Business  December 07, 2016
Dow, S&P 500 hit new records ahead of ECB meeting
The Dow Jones Industrial Average¬†jumped 1.5 percent on December 7, 2016 to¬†19,540.68, its third straight record closeUS stocks surged to close at fresh records Wednesday in anticipation the European Central Bank will extend its stimulus, and amid optimism about the American economy after the presidential election.The Dow Jones Industrial Average jumped 1.6 percent to 19,549.62, its third straight record close, and the biggest increase since the November 8 presid...  Full Story
World's oldest bank asks ECB for extension
The worldThe world's oldest bank, Italy's Monte dei Paschi di Siena (BMPS), asked the European Central Bank Wednesday for more time to raise the cash it needs to avoid being wound down.BMPS said it was asking for the extension from the end of December to mid January because the political instability created by Prime Minister Matteo Renzi's resignation has l...  Full Story
Walmart plans $1.3 bn investment in Mexico
Walmart plans investment in Mexico which will create more than 10,000 new jobsUS retail giant Walmart said Wednesday it plans a fresh $1.3 billion investment in Mexico, despite US President-elect Donald Trump's tough line on foreign trade and keeping jobs in America.The company plans to build new distribution centers and expand existing ones "which will create more than 10,000 new jobs," said Walmart's Mexico director Guilhe...  Full Story
Boeing promises Trump to control costs on Air Force One
The legendary Air Force One jets are a powerful symbol of US might, but the current models are nearing the end of their 30-year lifespanBoeing has pledged to control costs on the redesign of Air Force One after President-elect Donald Trump blasted the aerospace giant for the ballooning expenses, a company spokesman said Wednesday.Boeing chief executive Dennis Muilenburg reassured Trump in a phone call Tuesday night about its commitment to keeping a tight rein on costs for the presi...  Full Story
Russia privatises 19.5 percent of oil giant Rosneft: Kremlin
Rosneft CEO Igor Sechin (L) and Russian Economy Minister Alexei Ulyukayev attend a meeting in Baku, Azerbaijan on August 8, 2016The Kremlin on Wednesday said that Russia had finalised a deal to privatise 19.5 percent of state-owned oil giant Rosneft.Rosneft chief Igor Sechin informed President Vladimir Putin "about the completion of a privatisation deal of 19.5 percent of shares of the largest Russian oil company Rosneft," Kremlin spokesman Dmitry Peskov told reporters.He a...  Full Story
Russian oil companies support output cut: ministry
RussiaRussia's energy ministry said Wednesday the country's oil-producing companies had backed an initiative to reduce crude output in line with an OPEC deal."All companies supported our proposals to limit the level of output," Russian news agencies quoted a ministry representative as saying after a meeting between Energy Minister Alexander Novak and oil...  Full Story
Tata Steel commits to staying in Britain: trade unions
Tata Steel has pledged to stay in Britain, reversing its decision to sell assets including the vast Port Talbot plant in Wales, unions sayIndia's Tata Steel has pledged to stay in Britain, reversing its decision to sell assets including the vast Port Talbot plant in Wales, trade unions said Wednesday."Steel unions have today secured a commitment from Tata Steel to secure the future of jobs and production at Port Talbot and other steelworks across the UK," read a statement issued by t...  Full Story
AT&T defends Time Warner megadeal to skeptical lawmakers
US senators offered a cautious view, saying the deal to merge AT&T and Time Warner could concentrate too much power in one firmAT&T argued Wednesday its $85 billion megadeal for Time Warner would be "pro-competitive" as lawmakers and consumer advocates expressed skepticism over the creation of new media-tech powerhouse."Our intent is to disrupt the existing pay TV model," AT&T chairman and chief executive Randall Stephenson told a Senate hearing on the merger of the huge t...  Full Story