Philadelphia Federal Reserve Bank President Patrick Harker on Monday said he would be open to raising interest rates again at the U.S. central bank’s March meeting if growth in jobs and wages continues. “I still am supportive of three rate hikes this year, of course with a major caveat, depending on how the economy evolves and policy, fiscal policy, evolves,” Harker told reporters after a speech on the regulation of fintech firms.”
Power outages, flaring put Torrance refinery on hotseat for Wednesday AQMD hearing
Air quality regulators on Wednesday are scheduled to discuss an order requiring the owners of the Torrance Refinery to improve its electrical system after at least three power outages in the last year caused excessive flaring that sent thick black smoke belching across the city. The enforcement hearing hosted by the South Coast Air Quality Management District’s independent Hearing Board is set to begin at 9 a.m. in Diamond Bar.
Android flaw puts billions at risk
Almost one billion Android devices are affected by a serious security flaw which can give attackers access to all data and hardware, including the camera. The vulnerability, dubbed ‘Quadrooter’ was flagged by researchers from Check Point, an international cyber security company.
FireEye’s quarterly revenue marginally falls as demand slows
FireEye said Chief Financial Officer Mike Berry would leave the company to pursue another opportunity, and appointed Frank Verdecanna as his replacement. The company also said David DeWalt, who became chairman of the board when he stepped down as chief executive last year, has resigned.
Visa’s quarterly profit rises 6.6 percent
The company’s total payments volume rose 39 percent to $1.8 trillion on a constant dollar basis in the first quarter, far exceeding the 11 percent growth in the year-ago quarter. This is Visa’s first earnings report since new chief executive, Alfred Kelly, took over from Charles Scharf on Dec. 1. “Visa’s fiscal 2017 is off to a terrific start with a strong first quarter of revenue and earnings growth driven by accelerating growth in payments volume, cross-border commerce and processed transactions in virtually all regions around the world,” said Kelly.
UPDATE 1-Amazon forecasts lower operating income as costs rise
The world’s largest online retailer also reported lower-than-expected fourth-quarter revenue and missed Wall Street targets for its closely watched cloud computing unit, sending its shares down more than 4 percent in extended trading on Thursday. The Seattle-based company is spending heavily to take greater control of its delivery systems as well as expanding its video service around the world.
Snap makes $3 billion IPO details public
Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday as it prepared to raise up to $3 billion in an initial public offering. The Los Angeles-based company said it generated $404.5 million in sales in 2016, up from $58.7 million in 2015.