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PepsiCo, Constellation Brands and Costco take the spotlight Thursday when they report earnings. …read more […]

Weaker U.S. manufacturing and hiring data fueled jitters about the global economy. …read more […]

Italian prosecutors have opened an investigation into alleged tax evasion targeting U.S. streaming service Netflix, a source with direct knowledge of the matter said on Thursday. Prosecutors in Milan say Netflix should pay taxes in Italy despite the fact that is has no physical presence locally because of the digital infrastructure it uses to stream content to 1.4 million users in the country, the source said. Prosecutors argue that cables and computer servers used by Netflix amount to a physical presence in Italy. …read more […]

Italian prosecutors have opened an investigation into alleged tax evasion targeting U.S. streaming service Netflix, a source with direct knowledge of the matter said on Thursday. Prosecutors in Milan say Netflix should pay taxes in Italy despite the fact that is has no physical presence locally because of the digital infrastructure it uses to stream content to 1.4 million users in the country, the source said. Prosecutors argue that cables and computer servers used by Netflix amount to a physical presence in Italy. …read more […]

(Bloomberg) — De Beers’s diamond buyers continued to take the rare opportunity to reject stones from the biggest supplier as the company extended almost unprecedented flexibility to ease a growing crisis.De Beers sold just $295 million of diamonds this month, 39% less than a year earlier. The sale is the latest in a series of weak offerings as many customers have refused to buy amid concerns they couldn’t make money on the rough diamonds. The Anglo American Plc unit’s sales this year are down more than $1 billion from the same time in 2018.De Beers sells its gems through 10 …read more […]

(Bloomberg) — India’s shadow banking crisis has sucked in more financial firms this week, eroding a stock market rally that’s been driven by a surprise $20 billion tax cut package.The S&P BSE Sensex Index fell 0.5% on Thursday, set for its fourth day of losses, ending a surge since the Sept. 20 announcement of the tax cuts. Financial stocks, which account for 45% of the benchmark index, contributed the most to the declines since late last week, according to data compiled by Bloomberg.Debt concerns at lenders including Indiabulls Housing Finance Ltd. and a co-operative bank, and worries a cleanup in …read more […]

Canadian miner Iamgold Corp has partially halted work at its Rosebel gold mine in Suriname after an influx of illegal miners blockaded operations, local media reported on Thursday. This is the second shutdown to hit the mine since August, when operations were suspended after an illegal miner was killed during a clash with police. Iamgold last week said it had resumed mining operations at Rosebel’s southern pits, with a full ramp-up expected within roughly 30 days. …read more […]

A wake-up call from the U.S. heartland has spooked Wall Street by raising fears of a recession that will push equities into a correction. After Tuesday’s dire picture on manufacturing from the Institute for Supply Management (ISM), which rattled the market, investors await Thursday’s ISM services report and Friday’s employment report to confirm or quash recession worries. “I am more concerned at this point than I have been at any point in the entire year … The key ingredient is when the business recession impacts the consumer and we get a total recession,” said Phil Blancato, chief executive …read more […]

A wake-up call from the U.S. heartland has spooked Wall Street by raising fears of a recession that will push equities into a correction. After Tuesday’s dire picture on manufacturing from the Institute for Supply Management (ISM), which rattled the market, investors await Thursday’s ISM services report and Friday’s employment report to confirm or quash recession worries. “I am more concerned at this point than I have been at any point in the entire year … The key ingredient is when the business recession impacts the consumer and we get a total recession,” said Phil Blancato, chief executive …read more […]

Spot gold was steady at $1,498.91 per ounce, as of 0410 GMT, while U.S. gold futures were down 0.2% at $1,504.80 an ounce. “Gold is clearly being used as a hedge against volatility in other markets,” said OANDA analyst Jeffrey Halley. …read more […]

Amazon.com Inc will launch its virtual assistant Alexa in Brazil starting this month, with plans for three different devices with the software installed, as it rapidly expands operations in Latin America’s largest economy. “This is a particularly exciting moment for Amazon in Brazil,” Amazon’s international director for Alexa, Michele Butti, told journalists on Wednesday, adding the company has hired a local team to adapt Alexa to Portuguese language. …read more […]

Asian stocks skidded to a one-month low on Thursday after the United States opened a new front in its trade dispute with Europe by imposing tariffs, adding to already-growing market fears about global growth. Australian shares slumped 2.13% to a five-week low. U.S. stock futures were up 0.25%, but this did little to bolster sentiment after shares on Wall Street suffered their sharpest one-day decline in nearly six weeks on Wednesday, when the three major New York share indexes all lost more than 1.5%. …read more […]

A U.S. panel has asked Boeing Co to make an engineer available for an interview regarding an internal ethics complaint the engineer filed on the safety of the now-grounded 737 MAX jet. The engineer said in the complaint filed this year that during the development of the 737 MAX, Boeing had rejected a safety system to minimize costs, the New York Times had reported https://nyti.ms/2nOUo1J earlier. The engineer, who worked on cockpit instruments and controls, felt the safety system could have reduced risks that contributed to two fatal crashes that killed 346 people in Ethiopia and Indonesia, according …read more […]

The engineer said in the complaint filed earlier this year that during the development of the 737 MAX jet, Boeing had rejected a safety system to minimize costs, the New York Times had reported earlier. The engineer felt the safety system could have reduced risks that contributed to two fatal crashes that killed 346 people, the NYT report had said. The chairman of the U.S. House Transportation and Infrastructure Committee, Peter DeFazio, said this added to his concern that production pressures may have impacted safety on the 737, according to Bloomberg. …read more […]

Pilots who were unable to save two separate commercial Boeing 737 Max airplanes from crashes that killed 346 people were exposed to a “high workload environment,” Boeing’s (BA) CEO Dennis Muilenburg said Wednesday during an address to the Economic Club of New York in Manhattan. …read more […]