World + Economy

Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia

EU takes legal action against Germany, UK over Volkswagen scandal

Reuters - By Alissa de Carbonnel BRUSSELS (Reuters) - The European Union started legal action on Thursday against seven countries including Germany and Britain for failing to police emissions test cheating by…

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  • Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia
    EU takes legal action against Germany, UK over Volkswagen scandal Reuters

    By Alissa de Carbonnel BRUSSELS (Reuters) - The European Union started legal action on Thursday against seven countries including Germany and Britain for failing to police emissions test cheating by carmakers …

    Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia

    By Alissa de Carbonnel BRUSSELS (Reuters) - The European Union started legal action on Thursday against seven countries including Germany and Britain for failing to police emissions test cheating by carmakers after the Volkswagen scandal. Amid mounting frustration in Brussels over what it sees as governments colluding …

  • Only five non-OPEC producers so far attending talks to widen output cut Reuters

    By Alex Lawler and Rania El Gamal LONDON/DUBAI (Reuters) - Only five of 14 non-OPEC oil producers have agreed so far to meet the group on Saturday for talks aimed at widening a deal to reduce output, …

    The OPEC logo is seen outside their headquarters in Vienna

    By Alex Lawler and Rania El Gamal LONDON/DUBAI (Reuters) - Only five of 14 non-OPEC oil producers have agreed so far to meet the group on Saturday for talks aimed at widening a deal to reduce output, casting doubt on whether OPEC will secure the full cuts it is seeking, two OPEC sources said. The last time non-OPEC countries …

  • ECB to scale back asset buys as it extends to end-2017 Reuters

    By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) - The European Central Bank caught financial markets off-guard on Thursday by announcing it would trim asset buys from April next year, even …

    European Central Bank President Draghi and Vice President Constancio address a news conference at the ECB headquarters in Frankfurt

    By Balazs Koranyi and Francesco Canepa FRANKFURT (Reuters) - The European Central Bank caught financial markets off-guard on Thursday by announcing it would trim asset buys from April next year, even as it reserved the right to increase purchases again if the euro zone's recovery faltered. The ECB said it would cut monthly …

  • Poll: OPEC deal will pack little punch in raising oil prices Reuters

    OPEC's landmark oil-production deal may prove effective in running down global inventories, but analysts hold little hope for much of a rise in prices, a Reuters poll showed on Thursday. "In the medium …

    The OPEC flag and the OPEC logo are seen before a news conference in Vienn

    OPEC's landmark oil-production deal may prove effective in running down global inventories, but analysts hold little hope for much of a rise in prices, a Reuters poll showed on Thursday. "In the medium term, we can expect tighter market balances but for a substantial price recovery to take place, significant demand growth …

  • South Korea's Kia to start assembling cars in Pakistan: local partner Reuters

    By Drazen Jorgic ISLAMABAD (Reuters) - South Korean carmaker Kia Motor Co <000270.KS> will start assembling cars in Pakistan, according to a local partner that is planning to invest 12 billion rupees …

    Signs of a KIA Motor car dealership are pictured in Monterrey

    By Drazen Jorgic ISLAMABAD (Reuters) - South Korean carmaker Kia Motor Co <000270.KS> will start assembling cars in Pakistan, according to a local partner that is planning to invest 12 billion rupees ($115 million) to set up a plant and manufacture the Kia vehicles. Karachi-listed Lucky Cement , which is part of the vast …

  • ThyssenKrupp secrets stolen in 'massive' cyber attack this year Reuters

    By Eric Auchard and Tom Käckenhoff FRANKFURT (Reuters) - Technical trade secrets were stolen from ThyssenKrupp AG in cyber attacks earlier this year, the steelmaker said on Thursday. "ThyssenKrupp has …

    The logo of German steel-to-elevators group ThyssenKrupp AG is pictured during the company's annual news conference in Essen

    By Eric Auchard and Tom Käckenhoff FRANKFURT (Reuters) - Technical trade secrets were stolen from ThyssenKrupp AG in cyber attacks earlier this year, the steelmaker said on Thursday. "ThyssenKrupp has become the target of a massive cyber attack," the German company said in a statement. In attacks discovered in April …

  • Chinese trade data shows signs of industrial recovery Reuters

    By Yawen Chen and Kevin Yao BEIJING (Reuters) - China's imports grew at the fastest pace in more than two years in November, fueled by its strong thirst for commodities from coal to iron ore, while exports …

    Employees stand next to a container ship at Ningbo port in Ningbo

    By Yawen Chen and Kevin Yao BEIJING (Reuters) - China's imports grew at the fastest pace in more than two years in November, fueled by its strong thirst for commodities from coal to iron ore, while exports also rose unexpectedly, reflecting a pick-up in both domestic and global demand. The upbeat data adds to signs of …

  • Airbnb backs off fight with governments, offers policy suggestions Reuters

    By Heather Somerville SAN FRANCISCO (Reuters) - In a moment of peace-making with regulators, Airbnb on Wednesday released a set of policy suggestions for governments that are considering new laws for …

    A man walks past a logo of Airbnb after a news conference in Tokyo

    By Heather Somerville SAN FRANCISCO (Reuters) - In a moment of peace-making with regulators, Airbnb on Wednesday released a set of policy suggestions for governments that are considering new laws for home- and apartment-renting. The document, which comes on the heels of concessions with cities including New York City, …

  • Asia shares hit 1-month peak, bonds bet on ECB support Reuters

    By Wayne Cole SYDNEY (Reuters) - Asian shares hopped higher on Thursday after Wall Street strode to new records and bonds rallied on wagers the European Central Bank would extend its asset buying campaign …

    Pedestrians are reflected on a window as they walk past an investor looking at a board displaying stock prices at the Australian Securities Exchange in Sydney, Australia

    By Wayne Cole SYDNEY (Reuters) - Asian shares hopped higher on Thursday after Wall Street strode to new records and bonds rallied on wagers the European Central Bank would extend its asset buying campaign at a policy meeting later in the session. Australian stocks led the way with a rise of 0.9 <.AXJO> in early trade, …

  • Exclusive: U.S. regulator set to fail Wells Fargo on community lending test -sources Reuters

    By Patrick Rucker WASHINGTON (Reuters) - A U.S. bank regulator is ready to fail Wells Fargo on a national scorecard for community lending, sources familiar with the decision said on Wednesday, in a move …

    A man walks by a bank machine at the Wells Fargo & Co. bank in downtown Denver

    By Patrick Rucker WASHINGTON (Reuters) - A U.S. bank regulator is ready to fail Wells Fargo on a national scorecard for community lending, sources familiar with the decision said on Wednesday, in a move that could limit near-term expansion for the bank. The ruling from the Office of the Comptroller of the Currency, the …

  • Linde resumes merger talks with Praxair, CEO resigns Reuters

    By Ludwig Burger, Greg Roumeliotis and Arno Schuetze FRANKFURT (Reuters) - Germany's Linde agreed to revive talks with U.S. rival Praxair to create a $65 billion industrial gases giant which will have …

    Linde Group logo is seen at company building in Munich

    By Ludwig Burger, Greg Roumeliotis and Arno Schuetze FRANKFURT (Reuters) - Germany's Linde agreed to revive talks with U.S. rival Praxair to create a $65 billion industrial gases giant which will have its main operations run from Connecticut, two sources familiar with the deal said on Wednesday. In a largely symbolic …

  • Oil slips on bearish U.S. inventory report, doubts over OPEC cut Reuters

    By Scott DiSavino NEW YORK (Reuters) - Oil prices slid on Wednesday on bearish U.S. petroleum inventory data and doubts that production cuts promised by OPEC and Russia would be deep enough to end a supply …

    Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing

    By Scott DiSavino NEW YORK (Reuters) - Oil prices slid on Wednesday on bearish U.S. petroleum inventory data and doubts that production cuts promised by OPEC and Russia would be deep enough to end a supply overhang that has weighed on markets for more than two years. Brent futures fell 93 cents, or 1.7 percent, to settle …

  • Ford releases for sale half of 10-speed F-150 stockpiled trucks Reuters

    Ford Motor Co by Wednesday had released for sale more than half of the 15,000 F-150 pickup trucks with 10-speed transmissions that were held to ensure quality, a company spokeswoman said. Reuters reported …

    A Ford logo is pictured at a store of the automaker, in Mexico City

    Ford Motor Co by Wednesday had released for sale more than half of the 15,000 F-150 pickup trucks with 10-speed transmissions that were held to ensure quality, a company spokeswoman said. Reuters reported on Tuesday that shipment of some of the 2017 models of the F-150 were being delayed to keep from having quality issues …

  • Suspects arrested in Russia central bank cyberheist: bank official Reuters

    By Alexander Winning and Elena Fabrichnaya MOSCOW (Reuters) - Russian authorities arrested a large number of suspects in May in connection with the recently revealed electronic theft of $19 million from …

    A Russian national flag flies over Central Bank headquarters in Moscow

    By Alexander Winning and Elena Fabrichnaya MOSCOW (Reuters) - Russian authorities arrested a large number of suspects in May in connection with the recently revealed electronic theft of $19 million from accounts held at the Russian central bank, an official said on Wednesday. The bank said last week that hackers had this …

  • J&J questions fairness of hip implant trial, $1 billion verdict Reuters

    Johnson & Johnson will challenge the fairness of a trial that produced a verdict of $1 billion in damages against the company last week over allegations of design flaws in its Pinnacle hip implant.  …

    Alex Gorsky, CEO of Johnson & Johnson, speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts

    Johnson & Johnson will challenge the fairness of a trial that produced a verdict of $1 billion in damages against the company last week over allegations of design flaws in its Pinnacle hip implant. Although legal experts think J&J faces an uphill battle, both they and investors believe the Texas jury's penalty, the largest …

  • Fitbit buys smartwatch maker Pebble's software assets Reuters

    (Reuters) - Wearable device maker Fitbit Inc said it had bought smartwatch maker Pebble's software and intellectual property as it looks to strengthen its position in the wearables market. The overall …

    Fitbit Blaze watches are displayed during the 2016 CES trade show in Las Vegas

    (Reuters) - Wearable device maker Fitbit Inc said it had bought smartwatch maker Pebble's software and intellectual property as it looks to strengthen its position in the wearables market. The overall wearables market grew 3.1 percent in the third quarter, with Fitbit's share accounting for 23 percent of the overall market, …

  • OPEC, U.S. begin 'cat and mouse' oil game as producers pounce on hedges Reuters

    By Amanda Cooper and Catherine Ngai LONDON/NEW YORK (Reuters) - As far as one of the world’s biggest commodities traders, Glencore’s chief Ivan Glasenberg, is concerned, the oil market will be at the …

    The OPEC flag and the OPEC logo are seen before a news conference in Vienn

    By Amanda Cooper and Catherine Ngai LONDON/NEW YORK (Reuters) - As far as one of the world’s biggest commodities traders, Glencore’s chief Ivan Glasenberg, is concerned, the oil market will be at the mercy of "a cat and mouse game" between OPEC and its U.S. shale rivals in the coming year. A 16 percent price rally over …

  • Citi says behaved appropriately in sterling 'flash crash' Reuters

    By Patrick Graham LONDON (Reuters) - Citi said on Wednesday that its trading operations functioned appropriately in a thin and illiquid market during October's "flash crash" in sterling, responding to …

    The logo of Citi bank is pictured at an exhibition hall in Bangkok

    By Patrick Graham LONDON (Reuters) - Citi said on Wednesday that its trading operations functioned appropriately in a thin and illiquid market during October's "flash crash" in sterling, responding to a Financial Times report that a trader at the U.S. bank exacerbated the pound's fall. The FT cited unnamed bankers and …

  • LeEco's sports unit cuts 10 percent of staff amid funding crunch Reuters

    BEIJING/SHANGHAI (Reuters) - The sports unit of Chinese technology giant LeEco will cut 10 percent of its staff and restructure its business after the parent firm's billionaire chief executive flagged …

    Jia Yueting, co-founder and head of Le Holdings Co Ltd, poses for a photo in front of a logo of his company in Beijing

    BEIJING/SHANGHAI (Reuters) - The sports unit of Chinese technology giant LeEco will cut 10 percent of its staff and restructure its business after the parent firm's billionaire chief executive flagged concerns over spiraling debt and corporate overextension last month. A company spokeswoman said the cuts would be made …

  • Ford makes contingency plans in case of China year-end tax surprise Reuters

    By Jake Spring BEIJING (Reuters) - Ford Motor Co expects China to wait until the last possible moment to announce whether it will extend a tax cut on small engine cars set to expire at year's end and …

    Ford Taurus cars are seen during a presentation at the 16th Shanghai International Automobile Industry Exhibition in Shanghai

    By Jake Spring BEIJING (Reuters) - Ford Motor Co expects China to wait until the last possible moment to announce whether it will extend a tax cut on small engine cars set to expire at year's end and is making contingency plans for various outcomes, an executive said on Wednesday. China's auto industry association, executives …