Philip Green’s Arcadia to close UK stores, review U.S. in restructuring
British retail tycoon Philip Green’s Arcadia Group said on Wednesday it planned to close 23 of its 566 stores in the UK and Ireland in a major restructuring of the fashion business that could also see its Topshop/Topman stores close in the U.S..
Tesla drops for sixth straight session, down 20% since share offer
Tesla shares extended their recent sell-off on Wednesday after Citi cut its price target on the struggling electric car maker, leaving buyers of its recent share offer, including Chief Executive Elon Musk, $175 million in the hole.
Factbox: Qualcomm’s ‘obstinance’ needs monitoring – judge
Qualcomm Inc illegally suppressed competition in the market for smartphone chips by threatening to cut off supplies and extracting excessive licensing fees, a U.S. judge ruled, a decision that could force the company to overhaul its business practices….
United CEO promises to re-book passengers concerned about 737 MAX
United Airlines Chief Executive Oscar Munoz promised on Wednesday to reaccommodate any passengers concerned about flying Boeing Co’s 737 MAX jets once regulators deem the aircraft safe to fly again.
Next round of U.S. tariffs on China at least a month away: Mnuchin
The United States is at least a month from enacting its proposed tariffs on $300 billion in Chinese imports as it studies the impact on American consumers, U.S. Treasury Secretary Steven Mnuchin said on Wednesday.
Oil drops more than 2% on U.S. inventories build, demand worries
Oil futures tumbled more than 2% on Wednesday as an unexpected build in U.S. crude stockpiles compounded investor worries that a prolonged trade fight between Washington and Beijing could dent crude demand.
Factbox: Global tech companies shun Huawei after U.S. ban
Global tech firms, including chip suppliers, are cutting ties with China’s Huawei Technologies Co Ltd after the U.S. government put the world’s largest telecom equipment maker on a trade blacklist citing national security concerns.
IBM, Cera Care to test self-driving car tech in elder homes
IBM and British start-up Cera Care plan a six-month pilot to test whether lidar laser sensors, used to help self-driving cars “see”, can enable elderly people to stay in their homes for longer – without compromising privacy.
Trade tensions keep Wall Street lower ahead of Fed minutes
U.S. stocks dipped on Wednesday, as reports that Washington could impose restrictions on another Chinese technology company fanned trade tensions, while investors awaited the release of minutes from the Federal Reserve’s latest policy meeting.
General Electric CEO affirms weak forecasts, signaling stable outlook
General Electric Co Chief Executive Officer Larry Culp affirmed the ailing conglomerate’s weak forecasts for 2019 and beyond on Wednesday, a potential sign of stability after his predecessors repeatedly missed financial goals.
