Business (UK Edition)

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Keep close to the EU after Brexit or face long-term decline, OECD warns UK

Thinktank warns Britain must stay close to EU or face long-term decline as it suggests a second poll<p>The Treasury has flatly rejected calls by the west’s leading economic thinktank for a second EU referendum after the Organisation for Economic Cooperation and Development said a second poll would …

Brexit

London is the only region in England where house prices fell in August

UK house prices edged up five per cent in August, according to official figures, although the capital was the only English region where …

House Prices

FTSE edges down, Merlin collapses on poor summer trading

LONDON (Reuters) - UK shares edged lower on Tuesday, with a flurry of trading updates animating early deals, such as tourist attractions operator Merlin Entertainments, which saw its shares collapse on disappointing summer sales.<p>The FTSE .FTSE had retreated 0.20 percent by 0839 GMT, barely moved by …

Economy

Justice Department reveals charges against Chinese fentanyl distributors

U.S. prosecutors have charged two Chinese nationals who sold fentanyl to American customers over the Internet in a massive international conspiracy case, the Justice Department announced Tuesday.<p>The case is unique, the Justice Department said, because the men are the first Chinese-based fentanyl …

Rod Rosenstein

Aphria shares fall as TMX review casts uncertainty over marijuana industry

Shares of Aphria Inc., a Canadian cannabis company that also operates in the United States, tumbled more than 8 per cent in early trading on Tuesday, as investors questioned the future of its listing on the Toronto Stock Exchange.<p>The selloff in the stock comes a day after the TSX, and the junior …

Cannabis

Pizza Hut Warns Customers That Hackers May Have Accessed Their Data

If you kicked October off with a Pizza Hut pizza, you might want to keep a close eye on your credit report – and credit card statement.<p>The chain has …

Security

New cancer drugs help J&J top profit estimates

(Reuters) - Johnson & Johnson reported a higher-than-expected quarterly profit and raised its full-year forecast as the company gained from strong sales of its new cancer drugs.<p>Shares of J&J, part of the Dow Jones Industrial Average, were up 1.3 percent in premarket trading on Tuesday.<p>Higher demand …

Markets

Cruise lines return to Puerto Rico and urge travelers to book Caribbean sailings

News reports about Puerto Rico are grim: Power outages are expected to continue indefinitely, many roads are impassable and many people still don't have clean drinking water or phone service nearly a month since Hurricane Maria struck.<p>But cruise company bosses talked Monday about resuming their …

Caribbean

Allergan Punished After Judge Invalidates Restasis Patents

Judge Bryson invalidated AGN's Restasis patents.<p>AGN fell 3% and could fall further once investors parse through the potential impact of generic …

Pharma

Petroleum, food boost U.S. import prices in September

WASHINGTON (Reuters) - U.S. import prices for September recorded their biggest increase in more than a year amid rising petroleum and food costs, but underlying imported inflation remained modest.<p>The Labor Department said on Tuesday that import prices jumped 0.7 percent last month, the biggest gain …

Economy

Mazda September European car registrations: -6%

Mazda (OTCPK:MZDAY) European car registrations -6.2% to 25,710 units in September, according to the European Automobile Manufacturers …

Mazda

McKinsey apologizes for errors in South Africa corruption scandal

Global consulting firm McKinsey & Co., headed by a top adviser to Finance Minister Bill Morneau, has apologized for "errors of judgment" in its business dealings with corruption-tainted firms in South Africa.<p>The company admits it might have to give back $78-million (U.S.) in controversial payments …

Africa

Volvo and Geely reveal new Polestar electric car brand as they target future of motoring

Volvo and its Chinese owner Geely have launched a new brand of cars that aim to tap into the burgeoning field of electric vehicles.<p>Polestar - a joint venture between the two - has unveiled its first car in Shanghai, a high-performance coupe powered by a hybrid petrol-electric drivetrain.<p>Named …

Electric Vehicles

Wall St flat as losses in financials offset healthcare gains

(Reuters) - Wall Street opened flat on Tuesday as gains in healthcare stocks were largely offset by losses in financials, with an earnings beat from Goldman Sachs failing to cheer investors.<p>Goldman Sachs (GS.N) fell 1.6 percent and weighed the most on the Dow while Morgan Stanley (MS.N) rose 1.66 …

Markets

Johnson & Johnson tops Street 3Q forecasts, hikes forecast

Higher spending across the board drove Johnson & Johnson's third-quarter profit down 12 percent, despite a big sales jump fueled by recent acquisitions, hot new cancer drugs and strong sales of other key medicines.<p>However, the health care giant easily topped Wall Street expectations. With momentum …

Markets

Uber Loses Another Key Executive in Europe

Uber’s European policy chief Christopher Burghardt is quitting to join the electric vehicle charging network company Chargepoint, the companies said …

Uber

Citigroup: All Eyes On Credit Quality Issues

Citi surprised investors with a spike in credit costs.<p>The bank’s margin dynamics remains sluggish.<p>Citi’s Mexican business is likely to face several …

Markets

This Little-Known Italian Immigrant Turned Cable Entrepreneur Is Worth $4.5 Billion

Rocco Commisso, founder and chief executive of cable firm Mediacom, is among 22 new additions to The Forbes 400 in 2017 thanks to the soaring value of his company, now worth roughly $4.5 billion. He owns the business outright.<p>“I’m the fulfillment of the American dream in all ways,” Commisso said …

Wealth

China tries to reassure foreign companies, promises openness

BEIJING (AP) — A spokesman for China's ruling Communist Party on Tuesday promised Beijing will open its markets further and tried to reassure foreign companies amid mounting U.S. and European trade complaints.<p>Speaking at the start of a key political meeting, Tuo Zhen said the party will "expand our …

China

Powell likely next Fed chief, though Yellen best suited: economists

LONDON (Reuters) - Jerome Powell likely will be the next Federal Reserve chairman, according to a slim majority of economists in a Reuters poll - but most of them said current Fed Chair Janet Yellen would be the best option.<p>Just over half the 40 economists who participated in the survey, taken in …

Economy

Revolution Bars rejects Slug and Lettuce owner Stonegate's takeover bid

Shareholders in Revolution Bars have voted against a takeover bid from Slug and Lettuce owner Stonegate Pub Company.<p>Shares in Revolution dropped over …

Lettuce

Opendoor Tops $1 Billion Annual Home Purchase Rate As It Expands To Orlando And Raleigh

Opendoor, which is working to upend the way that Americans buy and sell homes, is buying homes at a rate of $1.3 billion a year as it plans expansion to new cities and competition heats up. “That really shows that people are not only willing to sell their homes online, but they love the …

Real Estate

Party Congress Draws Attention to China’s Growing Power

As China's 19th Party Congress approaches on October 18, it is worth remembering the country is much more significant to the world right now than it …

China

Germany must spend 40 bln euros on fiber networks: lobby

FRANKFURT (Reuters) - Germany's next government should invest 40 billion euros ($47.3 billion) to build out a high-speed, glass-fiber telecoms network or risk a loss of competitiveness, a leading business group said on Tuesday.<p>The appeal, by the VDMA engineering lobby, reflects concerns that …

Germany

Vanguard platform drives UK passive fund sales

Vanguard’s newly-launched UK online retail platform has contributed to a significant uptick in passive fund sales during the past six months, a …

Finance

P&G Says Its Battle With Activist Shareholder Nelson Peltz Is Done—For Now

Procter & Gamble said on Monday that activist hedge fund manager Nelson Peltz had lost his bid to win a seat on the consumer goods company’s board by …

Nelson Peltz

SoftBank’s multibillion dollar investment in Uber is “very likely”

Uber board member Arianna Huffington confirmed at WSJ D.Live that a multibillion-dollar Uber-SoftBank deal is very likely to be completed within the week, reports <i>TechCrunch</i>. The Japanese telecoms giant has been investing in pretty much everything over the past year, including Uber’s competitors.</b> …

Uber

Monzo's introducing new ATM fees: Here's how much you'll pay using your card abroad from December

Monzo has revealed how much customers will now have to pay to withdraw cash when abroad.<p>The digital challenger bank earlier this year said it would …

Banking

Greenpeace faults many tech giants for environment impact

SEOUL, South Korea (AP) — The environmental group Greenpeace issued a report on Tuesday giving technology titans including Samsung Electronics, Amazon and Huawei low marks for their environmental impact.<p>Many of the biggest technology companies failed to deliver on commitments to reduce emissions of …

Sustainability

China factories grapple with soaring prices as pollution crackdown bites

GUANGZHOU, China (Reuters) - Chinese exporters at the country's biggest trade fair are more optimistic about global demand now than six months ago but Beijing's crackdown on pollution is ramping up costs and product prices, hurting smaller factories and foreign buyers.<p>At the Canton Fair where some …

China

Apple’s first big break came because of the spreadsheet

These days, Apple’s marketing campaigns play up the company’s appeal to cool, creative people. Things were different in the early days of the now dominant computer and device maker.<p>The $800 billion market cap behemoth we know today owes much of its initial success to the humble spreadsheet. More …

Apple II

Snap Inc and NBC are going to make scripted shows together for Snapchat in original content push

Snap is getting further into creating its own content and is just the latest tech company to do so, partnering with US media giant NBCUniversal.<p>They …

Snap Inc.

Greece, IMF agree on fast bailout review conclusion: Tsipras says

ATHENS (Reuters) - Greece and the International Monetary Fund agree that the next bailout review of the country's fiscal and reform progress must be concluded fast, Greek Prime Minister Alexis Tsipras said on Monday.<p>European Union and IMF inspectors are expected in Athens next week to start talks …

Greece