AB InBev wins over SABMiller at fifth attempt
By Philip Blenkinsop and Martinne Geller BRUSSELS/LONDON (Reuters) - The world's two biggest brewers agreed on Tuesday to create a company making almost a third of the world's beer after SABMiller received an improved offer worth more than $100 billion from larger rival Anheuser-Busch InBev . The new group would bring together AB InBev's Budweiser, Stella Artois and Corona brands with SABMiller's Peroni, Grolsch and Pilsner Urquell. For AB InBev it would also add more breweries in Latin America and Asia and crucially opens up new growth markets in Africa.
Tue, 13 Oct 2015 10:54:54 -0400
GE to sell $30 billion specialty finance business to Wells Fargo
(Reuters) - General Electric Co took a big step on Tuesday in its plan to unload most of its financing operations, saying it has agreed to sell commercial lending and leasing businesses worth more than $30 billion to Wells Fargo & Co . The U.S. conglomerate has now inked $126 billion in transactions -- more than half of its overall target -- since announcing in April it would seek to reduce its GE Capital financing business to less than 10 percent of earnings as it focuses more on industrial manufacturing. GE Capital accounted for 42 percent of the company's profit in 2014.
Tue, 13 Oct 2015 11:32:27 -0400
Wall St. slips as China concerns weigh
"(News from) overseas seems to be drawing most of the attention here and we'll see what the U.S. does to counteract that," said Paul Springmeyer, senior portfolio manager at the private client reserve at U.S. Bank in Minneapolis.
Tue, 13 Oct 2015 13:24:06 -0400
Eight Fed banks call for discount rate hike: minutes
The number of Federal Reserve banks pushing the central bank to raise the rate it charges commercial banks for emergency loans rose to eight in September from five in July, minutes from the Fed's discount rate meeting showed. Ahead of the Fed's September 16-17 policy-setting meeting, directors of the St. Louis, Atlanta and San Francisco Fed banks joined Cleveland, Dallas, Philadelphia, Kansas City and Richmond in asking the Fed's board to increase the discount rate to 1 percent from 0.75 percent, according to the minutes, which were released on Tuesday. The board opted to hold the rate steady, a stance that was backed by three other regional Fed banks.
Tue, 13 Oct 2015 14:08:16 -0400
Twitter announces layoffs as CEO Dorsey looks to revive growth
The layoffs, primarily in the company's engineering and product functions, come a week after Dorsey took over as permanent CEO. Shares of Twitter, which had about 4,100 employees globally as of June 30, rose as much as 6.7 percent to $30.68 on Tuesday. "We feel strongly that engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce," Dorsey said in a letter to employees.
Tue, 13 Oct 2015 13:07:04 -0400
J&J third-quarter sales miss mark, hurt by strong dollar
Global company revenue fell 7.4 percent to $17.1 billion in the quarter. Jefferies analyst Jeffrey Holford said revenue for each of the company's three divisions, including its largest segment of prescription drugs, were about 2 percent below forecasts. "The news of a $10 billion share repurchase program is welcome, but it doesn't address the underlying issues in pharmaceuticals," Holford said, and may lessen the likelihood of J&J making big acquisitions in the company's biggest segment.
Tue, 13 Oct 2015 09:49:28 -0400
EMC to pay up to $2.5 billion to Dell if it opts for rival bid
EMC Corp said it would pay Dell Inc [DI.UL] up to $2.5 billion in termination fees if the data-storage company accepts a "superior proposal". EMC said Dell had secured financing of up to $49.5 billion from banks to fund the roughly $67 billion deal announced on Monday. While IBM Corp , Cisco Systems Inc , Oracle Corp and Hewlett-Packard Co could be potential suitors for EMC, the chances of them challenging Dell with a rival offer are slim, people familiar with the matter told Reuters on Monday.
Tue, 13 Oct 2015 11:48:29 -0400
Oil pares early gains on bearish world market outlook
Oil prices pared most of their gains on Tuesday afternoon as investors focused on a bearish outlook from the International Energy Agency after U.S. crude gained on technical support earlier in the session. The IEA said the world oil market would remain oversupplied for at least another year despite falls in output from non-OPEC producers. Traders also noted that a weaker U.S. dollar, which hit a three-week low on Tuesday, added some support to the higher crude prices.
Tue, 13 Oct 2015 13:41:38 -0400
New Barclays CEO faces early challenge to fix wealth arm
The new chief executive of British bank Barclays, expected to be former JPMorgan banker Jes Staley, faces an early challenge in deciding what to do in wealth management after a decade of disappointment. Most scrutiny is on whether the new CEO, replacing Antony Jenkins after his ouster in July, will continue to scale back in investment banking, or build it back up. "A push into wealth management could help towards growing the dividend, because theres a greater visibility of earnings, but on the other hand, that type of business is vulnerable to market fluctuations," said Paul Mumford, senior investment manager at Cavendish Asset Management.
Tue, 13 Oct 2015 12:49:37 -0400
VW looks to cutbacks and electric cars to overcome scandal
Volkswagen will cut investment plans at its biggest division by 1 billion euros ($1.1 billion) a year and step up development of electric vehicles, it said on Tuesday, as it battles to cope with the fallout from its cheating of diesel emissions tests. The German company also said it would speed up cost cutting at the VW division, its largest by revenues, and put only the latest and "best environmental technology" in diesel vehicles. Europe's largest carmaker is battling the biggest business crisis in its 78-year history after admitting last month it installed software in diesel vehicles to deceive U.S. regulators about the true level of their toxic emissions.
Tue, 13 Oct 2015 10:35:31 -0400
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