Few tears shed by French workers after Macron's Alstom dream is blocked

After four decades on the production line at French trainmaker Alstom, Claude Gemino had little sympathy for Emmanuel Macron when Brussels scotched the French president’s hopes of creating a European rail champion. For Gemino and many co-workers at Alstom’s Belfort factory, Macron’s support for the blocked merger with Germany’s Siemens signaled a readiness to put shareholders ahead of jobs and protecting France’s fragile manufacturing sector.

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Few tears shed by French workers after Macron's Alstom dream is blocked

Audi sees potential for just one diesel model in U.S.

Luxury German auto brand Audi envisions the potential of just one diesel model in its U.S. product mix in the wake of the diesel emissions scandal that has embroiled its parent company Volkswagen AG , Audi's U.S. head said on Wednesday. “Once we hopefully get past everything, I see an opportunity for potentially, probably to offer it on one model, and that model would probably be the Q7 SUV,” Audi of America President Scott Keogh told Reuters at the Los Angeles Auto Show. “It's the one model that makes the most sense.” At its height, diesel made up seven percent of Audi's U.S. mix, said Keogh, who added it was “always a bridge technology” before emissions standards were to get progressively tighter.

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Audi sees potential for just one diesel model in U.S.

Oil prices fall on U.S. crude stock build, OPEC remains in focus

SINGAPORE (Reuters) – Crude oil futures dropped on Thursday after official inventory reports indicated a larger-than-expected build in U.S. oil stocks.

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Oil prices fall on U.S. crude stock build, OPEC remains in focus

Citigroup CFO says U.S. tax rate cut could bring $4 billion charge

If federal corporate tax rates decline 20 percent under President-elect Donald Trump, Citigroup Inc may have to take a $4 billion charge to profits to reflect lower values for its deferred tax assets, the bank's chief financial officer said on Wednesday. After the U.S. election results last week were viewed by Wall Street as increasing the chances of lower tax rates, the KBW bank stock index climbed 13.6 percent through Tuesday while Citigroup shares rose 11.1 percent. Analysts have said that Citigroup has lagged other bank stocks partly because of the chance that tax reform would reduce the value of the company's deferred tax assets.

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Citigroup CFO says U.S. tax rate cut could bring $4 billion charge

U.S. manufacturing sector stabilizing; producer prices tame

U.S. manufacturing output increased for a second straight month in October amid gains in the production of motor vehicles and a range of other goods, suggesting that the battered factory sector was slowly recovering. The Federal Reserve said factory production rose 0.2 percent last month after a similar gain in September. Output was supported by a 0.9 percent rise in the production of motor vehicles and parts.

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U.S. manufacturing sector stabilizing; producer prices tame

China’s Didi Chuxing raises $7 billion in new funding: WSJ

(Reuters) – Chinese car-hailing app Didi Chuxing Technology Co has raised $7 billion in its latest fund raising effort, the Wall Street Journal reported, citing people familiar with the matter. Didi closed a $4.5 billion fundraising round that attracted $1 billion from Apple and $600 million from China Life Insurance Co Ltd , according to the WSJ report on Wednesday. The funding round valued the company at more than $25 billion, WSJ reported. (http://on.wsj.com/28Ed9Sz) In addition, Didi secured a $2.5 billion debt package from China Merchants Bank Co, the Journal said. …

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China’s Didi Chuxing raises $7 billion in new funding: WSJ

Slumping autos weigh on manufacturing output; inflation tame

By Lucia Mutikani WASHINGTON (Reuters) – U.S. manufacturing output unexpectedly fell in May as the production of motor vehicles and parts recorded its biggest drop in nearly 2-1/2 years, suggesting sustained weakness in the sector even as the overall economy appears to be gaining momentum. Weak manufacturing and benign inflation, together with a sharp slowdown in job gains last month, will likely encourage the Federal Reserve to leave interest rates unchanged at the end of a two-day policy meeting later on Wednesday. “The disappointing manufacturing output points to continued sluggishness in this segment of the economy and will likely remain a source of concern at the Fed,” said Millan Mulraine, deputy chief economist at TD Securities in New York.

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Slumping autos weigh on manufacturing output; inflation tame

U.S. industrial output falls 0.4 percent in May, manufacturing slips

U.S. industrial production fell more than expected in May on a decline in utilities output and auto manufacturing, the Federal Reserve said on Wednesday, a sign that the economy may be losing some steam in the second quarter. Industrial output declined 0.4 percent last month after a downwardly revised 0.6 percent increase in April. Economists polled by Reuters had forecast industrial production slipping 0.2 percent last month.

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U.S. industrial output falls 0.4 percent in May, manufacturing slips

Oil prices drop on China demand worries

Oil prices fell in Asian trading hours on Monday as analysts expected weaker demand from China in upcoming months. While China has so far avoided a hard landing, activity in China's manufacturing sector contracted in October for a third straight month, an official survey showed on Sunday, fuelling fears the economy may still be losing momentum in the fourth quarter despite a raft of stimulus measures. “Weak economic data out of China will likely keep any gains in commodity prices limited,” ANZ said.

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Oil prices drop on China demand worries

Japan final October manufacturing PMI hits one-year high as demand grows

Japanese manufacturing activity in October expanded at the fastest pace in a year as new domestic and export orders increased, a private business survey showed on Monday. The Markit/Nikkei Japan Final Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 52.4 in October, slightly less than a preliminary reading of 52.5 but a solid improvement from the final reading of 51.0 in September. The PMI for new export orders was 52.2 in October, just above a preliminary 52.1 and showing a return to growth from 48.0 in the previous month.

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Japan final October manufacturing PMI hits one-year high as demand grows