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Thursday, May 25, 2017

OPEC extends oil output cut by nine months to fight glut

VIENNA (Reuters) - OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

Jobless claims up slightly; four-week average at 44-year low

WASHINGTON, May 25 (Reuters) - The number of Americans filing for unemployment benefits rose less than expected last week and the four-week moving average of claims fell to a

World stocks hit record, oil falls on OPEC cuts deal

LONDON (Reuters) - World stocks hit record highs on Thursday and the dollar dipped after the U.S. Federal Reserve signaled caution in raising interest rates, while oil fell after top producers extended output cuts for shorter than some in markets had expected.

Lack of new launches leaves Ford playing catchup with GM

DETROIT (Reuters) - James Hackett spent the last year plotting Ford Motor Co's long-term self-driving car strategy. In his first week as chief executive, he has more immediate concerns: stopping a skid in North American sales and fending off a market share grab by resurgent archrival General Motors Co.

Moody's China downgrade 'illogical', overstates debt: People's Daily

SHANGHAI (Reuters) - The decision by Moody's Investors Service to downgrade China's credit rating is "illogical" and overstates the levels of government debt, a commerce ministry researcher said in an editorial in the official People's Daily newspaper on Thursday.

Fed ties rate hike to economic rebound, sees balance sheet cuts in 2017

WASHINGTON (Reuters) - Federal Reserve policymakers agreed they should hold off on raising interest rates until it was clear a recent U.S. economic slowdown was temporary, though most said a hike was coming soon, minutes from their last policy meeting showed on Wednesday.

Best Buy beats on profit, comparable sales; shares jump

CHICAGO (Reuters) - Best Buy Co Inc, the No. 1 U.S. electronics retailer, reported an unexpected rise in first-quarter comparable sales on Thursday, helped by demand for gaming and mobile products.

Abercrombie's same-store sales beat on demand for Hollister brand

(Reuters) - U.S. teen apparel retailer Abercrombie & Fitch Co , which has put itself up for sale, posted a smaller-than-expected drop in comparable-store sales, helped by strong demand for Hollister, its California beach-themed brand of surfwear.

Exclusive: Facebook signs BuzzFeed, Vox, others for original video shows - sources

NEW YORK (Reuters) - Facebook Inc has signed deals with millennial-focused news and entertainment creators Vox Media, BuzzFeed, ATTN, Group Nine Media and others to make shows for its upcoming video service, which will feature long and short-form content with ad breaks, according to several sources familiar with the situation.

Some Uber and Lyft riders are giving up their own cars: Reuters/Ipsos poll

SAN FRANCISCO (Reuters) - Wally Nowinski got his first car when he turned 16 in Michigan, the home of the U.S. auto industry. But after two years of living in New York City, he sold his wheels, using ride services, carsharing and bike sharing to get around.