Airbus likely to acquire Bombardier’s remaining stake in A220 passenger jet: sources

Airbus likely to acquire Bombardier's remaining stake in A220 passenger jet: sourcesMONTREAL/PARIS (Reuters) – Europe’s Airbus SE (AIR.PA) is likely to acquire Canadian plane and train maker Bombardier Inc’s (BBDb.TO) remaining stake in the A220 passenger jet program, two industry sources said.
FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse, France, March 20, 2019. REUTERS/Regis DuvignauA deal for Airbus to buy the 33.58% share in the program was widely expected after Bombardier said in January it was reviewing the stake in the joint venture. Barring surprises, a deal is expected next week ahead of both companies’ earnings reports on Feb. 13, the sources added.
Airbus and Bombardier both declined to comment. The terms of a potential deal that would mark Bombardier’s exit from commercial aviation were unclear.
Bombardier, which is weighing additional asset sales, faced a cash crunch in 2015 due to its high-stakes bet on the technologicall..

Uber and Lyft take different roads in search of profit

Uber and Lyft take different roads in search of profitNEW YORK (Reuters) – Uber Technologies Inc (UBER.N) and Lyft Inc (LYFT.O), the two leading U.S. ride-hailing companies, are on divergent paths as Uber pours money into money-losing side businesses while smaller rival Lyft focuses on moving people around.
Uber shares shot up 9% on Friday after the company said on Thursday it could achieve a measure of company-wide profitability in the fourth quarter of 2020, a year ahead of a previous target. That measure excludes expenses for stock-based compensation and other items. Uber still expects to lose more than $1 billion for all of 2020.
Uber and Lyft, both based in San Francisco, are ride hailing’s odd couple. Uber is much larger, with $3.8 billion in revenues for the first nine months of 2019 compared to $956 million for Lyft. At almost $69 billion, Uber’s market valuation is nearly five times that of Lyft’s – and well ahead of automaker General Motors Co(GM.N).
Uber operates in more ..

Apple to delay reopening of retail stores in China

Apple to delay reopening of retail stores in ChinaA man wearing a face mask walks past a closed Apple store at Sanlitun, as the country is hit by an outbreak of the new coronavirus, in Beijing, China February 7, 2020. REUTERS/Jason Lee(Reuters) – Apple Inc is extending its retail store closures in China due to the coronavirus outbreak, even as it worked toward opening its corporate offices and contact centers, the iPhone maker said on Friday.
The company earlier this month said it would shut all of its official stores and corporate offices in mainland China until Feb.9 due to the outbreak.
“We are working toward re-opening our corporate offices and contact centers the week of February 10, and we are making preparations to reopen our retail store,” the company said in a statement.
“We will continue to update our customers as opening dates are finalized.”
Apple remains heavily reliant on China both for smartphone sales as well as for its supply chain and manufacturing.
Reporting by ..

White House dismisses idea of U.S. buying Nokia, Ericsson to challenge Huawei

White House dismisses idea of U.S. buying Nokia, Ericsson to challenge HuaweiWASHINGTON (Reuters) – U.S. Vice President Mike Pence on Friday and the top White House economic adviser dismissed an unusual suggestion from U.S. Attorney General William Barr that the United States consider taking control of two major foreign rivals of China-based Huawei Technologies Co Ltd.
FILE PHOTO – U.S. Vice President Mike Pence arrives in front of Senate Majority Leader Mitch McConnell for U.S. President Donald Trump's State of the Union address to a joint session of the U.S. Congress in the House Chamber of the U.S. Capitol in Washington, U.S. February 4, 2020. REUTERS/Leah Millis/POOLBarr, a former general counsel at Verizon Communications Inc, said on Thursday the United States and its allies should consider taking a “controlling stake” in Finland’s Nokia and Sweden’s Ericsson to counter Huawei’s dominance in next-generation 5G wireless technology.
White House economic adviser Larry Kudlow a..

Indexes drop from record highs, but tally strong weekly gains

Indexes drop from record highs, but tally strong weekly gains(Reuters) – Wall Street fell from record levels on Friday after a four-day rally as investors digested the monthly U.S. jobs report and braced for the next coronavirus developments, but stocks still posted solid gains for the week.
The S&P 500 recorded its biggest weekly percentage increase in eight months and the Nasdaq tallied its biggest weekly rise in more than a year.
“It’s just a technical pullback based on the big run-up we had this week,” said Matt Maley, chief market strategist at Miller Tabak.
“Ever since the coronavirus became a big deal, people have pulled back a little bit on Friday because they didn’t know what was going to happen over the weekend,” Maley added.
The Labor Department’s closely watched employment report showed non-farm payrolls increased by 225,000 jobs last month, while economists polled by Reuters had forecast payrolls would rise by 160,000 jobs.
The report followed other encouraging U.S. e..

Stocks fall on fears China virus to slow growth, gold gains

Stocks fall on fears China virus to slow growth, gold gainsNEW YORK (Reuters) – Global equity markets and government debt yields slumped on Friday as nagging concerns about the impact of the coronavirus on global growth overshadowed a strong U.S. jobs report that indicated an economy on pace to grow moderately.
FILE PHOTO – An investor sits next to a stock quotation board at a brokerage office in Beijing, China January 3, 2020. REUTERS/Jason LeeStocks on Wall Street retreated from record highs and safe-havens gold and the Japanese yen rose as investors weighed how much the virus is likely to disrupt supply chains. China accounts for about one-third of global growth.
The better-than-expected U.S. labor report failed to move the market as often occurs. Caution about the virus, which has inflicted 31,211 people and left 637 dead, dictated investor sentiment.
Non-farm payrolls increased by 225,000 jobs in January, with employment at construction sites increasing by the most in a year am..

Ford shakes up top management, promises faster turnaround

Ford shakes up top management, promises faster turnaroundDETROIT (Reuters) – Ford Motor Co (F.N) on Friday shook up its top management, naming strategy chief Jim Farley as chief operating officer of the No. 2 U.S. automaker and promising skeptical investors the company will kick a slow-moving turnaround into a higher gear.
FILE PHOTO: Jim Farley, President, Global Markets, Ford Motor Company, speaks during the Lincoln presentation at the New York Auto Show in the Manhattan borough of New York City, New York, U.S., March 28, 2018. REUTERS/Brendan McDermid/File PhotoFord’s move positions Farley, 57, as potential heir to Chief Executive Jim Hackett, who took over in May 2017. Farley is currently president of new businesses, technology and strategy but will now be responsible for all global operations as well as future technology such as self-driving cars.
News of Farley’s promotion and the retirement of automotive president Joe Hinrichs, another potential CEO candidate, effective on Mar..

Stocks retreat from record but notches strong week

Indexes drop from record highs, but tally strong weekly gains(Reuters) – Wall Street fell from record levels on Friday after a four-day rally as investors digested the monthly U.S. jobs report and braced for the next coronavirus developments, but stocks still posted solid gains for the week.
The S&P 500 recorded its biggest weekly percentage increase in eight months and the Nasdaq tallied its biggest weekly rise in more than a year.
“It’s just a technical pullback based on the big run-up we had this week,” said Matt Maley, chief market strategist at Miller Tabak.
“Ever since the coronavirus became a big deal, people have pulled back a little bit on Friday because they didn’t know what was going to happen over the weekend,” Maley added.
The Labor Department’s closely watched employment report showed non-farm payrolls increased by 225,000 jobs last month, while economists polled by Reuters had forecast payrolls would rise by 160,000 jobs.
The report followed other encouraging U.S. e..

Bank of America CEO Moynihan’s 2019 compensation unchanged at $26.5 million

Bank of America CEO Moynihan's 2019 compensation unchanged at $26.5 millionChairman and CEO of Bank of America Brian T. Moynihan attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. REUTERS/Denis Balibouse(Reuters) – Bank of America Corp (BAC.N) kept Chief Executive Officer Brian Moynihan’s 2019 compensation flat at $26.5 million, according a filing on Friday.
The decision was the latest sign of restraint from bank boards after a year of robust revenue growth.
For instance, Morgan Stanley’s board made the rare move of cutting CEO James Gorman’s pay 7% to $27 million for 2019 in an effort to reduce expenses. JPMorgan Chase’s board gave Chief Executive Jamie Dimon just a half-million-dollar raise.
In 2018, Moynihan was awarded a 15% increase in total compensation after Bank of America posted record profit of $28.1 billion. Total 2019 income was declined slightly due the impact of ending a joint venture during the year. E..

More pain in store for Canadian marijuana companies after Aurora Cannabis, Tilray cut jobs

More pain in store for Canadian marijuana companies after Aurora Cannabis, Tilray cut jobsTORONTO (Reuters) – Investors are bracing for more job cuts and writedowns at Canadian cannabis producers before the industry stabilizes and becomes profitable, after two of the biggest weed companies, Aurora Cannabis (ACB.TO) and Tilray (TLRY.O) announced cost reductions this week.
FILE PHOTO: Cannabis plants grow inside the Tilray factory hothouse in Cantanhede, Portugal April 24, 2019. REUTERS/Rafael Marchante/File PhotoCanada legalized recreational cannabis in October 2018 but profits have proven elusive for most marijuana companies as fewer-than-expected retail stores, higher prices than on the black market and slow overseas growth resulted in oversupply.
“The Aurora story will be much more common in 2020,” said Hap Sneddon, founder and chief portfolio manager at Castlemoore. “I don’t see rationalization. I see companies leaving the business.”
Many producers, including Canopy Growth (WEED…