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Exclusive: JPMorgan cuts ties with OxyContin maker Purdue Pharma – sources

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(Reuters) – JPMorgan Chase & Co has cut ties with Purdue Pharma LP over the OxyContin maker’s alleged role in the U.S. opioid crisis, forcing it to find a new bank to manage cash and bill payments, people familiar with the matter said on Thursday. FILE PHOTO: Bottles of prescription painkiller OxyContin pills, made by Read More

U.S. consumer sentiment robust before escalation of trade war

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WASHINGTON (Reuters) – U.S. consumer sentiment jumped to a 15-year high in early May amid growing confidence over the economy’s outlook, but much of the surge was recorded before an escalation in the trade war between the United States and China, which could hurt activity. Holiday shoppers look at store windows at Henri Bendel store Read More

Wells Fargo and Barclays back fintech company OpenFin

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NEW YORK (Reuters) – Financial services software startup OpenFin has raised $17 million in a funding round led by Wells Fargo & Co with participation from Barclays, the company said on Thursday. FILE PHOTO: A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith Existing investors including JPMorgan Chase Read More

EU fines five banks $1.2 billion for foreign exchange rigging

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BRUSSELS (Reuters) – Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros ($1.2 billion) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market. The logo of Barclays is seen on the top of one of its branch in Madrid, Spain in this Read More

Shale boom belies oil patch pain amid Weatherford bankruptcy

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By David Wethe on 5/15/2019 Photo: West Texas Permian Basin (Bloomberg) — Oil prices are back up again and the U.S. has become the world’s largest producer and only three years on from a slump in the market. Yet the pain continues for some companies. The boom in American shale output risks masking ongoing woes Read More

Buffett’s Berkshire unveils $861 million Amazon stake

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(Reuters) – Warren Buffett’s Berkshire Hathaway Inc said it owned $860.6 million of Amazon.com Inc shares at the end of March, after the billionaire admitted to underestimating the online retailer and its Chief Executive Jeff Bezos. FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, Jan. 19, 2019. Read More

Shawcor Ltd. Announces First Quarter 2019 Results

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First quarter 2019 revenue was $350 million, a decrease of 1% from the $354 million reported in the fourth quarter of 2018 and in line with the $351 million reported in the first quarter of 2018. Adjusted EBITDA1 in the first quarter of 2019 was $28 million, which reflects a positive impact from the adoption Read More

Exclusive: UniCredit advances toward bid for Germany’s Commerzbank – sources

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FRANKFURT/LONDON (Reuters) – UniCredit has stepped up preparations for a potential bid for Germany’s Commerzbank by drafting in investment bankers including a former top German official, three people familiar with the matter said. FILE PHOTO: A sign for an ATM of Commerzbank is seen next to the headquarters of Deutsche Bank (R) in Frankfurt, Germany, Read More

Mexico’s rising oil nationalism faces debt-rating crisis

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MEXICO CITY (Reuters) – Mexican President Andres Manuel Lopez Obrador took office in December vowing to revive state-owned energy company Pemex and put the brakes on foreign investment to give the public a bigger cut of the country’s oil wealth. FILE PHOTO: Mexico’s new President Andres Manuel Lopez Obrador reacts to supporters after an event Read More

JPMorgan says UK PM May unlikely to survive beyond the end of June

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FILE PHOTO: British Prime Minister Theresa May listens to Britain’s opposition Labour Party leader Jeremy Corbyn in the Parliament in London, Britain March 25, 2019, in this still image taken from video. Reuters TV/via REUTERS/File Photo LONDON (Reuters) – U.S. investment bank JPMorgan said on Tuesday it was difficult to see British Prime Minister Theresa Read More