Moody’s downgrades China, warns of fading financial strength as debt mounts
SHANGHAI/BEIJING (Reuters) – Moody’s Investors Service downgraded China’s credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt con…
World stocks slip on China downgrade, ahead of Fed minutes
LONDON (Reuters) – World stocks inched lower on Wednesday after China’s sovereign credit rating was downgraded and as investors eyed a pause in Wall Street’s four-day winning streak, the longest in over three months.
Dollar firm after bounce from lows, yuan slips on China downgrade
TOKYO (Reuters) – The dollar held firm on Wednesday, having rebounded from 6-1/2-month lows against its major peers helped by a rise in U.S. Treasury yields, while the yuan eased after Moody’s cut its sovereign rating on China due to concerns over the …
Brazil appeals court rules Uber driver not entitled to benefits
SAO PAULO (Reuters) – A Brazil appeals court on Tuesday ruled that a driver working for Uber via its ride-hailing app is not an employee of the San Francisco-based company and therefore not entitled to workers’ benefits, overturning an earlier lower co…
Morgan Stanley to curb veteran adviser recruiting
NEW YORK (Reuters) – Morgan Stanley, the biggest U.S. brokerage by head count, told brokers Tuesday that it is standing down from the expensive recruitment wars, following similar steps taken earlier this month by competitor Bank of America Merrill Ly…
Patent plaintiffs see way around U.S. Supreme Court ruling
(Reuters) – Corporations are cheering a U.S. Supreme Court decision limiting where they can be sued for patent infringement, but some intellectual property lawyers say loopholes in the ruling likely mean lawsuits will continue to be filed in plaintiff-…
Uber inadvertently underpaid New York City drivers for over two years
(Reuters) – Uber Technologies Inc [UBER.UL] said on Tuesday it underpaid its New York City drivers for the past two-and-a-half years, an error that could cost the ride-hailing company tens of millions of dollars.
Westinghouse reaches deal for $800 million U.S. bankruptcy loan
(Reuters) – Westinghouse Electric Co told a U.S. court on Tuesday the nuclear power company had reached a deal to borrow $800 million after allaying creditors’ concerns that the money would be flowing to non-bankrupt affiliates overseas.
U.S. carmaker lobby wants rules of origin left intact in NAFTA talks
WASHINGTON (Reuters) – A powerful U.S.-based automakers group said on Tuesday that it favors keeping rules of origin intact in the North American Free Trade Agreement (NAFTA), echoing comments from its Mexican counterpart.
U.S. government sues Fiat Chrysler over excess emissions
WASHINGTON (Reuters) – The U.S. government filed a civil lawsuit on Tuesday accusing Fiat Chrysler Automobiles NV of illegally using software to bypass emission controls in 104,000 diesel vehicles sold since 2014.
