Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Japan's Nomura Holdings said on Thursday it would cut $1 billion in costs from its wholesale business and shut more than 30 of 156 domestic retail branches, in its latest strategy overhaul to turn around its struggling business.
The wholesale segment has been dragging on the performance of Japan's biggest brokerage and investment bank, and pushed it to its heaviest quarterly loss in nearly 10 years in the three months to December.
Nomura then put the segment, which serves corporations and institutional investors, under review, as CEO Koji Nagai focused on reducing reliance on volatile global markets and building up stable revenue flows.
The target of cutting $1 billion in costs will be achieved over "medium term", with 60 percent of it being completed by the end of the fiscal year to March 2020, Nomura co-COO Kentaro Okuda said in an investor day presentation.
The cost reduction will result in $300-$400 million in revenue gains, with the ultimate target of building a wholesale platform that delivers "consistent" pre-tax income of $1 billion, he said, without giving a timeframe for that goal.
The segment posted a pre-tax loss of 95.9 billion yen ($861 million) in the third quarter, versus a 14 billion yen profit a year earlier.
Nomura's wholesale business has been facing challenges due to lower trading revenue in fixed income and "rigid indirect costs", the bank said on Thursday, adding revenue for the unit fell 24 percent to $4.9 billion in the last fiscal year.
The bank said it would "de-emphasize" its whole business in EMEA (Europe, the Middle East, Africa), while sharpening focus in Asia, excluding Japan, and the Americas where it planned to increase business with corporate clients.
The plans include pursuing "strategic growth opportunities" in China, where the bank last week received regulatory approval to set up a majority-owned brokerage joint venture.
For the year ended in March, analysts expect the company to post its first annual loss since 2009, Refinitiv data shows, hurt also by a steep drop in profits in its retail business.
Japanese banks have been accelerating cost-cutting by shutting down domestic retail branches as they grapple with the ultra-low interest rates and a declining population at home.
Nomura's plans to pare its retail footprint at home comes after rival Mizuho Financial Group said last month it would book about 500 billion yen of impairment losses on fixed assets, including costs from closing retail branches at home and software-related expenses.