MONEY (MSM)
Chinese shares slid more than 8 percent on Monday as an unprecedented government rescue plan to prop up valuations ran out of steam, throwing Beijing’s efforts to stave off a deeper crash into doubt. Major indexes suffered their largest one-day drop since 2007, shattering three weeks of relative calm in China’s volatile stock markets since Beijing unleashed a barrage of support measures to arrest a slump that started in mid-June.
Some members of Greece’s leftist government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma, according to reports on Sunday that highlighted the chaos in the ruling Syriza party. It is not clear how seriously the plans, attributed to former Energy Minister Panagiotis Lafazanis and former Finance Minister Yanis Varoufakis, were considered by the government and both ministers were sacked earlier this
FRANKFURT/ ATHENS (Reuters) – Greek banks are set to keep broad cash controls in place for months, until fresh money arrives from Europe and with it a sweeping restructuring, officials believe. The situation is now dramatically worse.
U.S. authorities are close to imposing a record $105 million fine on Fiat Chrysler Automobiles (FCHA.MI) for recall lapses covering millions of vehicles, the Wall Street Journal reported on Saturday citing people familiar with the matter. A settlement could be unveiled as early as Monday and Fiat Chrysler will have an opportunity to recoup some of the penalties if it meets certain conditions, the newspaper said. Fiat Chrysler declined to
LONDON/SYDNEY (Reuters) – Western and Middle East insurance specialists see Iran as an appealing $8 billion (£5 billion) market in the wake of its nuclear deal with world powers, though uncertainty over when sanctions on Tehran will be lifted means they are treating the country with caution. Eight out of 11 insurance and reinsurance specialists who responded to questions emailed by Reuters this week said Iran was an attractive or
Investor enthusiasm for Amazon.com Inc (AMZN.O) is pretty consistent: the stock tends to rise, even though the company isn’t consistent about making profits. On Thursday it posted second quarter profit of $92 million on sales of $23.19 billion, only its third quarterly profit since the first quarter of 2014. Amazon has reported an annual net profit in 10 of its 18 years as a public company, and only twice
Demand for industrial battery systems is being driven by increasing reliance on intermittent energy sources such as wind and solar power and the potential to add energy to the grid quickly when power needs spike. “We believe in the space and its ability to grow,” Jeff Wyatt, GE’s general manager for energy storage, said in a recent interview. GE over the past year has overhauled its approach to the energy
Jerusalem-based Teva, which has offered to buy Mylan for $40 billion, is now close to an agreement to acquire Dublin-based Allergan’s generic drugs unit for between $40 billion and $45 billion, the person said on Saturday. A deal could be announced as early as next week, the person said, cautioning that negotiations had not yet been completed and asking not to be identified because the discussions are confidential.
Thai Airways International Pcl (THAI.BK) plans to cut 1,401 jobs through voluntary retirement this year and suspend its loss-making flights to Los Angeles and Rome as it pushes ahead with a restructuring plan, its president said on Sunday. Thailand’s national carrier aims to reduce operating costs and capacity by 20 percent under the two-year plan, which also calls for aircraft sales and a reduction in staffing. The flight suspension will reduce
Talks between Greece and its international creditors over a new bailout package should go ahead on Monday after logistical issues that delayed meetings this week are resolved, a Greek official said on Saturday. The meetings with officials from the European Commission, European Central Bank and International Monetary Fund had been expected to start on Friday but were delayed by organizational issues including the location of talks and security. The finance
