[ad_1]

Stocks

China is seriously concerned by the second U.S. national security trade probe into imports of aluminum and hopes to resolve the dispute through talks, according to Commerce Ministry spokesman Sun Jiwen. “It’s very, very dangerous, obviously, from a national defense point of view” only to have one producer of a material needed for defense, U.S. Commerce Secretary Wilbur Ross declared, citing applications in armor and advanced aircraft. Related tickers: AA, ACH, CENX, CSTM, FOIL, JJU, KALU, RS

Samsung Electronics’s first quarter profits were the best since 2013 due to solid earnings from its memory chip segment. Shares initially dropped 1.8% after Samsung (OTC:SSNLF) said it wouldn’t be introducing a holding company structure – rejecting demands from Elliott Management – but later recovered to trade 2.4% higher. It also announced a buyback worth 2.3T won ($2.03B).

Nintendo posted a cheerful business outlook for its fiscal year, forecasting that strong Switch sales would lift profits to seven-year highs. The Japanese gaming giant expects to sell 10M consoles in the current fiscal year (it posted solid March sales of 2.74M). Nintendo’s (OTCPK:NTDOY) Wii U, the Switch’s unpopular predecessor which launched in 2012, had lifetime sales of 13.6M units.

European earnings roundup: Deutsche Bank (NYSE:DB) -2.4% premarket as trading revenues trailed peers in the first quarter. Lloyds’s (NYSE:LYG) profits doubled despite PPI and fraud payouts, sending shares up 2.8%. Generic competition resulted in slipping quarterly sales at AstraZeneca (NYSE:AZN). Outpacing Ericsson (NASDAQ:ERIC) in Q1, Nokia (NYSE:NOK) shares are 6.7% higher, as network markets improved. Airbus’s (OTCPK:EADSY) Q1 profit slid on production setbacks, but the planemaker confirmed its 2017 guidance.

As it tries to recover from the passenger-dragging video that went viral, United Airlines (NYSE:UAL) is instituting 10 policy changes when it comes to bumping, overbooking flights and improving customer service. The carrier will now offer up to $10,000 to customers who volunteer to give up their seats. In the incident involving David Dao, he and other passengers were offered $800.

Looking to keep up with its competitors, American Airlines (NASDAQ:AAL) wants to raise pay for its pilots and flight attendants. Hourly pay for American’s 15,000 pilots is about 8% lower than the highest rates Delta (NYSE:DAL) and United (UAL) set in recent labor agreements. Hourly pay for its 26,000 flight attendants is about 4% lower than at those rivals.

Trading in shares of Japan’s Takata (OTCPK:TKTDY) was suspended today on reports the embattled air bag supplier was considering filing for bankruptcy protection and would eventually be liquidated. The plan would call for Key Safety Systems to sponsor the turnaround, according to Nikkei, spending nearly ¥200B ($1.8B) to create a company that would buy Takata’s operations.

A Chinese money market fund set up as a repository for leftover cash from online spending has emerged as the world’s biggest, with $165.6B under management. Alibaba’s (NYSE:BABA) four-year-old Yu’e Bao fund – which means leftover treasure – has overtaken JPMorgan’s U.S. Government Money Market Fund (MUTF:MJGXX), which has $150B. Yu’e Bao pays 3.93%.

The financial industry is wading back into the Brexit debate, warning it may soon begin shifting jobs from London and lobbying the government not to curb access to foreign talent. Deutsche Bank’s (DB) top compliance executive said some 4,000 jobs could be moved elsewhere in the EU, while Barclays (NYSE:BCS) CEO Jess Staley said he would pull the trigger on relocation plans within six months.

Archer Daniels Midland has replaced the leader of its global trading desk, as it sheds traders around the world amid a global grains glut that has squeezed profits. Gary McGuigan, most recently managing director of global trade at ADM, will succeed Gary Towne as president of the desk, which opened in Switzerland in 2015 to oversee the company’s supply network.

Sony Pictures may be getting closer to a replacement for Michael Lynton, with former Fox Networks Group (NASDAQ:FOX) chief Tony Vinciquerra moving into pole position to lead the studio. That would mean a boss with more TV experience than film, Variety reports. Last month, reports tied CEO Kevin Tsujihara to Sony (NYSE:SNE) interviews, though Warner Bros. (NYSE:TWX) said he “wasn’t interviewed and isn’t going anywhere.”

Google’s servers in Cuba have gone live, making it the first foreign internet company to host content within the long-cut-off country. Instead of having to travel the long distance through a submarine cable, which currently connects via Venezuela, Cubans will now be able to access the internet through a local Google (GOOG, GOOGL) server. The island still has the lowest level of internet connectivity in the western hemisphere.

[ad_2]

Source link