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PepsiCo revenue beats estimates as sales rise in North America

11 Feb

Cases of Pepsi are displayed for sale in Carlsbad(Reuters) – PepsiCo Inc reported better-than-expected quarterly net revenue on Thursday as higher sales of snacks and non-fizzy beverages such as Gatorade in North America helped reduce the impact of a strong dollar.

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Wall St. tumbles as investors run to safety

11 Feb

Traders work with a floor official on the floor of the NYSEFederal Reserve Chair Janet Yellen on Wednesday acknowledged tightening financial conditions and uncertainty about China and the risks that posed to the U.S. economy, but still kept open the possibility of further interest rate hikes. The dollar hit a 16-month low against the yen and investors migrated to gold and top-rated bonds. Prices on fed fund futures, used to predict future policy rates by the Fed, surged as investors further cut back expectations of another rate hike anytime soon after the first U.S. rate hike in nearly a decade in December.

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As market rout continues, Yellen sticks to her guns

11 Feb

U.S. Federal Reserve Board Chair Yellen testifies at the House Financial Services Committee in WashingtonFederal Reserve Chair Janet Yellen returned to Capitol Hill on Thursday amid an ongoing meltdown in global equity markets and growing skepticism that the U.S. central bank can carry out its long-planned pivot to “normal” monetary policy. Yellen repeated to the Senate Banking Committee the testimony she delivered on Wednesday to a House of Representatives committee, putting a brave face on the U.S. economic recovery while acknowledging that a weakened global economy and steep slide in U.S. equity markets is tightening financial conditions faster than the Fed wants. Yellen warned on Wednesday that the rout, if proven to be “persistent,” could change the U.S. economic outlook – and by implication the Fed’s policy plans.

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Wall St. tumbles at open on global growth worries

11 Feb

Traders work with a floor official on the floor of the NYSE(Reuters) – Wall Street sank at the open on Thursday as doubts regarding the health of the global economy saw investors fleeing to safe haven assets.

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Fed's Yellen cites global risks but says U.S. should motor through

10 Feb

Yellen holds a news conference to announce raised interest rates in WashingtonTightening financial conditions driven by falling stock prices, uncertainty over China and a global reassessment of credit risk could throw the U.S. economy off track from an otherwise solid course, Federal Reserve Chair Janet Yellen said on Wednesday in prepared testimony to Congress. In testimony that combined a steady-as-she-goes account of Fed policy with an acknowledgement of intensifying risks, Yellen said there are good reasons to believe the United States will stay on a path of moderate growth that will allow the Fed to pursue “gradual” adjustments to monetary policy.

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VW recalls 680,000 brand cars in U.S. over airbag problems

10 Feb

Wheel treatment of 2016 Volkswagen Dune convertible is seen at the Washington Auto Show in WashingtonHAMBURG (Reuters) – Volkswagen said on Wednesday it was recalling 680,000 cars of its namesake brand in the United States because Takata-made airbags in them could be defective. The recall affects models built between 2006 and 2014, a spokesman said, declining to comment on how much the recall could cost. Daimler said late on Tuesday it would recall 840,000 U.S. vehicles with Takata airbag inflators that could be defective, resulting in a charge of 340 million euros ($382.53 million) for the carmaker. (Reporting by Jan Schwartz; Writing by Andreas Cremer; Editing by Maria Sheahan)

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Cost cuts help Coca-Cola beat profit expectations

09 Feb

Workers stand near bottles of Coca-Cola on a newly inaugurated production line at the Cikedokan Plant in Bekasi, West Java near Jakarta(Reuters) – Coca-Cola Co reported a better-than-expected quarterly profit, helped mainly by aggressive cost-cutting. Coca-Cola is also trying to boost sales by raising prices and diversifying into beverages such as cold-pressed juices and energy drinks. Net operating revenue fell 8 percent, the third straight quarterly drop. Excluding the impact of acquisitions, divestitures and foreign currency, sales declined 1 percent. However, net income attributable to shareholders jumped 60.6 percent to $1.24 billion, or 28 cents per share, in the fourth quarter ended Dec. 31. …

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Brixmor Property's top executives exit after accounting review

08 Feb

Specialist trader Giacchi shouts out a price for Brixmor Property Group Inc. during the company's IPO on the floor of the New York Stock Exchange, in New York(Reuters) – Shopping center operator Brixmor Property Group Inc said three of its top officers, including its chief executive, had resigned after an internal accounting review showed discrepancies in the company’s financial statements. “The board is disappointed to have learned of the conduct and lack of appropriate management supervision uncovered as a result of the Audit Committee review,” Chairman John Schreiber said in a statement. Brixmor said it would not have to restate its historical financial statements as the impact of the discrepancies was not material to the results.

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Wall St. extends tech-led selloff

08 Feb

Traders work with a floor official on the floor of the NYSE(Reuters) – Wall Street fell sharply in early trading on Monday, continuing a technology-led selloff from Friday, as fears of a worsening global-economic slowdown and dropping oil prices continued to rattle investors.

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Volkswagen to offer generous compensation for U.S. customers: paper

07 Feb

A worker wearing a protective mask stands next to a Volkswagen logo at a dealership in MadridVolkswagen will offer generous compensation packages for the roughly 600,000 U.S. owners of diesel vehicles that emit an illegal amount of emissions, the head of its claims fund told a German paper. The German car maker has still not decided whether vehicle owners will be offered cash, car buy-backs, repairs or replacement cars, Kenneth Feinberg told Frankfurter Allgemeine Sonntagszeitung. Volkswagen in December asked Feinberg — who earlier headed the compensation funds for the Sept. 11, 2001 attacks, the BP Deepwater Horizon oil spill and General Motors’ ignition switch crashes — to create and administer the program.

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