Day: January 2, 2017

Don’t Expect @realDonaldTrump to Tweet Foxconn Plan: Gadfly

Here’s a challenge to President-elect Donald Trump’s plan to be bring jobs back to America before his inauguration Jan. 20. In an announcement made just before the new year, Foxconn’s flagship Hon Hai Precision Industry Co. said it will spend $8.8 billion to build a massive display-panel factory for its joint venture with Sharp Corp. Crucially, the location chosen by Foxconn Chairman Terry Gou is China, not the U.S. The obvious setback is that this is 8.8 billion greenbacks that won’t be pumped into Trump’s America.

China Drills Down Into Forex Transactions as Money Exits Abroad

At risk of capital flight, China marked the new year with extra requirements for citizens converting yuan into foreign currencies. The State Administration of Foreign Exchange, the currency regulator, said in a statement Dec. 31 that it wanted to close loopholes exploited for purposes such as money laundering and illegally channeling money into overseas property.

South Korea Halts Some Nissan, BMW Sales in Emissions Probe

South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investigation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won , which apply to 4,523 vehicles, and the certifications given for these models have been withdrawn, the Ministry of Environment said in a statement Monday.

Singapore’s Economy Expands More Than Economists Estimated

Singapore’s economic growth quickened to the fastest pace in more than three years last quarter as manufacturing and services rebounded. Gross domestic product rose an annualized 9.1 percent in the three months to December from the previous quarter, when it declined a revised 1.9 percent, the trade ministry said in a statement on Tuesday GDP rose 1.8 percent in the fourth quarter from a year earlier, compared with the 0.3 percent median estimate in a Bloomberg survey Singapore, among Asia’s most-export dependent nations, is seeking new growth engines to boost incomes as its population ages and trade falters.

Korea Halts Some Nissan, BMW Models’ Sales in Emissions Probe

South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investigation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won , which apply to 4,523 vehicles, and the certifications given for these models have been withdrawn, the Ministry of Environment said in a statement Monday.

Kitty litter helps Wyoming bentonite past drilling slump

The market for a peculiar type of clay is looking up thanks to improved prospects for oil and gas drilling and to cat owners who use the stuff to soak up their pets’ business. Over 90 percent of all bentonite mined in the U.S. and almost half worldwide comes from beds of ancient volcanic ash in Wyoming.

Gulf Energy Companies Reduce Borrowing 26% as Oil Prices Surge

Energy companies in the Middle East reduced their borrowing by 26 percent in 2016 as an increase in oil prices late in the year provided revenue needed for exploration and production. Bonds and loans issued by energy producers in the six-nation Gulf Cooperation Council declined 26 percent to $17.5 billion from a record $23.7 billion in 2015, data compiled by Bloomberg show.

Twitter China head Kathy Chen leaves company

Twitter Inc executive Kathy Chen, who courted potential Chinese advertisers for the social media platform, announced her departure from the company in a tweet on Saturday. “Now that the Twitter APAC team is working directly with Chinese advertisers, this is the right time for me to leave the company,” she wrote.

Paschi Said Failing to Lure Investors as State Readies Aid

Banca Monte dei Paschi di Siena SpA will probably fail in its effort to raise 5 billion euros of funds from money managers and individuals as potential anchor investors balk and few bondholders agree to swap their notes into stock, said people with knowledge of the matter. Qatar’s sovereign-wealth fund, which had considered an investment, hasn’t yet committed to buying shares, while a second debt-for-equity swap has raised about 500 million euros through Tuesday, a day before it expires, said the people, who asked not to be identified because the matter is private.

Jain Joins Cantor as President in Post-Deutsche Bank Restart

Anshu Jain, the former Deutsche Bank AG co-chief executive officer, is joining Cantor Fitzgerald LP as president, restarting his career at a much smaller firm after leaving Germany’s largest bank amid mounting legal and regulatory problems. Jain, 53, will help the closely held company expand in areas including fixed-income and equities trading as well as prime brokerage, Cantor Chairman and CEO Howard W. Lutnick said Monday in a phone interview.

A New York Times editorial: Sprint and Trump’s fictional jobs

President-elect Donald Trump would like everybody to believe that his election is energizing the economy by forcing businesses to create thousands of jobs in the United States. And companies like Sprint seem perfectly happy to go along with this fiction because they know they can profit handsomely by cozying up to Trump.

Free money for all: Why Finland has officially launched its basic income pilot project

Finland has become the first country in Europe to pay its unemployed citizens a basic monthly income, amounting to 560 euros , in a unique social experiment which is hoped to cut government red tape, reduce poverty and boost employment. Olli Kangas from the Finnish government agency KELA, which is responsible for the country’s social benefits, said Monday that the two-year trial with the 2,000 randomly picked citizens who receive unemployment benefits kicked off Jan. 1. Those chosen will receive 560 euros every month, with no reporting requirements on how they spend it.

Protection sought for New Mexico park’s geothermal deposits

Underground pockets of boiling water and steam in a northern New Mexico national preserve that represent the heart of an ancient collapsed volcano could get extra federal protection under a new effort by the National Park Service aimed at limiting or preventing tapping the geothermal energy from neighboring land. Federal officials said last week that the Valles Caldera National Preserve would become the 17th U.S. park unit with designated thermal features if approved.

How Under Armour Could Sprint Past Its Footwear Sales Goals

These shoes follow an array of new shoes announced in 2016 across multiple categories, all of which are helping Under Armour to gain more footing in this market. With new styles making headway into new markets, Under Armour’s expanding footwear opportunity could blow right past the sales forecasts management set last year.

Best Cable Stocks of 2016

Cord-cutting grew worse in 2016 as an estimated more than 750,000 customers left pay-TV for other options over the last four quarters.Few operators bucked the trend this year, but there were still a handful of standout performers in the industry. Here are three of the best cable stocks from 2016.

My 10 Investing Dictums

This commentary originally appeared on Real Money Pro on Dec. 30. Click here to learn about this dynamic market information service for active traders. As the calendar moves us into year’s end, the financial media publish more than their fair share of prognosticators who guess on the prospects of the coming year.

Ex-Deutsche Bank’s Jain to Join Cantor Fitzgerald as President

Anshu Jain, the former Deutsche Bank AG co-chief executive officer, is joining Cantor Fitzgerald LP as president, restarting his career at a much smaller firm after leaving Germany’s largest bank amid mounting legal and regulatory problems. Jain will help with the privately held firm’s expansion, according to a statement from the New York-based firm Monday.

New York Times: Corporations Help Themselves by Playing Along With Trump

American companies are playing along with President-elect Donald Trump’s claims that he is forcing businesses to create jobs in the U.S. in order to benefit themselves, The New York Times editorial board claims . In a Monday editorial, the board wrote, “President-elect Trump would like everybody to believe that his election is energizing the economy by forcing businesses to create thousands of jobs in the United States.

Automation Trepidation

Decades from now, when historians look back on 2016, they’ll of course take note of the momentous votes on both sides of the Atlantic. But if they’re interested in symbolism, they might find that an even more profound turning point occurred over the English countryside in early December, when a little flying robot buzzed  though the air, alighted on a lawn and gently deposited a package for a happy customer.

Bank Hapoalim Credit Card Unit Said Valued at Near $1 Billion

Bank Hapoalim Ltd.’s credit-card unit may be valued at about $1 billion as the lender prepares to divest the business to comply with new Israeli regulations, according to people with knowledge of the matter. The Tel Aviv-based bank and smaller rival Leumi Le-Israel Ltd are both meeting with investment banks about the sale of their credit card units, the people said, asking not to be identified as the talks are private.

Trade Errors: How to Handle Them, Policies & Procedures

By Christopher Winn via Iris.xyz In developing policies and procedures for a registered investment advisor a topic that should be addressed is trade errors. To uphold the fiduciary duty owed to clients of your RIA, your policies and procedures should cover how you handle errors that may occur when trading in a client’s account.

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Tens of millions of Americans have to file federal tax returns, and many of them expect to get refunds from the IRS. Yet in all but a small handful of states, taxpayers also have to file returns with state tax authorities.

Germany’s Offbeat New Year’s TV Tradition Is a Ratings Hit

More than 17 million viewers tuned in to watch versions of ‘Dinner for One,’ an English-language sketch from 1963 featuring a 90-year-old heiress and her increasingly intoxicated butler. An 11-minute black-and-white comedy sketch from 1963 continues to dominate German TV viewing on New Year’s Eve, with ratings hitting a new high as the country rang in 2017.

3 Things to Watch in the Stock Market This Week

Stocks fell by almost a full percentage point last week, but that wasn’t enough to derail an impressive 2016 for both the Dow Jones Industrial Average . After the worst start to a year on record, and having touched double-digit declines at one point, the Dow ended up with a 13.5% annual gain as the S&P added 9.6%.

Alaska Air Should Be Flying High in 2017

The airline group has had an amazing run in 2016, no doubt helped by lower fuel prices and consistent demand by consumers and businesses. Most major carriers instituted various fees some years ago for things like food, baggage and other items, which served to boost their bottom line, and as a result their share prices.

Tullett Prebon Completes $1.6 Billion Deal for ICAP Brokers

Tullett Prebon Plc has completed the 1.28-billion-pound purchase of the voice-broker business of its former rival ICAP Plc, creating a dominant firm in the business of matching trades between banks. The new business, which has been rebranded as TP ICAP Plc, has 3,425 brokers who will continue to run competing desks, trading under the Tullett Prebon and ICAP brands.

Korea Bans Sales of Some Nissan, BMW Models in Emissions Probe

South Korea banned the sale of 10 models built by Nissan Motor Co., BMW AG and Volkswagen AG’s Porsche after an investigation found the automakers fabricated documents related to emission tests. The three manufacturers were slapped with total fines of 7.17 billion won , which apply to 4,523 vehicles, and the certifications given for these models have been withdrawn, the Ministry of Environment said in a statement Monday.