U.S. second-quarter GDP growth revised sharply higher to 3.7 percent
WASHINGTON (Reuters) – The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand, showing fairly strong momentum that could still allow the Federal Reserve to hike interest rates this year.
Ackman’s hedge fund down 13.1 percent for August
BOSTON (Reuters) – Hedge fund mogul William Ackman’s Pershing Square Holdings portfolio fell 13.1 percent this month, leaving the fund down 4.3 percent for the year, the firm said on Thursday.
Boeing hits 777X jet milestone, says program on schedule
(Reuters) – Boeing Co said on Thursday it has determined the basic design of its 777-9 jetliner, a key milestone that suggests it is on schedule to deliver the first of its new family of long-range 777X jets by 2020.
China official blames Fed for global market rout, not yuan
BEIJING (Reuters) – The global stock market rout of the past week was sparked by concerns over a possible interest rate rise by the U.S. Federal Reserve and not by the devaluation of China’s yuan currency, a senior Chinese central bank official told Re…
Caterpillar Inc plans to cut 475 more jobs amid revenue decline
(Reuters) – Heavy machinery manufacturer Caterpillar Inc said it plans a new round of layoffs to cut costs as declining revenues from global mining and construction activities erodes its bottom line.
Tiffany earnings fall as high costs, strong dollar bite
(Reuters) – Tiffany & Co posted a 15 percent drop in quarterly earnings due to a strong dollar and the cost of developing and bringing out new products, sending shares of the luxury jeweler to an 18-month low.
AIG seeking $1.76 billion in ‘life settlements’ trial in New York
NEW YORK (Reuters) – An American International Group Inc unit on Thursday asked a federal judge to order a Pennsylvania firm to pay it $1.76 billion in damages for allegedly overcharging for life insurance policies acquired from elderly individuals.
U.S. leaning against regulatory relief for three banks in Libor scandal
WASHINGTON (Reuters) – The U.S. Labor Department is leaning toward denying requests for regulatory relief by three big foreign banks that pleaded guilty to manipulating Libor interest rates but want to keep managing retirement accounts for clients.
Google rejects ‘unfounded’ EU antitrust charges of market abuse
BRUSSELS (Reuters) – Google Inc has rejected EU antitrust charges that it abused its market power, exposing the company to the risk of a hefty fine if it does not alter its business practices.
August U.S. auto sales seen down 3.9 percent: JD Power/LMC
DETROIT (Reuters) – This week’s fall in equities markets is not expected to have a major impact on August U.S. auto sales, industry consultants J.D. Power and LMC Automotive said on Thursday.
