US stocks closed within a whisker of record highs, buoyed on Wednesday by the Federal Reserve’s confidence in the labour market and the central bank’s projection interest rates would remain on hold through 2020.
The former president of GM said transportation is “broken” and that the “much-ballyhooed” rise of ride-hailing groups has only entrenched the problems of pollution and congestion that it had meant to solve.
Inditex, the world’s largest clothing retailer, reported a 12 per cent jump in net profit to €2.7bn in the first nine months of the year, helped by a rollout of stock-tracking technology and flagship store openings.
US consumer prices climbed more than expected last month, driven by rent and energy costs, though an underlying gauge of inflation remained muted, reinforcing expectations the Federal Reserve will leave rates on hold.
Visa will enter a partnership with MFS Africa, a pan-African mobile money hub, with a view to linking Africa’s mobile money ecosystem with global digital payments and tapping into the $50bn African remittance market.
Invesco stockpicker Mark Barnett has been sacked as the manager of a £1.3bn investment trust due to poor performance, marking a new low point for the former protégé of disgraced fund manager Neil Woodford.
Chevron has put shale gasfields up for sale in the prolific US Appalachian region as it plans to write down more than $10bn from these and other businesses, underlining how persistently low natural gas prices have stung big producers.
US stocks closed slightly lower, marking a cautious response to media reports Washington and Beijing had signalled a Sunday deadline for the imposition of new round of tariffs on Chinese imports could be extended.
Barrick Gold, the world’s second largest gold producer, sold its 90 per cent stake in the Massawa project in Senegal to Teranga Gold for up to $430m, as it makes further headway on plans to sell over $1.5bn of assets.
Britain’s accounting watchdog has fined Grant Thornton over the botched audit of a listed company, but was criticised for a lack of transparency after it declined to name the business whose accounts were affected.
Just Eat has rejected a fresh attempt by South Africa’s Naspers to disrupt the food delivery group’s planned tie-up with Takeaway.com, saying the sweetened offer “significantly undervalues” the company.
Wall Street began the week on the back foot, slipping for the first time in four days as investors grew antsy about the US-China trade war ahead of a fresh round of tariffs scheduled to take effect on Sunday.