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Wednesday, July 12, 2017

Wall Street set to open higher ahead of Yellen's testimony

(Reuters) - Wall Street looked set to open higher on Wednesday ahead of Federal Reserve Chair Janet Yellen's semi-annual monetary policy testimony before Congress.

U.S. should not block Chinese chip acquisitions: China think-tank

BEIJING (Reuters) - The United States should not block Chinese acquisitions of U.S. semiconductor technologies, a leading state think-tank in Beijing said on Wednesday, as Washington heightens scrutiny of Chinese investments in the sector.

Fed's Yellen says economy steady enough for more hikes, bond wind down

WASHINGTON (Reuters) - The United States is healthy enough to absorb further gradual rate increases and the slow wind down of the massive bond portfolio accumulated by the Federal Reserve during the financial crisis, Fed Chair Janet Yellen said in prepared testimony to be delivered to Congress Wednesday morning.

After dieselgate, Volkswagen loosens reins on empire

WOLFSBURG, Germany (Reuters) - When Volkswagen boss Matthias Mueller vowed to reform the carmaker after its emissions scandal, decentralizing power from its Wolfsburg headquarters in Germany was a top priority.

Apple sets up China data center to meet new cyber-security rules

BEIJING (Reuters) - Apple Inc on Wednesday said it is setting up its first data center in China, in partnership with a local internet services company, to comply with tougher cyber-security laws introduced last month.

American Airlines raises forecast for key revenue metric

(Reuters) - American Airlines Group Inc on Wednesday raised its forecast for a closely watched performance metric for the second quarter ending June, citing higher average fares.

Toshiba regains access to credit line but tough conditions applied: sources

TOKYO (Reuters) - Crisis-hit Toshiba Corp has regained access to a crucial $6 billion credit line after stumping up shares in its chip unit as collateral but its lenders have imposed tough conditions, banking sources with direct knowledge of the matter said.

RBS to pay $5.5 billion to resolve major U.S. mortgage probe

LONDON xx (Reuters) - Royal Bank of Scotland will pay $5.5 billion to settle one of the two major U.S. investigations into allegations it mis-sold mortgage-backed bonds that it needs to resolve before the government can sell its shares in the bailed-out bank.

Kaspersky Lab complains it has been drawn into U.S.-Russia geopolitical game: RIA

MOSCOW (Reuters) - Russian cyber security firm Kaspersky Lab said on Wednesday it had fallen victim to geopolitical sparring between Russia and the United States, but said it was ready to respond to any questions from U.S. officials, the RIA news agency reported.

Faraday Future moves electric SUV production site, mothballs Las Vegas plant

TAIPEI (Reuters) - Startup Faraday Future said it would move production of its planned luxury electric SUV to a new site, virtually scrapping a stalled $1 billion Las Vegas factory amid deepening financial woes of key investor Chinese entrepreneur Jia Yueting.