Manhattan prosecutors who are seeking President Donald Trump's tax returns as part of a criminal probe into the Trump Organization have subpoenaed Deutsche Bank AG undefined , Trump's longtime lender, the New York Times reported Wednesday. That could indicate a wider investigation into Trump's business practices. Last year, the Manhattan district attorney's office subpoenaed Trump's bank records dating back to the 1990s, the Times reported, adding that the bank had complied with the subpoena. Deutsche Bank has lent Trump and his company about $2 billion over the past two decades, the Times said. Earlier this week, the Manhattan D.A.'s office disclosed it was investigating "extensive and protracted criminal conduct at the Trump Organization."
LONDON--The Bank of England held its benchmark interest rate steady and said the U.K. economy will take until the end of next year to make up the ground lost during the coronavirus pandemic. The BOE said in a statement that its Monetary Policy Committee agreed unanimously to hold the central bank's benchmark interest rate at 0.1% and the target for its asset-buying program at 745 billion pounds ($977 billion).
Toyota Motor Corp. said Thursday that its first-quarter net profit slumped 74%, as the coronavirus pandemic hit sales around the world. The Japanese auto maker said it booked net profit of 158.84 billion yen ($1.50 billion) for the quarter ended June, compared with net profit of Y619.13 billion a year earlier.
European stocks undefined opened lower on Thursday, amid a pessimistic outlook from the Bank of England. The U.K. central bank, which held interest rates at 0.1%, said the U.K. economy will take until the end of next year to make up the ground lost during the coronavirus pandemic. Siemens undefined shares rose over 3% after the conglomerate's industrial business reported a better-than-forecast profit, while ITV undefined shares fell after halting its dividend as its profit tumbled. Futures on the Dow Jones Industrial Average undefined rose 77 points.
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Roku users streamed 14.6 billon hours of content in the second quarter, helping the streaming-media company post better-than-expected revenue despite weakness in the television advertising market.
Shares of Johnson & Johnson undefined gained 0.8% in premarket trading on Wednesday after the company said it will receive more than $1 billion from the U.S. government to manufacture 100 million doses of its investigational COVID-19 vaccine. The vaccine will be provided at a "global not-for-profit basis for emergency pandemic use," J&J said. The company's vaccine candidate recently entered the Phase 1/2a clinical trial, which is taking place in Belgium and the U.S. J&J's stock is up 0.9% year-to-date, while the S&P 500 undefined has gained 2.3%.
Danish pharmaceutical company Novo Nordisk A/S on Thursday posted forecast-beating second-quarter net profit as lower costs helped offset fewer new patients and destocking. In the first quarter, patients in the U.S. and Europe in particular stockpiled around 2 billion Danish kroner ($318.5 million) of medicines amid the coronavirus pandemic but these patients destocked during the second quarter.
Fastly Inc. undefined shares dropped in the extended session Wednesday after the cloud-based online content services company identified video-sharing platform TiKTok as its largest customer following an earnings beat. Fastly shares fell 14% after hours, following a 6.3% decline in the regular session to close at $108.92 for a 443% year-to-date gain. In an interview with Barron's, Fastly Chief Executive Joshua Bixby said that TikTok was the company's single largest customer, accounting for 12% of revenue this past quarter. President Donald Trump has cited TiKTok as a national-security risk because of ownership by Chinese parent company ByteDance and has suggested the Treasury should get a cut of the purchase price should Microsoft Corp.undefined acquire it. The company reported a second-quarter loss of $14.5 million, or 14 cents a share, compared with a loss of $15.6 million, or 25 cents a share, in the year-ago period. Adjusted earnings were 2 cents a share. Revenue rose to $74.7 million from $46.2 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of a penny a share on revenue of $71.4 million. Fastly expects an adjusted loss of a penny a share to net income of a penny a share on revenue of $73.5 million to $75.5 million in the third quarter. Analysts had forecast a loss of 4 cents a share on revenue of $72 million.
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Quentin Fottrell answers your questions about inheritance, tipping, weddings, re-gifting, or any tricky money issues relating to family and friends. Have a question? Send it to the Moneyist.
Private sector hiring slowed down sharply in July as employers added 167,000 jobs, ADP reported Wednesday.
Facebook Inc. plans to lease the Farley Building, a centerpiece of a large New York City project in the works from Vornado Realty Trust , the comp...
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