Business

Microsoft to invest $1.1 billion in Mexico over next five years: CEO

Microsoft Chief Executive Satya Nadella said the technology giant will invest $1.1 billion in Mexico over the next five years, according to a promotional video released by the Mexican government on Thursday.

Business

L Brands sells majority stake in Victoria’s Secret, CEO Wexner to step down

L Brands Inc said on Thursday it will sell a controlling stake in its Victoria’s Secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion, as it focuses on its core Bath & Body Works brand.

Business

WeWork names COO in first major appointment under new CEO

Office-sharing startup WeWork on Thursday named Shyam Gidumal, a former Ernst & Young executive, as its new chief operating officer in the first major executive appointment under new head Sandeep Mathrani.

Business

WeWork names Shyam Gidumal new COO

Office-sharing startup WeWork on Thursday named a former Ernst & Young executive, Shyam Gidumal, as its new chief operating officer, weeks after appointing real-estate veteran Sandeep Mathrani as its CEO.

Business

U.S. weekly jobless claims rise modestly

The number of Americans filing for unemployment benefits rose modestly last week, suggesting sustained labor market strength that could help to support the economy amid risks from the coronavirus and weak business investment.

Business

UBS’s tech-savvy new boss Hamers not always loved by the Dutch

Ralph Hamers made his mark as a tech-savvy chief executive who led Dutch bank ING back to profitability after cementing its position as a no-frills lender in Germany and simplifying its product portfolio.

Business

Dollar tramples yen and everything in its path

The dollar trampled everything in its path on Thursday after a steep and sudden slide in the Japanese yen called into question its safe-haven status and others from the euro and pound to the Australian dollar were all sent cartwheeling.

Business

Oil firms on supply threats, easing demand woes

Oil prices rose on Thursday supported by China’s efforts to boost its economy, a drop in new coronavirus cases at the epicentre of the outbreak and supply concerns in Venezuela and Libya.

Business

Lingerie brand Victoria’s Secret to go private

L Brands Inc is selling a controlling stake in its Victoria’s Secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion, as focuses on its core Bath & Body Works brand.

Business

Exclusive: Westinghouse set to sign pact with Indian firm for nuclear reactors during Trump visit

U.S. energy firm Westinghouse is expected to sign a new agreement with state-run Nuclear Power Corporation of India for the supply of six nuclear reactors during U.S. President Donald Trump’s visit next week, officials said, aiming to kickstart a long-running project.

Business

Futures dip as coronavirus cases outside China rise

U.S. stock index futures fell on Thursday, a day after the S&P 500 and Nasdaq closed at record levels, as the number of coronavirus cases outside China increased.

Business

HSBC targets the globally mobile with $1.4 trillion wealth business

HSBC plans to invest heavily in its newly combined retail and private banking business as it targets internationally minded customers in markets such as China, the United States and Singapore, the unit’s Chief Executive Charlie Nunn told Reuters.

Business

Morgan Stanley to buy E*Trade Financial in $13 billion deal

Morgan Stanley said on Thursday it would buy discount brokerage E*Trade Financial Corp in an all-stock deal worth about $13 billion, the biggest deal by a Wall Street bank since the financial crisis.

Business

Thyssenkrupp nears full sale of $17 billion elevator division – sources

Thyssenkrupp is nearing a full sale of its elevator division, three people familiar with the matter said, adding this would secure the highest valuation of about 16 billion euros ($17.3 billion) to help it pay down debt.

Business

Domino’s U.S. same-store sales, profit beat estimates, shares jump 20%

Domino’s Pizza Inc on Thursday reported quarterly U.S. same-store sales and profit above analysts’ estimates, as its focus on faster delivery and new promotions to lure diners paid off, sending shares up nearly 20%.

Business

Thyssenkrupp nears full sale of elevator unit: sources

Thyssenkrupp is nearing a full sale of its elevator division, three people familiar with the matter said, adding this would result in maximum proceeds that are needed as net debt has soared in the last quarter.

Business

EU privacy body warns of privacy risks in Google, Fitbit deal

Alphabet Inc-owned Google’s $2.1 billion bid for fitness trackers company Fitbit could pose privacy risks, the European Data Protection Board (EDPB) warned on Thursday, adding its voice to other critics of the deal.

Business

Swiss bank Julius Baer slammed for money laundering failures

Swiss bank Julius Baer has been reprimanded by the country’s watchdog for ignoring money laundering risks in handling millions of francs of suspect payments linked to corruption in Venezuela and world soccer body FIFA.

Business

UBS’s tech-savvy new boss Hamers not always loved by the Dutch

Ralph Hamers made his mark as a tech-savvy chief executive who led Dutch bank ING back to profitability after cementing its position as a no-frills lender in Germany and simplifying its product portfolio.

Business

Thomson Reuters close to naming ex-Nielsen president Hasker as CEO: sources

Thomson Reuters Corp is close to naming former Nielsen Holdings Plc president Steve Hasker as its next chief executive, succeeding Jim Smith, according to people familiar with the matter.

Business

Shares of HNA affiliates rally after report of China bailout plan

Shares in affiliates of HNA Group surged on Thursday following a news report that China plans to take over the debt-laden conglomerate as the coronavirus outbreak has further hit its ability to meet financial obligations.

Business

Israel’s Wix.com sees 2020 revenue reaching almost $1 billion

Wix.com, which helps small businesses build and operate websites, reported a smaller-than-expected decline in fourth-quarter net profit and forecast a revenue rise of about 25% this year to nearly $1 billion as it expands into the professional web creator market.

Business

Foxconn says cautiously resuming China output, warns coronavirus will hit revenue

Apple iPhone maker Foxconn said on Thursday it is cautiously restarting production at its main plants in China and warned revenue will be hurt this year by the coronavirus epidemic.

Business

Volkswagen CFO will leave in summer next year: Manager Magazin

Volkswagen finance chief Frank Witter will leave the German car group in the summer of 2021, business publication Manager Magazin reported on Thursday.

Business

Oil near one-month high on supply threats, easing demand woes

Brent oil prices held near one-month highs on Thursday supported by China’s efforts to boost its economy, a drop in new coronavirus cases at the epicentre of the outbreak and supply concerns in Venezuela and Libya.