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McDonald's Japan withdraws profit guidance after China food scare

Breaking Business News - 1 hour 10 min ago
TOKYO (Reuters) - McDonald's Holdings Co (Japan) withdrew its earnings guidance for the year on Tuesday and said it was working on a contingency plan after a major meat supplier in China was shut down by regulators for food safety breaches.

UBS says books 254 million Sfr against second quarter to settle one German tax probe

Breaking Business News - 1 hour 11 min ago
ZURICH (Reuters) - UBS booked a 254 million Swiss franc ($280.79 million) charge in the second quarter mainly to settle claims it helped wealthy Germans to dodge taxes, the latest in a string of lawsuits that have targeted its private banking business.






Airbus terminates sale of six A380 superjumbos to Japan's Skymark

Breaking Business News - 1 hour 22 min ago
TOKYO (Reuters) - Airbus Group NV said on Tuesday it has terminated an agreement to deliver six A380 superjumbo jets to Skymark Airlines Inc after the Japanese discount carrier struggled to raise enough cash to pay installments on the aircraft.

Focus turns to U.S. outlook, Russian stocks stabilise

Breaking Business News - 1 hour 58 min ago
LONDON (Reuters) - World shares hovered just below all-time highs on Tuesday as investors drew encouragement from a rally in Chinese markets and beaten-down Russian stocks enjoyed some relief after three days of heavy selling.






BP profit jumps but warns of Russia sanctions impact

Breaking Business News - 2 hours 14 min ago
LONDON (Reuters) - Oil and gas producer BP reported a sharp rise in second quarter profits on Tuesday but warned that further Western sanctions on Russia could harm its business there and its relationship with Russian state oil company Rosneft.






Deutsche Bank profit rises as investment bank focus pays off

Breaking Business News - 2 hours 28 min ago
FRANKFURT (Reuters) - Deutsche Bank's plan to become "the last man standing" in investment banking in Europe is working, the bank said on Tuesday, reporting a 16 percent year-on-year increase in quarterly pretax income.

Shanghai court says trial of GSK-linked investigators set for August 8

Breaking Business News - 3 hours 40 min ago
SHANGHAI (Reuters) - The public trial of a foreign couple linked to GlaxoSmithKline Plc (GSK) is set for Aug. 8, a Shanghai court said on Tuesday.






Exclusive: Goldman unit eyes foray into China amid metals financing scandal

Breaking Business News - 5 hours 28 min ago
NEW YORK/SYDNEY/LONDON (Reuters) - Goldman Sachs Group Inc's metals warehousing unit is exploring its first foray into China, and privately held C Steinweg has expanded capacity there, sources said, as a financing scandal in a major Chinese port fuels a scramble for market share.






Jaded Argentines brace for looming debt default

Breaking Business News - 5 hours 30 min ago
BUENOS AIRES (Reuters) - Factory owner Norberto Garcia was poised to launch a series of new toys this year after grafting hard for the past decade to rebuild his business following Argentina's 2001-2002 economic crash and debt default.

Argentine debt defiance may strengthen holdouts' legal position

Breaking Business News - 5 hours 33 min ago
NEW YORK (Reuters) - Argentina has fought in court for a dozen years against the claims of holdout investors in its defaulted debt, and Argentina has lost. The holdouts, led by Paul Singer's Elliott Capital Management and Mark Brodsky's Aurelius Capital Management, are still waiting to collect a single penny or peso.






Citi to hire 100 bankers in Asia, eyes more business from smaller clients

Breaking Business News - 5 hours 40 min ago
HONG KONG (Reuters) - Citigroup plans to hire as many as 100 bankers in a renewed push into Asia-Pacific commercial banking, following in rival HSBC's footsteps with a strategy that focuses on selling smaller corporate clients a wider range of products.






Microsoft targeted in apparent Chinese anti-trust probe

Breaking Business News - 5 hours 41 min ago
BEIJING (Reuters) - Microsoft Corp appears to be the latest U.S. company targeted by China for anti-trust investigation after government officials paid sudden visits to the software firm's Chinese offices on Monday.

Argentina to hold last-gasp debt talks with mediator Tuesday

Breaking Business News - Mon, 07/28/2014 - 23:45
BUENOS AIRES/NEW YORK (Reuters) - Argentina will on Tuesday meet the U.S. mediator in its battle with 'holdout' debt investors suing the country for last-minute talks to avert a second default this century, but hopes for a deal are fading fast.

Court orders Russia to pay $50 billion for seizing Yukos assets

Breaking Business News - Mon, 07/28/2014 - 23:45
MOSCOW/LONDON/AMSTERDAM (Reuters) - An international arbitration court ruled on Monday that Russia must pay $50 billion for expropriating the assets of Yukos, the former oil giant whose ex-owner Mikhail Khodorkovsky fell foul of the Kremlin.






Panasonic to initially invest $200-300 million in Tesla battery plant: source

Breaking Business News - Mon, 07/28/2014 - 23:44
(Reuters) - Panasonic Corp plans to initially invest about 20 billion to 30 billion yen ($200-300 million) in Tesla Motors Inc's planned lithium-ion battery plant in the United States, a person familiar with the matter said on Tuesday.

Darden CEO steps down amid food fight with investors

Breaking Business News - Mon, 07/28/2014 - 22:34
(Reuters) - Darden Restaurants Inc's food fight with activist investors Barington Capital Group LP and Starboard Value LP entered a new phase on Monday, when the company said Clarence Otis would step down as chairman and chief executive officer.






Exclusive: Goldman moves executive to new role building ETFs

Breaking Business News - Mon, 07/28/2014 - 19:15
NEW YORK (Reuters) - Goldman Sachs Group Inc has moved an executive from its trading division to its investment-management division to launch a business that will sponsor exchange-traded funds and sell them to retail clients through third parties, according to a memo and people familiar with the matter.

Argentina to hold last-gasp debt talks with mediator Tuesday

Breaking Business News - Mon, 07/28/2014 - 18:50
BUENOS AIRES/NEW YORK (Reuters) - Argentina will on Tuesday meet the U.S. mediator in its battle with 'holdout' debt investors suing the country for last-minute talks to avert a second default this century, but hopes for a deal are fading fast.






China brands beat global rivals with tea toothpaste & pickled plums

Breaking Business News - Mon, 07/28/2014 - 18:45
SHANGHAI/HONG KONG (Reuters) - With green-tea flavored toothpaste and pickled plum juice, an army of Chinese retailers is tapping local tastes to whittle away market share from global rivals that are banking their future growth on the world's second-largest consumer market.

Consumer Reports wants Toyota to recall older Camry hybrids

Breaking Business News - Mon, 07/28/2014 - 18:31
DETROIT (Reuters) - An influential consumer magazine on Monday called on Toyota Motor Corp to recall about 177,500 older Camry hybrid sedans to address potential power brake defects.