Business

China’s Huawei books quickest profit growth in four years on smartphone demand

(Reuters) – China’s Huawei Technologies Ltd, the world’s No.2 telecommunications equipment maker, reported its fastest profit growth in four years as expansion in enterprise and consumer revenue far exceeded growth in its network building division. The unlisted company has benefited from companies investing heavily in cloud and mobile computing, while it has shipped so many mobile handsets that it became the world’s third-biggest smartphone manufacturer last year. Shenzhen-based Huawei is now looking for revenue from […]

Bank of America to pay $9.3 billion to settle mortgage bond claims

By Margaret Chadbourn and Aruna Viswanatha WASHINGTON Wed Mar 26, 2014 6:42pm EDT (Reuters) – Bank of America agreed to pay $9.3 billion to settle claims that it sold Fannie Mae and Freddie Mac faulty mortgage bonds, helping the bank to end one of the largest legal headaches it still faced from the financial crisis. The settlement, announced on Wednesday, includes $6.3 billion in cash and $3.2 billion in securities that Bank of America will […]

Exclusive: Blackstone close to $5.5 billion-plus Gates takeover – sources

By Soyoung Kim and Greg Roumeliotis NEW YORK Tue Mar 25, 2014 6:02pm EDT (Reuters) – Blackstone Group LP is close to a deal to buy industrial conglomerate Gates Global Inc for more than $5.5 billion, people familiar with the matter said, in what would be one of the largest leveraged buyouts so far this year. The buyout firm is in the final stages of negotiations with Gates’ private equity owners, Onex Corp and the […]

Wall Street rebounds; biotech shares snap losing streak

By Angela Moon NEW YORK Tue Mar 25, 2014 6:51pm EDT (Reuters) – U.S. stocks ended higher on Tuesday, rebounding from a two-day decline as the hard-hit biotechnology sector regained its momentum and a strong read on consumer confidence increased optimism about the economy. Trading was choppy throughout the day with the Nasdaq at one point turning lower, led by a sharp reversal in biotech shares. .So-called momentum stocks were still down for the day […]

Facebook to buy virtual-reality goggles maker for $2 billion

By Alexei Oreskovic and Malathi Nayak SAN FRANCISCO Tue Mar 25, 2014 6:43pm EDT (Reuters) – Facebook Inc will acquire two-year-old Oculus VR Inc, a maker of virtual-reality glasses for gaming, for $2 billion, buying its way into the fast-growing wearable devices arena with its first-ever hardware deal. The acquisition, which comes hot on the heels of its $19 billion deal for messaging service WhatsApp, marks a big bet by Facebook to anticipate the next […]

Asia shares struggle as investors cautious over China, Ukraine

(Reuters) – Asian shares lurched lower in a cautious start to the week on Monday, as investors were hobbled by the persistent tensions in Ukraine, uncertainty over Federal Reserve policy and worries about slowing growth in China. The euro edged away from a recent low hit against the dollar as traders continued to recalibrate expectations around U.S. monetary policy after Fed Chair Janet Yellen last week raised the prospect of an earlier start to interest […]

U.S. jobs, factory data show improvement; housing lags

(Reuters) – The number of Americans filing for jobless benefits hovered near three-month lows last week and factory activity in the Mid-Atlantic region rebounded this month, suggesting the economy is regaining strength after being hobbled by severe weather. While other data on Thursday showed home sales at a 1-1/2 year low in February, the tight stock of houses on the market that has constrained sales eased for a second straight month, opening the door wider […]

CEOs of biggest Russian firms could be hit by sanctions: paper

(Reuters) – The CEOs of Russia’s two largest firms are on a list of those who may be hit next week with European and U.S. sanctions over the Crimea crisis, a German newspaper said on Friday, suggesting tougher than expected measures against Russia’s elite. Moscow shipped more troops and armor into Crimea on Friday and repeated its threat to invade other parts of¬†Ukraine, showing no sign of heeding Western pleas to back off from the […]

Asian shares tick up cautiously as China data looms

(Reuters) – Asian shares cautiously rebounded from two-week lows on Thursday though investors were in no mood to embrace risk ahead of a batch of Chinese data that may offer clues about the extent of its economic slowdown. A standoff in Ukraine, signs of weakness and other risks in China’s economy and a massive fall in copper prices are spooking investors, though a flat close on Wall Street and some positive regional data helped to […]

Mexico telecoms regulator reins in Slim and his empire

    (Reuters) – Mexico’s telecommunications watchdog on Friday slapped regulations on Carlos Slim’s telephone company America Movil and two of his financial and industrial companies, as it seeks to rein in the multi-billionaire and boost competition. Mexico is trying to open up its phone and TV industries following the passage last year of wide-ranging telecoms reform meant to claw back the vast market shares enjoyed by Mexico’s media players. America Movil controls about 80 […]

Prices remain stable in January February

According to Department of Trade and Industry Undersecretary Victorio Mario Dimaguiba, prices of basic goods remained stable for the months of January and February, with the price of cement even going down in the latter part of February.