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  • Jan 16- U.S. shoppers spent a record $108 billion snapping up discounts on Amazon and other websites during the 2017 holiday season, with more people using smartphones and tablets, Adobe Analytics said on Tuesday. With $6.6 billion spent, Cyber Monday the Monday after the Thanksgiving holiday was the largest U.S. shopping day ever. U.S. holiday spending across...

  • Monica Morgan, the widow of a late labor executive, is due in Detroit federal court two days later. The government says a $262,000 mortgage on the couple's home in suburban Detroit was paid off. Iacobelli is charged with diverting more than $1 million from the UAW-Chrysler National Training Center for his own use.

  • NEW YORK— Swiss food and drink giant Nestle is selling its U.S. candy business to Italy's Ferrero for about $2.9 billion in cash. Other Nestle brands include Purina, Gerber and Stouffer's. Nestle, based in Switzerland, says its U.S. candy business accounts for about 3 percent of its U.S. division's sales.

  • LONDON/ MILAN, Jan 16- Swiss food group Nestle has agreed to sell its U.S. confectionery business to Italy's Ferrero for $2.8 billion, it said on Tuesday, marking CEO Mark Schneider's first big sale and a small step on its path towards healthier products. Nestle, the world's biggest packaged-food company, has cited its weak position in the United States, where it...

  • HOUSTON, Jan 16- Hess Corp is cutting roughly 13 percent of its workforce and streamlining operations as it battles Elliott Management Corp, an activist hedge fund shareholder pushing for the U.S. oil and gas producer to post its first quarterly profit since 2014.. Most of the cuts, which could start as early as Tuesday and continue through the week, are in Houston,...

  • *At 7,500 euros, bikes still too costly for consumer market. Pragma Industries, which is based in Biarritz, France and makes fuel cells for military use, has sold some 60 hydrogen-powered bikes to French municipalities including Saint Lo, Cherbourg, Chambery and Bayonne. At about 7,500 euros per bike, and at least 30,000 euros for a charging station, the bikes are too...

  • CARACAS, Jan 16- Advisers to the Venezuelan government are recommending it sell $2.3 billion of its new cryptocurrency, the petro, in a private offering at a discount of up to 60 percent, according to a document reviewed by Reuters. President Nicolas Maduro is pressing ahead with an attempt to capitalize on the success of cryptocurrencies like bitcoin by...

  • *OPEC/ Russia- led supply curbs prop up crude. NEW YORK, Jan 16- Oil prices dropped off three-year highs on Tuesday as traders booked profit from a recent rally but healthy demand underpinned prices near $70, a level not seen since the market slump in 2014.. Prices have been driven up by oil production curbs in OPEC nations and Russia, and demand amid healthy economic...

  • ROME, Jan 16- Italy's centre-left leader Matteo Renzi is no longer the politician he once was, the chief executive of Fiat Chrysler Automobiles said on Tuesday, indicating their once strong ties had withered. Although he remained in charge of the ruling Democratic Party, he has struggled to regain the political initiative and is trailing in the opinion polls...

  • Hugo Boss gains as sales pick up at stores. *PSA, Engie, JD Sports also gain after updates. Fashion house Hugo Boss was among the biggest gainers in Europe, up 3.7 percent, after it reported a rebound in growth at its own stores, a jump in online sales and a recovery in the United States.

  • DETROIT, Jan 16- Former Fiat Chrysler Automobiles NV vice president Alphons Iacobelli is expected to plead guilty in connection with a U.S. Justice Department investigation into allegations he made at least $1.2 million in improper payments to a former union vice president and his wife, two people briefed on the matter said on Tuesday. Iacobelli, a former Fiat...

  • The move follows a dispute between the FDA and the defense department over a provision in the annual defense authorization bill that would have allowed the Pentagon to authorize the emergency use of drugs and medical devices that have not been approved by the FDA. The U.S. Senate and House of Representatives ultimately passed a bill leaving authority to...

  • *Questions asked about why UK awarded contracts. LONDON/ CAMBRIDGE, England, Jan 16- Britain ordered a fast-track inquiry into the role played by Carillion's directors in the failure of the construction and services group, as some of its thousands of small suppliers started to lay off workers on Tuesday. Business Secretary Greg Clark said a full picture of the...

  • *GE Capital to make statutory reserve contributions of $15 bln. Jan 16- General Electric Co again raised the prospect of breaking up the conglomerate on Tuesday as it announced more than $11 billion in charges from its long-term care insurance portfolio and new U.S. tax laws. Chief Executive John Flannery has raised the idea of a break-up before as he slashes...

  • BISMARCK, N.D.— Fearing sanctions by the state, some North Dakota oil drillers have begun cutting output to control the amount of natural gas that's being burned off at well sites and wasted as a byproduct of crude production, industry and state officials say. Rebounding oil prices and technology advances in western North Dakota's oil patch have goosed crude...

  • NEW YORK— Shoppers spent a record amount online during the holiday season. That's according to Adobe Analytics, which reports online shopping during the holiday season reached $108.2 billion, up almost 15 percent from $94.4 billion the year before. Last week, the National Retail Federation said in-store and online holiday spending rose 5.5. percent, the...

  • LONDON/ MILAN, Jan 16- Swiss food group Nestle agreed to sell its U.S. confectionery business to Italy's Ferrero for $2.8 billion, it said on Tuesday, the first major sale from CEO Mark Schneider and a small step on its path towards healthier products. The U.S. unit, home to local, mass-market names BabyRuth, Butterfinger and Crunch, has been underperforming rivals for...

  • CONFECTIONERY BUSINESS TO FERRERO FOR $2.8 BILLION IN CASH.

  • LONDON, Jan 16- Collapsed British firm Carillion, which has come under political fire for paying dividends while racking up big debts and a pension deficit, has handed more than $1 billion to shareholders since it was created 19 years ago, a Reuters analysis shows. The construction company raised its payout to shareholders every year, taking its dividends from 4...

  • DETROIT, Jan 16- General Motors Co shares rose on Tuesday after the company said 2018 earnings will be largely flat compared with 2017 and forecast higher profits in 2019 when its revamped line of high-margin pickup trucks hits the U.S. market. GM forecast 2017 earnings per share at the high end of its previously forecast range of $6 to $6.50.