Tag Archives: London

Things You Must Know Before the Market Opens

Things You Must Know Before the Market Opens

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Here are five things you must know for Monday, Sept. 19:

1. — U.S. stock futures were pointing to a higher start for Wall Street on Monday asoil prices rallied after Venezuelan President Nicolas Maduro said a deal between OPEC and non-OPEC countries to curb output was close.

Maduro said officials held a long meeting with Iranian President Hassan Rouhani, who over the weekend was quoted as saying he supports any move to stabilize the oil market.

West Texas intermediate crude oil rose 1.6% to $43.72 a barrel in early trading Monday.

European stocks gained Monday following Asian markets higher.

The economic calendar in the U.S. Monday includes the NAHB Housing Market Index for September at 10 a.m. EDT, and Tuesday begins a two-day meeting of theFederal Reserve, where the central bank is forecast to keep interest rates steady.

2. — Canada’s autoworkers’ union Unifor and General Motors (GM) made little progress resolving the key issue of new investment in contract talks late on Sunday, the union’s president told Reuters.

The strike deadline is 11:59 p.m. on Monday.

The automaker and the union representing its Canadian manufacturing workers have been divided over union demands that GM commit to building new vehicle models at its Oshawa, Ontario, plant, Reuters reported.

3. — Indonesia plans to pursue Alphabet’s (GOOGL) Google for five years of back taxes, and Google could face a bill of more than $400 million for 2015 alone if it is found to have avoided tax payments, a senior tax official told Reuters.

The tax office believes that PT Google Indonesia paid less than 0.1% of the total income and value-added taxes it owed last year, Reuters reported.

Most of the revenue generated in the country is booked at Google’s Asia Pacific headquarters in Singapore. Google Asia Pacific declined to be audited in June, prompting the tax office to escalate the case into a criminal one, Muhammad Hanif, head of the tax office’s special cases branch, told Reuters.

4. — French drugs giant Sanofi (SNY) filed a lawsuit against Merck’s (MRK) international unit alleging infringement of 10 patents.

In the filing in the U.S. district court of Delaware, Sanofi said the suit was triggered by a notification received from Merck in early August, in which Merck stated that it had filed a New Drug Application with the Food and Drug Administration for an insulin glargine drug product.

5. — Microsoft (MSFT) plans to shut down the London office of Skype, potentially cutting up to 400 jobs, the Financial Times reported.

Microsoft said it has “made the decision to unify some engineering positions, potentially putting at risk a number of globally focused Skype and Yammer roles,” and will be entering into a consultation process to help those affected by the job cuts.

Skype was originally founded in London in 2003 and was acquired by Microsoft in 2011 for $8.5 billion.

Former employees said the move was’t surprising given that several Skype executives have been quietly departing over the past three years. “I know it’s natural to integrate, but Skype is a shell of the company it once was,” said a former employee, who wished to remain unnamed, the Financial Times reported.