The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
The speech comes as market participants are strongly anticipating a rate cut at the July 30-31 Federal Open Market Committee policy meeting.The Fedread more
The Swiss Federal Data Protection and Information Commissioner said on Tuesday it had not yet been contacted by Facebook about overseeing privacy protections for the Libra...Technologyread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Dow slipped from a record high set earlier in the day after President Trump cast doubt on the trade progress between China and the U.S.US Marketsread more
Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the...Energy Commoditiesread more
Spotify stock plunged over 1% on a report that Apple is spending money to create its own original podcasts.Technologyread more
There's a new opportunity emerging due to the divergence between "value" stocks and "defensive" stocks, a top J.P. Morgan strategists saysInvestingread more
Dimon is making his own bet on a digital coin that could transform the global payments landscape: JPM Coin.Financeread more
Facebook's David Marcus said at a Senate hearing Tuesday that U.S. sanctions could be at risk without financial services innovation.Technologyread more
Instagram users took to Twitter on Tuesday to complain about service disruption issues with the photo-sharing app.Technologyread more
(Recasts first sentence to reflect job cuts, adds comment from local dealers, background about Brazil impact, stock rise, adds SAO PAULO to dateline)
SAO PAULO/DETROIT, Feb 19 (Reuters) - Ford Motor Co said on Tuesday it would exit its heavy commercial truck business in South America in a plant closing that could cost more than 2,700 jobs, part of a global restructuring meant to end losses in different regions.
Ford previously said the reorganization would result in $11 billion in charges. The factory in Sao Bernardo do Campo, an industrial suburb of Sao Paulo, has operated since 1967 and was Ford's first plant in Brazil. Although it once produced a number of auto models, it now makes F-4000 and F-350 trucks, as well as the poor-selling Fiesta.
Ford said on Jan. 10 it would cut thousands of jobs and look at plant closures in Europe as part of its plan to return to profit in the region.
Following that announcement, analysts and investors had expected a similar restructuring in South America. Ford Chief Executive Jim Hackett said last month that investors would not have to wait long for the South American reorganization plan.
Ford shares were up 3 percent at $8.80 on the news in late afternoon in New York.
The closure of the factory may mean Ford is refocusing on the core of its car business in Latin America's largest economy, based in a much newer factory in the northeastern state of Bahia.
But the job cuts in Brazil's industrial heartland will represent a psychological blow for the still new administration of far-right president Jair Bolsonaro, who is battling an unemployment rate that is above 10 percent.
A representative for the union in Sao Bernardo did not have an immediate comment.
Brazilian Ford dealers' association head Luiz Albuquerque said the move eased a sense of uncertainty.
"For the car dealers, this gives us a sense of calm," said Albuquerque, "because Ford has been losing money in the region for the past four or five years and the closure of the truck business will almost completely erase that loss."
Albuquerque had met with the Ford leadership last week where they had guaranteed new investments in cars for the next three or four years.
Ford South America President Lyle Watters said on Tuesday the automaker remains "committed" to South America, a region where it is not currently profitable.
We know this action will have a major impact on our employees in São Bernardo and we will be working closely with all our stakeholders on the next steps, Watters said in a statement.
The No. 2 U.S. automaker expects to record pretax special charges of about $460 million, with most of that recorded this year, it said in the statement.
Ford said Tuesday's announcement follows other moves, including reducing salaried and administrative costs in the region by more than 20 percent over the past few months. (Reporting by Ben Klayman in Detroit and Marcelo Rochabrun and Alberto Alerigi in Sao Paulo Editing by Jonathan Oatis and Matthew Lewis)