Market News

  1. White House officials pushed back on Sunday against concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States.
  2. An unnamed Novartis executive sold 925,400 Swiss francs ($946,000) worth of shares less than three weeks before the U.S. Food and Drug Administration (FDA) announced data from tests of its gene therapy Zolgensma had been manipulated.
  3. When Europe's tariffs on U.S. whiskey hit in June 2018, craft distillery Mountain Laurel Spirits LLC lost 10% of its sales overnight as its European distributor simply stopped buying its award-winning Dad's Hat Pennsylvania Rye Whiskey.
  4. Italian premium sports car maker Ferrari NV will expand sales of easier-driving grand touring cars, but will not try to chase rival Porsche's annual sales volume, Ferrari Chairman John Elkann told an audience of classic car enthusiasts gathered at this storied golf resort on the Pacific coast.
  5. Argentina´s Treasury Minister Nicolas Dujovne has resigned, saying in a letter seen by Reuters on Saturday he believed the government needed “significant renewal” in its economic team amid a crisis which saw the peso plunge this week.
  6. The final five minutes of trading have become the busiest time of day for stock market traders in Europe.
  7. Sainsbury's is not talking to internal candidates about succession plans to Chief Executive Officer Mike Coupe and he has the full support of company's shareholders and the board, a company spokesperson told Reuters late on Saturday.
  8. The U.S. Commerce Department is expected to extend a reprieve given to Huawei Technologies that permits the Chinese firm to buy supplies from U.S. companies so that it can service existing customers, two sources familiar with the situation said.
  9. Japan's SoftBank Group Corp is planning to lend up to $20 billion to its employees, including Chief Executive Masayoshi Son, to buy stakes in its second Vision Fund, the Wall Street Journal reported https://on.wsj.com/307Ljih on Saturday, citing people familiar with the matter.
  10. Banking group Standard Chartered is facing a fine for failing to prevent sanctions breaches, Sky News reported on Saturday.
  11. Hong Kong's political unrest is posing a dilemma for Alibaba Group Holding Ltd on the timing of its planned $15 billion listing in the city, with sources saying China's biggest e-commerce company is now considering several timetables.
  12. A federal judge on Friday allowed PG&E Corp to retain the sole rights to propose a plan to exit bankruptcy, as he rejected efforts by investors to put forward competing plans, according to court documents.
  13. Finding a buyer for Philadelphia Energy Solutions' oil refinery has grown urgent as the bankrupt company's funds dwindle and no signs emerge that it is winning a fight for insurance payouts after a June blaze at the plant, according to court documents and bankruptcy experts.
  14. Amazon.com Inc on Friday defeated an appeal by the U.S. Internal Revenue Service in what the online retailer has called a $1.5 billion dispute over its tax treatment of transactions with a Luxembourg subsidiary.
  15. A federal judge in California on Friday urged the U.S. Securities and Exchange Commission and Volkswagen AG to resolve a civil suit stemming from its Dieselgate emissions scandal.
  16. Airbnb Inc recorded $9.4 billion in total booking value in the first quarter, up 31% from the year-ago quarter, a source familiar with the matter said on Friday, a key number that could help pull in investors as the home-sharing company plans its foray into the public market.