Recent hurricanes in the US take toll on quarterly earnings

After raging over the southern United States and Puerto Rico, remnants of hurricanes Harvey, Irma and Maria are now dampening U.S. corporate profits.While the deadly storms in August and September slammed insurers who are now on the hook for billions of dollars in damaged property, many retailers, manufacturers and banks are also feeling the pain.Over half of S&P 500 companies

Tesla reaches deal for Shanghai facility

Pedestrians walk past a Tesla Inc. showroom in Shanghai, China.Qilai Shen/BloombergTesla Inc.has reached an agreement with the Shanghai government to set up its own manufacturing facility in the city, the Wall Street Journal reported Sunday, citing people briefed on the plan.The Palo Alto, California-based carmaker is working with the local government on the timing and details of an announcement, the

Listeria risk prompts Meijer to recall produce in six US states

An electron micrograph of a Listeria bacterium in tissue is seen in a 2002 image from the Centers for Disease Control and Prevention (CDC). REUTERS/Elizabeth WhiteRetailer Meijer Inc said it was recalling packaged vegetables in six U.S. states because of possible contamination from Listeria monocytogenes bacteria, which can cause fatal food poisoning in young children, pregnant women and elderly or

Japan's Mitsubishi, U.S. partner to invest $1.8 billion in data centers: media

Japanese trading house Mitsubishi Corp plans to set up a joint venture with U.S. data center operator Digital Realty Trust and build around 10 data centers in Japan by 2022 for 200 billion yen ($1.8 billion), the Nikkei said on Saturday.Tokyo-based Mitsubishi expects the centers to help meet growing demand for information storage from customers of California-based Digital Realty and

20 companies debut on China's "new third board"

A total of 20 new small and medium-sized enterprises debuted on China's National Equities Exchange and Quotations (NEEQ), also known as the "new third board," in the past week.The newcomers brought the total number of companies on the board to 11,617, data from the NEEQ showed.Turnover on the board reached 3.77 billion yuan (about 569 million U.S. dollars) last week,

Wells Fargo faulted by U.S. regulator for auto insurance abuses: NYT

FILE PHOTO: A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. February 10, 2015. REUTERS/Jim Young/File PhotoThe report from the Office of the Comptroller of the Currency (OCC) criticized the Wall Street bank for forcing numerous borrowers to buy unneeded auto insurance, as well as for its handling of the problems once they were unveiled,

Roundup: U.S. stocks post weekly gain amid earnings, tax reform expectation

NEW YORK, Oct. 21 (Xinhua) -- U.S. stocks posted gains for the past week as investor sentiment was boosted by the third quarter earnings reports and the country's potential tax reform.For the week, the blue-chip Dow rose 2.00 percent, and the broader S&P 500 gained 0.86 percent, while the tech-heavy Nasdaq jumped 0.35 percent.On the earnings front, Johnson & Johnson

China Focus: Foreign investors express confidence in Chinese market

A vehicle being manufactured in SAIC-GM's factory in Wuhan, Central China's Hubei Province in January, 2015. Photo: VCGSHANGHAI/GUANGZHOU, Oct. 21 (Xinhua) -- SAIC-GM's fast development in recent years reflects, from one aspect, the open competition in China's auto market and efficient government management, said Julian Blissett, executive vice president of SAIC-GM.SAIC General Motors Corporation, a joint venture founded in 1997

These cities make NYC housing look dirt cheap

From Beijing to Rio de Janeiro, housing affordability is a challenge.As people around the world move into cities and look for housing, one thing is clear: Most will have a hard time paying for it.Average monthly take-home pay won’t cover the cost of buying a 1,000-square-foot residence or renting a three-bedroom home in any of the 105 metropolitan areas ranked

An Alibaba-backed fintech company founded by a 34-year-old just had an amazing IPO

Qudian, an online small credit provider went public on the New York Stock Exchange. (Photo: Kerry Gao)The company, which was founded by a 34-year-old named Min Luo, is going after a market it says China's biggest banks can't serve.Carl Yeung, the company's chief financial officer, told Business Insider the firm was going after a market the country's traditional banks

U.S. posts its largest budget deficit since 2013

The U.S. posted its largest budget deficit since 2013 in the fiscal year that just ended, as a pickup in spending exceeded revenue gains.The federal government’s gap grew to $665.7 billion in the 12 months through Sept. 30, compared with a $585.6 billion shortfall in fiscal 2016, the Treasury Department said Friday in a report released in Washington. That was

Boeing invests in autonomous flight tech provider near earth autonomy

In addition to the undisclosed investment, Boeing said the two companies will also explore products and applications for emerging markets such as urban mobility.It was the first investment in autonomous technologies by Boeing’s venture capital arm, Boeing HorizonX, since it was established in April of this year, Boeing said.Near Earth Autonomy, a spin-off from the Carnegie Mellon University’s Robotics Institute,

Wall Street hits record highs; tax plan hopes fuel optimism

The New York Stock Exchange (NYSE) is pictured in New York City, New York, U.S., August 2, 2017. REUTERS/Carlo AllegriU.S. stocks hit record closing highs on Friday and the S&P 500 posted a sixth week of gains after the U.S. Senate passed a budget resolution, lifting hopes that President Donald Trump’s tax-cut plan may move forward.Shares of General Electric reversed

GE vows $20 bln asset sales, 'sweeping change' as profit falls

The logo of General Electric Co. is pictured at the Global Operations Center in San Pedro Garza Garcia, neighbouring Monterrey, Mexico, on May 12, 2017. REUTERS/Daniel BecerrilCalling its results “horrible” and “unacceptable,” General Electric Co’s new chief executive vowed on Friday to shed more than $20 billion worth of assets and hold executives accountable for failing to deliver profits.His comments

Wells Fargo fires forex bankers, investigates unit: WSJ

A Wells Fargo bank sign is pictured in downtown Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike BlakeWells Fargo & Co, the third-largest U.S. bank by assets, has fired four foreign-exchange bankers amid an investigation into that business by both the bank and regulators, the Wall Street Journal reported, citing people familiar with the matter and the bank.The foreign-exchange investigation

The U.K.'s $86 billion pension problem is about to solve itself

For U.K. Plc, the sting of Brexit comes with an unexpected bonus.With no effort on their part, British businesses may see pension deficits that have burdened them for years be practically wiped out if the Bank of England raises interest rates as predicted and they budget for slowing gains in life expectancy, according to estimates of New York-based consultancy Mercer.That

Jack Ma: 'Alibaba should join forces in developing Russia'

OCTOBER 19, 2017: Alibaba Executive Chairman Jack Ma speaks at a plenary session titled "The World of the Future: Moving Through Conflict to Cooperation" as part of the 14th annual meeting of the Valdai Discussion Club in Sochi.(photo/DFIC)Alibaba founder Jack Ma said the e-commerce giant wants to work with young Russian scientists and engineers, adding that every visit to the

5G coming in three years, half of users will be Chinese

5G will be with us by 2020. China is expected to be a global leader in the fastest ever cellular technology.Photo: A logo of 5G at a stand during an exhibition in Beijing, China, 27 September 2017. (DFIC)Even five years ago, it was unthinkable that I'd ever be able to get a 3G connection fast enough to do anything really

Alphabet leads Lyft's latest $1 billion funding

An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. Picture taken September 21, 2017. REUTERS/Chris HelgrenUber rival Lyft said on Thursday Capital G, the growth investment fund of Google parent company Alphabet Inc, led a $1 billion round of financing, boosting the valuation of the ride-hailing service to $11 billion.The company already

What will China's modernized economic system look like?

(Photo: VCG)Day two of the 19th CPC National Congress involved group discussions, with refining China's growth model as a key part of the agenda. General Secretary of the CPC Central Committee, Xi Jinping said Wednesday that China would build a modernized economic system focusing on the growth of the real economy and emphasizing the quality of that progress.The Great Hall

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