Canada stock market back in business after rare shutdown
TORONTO (Reuters) – Canada’s stock exchange, the world’s sixth largest, was back in business on Monday after a hardware glitch abruptly ended trading on Friday and the exchange operator TMX Group ( X.TO ) said it was working to ensure there will be no repeat of the embarrassing market […]
German businesses warn against trade war
Exclusive: U.S. Treasury meets business groups on Chinese investment bill – sources
WASHINGTON (Reuters) – U.S. Treasury officials are meeting with about 10 industry groups on Monday to discuss the latest draft of legislation that would tighten scrutiny of foreign investment in order to limit Chinese efforts to acquire sophisticated U.S. technology, three sources familiar with the meeting said.
The Treasury Department supports the bill, which is now in the Senate and a companion measure in the U.S. House of Representatives, that would broaden the reach of the inter-agency Committee on Foreign Investment in the United States (CFIUS). Corporate America has taken a keen interest in the bill because it would give CFIUS the power to further restrict Chinese investment in U.S. companies. It could also potentially lead the Chinese to retaliate and restrict U.S. company access to the world’s second-largest economy.
Investors look to Apple’s cash, services as iPhone sales seen stalling
(Reuters) – Apple Inc’s (AAPL.O) multi-hundred billion cash stockpile and stalling growth in services such as iCloud present an opportunity and a concern that some investors hope will be addressed in the company’s quarterly earnings report on Tuesday.
The iPhone is by far the biggest product from Apple, accounting for more than 60 percent of its revenue last year, but CEO Tim Cook and other executives have targeted services as a path to growth.
Disappointing forecasts from the iPhone supply chain have lowered expectations for unit sales.
McDonald’s says appetites remain strong
McDonald’s Corp has reported strong sales in the first three months of the year, causing share prices to jump about 5% in morning trade in New York. Profits increased 13% compared with the first quarter of 2017, hitting almost $1.38bn (£1bn). International demand, including the UK and Germany, helped to drive the growth, the fast food chain said.
The firm, which had faced tougher competition from new restaurant chains, has been working to win back customers. It has introduced higher-end burger offerings, renovated restaurants, added more technology and switched to fresher ingredients as part of a turnaround plan that is showing signs of working.
U.S. fast-food price war flares as consumer spending softens
LOS ANGELES (Reuters) – Cheap fast-food “dollar” deals surged in the United States during the first quarter, marking a major shift in strategy as a cool-down in consumer spending sent restaurant chains scrambling for customers. Dollar Menu advertisements are seen outside a McDonaldÕs restaurant in Venice, California, April 29, 2018. REUTERS/Lisa Baertlein
So-called “value” offers have been part of the U.S. fast-food landscape since 2002, when McDonald’s Corp (MCD.N) debuted its popular Dollar Menu and gave the industry a reliable recipe for driving traffic.
Prince Alwaleed’s firm sells Movenpick Hotels to AccorHotels
DUBAI (Reuters) – Prince Alwaleed bin Talal’s Kingdom Holding 4280.SE and its partners have agreed to sell Movenpick Hotels and Resorts to its associate firm AccorHotels (ACCP.PA). The deal is expected to close in the second half of 2018, Kingdom Holding said in a statement. Kingdom has a 5.7 percent stake in Accor SA.
AccorHotels said earlier it had agreed to buy rival Movenpick Hotels & Resorts for 560 million Swiss francs ($567 million), in a deal which Accor said would boost its earnings and marks the latest example of the French group’s ambitious takeover strategy. Founded in 1973 in Switzerland, Movenpick Hotels & Resorts operates in 27 countries with 84 hotels, and has a strong presence in Europe and the Middle East.
Prince Alwaleed, the kingdom’s most recognized business figure, was freed on Jan. 27 after being held at Riyadh’s Ritz-Carlton hotel for three months on the orders of his cousin Crown Prince Mohammed bin Salman as part of an anti-corruption crackdown.
Britain’s Sainsbury’s and Asda agree 13.3-billion-pound merger
LONDON (Reuters) – Sainsbury’s (SBRY.L) and Asda, the UK arm of Walmart (WMT.N), confirmed on Monday they had agreed a 13.3 billion pounds ($18.33 billion) merger to create Britain’s biggest supermarket group by market share, surpassing current leader Tesco (TSCO.L).
The combination will result in Walmart, the world’s biggest retailer, holding 42 percent of the combined business’ equity and receiving 2.975 billion pounds ($4.1 billion), valuing Asda at about 7.3 billion pounds. Sainsbury’s had an equity value of 6 billion pounds at Friday’s closing prices.