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(Reuters) – JPMorgan Chase & Co (JPM.N) said it would cut more than 3,000 jobs than previously expected in its retailbanking unit. The bank expects its 2016 retail banking expense base to be $2 billion lower than in 2014, JPMorgan’s retail bank head Gordon Smith said in an investor conference on Friday.
BY PAUL LIENERT (Reuters) – Honda Motor Co, facing a U.S. safety probe, strengthened its recall of U.S. cars to replace potentially defective Takata Corp air bags linked to several deaths. Japan’s third-biggest carmaker said late on Thursday it was adding to its recall an undisclosed number of cars from model years 2001-2006 that were sold or registered in humid areas where the air bag inflators are thought to be most vulnerable to rupture. Honda […]
MANILA, Philippines (Eagle News Service) — For second consecutive month, price increases for food slowed down pulling down the inflation rate to 4.3 percent this October, according to the National Economic and Development Authority (NEDA). Food inflation recorded a 7.2 percent year-on-year growth in October 2014 compared to the previous month’s 7.8 percent. “Ample supply of meat, fish, and vegetable items in the market and easing of commodity prices helped reduce price pressures,” said Economic […]
(Reuters) – U.S. safety regulators ordered Japanese automaker Honda Motor Co Ltd (7267.T) on Wednesday to provide documents and answer questions under oath about potentially defective air bags installed in millions of recalled U.S. vehicles. The air bags were made by Japanese supplier Takata Corp (7312.T), which received a similar order last Thursday from the National Highway Traffic Safety Administration. For the past 18 months, Takata has been besieged by chronic, widespread problems with defective […]
(Reuters) – Electric car maker Tesla Motors Inc (TSLA.O) said its third-quarter loss nearly doubled from a year ago to $75 million, as manufacturing, sales and development expenses increased to meet rising demand. Revenue doubled to $852 million. The company delivered a record 7,785 Model S sedans in the quarter, most of them in North America. Research and development spending climbed as Tesla added a new dual-motor version of the Model S and readied the Model X […]
(Reuters) – Korean carmakers Hyundai Motor Co (005380.KS) and affiliate Kia Motors Corp (000270.KS) will pay $350 million in penalties to the U.S. government for overstating fuel economyratings in what officials said on Monday was the biggest settlement of its kind. The deal comes on top of $395 million the automakers agreed to pay last December to resolve claims from the owners of the vehicles, bringing the companies’ total cost for the mileage overstatements to more […]
MANILA, Philippines — Malacanang welcomed the new 300 million US dollar loan grant from the World Bank, saying the new loan is meant to “boost fiscal sustainability and governance transparency for a sustained and inclusive growth.” Presidential Communications Operations Office Herminio Coloma, Jr., announced this in a radio interview over the weekend.“Malugod na tinatanggap ng Pilipinas ang pagkakaloob ng World Bank ng 300 milyong dolyar na pautang upang patatagin ang mga programa at mekanismo na […]
(Reuters) – Samsung Electronics Co Ltd (005930.KS) on Thursday said it would revamp its smartphone line-up to take on competitors in the rapidly growing mid-to-low range segment, after third-quarter earnings set it on course for its worst year since 2011. The global smartphone leader’s market share declined in annual terms for the third straight quarter in July-September, lagging Apple Inc (AAPL.O) in the premium market and overtaken by rivals like Lenovo Group Ltd (0992.HK) and Xiaomi Inc at the […]
(Reuters) – Nestle SA will enlist a thousand humanoid robots to help sell its coffee makers at electronics stores across Japan, becoming the first corporate customer for the chatty, bug-eyed androids unveiled in June by tech conglomerate SoftBank Corp. Nestle has maintained healthy growth in Japan while many of its big markets are slowing, crediting a tradition of trying out off-beat marketing tactics in what is a small but profitable territory for the world’s biggest […]
(Reuters) – Australia, Indonesia and South Korea skipped the launch of a China-backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to Western-dominated multilateral lenders. China’s $50 billion Asian Infrastructure Investment Bank (AIIB) is seen as a challenge to the World Bank and Asian Development Bank, both of which count Washington and its allies as their biggest financial backers. China, which is keen to extend its […]
(Reuters) – World stocks dipped on Friday, as European bank stress test results due at the weekend and New York City’s first case of Ebola prompted investors to lock in profits after the best week for shares in well over a year. A doctor who treated Ebola patients in West Africa became the first person to test positive for the virus in America’s largest city, raising fresh fears about its spread. Europe’s main bourses in […]
(Reuters) – French oil major Total (TOTF.PA) on Wednesday appointed refining head Patrick Pouyanne as chief executive and former CEO Thierry Desmarest as non-executive chairman. The nominations at the head of the world’s fourth-largest integrated oil company came less than 48 hours after the brutal death of Chairman and CEO Christophe de Margerie in a plane crash in Moscow. Desmarest, previously honorary chairman of the oil group, will keep his new position until the end […]
