Business & Finance News
Amazon said on Tuesday it is raising its minimum wage in Britain to 10.50 pounds ($13.59) an hour for all employees in the London area and 9.50 pounds an hour for staff in all other parts of the country, effective from Nov. 1.
U.S. Democratic Senator and prominent Amazon critic Bernie Sanders praised the company’s move to increase minimum hourly wages to $15 on Tuesday and said other companies should follow its lead.
Ratings agency Standard & Poor’s cut General Electric Co’s credit rating on Tuesday, a day after the conglomerate announced a $23 billion charge related to its power business and ousted its chief executive officer.
The euro fell to a six-week low on Tuesday after a senior lawmaker in one of Italy’s ruling parties said most of the country’s problems would be resolved if it readopted a national currency.
The array of trade tariffs and counter measures from other countries could raise U.S. inflation but there is so far no indication of that happening, Federal Reserve Chairman Jerome Powell said on Tuesday.
The Federal Reserve’s top regulator told U.S. lawmakers on Tuesday that his “highest priority” is enacting simpler rules for banks with between $100 billion and $250 billion in assets, though Republicans pressed for a more drastic easing.
Robert Lighthizer was the public face of arduous, year-long talks to rework NAFTA, but as he savored a successful conclusion in the White House Rose Garden on Monday, the U.S. trade representative singled out another man as the deal’s architect.
Exxon Mobil Corp is exploring the sale of many of its U.S. Gulf of Mexico assets, as higher oil prices prompt the world’s largest publicly listed oil company to review its portfolio, people familiar with the matter said on Tuesday.
U.S. stocks shrugged off a weak start to climb higher on Tuesday, as Intel boosted technology stocks and pushed the Dow Jones Industrial Average to a record high.
U.S. Federal Reserve Chairman Jerome Powell on Tuesday hailed a “remarkably positive outlook” for the U.S. economy that he feels is on the verge of a “historically rare” era of ultra-low unemployment and tame prices.
Britain has begun exclusive talks with planemaker Boeing Co for a multi-billion pound contract to replace its fleet of ageing surveillance aircraft for the Royal Air Force, the Financial Times reported.
French carmaker PSA Group is open to new industry tie-ups and is attracting attention from competitors after its lightning turnaround and swift progress in restructuring recently acquired Opel, Chief Executive Carlos Tavares said.
Wells Fargo & Co has not satisfied U.S. regulators that the bank is doing enough to pay 600,000 drivers who were wrongly pushed into buying auto insurance, a leading bank regulator said on Tuesday.
PepsiCo Inc’s quarterly profit margins disappointed investors on Tuesday as commodity and transportation costs jumped, overshadowing an earnings beat fueled by growth in emerging markets and a rebound in North American beverage sales.
TomTom shares jumped 4 percent on Tuesday after the Dutch navigation company said it had struck deals with carmakers BMW and Peugeot.
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