As GM mulls options for unit, how does bankruptcy work in South Korea?
SEOUL (Reuters) – General Motors has said its loss-making South Korean operation would file for bankruptcy if its union failed to agree to cut labor costs by Friday, heaping pressure on workers and the South Korean government to approve a rescue plan….
Lost home, fees for the dead – Australia banking inquiry hears testimony
SYDNEY (Reuters) – An Australian inquiry into the financial services sector heard tearful testimony on Thursday from a nurse who lost her home after taking advice from a major lender, and that the country’s biggest bank knowingly charged dead clients f…
Oil near 3-1/2 year highs as Saudi backs higher prices, U.S. stocks draw
SINGAPORE (Reuters) – Oil prices rose on Thursday to their highest in over three years as U.S. crude inventories declined and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies.
China’s ZTE removed chief compliance officer before U.S. sanction: source
HONG KONG (Reuters) – ZTE Corp’s chief compliance and chief legal officer was removed from his posts more than a month before the Chinese telecom equipment maker was slapped with U.S. sanctions this week, a company source with direct knowledge of the …
P&G to buy German Merck’s consumer health unit for $4.2 billion
(Reuters) – Procter & Gamble Co (P&G) has agreed to acquire Merck KGaA’s consumer health unit for 3.4 billion euros ($4.2 billion), giving it vitamin brands such as Seven Seas and greater exposure to Latin American and Asian markets.
Commodities, resource stocks ride oil surge in Asia
SYDNEY (Reuters) – Resource stocks were on a roll in Asia on Thursday as oil prices hit heights not seen since late 2014 and ignited a rally across commodities, though the potential boost to inflation globally also put some pressure on fixed-income ass…
Exxon faces setback in Iraq as oil and water mix
LONDON/BASRA, Iraq (Reuters) – Talks between Exxon Mobil and Iraq on a multi-billion-dollar infrastructure contract have reached an impasse, Iraqi officials and two industry sources said, in a potential setback to the oil major’s ambitions to expand i…
P&G to buy German Merck’s consumer health business for about $4.21 billion
(Reuters) – Procter & Gamble Co agreed to acquire the consumer health business of German pharmaceuticals company Merck KGaA for about 3.4 billion euros ($4.21 billion) in cash, the companies said on Thursday.
Oil near late-2014 highs as Saudi backs higher prices, U.S. crude stocks decline
SINGAPORE (Reuters) – Oil prices rose on Thursday to their highest since the end of 2014 as U.S. crude inventories declined and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies.
Exclusive: Brazil’s Petrobras near deal with China’s CNPC to swap refinery investment for oil
RIO DE JANEIRO (Reuters) – Brazil’s state-run oil company is nearing a deal in which China National Petroleum Corp Ltd (CNPC) would invest in an oil refinery in exchange for crude oil, two people with knowledge of the talks told Reuters, potentially gi…
