NEW YORK (Reuters) – Pinterest Inc’s initial public offering set the online scrapbook company’s valuation at $12.7 billion on Wednesday, above its expectations and a sign of strength for the tech IPO market after Lyft Inc’s struggles. Pinterest, where users save ideas for clothes, décor and recipes, is due to start trading on the New…
Continue ReadingSAN FRANCISCO/SHANGHAI (Reuters) – Amazon.com Inc plans to close its domestic marketplace in China by mid-July, people familiar with the matter told Reuters, focusing efforts on more lucrative businesses selling overseas goods and cloud services in the world’s most populous nation. Amazon shoppers in China will no longer be able to buy goods from third-party…
Continue ReadingSYDNEY (Reuters) – Oil prices edged down on Thursday despite a surprise decline in U.S. inventories, with international benchmark Brent retreating from a five-month high touched in the previous session. Brent crude futures were at $71.51 a barrel at 0056 GMT, down 11 cents, or 0.2 percent, from their last close. Brent fell 0.1 percent…
Continue ReadingTOKYO (Reuters) – Asian shares were subdued on Thursday after a negative performance on Wall Street, with caution ahead of business surveys in Europe and Japan, and the Good Friday and Easter holidays keeping investors on the sidelines. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.08 percent, trading just below its highest…
Continue ReadingWASHINGTON/CHICAGO (Reuters) – Boeing Co is making “steady progress” on the path to certifying a software update to the grounded 737 MAX and has made the final test flight before a certification flight, its chief executive said on Wednesday. Boeing’s newest 737 model, the MAX, was grounded worldwide in March following two fatal crashes, one…
Continue Reading(Reuters) – Canadian marijuana producer Canopy Growth Corp is close to a deal to buy U.S.-based pot firm Acreage Holdings, a source familiar with the matter told Reuters on Wednesday. The deal is expected to fetch a premium of about 28 percent to Acreage’s five-day average trading price – or roughly 25 percent of its…
Continue ReadingWASHINGTON (Reuters) – The Trump administration is readying a public relations offensive over the economic impact of its new North American trade deal to counter a crucial report expected on Thursday that economists see as likely to show minimal gains at best. Industry sources familiar with the administration’s plans told Reuters the U.S. International Trade…
Continue ReadingNEW YORK (Reuters) – JPMorgan Chase & Co shuffled the jobs of two of its most senior women executives on Wednesday, moving Chief Financial Officer Marianne Lake to a role leading consumer lending and naming the head of card services Jenn Piepszak to replace her. The moves, which take effect on May 1, were announced…
Continue ReadingNEW YORK (Reuters) – Major automakers are bullish on the outlook for the U.S. economy and auto sales, but one big question remains – will President Donald Trump throw a grenade into the sector by imposing sweeping tariffs of up to 25 percent on car and auto parts imports? The industry is in “wait-and-see mode,”…
Continue ReadingSAN FRANCISCO (Reuters) – Apple Inc and Qualcomm Inc on Tuesday settled an acrimonious two-year legal dispute. Shortly afterward, Intel Corp said it will exit the smartphone modem chip business. The entire drama played out as the mobile phone industry prepares to shift to a technology called 5G. Echoing complaints from the U.S. Federal Trade…
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