Taiwan's Foxconn shares drop more than 2% after quarterly profit miss






TAIPEI (Reuters) - Shares of Foxconn, the world’s largest contract manufacturer, dropped more than 2% on Wednesday after the company posted a lower-than-expected quarterly profit.

Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported a net profit of T$19.82 billion ($637.26 million) for the first three months of 2019, down 17.7% from the same period a year earlier.

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Xilinx forecasts fiscal 2020 revenue above Wall Street expectations






(Reuters) - Xilinx Inc, a chip supplier whose products are used in 5G networking gear, said at an investor conference on Tuesday that it expects between $3.45 billion and $3.6 billion in revenue for its fiscal year 2020.

With a midpoint of $3.52 billion, the forecast was slightly above the $3.49 billion that analysts were expecting, according to IBES data from Refinitiv.

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Samsung says new smartphone series off to strong start in India






MUMBAI (Reuters) - Samsung Electronics has sold 5 million units of its Galaxy A series smartphones, generating sales of over $1 billion since it began selling the devices in March, a senior company executive said on Tuesday.

The South Korean electronics giant is expecting the Galaxy A series of phones, priced between 5,290 rupees ($75.11) to 28,990 rupees ($411.59), to bring in sales of $4 billion this year.

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Fed's Barkin sees no strong case for a rate hike or cut






NEW YORK - Strong U.S. economic growth and subdued inflation mean there is no strong argument for a rate hike or cut right now, though business confidence is fragile, a Federal Reserve policymaker said on Wednesday.

“There’s not a strong case to push rates higher when inflation is under control; there’s not a strong case to move lower when growth remains healthy,” Richmond Fed President Thomas Barkin told the New York Association of Business Economists in Manhattan.

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WeWork starts $2.9 billion property platform with Canada's CDPQ






NEW YORK (Reuters) - The We Company, parent of workspace provider WeWork, said on Wednesday it has created a $2.9 billion real estate investment platform with funding from one of Canada’s largest pension funds, building on ties with private equity firm the Rhone Group.

The platform, called ARK, has gained $1 billion from Canada’s Ivanhoe Cambridge, the property arm of Caisse de dépôt et placement du Québec, the Montreal-based company said.

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Wall St. gains as trade optimism trumps dim economic data






NEW YORK (Reuters) - Wall Street turned positive on Wednesday following reports that U.S. President Donald Trump would hold off on imposing tariffs on imported cars and parts, easing slowdown fears after downbeat economic data.

Technology stocks led all three major U.S. indexes into the black, setting them up for a second day of gains, but S&P 500 remained about 3% below its all-time high reached just over two weeks ago.

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Euro boosted by reports auto tariffs will be delayed






NEW YORK (Reuters) - The euro retraced earlier losses against the U.S. dollar on Wednesday after administration officials said that U.S. President Donald Trump is expected to delay a decision on tariffs on imported cars and parts by up to six months.

A formal announcement is expected by Saturday, the due date for Trump to make a decision on recommendations by the Commerce Department to protect the U.S. auto industry from imports on national security grounds.

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Weak U.S. retail sales, industrial output highlight slowing economy






LONDON (Reuters) - Brexit-supporting rebels in British Prime Minister Theresa May’s Conservative Party said on Wednesday they would vote down her European Union divorce deal when she brings it back to parliament next month.

Britain had been due to leave the EU on March 29 but parliament has three times rejected the withdrawal agreement May struck with Brussels. The United Kingdom is now scheduled to leave, with or without a deal to smooth the exit, by Oct. 31.

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Rebels hope to kill off May's Brexit deal in 'last-chance' vote






LONDON (Reuters) - Brexit-supporting rebels in British Prime Minister Theresa May’s Conservative Party said on Wednesday they would vote down her European Union divorce deal when she brings it back to parliament next month.

Britain had been due to leave the EU on March 29 but parliament has three times rejected the withdrawal agreement May struck with Brussels. The United Kingdom is now scheduled to leave, with or without a deal to smooth the exit, by Oct. 31.

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