11 August, 2015 by The TZ Newswire Staff Comments Off on China July data: A new slew of misses
China July data: A new slew of misses
China’s July retail sales, industrial output and fixed-asset investment data all missed forecasts, fueling concerns about the world’s second-largest economy.
11 August, 2015 by The TZ Newswire Staff Comments Off on Risky assets reel as China allows yuan to fall for second day
Risky assets reel as China allows yuan to fall for second day
Asian stocks and emerging market currencies tumbled on Wednesday and commodities fell after China allowed the yuan to fall sharply for a second straight day, forcing investors to seek refuge in safe-haven government debt. On Wednesday, the People’s Bank of China (CNY=CFXS) set the yuan’s midpoint rate (CNY=SAEC) weaker than Tuesday’s closing market rate, which had already fallen sharply after China devalued its currency by 2 percent in a surprise move.
11 August, 2015 by The TZ Newswire Staff Comments Off on China tries to calm currency war fears as yuan slips further
China tries to calm currency war fears as yuan slips further
China’s yuan hit a four-year low on Wednesday, falling for a second day after authorities devalued it in a move that sparked fears of a global currency war and accusations that Beijing was giving an unfair advantage to its struggling exporters. Spot yuan fell to 6.43 per dollar, its weakest since August 2011, after the central bank set its daily midpoint reference at 6.3306, even weaker than Tuesday’s devaluation.
11 August, 2015 by The TZ Newswire Staff Comments Off on Symantec to sell Veritas for $8 billion to focus on security software
Symantec to sell Veritas for $8 billion to focus on security software
The deal, the biggest U.S. leveraged buyout this year, will give Symantec much-needed funds to compete in the cyber security market with companies such as Microsoft Corp, Intel Corp and Kaspersky Labs. Shares of Symantec, which also reported weak quarterly results on Tuesday, fell as much as 6 percent.
11 August, 2015 by The TZ Newswire Staff Comments Off on Oil prices drop as China allows yuan to fall
Oil prices drop as China allows yuan to fall
Crude oil prices fell again on Wednesday as China allowed its currency to fall sharply for a second day, triggering concerns over the country’s economic health just as oil production hit multi-year highs. Brent futures initially edged up before continuing their slide of the last two months as China’s yuan hit a four-year low, slipping further a day after authorities devalued the yuan in a move to support its struggling economy and which sparked fears of a global currency war.
11 August, 2015 by The TZ Newswire Staff Comments Off on Ford moves commercial truck production to Ohio from Mexico
Ford moves commercial truck production to Ohio from Mexico
Ford Motor Co (F.N) on Wednesday will start building its medium-duty F-650 and F-750 commercial trucks at a Cleveland-area plant, moving production out of Mexico for the first time. The shift to the 41-year-old plant in Avon Park, Ohio means that about 1,000 workers represented by the United Auto Workers union will keep their jobs, Jimmy Settles, UAW vice president, said in a statement issued by the company. There are about 1,400 workers at the Avon Park complex.
11 August, 2015 by The TZ Newswire Staff Comments Off on American Apparel says may not have enough funds for next 12 months
American Apparel says may not have enough funds for next 12 months
American Apparel, which is being sued by founder and former Chief Executive Dov Charney over claims of defamation and other matters, said in a regulatory filing it could breach covenants related to a credit facility with Capital One Business Credit Corp. On Tuesday it said it was in talks with Capital One to waive non-compliance, but said there could be no guarantee of a waiver.