Day: January 19, 2017

Is Your Broker a Trusted Adviser or Just Another Salesperson? Finance Industry Wants it Both Ways

In a report Tuesday, two consumer groups said the same financial companies portraying themselves as trusted advisers to customers are arguing in court papers that they’re nothing more than salespeople. Want to drive your brokerage or insurance firm nuts? Send a letter telling them to put the stuff they say in their marketing and advertising in writing to you — or risk losing your business.

Trump’s Demands on Cuba Uncertain, Leaving Companies to Wonder

What President-elect Donald Trump’s plans are for Cuba remain uncertain, leading U.S. companies doing business in the country left to wonder how they will be affected. Friday’s presidential inauguration of Donald Trump threatens to quash the U.S.’s recently-revived relations with Cuba, leaving companies with dealings in the country uncertain about their prospects.

Toshiba Drops 16 Percent on Reported Writedown Losses

Toshiba Corp. shares dropped to their lowest since May after a report that the loss in its nuclear business may exceed the 500 billion yen maximum the company had flagged to lenders. The company asked Development Bank of Japan Inc. for financial support and is seeking help from other lenders, the Nikkei newspaper cited people familiar with the matter as saying.

Facebook Pushes Back as Germany Weighs Fines for Malicious Posts

Facebook Inc. defended itself against criticism in Germany that it’s not doing enough to combat hate speech and fake news, telling Chancellor Angela Merkel’s party lawmakers that ridding its platform of such content is highly complex. The social media giant takes its responsibility to fight hate speech and fake news “very seriously,” but countermeasures shouldn’t be applied with a broad brush, because that might have an undesirable impact on free speech, said Eva-Maria Kirschsieper, Facebook’s chief lobbyist in Germany, at a conference Wednesday organized by Merkel’s Christian Democrat-led caucus in Berlin.

Credit Suisse Tops Market in Zurich After Final $5.3 Billion Mortgage Settlement with DoJ

Credit Suisse Group shares gained Thursday after the investment bank followed rival Deutsche Bank in finalizing a multi-billion dollar mortgage bond settlement with the U.S. Department of Justice. Credit Suisse Group shares rose to the top of the leaderboard in Zurich Thursday after the investment bank followed its German rival, Deutsche Bank AG , in finalizing its multi-billion dollar mortgage bond settlement with the U.S. Department of Justice.

Toshiba Shares Plunge on Reports of U.S. Nuclear Writedown, Asset Sales

Toshiba shares plunged in Tokyo on reports it will need to take a larger write down on its U.S. nuclear business and seek cash from its American partner Western Digital Toshiba shares plunged again in Tokyo Thursday following media reports the electronics giant will need to take a larger writedown on its U.S. nuclear business and potentially seek cash from its American partner Western Digital Corp. Japanese media said cost overruns at its CB&I Stone & Webster unit will push writedowns in the newly acquired business to between Y500 billion and Y700 billion , much higher than the company’s original estimate of $87 million.

Lloyds Said to Pick Frankfurt for EU Subsidiary Following Brexit

Lloyds Banking Group Plc, Britain’s largest mortgage lender, is set to pick Frankfurt as its base to maintain access to the European Union’s single market following Brexit, according to a person with knowledge of the matter. The U.K. bank will choose to convert its German branch into a subsidiary and plans to apply for an extension to its banking license, said the person, who asked not to be identified because the details aren’t public.

South Korea Court Rejects Arrest of Samsung Heir Jay Y. Lee

A court in South Korea turned down prosecutors’ request to arrest Samsung Group’s Jay Y. Lee on alleged bribery, perjury and embezzlement, letting him stay in place atop the country’s most powerful company while they continue their investigation. The court said there wasn’t enough evidence to keep Lee in jail based on the facts presented about alleged payments and other charges.

OPEC Seeks to Quiet Doubts on Supply Cuts as Rally Falters

When OPEC and Russia meet this weekend to gauge progress on their oil-supply deal, they’ll be trying to dispel the shadow of previous unfulfilled promises. Oil prices rose 20 percent in the month after OPEC agreed to cut output, reaching $54.06 a barrel in New York on Dec. 28. Since then, they’ve slipped almost 5 percent as traders, with one eye on rising U.S. shale production, await proof that OPEC and other producers will live up to their deal.

SBI Head Lays Out Deposit Puzzle Faced by India’s Biggest Lender

Analysts scratching their heads over the impact on India’s banks of the country’s move to ban high-value notes have every right to be puzzled, as estimates offered by the chairman of State Bank of India indicate. The bank could retain anything from 15 percent to 40 percent of the deposit boost it received after the government withdrew about four-fifths of the banknotes in circulation in November, Arundhati Bhattacharya said in an interview Wednesday with Bloomberg Television’s Erik Schatzker.

European Stocks Called Higher; ECB Rate Meeting in Focus

European stocks are set for modest gains at the open of trading Thursday amid a rebound overnight for the dollar and ahead of a European Central Bank rate decision. European stocks are set for modest gains at the open of trading Thursday amid a rebound overnight for the U.S. dollar and ahead of the first rate-setting meeting of the year for the European Central Bank.

Big Oil back on the acquisition trail as outlook brightens

The world’s top oil companies are back in acquisition mode, targeting smaller exploration and development firms to boost oil and gas reserves rather than the mega-mergers that followed previous slumps in crude prices. Since late November, major oil companies have announced 11 deals worth more than $500 million each with a combined value of $31 billion, the clearest sign yet that oil executives are more confident a recovery is underway.

Trump Trade Tantrum Fear Puts U.S. Shale in Korea Spotlight

South Korea is looking at the energy sector to rebalance its trading relationship with the U.S. and deflect President-elect Donald Trump’s protectionist rhetoric. The sixth-largest exporter of goods to the U.S. wants to reduce its trade surplus with the world’s top economy to avoid being named a currency manipulator.

India as Solar Bright Spot Helps Fill Japan, China Slowdown

India may be a bright spot for global solar markets this year as it adds capacity at a record pace, becoming one of the top regions for panel producers struggling with rock-bottom prices. India is expected to add nearly twice as much new solar as last year, outpacing once-booming Japan, according to forecasts by Bloomberg New Energy Finance.

Vegemite goes home: Oreo maker sells to Australia’s Bega

In this March 20, 2012, file photo, a customer takes a jar of Vegemite from next to an empty shelve in a supermarket in Auckland, New Zealand. Vegemite and other grocery products are being sold by Oreo-maker Mondelez to Australian dairy company … Bega Cheese in a deal worth about $345.3 million , Mondelez International Inc. said Wednesday, Jan. 18, 2017.