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Top News & Analysis New York

  • **SINTRA, Portugal- Introductory speech by the European Central Bank President Mario Draghi at the ECB forum on central banking in Portugal- 0900 GMT. SINTRA, Portugal- ECB Excecutive board member Benoit Coeure chairing a Session 1 on "Innovation, investment and productivity" at the ECB Forum on Central Banking in Sintra, Portugal- 0930 GMT. SINTRA, Portugal- ECB...

  • June 26- Lawyers for the United States on Monday urged jurors to allow the U.S. government to seize a Manhattan office tower from a non-profit for violating U.S. sanctions against Iran. Attorney Michael Lockard told jurors that the non-profit Alavi Foundation, the building's majority owner, knew its minority partner, Assa Corp, was a front for Iran's government...

  • NEW YORK, June 26- The trustee recouping money for Bernard Madoff's victims has reached more than $23 million of settlements with the estates of the swindler's late sons and related defendants, ending more than eight years of litigation. According to a Monday court filing, the settlement will strip the estates of Andrew and Mark Madoff of "all assets, cash, and...

  • The brief submitted by 50 companies to the 2nd U.S. Circuit Court of Appeals in Manhattan marks the first time such a large group of businesses has backed arguments about employment discrimination that LGBT groups and the administration of former President Barack Obama have made for years. The companies asked the 2nd Circuit to revive a lawsuit by the estate...

  • MOSCOW, June 26- Russian conglomerate Sistema said on Monday a Russian court had "arrested" some shares it owns, including in the country's biggest mobile operator MTS, in a legal dispute with oil company Rosneft. Sistema is one of the largest private holdings in Russia and is controlled by businessman Vladimir Yevtushenkov. MTS, with the market value of $8 billion...

  • NEW YORK, June 26- Arconic Inc said on Monday it will stop global sales of plastic-filled aluminum cladding panels for use in high-rise buildings after a fire in London's Grenfell Tower, which used those Arconic panels, killed at least 79 people. Shares of the company, formerly a part of Alcoa, fell as much as 11.3 percent after Reuters reported on Saturday it had...

  • Richard Anderson, who spearheaded Delta's growth into the world's largest airline by market value when he retired as chief executive in May 2016, will become president and co-CEO on July 12, two days after Amtrak launches the rebuilding program at New York City's Pennsylvania Station. The repairs, estimated to cost $30 million to $40 million over several years,...

  • Nestle SA, up $3.34 to $88.17. Arconic Inc., down $1.53 to $24.01. Pandora Media Inc., up 18 cents to $8.46.

  • *Utilities, telecom in favor as tech lags. June 26- The S&P 500 and the Dow barely rose on Monday as gains were offset by a fall in technology stocks, which pushed the Nasdaq lower as investors turned to more defensive sectors. "The bond market is signaling an economic slowing," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

  • June 26- The trustee recouping money for Bernard Madoff's victims has reached more than $23 million of settlements with the estates of the swindler's late sons and related defendants, ending more than eight years of litigation. According to a Monday court filing, the settlement will strip the estates of Andrew and Mark Madoff of "all assets, cash, and other...

  • *Utilities, telecom in favor as tech lags. June 26- The S&P 500 and the Dow barely rose on Monday as gains were offset by a fall in technology stocks, which pushed the Nasdaq lower as investors turned to more defensive sectors. "The bond market is signaling an economic slowing," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.

  • NEW YORK, June 26- The U.S. dollar hit a one-month high against the yen and rebounded against the euro on Monday after the European Central Bank chief defended the ECB's easy monetary policy, and as investors awaited Federal Reserve Chair Janet Yellen's speech on Tuesday. ECB President Mario Draghi, speaking to university students in Lisbon, said super low rates...

  • NEW YORK, June 26- Nestle's jump to a record high boosted European stocks and helped buoy a global index on Monday, while the dollar was close to recent lows and the U.S. yield curve flattened after soft capital goods data. Stocks were volatile on Wall Street, with defensive sectors emerging as the best performers as the S&P 500 eked out a small gain.

  • *OPEC's supply cuts undermined by higher U.S. output. NEW YORK, June 26- Oil prices settled more than half a percent higher on Monday as some traders found bargains after last week's seven-month lows, but rising crude supply in the United States and other countries limited gains. "I think its mostly bottom fishing at this point," said John Kilduff, partner with energy...

  • AMSTERDAM/ LONDON, June 26- When billionaire activist investor Daniel Loeb wanted to give his arguments against Nestle's performance greater credibility and heft, he turned to one of Europe's most experienced turnaround experts, Dutchman Jan Bennink. Loeb's fund, Third Point LLC, disclosed a $3.5 billion stake in the Swiss food group in a letter to its...

  • NEW YORK, June 26- Nestle's jump to a record high boosted European stocks and helped buoy a global index on Monday, while the U.S. dollar was close to recent lows and the U.S. yield curve flattened after soft capital goods data. Stocks were volatile on Wall Street, with technology going from top gainer to top decliner and defensive sectors emerging as the best...

  • *Hedge fund takes $3.5 bln stake, pushes for change. LONDON/ NEW YORK, June 26- U.S. activist shareholder Third Point LLC has targeted Nestle by taking a $3.5 billion stake in the food maker and urging Europe's most valuable company to boost returns as demand for its products weakens. Third Point's 40 million shares- or 1.3 percent of the total- make it Nestle's...

  • NEW YORK, June 26- Time Inc said Monday it would license its Fortune brand for stock indexes based on the Fortune 500 in a new partnership with Barclays PLC in an effort to diversify Time's revenue into the growing index-investing business. The Barclays Fortune 500 Equal Weighted Index will launch in July, tracking about 450 publicly traded companies with a...

  • NEW YORK/ LONDON June 26- Arconic Inc said on Monday it was stopping global sales of plastic-filled aluminum cladding panels for use in high-rise buildings after a fire in London's Grenfell Tower, which used those Arconic panels, killed at least 79 people. Shares of the company, formerly a part of Alcoa, fell as much as 11.3 percent after Reuters reported on...

  • WASHINGTON— A decade after setting Delta Air Lines on a post-bankruptcy resurgence, the airline's former chairman and chief executive officer is taking on another transportation challenge: Amtrak. When Anderson left Delta in 2016, the airline posted an 18 percent operating-profit margin, better than rivals American Airlines and United Airlines.