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Latest business news
Tuesday June 28th 2016: Latest financial news from the worldWall Street moves higher after Brexit-induced selloff
Banks, which were the worst hit since the referendum on Thursday, were among the most attractive stocks for bargain hunters. Morgan Stanley , Bank of America , Citigroup and JPMorgan were all up more than 2.5 percent while Goldman Sachs rose 1 percent.
U.S. first-quarter GDP revised up, Brexit risk to outlook
U.S. economic growth slowed in the first quarter but not as sharply as previously estimated, with gains in exports and software investment partially offsetting weak consumer spending. Gross domestic product increased at a 1.1 percent annual rate, rather than the 0.8 percent pace reported last month, the Commerce Department said on Tuesday in its third GDP estimate. "The test comes in the next few months as the turbulence in financial markets may affect consumers' behavior and also weigh on business investment," said Ryan Sweet, senior economist at Moody's Analytics in West Chester, Pennsylvania.
Volkswagen's diesel settlement will fund range of clean air efforts
By David Shepardson and Joel Schectman WASHINGTON (Reuters) - German automaker Volkswagen AG will pay more than $15.3 billion to settle charges that it cheated on U.S. diesel emissions tests, an agreement that will fund buybacks for consumers and provide up to $4.7 billion that could benefit makers of cleaner technologies. The proposed consent decree confirmed that VW will set aside $10.033 billion to cover buybacks or potential fixes for diesel cars and sport utility vehicles that used illegal software to defeat government emissions tests. The settlement goes beyond compensation for consumers.
Taiwanese chip supplier says Apple conservative on orders: Nikkei
(Reuters) - Taiwanese chip firm Advanced Semiconductor Engineering Inc said on Tuesday that its biggest customer, Apple Inc, was being more conservative in placing orders compared with last year, according to the Nikkei. The business daily reported in May that component suppliers in Taiwan would receive fewer orders from Apple in the second half of 2016. Apple usually launches its flagship iPhone in September.
EU regulators readying third Google antitrust charge: sources
Alphabet's Google may face a third EU antitrust charge as soon as next month, this time focusing on its revenue mainstay AdWords ad placement service, three people familiar with the matter said on Tuesday. The world's most popular Internet search engine is already under fire from the European Commission for promoting its shopping service at the expense of rivals and for using its Android mobile operating system for smartphones to squeeze out competitors. The Commission has asked Google rivals to share information related to search advertising with the tech giant, a step suggesting the EU competition enforcer could be poised to hit Google with a fresh charge, the sources said.
Soros had Deutsche Bank 'short' bet at time of Brexit fallout
Billionaire investor George Soros took out a bet of more than 100 million euros ($111 million) that Deutsche Bank shares would fall at the time of Britain's vote to quit the European Union, according to a regulatory filing. Soros, who is renowned for successfully betting against the pound in 1992, had a "short" position of 0.51 percent or about 7 million Deutsche Bank shares on June 24, the filing shows. Deutsche Bank shares have fallen about 17 percent since June 23, the day of the referendum, which could make Soros millions of dollars.
Lending Club alleges ex-CEO took loans to boost volumes
Laplanche and his family took out the loans from Lending Club in December 2009, just months before the company announced a major capital raising from outside investors. Loan volumes are a key metric for investors to determine online lenders' value. A spokesman for Laplanche declined to comment.
Dow Chemical to cut 2,500 jobs as part of Dow Corning deal
(Reuters) - Dow Chemical Co said it would lay off about 2,500 employees globally, or about 4 percent of its workforce, as part of a deal to assume full control of Dow Corning, which was a joint venture with Gorilla glass maker Corning Inc . The seeds and chemical maker said it would also shut down silicones manufacturing facilities in Greensboro, North Carolina, and Yamakita, Japan, as well as certain administrative, corporate and manufacturing facilities. Formed in 1943, Dow Corning produces silicon-based products for aerospace, automotive and electrical industries.
Vehicles in Fiat Chrysler rollaway recall linked to 68 injuries
U.S. safety regulators said on Tuesday there were 68 reported injuries and 266 reported crashes in vehicles, including 2014-2015 Fiat Chrysler Jeep Grand Cherokee models with a type of gear-shifting control that has confused some consumers and led to rollaway incidents, prompting a recall. The National Highway Traffic Safety Administration indicated that there were no deaths linked to the defect. Yelchin, 27, was killed June 19, crushed when a 2015 Jeep Grand Cherokee rolled backward on the steep driveway of his Los Angeles home, pinning him against a brick wall and a fence.
China's Li won't allow 'rollercoaster' markets after Brexit
By Elias Glenn BEIJING (Reuters) - Chinese Premier Li Keqiang said on Tuesday he wouldn't allow the post-Brexit panic that roiled global currencies and stocks to send the country's financial markets into a tailspin, an indication authorities would intervene if needed to prevent market chaos. "It's hard to avoid short-term volatility in China's capital markets, but we won't allow rollercoaster rides and drastic changes in the capital markets," said Li, speaking at the World Economic Forum (WEF) in the city of Tianjin. "It's important for all of us to work together to strengthen confidence, prevent the spread of panic, and to maintain the stability of capital markets." The assurance came as the post-Brexit turmoil that swept global markets and sent the pound sterling to a three-decade low last week abated.
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Kindle Books Just Became A Little Bit More Like The Real Thing
No matter what Amazon does, there's always going to be a fissure between ebooks and printed editions. One is something you read on a screen through a series of taps, while the other is a collection of paper that you move through with your fingertips.But the two are becoming more similar, if only slightly, thanks to a Kindle software update...
Amazon made flipping through books on Kindles and tablets easier
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