U.S. industrial production unexpectedly fell in May, likely as a strong dollar and energy spending cuts continued to weigh on manufacturing and mining output, bucking signs of an acceleration in the broader economy. Industrial output fell 0.2 percent after a revised 0.5 percent drop in April, the Federal Reserve said on Monday. The production side of the economy continues to struggle against the lingering effects of dollar strength and deep
United Technologies Corp. announced Monday it is shedding helicopter maker Sikorsky Aircraft as it focuses on high-technology products for the aerospace and building industries. The Hartford-based United …
Saudi Arabia’s stock market, valued at $585 billion, opened up to direct foreign investment for the first time Monday, as the kingdom seeks an economic boost amid low global oil prices. The opening of …
With the U.S. Federal Reserve expected to leave interest rates on hold this week, the market will be focusing on policymakers for clear signals on when the central bank will make its first interest rate hike in nearly a decade. World shares ended last week on a muted note as Greece’s situation took a turn for the worse when the International Monetary Fund’s delegation walked out of negotiations in Brussels
BRUSSELS/ATHENS (Reuters) – Greek negotiators were expected to press the country’s international creditors for debt relief on Sunday as Europe stepped up pressure on Athens to offer major concessions on austerity and reform or face dire consequences. Neither side doubts the urgency of reaching a deal as Greece must repay 1.6 billion euros ($1.8 billion) to the International Monetary Fund by the end of this month or default, putting its
China will pledge a multi-billion dollar investment in Europe’s new infrastructure fund at a summit on June 29 in Brussels, according to a draft communique seen by Reuters – Beijing’s latest round of chequebook diplomacy to win greater influence. While the exact amount is still to be decided, the pledge will mark the latest step in China’s efforts to shape global economic governance at the expense of the United States,
ZURICH/LONDON (Reuters) – Tidjane Thiam starts work as CEO of Credit Suisse (CSGN.VX) next month with investors optimistic he can bring about a major change of strategy at the bank, even if he has to raise cash to do it. An expectation that the 52-year-old will successfully switch Credit Suisse’s focus to lucrative Asian wealth management and shrink its cash-intensive investment bank has propelled the Zurich-based lender’s shares around 12
Now James and Lachlan Murdoch, octogenarian media baron Rupert’s only sons, are teaming up at the helm of Twenty-First Century Fox Inc (FOXA.O), the crown jewel of the empire their father built. James Murdoch, 42, is set to be elevated to chief executive of the entertainment company that is home to “The Simpsons” and movie franchises like “Planet of the Apes.” Lachlan, 43, will become co-executive chairman with his father
The chief executive of Henkel & Co KGaA AG (HNKG_p.DE) poured cold water on speculation the consumer goods maker was preparing to buy hair care firm Wella from Procter & Gamble Co (PG.N), saying his company didn’t need big acquisitions to grow. “We don’t absolutely have to have big, multi-billion-euro acquisitions to reach our financial goals,” Henkel CEO Kasper Rorsted told German newspaper Welt am Sonntag in a version of
Shares of Lilly have jumped 7 percent this week, largely on Wall Street expectations that favorable long-term effectiveness data could emerge from the study of solanezumab, an injectable drug with potential to become the first approved treatment to delay progression of Alzheimer’s. A spokesman for the Alzheimer’s Association told Reuters on Thursday that the abstracts, summaries of clinical trial data to be presented at the meeting, could be posted within