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China December official PMI likely to show fifth month of contraction
Activity in China's manufacturing sector is expected to have contracted for a fifth straight month in December, a Reuters poll showed, likely consigning the world's second-largest economy to its slowest annual growth in a quarter of a century. The official manufacturing Purchasing Managers' Index (PMI) is forecast to inch up to 49.7 from November's 49.6, according to a median forecast... [Read more]
U.S. holiday retail sales grow a ‘solid’ 7.9 percent: MasterCard
(Reuters) – Strong online sales and demand for furniture and women's apparel helped U.S. retail sales grow by a “solid” 7.9 percent this holiday season, according to MasterCard Advisors SpendingPulse. U.S. retail sales, excluding automobiles and gas, had grown 5.5 percent in the period between Black Friday and Christmas Eve last year. Online sales grew 20 percent in the holiday... [Read more]
Oil hovers near 11-year lows on abundant supply, slowing demand
Oil prices steadied not far off their 11-year lows on Tuesday, under pressure from slowing global demand and abundant supplies, with Saudi Arabia signaling no change to its oil policies and Iran preparing to ramp up exports. International benchmark Brent and U… Read the original post: Oil hovers near 11-year lows on abundant supply, slowing demand Read More →
Samsung Electronics plans initial production of five million Galaxy S7 phones: report
SEOUL (Reuters) – Samsung Electronics Co Ltd, the world's top smartphone maker, plans an initial production run of about 5 million of its upcoming Galaxy S7 smartphones, South Korea's Electronic Times reported on Monday, citing unnamed sources. The paper said Read more here: Samsung Electronics plans initial production of five million Galaxy S7 phones: report Read More →
Oil prices weaken post-Christmas, U.S. crude defends premium over Brent
By Henning Gloystein SINGAPORE (Reuters) – Oil prices fell on Monday after the long Christmas weekend, with U.S. crudes defending a newly gained premium over internationally traded Brent contracts. Brent was down 18 cents at $17.71 a barrel, meaning that U.S. crude defended a premium it gained over the globally traded benchmark last week. “Markets are generally weak, so the trend remains... [Read more]
Oil above $37 as U.S. supply tightens, still near 11-year low
“Some traders playing spot on the downside are getting out and calling it a year,” said Tariq Zahir, managing partner at Tyche Capital Advisors. Oil demand in 2015 was exceptionally high and at current prices, demand is going to remain strong next year,” said Olivier Jakob, analyst at Petromatrix. Crude inventories, which were expected to rise, fell 5.88 million barrels, the Energy... [Read more]
Ferrari recalls 185 California T vehicles due to fuel leak risk
(Reuters) – Ferrari North America Inc., a division of Ferrari NV , is recalling some 2016 California T vehicles due to the risk of a fuel leak in the engine compartment, according to a U.S. Department of Transportation (DOT) notice on Friday. The higher risk of a leak, which increases the chances of fire, was the result of a manufacturing defect in a part provided by a supplier, according to... [Read more]
Commerzbank sues BNY Mellon, Wells Fargo, HSBC over mortgage losses
By Nate Raymond NEW YORK (Reuters) – Commerzbank AG has sued four banks in the United States, claiming that they failed to properly monitor billions of dollars in toxic mortgage-backed securities acquired by the German lender before the 2008 financial crisis. Bank of New York Mellon Corp and units of Deutsche Bank AG, Wells Fargo & Co and HSBC Holdings Plc were named in the… Read... [Read more]
Northrop wins $93 million deal to build drone for smaller warships
Northrop Grumman Corp has won a contract worth $93.08 million to build a full-scale demonstrator of a new unmanned spy plane – a flying wing with large counter-rotating propellers – that would take off and land on destroyers and frigates, the Pentagon said on Thursday. Northrop has been working on a design for the… Read more here: Northrop wins $93 million deal to build drone for... [Read more]
Apple asks court to make Samsung pay $180 million more in patent dispute
By Andrew Chung NEW YORK (Reuters) – Just over a week after Samsung paid Apple more than $548 million for infringing the patents and designs of the iPhone, Apple has asked a U.S. court to force its biggest smartphone rival to cough up even more. In court papers filed on Wednesday, Apple Inc said Samsung Electronics Co Ltd owes nearly $180 million in supplemental damages and interest. Representatives... [Read more]