Business News
U.S. April auto sales show lackluster start to spring
DETROIT (Reuters) – Major automakers on Tuesday posted lower new vehicle sales in April as consumer demand continued to weaken following a lengthy boom for the industry.
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Legendary U.S. guitar-maker Gibson files for bankruptcy
Nashville-based Gibson, whose legendary brands include Les Paul and SG, has been suffering under $500 million in debt linked to the acquisition of its consumer electronics business overseas, where sales have been in sharp decline. In a filing in U.S. Bankruptcy Court in Delaware, Gibson said the overseas consumer electronics business will be wound down, allowing it to re-focus on its core guitar-making and audio businesses. …read more […]
Newsmakers
Pasinex (CSE: PSE) Reports Net Income of $5.8 Million for 2017, Strong Operating Results at Pinargozu and Operating Guidance for 2018
TORONTO, April 30, 2018– Pasinex Resources Limited (CSE:PSE) (FSE:PNX) (The “Company” or “Pasinex”) today reported net income for 2017 of $5.8 million; a 700 percent increase from 2016 net income of $0.8 million. Net income […]
Business News
U.S. extended EU tariff exemption because of good trade discussion: Ross
WASHINGTON (Reuters) – U.S. Commerce Secretary Wilbur Ross on Tuesday said the one-month extension of the exemption from new steel and aluminum tariffs granted to the European Union was the result of promising discussions to reduce trade tensions, and he does not anticipate granting exemptions to become a continuing practice.
Business News
U.S. agency to probe Nintendo systems after rival’s complaint
WASHINGTON (Reuters) – The U.S. International Trade Commission said on Tuesday it will investigate certain gaming console systems from Nintendo Co Ltd after California-based Gamevice Inc filed a complaint alleging that their importation infringed on its patents.
Business News
U.S. factory activity slows; construction spending tumbles
WASHINGTON (Reuters) – U.S. factory activity slowed for a second straight month in April, weighed down by shortages of skilled workers and rising capacity constraints, but strengthening global demand continues to support manufacturing.
Business News
Wall Street falls after latest earnings, oil drags on energy stocks
(Reuters) – U.S. stocks slipped on Tuesday as the latest batch of earnings from companies such as Pfizer and Tapestry disappointed investors already concerned about rising costs and protectionist policies.
Trading Ideas
Cummins shares drop as more engines face emissions tests
U.S. enginemaker Cummins Inc said on Tuesday it was widening field repairs to include engines produced between 2010 and 2015 as it strives to quell regulators’ concerns that have already cost the company almost $200 million. In a first quarter results release that beat expectations on all main performance measures, the company took an initial charge of $187 million in relation to moves to upgrade engines after some systems failed emissions tests last year. It also warned of further charges of up to $400 million in the second quarter if …read more […]
Business News
MetLife CFO John Hele retires, treasurer to succeed him
(Reuters) – U.S. insurer MetLife Inc said on Tuesday John Hele retired as chief financial officer and will be succeeded by the company’s treasurer John McCallion.
Business News
Wall Street opens lower as trade, inflation worries persist
(Reuters) – U.S. stocks opened lower on Tuesday after disappointing results from Pfizer, while concerns about inflation, rising costs and protectionist policies remained.
Business News
Futures down slightly as trade, inflation worries persist
(Reuters) – U.S. stock index futures were down slightly on Tuesday after disappointing results from Pfizer, while investor concerns about inflation, rising costs and protectionist policies continued.
Business News
Britain to rule on Murdoch’s Sky bid by June 13
LONDON (Reuters) – Britain’s media secretary Matt Hancock will give his verdict on Rupert Murdoch’s 18-month pursuit of Sky by June 13, potentially paving the way for the mogul’s Fox to take on Comcast in the battle for the British TV group.
Business News
Dollar goes positive for year, iPhone answers calling
LONDON (Reuters) – The dollar broke into positive territory for the year and bond yields were creeping higher again on Tuesday, as the recent rise in oil prices fuelled bets that the U.S. Federal Reserve will flag more interest rate hikes this week.
Business News
Pfizer sales miss as breast cancer drug disappoints
(Reuters) – Leading U.S. drugmaker Pfizer Inc racked up its biggest miss on sales in a year in the first quarter, hurt by lower-than-expected sales of blockbuster breast cancer drug Ibrance and arthritis drug Xeljanz.
Trading Ideas
Trump: ‘Disgraceful’ leak of Mueller Russia probe questions
President Donald Trump said Tuesday it’s “disgraceful” that a list of questions that the special counsel investigating Russian election interference wants to ask him was “leaked” to the news media. The New York Times late Monday published the nearly four dozen questions given to Trump’s attorneys, covering Trump’s motivations for firing FBI Director James Comey last May and contacts between Trump campaign officials and Russians. “It is so disgraceful that the questions concerning the Russian Witch Hunt were ‘leaked’ to the media,” Trump tweeted Tuesday. …read more […]