Business & Finance News
U.S. consumer spending barely rose in August and business investment remained weak, suggesting the economy was losing momentum as trade tensions linger.
U.S. stocks opened higher on Friday as financials rose but the S&P 500 and Nasdaq may still end a volatile week in the red as the shock of the launch of an impeachment investigation into President Donald Trump offsets positive cues on trade.
Shares in LATAM Airlines Group surged more than 30% at the market open on Friday, the day after Delta Air Lines said it would buy a 20% stake in the company for $1.9 billion, creating a major new airline partnership and ending the Chilean carrier’s ties with American Airlines.
U.S. stock markets were set to gain on Friday but the S&P 500 and Nasdaq may still end a volatile week in the red as the shock of the launch of an impeachment investigation into President Donald Trump counters hopes of progress with China on trade.
It’s no longer a probability, it’s a reality: the escalating U.S.-China trade war and the strengthening dollar appear to be inflicting measurable damage on U.S. goods makers that rely on global markets.
Wells Fargo & Co named banking veteran Charles Scharf as chief executive officer on Friday, the lender’s third CEO since a wide-ranging sales scandal erupted three years ago.
U.S. stock markets were set to gain on Friday but still looked on course to end the week in negative territory as the shock of the launch of an impeachment investigation into President Trump was countered by hopes for progress with China on trade.
Freight rates for shipping naphtha and other clean oil products from the Middle East to Japan have jumped 13% to their highest levels in nearly two weeks after Washington imposed sanctions on tanker subsidiaries of China’s COSCO, according to industry sources and Refinitiv data.
The Portuguese government has earmarked 150 million euros ($164 million) worth of credit to help local companies affected by the collapse of British travel firm Thomas Cook, the cabinet said on Friday.
Factories have been the first victims of the Trump-era global trade rows. Now the question is how much their troubles will spread to other parts of the world’s biggest economies: the so-called spillover effect.
Key oil freight rates from the Middle East to Asia rocketed as much as 28% on Friday in a global oil shipping market spooked by United States sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude out of Iran.
The shock resignation of outspoken policy hawk Sabine Lautenschlaeger from the European Central Bank’s Executive Board vacates a seat at the ECB’s top table just as Mario Draghi prepares to hand over the presidency to Christine Lagarde.
Germany intends to remain represented on the Executive Board of the European Central Bank and will shortly name a candidate to succeed Sabine Lautenschlaeger, who announced she would resign earlier this week, a Finance Ministry spokesman said.
British bank HSBC has converted a financial crime-spotting algorithm it was forced to build in the wake of a money-laundering scandal into one that can scope out new business opportunities, bank executives said.
Wells Fargo & Co on Friday named Charles Scharf, the chief executive officer of Bank of New York Mellon , to its top job.
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