Business

U.S. jobless rate falls to nine-year low, payrolls rise

The U.S. unemployment rate fell to a nine-year low of 4.6 percent in November, as employers added another 178,000 jobs, making it almost certain that the Federal Reserve will raise interest rates later this month. The unemployment rate hit its lowest level since August 2007 because more people found work but also because the labor force shrank as more people ... Read More »

Gap and Abercrombie & Fitch slump on unhappy holidays

Shares in two of America’s largest clothing retailers plunged on Friday following disappointing third quarter sales and a downbeat forecast for the crucial holiday shopping season. Gap shares sank by 13.1% after a seventh consecutive quarter of falling revenue and warned that fewer people were visiting stores. Abercrombie & Fitch’s stock fell 13.9% on a poor sales and a weak ... Read More »

Tesco warns global suppliers over price rises

Turning around Malaysia Airlines after the double tragedies of MH370 and MH17 is an “unprecedented” challenge, the firm’s recently appointed chief executive has told the BBC. Peter Bellew said the carrier was now marketing more aggressively as it tries to win back confidence in the brand. He accepted some passengers would choose to not fly with the company. But Mr ... Read More »

Malaysia Airlines turnaround challenge ‘unprecedented’

Turning around Malaysia Airlines after the double tragedies of MH370 and MH17 is an “unprecedented” challenge, the firm’s recently appointed chief executive has told the BBC. Peter Bellew said the carrier was now marketing more aggressively as it tries to win back confidence in the brand. He accepted some passengers would choose to not fly with the company. But Mr ... Read More »

Tesla shareholders approve $2.6bn SolarCity takeover

Tesla Motors chief executive Elon Musk has won shareholder approval for a $2.6bn (£2.1bn) deal to buy solar panel company SolarCity, in which he is the largest shareholder. The takeover will expand the electric car maker’s clean energy business. Some investors had opposed the move, citing a conflict of interest. But Tesla said the tie-up was “overwhelmingly” approved by 85% ... Read More »

JP Morgan pays $264m to settle China ‘bribery’ probe

US bank JP Morgan Chase is to pay $264m (£212m) to settle claims it hired the children of highly placed Chinese officials to gain business in China. The Department of Justice called the scheme “bribery by any other name” and said it threatened national security. The Securities and Exchange Commission (SEC) and the Justice Department (DoJ) began an investigation in ... Read More »

Ford to push ahead with Mexico move despite Trump threat

US carmaker Ford is pushing ahead with plans to move some production to Mexico despite a threat by President-elect Donald Trump to impose hefty tariffs. Ford chief executive Mark Fields said it was “going forward” with its plan to shift production of small cars from its Michigan plant. However, he repeated assurances that no jobs would be lost due to ... Read More »

Rolls-Royce increases cost-saving plans

Rolls-Royce has raised its cost-saving targets in a bid to cut between £150m and £200m from its budget. The aero engine maker said the savings would be at the top end of its target amid a challenging period ahead. The company said demand for its engines for extra wide body aircraft had stayed strong. However, Rolls was losing ground in ... Read More »

US retail sales see strong growth

Retail sales in the US rose faster than expected in October, helped by strong car sales, figures have shown. The data is the latest evidence that the US economy is growing strongly and adds to speculation that there could be an interest rate rise next month. The Commerce Department said retail sales rose 0.8% in October from the month before, ... Read More »

EasyJet presses on with Brexit plan as profits fall

British airline easyJet (EZJ.L) said on Tuesday it will apply for a new licence to continue flying within the European Union if Britain leaves the bloc as sterling’s slide and fears of militant attacks hit profits. Europe’s second biggest no-frills airline behind Ryanair (RYA.I) is among the most affected by the British vote to leave the European Union because about ... Read More »