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Updated: 55 min 35 sec ago

Snap lays off 18 employees in recruiting division

Fri, 10/20/2017 - 5:26pm
SAN FRANCISCO (Reuters) - Social media company Snap Inc said on Friday it had laid off 18 people in its recruiting division, an unusual move for a young company with ambitious growth plans and a likely reflection of tough competition from Facebook Inc .

Wall Street hits record highs; tax plan hopes fuel optimism

Fri, 10/20/2017 - 4:42pm
NEW YORK (Reuters) - U.S. stocks hit record closing highs on Friday and the S&P 500 posted a sixth week of gains after the U.S. Senate passed a budget resolution, lifting hopes that President Donald Trump's tax-cut plan may move forward.

Stock market's future in Trump's hands as Federal Reserve chair pick looms

Fri, 10/20/2017 - 3:56pm
NEW YORK (Reuters) - Investors awaiting the nomination of the next Federal Reserve chair are hoping whoever is nominated pursues the same monetary policy that has supported rising stock prices for the past nine years.

Nestle CEO praised by Third Point but hedge fund still wants more

Fri, 10/20/2017 - 3:31pm
LONDON/BOSTON (Reuters) - Nine months into leading the world's biggest packaged food company, Nestle SA Chief Executive Mark Schneider got a tentative thumbs-up from a prominent investor, who praised his early steps on Friday but said there was more work to be done.

Consumer Reports says Tesla misunderstands 'positive' Model 3 rating

Fri, 10/20/2017 - 3:26pm
DETROIT (Reuters) - Consumer Reports said on Friday that Tesla Inc had apparently misunderstood the "average" reliability rating the magazine assigned to the electric carmaker's Model 3 sedan this week, calling it generally "positive" for an all-new vehicle.

Bitcoin soars to record high above $6,000

Fri, 10/20/2017 - 3:25pm
NEW YORK (Reuters) - Bitcoin surged to a record high of more than $6,000 on Friday, pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies.

Wall St gains, progress in Trump's tax plan lifts hopes

Fri, 10/20/2017 - 3:19pm
(Reuters) - U.S. stocks rose on Friday after the Senate passed a budget resolution, lifting hopes that President Donald Trump's tax-cut plan may move forward.

Whole Foods says hacking incident resolved

Fri, 10/20/2017 - 2:46pm
(Reuters) - Inc's Whole Foods Market said on Friday it had replaced affected point-of-sale systems at venues located within some stores where payment card information had been stolen.

Top oilfield services firms signal fourth-quarter uncertainty

Fri, 10/20/2017 - 2:21pm
(Reuters) - The world's top two oilfield service firms on Friday warned slower producer spending and weakness in offshore exploration may weigh on current-quarter earnings, but said activity could improve in the longer term as the global crude market comes into balance.

Airbus sees CSeries jets grabbing major global market share: CEO

Fri, 10/20/2017 - 2:10pm
MONTREAL (Reuters) - Airbus SE expects to sell "thousands" of Bombardier Inc's new CSeries aircraft, capturing half the global market for smaller single-aisle commercial jets, Chief Executive Tom Enders said on Friday.

Fed's Mester calls for balance on bank regulation rethink

Fri, 10/20/2017 - 2:10pm
NEW YORK (Reuters) - Cleveland Federal Reserve Bank President Loretta Mester on Friday laid out a set of guiding principles by which to approach changes to U.S. banking regulations, emphasizing the need to tailor rules to risk, to boost cooperation across borders, and to aim for simplicity but not over-simplification.

Wall Street up as progress in Trump's tax plan lifts hopes

Fri, 10/20/2017 - 1:30pm
(Reuters) - U.S. stocks extended gains in early afternoon trading on Friday to scale new highs on hopes that President Donald Trump's tax-cut plan would make further headway after the Senate passed a budget resolution.

Wells Fargo fires forex bankers, investigates unit: WSJ

Fri, 10/20/2017 - 1:29pm
(Reuters) - Wells Fargo & Co , the third-largest U.S. bank by assets, has fired four foreign-exchange bankers amid an investigation into that business by both the bank and regulators, the Wall Street Journal reported, citing people familiar with the matter and the bank.

Merck to cut 1,800 U.S. sales jobs, add 960 in chronic care

Fri, 10/20/2017 - 12:45pm
(Reuters) - Drugmaker Merck & Co Inc , moving to a new sales team structure in the United States, plans to cut 1,800 sales positions, while adding 960 jobs to a new chronic care sales force, the company said on Friday.

Apple hit with trademark lawsuit over iPhone X 'animoji' feature

Fri, 10/20/2017 - 12:44pm
NEW YORK (Reuters) - A Japanese software company is suing Apple Inc in a U.S. court over the trademark for the term "animoji", alleging the U.S. technology company stole the name to use on a feature of its iPhone X.

Gillette weakens P&G report after Peltz row

Fri, 10/20/2017 - 12:27pm
(Reuters) - Procter & Gamble Co disappointed Wall Street with sales on Friday, hurt by continuing weakness in its Gillette business, a week after it claimed to have fought off hedge-fund manager Nelson Peltz's move to muscle onto the board.

BMW raided in cartel investigation as Daimler claims immunity

Fri, 10/20/2017 - 12:16pm
MUNICH/BRUSSELS (Reuters) - BMW's headquarters were raided by European Union officials investigating an alleged cartel among German carmakers, it said on Friday, as rival Daimler claimed whistleblower status in an effort to avoid fines.

Tech, bank stocks lift Wall Street; tax-cut plan back in focus

Fri, 10/20/2017 - 11:54am
(Reuters) - Technology and bank stocks lifted Wall Street on Friday and investor optimism received a fresh boost from Washington, where the Trump administration inched a step closer to implementing tax-cut plan.

Exclusive: PDVSA blocked from using NuStar terminal over unpaid bills

Fri, 10/20/2017 - 11:33am
HOUSTON (Reuters) - Venezuela's state-run petroleum firm PDVSA has been barred from using a NuStar Energy oil storage terminal in the Caribbean over $26 million in unpaid bills, according to documents reviewed by Reuters, halting delivery of a cargo to an oil trader.

Wells Fargo scrutinized by regulator for auto insurance program: NYT

Fri, 10/20/2017 - 11:30am
(Reuters) - Wells Fargo & Co engaged in deceptive auto insurance practices, failed to properly manage risks and hasn't set aside enough funds to pay back affected customers, the New York Times reported, citing a confidential report by federal regulators.