Sears posts quarterly profit on Craftsman sale, cost cuts
(Reuters) – Sears Holdings Corp reported its first quarterly profit in nearly two years, as the retailer benefited from the sale of its Craftsman brand and a program to cut $1.25 billion in costs, amid doubts about its ability to continue as a going c…
Banks and funds will never quite be forex friends
LONDON (Reuters) – On U.S. election day last November, banking executive David Puth stood in line behind Woody Allen to vote in his Manhattan neighborhood and then got on a plane to be shouted at for the rest of the day by a group of rich fund manager…
OPEC, non-OPEC extend oil output cut by nine months to fight glut
VIENNA (Reuters) – OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.
U.S. oilfield service firms lag shale recovery; old deals hold
HOUSTON (Reuters) – U.S. oil services companies have been doing a lot more work as recovering oil prices have lifted the shale industry from a two-year slump, but producers have been pocketing much of the new cash generated by rising output and squeezi…
Lack of new launches leaves Ford playing catchup with GM
DETROIT (Reuters) – James Hackett spent the last year plotting Ford Motor Co’s long-term self-driving car strategy. In his first week as chief executive, he has more immediate concerns: stopping a skid in North American sales and fending off a market s…
Harley-Davidson plans a Thailand factory to serve SE Asian market
BANGKOK (Reuters) – Motorcycle maker Harley-Davidson Inc (HOG.N) said on Thursday it will build a plant in Thailand, a major Asian automotive hub, to serve the growing Southeast Asian market, a move criticized by a U.S. labor union.
Moody’s China downgrade ‘illogical’, overstates debt: People’s Daily
SHANGHAI (Reuters) – The decision by Moody’s Investors Service to downgrade China’s credit rating is “illogical” and overstates the levels of government debt, a commerce ministry researcher said in an editorial in the official People’s Daily newspaper …
Oil plunges 5 percent on disappointment with OPEC cuts
NEW YORK (Reuters) – Oil prices tumbled 5 percent on Thursday as the extension of output curbs by OPEC and other producing countries disappointed investors who had hoped for larger cuts, leading to the biggest daily percentage slide in crude prices sin…
World stocks hit record after Fed minutes, oil up as OPEC meets
LONDON (Reuters) – World stocks hit record highs on Thursday and the dollar dipped after the U.S. Federal Reserve signaled caution in raising interest rates, while oil prices rose in anticipation of top producers agreeing to extend output cuts for up t…
Dollar on back foot after Fed minutes, euro resumes advance
TOKYO (Reuters) – The dollar was on the defensive early on Thursday after minutes of the latest Federal Reserve policy meeting were not as hawkish as anticipated, while the euro edged back up towards a 6-1/2-month high.
