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Updated: 46 min 36 sec ago

India seizes jeweler's farmhouse, power plant after PNB fraud

1 hour 10 min ago
MUMBAI (Reuters) - Indian authorities said on Saturday they seized a farmhouse, a solar power plant and land belonging to billionaire jeweler Nirav Modi, at the center of an alleged $1.8 billion fraud against Punjab National Bank that has shaken confidence in state lenders.

GE says it may face U.S. action over subprime mortgage operations

Fri, 02/23/2018 - 6:33pm
NEW YORK (Reuters) - General Electric Co faces potential action by the U.S. Justice Department over allegations that its GE Capital unit and now defunct WMC Mortgage Corp unit violated U.S. law in connection with subprime mortgages, according to a regulatory filing on Friday.

With rates low, Fed officials fret over next U.S. recession

Fri, 02/23/2018 - 6:25pm
NEW YORK/LOS ANGELES (Reuters) - Federal Reserve policymakers are fretting that they could face the next U.S. recession with an arsenal of policies little different from that used in the last downturn but robbed of much of their punch because interest rates are still low.

General Electric's workforce grew 6 percent last year: SEC filing

Fri, 02/23/2018 - 5:46pm
NEW YORK (Reuters) - General Electric Co added 18,000 thousand employees to its worldwide workforce last year, a 6.1 percent increase that comes as the company is trying to cut costs to shore up its profits, according to a regulatory filing on Friday.

Billionaire investor Warren Buffett to retire from Kraft Heinz board

Fri, 02/23/2018 - 5:21pm
(Reuters) - Kraft Heinz Co said on Friday billionaire investor Warren Buffett has decided to retire from the company's board following the end of his term to reduce travel commitments.

Volkswagen settles U.S. diesel owner lawsuit on eve of trial

Fri, 02/23/2018 - 4:55pm
WASHINGTON (Reuters) - Volkswagen AG's U.S. unit on Friday resolved a lawsuit brought by a North Carolina man whose diesel emissions case was set to be the first go to trial on Monday.

Exclusive: Nordstrom family group finalizing take-private offer - sources

Fri, 02/23/2018 - 4:32pm
(Reuters) - Nordstrom Inc's founding family group is finalizing plans to submit an offer to take the U.S. department store operator private, people familiar with the matter said on Friday.

With rates still low, Fed officials fret over next U.S. recession

Fri, 02/23/2018 - 4:18pm
NEW YORK (Reuters) - Federal Reserve policymakers fretted on Friday that they could face the next U.S. recession with virtually the same arsenal of policies used in the last downturn and, with interest rates still relatively low, those will not pack the same punch.

Stocks rally as Fed eases rate worry, tech climbs

Fri, 02/23/2018 - 4:16pm
NEW YORK (Reuters) - U.S. stocks rallied on Friday, lifted by gains in technology stocks and a retreat in Treasury yields as the Federal Reserve eased concerns about the path of interest rate hikes this year.

Dropbox files for IPO of up to $500 million

Fri, 02/23/2018 - 3:45pm
(Reuters) - Data-sharing business Dropbox Inc on Friday filed for an initial public offering of up to $500 million with the U.S. Securities and Exchange Commission.

Geely chairman builds $9 billion stake in Germany's Daimler

Fri, 02/23/2018 - 3:43pm
BEIJING/FRANKFURT (Reuters) - The chairman of Chinese carmaker Geely [GEELY.UL] has built a 9.69 percent stake in Mercedes-Benz owner Daimler , filings showed on Friday, demonstrating a shift in strategy by Chinese investors seeking access to new technology.

Stocks climb as Fed eases rate concern, tech rises

Fri, 02/23/2018 - 2:56pm
(Reuters) - U.S. stocks advanced on Friday, buoyed by gains in technology stocks and a pullback in Treasury yields as the Federal Reserve eased concerns about the path of interest rate hikes this year.

VW's profitability may take a hit from electric vehicle shift

Fri, 02/23/2018 - 1:29pm
BERLIN (Reuters) - Volkswagen said profitability could take a hit this year as the carmaker invests billions of euros in electric vehicles (EVs) and launches a raft of new models.

Shkreli loses bid to toss stock manipulation conviction

Fri, 02/23/2018 - 1:21pm
(Reuters) - A federal judge on Friday refused to overturn former drug company executive Martin Shkreli's conviction of scheming to manipulate his company's stock price.

Tech stocks, Fed view help Wall Street climb

Fri, 02/23/2018 - 1:18pm
(Reuters) - Wall Street's main indexes rose on Friday, with gains in technology stocks helping claw back some of the week's losses, after the Federal Reserve calmed investors' nerves by saying interest rate hikes would continue as planned this year.

Geely chief builds $9 billion stake in Germany's Daimler

Fri, 02/23/2018 - 1:03pm
FRANKFURT (Reuters) - Li Shufu, the chairman and main owner of Chinese carmaker Geely [GEELY.UL], has built a stake of 9.69 percent in Daimler AG , the German carmaker said in a regulatory filing on Friday.

Geely chief amasses $9 billion stake in Germany's Daimler

Fri, 02/23/2018 - 12:38pm
FRANKFURT (Reuters) - Li Shufu, the chairman and main owner of Chinese carmaker Geely [GEELY.UL], has amassed a stake of 9.69 percent in Daimler AG , the German carmaker said in a regulatory filing on Friday.

U.S. M&A lending hits early year high with jumbo loans

Fri, 02/23/2018 - 12:22pm
NEW YORK (LPC) - A flurry of huge US acquisitions is pushing high-grade M&A lending to early year highs as blue-chip firms take advantage of US tax reform and try to fight off the threat of online retail giant Amazon.

BMW to recall 11,700 cars after installing wrong engine software

Fri, 02/23/2018 - 12:14pm
FRANKFURT (Reuters) - German car maker BMW said on Friday it would recall 11,700 cars to fix their engine management software after it discovered that the wrong software had been installed on its luxury 5- and 7-Series models.

Wall Street gains as tech stocks rise

Fri, 02/23/2018 - 11:50am
(Reuters) - Wall Street's main indexes rose on Friday, with gains in technology stocks helping claw back some of the week's losses, which were sparked by concerns about interest rates.

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