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Delta cancels hundreds more flights, expects normal operations soon
Delta, the No. 2 U.S. airline by passenger traffic, said systems that allow customer service agents to process check-ins and dispatch aircraft are now functioning normally. As of 2:30 p.m. EDT (1830 GMT), Delta said it had canceled 311 flights on the day, adding to the more than 1,600 cancellations since Monday. Another 2,540 flights departed on Wednesday, with 70 percent of them within 30 minutes... [Read more]
LendingClub turmoil takes toll as company posts widening losses
LendingClub Corp on Monday reported its largest quarterly loss in a year as it struggles to bring banks back to its online lending platform following the departure of its chief executive … Continued here: LendingClub turmoil takes toll as company posts widening losses Read More →
Exclusive: BP seeks buyers for China petchem JV stake in up to $3 billion deal – sources
By Arno Schuetze and Denny Thomas FRANKFURT/HONG KONG (Reuters) – British oil major BP is seeking buyers for its 50 percent stake in a Chinese petrochemicals joint venture, its single largest investment in China, in a deal that would fetch $2-$3 billion, people familiar with the matter told Reuters. BP has hired an investment bank to sell its shareholding in SECCO as part of a drive to cash... [Read more]
China’s slowing wholesale deflation takes pressure off central bank
By Elias Glenn and Yawen Chen BEIJING (Reuters) – China's factory price deflation moderated further in July, with prices falling at their slowest pace in two years, taking pressure off the central bank to cut rates as policymakers turn their focus to structural reforms and ballooning credit. A government-led building spree has increased demand for construction materials, but higher prices... [Read more]
China’s July forex reserves fall to $3.20 trillion
China's foreign exchange reserves fell to $3.20 trillion in July, central bank data showed on Sunday, in line with analyst expectations. China's reserves, the largest in the world, fell by $4.10 billion in July. The reserves rose $13.4 billion in June, rebounding from a 5-year low in May. China's The rest is here: China’s July forex reserves fall to $3.20 trillion Read More →
Growth snapshots ahead in world awash with cheap money
By Jonathan Cable LONDON (Reuters) – Bumper July jobs data from the United States have again begun to stoke expectations of a September rate hike from the Federal Reserve, just when other major central banks around the globe are unleashing ever-looser policy. New Zealand's central bank is also expected to join the easing brigade with a cut on Thursday. Slow growth and virtually non-existent... [Read more]
Taiwan says set to order Uber to exit market
By Faith Hung and Yimou Lee TAIPEI/HONG KONG (Reuters) – Taiwan's Investment Commission said on Wednesday it is set to order Uber Technologies Inc [UBER.UL] to exit the domestic market, saying the global ride-hailing giant misrepresented its business as an internet-based information technology platform rather than a transportation See the rest here: Taiwan says set to order Uber to exit... [Read more]
Exclusive: Delta’s refinery sacrifices profits for lower fuel cost – memo
By Jarrett Renshaw NEW YORK (Reuters) – Delta Air Lines Inc is flooding the New York market with jet fuel from its refinery, sacrificing refining profits in order to lower the carrier’s fuel costs, according to a company memo seen by Reuters. The memo, written by the head … Read more from the original source: Exclusive: Delta’s refinery sacrifices profits for lower fuel cost... [Read more]
UK and China regulators discuss framework for financial projects
British and Chinese securities watchdogs are discussing an agreement that will pave the way for landmark financial services projects between the countries, sources said, easing fears that Britain could be a less attractive partner for such deals after last month's vote to… Read the original post: UK and China regulators discuss framework for financial projects Read More →
Venezuela roils corporate profits around the globe
U.S. companies operating in Venezuela have escalated the use of an accounting maneuver to insulate themselves from a worsening economic crisis in the South American country that has erased more than $10 billion in Read the rest here: Venezuela roils corporate profits around the globe Read More →