Cyrus Mistry, the ousted chairman of Tata Sons Ltd., wants an Indian court to restrain the family scion from attending board meetings, according to a filing made by the executive against his abrupt dismissal from the post. Mistry also asked the National Company Law Tribunal to appoint an administrator to manage Tata Sons, according to the filing seen by Bloomberg.
Day: December 21, 2016
Merkel Said to Close Off Banks-for-Cars Brexit Deal Before Talks
Chancellor Angela Merkel is seeking to stiffen German resolve on Brexit, singling out the car industry as vulnerable to any British attempt to strike market-access deals ahead of the U.K.’s exit from the European Union. In a closed-door meeting with German lawmakers, Merkel said some industries might press for such accords with the U.K. government and that political leaders should oppose them, according to two people who attended.
Spanish Banks Lose EU Case Over Mortgage Interest Repayments
Spanish banks, including Banco Popular Espanol SA and Banco Bilbao Vizcaya Argentaria SA, may have to give back billions of euros to mortgage customers after a final ruling by the European Union’s top court. Bank shares tumbled by as much as 10 percent.
Top Bond Manager Woolnough Rebounds With Bullish Call on Economy
Woolnough, whose 15.5 billion pound M&G Optimal Income Fund has beaten 83 percent of peers over the past five years, says low interest rates are working, economies are recovering, and investors have gotten too worked up about macroeconomic risks. He’s so bullish, he started buying equities for the first time in two years, saying they’re more attractive than bonds.
Net Neutrality Rule to Get Scrutiny From FCC Republicans ‘Soon’
Republicans poised to control the Federal Communications Commission next month said they’d revisit the net neutrality regulation “as soon as possible,” laying out plans to address a rule they’ve opposed and that Democrats support. The statement Monday from Commissioners Ajit Pai and Michael O’Rielly indicates that opponents of the rule such as top broadband providers AT&T Inc. and Comcast Corp. may not need to wait for Congress to grapple with the regulation that requires equal treatment of web traffic.
These Are The Robots Who Are Fulfilling Your Christmas Orders
Partly in response to an improving labor market that’s made seasonal warehouse worker shortages a staple of year-end news coverage for the past several years, more logistics operations are turning to robots to make operations more efficient. “What we find a lot of our customers are experiencing challenges in, especially as you think about what happens to an operation as you enter into the holiday season, is quite simply there’s not enough people to do the work that’s required,” says Matt Rendall, cofounder and CEO of Clearpath Robotics .
Charts Show Micron’s Got Momentum
The Philadelphia Semiconductor Index, also known as the SOX, has been one of the best performing industries year to date with a gain of 38.4%. Micron Tech.
Intel, Home Depot, UPS, Dollar General Want to Pay You More
Here’s a look at four stocks that are ready to give investors a raise at the start of 2017. We’re coming up on the final stretch of 2016, which means that a slew of companies are gearing up to give investors a fatter paycheck in the weeks ahead.
Jim Cramer’s Top Takeaways: Analog Devices, Plus Merger Candidates and Trump Stocks
Analog Devices : Cramer spoke with David Zinsner, CFO of Analog Devices about the Internet of Things market. Zinsner said, “The Internet of Things is really about taking information from the real world, bringing it up to the cloud, analyzing it, and making decisions based on it.”
What to Watch: Expect More Boards to Add Activist-Backed Directors in 2017
Look for few large-cap acquisition targets, many small capitalization fights and a lot of insurgent-driven M&A in 2017. In October, the large and influential money manager State Street Global Advisors issued a warning to companies and activists for 2017: Consider very carefully the interests of long-term investors when entering settlements with insurgent funds.
What Does Mom Have to Say About Dow 20K?
How do you feel about the circus that has come to surround this move on the Dow to 20,000? Because it really is like a circus, pure entertainment filled with animal spirits ! I am somewhat surprised that my mother hasn’t asked about it, but I suspect until it headlines the evening news it won’t be on her radar. Keep in mind that my mother makes such a great contrary indicator because she simply repeats what the “guy on the radio” says.
The Worst CEOs of 2016
Every year, Santa and I get together at his place , break out the nog and hash out a list of the naughtiest chief executives. They still get their outsized pay packages, but the fat man can’t resist filling their Christmas stockings with enormous lumps of coal.
Japan Display Secures New Lifeline From Government-Backed Fund
Japan Display Inc., which has struggled to deliver consistent profits since it was formed by a government-backed fund four years ago, is going back for more money. The Japanese maker of smartphone screens agreed to a 75 billion yen injection of cash from Innovation Network Corp. of Japan, which is already its largest shareholder.
Oil Extends Gains as Industry Report Shows U.S. Stockpile Drop
February futures rose as much as 0.9 percent in New York after climbing 0.5 percent on Tuesday. Crude inventories dropped by 4.15 million barrels, the American Petroleum Institute was said to report.
VW Agrees to $1 Billion Settlement in Cheating-Scandal Recovery
Volkswagen AG took an important step in digging out from its emissions-cheating scandal by reaching a $1 billion agreement to settle lawsuits over tainted 3.0-liter diesel engines. The preliminary accord calls for the German automaker to fix or buy back 83,000 Audi, VW and Porsche vehicles equipped with a so-called defeat device.
How Apple Alienated Mac Loyalists
Mac upgrades, once a frequent ritual, are few and far between. The Mac Pro, Apple’s marquee computer, hasn’t been refreshed since 2013.
Yacht fire among late tax return excuses
Excuses from individuals who failed to submit their tax return this year included a claim that the paperwork was engulfed in a yacht fire. Other claims rejected by HM Revenue and Customs included a wasp causing an accident and a child scribbling on the forms.
Net Neutrality Or Level Playing Field
It was announced on December 15, 2016 that the current Chairman of the Federal Communications Commission , Thomas Wheeler, would be stepping down as of January 20, 2017. It was announced on December 15, 2016 that the current Chairman of the Federal Communications Commission , Thomas Wheeler, would be stepping down as of January 20, 2017.
World’s Biggest Wealth Fund Bans 15 More Coal-Reliant Companies
Norway’s $870 billion sovereign wealth fund expanded the list of miners and power producers excluded from its portfolio as it continues to cull its investments of coal-related businesses. After an initial exclusion of 44 companies, 15 more have now been banned, including U.S.-based Alliant Energy Corp. and Westar Energy Inc., Malaysia’s Tenaga Nasional Bhd and Canada’s Emera Inc., according to a statement from Norges Bank Investment Management.