Business

Morgan Stanley profit beats on strength in equity trading, underwriting

(Reuters) – Morgan Stanley (MS.N) beat estimates for quarterly profit on Tuesday as higher revenue from trading in stocks and strong equity underwriting outweighed weakness in its bond trading and advisory businesses. A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson The bank’s sales and trading revenue rose 7.5 percent to ...

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BlackRock profit beats on demand for low-risk funds

(Reuters) – BlackRock Inc (BLK.N) reported a better-than-expected quarterly profit on Tuesday, as more people poured money in its low-risk funds amid heightened trade tensions between Beijing and Washington. FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo GLOBAL BUSINESS WEEK AHEAD More investors, however, pulled out money ...

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BlackRock’s profit rises 29 percent on demand for low risk funds

(Reuters) – BlackRock Inc (BLK.N) reported a 28.8 percent rise in profit on Tuesday, helped by higher demand for its low risk funds in a quarter marked by heightened trade tensions between Beijing and Washington. FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo GLOBAL BUSINESS WEEK AHEAD ...

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Daimler, BMW offer concessions to ease EU concerns on car-sharing deal

BRUSSELS (Reuters) – German luxury carmakers Daimler (DAIGn.DE) and BMW (BMWG.DE) have offered concessions to address EU antitrust concerns about their plan to combine their car-sharing businesses, the European Commission said on Tuesday. FILE PHOTO: The BMW logo is seen on the second press day of the Paris auto show, in Paris, France, October 3, 2018. REUTERS/Regis Duvignau The companies ...

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German carmakers have 50:50 chance of facing Detroit’s fate, VW says

FRANKFURT (Reuters) – German carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform their businesses to meet new regulations and adapt supply chains, Volkswagen’s (VOWG_p.DE) chief executive said on Tuesday. FILE PHOTO: Mechanic staff work on the production line of Volkswagen e-Golf in the Glaeserne Manufaktur plant in Dresden, Germany ...

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Iran says Trump cannot bring oil prices down by ‘bullying’

LONDON (Reuters) – U.S. President Donald Trump cannot bring oil prices down by “bullying” other nations, Iran’s oil minister said on Tuesday, adding that the market was suffering from short supply. FILE PHOTO: Iran’s Oil Minister Bijan Zanganeh arrives for an OPEC meeting in Vienna, Austria, June 22, 2018. REUTERS/Heinz-Peter Bader U.S. sanctions on Iranian oil exports are due to ...

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German carmakers have 50 percent chance of staying ahead, VW says

FRANKFURT (Reuters) – Germany’s carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform to meet new regulations and adapt their supply chains, Volkswagen (VOWG_p.DE) Chief Executive Herbert Diess said on Tuesday. FILE PHOTO: Herbert Diess, Volkswagen’s new CEO, speaks during the Volkswagen Group’s annual general meeting in Berlin, Germany, May ...

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U.S. government posts widest deficit since 2012

WASHINGTON (Reuters) – The U.S. government closed the 2018 fiscal year $779 billion in the red, its highest deficit in six years, as Republican-led tax cuts pinched revenues and expenses rose on a growing national debt, according to data released on Monday by the Treasury Department. A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas ...

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