U.S. crude stocks rise unexpectedly as refineries cut output
(Reuters) – U.S. crude stocks rose last week as refineries cut output, while gasoline and distillate stocks rose modestly, the U.S. Energy Information Administration said on Wednesday.
Exclusive: Monsanto pulls new GM cotton seed from India in protest
NEW DELHI (Reuters) – Monsanto Co has withdrawn an application seeking approval for its next generation of genetically modified cotton seeds in India, a major escalation in a long-running dispute between New Delhi and the world’s biggest seed maker.
Daimler adopts Silicon Valley tactics to counter new rivals
FRANKFURT (Reuters) – Mercedes-Benz maker Daimler is embracing Silicon Valley management techniques in a drive to speed up decision making, empower staff and fend off new rivals such as electric carmaker Tesla Motors .
Audi recalls A8 models in South Korea due to stalling problem
SEOUL (Reuters) – Audi is recalling 1,534 A8 cars in South Korea due to a stalling problem, the transport ministry said on Wednesday, adding it was the first country where the German carmaker was recalling the model for such a defect.
UBS leads team of banks working on blockchain settlement system
LONDON (Reuters) – Swiss bank UBS is leading a team of four of the world’s biggest banks developing a system to enable financial markets to make payments and settle transactions quickly using blockchain technology.
Global stocks ease, dollar holds ground as U.S. rate bets abound
LONDON (Reuters) – Stocks slipped on Wednesday while the dollar continued to claw back last week’s losses as investors grappled with the prospect of a U.S. interest rate increase in the months ahead coming amid continued uncertainty about the strength …
Lamborghini sees worldwide sales doubling by 2019 after SUV launch
NEW YORK (Reuters) – Luxury automaker Lamborghini expects to at least double production to 7,000 vehicles a year by 2019 once it rolls out a new SUV, but it will not lose its focus on making sports cars, Chief Executive Officer Stefano Domenicali said …
Apologetic Lloyds CEO plans to stay amid private life scrutiny
LONDON (Reuters) – Lloyds Banking Group Chief Executive Antonio Horta-Osorio apologized to staff on Wednesday for damaging the bank’s reputation but said he intended to continue running the British lender following press scrutiny of his private life.
Strong demand for Samsung’s Galaxy Note 7 tests supply chain
SEOUL (Reuters) – Better-than-expected demand for Samsung Electronics Co Ltd’s new Galaxy Note 7 is causing supply constraints globally, the South Korean tech giant said on Wednesday, suggesting strong initial sales for the new premium smartphone.
Tesla’s Musk buying over half of SolarCity bond offer – filing
SAN FRANCISCO (Reuters) – Tesla Motors Chief Executive Elon Musk is buying $65 million of bonds from SolarCity Corp in the latest debt offering by the solar panel company that Tesla plans to acquire for $2.6 billion, according to a filing on Tuesday….
