Dow sets record-high close; Fed signals gradual rate hikes
NEW YORK (Reuters) – The Dow rose to a record high close while U.S. stocks kept their upward momentum Wednesday following Federal Reserve Chair Janet Yellen’s congressional testimony to gradually raise interest rates.
After dieselgate, Volkswagen loosens reins on empire
WOLFSBURG, Germany (Reuters) – When Volkswagen boss Matthias Mueller vowed to reform the carmaker after its emissions scandal, decentralizing power from its Wolfsburg headquarters in Germany was a top priority.
Barclays announces new board of its corporate and investment bank
LONDON (Reuters) – Barclays announced on Wednesday board appointments for its non-ring fenced business Barclays International (BI), to comply with new post-crisis rules forcing British banks to separate their retail operations from their riskier busin…
Toshiba regains access to credit line but tough conditions applied: sources
TOKYO (Reuters) – Crisis-hit Toshiba Corp has regained access to a crucial $6 billion credit line after stumping up shares in its chip unit as collateral but its lenders have imposed tough conditions, banking sources with direct knowledge of the matter…
Exclusive: Saudis to cut August oil exports to lowest level this year – source
DUBAI (Reuters) – Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi indu…
New Iran commission to oversee Total gas deal
BEIRUT (Reuters) – Iran is forming a government commission to oversee its deal with France’s Total to develop the South Pars gas field, the first major Western energy investment in the Islamic Republic since the lifting of sanctions last year.
Kaspersky Lab complains it has been drawn into U.S.-Russia geopolitical game: RIA
MOSCOW (Reuters) – Russian cyber security firm Kaspersky Lab said on Wednesday it had fallen victim to geopolitical sparring between Russia and the United States, but said it was ready to respond to any questions from U.S. officials, the RIA news agenc…
Faraday Future moves electric SUV production site, mothballs Las Vegas plant
TAIPEI (Reuters) – Startup Faraday Future said it would move production of its planned luxury electric SUV to a new site, virtually scrapping a stalled $1 billion Las Vegas factory amid deepening financial woes of key investor Chinese entrepreneur Jia …
GM’s judgment day: How two Venezuelan car dealers seized an auto factory
CARACAS (Reuters) – Venezuela’s government has seized assets from dozens of foreign corporations in nationalizations by the late President Hugo Chavez and the embattled current government of Nicolas Maduro.
Wells Fargo trims auto loans as market cools, risk overhaul kicks in
NEW YORK (Reuters) – Wells Fargo & Co is scaling back and remolding its auto lending business in response to growing stress in the market, as well as a bank-wide push for more centralized risk controls.
