Month: January 2017

Budget nominee Mulvaney to face questions about Trumpa s plan for tax cuts and spending

Republican Rep. Mick Mulvaney of South Carolina is slated to testify on Capitol Hill on Tuesday in his confirmation hearing to become the nation’s budget director, likely facing questions about how President Trump’s promise of big tax cuts and public works projects fits with his own hand-line stance on government spending. Mulvaney, who will appear before the Senate budget committee, would bring a stridently hawkish voice to the Office of Management and Budget in an administration that is disproportionately made up of business executives with little to no experience in government.

Donald Trump names Republican Ajit Pai to head FCC

President Trump is naming Republican Ajit Pai, a foe of the Obama administration’s “net neutrality” rules, to become chairman of the Federal Communications Commission. “I am deeply grateful to the president of the United States for designating me the 34th Chairman of the Federal Communications Commission,” Mr. Pai said.

Vanguard to Deutsche AM See Sub-Zero Bond Yields Persisting

Good news for bond bulls: as far as some of the world’s biggest investors are concerned, negative yields will be a feature of Europe for years to come. Vanguard Group says the euro zone’s sluggish economy, where policy makers are barely halfway to reaching their inflation target, means monetary easing will persist, and sub-zero bond yields with it.

Travelers Profit Climbs 8.9% as Private Equity Bets Thrive

Travelers Cos., the only property-casualty insurer in the Dow Jones Industrial Average, said fourth-quarter profit jumped 8.9 percent as investment income improved and the company recorded a gain tied to the settlement of a risk-sharing dispute. Net income rose to $943 million, or $3.28 a share, from $866 million, or $2.83, a year earlier, the New York-based company said Tuesday in a statement.

Dubai Airport Sees Toughest Year in a Decade as Demand Slows

Dubai International Airport predicted passenger growth this year will be the slowest in a decade, underscoring the challenges facing the aviation industry in the region after years of aggressive expansion. The Persian Gulf hub expects to lure 89 million travelers, 6.4 percent fewer than in 2016, it said in a statement Tuesday.

Philips Falls Under FDA Scrutiny Over Heart Defibrillators

Royal Philips NV’s health-equipment business in the U.S. has come under renewed scrutiny after the Dutch company disclosed a conflict with authorities over its heart defibrillators more than three years after the Food and Drug Administration warned about their reliability. Philips is in talks with the Department of Justice, representing the FDA, on a civil matter related to inspections of the devices leading up to 2015, the Amsterdam-based company said in a statement Tuesday.

Billionaire Seeks Solace in Bonds After Share Sale Stumbles

Yes Bank Ltd.’s billionaire chief Rana Kapoor says he will consider bond sales every year to bolster capital, signaling a new-found appreciation of the debt market after a $1 billion share sale faltered in September. Strong investor interest in a 30-billion rupee perpetual bond sale last month has now given Kapoor confidence in similar transactions to raise his Mumbai-based bank’s buffers against potential losses, he told reporters last week.

What a Border Adjustment Tax Is and Why You Should Care

Corporate tax reform has been a hot-button issue for Washington lawmakers for years, and now that President Trump has taken office, fixing what many perceive as a broken system will be one of the new administration’s top priorities. Yet there has been some discord among Republican leaders, as House Speaker Paul Ryan’s call for a border adjustment tax earned the president’s criticism as being “too complicated.”

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Given how challenging things have been for banks over the past decade, it’s easy to forget just how much money they earn. But while all four of the nation’s biggest banks rank among the most profitable companies in the country based on their bottom lines, there’s one bank that earns more than the others: JPMorgan Chase In 2016, JPMorgan Chase earned an astounding $22.6 billion in net income applicable to common stockholders.

TD Ameritrade Earnings Enjoy a Trump Bump

The company reported that earnings rose 2% in the fiscal first quarter of 2017, helped by an increase in client assets and trading volume following the 2016 election results. Don’t let single-digit earnings growth take away from all the moving parts that flow into TD Ameritrade’s financial statements.

Our Investing Resolutions for 2017

In this clip from Industry Focus podcast, two Motley Fool analysts share their financial New Year’s resolutions for 2017. Listen in to find out one possible and practical way to combat emotional stock buying, how to quantify the value of the time you put into researching the companies you buy, and when it might be time to make a hard decision on a small position.

Oil Steady on OPEC Cuts

Oil prices were steady on Tuesday as news of lower production by OPEC and other key exporters was balanced by reports of more drilling and higher output in the United States. Benchmark Brent crude was down 5 cents at $55.18 a barrel by 1150 GMT, while U.S. light crude rose 5 cents to $52.80.

BT Shares Plunge After Italy Writedown, Profit Warning

BT shares plunged to a three-and-a-half-year low after the company trimmed its profit guidance and cautioned that writedowns in its Italian business will be much larger than expected. BT Group plc shares plunged to a three-and-a-half-year low Tuesday after the company trimmed its profit guidance and cautioned that writedowns in its Italian business linked to accounting irregularities will be much larger than expected.

BT Pegs Italy Writedown at 530 Million, Trims Full Year Earnings Guidance

BT Group cautioned Tuesday that writedowns in its Italian business linked to accounting irregularities will be much larger than expected and could exceed 530 million. BT Group plc cautioned Tuesday that writedowns in its Italian business linked to accounting irregularities will be much larger than expected and trimmed its earnings guidance for the current fiscal year.

Windstream trims 164 jobs, 25 in LR

“The actions are part of our ongoing efforts to efficiently manage the business and to align resources to current work demands and opportunities,” Avery said. “Decisions that affect our employees are difficult, but necessary to manage our costs and position the company for success,” Avery said.

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President Donald Trump promoted and appointed Republican member of the Federal Communications Commission Ajit Pai to chairman of the government agency Monday. Pai, a lawyer, is a staunch opponent to net neutrality – a concept the Obama administration pushed throughout its tenure.

Trump picks Indian-American Ajit Pai as new FCC head

President Donald Trump has picked a fierce critic of the Obama-era “net neutrality” rules to be chief regulator of the nation’s airwaves and internet connections. In a statement Monday, Ajit Pai said he was grateful to the president for choosing him as the next chairman of the Federal Communications Commission.

Inside the Mind of Mnuchin: Too-Strong Dollar May Hurt Economy

U.S. Treasury Secretary nominee Steven Mnuchin said an “excessively strong dollar” could have a negative short-term effect on the economy. “The strength of the dollar has historically been tied to the strength of the U.S. economy and the faith that investors have in doing business in America,” Mnuchin said in a written response to a senator’s question about the implications of a hypothetical 25 percent dollar rise.

Philadelphia bars employers from requesting salary history

In this June 23, 2014, file photo, job seekers and recruiters meet during a job fair in Philadelphia. Philadelphia Mayor Jim Kenney signed a bill Monday, Jan. 23, 2017, that bans employers from asking potential hires to provide their salary … FILE – In this July 15, 2009, file photo, job seekers wait in line during a sixth annual “Grand Slam Career Fair” at Citizens Bank Park in Philadelphia.

Appeals court to decide future of California carbon auctions

Businesses looking to invalidate California’s fee for carbon pollution take their arguments to a state appeals court Tuesday in a case that could determine the future of one of California’s signature efforts to combat climate change. With a central piece of Gov. Jerry Brown’s legacy on the line, lawyers for the state and for environmental advocacy groups will defend a program that has been closely watched around the world as a potential model for controlling carbon emissions.

Yahoo’s 4Q shows modest strides amid security breach fallout

Yahoo’s financial performance improved slightly during the fourth quarter while the company dealt with the fallout from massive security breaches that have jeopardized the $4.8 billion sale of its internet operations to Verizon Communications. The fourth-quarter report released Monday provided the latest snapshot of a shrinking company that has been steadily losing ground in the digital advertising market that generates most of its revenue.

European Stocks Called Higher amid Dollar Decline, Corporate Earnings Slate

European stocks are expected to open firmer Tuesday as investors head into a busy corporate earnings season amid questions over the stability of economic policies from President Donald Trump. European stocks are expected to open firmer Tuesday as investors head into a busy corporate earnings season amid questions over the stability of economic policies from President Donald Trump.

Trump picks PIO to head communications body

WASHINGTON: US President Donald Trump has picked Ajit Vardaraj Pai, an outspoken opponent of new net neutrality, to head the crucial Federal Communications Commission , making him the fourth Indian-American in the administration at the senior level. “I am deeply grateful to the President of the United States for designating me the 34th cairman of the Federal Communications Commission,” Pai said in a statement.

Bridging Detroit’s massive digital divide

Heath, who lives just west of Hamtramck in Detroit’s North End neighborhood, often receives visits from a young neighbor who lacks Internet access so he can do his homework for school. “He’ll come down to my house and say, ‘Miss Norma, can I use your Internet? I have a science project I need to do and we don’t have the computer or the Internet,'” Heath says.