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Chevron posts largest quarterly loss since 2001 on weak oil prices
HOUSTON (Reuters) – Chevron Corp, the second-largest U.S.-based oil producer, posted a second-quarter loss on Friday, its largest since 2001, due to the slump in crude prices and refining income. The company lost $1.47 billion, or $1.07 per share, compared with a net profit of $571 million, or 30 cents per share, in the year-ago period. Production fell about 3 percent to 2.53 million barrels... [Read more]
U.S. durable goods orders data points to weak business spending
New orders for U.S. manufactured capital goods rose less than expected in June amid weak demand for machinery, suggesting an ongoing downturn in business spending. Business investment remains soft despite data ranging from retail sales to housing suggesting that U.S. economic growth has regained speed after growth almost stalled early in the year. The Commerce Department said on Wednesday non-defense See... [Read more]
China’s growth sucks in more debt bucks for less bang
As China's economy notches up another quarter of steady growth, the pace of credit creation grows ever more frantic for every extra unit of production, as inefficient state firms swallow an increasing share of lending. “The amount of debt that China has taken in the… Read the original post: China’s growth sucks in more debt bucks for less bang Read More →
Exclusive: Tesla, SolarCity close to merger agreement
The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a… Read the rest... [Read more]
G20 will use ‘all policy tools’ to lift growth as Brexit weighs
By William Schomberg and Elias Glenn CHENGDU, China (Reuters) – The world's biggest economies will work to support global growth and better share the benefits of trade, policymakers said on Sunday after a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism. Philip Hammond, Britain's new finance minister, said the uncertainty about Brexit... [Read more]
Brexit dents global economic outlook, fiscal stimulus ahead: Reuters poll
Confidence in prospects for the global economy has been dented following Britain's vote to leave the European Union, with a growing view that monetary policy is a fading force and many governments now need to borrow and spend, Reuters polls showed. The United States is entering… See the original post here: Brexit dents global economic outlook, fiscal stimulus ahead: Reuters poll Read More →
SABMiller to scrutinize AB InBev mega-deal after regulator approval: chairman
By Freya Berry LONDON (Reuters) – The chairman of SABMiller said the brewer would consider the attractiveness of a $107 billion offer by Anheuser Busch InBev after the merger had undergone the regulatory process. The takeover of the London-listed brewer has come under scrutiny in recent weeks as a drop in the British currency has reduced the relative attractiveness of the all-cash offer aimed... [Read more]
Asia slips after Wall Street loses steam, dollar clings to gains
Global risk appetite, which has recovered rapidly from the Brexit shock late in June, received a sobering reminder after the International Monetary Fund (IMF) cut its global growth forecasts for the next two years on Tuesday, citing uncertainty over Britain's looming exit from the European Union. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1 percent, putting some distance... [Read more]
Ericsson defends practices as report questions revenue accounting
Swedish telecom equipment maker Ericsson defended its accounting practices after a newspaper questioned the way it booked future sales which had yet to be invoiced. The company denied any wrongdoing and said in an emailed statement that “the claim that Ericsson in an inaccurate way has reported revenues in the income statement is not true”. Ericsson referred to the annual report, which... [Read more]
SoftBank to buy UK chip designer ARM in $32 billion cash deal
TOKYO/LONDON (Reuters) – SoftBank Group Corp has agreed to buy UK chip designer ARM Holdings PLC in a 24.3 billion pound ($32.2 billion) cash deal, the two sides said on Monday, a bold bet on internet-connected machines that will transform the Japanese group. ARM stands to be central to the … View original post here: SoftBank to buy UK chip designer ARM in $32 billion cash deal Read More →