Business

(Reuters) – U.S. stocks sank on Tuesday, with the S&P 500 stumbling to its biggest single-day loss in about three weeks, as investors weighed fresh tensions with North Korea. North Korea on Sunday conducted its sixth nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile, marking a dramatic escalation
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LONDON/MILAN/BERLIN (Reuters) – German carmaker Volkswagen (VOWG_p.DE) has put the 1.5 billion-euro ($1.8 billion) sale of Ducati motorcycles on hold after resistance from German trade unions and internal rifts on strategy, sources familiar with the matter told Reuters. Ducati is wholly controlled by VW’s luxury brand Audi, which is at odds with the parent over
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LONDON (Reuters) – Benchmark U.S. gasoline prices slumped on Monday to pre-Hurricane Harvey levels as oil refineries and pipelines in the U.S. Gulf Coast slowly resumed activity, easing supply concerns. Brent crude oil futures also fell, after a powerful North Korean nuclear test triggered a shift away from crude markets to assets perceived to be
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ZURICH (Reuters) – The vast majority of Clariant’s (CLN.S) shareholders support the Swiss chemical maker’s planned $20 billion merger with American peer Huntsman (HUN.N), Huntsman’s Chief Executive told Swiss newspaper NZZ am Sonntag. “I have met between 150 and 200 shareholders in groups and in individual talks and explained the details of the merger to
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MEXICO CITY (Reuters) – U.S., Canadian and Mexican negotiators are zeroing in on ways to enshrine Mexican President Enrique Pena Nieto’s sweeping energy reforms into a modernized North American Free Trade Agreement, Mexico’s chief negotiator said on Saturday. The 2014 reforms wrung control of the country’s oil and gas sector from state hands, opening it
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HOUSTON (Reuters) – U.S. Gulf Coast refineries and fuel distribution terminals started to reopen on Saturday, a week after Tropical Storm Harvey knocked out nearly 25 percent of the nation’s refining capacity and sent gasoline prices spiking. While much of the region’s refining infrastructure still remained offline from Harvey, which made landfall as a Category
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MONZA, Italy (Reuters) – Fiat Chrysler (FCA) has not received any offer for the company nor is the world’s seventh-largest carmaker working on any “big deal”, Chief Executive Sergio Marchionne said on Saturday. Speaking on the sidelines of the Italian Formula One Grand Prix, Marchionne said the focus remained on executing the company’s business plan
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WASHINGTON (Reuters) – U.S. consumer spending rose slightly less than expected in July and annual inflation increased at its slowest pace since late 2015, which could bolster expectations that the Federal Reserve will delay raising interest rates until December. The Commerce Department said on Thursday that consumer spending, which accounts for more than two-thirds of
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(Reuters) – A federal judge has dismissed a lawsuit accusing the former Whole Foods Market Inc and several executives of intentionally defrauding shareholders by routinely overpricing prepackaged products in its supermarkets. U.S. District Judge Lee Yeakel rejected arguments that Whole Foods executives had to have known about the overcharges, and that they led to inflated
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ANN ARBOR, Mich. (Reuters) – Ford Motor Co and Domino’s Pizza Inc in September will begin testing Michigan consumers’ reactions to having their pies delivered by self-driving vehicles, the companies said on Tuesday. It will not be the first experiment with advanced pizza delivery technology. Australia-based Domino’s Pizza Enterprises, the Ann Arbor-based company’s largest independent
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(Reuters) – Uber Technologies Inc [UBER.UL] chose Dara Khosrowshahi, the chief executive of travel company Expedia Inc, as its chief executive on Sunday, according to two sources with knowledge of the matter, handing him the challenge of leading the ride-services company out of a nearly year-long crisis. Khosrowshahi, 48, would take on the daunting task
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NEW YORK (Reuters) – American International Group Inc’s (AIG.N) new Chief Executive Brian Duperreault has pledged to revive the insurer’s glory days of top talent, underwriting discipline and fat profit margins. One thing he has already brought back: big pay packages. As he rejoined AIG in May, the 70-year-old insurance industry veteran received bigger awards
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