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  • Sears to take $443 million in charges arising from store closures

    December 18, 2018 11:29 PM 16

    (Reuters) - Bankrupt U.S. retailer Sears Holdings Corp will take a charge of about $443 million arising from store closures, a regulatory filing showed on Tuesday. The company said some of the charges have already been incurred in the third quarter, while the remaining charges will be booked in the fourth quarter. Total costs related to closing 73 Sears

  • Citi reorganizes prime brokerage unit

    December 18, 2018 9:08 PM 18

    (Reuters) - Citigroup Inc (C.N) is shuffling its prime brokerage business, according to an internal memo seen by Reuters, amid reports that the unit could lose millions on a bad loan to an Asian hedge fund. Bloomberg earlier reported that Citi faces a loss of up to $180 million related to risky foreign-exchange bets. Citi and the hedge fund are in talks

  • Italy's UniCredit settles dispute with Caius

    December 18, 2018 7:55 AM 18

    MILAN (Reuters) - British hedge fund Caius has made a payment to UniCredit (CRDI.MI) to settle a dispute over complex financial instruments which Italy’s biggest bank counts toward its core capital, the two companies said. Caius had questioned UniCredit’s CASHES securities, arguing they should not be classed as best-quality capital. “Caius intends to take no further

  • Google Is Spending $1 Billion on a Massive New York City Expansion

    December 17, 2018 12:48 PM 15

    NEW YORK — Google is spending more than $1 billion to expand operations in New York City. Ruth Porat, senior vice president and chief financial officer at Google and Alphabet, said in a blog post Monday that Google is creating a more than 1.7 million square-foot campus that includes lease agreements along the Hudson River in lower Manhattan. Google Hudson

  • Canada says it agrees with U.S. on need to keep politics out of Huawei case

    December 14, 2018 8:10 PM 19

    WASHINGTON (Reuters) - Canada and the United States agreed on Friday that politics should be kept out of the process to extradite senior Huawei Technologies Co [HWT.UL] executive Meng Wanzhou, who is being held on a U.S. extradition warrant, Canadian Foreign Minister Chrystia Freeland said. “We all agree that the most important thing we can do is to uphold

  • Lawyers of ex-Nissan boss: Carmaker could have planted evidence

    December 13, 2018 10:12 PM 18

    SAO PAULO (Reuters) - The battle between Nissan Motor Co Ltd (7201.T) and its ousted Chairman Carlos Ghosn in Brazil’s courts escalated on Thursday after the Japanese carmaker sued his sister alleging “unjust enrichment” and his lawyers alleged Nissan could have planted evidence. In the afternoon, Nissan faced a setback in its battle to secure the contents

  • Delta Air Lines shares drop on weak revenue outlook

    December 13, 2018 5:16 PM 26

    (Reuters) - Shares in U.S. carrier Delta Air Lines Inc (DAL.N) dropped 4 percent in Thursday morning trading on concerns that slowing global economies would limit the No. 2 U.S. airline’s revenue growth in 2019 despite strong travel demand. At its investor day, Atlanta-based Delta forecast a 4 to 6 percent rise in revenues, compared to an average 5.6 percent

  • Top German court rules Uber limousine service illegal

    December 13, 2018 11:02 AM 29

    KARLSRUHE, Germany (Reuters) - Germany’s highest court ruled on Thursday that a defunct limousine service offered by Uber [UBER.UL] was illegal, in a setback for the U.S. ride-hailing company that has struggled to comply with the law in Europe’s largest economy. The Federal Court of Justice, handing down a final decision, upheld lower-court rulings in favor

  • U.S. not swayed by WTO reform proposals

    December 12, 2018 4:14 PM 22

    GENEVA (Reuters) - Proposals for reforming the World Trade Organization fail to deal with problems raised by the United States, the U.S. envoy to the WTO told its General Council on Wednesday. U.S. President Donald Trump’s administration says the WTO is dysfunctional because it has failed to hold China to account for not opening up its economy as envisaged

  • China preparing plan to increase access for foreign companies: WSJ

    December 12, 2018 3:52 PM 22

    (Reuters) - China is planning to replace an industrial policy with a new program that promises greater access for foreign companies, the Wall Street Journal reported here on Wednesday, in a move to resolve trade tensions with the United States. China’s top planning agency and senior policy advisers are drafting the replacement for President Xi Jinping’s