Exclusive: Venezuela’s PDVSA quietly issues new debt to pay off suppliers
CARACAS/HOUSTON (Reuters) – Venezuelan state oil firm PDVSA has issued at least $310 million in debt to companies including General Electric Co as it negotiates private issuances to pay off its suppliers, industry sources told Reuters, stretching the finances of a company that bondholders already worry is on its way to default.
Fed’s Lockhart: Two rate hikes this year ‘certainly possible’, flags Brexit risk
AMELIA ISLAND, Fla. (Reuters) – The United States could see two further interest rate rises this year but uncertainties abound including the impact on the U.S. economy should Britain vote to leave the European Union, Atlanta Fed President Dennis Lockhart said on Tuesday.
Wall St. opens lower as global growth fears resurface
(Reuters) – Wall Street opened lower on Tuesday as weak Chinese economic data and a surprise rate cut by the Australian central bank fanned worries about the health of the global economy.
ISS recommends voting for special audit at Deutsche Bank
FRANKFURT (Reuters) – Influential shareholder advisory group ISS is recommending that shareholders attending Deutsche Bank’s shareholder meeting vote for a special audit on whether management at the lender breached legal obligations in connection with various legal and regulatory matters.
U.N. says firms channeled $221 billion to low tax entities in 2015
GENEVA (Reuters) – Companies sent $221 billion in 2015 to “special purpose entities” in low tax zones such as Luxembourg and the Netherlands, but the flows reversed after new rules on abusive tax practices came in, a U.N. report said on Tuesday.
Estee Lauder posts 3 percent rise in sales
(Reuters) – Cosmetics maker Estee Lauder Cos Inc reported a 3 percent rise in quarterly revenue, helped by demand for its M.A.C. and Smashbox makeup brands.
Halliburton adjusted profit beats estimate, helped by cost cuts
(Reuters) – Halliburton Co, the world’s No.2 oilfield services provider, reported a higher-than-expected adjusted profit for the first quarter as deep cost cuts helped cushion the impact of a drop in drilling and completion activity.
Pfizer quarterly revenue soars 19.7 percent
(Reuters) – U.S. drugmaker Pfizer Inc reported a 19.7 percent rise in quarterly revenue, boosted by sales of its new treatments for cancer and its Hospira acquisition.
Starboard’s Smith says Yahoo ‘welcoming’ since his arrival
LOS ANGELES (Reuters) – Yahoo Inc’s management team and directors have given a warm welcome to Starboard Value LP Chief Executive Jeffrey Smith since he joined the company’s board after a contentious battle, he said on Monday.
Oil prices dip on rising Middle East supply
SINGAPORE (Reuters) – Oil prices dipped in early Asian trading on Tuesday on signs that production in the Middle East is continuing to rise, countering falls in U.S. output and threatening to keep a global supply overhang in place for longer.
Asian stocks break four-day losing streak, RBA in focus
HONG KONG (Reuters) – Asian stocks snapped a four-day losing streak on Tuesday as an overnight bounce in U.S. shares boosted risk appetite while gold briefly popped to a one-year high on growing expectations of more policy stimulus.
Hedge fund leader Dalio calls Bridgewater culture ‘opposite of a cult’
LOS ANGELES (Reuters) – Ray Dalio, the billionaire founder of Bridgewater Associates, has defended his firm’s unconventional management style – based on employees openly challenging each other and giving themselves continuous performance feedback – saying it created a focus on “independent thinking.”
Canada for first time says it actively wants to help Bombardier
OTTAWA (Reuters) – The top Canadian official probing a request by planemaker Bombardier Inc for aid to support its new CSeries passenger jet on Monday indicated for the first time that Ottawa actively wanted to help the company, highlighting the number of jobs it provides.
AIG profit misses again as weak hedge fund returns weigh
(Reuters) – American International Group Inc , under fire from investors to improve its performance, reported a lower-than-expected profit for the third straight quarter as poor returns from hedge funds hurt its investment income.
Johnson & Johnson ordered to pay $55 million in talc-powder trial
NEW YORK (Reuters) – Johnson & Johnson was ordered by a U.S. jury on Monday to pay $55 million to a woman who said that using the company’s talc-powder products for feminine hygiene caused her to develop ovarian cancer.
Ex-girlfriend can get video deposition of Sumner Redstone in upcoming trial: judge
LOS ANGELES (Reuters) – Media mogul Sumner Redstone can be deposed at his home in a short videotaped session ahead of a trial to resolve his ex-girlfriend’s lawsuit over his mental competence, a California judge ruled on Monday.
Exclusive: Tribune Publishing No. 2 shareholder supports sale
(Reuters) – Oaktree Capital Group LLC , the second largest shareholder in Tribune Publishing Co , wants the U.S. newspaper company to explore a sale, people familiar with the matter said on Monday.
Puerto Rico gov’t bank misses payment, talking with creditors
SAN JUAN/NEW YORK (Reuters) – Puerto Rico’s Government Development Bank said it reached a tentative debt restructuring framework with some of its major creditors, just hours after declaring it will skip making a $422 million bond payment due on Monday.
Twitter lawsuit partly dismissed over U.S. information requests
SAN FRANCISCO (Reuters) – A U.S. judge on Monday partly dismissed a lawsuit filed by Twitter Inc in which the social media company argued it should be allowed to publicly disclose more details about requests for information it receives from the U.S. government.
Gannett to urge Tribune shareholders to withhold board slate vote
(Reuters) – Gannett Co Inc plans to urge Tribune Publishing Co’s shareholders to withhold their votes on election of board nominees as it looks to engage the publisher of Chicago Tribune in takeover talks.
U.S. economy seen growing at 1.8 percent in second quarter: Atlanta Fed
NEW YORK (Reuters) – U.S. economy is on track to grow by a 1.8 percent annualized rate in the second quarter, unchanged from its estimate on Friday, Atlanta Federal Reserve’s GDPNow forecast model showed on Friday.
Fidelity raises estimated value of Airbnb, Cloudera and Nutanix
(Reuters) – Valuations of apartment-sharing startup Airbnb Inc and other promising pre-IPO companies rose in March, according to the latest monthly estimates released by Fidelity Investments.
Investors may have profited from leaked U.S. data: ECB research paper
FRANKFURT (Reuters) – Investors earned millions of dollars in profits from correctly betting on market moves ahead of sensitive U.S. economic data, suggesting leaks of key indicators, a European Central Bank research paper said on Monday.
Ackman: Valeant has no plans to sell ‘crown jewel’ assets – CNBC
BOSTON (Reuters) – Billionaire hedge fund manager William Ackman told television station CNBC on Monday that embattled drug company Valeant Pharmaceuticals has no plans to sell any “crown jewel” assets and that he stuck with his bet on the company because he thought he could “fix it”.
Baker Hughes to buy back stock, debt after Halliburton deal fails
(Reuters) – Baker Hughes Inc said it planned to buy back $1.5 billion of shares and $1 billion of debt, using the breakup fee it will receive following the collapse of its proposed buyout by fellow oilfield services provider Halliburton Inc .
U.S. factory activity expands; construction spending rises
WASHINGTON (Reuters) – U.S. manufacturing activity rose for a second straight month in April but at a slightly slower pace, as new orders and production fell.
Marchionne to succeed Felisa as Ferrari CEO
MILAN (Reuters) – Ferrari Chairman Sergio Marchionne will also become the luxury carmaker’s chief executive after Amedeo Felisa’s decision to retire, the company said in a statement on Monday.
Union warns VW could face protests if wage talks delayed
BERLIN (Reuters) – Germany’s IG Metall warned Volkswagen on Monday that it could face protests from workers if it sought to delay talks about wage rises for 120,000 staff who work for the carmaker in western Germany.
Supreme Court rejects appeal in shareholder suit against BP
WASHINGTON (Reuters) – The U.S. Supreme Court on Monday declined a request from shareholders seeking to revive their class action lawsuit against BP claiming the British oil company misrepresented its safety procedures prior to the 2010 Gulf of Mexico oil spill.
Big bargains entice Warren Buffett fans on Berkshire weekend
OMAHA (Reuters) – Warren Buffett, the CEO of Berkshire Hathaway Inc, is known for his keen eye for a bargain.
Wall St. little changed on weak manufacturing data
(Reuters) – Wall Street was little changed on Monday after data showed that U.S. manufacturing sector’s PMI for April was at its lowest since 2009.
Takata booking over $156 million in additional loss for air bag recalls
TOKYO (Reuters) – Japan’s Takata Corp is booking an additional special loss of 16.6 billion yen ($156.07 million) for the year that ended in March due to mounting recall costs for its potentially lethal air bags.
BOJ sees little reason to act when households aren’t listening
TOKYO (Reuters) – Bank of Japan Governor Haruhiko Kuroda has a big problem. His radical monetary policy experiment has always been aimed at convincing the public that an end to deflation is near – and right now the public aren’t listening.
Australian tells BBC he created bitcoin, but some skeptical
SYDNEY/SINGAPORE (Reuters) – Australian tech entrepreneur Craig Wright has told the BBC that he was the creator of controversial digital currency bitcoin, after years of speculation about a person who until now has gone by the name of Satoshi Nakamoto.
U.S. companies starting to see relief from pains of strong dollar
NEW YORK (Reuters) – The sluggish U.S. economy is proving to be a relief for U.S.-based companies struggling under the weight of the strong dollar and could lead to more positive earnings surprises in the weeks ahead.
Warren Buffett says doesn’t try to profit from central bank moves: CNBC
NEW YORK (Reuters) – Warren Buffett, the chairman and chief executive of conglomerate Berkshire Hathaway , said Monday Berkshire did not try to profit from global central bank monetary policy and that low oil prices were beneficial to the United States.
U.S. Energy Secretary sees oil supply, demand rebalancing in a year
KITAKYUSHU, Japan (Reuters) – U.S. Energy Secretary Ernest Moniz said he expects global oil supply and demand to rebalance in about a year’s time.
ICE may have more time to consider bid for London bourse
LONDON (Reuters) – London Stock Exchange Group and Deutsche Boerse may have to delay a vote on their proposed merger until after Britain’s EU referendum, handing more time to Intercontinental Exchange to decide whether to make a counter-bid for the British bourse.
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