Category: Investment Services

Wall St Trims Gains as Jobs Data Paves Fed Path to Hike Rates

U.S. stocks were off session highs on Friday after a solid jobs report virtually sealed the deal for the Federal Reserve to raise interest rates next week, and potentially set the course for an aggressive tightening path this year. Data showed 235,000 jobs were added in the public and private sectors in February, far exceeding economists’ average estimate of 190,000.

Lukoil Offers Something Its Giant Rival Can’t: Rising Dividends

Investing in Russian oil has become a choice between cash or glory, and Lukoil PSJC looks like the richer side of the bet. Russia’s second-largest oil producer has watched as state-run rival Rosneft PJSC came to command the nation’s industry — first by winning control of Yukos’s best assets a decade ago, then the $54 billion acquisition of TNK-BP in 2013, and finally last year’s purchase of Bashneft PJSC.

Oil Inches Back From $50 Ledge as U.S. Supply Stymies OPEC Cuts

Oil halted losses after the biggest drop in more than a year as record U.S. crude stockpiles began to raise doubts about the effectiveness of OPEC-led efforts to ease a global glut. Futures gained as much as 0.9 percent in New York after losing 5.7 percent the previous three sessions and threatening to slip below $50 for the first time since December.

U.K.’s Osborne to Reap $790,000 From 48 Days’ Work for BlackRock

Former U.K. Chancellor of the Exchequer George Osborne expects to earn 650,000 pounds from 48 days of work for BlackRock Inc., according to parliamentary filings. The Conservative politician, still a backbench lawmaker, expects to earn 162,500 pounds each quarter for 12 days’ work as an economic adviser at the BlackRock Investment Institute in London, according to the Register of Members’ Financial Interests, which details the outside earnings of U.K. legislators.

Trump SEC Pick Made Millions Representing Banks and Hedge Funds

President Donald Trump’s pick to lead the Securities and Exchange Commission has earned $7.62 million since 2015 representing some of Wall Street’s biggest firms, including Goldman Sachs Group Inc. and Bill Ackman’s Pershing Square Capital Management, according to a federal disclosure form. Jay Clayton, the Sullivan & Cromwell partner tapped by Trump, outlined his clients — and his potential conflicts — in a filing to the U.S. Office of Government Ethics that he signed in January.

Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp

Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.

Earnings Preivew: Adidas Must Show it Can Run Even Faster to Justify its Valuation

Expecations for the German sports goods maker are high, and factored into its share price, ahead of its Wednesday results. Adidas AG will publish its fourth quarter and full year results Wednesday, with pressure on the sportswear giant and Nike rival to deliver a something akin to a personal best in order to maintain momentum that has propelled the stock 65% higher over the past year.

Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp

Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.

Deutsche Bank Bets on Ex-Goldman Partner in Strategy Reversal

Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend a day per week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.

Sprint is Trying to Sell Trump on a Comcast or T-Mobile Merger –

Sprint and Softbank boss Masayoshi Son met with the Trump administration last month to sell the administration on a megamerger between Sprint and either T-Mobile or Comcast, notes the New York Times . In presentations to the Trump camp, Softbank executives made the case that “because of a lack of advanced digital investments,” the competitiveness of the United States economy was at risk.

Aberdeen, Standard Life Combine in $13.5 billion Asset Management Tie-up

Aberdeen Asset Management and Standard Life have confirmed plans to create Europe’s second-biggest asset manager in a $13.5 billion all-share merger Aberdeen Asset Management and Standard Life have confirmed plans to create Europe’s second-biggest asset manager in a A 11 billion all-share merger The deal will see Aberdeen shareholders owing around 33% of the combined group, while Standard Life shareholders will received 66.7%. The merged group will remain in Scotland, the companies said, and will have around A 660 billion in assets under management, making it the second-largest in Europe behind Allianz SE .

Standard Life’s Aberdeen Bid Marks Push Against Passive `Bogey’

Standard Life Plc’s bid to take over Aberdeen Asset Management Plc is the latest defensive move by active asset managers grappling with fee pressure from cheaper passive funds that often outperform them. The merger of Scotland’s two biggest money managers follows France’s Amundi SA agreement to buy Pioneer Investments from Italy’s UniCredit SpA in December as companies seek extra scale to boost returns.

Standard Life Eyes Aberdeen to Create $811 Billion Manager

Standard Life Plc, Scotland’s largest insurer, is in talks to acquire Aberdeen Asset Management Plc, creating one of Europe’s biggest fund managers overseeing 660 billion pounds . Under the terms of the potential deal, Standard Life shareholders would own 66.7 percent of the combined group, according to a joint statement on Saturday.

Standard Life, Aberdeen Said to Hold Merger Talks, Sky Reports

Standard Life Plc and Aberdeen Asset Management Plc, two of the U.K.’s largest fund managers, have been holding talks about an 11 billion-pound merger that would create one of the world’s biggest asset managers, Sky News reported on its website, without saying how it obtained the information. The merged company would manage more than 600 billion pounds and employ more than 9,000 people, with a possible annual cost savings of 200 million pounds, Sky said.

Standard Life, Aberdeen Said to Hold Merger Talks, Sky Reports

Standard Life Plc and Aberdeen Asset Management Plc, two of the U.K.’s largest fund managers, have been holding talks about an 11 billion-pound merger that would create one of the world’s biggest asset managers, Sky News reported on its website, without saying how it obtained the information. The merged company would manage more than 600 billion pounds and employ more than 9,000 people, with a possible annual cost savings of 200 million pounds, Sky said.

Snap Jumps in Trading Debut After Year’s First U.S. Tech IPO

Snap Inc., maker of the disappearing photo app that relies upon the fickle favor of millennials, jumped in its trading debut after pricing its initial public offering above the marketed range. Shares opened at $24 and traded as high as $25.42 apiece Thursday, giving the company a market valuation of about $29 billion, based on the total number of shares outstanding after the offering in the deal prospectus.

Micron Stock Rising on Goldman Upgrade

Shares of Micron Technology are higher by 4.42% to $24.48 on Wednesday afternoon, after the chip-maker was upgraded to “buy” from “neutral” at Goldman Sachs . The firm upgraded the stock as it sees a “tactical opportunity” in the name, CNBC.com reports.

Exxon’s New CEO Drives Oil Giant Into Post-Tillerson Era

Woods replaced longtime Exxon chief Rex Tillerson, now the Secretary of State, beginning Jan. 1. Less than three weeks later, Exxon disclosed Tillerson’s final deal: a large acquisition of land in the fast-growing Permian Basin that will cost up to $6.6 billion. It was Exxon’s largest deal since it agreed to buy XTO Energy in 2009.

Group says Buffett’s firm opposes selling fossil fuel stocks

A group of environmentalists that wants Warren Buffett ‘s company to sell its investments with ties to fossil fuels says Berkshire Hathaway is opposing the measure. Nebraskans for Peace said Tuesday that Buffett’s company told the group it opposes the measure that Berkshire shareholders will vote on later this spring.

SoftBank Said to Be in Talks to Combine OneWeb With Intelsat

SoftBank Group Corp., the technology giant controlled by billionaire Masayoshi Son, is in talks to merge the satellite startup it’s backing, OneWeb Ltd., with satellite provider Intelsat SA, according to people familiar with the matter. A deal is conditioned on setting aside money to purchase Intelsat bonds from investors at a price higher than their trading prices last week, though that would still be below par value, said the people, who asked not to be identified discussing private information.

Fidelity Slashes Fees on Stock and ETF Trades

Fidelity Investments said on Tuesday it cut the price on trades for stocks and exchange-traded funds by 38 percent for retail brokerage clients. Boston-based Fidelity’s price reduction to $4.95 from the previous commission of $7.95 a trade, will likely put pressure on the rest of the U.S. brokerage industry.

SoftBank Said to Be in Talks to Merge OneWeb With Intelsat

SoftBank Group Corp., the technology giant controlled by billionaire Masayoshi Son, is in talks to merge the satellite startup it’s backing, OneWeb Ltd., with satellite provider Intelsat SA, according to people familiar with the matter. A deal is conditioned on setting aside money to purchase Intelsat bonds from investors at a price higher than their trading prices last week, though that would still be below par value, said the people, who asked not to be identified discussing private information.

Buffett Stings Hedge Funds Anew Over Their `Misbegotten’ Rewards

Warren Buffett’s sweeping endorsement of index investing is sure to sting the hedge-fund industry and encourage the stampede into assets that passively track the market. In his well-read annual letter to Berkshire Hathaway Inc. shareholders on Saturday, he estimated that investors wasted more than $100 billion on high-fee Wall Street money managers over the past 10 years.

Warren Buffett praises a talented and ambitious immigrantsa in shareholder letter

Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events It’s become an American tradition to parse billionaire Warren Buffett’s annual letters to his shareholders for nuggets of plain-spoken insight, wit and sometimes a dash of politics. In this year’s letter, the Berkshire Hathaway chairman brought up a familiar subject under Donald Trump’s presidency: immigrants.