Oil prices are set to recover next year as OPEC fulfills its agreement to cut output, halting the slump that battered the global oil industry, Saudi Arabia’s energy minister said. The kingdom sees no need for additional production cuts on top of the curbs pledged in recent weeks by OPEC and 11 other oil-producing countries, Khalid Al-Falih said at a ceremony to announce the annual budget in Riyadh.
Day: December 22, 2016
Italy Readies $21 Billion Bank Bailout as Paschi Plan Fails
Italy will plow as much as 20 billion euros into the country’s banks after Banca Monte dei Paschi di Siena SpA failed to secure its future by raising funds from investors. More lenders may seek lifelines soon.
Silver Lake Said to Join $1.2 Billion Round in Key Alibaba Arm
Alibaba Group Holding Ltd.’s on-demand services unit is close to securing $1.2 billion of funding for expansion after getting backing from first-time investors including Silver Lake Management and China’s sovereign wealth fund, people familiar with the matter said. The latest round for Koubei, which deals in local services such as food delivery, will surpass a $1 billion target with backing from China Investment Corp., according to the people, who asked not to be named because the matter is private.
A Goldman You’ve Never Heard of Is Pursuing a Hong Kong IPO
Goldman is planning an initial public offering in Hong Kong–but it’s not the Goldman you’ve heard of. Goldman Faith Holdings Ltd., a local engineering subcontractor which adopted its current name less than a month ago, lodged an application to list on the main board of the Hong Kong stock exchange, according to a Dec. 19 filing.
Futures Mixed Ahead of Holiday Weekend; Asia Opened Lower
Futures for U.S. markets were mixed going into the final trading day of the week as investors wonder if the Trump rally is overdone and what’s going to be under the Christmas tree. The Dow Jones Industrials were up 0.02% and the S&P 500 0.04% while Nasdaq pared 0.05% at 10:05 p.m. EST.
Paschi Drops Private Fundraising, Paving Way for State Aid
Banca Monte dei Paschi di Siena SpA, the world’s oldest lender, abandoned plans to raise 5 billion euros from the market, making a state rescue likely. Monte Paschi failed to lure sufficient demand from investors in a share sale that ended Thursday, the Siena-based bank said in a statement after the market closed.
5 China says it will cooperate with Trump but warns on Taiwan
China has warned that ties with the U.S. will likely see new complications and the only way to maintain a stable relationship is by respecting each other’s “core interests.” Foreign Minister Wang Yi’s remarks Thursday appeared to underscore that China’s position on Taiwan is non-negotiable, weeks after President-elect Donald Trump suggested he could re-evaluate U.S. policy on Taiwan.
Deutsche Bank agrees $7.2bn penalty with US regulators
Germany’s Deutsche Bank says it has agreed a $7.2bn settlement with US authorities over an investigation into mortgage-backed securities. The sum, which needs final approval, is far lower than the $14bn the US had asked the bank to pay in September.
Marvin Gaye Family Defends ‘Blurred Lines’ Trial Outcome to Appeals Court
But in a brief filed Thursday, the family’s attorney Richard Busch also argues the trial judge made one crucial error that may rob pre-1978 songwriters. The family of Marvin Gaye doesn’t believe that Robin Thicke and Pharrell Williams should get a do-over of the “Blurred Lines” trial.
Uber Ships Self-Driving Cars to Arizona After California Ban
A few days of regulatory tussles were enough for Uber Technologies Inc. to pull its fleet of self-driving cars from the streets of San Francisco and send them instead to friendlier territory in Arizona. The California Department of Motor Vehicles banned Uber’s self-driving cars from San Francisco on Wednesday, just days after they first deployed.
Trump Summons Contractors to Mar-a-Lago Over Spending
The two largest U.S. defense contractors said Wednesday they would seek to control their costs after President-elect Donald Trump summoned them and a bevy of top Pentagon officials to his Mar-a-Lago resort in Florida to discuss military spending. “We’re trying to get costs down, costs,” Trump told reporters in brief remarks outside the resort after the officers departed.
Valley homes sales set to end 2016 on sluggish note
The San Fernando Valley’s residential real estate market is limping toward the end of a sluggish year, with sales likely totaling less than in 2015, the Southland Regional Association of Realtors said this week. Last month Realtors logged 457 sales of previously owned houses, one fewer than in November of last year, the Van Nuys-based trade group said.
Carl Icahn to Champion Decreased Regulation as Trump Adviser
Billionaire investor Carl Icahn said he will be “rallying against overregulation” in his role as a special adviser to President-elect Donald Trump. The corporate raider-turned activist shareholder said Thursday on CNBC that he’ll continue giving Trump advice on regulatory appointments and overhauls.
SAPVoice: Why We Need Solid Goals to Solve Gender Inequality in the Workplace
Women are reaching near parity with men in terms of the number of people in the workforce, but the question of gender bias may be getting lost in the shuffle. Women make up more than half of the total population, yet they have lost ground in 48 out of 50 of the highest-paying jobs in the United States.
Despite Record Ticket Prices, NFL Pro Bowl Remains Cheapest Major All Star Game
Ticket prices for the 2017 Pro Bowl have reached new heights on the resale market, although the game doesn’t draw nearly the same interest as other all star games. The Pro Bowl will make its latest adventure outside Hawaii next month when it heads to Camping World Stadium in Orlando.
Mortgage rates’ rise continues, reaching highs not seen in more than two years
House hunters might need to start adjusting their expectations as the days of ultra-low mortgage rates could finally be winding down. With homeownership hovering around a 50-year low, the American dream of owning a home seems like an unattainable goal to some, as prices are rising, supply is dwindling and mortgage rates have climbed to heights not seen in more than two years.
Nobody Traded When JPMorgan Put Chicago School Debt Up for Sale
JPMorgan Chase & Co. offered a crucial lifeline to the ailing Chicago Public Schools by purchasing almost $1 billion of short-term notes from the junk-rated system in the last four months.
Barclays Said to Stop Selling Complex CDs to U.S. Retail Clients
Barclays Plc has stopped selling highly engineered certificates of deposit that looked attractive to U.S. savers but often resulted in customers earning zero interest, according to people with knowledge of the matter. As part of that exit, Todd Dilatush, who focused on selling structured notes and market-linked CDs to U.S. retail investors, has left the bank.
Why Red Hat, Winnebago Industries, and Clean Energy Fuels Slumped Today
The stock market slipped slightly on Thursday, once again failing to give investors the Dow 20,000 victory that they had hoped to see. Major market benchmarks were down as much as half a percent as investors appeared reluctant to push the market any further upward after a huge rally that has taken the Dow up more than 2,000 points since early November.
Why Clean Energy Fuels Corp’s Shares Fell 10% Today
Shares plunged throughout the day, with the stock closing only $0.01 over the lowest price of the day. On Wednesday, Dec. 21, management disclosed that it increased an equity distribution agreement from $110 million to $200 million.
U.S. Stocks Close Lower After Mixed Economic Data
U.S. stocks closed lower Thursday as third-quarter economic growth was revised upwards but durable goods orders declined. The Dow Jones Industrial Average closed down 23.08 points, or 0.1%, at 19,918.88, led lower by a 2.3% decline in Wal-Mart Stores Inc. shares.
Trump Tweet Sends Lockheed Shares Down, Boeing Shares Rising
Shares of Lockheed Martin Corp. declined in the extended session Thursday while shares of Boeing Co. advanced following a tweet by President-elect Donald Trump about cost overruns for Lockheed’s F-35 fighter.
Small-Cap Value ETFs Leading in Trump Rally
U.S. equities have been hitting new record highs, with small-cap value stocks and related exchange traded funds leading the broad market rally, after Donald Trump won the presidential elections and bolstered the economic outlook.
Prestige Brands To Buy Enema Maker Fleet For $825 Million
Prestige Brands Holdings Inc. said late Thursday it plans to buy privately-held C.B. Fleet Co. for $825 million.
E*TRADE vs. Charles Schwab: A Brokerage Account Comparison for Long-Term Investors
Sometimes, it seems as if there are as many brokers as there are investments you can buy with a brokerage account. But rather than be dazed by the differences between them, we think that keeping a focus on a few of the differences can help you see how a broker can work for your portfolio.
Dipexium Shares Surge On Announced Merger With PLx Pharma
Shares of Dipexium Pharmaceuticals Inc. surged in the extended session Thursday after the microcap drug maker said it will merge with privately-held PLx Pharma Inc. Dipexium shares rallied 66% to $2.65 after hours. Dipexium said it will issue about 36 million new shares of its stock to PLx shareholders, who will own just under 77% of outstanding shares while current Dipexium shareholders will own a little over 23%.
Delta Air Lines, Inc. and Aeromexico Join Forces
This will enable them to coordinate their efforts in the transborder market. Delta and Aeromexico are going ahead with the joint venture even though U.S. regulators are forcing them to divest up to 28 airport slot pairs in New York and Mexico City.
Cintas Shares Decline After Release Of Quarterly Earnings
Cintas Corp. shares fell in the extended session Thursday after the uniform and office maintenance supply company’s quarterly earnings report. Cintas shares fell 3% to $116.50 after hours.
Cintas Falls Despite Predicting Record Sales, Double-Digit EPS Gains
Cintas specializes in uniform rental services, along with a host of ancillary niches such as first aid and safety products. Coming into Thursday’s fiscal second-quarter financial report, Cintas investors were optimistic that the company could produce ongoing growth in its top and bottom line.
Apple’s New MacBook Pro Has Battery Problems, Consumer Reports Says
Consumer Reports does not recommend buying the new MacBook Pro from Apple Inc. , a first for the magazine in regards to the tech giant’s popular laptop computers, and said issues it found with the devices’ battery life was the reason. In a review published Thursday , Consumer Reports said it purchased three models of MacBook Pro laptops and found “battery life results were highly inconsistent from one trial to the next.”
Amazon’s Fulfillment Costs Are Taking More of the Pie
To that end, the company has built out a massive distribution infrastructure and has recently been building a delivery network to cut the power UPS While the story of scale as an advantage sounds good, the reality has been very different for Amazon. Over the past five years, the cost to fulfill each order has risen and shows no sign of stopping.
10 Popular Bank Stocks Ranked by Stock Price
When it comes to bank stocks it’s important to distinguish between price and value. Image source: iStock/Thinkstock.
UPDATE 1-Mobile phone company to pay $30 million in U.S. fraud case
A KDDI Corp mobile phone unit has agreed to pay $30 million to resolve U.S. government claims that it defrauded a low-income subsidy program by seeking reimbursement for ineligible consumers, prosecutors said on Thursday. Total Call Mobile LLC agreed to no longer participate in the Lifeline subsidy program or reimburse tens of thousands of ineligible consumers who had enrolled, Manhattan U.S. Attorney Preet Bharara said in a statement.
Finish Line’s Apparel Trouble Is Not an Easy Fix, Analysts Say
Finish Line declined for the second straight day after reporting a net loss that was wider than analysts were expecting. Finish Line was downgraded by analysts at Canaccord Genuity, Wedbush and Piper Jaffray as the stock fell 14% over the past two sessions, after the sneaker and apparel retailer reported that weak accessory and apparel sales caused the company to miss Wall Street’s third quarter forecast.
Hedge fund manager rises to prominence as economic advisor to Trump
Anthony Scaramucci, a member of President-elect Donald Trump’s transition team executive committee, and founder and co-managing partner of investment firm SkyBridge Capital, talks with media at Trump Tower in New York, N.Y. in November. NEW YORK-For weeks now, Anthony Scaramucci has been seemingly all over the airwaves, talking to the likes of CNBC, Fox and NPR about the virtues of a Donald Trump presidency.
Batteries Blamed For House Fire
As per Federal Communications Commission Regulations following is certified: Platte River Radio Inc. does not discriminate in the sale of commercial time, and will not accept advertising which, in its sole opinion, is purchased with intent to discriminate unlawfully on the basis of race, gender, or ethnicity. The advertiser hereby certifies that its purchase of commercial time is not made for an unlawful discriminatory purpose, including specifically that it is not based upon a decision to place advertising on a station on the basis of race, gender, or ethnicity.
Nutcracker, Food Drive Highlight Hastings Museum Holiday Activities
As per Federal Communications Commission Regulations following is certified: Platte River Radio Inc. does not discriminate in the sale of commercial time, and will not accept advertising which, in its sole opinion, is purchased with intent to discriminate unlawfully on the basis of race, gender, or ethnicity. The advertiser hereby certifies that its purchase of commercial time is not made for an unlawful discriminatory purpose, including specifically that it is not based upon a decision to place advertising on a station on the basis of race, gender, or ethnicity.
Tesla Raises U.K. Prices After Brexit Vote
One of the world’s most devoted gearhead clubs is about to get a little pricier in the U.K. as a result of the country’s vote to leave the European Union. Tesla Motors will increase prices in the U.K. by 5% in 2017, a move attributed to the falling pound and described as “due to currency fluctuations,” a company spokeswoman said.
J&J’s Decision to Walk Away Set Stage for Renewed Actelion Talks
Johnson & Johnson’s willingness to walk away from talks to acquire Swiss biotechnology company Actelion Ltd. for about $28 billion is the very thing that got the two sides back to the negotiating table. This week, amid rising pressure from shareholders, Actelion surprised investors and re-entered negotiations with J&J, which signaled a willingness to raise its offer if granted exclusivity, said people familiar with the matter.
LaGuardia’s Redesign Will Lift You Above Ceilings That Don’t Leak
Congestion is the biggest reason why LaGuardia Airport in New York is regularly rated the worst in America: Neither planes nor people move in an efficient manner through a facility designed for far, far less traffic. When it’s completed in summer of 2022, a gleaming new LaGuardia will be a modern space featuring a collection of aeries and ample natural light, where passengers walk above moving airplanes as they head to their gates.