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Volkswagen, Justice Dept. nearing $3 billion deal to resolve diesel allegations
By David Shepardson and Joel Schectman WASHINGTON (Reuters) – Volkswagen AG and the U.S. Justice Department are nearing an agreement to resolve the government's civil and criminal investigations that would require the German automaker to pay a penalty of more than $3 billion, sources briefed on the talks said on Friday. Volkswagen is also expected to face oversight by an outside… More: Volkswagen,... [Read more]
In sign of more hawkish Fed, Evans nods to three rate hikes
Chicago Federal Reserve President Charles Evans said on Friday the central bank could raise interest rates three times this year, faster than he had expected just a few months ago and in line with the majority of his colleagues. The comments from Evans, a voting member of the Fed's policy committee this year, reinforced the view that the Fed could step up the pace of its rate hiking campaign... [Read more]
U.S. job growth slows, but wages rebound strongly
U.S. employment increased less than expected in December but a rebound in wages pointed to sustained labor market momentum that sets up the economy for stronger growth and further interest rate increases from the Federal Reserve this year. Nonfarm payrolls rose Continued here: U.S. job growth slows, but wages rebound strongly Read More →
Trump hits Toyota in latest broadside against carmakers and Mexico
U.S. President-elect Donald Trump targeted Toyota Motor Corp on Thursday, threatening to impose a hefty fee on the world's largest automaker if it builds its Corolla cars for the U.S. market at a plant in Mexico. “Toyota Motor said … Read the rest here: Trump hits Toyota in latest broadside against carmakers and Mexico Read More →
Maersk, Alibaba team up to offer online booking service for ship space
The world's largest container shipping line Maersk has teamed up with Alibaba to allow shippers of goods to reserve space on its vessels through the Chinese e-commerce giant, in a move that bypasses traditional middleman freight forwarders. Maersk, a unit of Denmark's A.P. Moller-Maersk , began offering the service to Chinese shippers on Alibaba's OneTouch booking website on Dec. 22,... [Read more]
Oil prices rise on expected drop in U.S. oil inventories
By Karolin Schaps LONDON (Reuters) – Oil edged higher on Wednesday on expectations that U.S. crude oil inventories are falling and on signs that oil producers are willing to stick to agreed output cuts that came into effect this week. Global benchmark Brent crude futures were up 49 cents at $55.96 a barrel by 0924 GMT (4:24 a.m. ET). U.S. West Texas Intermediate (WTI) crude futures were trading... [Read more]
Judge halves $1 billion award in J&J hip implants case
U.S. District Judge Ed Kinkeade in Dallas cited “constitutional considerations” that limit how much plaintiffs may recover in punitive damages but upheld the jury's findings that the implants were defectively designed and that the companies failed to warn consumers about the risks. Around $500 million of punitive damages would be cut from the more than $1 billion awarded to the plaintiffs... [Read more]
Bitcoin jumps above $1,000 for first time in three years
By Jemima Kelly LONDON (Reuters) – Digital currency bitcoin kicked off the new year by jumping above $1,000 for the first time in three years late on Sunday, having outperformed all central-bank-issued currencies with a 125 percent climb in 2016. Bitcoin – a web-based “cryptocurrency” that has no central authority, relying instead on thousands of computers across the world... [Read more]
Peru’s President Kuczynski says may sue Odebrecht
Peruvian president Pedro Pablo Kuczynski said on Saturday that he is evaluating the possibility of suing Brazilian construction firm Odebrecht [ODBES.UL] for damages after the company admitted to using bribes to secure public contracts in the Andean nation. Odebrecht, Latin America's largest construction outfit, acknowledged in a U.S. settlement earlier in December to having doled out hundreds... [Read more]
U.S. dollar posts 2016 gain on Trump victory, Fed forecasts
The dollar index , which measures the greenback against a basket of six major rivals, gained about 3.7 percent for the year. The index rose about 7.1 percent during the fourth quarter, more than half that gain coming since the Nov. 8 U.S. presidential election on expectations that U.S. President-elect Donald Trump's plan to boost fiscal stimulus would benefit the currency. A faster projected... [Read more]