By Jessica Toonkel, Kate Holton and Pamela Barbaglia NEW YORK/LONDON (Reuters) - Rupert Murdoch's Twenty-First Century Fox Inc has struck a preliminary deal to buy the 61 percent of British pay-TV firm Sky Plc it does not already own for around $14 billion, five years after a political scandal wrecked a previous bid. The proposed offer of 10.75 pounds a share in cash is backed by Sky's independent directors and would strengthen the position of James Murdoch - who is both chief executive of Fox and chairman of Sky - in his 85-year-old father's media empire. People familiar with the matter said Fox had pounced after Britain's vote to leave the European Union in June sent the pound down about 14 percent against the U.S. dollar and Sky's share price tumbling.
U.S. President-elect Donald Trump will likely ask a senior Goldman Sachs banker to coordinate economic policy across his administration, turning again to Wall Street for expertise in managing the world's largest economy, a transition official said on Friday. Trump's pick of Goldman President Gary Cohn, 56, to head the White House National Economic Council comes despite Trump's past criticism of the financial sector's power. Trump hammered Goldman and its Chief Executive Officer Lloyd Blankfein during the presidential campaign, releasing a television ad that called Blankfein part of a "global power structure" that had robbed America's working class.
A debt restructuring would underscore the challenges the company has faced since it was acquired by private equity firms TPG Capital LP and Leonard Green & Partners LP in a $3 billion leveraged buyout in 2011. J. Crew has struggled as many shoppers have shunned malls and turned to internet shopping. As part of its preparations for negotiating with its creditors, J. Crew is planning to move the rights to its iconic brand into a separate subsidiary, the people said.
President-elect Donald Trump is stacking his trade transition team with veterans of the U.S. steel industry's battles with China, signaling a potentially more aggressive approach to U.S. complaints of unfair Chinese subsidies for its exports and barriers to imports. Led by Wilbur Ross, a billionaire steel investor and Trump's nominee for commerce secretary, Dan DiMicco, the former CEO of steelmaker Nucor Corp , and three veteran steel trade lawyers, the team is expected to help shift the U.S. trade focus more heavily toward enforcement actions aimed at bringing down a chronic U.S. trade deficit, Washington trade experts said.
Next week's Federal Reserve meeting and possible signals on the pace of rate hikes for next year could pose the biggest risk yet to the rally the U.S. stock market has seen since last month's presidential election. While investors have long anticipated the Fed will raise rates at the Dec. 13-14 meeting - in what would be its first such move in a year and second in nearly a decade - the worry for some stock investors is that the Fed takes a more aggressive stance on inflation and future hikes. Stocks have set a string of record highs since the Nov. 8 election on hopes of a pickup in U.S. economic growth, thanks to President-elect Donald Trump's promises of increased infrastructure spending, lower taxes and easier regulations.
Major U.S. stock indexes powered to another day of fresh record highs on Friday, with the S&P 500 ending the week up 3 percent, as investors bid up shares in sectors that have lagged in the month-long rally since Donald Trump's presidential election. The benchmark S&P 500 registered a record high for the third straight session, while the Dow and Nasdaq also hit new highs. The Dow recorded a fifth straight week of gains.
A U.S. agency involved in settlement talks with Volkswagen AG over its diesel emissions scandal has raised concerns about nearly two dozen mobile phones destroyed or lost by the German carmaker. The Federal Trade Commission said in a court filing dated Thursday there were 23 lost or broken mobile phones the FTC was not able to access, the agency said in the filing with the U.S. District Court in San Francisco. In November, the FTC said in court documents that it has been investigating since March whether Volkswagen Group of America destroyed documents related to its "Dieselgate" scandal.
U.S. officials now say at least 184 people have been injured in incidents involving potentially deadly Takata air bags. On a conference call with reporters, the department said the Takata recall would eventually include about 42 million U.S. vehicles and between 64 million and 69 million air bag inflators in the United States. The National Highway Traffic Safety Administration (NHTSA), which is part of the Transportation Department, issued a list on Friday of all vehicle models from 19 automakers that are involved in the Takata recalls.
By Silvia Aloisi and Paola Arosio MILAN (Reuters) - The European Central Bank has rejected a request by Italy's Monte dei Paschi di Siena for more time to raise capital, a source said on Friday, a decision that piles pressure on the Rome government to bail out the lender. Italy's third-largest bank, and the world's oldest, had asked for a three-week extension until January 20 to try to wrap up a privately funded, 5 billion euro ($5.3 billion) rescue plan in the face of fresh political uncertainty. The ECB's supervisory board turned down the request at a meeting on Friday on the grounds that a delay would be of little use and that it was time for Rome to step in, the source said.
Coca-Cola Co said on Friday that Muhtar Kent would step aside as chief executive next year and be replaced by James Quincey, a company veteran credited with several recent changes to help the company cut its dependence on sugary drinks. Quincey's ascension was widely expected since he became chief operating officer in August 2015 after jobs that included running Coke's businesses in Europe and Mexico over two decades. Kent, 64, will have completed nine years at the helm when he steps down in May, but he will continue as chairman of the board, a post he has held since 2009, Coke said.
The deal would allow TDK, already a major smartphone components supplier, to boost its sensor technology offerings. InvenSense designs gyroscopes which help smartphones calculate motion, enabling augmented reality games such as Pokemon Go. TDK has offered $12 per share to acquire InvenSense, one of the people said, cautioning that negotiations are ongoing and that terms could still change before a potential deal is reached.
The new MacBook Pros and the 12-inch MacBook include Thunderbolt 3/USB-C ports as their sole connections. In order to use some of the most popular peripherals, you'll need to have one of these accessories.
Russia plans to meet with some OPEC and non-OPEC nations on Friday to discuss unresolved issues related to a planned oil-output cut before wider talks the following day in Vienna, a Russian government source told Reuters. Russia has committed to reduce its output by 300,000 barrels per day (bpd) in the first half of 2017 in an effort to boost oil prices. Other non-OPEC countries are being urged to cut by a similar amount in total.
In a year of political shocks, the unexpected strength of the global economy going into 2017 may be the most enduring surprise for financial markets. Despite all the electoral upsets - Donald Trump's U.S. presidential victory plus referendums in Britain and Italy that have pushed both countries into deep uncertainty - economic data are consistently beating forecasts. Activity seems resistant to the surprises that once might have provoked major market drops, helped by huge sums that many central banks are still pumping into the financial system - and the prospect of government largesse in the United States where the Federal Reserve is reducing its stimulus.
Shares of top U.S. airlines rose on Friday, with American's up 4 percent and United's up 4.2 percent. American, the world's largest airline, said on Friday it expects fourth-quarter unit revenue to range between a decline of 1 percent and an increase of 1 percent, compared with its previous forecast of a decline of 2.5 percent to 0.5 percent. United, the No. 3 U.S. airline by passenger traffic, also forecast on Thursday a higher profit margin in the fourth quarter as bookings strengthened and expenses related to employment benefits were lower than expected.
The move from Peet's comes as Starbucks is making significant investment to stave off competition from upscale, independent coffee shops, such as Stumptown Coffee Roasters and Intelligentsia Coffee. Peet's owns Stumptown and has a majority stake in Intelligentsia. Peet's Chief Executive Dave Burwick told Reuters the new plant will create 135 new jobs and support the company's expanding business, which includes operating cafes and selling packaged coffee via grocery stores.