Category Archives: business

U.S. lodges new appeal at WTO in meat labelling dispute

GENEVA (NEWS.GNOM.ES) – The United States lodged an appeal on Friday to challenge a World Trade Organization ruling it said had failed to bring its meat labelling laws into line with global trade rules. Continue reading

Exclusive: P&G exploring sale of $7 billion Wella hair care unit – sources

By Anjuli Davies and Freya Berry By Anjuli Davies and Freya Berry LONDON (NEWS.GNOM.ES) – Procter & Gamble Co is working with Goldman Sachs to explore the sale of its Wella hair care business that could be worth around $7 billion, sources familiar with the matter told NEWS.GNOM.ES, as the world’s largest consumer products company streamlines its business. P&G is exploring all options for the unit, which includes a professional and a trade business. That may result in selling the whole or parts, the sources said on Friday, cautioning that no final decision had been taken Continue reading

Inside OPEC room, Naimi declares price war on U.S. shale oil

By Alex Lawler, Amena Bakr and Dmitry Zhdannikov By Alex Lawler, Amena Bakr and Dmitry Zhdannikov VIENNA (NEWS.GNOM.ES) – Saudi Arabia’s oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers. Continue reading

Black Friday shopping crowds thin after Thanksgiving rush

By Nandita Bose and Nathan Layne By Nandita Bose and Nathan Layne WEST HARTFORD, Conn. (NEWS.GNOM.ES) – Mall crowds were relatively thin early on Black Friday in a sign of what has become the new normal in U.S. holiday shopping: the mad rush is happening the night of Thanksgiving and more consumers are picking up deals online. Continue reading

Billions wiped off energy shares as investors rush for exit

By Lionel Laurent By Lionel Laurent LONDON (NEWS.GNOM.ES) – A fresh slide in the price of crude wiped tens of billions of dollars off oil companies’ market value on Friday and signalled an end to the sector’s safe-haven status, as fears mounted over future profits and dividend payouts. Fund managers described the last 24 hours of trading as “capitulation” – the point at which a sell-off becomes widespread and panic-driven – as investors reassessed whether the sector could keep gushing cash after OPEC’s decision not to cut oil production to fight a supply glut Continue reading

Speculators increase bets that Brent crude will fall to $65 in first quarter

LONDON (NEWS.GNOM.ES) – The main bet that oil speculators are making for the first few months of next year is that a barrel of Brent crude will fall to $65, according to options market data. Speculators increased these positions before the OPEC meeting in Vienna this week, as expectations rose that it would not cut production – which turned out to be correct Continue reading

Oil steadies near four-year low as glut looms after OPEC

By Ahmed Aboulenein By Ahmed Aboulenein LONDON (NEWS.GNOM.ES) – Brent crude oil steadied above $73 a barrel on Friday after hitting a fresh four-year low in the wake of OPEC’s decision not to cut output, a move investors said would leave oil markets heavily oversupplied. Saudi Arabia blocked calls on Thursday from poorer members of the Organization of the Petroleum Exporting Countries for output reductions, triggering a rout in oil markets that sent Brent down more than $5 a barrel. “We are seeing continued oversupply,” said Bill Hubard, chief economist at Markets.com. Continue reading

BMW not interested in buying stake in Tesla: Wirtschaftswoche

FRANKFURT (NEWS.GNOM.ES) – Germany’s BMW is not interested in buying a stake in U.S. electric carmaker Tesla Motors , German weekly WirtschaftsWoche reported on Friday, citing a BMW statement. Earlier this week, a Tesla spokeswoman said there had been informal talks between the companies, but there were no plans to set up an alliance. Continue reading

Standard Chartered hit with first S&P downgrade in 20 years

LONDON (NEWS.GNOM.ES) – Ratings agency Standard & Poor’s (S&P) cut its credit rating on Standard Chartered for the first time in 20 years on Friday, citing the “tough period” the Asia-focused bank was going through and its weaker credit-worthiness. S&P cut its long-term issuer credit rating on Standard Chartered Plc to ‘A’ from ‘A+’, with a negative outlook — a move that could make it more expensive for the bank to borrow money Continue reading

Second act of Black Friday shopping in full swing

By ANNE D’INNOCENZIO, AP Business Writer NEW YORK (AP) — Stores are welcoming a second wave of shoppers in what has become a two-day kickoff to the holiday shopping season. The big question: How much the Thanksgiving shopping will hurt Black Friday, which is relinquishing its status as the frenzied start of the holiday shopping season? Continue reading