Asian shares up after MSCI announces China weighting boost
Asian shares rose on Friday, driven by a rally in Chinese markets after index publisher MSCI announced it would boost the proportion of mainland shares in its global benchmarks, while strong U.S. economic data helped the dollar higher.
Japan’s Subaru announces biggest-ever global recall over brake lights
Subaru Corp is recalling around 2.3 million vehicles globally over a brake light problem, the automaker’s biggest-ever recall as it grapples with a series of quality-related issues following rapid expansion.
JPMorgan stays with Venezuela in emerging bond indexes: fund managers
JPMorgan has retained dollar-denominated debt issued by Venezuela’s state-run oil company PDVSA in a key emerging market bond index as part of its monthly rebalancing, according to two fund managers.
Asian shares slightly higher, U.S. growth lifts dollar, yields
Asian shares inched higher on Friday with broader gains capped by investor caution as concerns about China’s economy and global trade weighed on sentiment while stronger-than-expected U.S. GDP data pushed the dollar up.
Fed’s Powell: ‘Muted’ inflation gives room for wages to rise
A rise in productivity last year gives more room for wages to grow without the risk of higher inflation, Federal Reserve Chairman Jerome Powell said on Thursday, offering another reason why the U.S. central bank can hold off on further rate increases.
Gap to separate Old Navy brand, close stores; shares soar 25 percent
Gap Inc will separate its better-performing Old Navy brand and shutter about 230 stores of its struggling namesake apparel business, in one of its biggest restructuring efforts to energize sales, sending shares surging 25 percent on Thursday.
Intellia CEO not involved in Starboard’s Bristol-Myers board challenge
Intellia Therapeutics Inc Chief Executive John Leonard, who U.S. drug maker Bristol-Myers Squibb Co said last week was nominated by hedge fund Starboard Value LP to sit on its board, is not affiliated with the effort, an Intellia spokeswoman said on Th…
Marriott revenue, FY forecast miss estimates on weak demand
Marriott International Inc on Thursday missed Wall Street estimates for quarterly revenue and forecast a lower-than-expected full-year profit, blaming weak demand in North America, its largest market.
China’s fledgling junk bond market spawns new breed of vulture funds
When the Shanghai-traded bonds of conglomerate China Minsheng Investment Group plunged 40 percent over two days in January after news it had missed a repayment, Beijing-based hedge fund manager Jash Zhang smelled blood.
Tesla debuts $35,000 Model 3, sees loss in first quarter
Tesla Inc said on Thursday it would not be profitable in the first quarter, as it offered for the first time a $35,000 version of its Model 3 sedan and said its global sales would now be online-only, steps designed to increase demand and cut overhead c…
