Wells Fargo profit beats estimates on cost controls, rise in loans

Latest Business News - Tue, 07/16/2019 - 18:05
Wells Fargo & Co beat analysts' estimates for quarterly profit on Tuesday, as the fourth-largest U.S. bank benefited from an uptick in lending and aggressive cost cutting.

JPMorgan profit beats estimates on lending strength; net interest margin dips

Latest Business News - Tue, 07/16/2019 - 17:55
JPMorgan Chase & Co reported a better-than-expected quarterly profit on Tuesday as higher interest income and buoyant consumer lending offset lower activity at its trading desks.

Johnson & Johnson beats profit estimates on pharma strength, raises sales outlook

Latest Business News - Tue, 07/16/2019 - 17:54
Johnson & Johnson raised its full-year sales forecast as demand for its cancer drugs Darzalex and Imbruvica helped it exceed estimates for second-quarter profit on Tuesday.

Pakistan central bank raises key interest rate to 13.25%

Latest Business News - Tue, 07/16/2019 - 17:51
Pakistan's central bank raised its main policy rate by 100 basis points on Tuesday to 13.25%, citing increased inflationary pressures and a likely near-term rise in prices from higher utility costs.

UK PM May: Keep talking to businesses as Brexit nears

Latest Business News - Tue, 07/16/2019 - 17:46
Outgoing British Prime Minister Theresa May on Tuesday told her top ministers to keep engaging with businesses over Brexit, and that firms expect her successor to keep up infrastructure investment and continue developing an industrial strategy.

Oil steadies as U.S. supply concerns ease but Iran tensions loom

Latest Business News - Tue, 07/16/2019 - 17:42
Oil prices steadied on Tuesday as a resumption of production in the Gulf of Mexico after Hurricane Barry and a boom in U.S. supply from shale oil countered tensions in the Middle East.

Goldman Sachs profit beats expectations on equity trading, lending

Latest Business News - Tue, 07/16/2019 - 17:37
Goldman Sachs Group Inc reported a better-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equity trading and an increase in lending to its wealthy clients and companies.

South Korea accuses Japan of 'lukewarm' stand on North Korea sanctions

Latest Business News - Tue, 07/16/2019 - 17:15
Relations between U.S. allies South Korea and Japan deteriorated on Tuesday with South Korea questioning Japan's commitment to U.N. sanctions against North Korea, while a South Korean legal case looked set to aggravate old wartime animosity.

Domino's Pizza U.S. same-store sales miss estimates, shares fall 6%

Latest Business News - Tue, 07/16/2019 - 17:10
Domino's Pizza Inc on Tuesday reported second-quarter same-store sales at its U.S. outlets that grew slower than expected as it faced fierce competition from rival pizza chains and third-party delivery companies, sending its shares down about 6% before the bell.

Founder of Germany's Evonik, Werner Mueller, dies aged 73

Latest Business News - Tue, 07/16/2019 - 16:42
Werner Mueller, the founder of German chemicals group Evonik and a former economy minister, has died aged 73, the company said on Tuesday.

Hong Kong retailers forecast sharp drop in sales as protests rock city

Latest Business News - Tue, 07/16/2019 - 16:38
Hong Kong retailers said on Tuesday they expect sales for July and August to drop by double-digits from a year earlier due to large and sometimes violent protests that have gripped the Chinese-ruled city for more than a month.

India's Nayara Energy to invest $850 million to build petrochemical plant

Latest Business News - Tue, 07/16/2019 - 16:36
Russian oil major Rosneft-backed Indian refinery Nayara Energy said on Tuesday it will be investing $850 million to expand into petrochemical.

Argentina ranchers kill the fatted cow amid cash crunch, turn to China

Latest Business News - Tue, 07/16/2019 - 16:35
Argentina's world-famous ranchers are culling their breeding cows at the highest rate in 30 years and tapping Chinese demand for meat in order to help pay their bills as access to credit has dried up for farmers in South American's No. 2 economy.

India to launch rules to end gas distributors' monopoly in 34 areas

Latest Business News - Tue, 07/16/2019 - 16:33
The Indian government will introduce rules in six months that could lead to the phase-out of monopolies controlled by natural gas distribution companies in 34 cities, including New Delhi and Mumbai, allowing consumers to choose a new supplier, a senior regulatory official said.

SoftBank-backed Oyo buys shared office startup Innov8 for $30 million

Latest Business News - Tue, 07/16/2019 - 16:27
Indian hotel startup Oyo said on Tuesday it has bought local co-working venture Innov8, as the SoftBank-backed hospitality chain looks to venture into the commercial real estate business under the brand name Oyo Workspaces.

Gold steady as investors eye U.S. retail sales data

Latest Business News - Tue, 07/16/2019 - 16:22
Gold prices held steady on Tuesday as investors awaited U.S. retail sales data that could serve as an indicator of the strength of the world's largest economy amid lingering concerns over global economic slowdown.

Sensex, Nifty close higher as Tata Motors, Yes Bank surge

Latest Business News - Tue, 07/16/2019 - 16:16
Indian shares ended higher on Tuesday, led by strong gains in Yes Bank Ltd ahead of its quarterly results, while Tata Motors Ltd saw its best day in nearly two months.

Khamenei vows Iran will respond to UK 'piracy' over tanker seizure

Latest Business News - Tue, 07/16/2019 - 16:08
Iran's supreme leader, Ayatollah Ali Khamenei, said on Tuesday Iran would respond to Britain's "piracy" over the seizure of an Iranian oil tanker in Gibraltar.

Abbott to hike production of lower-cost glucose monitors as diabetes soars

Latest Business News - Tue, 07/16/2019 - 16:04
Abbott Laboratories plans to ramp up manufacturing capacity for its lower-cost continuous glucose monitor, the FreeStyle Libre, by three to five times in the next few years, aiming to reach millions more patients worldwide, the company told Reuters.

Ryanair CEO says confident in 'great' Boeing 737 MAX despite delays

Latest Business News - Tue, 07/16/2019 - 16:02
Ryanair remains confident in the Boeing 737 MAX and believes the plane will be "warmly welcomed" by customers, Chief Executive Michael O'Leary said on Tuesday after he was forced to half the airline's 2020 growth plans due to the plane's grounding.