Category Archives: Money

Samsung chief grilled for 15 hours in South Korea graft probe

Lee Jae-yong vice chairman of Samsung Electronics arrives to be questioned as a suspect in a corruption scandal that led to the impeachment of President Park Geun-Hye, at the office of the independent counsel in SeoulBy Se Young Lee and Ju-min Park SEOUL (Reuters) – Samsung Group [SAGR.UL] chief Jay Y. Lee was questioned by South Korea's special prosecutor for more than 15 hours as part of an investigation into a graft scandal that threatens to topple President Park Geun-hye. The 48-year-old executive, the third-generation leader of the country's top conglomerate, made no comment as he was shown on live television leaving the prosecutor's office in southern Seoul in a black car early on Tuesday. Lee, who has denied allegations of bribery through Samsung Group spokespeople, had arrived at the office on Monday morning.

DuPont settles lawsuits over leak of chemical used to make Teflon

FILE PHOTO -- The Dupont logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New YorkDuPont and Chemours Co have agreed to pay $671 million in cash to settle thousands of lawsuits involving a leak of a toxic chemical used to make Teflon, the companies said on Monday. The company said it would pay half of the settlement, although liability for litigation connected with the chemical was passed onto it when DuPont spun it off in 2015. In addition, Jefferies analyst Alexander Laurence said the liability was $300 million below Wall Street estimates, and DuPont shares rose 1 percent.

S&P tops $20 trillion as ‘Trump trade’ roars back to life

Traders work on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S.President Donald Trump vowed last week to make a major tax announcement in the next few weeks, rekindling a rally that has stalled amid concerns over Trump's protectionist stance and lack of clarity on policy reforms. The S&P has surged 8.3 percent since Trump's Nov. 8 election through Friday's close, fueled by expectations Trump would lower corporate taxes, reduce regulations and increase infrastructure spending. The S&P has not dropped more than 1 percent since Trump's election victory.

U.S. inflation expectations at highest level since 2015: NY Fed

A shopper walks by the sodas aisle at a grocery store in Los AngelesA measure of U.S. inflation expectations rose for a second straight month in January to its highest level since mid-2015, according to a Federal Reserve Bank of New York survey released on Monday that reinforced the view that interest rates would keep climbing. The survey of consumer expectations, an increasingly influential gauge of prices for the U.S. central bank, found that year-ahead inflation expectations increased to 3.0 percent, from 2.8 percent in December and 2.5 percent in November. "Both increases were fairly broad-based, but largest among younger and higher-income respondents," the New York Fed said.

Allergan to buy Zeltiq Aesthetics for about $2.48 billion

FILE PHOTO - The Allergan logo is seen in this photo illustration in Singapore(Reuters) – Botox maker Allergan Plc said it would buy body-contouring product maker Zeltiq Aesthetics Inc for about $2.48 billion, adding muscle to its line-up of products used to fight fat and smoothen wrinkles. Zeltiq's CoolSculpting System is approved by the U.S. Food and Drug Administration and utilizes a cooling mechanism to reduce the appearance of stubborn fat – which may not respond to diet or exercise – without disturbing surrounding tissue. Dublin-based Allergan, led by its acquisitive Chief Executive Brent Saunders, has orchestrated a flurry of deals since its $160 billion merger with Pfizer Inc collapsed in April.

Tesla targets Middle East drive with Dubai debut

A Tesla Model S charges at a Tesla Supercharger station in Cabazon, CaliforniaBy Shane McGinley and Alexander Cornwell DUBAI (Reuters) РTesla Inc has started selling its luxury electric cars in Dubai, marking its first foray into the Middle East. Sales of luxury cars in the Gulf states are among the highest in the world per capita, although some brands have suffered as lower oil prices have dampened consumer demand. California-based Tesla is accepting online orders from customers in the United Arab Emirates, a pop-up store in the Dubai Mall and a Tesla service center being built on Dubai’s Sheikh Zayed Road, which is due to open in July.

Boeing, machinists face off over union at South Carolina plant

Workers at South Carolina Boeing work on a 787 Dreamliner for Air India at the plant's final assembly building in North CharlestonNEW YORK/NORTH CHARLESTON, S.C. (Reuters) – Boeing Co faces its first union vote on Wednesday at its aircraft factory in South Carolina, a high-profile test for organized labor in the nation's most strongly anti-union state. The world's largest planemaker is running a hardball campaign against the International Association of Machinists and Aerospace Workers (IAM), which is trying to organize about 3,000 workers at one of two plants where Boeing makes 787 Dreamliners. The other, in Washington state, has long been unionized by the IAM.

Citing Trump and Brexit, EU sees euro zone economy risk, sharp drop in UK growth

Pound coins are seen in front of a displayed EU flag in this picture illustrationThe European Commission said on Monday that uncertainty about U.S. policies, Brexit and elections in Germany and France would take their toll on the euro zone economy this year. It forecast euro zone economic growth to lose some speed this year before rebounding in 2018. The British economy will nearly halve its expansion by 2018, the European Union executive said in a broad series of economic forecasts.

U.S. trial set over bitcoin exchange linked to JPMorgan hack probe

A combination photo of Trevon Gross in New York and Anthony Murgio in FloridaA Florida software engineer and a New Jersey pastor are expected on Monday to face trial in a case stemming from an investigation into a bitcoin exchange and a data breach at JPMorgan Chase & Co . Jury selection is set to begin in Manhattan federal court in the case of Yuri Lebedev, who authorities call the architect of bitcoin exchange Coin.mx's electronic platform, and Trevon Gross, a pastor and ex-chairman of a now-defunct credit union.

Toshiba prepares to unveil nuclear hole, other perils threaten

The logo of Toshiba Corp is seen behind trees at its headquarters in TokyoBy Makiko Yamazaki and Taro Fuse TOKYO (Reuters) – Toshiba Corp will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group's efforts to fix that and other balance sheet headaches. Sources familiar with the matter say the final charge, to be detailed alongside quarterly earnings, will be as high as 700 billion yen ($6.2 billion), a sum which alone would wipe out the company's shareholder equity. Toshiba, which has seen its market value almost halve since the prospect of a writedown emerged in December, is also expected to outline the prospects for its nuclear arm and update investors on efforts to raise capital, including through the sale of a stake in its flagship memory chips business.