Category Archives: business

Asia makes tentative start to event-full week

By Wayne Cole By Wayne Cole SYDNEY (NEWS.GNOM.ES) – Asian share markets got off to a sluggish start on Monday in a packed week for global economic news that is book ended by the U.S. Continue reading

Exclusive: GM set to storm India as Korea costs climb

By Norihiko Shirouzu and Aditi Shah By Norihiko Shirouzu and Aditi Shah BEIJING/NEW DELHI (NEWS.GNOM.ES) – General Motors aims to grab at least 5 percent market share in India within the next decade, as it sees that market overtaking Japan as the world’s third biggest with projected annual sales of 8 million vehicles by 2025. The Detroit carmaker, which is losing money in India even after 18 years there, will unleash a product blitz aimed at reviving sagging sales, and will make India a new global manufacturing and export hub, taking some of the strain off South Korea, where labor costs have ballooned in recent years. Continue reading

Executives close to Charter reach out to Time Warner Cable on merger: WSJ

(NEWS.GNOM.ES) – Top executives close to Charter Communications Inc have reached out to management at Time Warner Cable Inc to discuss a possible merger of the cable operators, the Wall Street Journal reported on Sunday. Continue reading

Greece cites progress in talks with EU/IMF lenders, aims for May deal

ATHENS (NEWS.GNOM.ES) – Negotiations between Greece and its international lenders over reforms to unlock remaining bailout aid have made headway and an agreement could be closer this month, a government official said on Sunday. Prime Minister Alexis Tsipras’s three-month-old government is under growing pressure at home and abroad to reach an agreement with European and IMF lenders over reforms to avert a national bankruptcy. Continue reading

Baltimore lifts curfew imposed after unrest, relieving many

By Scott Malone and Ian Simpson By Scott Malone and Ian Simpson BALTIMORE (Reuters) – The mayor of Baltimore on Sunday lifted a night curfew imposed on the city last week to stem a spate of looting and arson that followed the funeral of a young black man who died from injuries suffered while in the police custody. Mayor Stephanie Rawlings-Blake said she believed sufficient calm had returned to allow her to end the 10 p.m.-5 a.m. curfew, which took effect last Tuesday after protests over the death of 25-year-old Freddie Gray turned violent on Monday. Continue reading

Orascom, Bombardier to build $1.5 billion monorail in Egypt

CAIRO (NEWS.GNOM.ES) – Canada’s Bombardier Inc and Egypt’s Orascom Construction and Arab Contractors will build a $1.5 billion monorail near Cairo, Egypt’s housing minister said. The 52 kilometer (32 mile) project is set to be completed by mid-2018 with funding from a 14-year loan, Mostafa Madbouly said in a statement, without saying who was providing the funds. Continue reading

UBS and Credit Suisse could combine investment banks: investor

ZURICH (NEWS.GNOM.ES) – Swiss bank UBS could combine its investment banking arm with that of Credit Suisse to create a top player, Eric Knight, head of activist investor Knight Vinke, was quoted as saying in an interview with a Swiss paper on Sunday. Knight Vinke said last month UBS should look at spinning off or merging its investment bank so the group can focus on its wealth and asset management businesses. Asked whether he thought UBS and Credit Suisse should combine their investment banks, Knight told Sonntagszeitung: “Such a combination could be an interesting way to reach critical mass and the shareholders of both groups could profit from large synergy effects Continue reading

Small earthquake shakes Los Angeles region

(Reuters) – A mild earthquake rattled the Los Angeles area on Sunday morning, according to the U.S. Geological Survey (USGS), causing no reported damage Continue reading

China’s Fosun offers $1.8 billion for 80 percent of U.S. insurer Ironshore

By Denny Thomas By Denny Thomas HONG KONG (NEWS.GNOM.ES) – Fosun International Ltd , an investment company controlled by Chinese billionaire Guo Guangchang, said it had offered to buy the 80 percent it does not already own in U.S. insurer Ironshore Inc for $1.8 billion. The move follows Fosun’s decision to buy a 20 percent stake in the casualty and property insurer for $464 million in August 2014 in a bid to expand its global insurance network. Continue reading

McDonald’s faces ‘show me’ moment with new CEO strategy

By Lisa Baertlein By Lisa Baertlein LOS ANGELES (NEWS.GNOM.ES) – McDonald’s new Chief Executive Steve Easterbrook is set to unveil his plan on Monday to revive growth as the world’s largest hamburger chain struggles to win back consumers and investors. He’ll be aiming to persuade people such as Janna Sampson, co-chief investment officer at OakBrook Investments, which bought McDonald’s shares on the cheap more than a decade ago and eventually held more than 7 million shares as the company spiffed up its restaurants, improved service and expanded its menus with things like fancy coffee, salads and wrap sandwiches Continue reading