Good morning! Here’s what you need to know.
US stocks fell, the Fed held. The S&P 500 fell 1.3% after the US Federal Reserve struck a note of caution while holding its benchmark interest rates between 0.25% and 0.5%.
Facebook revenue soared. Facebook reported a 51.7% jump in revenue for the final quarter of 2015 as new advertising formats and an improved mobile app drove a sharp rise in ad sales.
The British Prime Minister is under fire for a tax deal with Google. David Cameron came under increasing pressure on Wednesday over a back tax deal agreed by Internet group Google that was hailed by his finance minister as a major success but dismissed as “derisory” by the opposition Labour Party.
The US is trying to cut down on Russian-made arms. The Pentagon views public-private partnerships as the best way to end US reliance on Russian rocket engines, and plans to award contracts for such arrangements in fiscal 2017, Deputy Defence Secretary Robert Work said in a letter obtained by Reuters.
Volkswagen is recalling vans. Volkswagen is recalling 67,000 Caddy light commercial vans globally because faulty bolting of the main power supply unit could switch on the ignition, a spokesman said.
The Iranian President’s European tour continues in France. President Hassan Rouhani arrives in France on Wednesday with the bosses of oil major Total and aircraft maker Airbus among top executives he is due to meet as the two countries look to revive business ties despite diplomatic differences.
The world’s most influential oil cartel is under pressure to fix the over-supply. OPEC is renewing efforts among members and producers from outside the group for a deal to fix an oil glut and boost prices, but it is too early to say whether the attempt will work, sources told Reuters.
Shell’s bumper deal with BG is going ahead. Shareholders of Royal Dutch Shell approved the company’s $49 billion takeover of BG Group on Wednesday, clearing one of the final hurdles for a deal that will create the world’s biggest liquefied-natural-gas trader.
The European Union wants more power over emissions testing. The EU sought sweeping powers over national car regulations, aiming to prevent a repeat of Volkswagen’s emissions test cheating scandal and sparking a tough debate as governments and industry resist change.
Boeing’s profits are falling. Boeing reported a 30% fall in quarterly profit, hurt by an after-tax charge related to its 747-8 jumbo jet production cut. The world’s largest jetliner maker earned $1.03 billion, down from $1.47 billion a year earlier.