The foundation started by billionaire Bill Gates and his wife intends to sell 60 million Class B shares of Warren Buffett’s Berkshire Hathaway Inc. from July 1 of this year through June 30 of 2020. The plan will replace a three-year program that began in 2014 and ends on June 30, the Bill & Melinda Gates Foundation said in a regulatory filing Tuesday.
Day: January 17, 2017
Futures Higher After Tough Tuesday; Asia Mixed
Futures for U.S. markets were in the black late Tuesday, signalling an about-face to Tuesday’s trading session, which was overshadowed by a speech by U.K. Prime Minister Theresa May that she would seek a hard Brexit and by questions about President-elect Donald Trump’s economic policies. The S&P 500 added 0.08%, Nasdaq, 0.11%, and the Dow Jones Industrial Average, 0.09%, at 10:06 p.m. EST.
DWP customers get a bill of rightsa after commission vote
LOS ANGELES >> The Los Angeles Department of Water and Power’s Board of Commissioners on Tuesday approved a “customer bill of rights” backed by Mayor Eric Garcetti and criticized by some leaders from neighborhood councils, but also moved to open up public comment and revisit the bill of rights in about 90 days. The commissioners unanimously approved the provisions of the bill of rights, which includes assurances that call wait times will not exceed three minutes on average; bills that exceed three times the average historic use for the same billing period will automatically be reviewed before being sent out; and requests to start a new residential account will be processed within one business day.
Trump implies he’s glad Democrats are boycotting his…
In an interview with Fox and Friends set to air Wednesday, the president-elect suggested he was glad some were skipping his inauguration, claiming organizers could use the extra space. “As far as other people not going, that’s OK because we need seats so badly.
HP Enterprise just bought a $1 billion startup for $650…
That discounted purchase price is not an encouraging sign for the viability of “unicorn” startups of $1 billion or more. In 2017, companies like Snap, Spotify, and Dropbox will likely have to justify their enormous valuations to Wall Street, and deals like this one will only enhance investor skepticism .
3 Questions for Intel Corporation on January 26
Although the company is planning to host its financial analyst day shortly thereafter, on February 9, during which the company will go into deeper dives into each of its business units, there are still several questions I’d like to hear answered during the company’s upcoming earnings call. Here are three.
Ex-Goldman Trader’s Macro Hedge Fund Said to Lose 5.1% in 2016
Former Goldman Sachs Group Inc. trader Leland Lim’s macro hedge fund lost 5.1 percent in 2016, even after recovering from steep declines early in the year, according to people with knowledge of the matter. Assets overseen by Lim’s Hong Kong-based Guard Capital Management declined to $963 million from about $1.1 billion at the beginning of the year, said the people, who asked not to be identified because the information hasn’t been publicly disclosed.
Silicon Valley fears FCC overhaul with Trump pulling strings :0
The Trump administration rolls into power on Friday and is expected to undertake a complete shake-up of the Federal Communications Commission. While the extent of reorganization of the agency is not yet known, it could very well change how Americans consume video entertainment and how much they pay for it.
Real estate markets across Miami-Dade County steady
Brexit and the US elections were among factors that made 2016 a stable and steady – but not record-breaking – year in real estate markets across Miami-Dade County, observers say. “It was a relatively slow year,” with some companies waiting until year’s end to make major decisions, said Marc Miller, research manager for JLL.
The ‘mumpreneurs’ helping parents go back to work
To ease parents back into the corporate world, they are being offered job sites and office space to help with flexible working. If as many women worked as men, it would give the US economy a 5% boost, or 9% in the case of Japan.
Hong Kong Regulator Sues StanChart, UBS Over 2009 Timber IPO
Hong Kong’s securities regulator has filed a lawsuit against Standard Chartered Plc, UBS Group AG and audit firm KPMG LLP over an initial public offering by China Forestry Holdings Co. in 2009.
Prosecutor Makes Case Today for Putting Samsung Heir in Jail
A special prosecutor in South Korea is making his case today for arresting Samsung Group’s heir apparent on suspicion of paying bribes for political favors from the country’s president. Samsung’s Jay Y. Lee appeared this morning at a court hearing on the prosecutor’s request for an arrest warrant, walking through a throng of reporters without comment.
Fed’s Williams Sees Case for 3 Rate Hikes Even with No Fiscal Stimulus
San Francisco Federal Reserve Bank President John Williams on Tuesday said he sees a “good case” for three rate hikes this year even without any fiscal stimulus, but if the economy accelerates, the Fed would need to raise rates faster. Williams told reporters after a speech at Sacramento State University that he penciled in some fiscal stimulus to his forecast, and expects growth to be slightly faster in the second half of this year and next year as a result.
Overwatch League Represents a New Era for Activision Blizzard
CEO Bobby Kotick has a special knack for producing games that draw a mass audience. Throughout his tenure, Activision has consistently produced genre leading games.
Qualcomm sued in US over claims of unfair phone chip patent deals
Qualcomm, the world’s biggest producer of mobile phone chips, forced Apple to exclusively use its products in return for lower fees, US regulators claim. Details of the alleged deal were listed by the competition watchdog, the Federal Trade Commission, as part of a lawsuit against the chipmaker.
U.S. Shale Oil Output Forecast To Rise By 41,000 Barrels a Day In February: EIA
Oil production from seven major U.S. shale plays is forecast to climb by 41,000 barrels a day to 4.748 million barrels a day in February from January, according to a monthly report from the Energy Information Administration released Tuesday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays.
US judge OKs plan for Caesars’ unit to exit bankruptcy
A federal judge has approved a plan to reorganize a subsidiary of casino giant Caesars Entertainment Corp., clearing the way for the operating unit to exit bankruptcy after filing for Chapter 11 protection with $18 billion in debt. The CEO of Las Vegas-based Caesars Entertainment heralded the approval Tuesday in federal bankruptcy court in Chicago.
Trump, Brexit Uncertainty Hit Stocks, Dollar
U.S. stocks and the dollar fell while gold rose on Tuesday as investors looked for safety after President-elect Donald Trump said the U.S. currency was too strong, while sterling jumped as Prime Minister Theresa May said Britain would quit the European Union single market when the country leaves the EU. Wall Street was weighed down by the financial sector, and U.S. Treasury prices gained on concerns about Trump’s planned protectionist trade policies.
Textainer Group Holdings Limited’s Stock Got Hammered in 2016, but the Worst May Be Over
The container shipping industry went from bad to worse in 2016. A combination of tepid global trade growth and low steel prices put downward pressure on both container prices and lease rates, which drove down Textainer Group Holding Limited ‘s revenue and earnings.
Silver Standard Resources Inc.’s Best Moves in 2016
But investors shouldn’t look at any one of the moves the silver and gold miner made in 2016 in isolation. In the end, the company’s outlook was enhanced because of the combined effect of the moves.
Pershing Square Pays $75,000 To Settle Pay-to-play Probe
Pershing Square Capital Management reached a $75,000 settlement with the U.S. Securities and Exchange Commission Tuesday regarding a campaign contribution made by a former employee that violated the government’s donation rules. The former employee contributed $500 to a personal friend of a sibling, who tried, unsuccessfully, to enter one of the gubernatorial primaries in Massachusetts.
Passive, Low-Cost ETFs Attract Record Inflows
Exchange traded fund providers are attracting record inflows as more investors look to low-cost, passive index-based products to track market moves. BlackRock Inc., the world’s largest asset manager and largest ETF provider, is experiencing record cash inflows, bringing in $140 billion to its iShares business last year, Bloomberg reports.
Oil Futures Cut Gains At Settlement As EIA Forecasts Rise In Shale Output
Oil futures pared much of their gains in the minutes ahead of Tuesday’s settlement after a report from the Energy Information Administration forecast a rise of 41,000 barrels a day in February oil production from seven major U.S. shale plays. Oil prices had found support earlier after Saudi Arabia’s oil minister on Monday said the oil market would reach a balance between supply and demand in the first half of this year, according to media reports.
How This Apple Inc. Supplier Created Hundreds of Thousands of Jobs in the United States
TSMC is believed to be the sole manufacturer of the Apple-designed A10 applications processor that powers the iPhone 7 and iPhone 7 Plus, and it also builds chips for many chips that Apple procured from third-party suppliers, to boot. My first question is regarding the advisory reports to the U.S. President this Friday, because in a report, the U.S. seems want to ensure their semiconductor leadership, especially in the leading-edge, so what will be TSMC’s strategy to beating this policy direction and ensure your own leadership? Thanks.
Foxx: Private dollars alone can’t solve transportation woes
The outgoing secretary of transportation says stimulating private investment in infrastructure projects, as Donald Trump has proposed, can cover only a fraction of the costs of solving America’s transportation problems. Anthony Foxx tells The Associated Press that “a fair amount of public funding” will still be needed.
Earnings Growth Could Help Sustain U.S. Stock ETF Rally
The S&P 500 is expected to reveal positive earnings growth for the fourth quarter, supporting further strength in U.S. stocks and related exchange traded funds.
Colstrip power plant closure could come earlier than 2022
A partial closure of an aging coal-fired power plant serving customers across the Pacific Northwest could come earlier than planned depending on the actions of its co-owner and Montana lawmakers, according to documents released Tuesday by Washington state regulators. The 2,100-megawatt facility is one of the largest coal-fired plants in the West.
Britain PM Theresa May Sets ‘Hard Brexit’ Course
Britain’s Prime Minister, Theresa May, speaks to the media outside number 10 Downing Street, in central London, Britain July 13, 2016. REUTERS/Peter Nicholls/File Photo Britain will quit the EU single market when it leaves the European Union, Prime Minister Theresa May said on Tuesday in a decisive speech that set a course for a clean break with the world’s largest trading bloc.
Why Shares of Conn’s Dropped 46% in 2016
A combination of slumping comparable-store sales and continued losses in the credit business led to the decline. Conn’s business model revolves around providing financing to its customers.
Looking To Regain Its Reputation, Theranos Appoints Advisory Board Of Biotech Experts
It’s a long-overdue move by the company, whose board was made up of more well-connected VIPs than scientific experts. In an attempt to regain its reputation after months of controversy and layoffs, blood-testing startup Theranos is appointing an advisory board of pharmaceutical and medical device experts to work alongside its scientific advisors.
Lincoln Senator Introduces Bill That Stiffens Trafficking Penalties
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.
Amid budget crisis, economy on minds of many
But when he was laid off in July from the factory in Santa Fe where he had worked for more than 17 years, McGuiness was thrust back into the job market in New Mexico, where the unemployment rate ranks as the nation’s second highest. Despite having years of experience in chemical compounding, getting a job interview has been a challenge.
Nobody Safe’ If Republicans Undo Net Neutrality, FCC Chair Says
Online companies such as Amazon.com Inc. are vulnerable to unfair competition from internet service providers if the Federal Communications Commission’s open-internet rule is reversed, agency Chairman Tom Wheeler said Tuesday. “Nobody is safe,” Wheeler, a Democrat, said in an interview three days before he leaves office and a Republican administration led by President-elect Donald Trump takes office.
New FDA Chief Should Have Medical Experience, Drugmakers Say
President-elect Donald Trump’s pick to lead the U.S. Food and Drug Administration should have a medical background, and the agency should continue evaluating new medications’ effectiveness, drugmaker executives said in comments indicating opposition to two candidates for the regulator’s top post. Trump’s FDA chief should be a doctor or physician-scientist with experience in clinical care and medical research, said Roger Perlmutter, head of research and development for Merck & Co.
Railroad Profit Rebound Plays Catch-Up to Yearlong Stock Surge
With U.S. railroads forecast to report their first earnings growth since 2015, a stock rally that began in anticipation of the profit rebound is looking overdone. An index of major carriers has jumped more than 55 percent since sinking to a three-year low Jan. 25, more than doubling the S&P 500 Index’s return.
European vegetables: ‘Perfect storm’ raises prices
Bad weather in Italy and Spain is likely to significantly increase the price of vegetables across northern Europe, food suppliers and supermarkets have told the BBC. One supplier said that a combination of flooding, cold weather and poor light levels had created a “perfect storm” of poor growing conditions.
Jim Cramer — Border Tax Issues Boosting Retail, for Now
Retail stocks including Walmart , PVH Corp. , Best Buy , Nike are on the move Tuesday after President-elect Donald Trump said the U.S. dollar is too strong and the proposed Border Adjustment Tax is “too complicated.” What should investors infer? That perhaps the potential import tariffs or other border taxes will be more difficult to institute than previously thought, TheStreet’s Jim Cramer, co-manager of the Action Alerts PLUS portfolio , said on CNBC’s “Stop Trading” segment.
J.C. Penney Stock Jumps on Nike Partnership
Shares of J.C. Penney were rallying almost 4% in Tuesday morning trading after announcing that it will include Nike shops in more than 600 of its stores. The Plano, Texas-based company will dedicate 500 square feet to Nike products within a “prominent” location of the men’s department, according to a statement by J.C. Penney.
Lawmakers look to Rep. Price to fill in blanks on Obamacare repeal
Congressional Republicans still have a lot of work to do before agreeing on a plan to klll the Affordable Care Act. Georgia congressman Tom Price will get a grilling on Wednesday, Jan. 18, from Republicans and Democrats alike on how President-elect Donald Trump will fill in the blanks over a plan to repeal and replace Obamacare.
Morgan Stanley Is a ‘Very Good Situation’: More Squawk From Jim Cramer
Shares of Morgan Stanley were declining in early morning trading on Tuesday despite reporting a top and bottom line fourth quarter beat before the market open. Furthermore, the NYC-based bank posted its biggest gain in fixed-income trading, as revenue from that unit nearly tripled.