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U.S. 'looking at' CalPERS holdings in Chinese defense firms: top White House official

WASHINGTON (Reuters) – The Trump administration is “looking at” investments in Chinese military companies by the California Public Employees’ Retirement System (CalPERS), U.S. National Security Adviser Robert O’Brien said on Wednesday. “It’s something we are looking at,” O’Brien said in response to a question during an appearance at the conservative Heritage Foundation thinktank. “It’s an issue of security for American […]

Oil falls as Saudi, UAE plan for higher output capacity

LONDON (Reuters) – Oil prices fell on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity and OPEC and the U.S. Energy Information Administration (EIA) slashed oil demand forecasts because of the coronavirus outbreak. Brent crude was down $1.01, or 2.7%, at $36.21 per barrel by 11:01 ET (1601 GMT), while U.S. West Texas […]

PepsiCo aims for energy boost with $3.85 billion Rockstar deal

(Reuters) – PepsiCo Inc (PEP.O) on Wednesday made its biggest bet in the energy drinks market with a $3.85 billion deal to buy Rockstar Energy Beverages, opening a new front in its long-running battle with Coca-Cola Co (KO.N). The deal is also the latest move by PepsiCo’s new chief executive officer, Ramon Laguarta, to reduce the company’s dependence on its […]

Wall Street slumps at open as investors wary of U.S. response to virus

(Reuters) – U.S. stock indexes fell sharply at the open on Wednesday as investors were skeptical about President Donald Trump’s stimulus plan to combat the coronavirus epidemic. The Dow Jones Industrial Average .DJI fell 413.53 points, or 1.65%, at the open to 24,604.63 and the S&P 500 .SPX opened lower by 56.63 points, or 1.96%, at 2,825.60. The Nasdaq Composite […]

What the emergency interest rate cut means for your money and mortgage

The Bank of England has announced a shock cut in interest rates to help shore up the economy as the deadly coronavirus continues to sweep through the UK. On Wednesday morning, the Bank's Monetary Policy Committee slashed rates from 0.75% to 0.25%, taking borrowing costs back down to the lowest level in history. Policymakers said the cut was a response […]

Fiat Chrysler temporarily halts some Italian plants to battle virus

MILAN (Reuters) – Fiat Chrysler (FCHA.MI) is temporarily halting operations at some plants in Italy and will reduce production rates in response to the coronavirus outbreak in the country, the largest in Europe, a spokesman for the automaker said on Wednesday. Fiat Chrysler (FCA) said in a statement it had stepped up measures across its facilities, including intensive sanitisation of […]

Factbox: U.S. coronavirus stimulus according to Trump, Republicans, and Democrats

WASHINGTON (Reuters) – President Donald Trump met with fellow Republicans in the U.S. Senate on Tuesday to discuss a fiscal stimulus plan to bolster the nation’s economy in the face of the coronavirus outbreak. Any plan the White House introduces will need to be approved by both houses of the U.S. Congress. Expect Democrats, who control the House of Representatives, […]

Stocks fall as U.S. virus response disappoints investors

TOKYO (Reuters) – Asian shares and Wall Street futures fell on Wednesday as growing scepticism about Washington’s stimulus package to fight the coronavirus outbreak knocked the steam out of an earlier rally. Markets had been recovering from a brutal global selloff on Monday that was triggered by the double shock of an oil price crash and the worsening outbreak. Those […]

Wall Street advances as stimulus hopes calm recession fears

NEW YORK (Reuters) – Wall Street reversed course on Tuesday, pulling back from the brink of bear market confirmation as bargain hunting and stimulus hopes calmed investors’ fears of recession and uncertainties surrounding the coronavirus. All three major indexes advanced the day after equities markets suffered their biggest one-day losses since the 2008 financial crisis. The S&P 500 and the […]

Fidelity names veteran Maggie Serravalli as CFO

(Reuters) – Fidelity Investments named company veteran Maggie Serravalli as chief financial officer, replacing Gerard McGraw, according to a note viewed by Reuters. Serravalli, 58, has been with the investment manager for 13 years and will oversee finance as well as tax, treasury, human resources, real estate, government relations and corporate communications teams, Chairman Abigail Johnson wrote in the note […]

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