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Wednesday, May 24, 2017

Wall St. set to open little changed ahead of Fed minutes

(Reuters) - U.S. stocks looked set to open little changed on Wednesday ahead of the Federal Reserve releasing the minutes of its May meeting that could cement the chances of a rate hike next month.

Moody's downgrades China, warns of fading financial strength as debt mounts

SHANGHAI/BEIJING (Reuters) - Moody's Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.

Kuwait says OPEC, non-OPEC could deepen oil cuts

VIENNA (Reuters) - OPEC and non-member oil producers could deepen output cuts or extend them for a year at a meeting in Vienna this week, Kuwait said on Wednesday, as they seek to clear a global stocks overhang and prop up the price of crude.

Tiffany's lackluster sales sends shares down

(Reuters) - Tiffany & Co reported lower-than-expected quarterly sales and a surprise drop in comparable sales, underscoring the upscale jeweler's struggles with a strong dollar that has crimped spending by tourists and weak demand at home.

U.S. financial council reimagined as boon, not bane, for Wall Street

WASHINGTON (Reuters) - The Financial Stability Oversight Council (FSOC), which brings together all U.S. financial watchdogs, used to be the scourge of Wall Street but under Treasury Secretary Steven Mnuchin it can serve to ease its regulatory burdens.

Uber inadvertently underpaid New York City drivers for over two years

(Reuters) - Uber Technologies Inc [UBER.UL] said on Tuesday it underpaid its New York City drivers for the past two-and-a-half years, an error that could cost the ride-hailing company tens of millions of dollars.

German prosecutor says is in touch with U.S. authorities on Daimler

FRANKFURT (Reuters) - German prosecutors, who searched Daimler's offices this week as part of an investigation into diesel pollution, are talking to U.S. authorities, the Stuttgart public prosecutor's office said on Wednesday.

Judge gives RBS a week to end investor suit or face trial

LONDON (Reuters) - A judge has given Royal Bank of Scotland and thousands of investors until June 1 to agree a deal that would avert a trial over the bank's 12 billion pound cash call in 2008.

'Food revolution': megabrands turn to small start-ups for big ideas

LONDON (Reuters) - Food and drink megabrands are seeing their sales chewed away by smaller, nimbler, cooler rivals. They can't beat them - so now they're joining them.

Trump tax reforms could push Israeli tech companies to the U.S.

JERUSALEM (Reuters) - U.S. President Donald Trump's plans for sharp cuts to corporate taxes will lead Israeli technology companies, a lynchpin of Israel's economy, to consider shifting their domicile to the United States, industry and accountancy executives say.