Reuters - Daily Investor Update

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Wednesday, April 12, 2017

Rebel shareholder threatens legal action if Akzo rejects vote on chairman's dismissal

AMSTERDAM (Reuters) - A rebel shareholder in Akzo Nobel threatened the Dutch paint maker with legal action on Wednesday after the company said it would reject any proposal for a vote on dismissing its chairman at a shareholders' meeting.

Wall Street slips on geopolitical woes; S&P 500 ends below key level

NEW YORK (Reuters) - U.S. stocks eased on Wednesday and the S&P 500 closed below a key technical level for the first time since Election Day, pressured by lingering geopolitical concerns and President Donald Trump's comments on the dollar and interest rates

GE Nigeria workers cordon off headquarters over salary dispute

ONITSHA, Nigeria (Reuters) - Striking Nigerian workers cordoned off the country headquarters of U.S. industrial firm General Electric in Lagos on Wednesday in a dispute over wages, a trade union official said.

In proxy fight, Greenlight says GM misrepresented its stock plan

DETROIT/BOSTON (Reuters) - Greenlight Capital nominated three directors to General Motors Co's board on Wednesday and accused the company of misrepresenting to ratings agencies the prominent hedge fund's proposal to split the automaker's common stock into two classes.

Grey market has become a necessary evil for luxury watchmakers

ZURICH (Reuters) - A diamond-studded Rolex at 40 percent off the $34,000 retail price or an Omega Speedmaster Moonphase for less than $10,000? While still out of reach for most people, the increasing prevalence of such deals highlights the perplexing predicament in which luxury watchmakers now find themselves.

Airbus CEO considers new term, says not retiring soon

AMSTERDAM (Reuters) - Airbus Chief Executive Tom Enders is in the early stages of considering whether to seek another term as head of Europe's largest aerospace company when his mandate expires in 2019, and says he is not currently thinking about retirement.

U.S. government posts $176 billion deficit in March

WASHINGTON (Reuters) - The U.S. government had a $176 billion budget deficit in March as spending outstripped revenue, the Treasury Department said on Wednesday.

Tesla investors urge board changes to prevent dysfunction

SAN FRANCISCO/DETROIT (Reuters) - A group of Tesla Inc investors has urged the luxury electric car maker to add two new independent directors to its board who do not have any ties with Chief Executive Elon Musk and "provide a critical check on possible dysfunctional group dynamics."

Monte Paschi CEO says EU demands radical restructuring plan

SIENA, Italy (Reuters) - Monte dei Paschi di Siena is still negotiating with the European Commission how many jobs to cut in a radical restructuring plan that is a condition for a state rescue of the Italian bank, Chief Executive Marco Morelli said on Wednesday.

Greenlight's Einhorn: GM share plan would preserve automaker's cash

DETROIT, (Reuters) - Hedge fund manager David Einhorn told Reuters that a key issue in his proxy fight with General Motors Co is the automaker's refusal to allow credit rating agencies to formally rate his plan to restructure GM shares.