Porsche (VOWG_p.DE) will invest hundreds of millions of euros in digital services to generate the revenue needed to offset an expected decline in car sales in the coming years, its finance chief said on Friday.
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Centrist Emmanuel Macron and far-right leader Marine Le Pen are set to face each other in a May 7 runoff for the French presidency after coming first and second in Sunday's first round of voting, according to multiple projections.
"Le Pen, leader of the anti-immigration and anti-EU National Front, was given 22 percent by both institutes. Three further pollsters all projected broadly similar results."
Credit Suisse (CSGN.S) will not decide on how it wants to raise fresh capital until after this week's annual general meeting, SonntagsZeitung reported on Sunday.
"The Swiss bank is considering a quick-fire share sale or listing 20 to 30 percent of its Swiss business in order to raise between 3 and 6 billion Swiss francs ($3-$6 billion) in new capital, the Swiss newspaper said, citing sources close to Chairman Urs Rohner."
U.S. stocks dipped on Friday as investors were cautious ahead of the first round of the closely contested French presidential election, but the S&P 500 managed to notch its first weekly gain in three.
"The first round of France's presidential election may be too close to call when polls close on Sunday because initial projections will not be available as early as in the past"
A federal judge in Detroit on Friday sentenced Volkswagen AG (VOWG_p.DE) to three years' probation and independent oversight for the German automaker's diesel emissions scandal as part of a $4.3 billion settlement announced in January.
"This sentencing was one of the last major hurdles to VW moving past a scandal that led to the ouster of its chief executive and tarnished the company's reputation worldwide."
Oil prices tumbled more than 2 percent on Friday, notching the biggest weekly decline in more than a month on mounting evidence that U.S. production and inventory growth were offsetting OPEC's attempts to reduce the global crude glut.
"Brent futures LCOc1 settled at $51.96 a barrel, down $1.03, or 2 percent at the market's close. U.S. crude futures CLc1 ended at $49.62 a barrel, down 2.2 percent, or $1.09."
President Donald Trump on Friday promised a big announcement about tax reform next week and ordered an administration review of Obama-era tax rules written to discourage U.S. companies from relocating overseas to cut their tax bills.
"First reported in an Associated Press interview with Trump, the news came as a surprise to lobbyists and congressional aides who had no idea what Trump's announcement might include."
The U.S. Homeland Security Department's inspector general said on Friday he was investigating possible abuse of authority in a case that triggered a lawsuit against the department by Twitter Inc (TWTR.N).
"Inspector General John Roth described the probe in a letter to Senator Ron Wyden, an Oregon Democrat who had asked for an investigation due to concerns about free speech protections."
General Electric Co reported quarterly sales and adjusted earnings results that beat analysts estimates on Friday, but its shares fell on concerns about some of its industrial businesses and its cash outflow.
"Investors have been watching cash flow as an indicator of GE's operating performance, and GE said it still expects to hit its cash target of $12 billion to $14 billion for the full year."
Global economic leaders on Friday continued downplaying possible friction with the Trump administration over currencies, trade and other potentially contentious issues, even while acknowledging that much about the U.S. president's plans remains unclear.
"Global economic leaders on Friday continued downplaying possible friction with the Trump administration over currencies, trade and other potentially contentious issues"
Officials of two large California public retirement systems said Friday they are voting against nine of 15 Wells Fargo & Co directors up for election at the bank's annual meeting next week, citing the bank's phony-account scandal.
"Officials of two large California public retirement systems said Friday they are voting against nine of 15 Wells Fargo & Co directors up for election at the bank's annual meeting next week, citing the bank's phony-account scandal."
Forget about French elections or the flagging Trump trade.
"Corporate America is set to unleash its biggest profit-reporting fest in at least a decade next week, with more than 190 members of the S&P 500 index .SPX delivering quarterly scorecards, according to S&P Dow Jones Indices data."
Wells Fargo & Co (WFC.N) said it would expand its class action settlement related to the lender's retail sales practices to include customer accounts as early as May 2002.
"Wells Fargo has been working to win back customer confidence following a sales scandal at its retail banking business and has paid a $185 million fine to the U.S. government."
General Electric Co reported on Friday that first-quarter cash flow from its industrial operations turned negative and was less than the company expected, though its earnings and revenue exceeded analyst estimates.
"GE reported a negative $1.6 billion in cash flow from industrial operating activities compared with a negative $600 million it expected for the quarter due to higher working capital and the timing of bills to customers."
Wall Street looked set to open slightly higher on Friday as earnings rolled in, while investors braced for the first round of the closely contested French presidential election.
"Centrist Emmanuel Macron is leading most opinion polls for the election's first round on Sunday and is expected to contest a second-round run-off with Marine Le Pen, head of the anti-European Union and anti-immigrant National Front."
Chevron Corp lost an appeal on Friday against the Australian tax office in a landmark case in which the U.S. energy giant contested a tax bill of A$340 million ($260 million), including penalties and interest.
"The full bench of the Federal Court dismissed the appeal against an earlier ruling that Chevron underpaid taxes by setting up a A$2.5 billion intercompany credit facility with an abnormally high interest rate which effectively lowered its taxable income within Australia."
U.S. President Donald Trump's tax reform plan will rely largely on future revenue gains from faster economic growth to justify major tax cuts, top Trump advisers said on Thursday.
"As Trump's first 100 days in office draw to a close, the disclosure is the latest sign that the White House could part ways with congressional Republicans who want to pay for tax cuts by taxing imports and eliminating a business tax deduction for debt interest payments."
A group of 11 Republican state attorneys general are protesting an investigation into whether Exxon Mobil Corp. (XOM.N) violated consumer protection laws when selling fossil fuel products, according to a court filing.
"A group of 11 Republican state attorneys general are protesting an investigation into whether Exxon Mobil Corp. (XOM.N) violated consumer protection laws when selling fossil fuel products, according to a court filing."
President Donald Trump on Thursday launched a trade probe against China and other exporters of cheap steel into the U.S. market, raising the possibility of new tariffs and sending shares of some U.S. steel makers up over 8 percent.
"President Donald Trump on Thursday launched a trade probe against China and other exporters of cheap steel into the U.S. market, raising the possibility of new tariffs and sending shares of some U.S. steel makers up over 8 percent."
Asian stocks were set to end the week with a bang, lifted by bets on strong U.S. earnings and tax reform, while the euro retreated from a three-week high as jitters returned over French presidential elections on Sunday after a shooting in Paris.
"Asian steelmakers mostly clocked gains despite the launch of a trade probe by the U.S. against China and other exporters of cheap steel into the U.S, after the move sent their U.S. counterparts surging over 8 percent overnight."
The automotive industry's seemingly inexorable drive towards electric cars - and especially Chinese polices pushing new energy vehicles - has forced Toyota Motor Corp (7203.T), the world's No.2 automaker by sales, into what one executive calls an "agonizing" strategy U-turn.
"Until recently, Toyota was one of the industry's major hold-outs against full electrification, and planned to more or less skip all-electric battery cars and turn instead to hydrogen as a mainstream alternative to gasoline-fueled cars."