Reuters Business News

Venezuela has named new vice presidents for four units of state oil company PDVSA, as well as a new president for the unit that handles joint ventures with private oil companies, PDVSA said on Saturday.

Vermont Senator Bernie Sanders may be surging in the polls ahead of Super Tuesday, but some on Wall Street have made their own conclusions on what November will bring: four more years of President Donald Trump.

Japanese automaker Toyota plans to build a new electric vehicle plant in the Chinese city of Tianjin with its local partner FAW Group, a document from the local authorities showed.

Hedge fund Elliott Management Corp has amassed a stake in Twitter Inc and is pushing for changes, including removal of the social media company's chief executive, Jack Dorsey, two people familiar with the matter said on Friday.

The Trump administration on Friday said it would focus on concluding new trade agreements with Britain, the European Union and Kenya over the coming year, while strictly enforcing trade laws and pushing for reforms of the World Trade Organization.

Harley-Davidson Inc on Friday named a board member hailed for turning around the Puma brand's near-bankrupt business as its interim chief as the motorcycle maker gropes for an effective strategy to woo young customers and revive sales.

Activist hedge fund Elliott Management, which often pushes technology companies to improve operations, has built a stake in Twitter Inc and is pushing for changes, including removing the chief executive officer, two people familiar with the matter said on Friday.

UBS Chief Executive Sergio Ermotti, one of Europe's best paid bankers, earned 12.5 million francs in 2019, down from 14.1 million in 2018 after the bank was hit with a multi-billion-euro court case and it missed earnings goals.

Sanofi SA has agreed to pay $11.85 million to resolve U.S. allegations that it used a charity that helps cover Medicare patients' out-of-pocket drug costs as a means to pay them kickbacks to use a high-priced multiple sclerosis drug.

Harley-Davidson Inc Chief Executive Officer Matthew Levatich stepped down on Friday after failing to boost U.S. sales of its iconic motorcycles.

The S&P 500 fell for the seventh straight day on Friday and the benchmark index suffered its biggest weekly drop since the 2008 global financial crisis on growing fears the fast-spreading coronavirus could push the economy into recession, although stocks regained some ground right at the end of a volatile session.

Big U.S. banks have been rolling out contingency plans to respond to the global coronavirus outbreak - requiring some staff to work from home, implementing travel restrictions, and talking to regulators about potential stresses.

United Airlines Holdings Inc said on Friday it was sharply cutting flights to Japan and South Korea, as travelers worried about the coronavirus outbreak slash ticket purchases for those destinations.

Intesa Sanpaolo said on Friday it had hired JP Morgan, Morgan Stanley, UBS and local broker Equita SIM to complete a team of advisers led by Mediobanca supporting Italy's biggest retail bank in its takeover offer of rival UBI Banca.

Coronavirus panic sent world stock markets tumbling again on Friday, with an index of global stocks setting its largest weekly fall since the 2008 global financial crisis, and over $5 trillion wiped from global market value this week.

Portfolio managers at Goldman Sachs Asset Management have used the recent selloff in global stocks caused by the coronavirus as an opportunity to take positions in a range of companies focusing on everything from concerts to cosmetics.

The Trump administration on Friday said it would focus on concluding new trade agreements with Britain, the European Union and Kenya over the coming year, while strictly enforcing trade laws and pushing for reforms of the World Trade Organization.

Trump administration officials have rescheduled for March 11 a critical meeting to discuss potential new U.S. restrictions on sales of technology to Huawei and China, people familiar with the matter said.

The steep market drop triggered by the global coronavirus outbreak has led many companies to hit the 'pause' button on mergers and acquisitions (M&A), sabotaging the hopes of corporate advisers who expected a dealmaking bonanza this year.

The airline industry could run into turbulence on Capitol Hill next week as a U.S. Congressional panel tackles passenger complaints about unpleasant airline experiences, holding a hearing that will include budget airline Spirit Airlines Inc and passenger advocates.