Xerox quarterly profit beats on cost cuts
Xerox Corp beat fourth-quarter profit estimates on Tuesday as it reined in costs, but its revenue dropped more than expected as businesses continue to cut spending on printers and photocopiers.
U.S. sanctions Venezuela state oil firm, escalating pressure on Maduro
The Trump administration on Monday imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA, aimed at severely curbing the OPEC member’s crude exports to the United States and at pressuring socialist President Nicolas Maduro to step down.
Three Abu Dhabi lenders agree to merge, creating a $114 billion bank
Abu Dhabi Commercial Bank, Union National Bank and Al Hilal Bank said on Tuesday the banks have agreed on a three-way merger, creating the third-largest bank in the United Arab Emirates.
Russia’s Lavrov says U.S. sanctions on Venezuela oil company illegal
U.S. sanctions imposed on Venezuela’s state oil company are illegal and Russia will take all necessary steps to support the administration of Venezuelan President Nicolas Maduro, Russian Foreign Minister Sergei Lavrov was quoted as saying on Tuesday.
Intel to get $1 billion state grant for $11 billion Israel chip plant expansion
Intel Corp will receive a grant of about $1 billion from the Israeli government for its latest investment plan to expand its chip manufacturing operations in the country, Israel’s finance minister said on Tuesday.
Gold reaches seven-month high as stocks, dollar struggle
Gold climbed to a seven-month high on Tuesday as markets opted for caution before three major macro events and a blizzard of big tech company earnings in the coming days, starting with Apple later.
Deutsche Telekom reviews procurement plans amid Huawei concerns
Deutsche Telekom said on Tuesday it is reviewing its network equipment procurement plans after the United States moved to restrict China’s Huawei Technologies from accessing its next-generation mobile networks.
Exclusive: Walmart’s Flipkart warns of major ‘customer disruption’ if new India rules not delayed
Walmart Inc’s online retailer Flipkart has told the Indian government the company faces the risk of “significant customer disruption” if the implementation of new curbs for e-commerce is not delayed by six months, a source told Reuters.
Japan’s ANA orders Boeing, Airbus jets worth $4.3 billion in Asia growth push
Japan’s ANA Holdings Inc said it would order 38 planes worth $4.33 billion from Boeing Co and Airbus, and buy a stake in Philippines Airlines parent PAL Holdings Inc to support its Asia growth strategy.
PG&E, owner of biggest U.S. power utility, files for bankruptcy
Power provider PG&E Corp filed for voluntary Chapter 11 bankruptcy protection on Tuesday, succumbing to liabilities stemming from wildfires in Northern California in 2017 and 2018.
