. . .  Full story

Swiss watchdog investigates banks over alleged payments system boycott

15/11 Switzerland's competition watchdog has raided the offices of financial companies, including Credit Suisse and UBS, to investigate a suspected boycott of mobile payment solutions such as Apple Pay and Samsung Pay.. . .  Full story

IKEA to open first urban store in trendy Tokyo district

15/11 IKEA plans to open its first store in central Tokyo in 2020 and has chosen a neighbourhood that draws young shoppers and tourists, in a departure from its usual suburban locations.. . .  Full story

Adecco chief calls for life-long learning to dodge jobs "time bomb"

15/11 Companies should set up portable accounts to pay for life-long learning to help workers upgrade their skills and remain employable as robots take over more jobs, Adecco Group Chief Executive Alain Dehaze said.. . .  Full story

Airspace Technologies raises $20 mln as investors pile into logistics startups

15/11 The latest startup aiming to bring new technology to the business of moving around cargo has raised $20 million in fresh funding, bolstering an already record year of fundraising for companies in the shipping. . .  Full story

World needs more U.S. wheat, China can hold off on U.S. soy -traders

15/11 The global grain market needs more U.S. wheat to make up for tightening supply in other major exporting zones, but China will be able to keep shunning U.S. soybeans in its trade tussle with. . .  Full story

Trudeau says Canada to work with China on eventual free trade deal despite NAFTA clause

15/11 Canada and China will continue to work together towards an "eventual" free trade deal, Canadian Prime Minister Justin Trudeau said on Thursday.. . .  Full story

REUTERS SUMMIT-Message to Trump: Focus on the economy already

15/11 A week after his Republican Party lost majority control in the U.S. House of Representatives to Democrats, President Donald Trump is getting advice from economists and investors to sharpen his focus on a possible winning. . .  Full story

REUTERS SUMMIT-Indian fund manager bets on beaten down mid-caps as economy revives

15/11 Reliance Mutual Fund, one of India's largest fund houses, is betting on select mid-cap stocks to make a come-back after a big correction this year due to macro-economic concerns and an emerging market sell. . .  Full story

Three S.Korean firms to plead guilty to rigging price of U.S. military base fuel -Justice Dept

15/11 Three South Korean companies will plead guilty to criminal charges and pay $236 million for their role in a conspiracy to fix the price of fuel sold to U.S. military bases in South Korea,. . .  Full story

Fed's Powell: U.S. 'really strong' even with housing, other risks to watch

15/11 A "really strong" U.S. economy is likely to continue growing, but softness in housing and high levels of corporate debt have caught the Federal Reserve's eye, Chairman Jerome Powell said on Wednesday.. . .  Full story

PG&E rout may be hitting hedge funds after raised bets before fire

15/11 Prominent hedge funds, including Baupost Group and Viking Global Investors, may be bearing the brunt of utility PG&E Corp's tumbling share price after raising bets on the utility in the months ahead of the Camp. . .  Full story

Several high-profile funds raised stakes in GE before selloff -filings

15/11 Several prominent investors raised their stakes in General Electric Co in the third quarter, before its shares sank in recent weeks, filings with the U.S. Securities and Exchange Commission showed on Wednesday.. . .  Full story

Japan considers scrapping age limit on US beef imports -reports

15/11 Japan is considering scrapping import restrictions on U.S. beef purchases that were put in place after the first case of mad cow disease in the United States in 2003, local media reported on Thursday.. . .  Full story

Europe ready to retaliate if U.S. imposes auto tariffs -EU trade chief

15/11 European Union Trade Commissioner Cecilia Malmstrom said on Wednesday that the EU has a list of potential retaliation targets ready in case U.S. President Donald Trump imposes auto tariffs on the bloc's member states.. . .  Full story

China appears to relax North Korea sanctions -report to U.S. Congress

15/11 A U.S. congressional commission said on Wednesday that China appears to have relaxed enforcement of sanctions on North Korea and called on the Treasury Department to provide a report on Chinese compliance within 180 days.. . .  Full story

Berkshire invests in JPMorgan, Oracle as Buffett puts cash to work

15/11 Warren Buffett's Berkshire Hathaway Inc deepened its commitment to the U.S. financial industry, announcing a $4.02 billion stake in JPMorgan Chase & Co and new investments in PNC Financial Services Group Inc and Travelers Companies. . .  Full story

Instacart wins $271 mln in new funding in November -source

15/11 Grocery delivery startup Instacart raised an extra $271 million in November from investors including U.S. hedge fund Tiger Global Management, bringing its latest round of fund raising to $871 million, a source familiar with. . .  Full story

Technology investors fear regulators' net

15/11 Increased regulation of U.S. technology companies is one of the biggest risks to a sector that has led stocks higher, potentially derailing the market's near-decade-long bull run if it suffers a sustained selloff.. . .  Full story

China Inc's mounting stress: funding woes, shrinking profit growth and a trade war

15/11 China Inc's profit growth has fallen sharply while debt levels have recorded a rare drop, a Reuters analysis of earnings data shows - signs of strain brought on by Beijing's crackdown on leverage as. . .  Full story

Prominent managers loaded up on Apple before recent tumble

15/11 Several prominent investors put fresh money to work in Apple during the third quarter even as they sold out of other high-flying tech companies, betting the iPhone maker's stock would keep rising as strong growth. . .  Full story

Uber posts $1 bln loss in quarter as growth in bookings slows

15/11 Uber Technologies Inc said on Wednesday that growth in bookings for its ride-hailing and delivery services rose 6 percent in the latest quarter, the third quarter in a row that growth has remained in the. . .  Full story

S.Korean firms to plead guilty to rigging U.S. military fuel bids

14/11 Three South Korean companies will plead guilty to criminal charges and pay $236 million for their role in a conspiracy to fix the price of fuel sold to U.S. military bases in South Korea,. . .  Full story

S&P 500 falls for fifth day as financials drag

14/11 Wall Street stocks fell on Wednesday, with the S&P 500 notching a fifth straight day of losses as financial stocks were hit by fears that regulations on the banking industry would tighten once the. . .  Full story

Cisco revenue, profit beat estimates

14/11 Cisco Systems Inc reported quarterly revenue and profit that beat Wall Street estimates on Wednesday, lifted by growth across its traditional business of routers and switches, as well as in its newer focus areas. . .  Full story

EU trade chief says ready to retaliate if U.S. imposes auto tariffs

14/11 European Union trade commissioner Cecilia Malmstrom said on Wednesday that the EU has a list of potential retaliation targets ready in case U.S. President Donald Trump imposes auto tariffs on EU member states.. . .  Full story

U.S. yields slide as Wall Street shares retreat

14/11 U.S. Treasury yields fell on Wednesday, as investors fretted about renewed weakness on Wall Street, which could signal much deeper problems in the world's largest economy. U.S. 30-year, 10-year, and two-year. . .  Full story

Soybeans higher on slow U.S. harvest pace, wheat sags

14/11 U.S. soybean futures rose on Wednesday on a slower-than-expected harvest pace and news of fresh export sales, although plentiful global supplies kept a lid on the market, analysts said. Wheat futures. . .  Full story

Jury clears J&J of liability in California talc cancer case

14/11 A California jury on Wednesday cleared Johnson & Johnson of liability in a case involving a woman who alleged that the company's talc-based products, including its baby powder, contain asbestos and caused her cancer, the. . .  Full story

Macron says agreed with Trump to pressure oil producers

14/11 French President Emmanuel Macron said on Wednesday that he and U.S. President Donald Trump agreed to put pressure on oil producers to bring down prices.. . .  Full story

Esplanade's Kravetz bullish on casinos, Apple; sees turbulence for discount stores

14/11 Strong U.S. consumer holiday spending will not boost retailers across the board but instead benefit winners like Apple Inc that have signature products, Esplanade Capital's Shawn Kravetz said at the Reuters Global Investment 2019 Outlook. . .  Full story

Levi Strauss is planning to go public - CNBC

14/11 Levi Strauss & Co, the 145-year-old company that made the first pair of blue jeans, is planning an initial public offering, CNBC reported https://cnb.cx/2zSjbDL on Wednesday, citing sources familiar with the matter.. . .  Full story

Brazil carrier Gol says country's foreign ownership ban is outdated

14/11 Decades-old regulations barring foreigners from owning Brazil's airlines are outdated and "might make no sense anymore," the top executive of Brazil's largest airline, Gol Linhas Aereas Inteligentes SA, said on Wednesday.. . .  Full story

Baker Hughes, GE fall after offering priced at discount

14/11 Oilfield services company Baker Hughes , majority owned by General Electric Co, said a previously announced share offering was priced at a discount of 3.4 percent, sending shares of both companies lower on Wednesday.. . .  Full story

China-backed RCEP trade pact in 'final stage,' deal eyed in 2019 - Singapore

14/11 Negotiations for a major China-backed trade agreement have moved to a final stage and Southeast Asian states involved in the talks are determined to wrap up the deal in 2019, Singapore, current chair of. . .  Full story

PG&E's wildfire risks mount; shares and bonds plunge

14/11 PG&E Corp, the electricity provider in the Northern California region being ravaged by the deadly Camp Fire, warned that it could face "significant liability" in excess of its insurance coverage in the event that its. . .  Full story

Indian fund manager bets on beaten down mid-caps as economy revives

14/11 Reliance Mutual Fund, one of India's largest fund houses, is betting on select mid-cap stocks to make a come-back after a big correction this year due to macro-economic concerns and an emerging market sell. . .  Full story

U.S. consumer inflation rises; oil prices may slow momentum

14/11 U.S. consumer prices increased by the most in nine months in October amid gains in the cost of gasoline and rents, pointing to steadily rising inflation that likely will keep the Federal Reserve on. . .  Full story

Sears finalizing $350 million bankruptcy loan with Great American - sources

14/11 Sears Holdings Corp is finalizing a deal with financial firm Great American Capital Partners and other lenders for $350 million in critical bankruptcy financing that would keep the U.S. retailer open through the holidays, people. . .  Full story

Bank of Canada sees slightly higher perceived risk to financial system

14/11 The overall perceived risk to the Canadian financial system has increased slightly over the last six months, in part due to unease over the global economic outlook, the Bank of Canada said on Wednesday.. . .  Full story

Boeing unveils 'affordable' solar aircraft for collecting climate data

14/11 Boeing Co unit Aurora Flight Sciences on Wednesday unveiled a solar-powered autonomous aircraft that will help researchers collect climate-related data at a fraction of the cost of a satellite.. . .  Full story

Macy's raises profit forecast before key holiday season

14/11 Macy's Inc raised its annual earnings forecast on Wednesday, signaling a strong holiday shopping season ahead, encouraged by good performance at its stores and its growing online business.. . .  Full story

Denmark to consider curbs on convicted investors after tax fraud

14/11 Denmark will consider new rules to restrict ownership of the country's companies by investors involved in wrongdoing, a government minister said on Wednesday, responding to lawmakers' questions about a tax fraud involving international banks.. . .  Full story

Biofuel groups ask federal judge to freeze U.S. refinery waiver program

14/11 A group representing biofuel companies asked a federal judge on Tuesday to force the U.S. Environmental Protection Agency to stop exempting small refineries from renewable fuel laws until a lawsuit challenging the agency's actions is. . .  Full story

U.S. safety board holds hearing on fatal Southwest engine explosion

14/11 The U.S. National Transportation Safety Board opened an investigative hearing on Wednesday into the fatal engine explosion on a Southwest Airlines Boeing 737 that killed one passenger.. . .  Full story

Energy shares push TSX higher

14/11 Canada's main stock index rose on Wednesday, driven by gains in energy shares on the back of a rise in oil prices as OPEC and its allied producers discuss cutting supply.. . .  Full story

S.Korea imports no Iranian crude for October -customs

14/11 South Korea did not import crude oil from Iran in October, compared with 1.7 million tonnes imported a year ago, preliminary data from Korea Customs Service showed on Thursday. The world’s fifth-largest. . .  Full story

U.S. Energy Secretary Perry says oil supply fluctuations not good for world economy

14/11 The United States' message to other oil producing countries is that the world economy needs stable supplies of energy, U.S. Energy Secretary Rick Perry said on Wednesday.. . .  Full story

PG&E shares dive after utility flags impact from Camp wildfire

14/11 Shares of utility PG&E Corp fell 18 percent on Wednesday after the company warned of liquidity concerns if its equipment was found responsible for starting the Camp wildfire currently raging in California.. . .  Full story

Worried by oil slump, OPEC and partners discuss larger supply curbs - sources

14/11 OPEC and its partners are discussing a proposal to cut oil output by 1.4 million barrels per day (bpd), three sources familiar with the issue said, although Russia may not be on board for. . .  Full story

U.S. natural gas prices leap to four-year high amid low stocks: Kemp

14/11 U.S. natural gas prices have leapt to the highest level for more than four years as the market tries to conserve scarce gas stocks in the face of unusually cold weather settling across much. . .  Full story

ECB bond-buying finale on track as growth set to bounce back

14/11 Euro zone growth will bounce back to a faster yet still modest pace this quarter, allowing the European Central Bank to stop buying bonds next month as planned, despite economic and political fears, a. . .  Full story

U.S. farmers scramble to contain trade-war damage, find new markets

14/11 Clouds crowded the Illinois sky as Nick Harre walked away from his combine at the peak of harvest to join four fellow farmers in greeting some unlikely visitors.. . .  Full story

Global oil market faces surplus throughout 2019 as demand growth slows

14/11 Global oil supply will outpace demand throughout 2019, as a relentless rise in output swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency said on Wednesday.. . .  Full story

Weak markets force Alibaba-backed Babytree to cut size of HK IPO

14/11 Alibaba-backed online parenting firm Babytree Group launched a Hong Kong IPO of up to $281 million on Wednesday, far below what the Chinese company had hoped to raise, as weak markets force firms to. . .  Full story

Cerberus in talks to take on $2.8 bln of NordLB's ship loans -sources

14/11 Buyout group Cerberus is in exclusive talks with NordLB to take on 2.5 billion euros ($2.8 billion) of non-performing shipping loans that the German public sector lender wants to shed ahead of a planned. . .  Full story

Iraq to exchange food for Iranian gas, seeks U.S. approval - govt officials

14/11 Iraq has agreed with Iran to exchange Iraqi food items for Iranian gas and energy supplies, two Iraqi government officials said on Wednesday.. . .  Full story

Russia says no emergency action warranted to halt oil price decline

14/11 Russia's energy minister said on Wednesday no emergency action was warranted to stem a decline in oil prices, as crude benchmarks fell again.. . .  Full story

U.S. should create fund to counter China's Belt and Road push-commission

14/11 The United States should create a fund to counter China's infrastructure financing deals in the developing world that export its "model of authoritarian governance," a bipartisan commission told the U.S. Congress in a report. . .  Full story

China to boost grain imports from 'Belt & Road' countries amid Sino-U.S. trade spat -official

14/11 China aims to step up grain imports from countries linked by President Xi Jinping's project to create a modern-day Silk Road, seeking to diversify supply sources amid a trade war with the United States, a. . .  Full story

Nikkei ends higher in choppy trade; utility cos outperform on drop in oil

14/11 Japan's Nikkei ended higher in choppy trade on Wednesday as short-covering in electronics component makers and tech shares helped offset weakness in resource stocks dragged down by falling oil prices.. . .  Full story

Chinese copper smelters look to mine investment to secure supply

14/11 Chinese copper smelters are looking to make more investments in mines, pushing to shore up supply of concentrate at a time when competition for the raw material is heating up, industry executives said on. . .  Full story

LatAm farmers to boost soybean output amid U.S.-China trade war -analyst

14/11 Farmers across South America are expected to produce more soybeans in 2018/19, an industry analyst said on Wednesday, as they take advantage of a trade war that has curbed U.S. exports to the world's. . .  Full story

Nikkei edges lower in choppy trade; resource shares underperform

14/11 Japan's Nikkei edged lower in choppy trade on Wednesday morning as investors sold resource stocks after oil prices plunged. Electronic components makers offset some of the resources losses, rising as investors bought back shares after. . .  Full story

Tencent's Q3 ad revenue in focus as games business slows on China crackdown

14/11 Tencent Holdings is expected to report a small rise in quarterly net profit on Wednesday, with a steady gain in advertising revenue helping offset a slump in its core gaming business caused by a. . .  Full story

EU's Malmstrom assumes U.S. won't slap autos tariffs during talks

14/11 The European Union’s trade commissioner, Cecilia Malmstrom, said on Tuesday she assumes the United States will not slap auto tariffs on the EU while the two sides are negotiating on trade, even as the. . .  Full story

Brazil's JBS posts narrower-than-expected quarterly loss

14/11 Brazil-based food company JBS SA on Tuesday posted a third-quarter net loss of 133.5 million reais ($35.10 million), narrower than expected, on the back of a strong performance by its Seara processed foods and Brazil. . .  Full story

Amazon picks New York City, Washington D.C. area for new offices

14/11 Amazon.com Inc picked America's financial and political capitals for massive new offices on Tuesday, branching out from its home base in Seattle with plans to create more than 25,000 jobs in both New York City. . .  Full story

Blue Apron cuts headcount by 4 pct; posts drop in orders

14/11 Blue Apron Holdings Inc said on Tuesday it would reduce its headcount by 4 percent, as the meal-kit delivery company focuses on its online business to help reverse six straight quarters of revenue declines.. . .  Full story

S&P, Dow lose ground as crude plunge punishes energy stocks

13/11 The Dow and S&P 500 ended slightly lower on Tuesday following losses in energy shares and Boeing, offsetting a small gain in technology stocks and renewed hopes for progress in trade talks.. . .  Full story

Former IDG Communications CEO Friedenberg named Reuters News president

13/11 Thomson Reuters Corp has appointed tech and media veteran Michael Friedenberg as president of Reuters news and media operations, Thomson Reuters said on Tuesday.. . .  Full story

Blue Apron reduces headcount by 4 percent

13/11 Meal-kit delivery company Blue Apron Holdings Inc said on Tuesday it would reduce its headcount by 4 percent, as it looks to streamline its operations.. . .  Full story

U.S. recession unlikely before 2020, and then "wok" shaped

13/11 U.S. President Donald Trump may just escape having to grapple with a recession before the U.S. Presidential elections in 2020, with investors saying it is unlikely one will occur before then.. . .  Full story