AMS AG shares advanced after the Austrian chipmaker said it expects revenue and profitability to expand at a fast pace over the next few years. Shares in the Premstatten, Austria-based company advanced 14% to Sfr38.75 at 8:30 GMT.
Day: February 7, 2017
China Foreign Exchange Reserves Fall Below $3 Trillion Amid Capital Troubling Outflows
China’s foreign currency reserves fell below $3 trillion for the first time in more than five years as capital outflows accelerated owing to the reduced value of the yuan. China’s foreign currency reserves fell below $3 trillion for the first time in more than five years, officials said Tuesday, as capital outflows accelerated owing to the reduced value of the yuan.
U.K. Retail Sales Slip in January as Shoppers Focus on Essentials
British retail sales fall in January, figures released by the British Retail Consortium Tuesday show, as consumers prepare for higher prices and focused on buying essentials. U.K. retail sales fell in January, figures released by the British Retail Consortium Tuesday show, as consumers prepare for higher prices and focused on buying essentials.
Trump advisers’ tax credit plan for infrastructure has risks
A plan to revitalize America’s aging infrastructure put forward by two Trump administration economic advisers relies on a transportation financing scheme that hasn’t been tried before and comes with significant risks. The plan was set out just before the election in a paper by Trump’s pick for commerce secretary, billionaire Wilbur Ross, and economics professor Peter Navarro.
Oil Prices Stable, But Kept in Range by Mixed Price Signals
Oil was stable on Tuesday after falls the previous session, with markets torn between mixed price indicators that have kept crude range-bound for much of the year. Brent crude futures, the international benchmark for oil prices, were trading at $55.77 per barrel at 0753 GMT, up 5 cents from the last close.
European Stocks Rise as Earnings Top Weakness in Oil, French Banks
European shares rose on Tuesday pushing the benchmark STOXX 600 back slightly into positive territory for the year with some encouraging company updates and gains in healthcare stocks helping to counter weakness in oil majors and eurozone banks. Chipmaker AMS rose 13.6 percent, poised for its best-ever day following results while food-processing machinery maker GEA was up 5.5 percent after a setting a brighter outlook for its profits.
BP Expects Producers’ Cuts to Keep Oil Prices Above $50 a Barrel
BP missed quarterly profit forecasts as annual earnings fell for a second year after average yearly oil prices hit their lowest in 12 years but said it expected producers’ output cuts to keep prices above $50 a barrel this year. BP’s annual profits slumped to their lowest level in at least a decade to $2.59 billion, while fourth-quarter profit missed analysts’ forecasts hit by $328 million in one-off charges.
BNP Says de Caraman, Olive to Lead Asia-Pacific Investment Bank
BNP Paribas SA has appointed Philippe de Caraman and Thierry Olive as co-heads of investment banking for the Asia-Pacific region to succeed Christian de Charnace, who is retiring from the bank in June. The appointments are effective from March 6, the Paris-based bank said in a statement Tuesday.
Honda, Hitachi Car Unit to Ally as Vehicle Tech Push Accelerates
Honda Motor Co. and Hitachi Automotive Systems Ltd. plan to announce a business partnership Tuesday afternoon in Tokyo, amid a wave of alliances between carmakers and companies developing environmentally friendly and autonomous driving technologies.
BNP Paribas Posts Net That Misses Estimates, Plans Cost Cuts
BNP Paribas SA posted fourth-quarter profit that missed estimates as earnings fell at the French consumer-banking business. The lender also laid out a multi-year plan to lower costs and boost investment in technology.
China Kindle Store Rival Said to Seek Banks for $500 Million IPO
China Reading Ltd., the online literature unit of internet giant Tencent Holdings Ltd., has asked investment banks to pitch for a role arranging a Hong Kong initial public offering that could raise about $500 million, people with knowledge of the matter said. The company aims to sell shares as early as this year, said the people, who asked not to be identified because the information is private.
FCC Stops 9 Companies From Providing Poor Federally Subsidized Internet
United Press International is reporting that the Federal Communications Commission on Friday removed nine recently added companies from a federally subsidized program dubbed Lifeline, which was established to provide Internet service to the poor. In doing so, FCC Chairman Ajit Pai reversed a decision by Tom Wheeler, his Democratic predecessor who resigned after Donald Trump was elected president.
Euro Slides as German Industrial Data Disappoints, ECB Cautions on Le Pen
The euro fell to a one-week low after weaker-than-expected economic data from Germany and ongoing concerns over the direction of elections in France. The euro fell to a one-week low after weaker-than-expected economic data from Germany and ongoing concerns over the direction of elections in France.
BP profits show signs of recovery
Oil giant BP saw profits double in the last three months of 2016 on the back of slightly higher oil prices and more cost-cutting. He said in a statement that the costs and liabilities from the Deepwater Horizon oil platform disaster were “now substantially behind us”.