U.S. refiners bet on strong exports to balance market

U.S. refiners have come out of maintenance season betting that big exports to Mexico and South America will help alleviate high product inventories and boost margins as the critical summer driving season nears. The first wave of earnings results from several large independent U.S. refiners showed that they are not chasing U.S. gasoline profits, due to already high inventories and […]

  • Futures little changed ahead of first-qtr GDP data

    U.S. stock index futures were little changed on Friday as investors awaited the first-quarter report on gross domestic product, while assessing quarterly earnings. * The Nasdaq Composite is on track to post gains for the sixth straight month, after closing at a record high on Thursday, following stellar earnings from tech heavyweights. * Amazon rose 3.4 percent at $949.50 in premarket […]

  • Pret a Manger launches charm offensive to recruit British workers

    Pret a Manger has embarked on a charm offensive to attract more British workers as it faces up to potential staff shortages after Brexit. “Traditionally at Pret we just had our recruitment centre and everybody just came to us,” said its chief executive, Clive Schlee. “Now we are preparing for the future by reaching out ourselves.” The company had relied […]

  • AstraZeneca shareholders revolt over chief executive’s $13m pay

    AstraZeneca has suffered another shareholder revolt over executive pay, with two-fifths opposing a £13m package for its chief executive. Nearly 39% of investors voted against the pharmaceutical group’s 2016 remuneration report at its annual meeting in London, similar to the rebellion it faced three years ago. Support for the new pay policy was much stronger, with 96% of investors backing […]

  • Barclays chief admits he ‘made a mistake’ over whistleblowing case

    Jes Staley, the chief executive of Barclays, has admitted he made a mistake in his repeated attempts to unmask a whistleblower but said he did not offer his resignation over the scandal. The American is under mounting pressure after a shareholder advisory service, ISS, advised investors to abstain from backing his re-election to the board at next month’s annual general […]

  • Trump fails to force health care vote in first 100 days

    Washington (CNN)House GOP leaders, despite a furious push Thursday, were unable to wrangle the votes necessary to move forward on their latest effort to repeal and replace the Affordable Care Act. The development short-circuits, yet again, the House effort to repeal the cornerstone domestic achievement of President Barack Obama. It guarantees President Donald Trump will be without a cornerstone legislative […]

  • Google’s search for non-ad revenue puts spotlight on cloud, Pixel

    Alphabet Inc’s non-advertising business, which houses its cloud unit, Pixel smartphones and the Play store, has long been sandwiched between Google’s advertising juggernaut and its moonshot ventures that have captured popular imagination. Not any more. The business, categorized as “Other Revenue” in its earnings report, posted a 49.4 percent jump in revenue to $3.10 billion on Thursday – a sum […]

  • Poor working families face big losses from benefit cuts, says IFS

    Low-income working families face significant reductions in income as a result of planned cuts to benefits, according to the Institute for Fiscal Studies (IFS). The thinktank says the freeze in benefit rates and cuts to child tax credit, coupled with the rollout of universal credit, which has become less generous as a result of changes to work allowances, signal “large […]

  • Energy bill caps put billions in investment at risk, say suppliers

    Theresa May’s plan to cap gas and electricity bills could put billions of investment in the UK at risk by creating huge uncertainty over government intentions, according to the body representing the big six energy suppliers. In one of the strongest warnings yet about the impact of the cap on standard variable tariffs pledged by the Conservatives, Energy UK protested […]

  • ir Martin Sorrell’s pay package plunges from £70m to £48m

    Sir Martin Sorrell received £48m in remuneration last year as WPP, the marketing and advertising company he founded and runs, moved to curb the level of his future payouts to avoid further clashes with investors. Sorrell, who has been on the receiving end of a string of shareholder voting revolts at WPP’s annual meetings in recent years, received total pay, […]