Stocks waver…VW earnings upbeat…Assessing Brexit impact
SINGAPORE (AP) – World stocks were mixed on Thursday after the U.S. Federal Reserve kept its benchmark interest rate intact and steered clear of suggesting that a cut was likely this year. Futures point to modest opening gains on Wall Street. Benchmark U.S. crude oil fell below $63 per barrel. The dollar rose against the yen and fell against the euro.
FRANKFURT, Germany (AP) – German automaker Volkswagen saw its profit slip in the first quarter as the company set aside 1 billion euros ($1.1 billion) for legal risks related to its 2015 diesel scandal. The company nevertheless showed that it was holding its own against the headwinds buffeting the global auto industry, reporting improved earnings at its main Volkswagen unit and stronger profit margins across the group’s 12 brands.
LONDON (AP) – The Bank of England is set to provide its first forecasts of what Britain’s Brexit delay will mean for the British economy. The central bank is due Thursday to keep its main interest rate on hold at 0.75 percent following the latest meeting of the Monetary Policy Committee. The focus will be what Governor Mark Carney says about the Brexit extension granted by the other 27 members of the European Union.
MIAMI (AP) – People who lost properties after the Cuban revolution hope that, starting Thursday, they will be able to sue European and American companies doing business on their former properties. That’s thanks to the Trump administration’s decision to activate a provision of the U.S. embargo on Cuba with the potential to affect foreign investment in Cuba for years to come. It allows Americans, and Cubans who later become Americans, to sue almost any company “trafficking” in property confiscated by Cuba.
COPENHAGEN, Denmark (AP) – Scandinavian Airlines is canceling more flights as talks between the carrier and the striking pilots continued in the Norwegian capital. The airline says 429 more flights were canceled Thursday on top of the 280 announced earlier for the day, totaling 709 flights being grounded which is affecting about 54,000 passengers. The cancellation comes in addition to hundreds more since pilots began an open-ended strike on Friday because of the collapse of pay negotiations.