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Airbus wins board spat with Spain, to renew CEO
By Tim Hepher AMSTERDAM (Reuters) - Airbus Group faced down a revolt by government shareholders over a board appointment and invited its chief executive to stay on until 2019 as Europe's largest aerospace company consolidated a recent push for political independence. Europe's largest aerospace group, whose shareholders include the Spanish, French and German governments, won shareholder support for its choice of Spanish board candidate despite what sources described as behind-the-scenes opposition from Madrid. Shares in Airbus Group closed up 2.8 percent.
CBS CEO said met with Apple to discuss TV deal
CBS Corp CEO Leslie Moonves met with Apple Inc last week to discuss a TV deal, he said at a technology conference Wednesday, and that discussions and negotiations for such a deal are ongoing. "We will probably do a deal with Apple TV," Moonves said during an onstage talk at a conference hosted by Re/code, an online-only technology publication, and added that he met last week with Eddy Cue, Apple's senior vice president of Internet Software and Services.
U.S. seeks JPMorgan communications with China's Quishan in hiring probe: WSJ
WASHINGTON (Reuters) - U.S. regulators have subpoenaed JPMorgan Chase & Co for all of its communications related to 35 Chinese officials, including anti-corruption chief Wang Qishan, as part of an ongoing probe into the bank's hiring practices, the Wall Street Journal reported on Wednesday.
Office Depot to pay $3.4 million over office chair defects
WASHINGTON (Reuters) - The U.S. Consumer Product Safety Commission on Wednesday said Office Depot Inc has agreed to pay $3.4 million in fines over its failure to report defects in two models of office chairs.
Greece says has begun drawing up agreement with creditors
Greece and its creditors are starting to draft a technical-level agreement, a government official said on Wednesday, signalling progress in long-running talks to unlock aid for the cash-strapped country. "At the Brussels Group (of credit negotiators) today procedures to draw up a staff-level agreement are beginning," the official said, adding that Prime Minister Alexis Tsipras would be in constant touch with other leaders to conclude a deal. The statement appeared to suggest significant progress in talks with European Union and International Monetary Fund creditors that form the Brussels Group, though sources close to the lenders have so far not indicated any such progress to merit drawing up an agreement.
Etihad Airways says it will add $6.2 billion to U.S. economy by 2020
Abu Dhabi's Etihad Airway's contribution to the U.S. economy will almost double to $6.2 billion by 2020, it said on Wednesday, in an apparent counter to allegations that government subsidies gave it an unfair edge over competition. The airline will support the American economy with 23,400 jobs and $2.9 billion in 2015, according to research by Oxford Economics, Etihad said in a statement. Etihad said the study assessed its capital expenditure with U.S. suppliers and its operating expenditure, as well the impact of passengers it brought into the country.
EU outlines plans to make multinationals pay their share of tax
The European Commission outlined plans on Wednesday to limit how much multinational companies can reduce taxes on their European earnings through the use of creative accounting. The Commission, set to detail proposed tax measures on June 17, had already determined in March that European Union countries would have to share information on tax deals agreed with major corporations. "We agreed on the need to combat tax avoidance by re-establishing the link between taxation and where the company actually does business," Commission Vice President Valdis Dombrovskis told a news conference after a meeting of commissioners.
McDonald's to stop reporting monthly same-store sales after June
"Disclosing comparable sales as part of our quarterly reporting is consistent with nearly all retailers and will provide a greater understanding of McDonald's sales results in the context of the company's overall financial performance," CEO Steve Easterbrook said at the Sanford Bernstein analysts' conference on Wednesday. McDonald's last monthly same-store sales report, a closely-watched metric to gauge a retailer's financial health, will be for June and will be issued when the company reports second-quarter results. Same-store sales at McDonald's restaurants globally fell 0.6 percent in April, its 11th straight monthly decline.
Global lower rate environment harmful to investors: BlackRock CEO
(Reuters) - Lowering interest rates around the world to boost the global economy has reached a point where it is now "quite harmful" to clients, including pension funds and insurers, BlackRock Inc Chairman and Chief Executive Officer Laurence Fink said on Wednesday.
Homebuilder Toll Brothers profit beats estimates
The company raised the low end of its average selling price range to $730,000 from $725,000. Average selling price rose 1 percent to $713,500 in the second quarter ended April 30. It appears the housing market is on firm footing and heading in the right direction," Executive Chairman Robert Toll said in a statement on Wednesday.
Futures edge higher after dollar rally subsides
(Reuters) - U.S. stock index futures were higher on Wednesday as the dollar retreated from its largest gain in two years and as worries about Greece receded.
Investor Bill Gross: Bet against Bunds 'well timed, not well executed'
Bill Gross, the widely followed investor, admitted in his June Investment Outlook on Wednesday that his bet against the German Bund market was well timed but not profitable. "My famous (infamous?) ‘Short of a lifetime’ trade on the German Bund market was well timed but not necessarily well executed," Gross, who runs the Janus Global Unconstrained Fund , wrote in his latest report to clients titled "Mr. Bleu." Gross's Janus Global Unconstrained portfolio is down 0.40 percent so far this year, underperforming its peers by 1.88 percentage points and lagging 93 percent of its non-traditional bond category, according to Morningstar data on Tuesday. Last month, Gross said he placed a wager against German bonds, tweeting on April 21 that German 10-year Bunds were "the short of a lifetime" and that the bet was better than the pound in 1993.
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