U.S. Service Sector Activity Picks Up In November – ISM Survey

WASHINGTON (Reuters) – U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year. The Institute for Supply Management (ISM) said on Monday its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, which was the lowest reading since May 2020. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1. A … Read more…

Volkswagen Resumes Production At China Plants

BERLIN (Reuters) – Volkswagen and FAW’s (SASACJ.UL) plant in Chengdu, China has resumed production after a brief halt and two lines which were suspended at the carmaker’s Chengchun plant are also running again, a spokesperson said on Monday. Production at the Chengdu plant, which makes the Jetta brand and VW New Sagitar, was stopped on November 21 amid rising coronavirus cases, while the two lines in Chengchun were paused because of missing parts. Both plants … Read more…

AT&T To Pay $6 Million To SEC To Settle Lawsuit Over Leaks To Analysts

(Reuters) – AT&T Inc. has agreed to pay a $6.25 million penalty to settle a Securities and Exchange Commission lawsuit accusing the phone company of selectively leaking financial information to Wall Street analysts, the SEC said in a court filing. Three executives of the company: Christopher Womack, Kent Evans and Michael Black, who the SEC alleged were involved in violating Regulation FD, or fair disclosure, also agreed to each pay a $25,000 penalty without admitting … Read more…

Russian Oil Sanctions Fuel Boom For Old Tankers

By Julia Payne and Jonathan Saul LONDON (Reuters) – The market for old oil tankers is booming, and it’s all down to efforts by Western nations to curb trade in Russian crude. As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they’re snapping up old tankers that might normally be scrapped. The European Union … Read more…

U.S. Supreme Court Rejects Centripetal Appeal In Cisco Patent Fight

WASHINGTON (Reuters) – The U.S. Supreme Court on Monday declined to hear a bid by Centripetal Networks Inc to reinstate the largest award in the history of U.S. patent law – $2.75 billion – to be paid by Cisco Systems Inc in a cybersecurity patent dispute. The justices turned away Reston, Virginia-based cybersecurity company Centripetal’s appeal of a lower court’s decision to negate the award after the judge who presided over the trial disclosed that … Read more…

Wall Street Opens Lower Ahead Of Service Data

(Reuters) – Wall Street’s main indexes opened lower on Monday as investors maintained a cautious stance ahead of data, including a report on the U.S. services sector, to gauge the Federal Reserve’s next move at its rate-setting meeting later this month. The Dow Jones Industrial Average fell 94.1 points, or 0.27%, at the open to 34335.73. The S&P 500 dipped 19.7 points, or 0.48%, at the open to 4052.02‚Äč, while the Nasdaq Composite dropped 80.5 … Read more…

Moody’s Sees ‘very High’ Foreign Exchange Risk For Banks In Ukraine, Turkey

LONDON (Reuters) – Banks in countries such as Ukraine and Turkey face a “very high” risk from restrictions on capital flows, weak international reserves and a high level of foreign currency debt, Moody’s Investors Service said in a report on Monday. Belarus, El Salvador, Nigeria, Kyrgyzstan and Tajikistan complete the list of countries also exposed to high levels of dollar deposits, according to the report that covers 39 banking systems in emerging market economies where … Read more…

Wall St Set For Lower Open Ahead Of Service-sector Data

By Shubham Batra and Ankika Biswas (Reuters) – Wall Street’s main indexes were set to open lower on Monday as investors awaited more data, including a report on the services sector, to gauge the Federal Reserve’s next move at its rate-setting meeting later this month. The Institute of Supply Management’s report, due at 10 a.m. ET, is expected to show that the services sector witnessed slower growth in November, after expanding at its weakest pace … Read more…

Exxon Mobil Raises CEO, Top Executives Base Pay

(Reuters) -Exxon Mobil Corp is raising the annual base salaries of its top boss and other executives for next year, the largest U.S. oil company said on Monday. Exxon Mobil’s compensation committee approved an increase in the annual salary of Chief Executive Officer Darren Woods to $1.88 million from $1.70 million this year, according to a filing. Kathryn Mikells, who became the company’s chief financial officer in August last year, will receive a base pay … Read more…

Tesla China Denies Media Reports Of Output Cut At Shanghai Plant

SHANGHAI (Reuters) – Tesla on Monday said media reports which said its plant in Shanghai would cut December output of its Model Y were “untrue”. Reuters on Monday reported Model Y output at the plant was set to fall by more than 20% versus November citing two sources with knowledge of the electric vehicle (EV) giant’s production plan. (Reporting by Zhang Yan and Brenda Goh; writing by Meg Shen; editing by Jason Neely)