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U.S. manufacturing activity slumps, construction spending falls

By Lucia Mutikani NEW YORK (Reuters) – The U.S. manufacturing sector contracted further in December, as the impact of a stronger U.S. dollar undermined export profitability, while U.S. construction spending fell for the first time in nearly 1-1/2 years in November, suggesting only moderate economic growth in the fourth quarter of 2105. The U.S. Institute for Supply Management (ISM) said its index of national factory activity fell to 48.2 from 48.6 in November and is now at its lowest level since June 2009. A reading above…

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U.S. manufacturing activity slumps, construction spending falls

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Last-minute cold weather brings little relief to U.S. apparel

Apparel retailers saw a boost of no more than $200 million in sales from cold weather just before the new year, and with product markdowns above 50 percent, it will be very difficult to make up margins in the coming months, industry researchers said. Shoppers came out…

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Last-minute cold weather brings little relief to U.S. apparel

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Oil ends 2015 down 35 percent; long, painful hangover seen

NEW YORK/LONDON (Reuters) – Oil prices rose on Thursday but fell as much as 35 percent for the year after a race to pump by Middle East crude producers and U.S. shale oil drillers created an unprecedented global glut that may …

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Oil ends 2015 down 35 percent; long, painful hangover seen

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U.S. jobless claims near 42-year low as labor market tightens

The number of Americans filing for unemployment benefits fell more than expected last week, nearing a 42-year low as labor market conditions continued to tighten in a boost to the economy. Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 267,000 for the week ended Dec.19, not far from levels last seen in late 1973, the Labor Department said on Thursday. Claims have been below 300,000, a threshold associated with a

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U.S. jobless claims near 42-year low as labor market tightens

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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…

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Commerzbank sues BNY Mellon, Wells Fargo, HSBC over mortgage losses

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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…

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Northrop wins $93 million deal to build drone for smaller warships

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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 for Samsung and Apple could not immediately be reached

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Apple asks court to make Samsung pay $180 million more in patent dispute

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Exclusive: Shire closer to deal to buy Baxalta – sources

By Carl O'Donnell and Pamela Barbaglia NEW YORK/LONDON (Reuters) – Drug maker Shire Plc has made a new acquisition offer for peer Baxalta International Inc that is roughly in line with the latter's valuation expectations, making a deal…

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Exclusive: Shire closer to deal to buy Baxalta – sources

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Fed’s Lacker says four rate hikes in 2016 would be ‘gradual’

Federal Reserve forecasts pointing to four interest rate hikes in 2016 show what the U.S. central bank means when it says it anticipates raising rates at a “gradual pace,” Richmond Fed President Jeffrey Lacker said on Friday.

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Fed’s Lacker says four rate hikes in 2016 would be ‘gradual’

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WTO backs agricultural reforms, split on Doha

By Edith Honan NAIROBI (Reuters) – The World Trade Organization reached deals on agricultural export subsidies, food aid and other issues on Saturday, capping a ministerial conference in the Kenyan capital where rich and poor countries had been split over

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WTO backs agricultural reforms, split on Doha

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