Business

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Dudley sees Fed rate hikes as U.S. inflation weakness fades

SYRACUSE, N.Y. (Reuters) - The Federal Reserve is on track to gradually raise interest rates given the recent inflation weakness is fading and the U.S. economy's fundamentals are sound, an influential Fed policymaker said on Monday, reinforcing the central bank's confident tone.<p>New York Fed …

Economy

Target raises minimum wage to $11 an hour, $15 by 2020

Target is giving its workers a raise.<p>The company announced Monday that it would increase the minimum hourly wage for all workers to $11 next month.<p>Target (TGT) also committed to a $15 minimum wage by the end of 2020.<p>The company says the increase will also apply to the more than 100,000 hourly …

Minimum Wage

Trump vs. GOP: Biz tax rate differences could have big impact on GDP

The Republican Party is gearing up to detail the intricacies of its tax reform overhaul this week and the corporate tax rate is a main area of uncertainty for lawmakers, but one that could make a big difference in future economic growth.<p>While Trump has suggested dropping the current corporate tax …

Economics

Health care bill teeters, GOP adds money to woo dissidents

WASHINGTON (AP) — Top Republicans are adding money to their staggering effort to repeal the Obama health care law and say they're pushing toward a climactic Senate faceoff this week. Yet their path to succeeding in their last-gasp effort has grown narrower, perhaps impossible.<p>GOP senators' …

Health Care

General Electric shrinking: sells GE Industrial to Zurich-based ABB for $2.6 billion

General Electric is shrinking further with the $2.6 billion sale of its Industrial Solutions business to Zurich-based electrical components maker ABB.<p>GE, which has been shedding assets to focus on higher profit margin businesses and digital products, is offloading the Industrial Solutions division …

Manufacturing

Unilever steps up beauty push with $2.7-billion Carver Korea deal

Unilever has agreed to pay €2.27-billion ($2.71-billion U.S.) to buy fast-growing cosmetics company Carver Korea in its latest move to build a global beauty business.<p>The purchase from Goldman Sachs, Bain Capital and Carver's founder follows a string of smaller skincare and cosmetics deals as the …

Goldman Sachs

Uber apologises after London ban and admits 'we got things wrong'

London mayor Sadiq Khan says he welcomes apology by CEO of ride-hailing app, which has been stripped of its licence<p>Uber’s chief executive has apologised for the taxi app’s mistakes in London and promised to change as the company fights a decision by the city not to renew its licence.<p>The US company …

Uber

Energy leads market at the open

CNBC's Bob Pisani takes a look at what's moving in early morning trading as stocks turned mixed amid market rotation.

Exponential Finance Conference

Obama personally warned Mark Zuckerberg after the election about the extent of fake news on Facebook

Former president Barack Obama and Facebook founder and CEO Mark Zuckerberg met on Nov. 19 in Peru and discussed the spread of fake news on the site, …

Facebook

White House issues updated travel ban, with fresh restrictions on who can enter US

The Trump administration issued an updated travel ban with fresh restrictions on who can enter the U.S., targeting eight countries.

Travel Ban

French truck drivers block roads to protest labor changes

PARIS (AP) — French truck drivers staged road blockages near fuel depots across the country Monday to protest against President Emmanuel Macron's changes to labor laws.<p>Two major unions, CGT and FO, called a nationwide protest action because they fear the new rules Macron formally signed last week …

France

Goldman Sachs: ‘One Last Window for a Meaningful Gas Rally’

Natural gas prices are down and trading just below $3 per million British thermal units Monday, but a colder winter could push average prices up to …

Goldman Sachs

Equifax Acquired This Identity Protection Firm Before Disclosing the Hacker Breach

Already under siege from dozens of regulatory probes and lawsuits, Equifax is now facing questions on a new front. The credit reporting company that …

Identity Theft

Pfizer spins out shelved experimental drugs

SpringWorks Therapeutics, a rare disease drug development startup, has raised $103 million in Series A funding from Pfizer, Bain Capital Life …

Pfizer

European Central Bank chief warns on euro's rise

FRANKFURT, Germany (AP) — European Central Bank head Mario Draghi has underlined his concern about the recent rise in the euro's exchange rate.<p>Draghi said Monday that "the recent volatility in the exchange rate represents a source of uncertainty which requires monitoring."<p>The euro has risen from …

Economy

Deloitte hit by cyber-attack revealing clients’ secret emails

Exclusive: hackers may have accessed usernames, passwords and personal details of top accountancy firm’s blue-chip clients<p>One of the world’s “big four” accountancy firms has been targeted by a sophisticated hack that compromised the confidential emails and plans of some of its blue-chip clients, …

Cybersecurity

Wharton Tops 2017 List Of America's Best Business Schools

The MBA class of 2012 entered the job market during uncertain times. The worst of the financial crisis was over, but national unemployment was still 8.2% and big banks were licking their wounds from massive losses triggered by the subprime mortgage crisis. Yet, most grads from top 25 business …

MBA

Wilbur Ross Wants to Strip NAFTA of What Makes It Great

Commerce Secretary Wilbur Ross’ recent proposal to make NAFTA subject to a five-year sunset clause would be like turning home ownership into a …

Wilbur Ross

Target to up hourly base pay to $15 by end of 2020

NEW YORK – Target Corp. is raising its minimum hourly wage for its workers to $11 starting next month and then to $15 by the end of 2020 in a move it says will help it better recruit and retain top-quality staff and provide a better shopping experience for its customers.<p>The initiative, announced …

Economy

Investors agree to swap $6.2 billion of old Petrobras debt for new notes

SAO PAULO (Reuters) - Holders of $6.22 billion worth of Petróleo Brasileiro SA bonds due between 2019 and 2021 have agreed to swap them for new seven- and 10-year securities, helping Brazil's state-controlled oil producer trim a debt burden that is the largest among major oil firms.<p>In a Monday …

Oil

Oracle Stock Might Just Collapse

Oracle (ORCL) just reported earnings and while the numbers for the quarter were strong, the company said it expected the acceleration in revenue to …

Stocks

DR Horton cuts cash flow forecast 50 percent due to hurricanes

(Reuters) - D.R. Horton Inc (N:DHI), the No.1 U.S. homebuilder, slashed its 2017 cash flow forecast from operations by half, citing delays because of …

Markets

Exclusive: Toshiba tells banks chip deal delayed as Apple yet to approve

TOKYO (Reuters) - Toshiba Corp (6502.T) told its main banks on Monday it has not signed the $18 billion sale of its semiconductor business because Apple Inc (AAPL.O), a member of the buyer group, has not agreed on key terms, two people involved in the deal said.<p>The struggling Japanese conglomerate …

Toshiba

US commerce secretary visits Beijing ahead of Trump trip

BEIJING (AP) — U.S. Commerce Secretary Wilbur Ross said Monday that Washington is hoping for concrete progress during President Donald Trump's planned trip to China amid rising trade tensions.<p>Ross met with Chinese Premier Li Keqiang, the country's top economic official, during a three-nation Asian …

China

Whistleblowers at U.S. funded research institutions fear retaliation

Institutions that conduct human research generally have a reputation for strict fact-finding, going where the research leads while maintaining firm rules to protect the people who are studied.<p>If those rules are violated, the consequences can be serious. It’s worse when workers and others are afraid …

Research

UK central bank warns over rise in consumer credit

LONDON (AP) — The Bank of England warned Monday of "a pocket of risk" in the rapid growth of consumer credit in the British economy, and is compelling lenders to hold an extra 10 billion pounds ($13.5 billion) in capital to cover themselves against potential losses.<p>The fast rise in credit like car …

Economy

Iran Vows Oil Exports as Cargoes Seen Unscathed by Trump Threat

Iran will persist with exporting its oil to global customers, unfettered by Donald Trump’s intensifying offensive against the country, according to …

Iran

United Technologies Pays 'Full Price' For Rockwell Collins

United Technologies is purchasing Rockwell Collins at a significant premium.<p>Acquisition another step in concerted move to aerospace.<p>At the end of the …

Stocks

EU ends action forcing Greece to reduce its deficit

BRUSSELS (AP) — The European Union has ended its procedures meant to force Greece to reduce its deficit as the country gets its books back in order despite being mired in debt.<p>EU headquarters said Monday that Greece's "deficit is now below 3 percent of GDP," the ceiling for European government …

Greece

German Auto Stocks Calm After Election Suggests Greens Might Be In Government

German auto stocks showed little reaction Monday to news Angela Merkel will return as Chancellor, but on the day after the election, the makeup of a required coalition government wasn’t clear.<p>The voting figures suggested that Merkel’s right of center Christian Democrats (CDU) with about 33% will …

Angela Merkel

UK banks must bolster defenses against consumer loan defaults: Bank of England

LONDON (Reuters) - British banks have underestimated the risks from a surge in consumer borrowing and need to hold an extra 10 billion pounds of capital to guard against future dangers, the Bank of England said on Monday.<p>Unsecured consumer lending is growing at nearly 10 percent a year, far faster …

Economy

Investment In Upstream Starting To Pick Up

Is recovery in the offing? If investment is the ultimate measure of the health of any industry, the signs are promising. A year ago we forecast a cautious, U-shaped recovery in 2017 and that’s what’s emerging. Malcolm Dickson and Angus Rodger, two of our senior upstream analysts, expect global …

Oil

Peak Iran: 'One of the most underappreciated geopolitical risks in the oil market'

Briefing highlights<p>What tensions could mean to the oil market<br>• Global markets mixed, largely down<br>• New York poised for softer open<br>• Canadian dollar at about 81 cents<br>• Cenovus in $500-million sale<br>• Markets await Poloz speech<br>• What to expect on Canadian GDP<br>• What else to watch for this week<p>We have consistently …

Economy

European shares inch higher as Merkel hangs on to power

LONDON (Reuters) - European shares edged higher in cautious trade on Monday after German Chancellor Angela Merkel secured a fourth term but saw her party weakened by a surge in support for the far-right.<p>At 1027 GMT (5.27 am ET) both the pan-European STOXX 600 (.STOXX) and euro zone blue chips …

Markets

China’s Property Developers Drag Hang Seng Index Lower

Hong Kong's Hang Seng Index was dragged down 1% today, with Chinese property developer stocks among the worst performers after new property sale …

Hang Seng Index

OPEC's pact compliance 'acceptable', some changes needed: Iran minister

LONDON (Reuters) - OPEC's compliance with an agreement among oil producers to reduce output has been acceptable, Iran's oil minister said on Monday, adding that some changes were needed if participants seek to balance the market.<p>The Organization of the Petroleum Exporting Countries, Russia and …

Oil

Aldi reports record sales but profits drop amid price war

<b>Aldi has reported record sales in the UK and Ireland for last year but its profits have fallen sharply amid a fierce price war among supermarkets.</b><p>The German discounter said sales rose 13.5% to £8.7bn in 2016, but operating profit dropped 17%.<p>The chain blamed the fall on its "continued investment in …

Trends

Deutsche Bank Says Economy Not Top Issue for Voters

Stefan Schneider, chief German economist at Deutsche Bank, discusses the outcome of the German election, his outlook for the economy and how much …

Economy

Survey: Economists see no gain from NAFTA renegotiation

WASHINGTON (AP) — Most business economists expect the Trump administration's efforts to renegotiate the North American Free Trade Agreement will make no difference to the U.S. economy or cause harm.<p>The National Association for Business Economics survey of 47 economists found that one-third think …

Economics

Costco's Hidden Upside: Wal-Mart Vs. Amazon

Costco's comps reveal more than just healthy growth.<p>That growth has happened despite the Wal-Mart vs. Amazon retail war.<p>But the hidden upside comes …

Stocks