Fiat-Chrysler sees New York stock market listing on October 13
By Paolo Biondi RIMINI Italy (Reuters) - Fiat-Chrysler aims to list shares in the newly merged carmaker in New York on Oct. 13, Chief Executive Sergio Marchionne said on Saturday, adding that a decision on any capital increase would be made at the end of that month. He was speaking a day after the merger between Fiat and its U.S unit Chrysler cleared its last remaining hurdle. Fiat bought out Chrysler at the start of 2014 and both operate as one firm. Marchionne wants to incorporate the two into Dutch-registered entity Fiat Chrysler Automobiles (FCA), paving the way for the U.S.
Sat, 30 Aug 2014 09:17:05 -0400
U.S. coal stocks could gain on Russia tension
By Akane Otani NEW YORK (Reuters) - Beaten-down U.S. The crisis in eastern Ukraine has emboldened Europe and the United States to impose broad sanctions on Russia.
Fri, 29 Aug 2014 21:09:20 -0400
Alibaba aims to launch share sale in early September: source
Chinese e-commerce company Alibaba Group Holding Ltd is planning to launch its New York stock market debut in the week of Sept. 8, a person briefed on the matter told Reuters on Saturday. The much-anticipated sale or initial public offering (IPO) could raise more than $20 billion, making it the biggest technology listing in the United States. Securities and Exchange Commission (SEC) to kick-off the listing, the person said, adding that the date was still a moving target. An external spokeswoman for Alibaba in Hong Kong declined to comment on the share sale plans when contacted by Reuters on Saturday.
Sat, 30 Aug 2014 09:49:25 -0400
China graft watchdog probes another executive at Chinese car maker
China's anti-graft watchdog has said it is investigating a former senior executive at FAW Group Corp. for corruption, the latest target in a widening probe against the company. State-owned FAW has a joint venture with Volkswagen AG. The joint venture is one of the two car-making ventures the German automaker has in China. An Dewu, FAW's former deputy general manager, was investigated for "suspected serious violations of the law", the ruling Chinese Communist Party's discipline watchdog said late on Friday.
Sat, 30 Aug 2014 04:00:58 -0400
Exclusive: U.S. options exchanges craft rules to fend off turmoil
By John McCrank NEW YORK (Reuters) - A year after Goldman Sachs bungled a software upgrade and lost tens of millions of dollars from unintended trades, the 12 U.S. Under the proposed rules, unintended trades placed by professional traders will usually have their prices adjusted to levels as close to their fair market value as possible, while wrong trades by retail customers will be mainly be undone, five sources with knowledge of the matter told Reuters. When market prices are oscillating wildly, technical glitches can create turmoil, said Andy Nybo, head of derivatives research at advisory firm TABB Group. In other markets, technical glitches have created big trouble for traders.
Fri, 29 Aug 2014 15:21:59 -0400
Exclusive: Bitcoin promoter to plead guilty to unlicensed money transmission
By Nate Raymond NEW YORK (Reuters) - Bitcoin entrepreneur Charlie Shrem has reached a plea deal to resolve U.S. Shrem, the former vice chairman of the Bitcoin Foundation, will plead guilty next Thursday in New York federal court to unlicensed money transmission, Marc Agnifilo, his lawyer told Reuters in an email. Prosecutors had previously charged Shrem with operating an unlicensed money transmitting business, money laundering conspiracy and failing to file suspicious activity reports with government banking authorities. Federal authorities shut down Silk Road last year, though a new Internet marketplace under the same name was launched in November.
Fri, 29 Aug 2014 20:25:46 -0400
Intel hires senior Qualcomm exec to boost mobile business
By Noel Randewich SAN FRANCISCO (Reuters) - Chipmaker Intel Corp has hired Amir Faintuch, a senior executive at rival Qualcomm Inc , to step up efforts in mobile and Internet-connected gadgets. Hiring a senior executive from a major competitor is rare for Intel, which is known in Silicon Valley for its insular culture, and it reflects the eagerness of the Santa Clara, California, chipmaker to improve its struggling mobile business. Faintuch, who previously oversaw Qualcomm's networking and connectivity businesses as president of Qualcomm Atheros, is joining Intel as a senior vice president and co-general manager of the Platform Engineering Group, Intel spokesman Chuck Mulloy said on Friday.
Fri, 29 Aug 2014 18:00:13 -0400
Indian investigators drop coal scam case against billionaire Birla
India's Central Bureau of Investigation (CBI) has closed a coal scam case against billionaire Kumar Mangalam Birla and a former top bureaucrat that emerged in 2012 after an auditor's report on revenue loss to the exchequer from allocations of coal blocks. The CBI filed the case against Birla and former Coal Secretary P.C. Parakh last year in relation to a block allocated in 2005 to Hindalco Industries, part of the $40 billion Aditya Birla Group led by Kumar Mangalam Birla. India's federal auditor had alleged that the government's allocation of coal blocks may have cost the exchequer revenues of about $33 billion, although industry watchers and the previous government have cast doubts on the figure.
Sat, 30 Aug 2014 01:18:22 -0400
U.S. consumer spending pauses, but rising confidence offers hope
"The weakness in spending will quickly subside this fall as consumer confidence is supported by record highs in the stock market, rising housing prices and improving labor market conditions," said Michael Woolfolk, global markets strategist atBNY Mellon in New York. Consumer spending, which accounts for more than two-thirds of U.S.
Fri, 29 Aug 2014 12:51:58 -0400
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