Feb 28 Dubai-based engineering firm Dar Group said on Tuesday it had taken a 13.4 percent stake in WorleyParsons Ltd months after a failed takeover approach, sending shares in the Australian engineering company up 30 percent. The strategic stake makes Dar the largest shareholder in Worley and comes a week after weak trading conditions for mining contractors pushed the potential takeover target to a first-half loss.
Month: February 2017
And the award for Oscars scapegoat goes to … PwC accountant Brian Cullinan
It’s the most commercially successful of this year’s best picture nominees, having grossed $369 million worldwide, but not all those paying customers have loved it as much as I did. Toward the end of the show, the announcer referred to Damon as Ben Affleck’s “guest” when they presented an award, and music played over Damon when he started talking.
Overnight Tech: Dems fire back on net neutrality, internet privacy |…
DEM FCC COMMISH VOWS TO FIGHT FOR NET NEUTRALITY: The lone Democratic commissioner on the Federal Communications Commission joined with activists on Capitol Hill Monday to commemorate the anniversary of the agency’s landmark net neutrality rules and vowed to fight to defend them. “Now it is time for us to once again roll up our sleeves and fight for the protections embodied in the Open Internet Order, that are designed to ensure that the internet remains an open platform, that enables free speech, freedom of expression and the ability for innovation to flourish,” said Commissioner Mignon Clyburn, speaking alongside representatives from civil rights groups and advocates of net neutrality.
SoftBank Said to Be in Talks to Merge OneWeb With Intelsat
SoftBank Group Corp., the technology giant controlled by billionaire Masayoshi Son, is in talks to merge the satellite startup it’s backing, OneWeb Ltd., with satellite provider Intelsat SA, according to people familiar with the matter. A deal is conditioned on setting aside money to purchase Intelsat bonds from investors at a price higher than their trading prices last week, though that would still be below par value, said the people, who asked not to be identified discussing private information.
Musk’s SpaceX Plans 2018 Flight Circling Moon With Civilians
Elon Musk’s Space Exploration Technologies Corp. plans to send two private citizens on a trip around the moon late next year as it continues to work with NASA for a planned crewed mission to the International Space Station. The passengers, who each paid a “significant deposit,” will undergo health and fitness tests and begin initial training later this year, the company said in a blog post Monday.
Market Action Shifts, but Only Slightly
The pattern of early weakness and afternoon strength held, but there was some “market on close” selling into the close for the first time in a while. Despite that late pressure, it was still a solid day for the indices with breadth of 4,000 gainers to 2,700 losers and over 550 new 12-month highs.
Tesla stock tumbles on analyst doubts
An analyst at the investment bank dropped the company from neutral to sell, based on uncertainties about Model 3 production, SolarCity’s performance after its acquisition and the company’s likely need to raise more cash. Tesla set vehicle production records last year, but again struggled to post a full-year profit.
White House responds to father of Navy SEAL killed in Yemen raid
White House press secretary Sean Spicer on Monday responded to the father of US Navy SEAL Chief William “Ryan” Owens, who was killed in action during a raid in Yemen, saying the Department of Defense would launch three investigations into the operation. Owens’ father, Bill, in an interview with The Miami Herald on Sunday, urged President Donald Trump to answer questions about the raid in Yemen that resulted in the death of his son, as many as 29 civilians, and the destruction of an MV-22 Osprey helicopter.
SpaceX is about to make an announcement – here are 6 things…
Elon Musk logged on late Sunday night to tease potentially significant news coming out of SpaceX, the rocket company he founded in 2002. An industry expert who’s familiar with SpaceX, but wished to remain anonymous, shared some best guesses – and they all jibe with SpaceX’s recent progress and long-term ambitions.
New FCC Chairman Plans To Block Privacy Regulations
The Federal Communications Commission’s new chairman wants to block a rule approved by his predecessor requiring Internet service providers like Comcast and Verizon adhere to new privacy standards.
AT&T-Time Warner deal may have easier path to approval
AT&T’s $85 billion purchase of Time Warner may be getting an easier path to approval after the chief telecommunications regulator says it isn’t likely to review the deal. Federal Communications Commission Chairman Ajit Pai is telling The Wall Street Journal that the agency likely won’t be involved because of changes in the deal’s structure.
Vanguard Takes Another Swing in Ongoing ETF Fee War
Exchange traded fund investors are winning in the ongoing fee war that has slashed expense ratios in a number of ETF options.
Two Retailers, One Big Worry
Two retailers moving in different directions have at least one thing in common: They are terrified of a border-adjusted tax. Target Corp. and Best Buy Co., both set to report earnings this week, are among a group of retailers that sent executives to meet with President Donald Trump earlier this month, lobbying against higher taxes on imports.
An ETF to Follow Hedge Fund Managersa a Very-Important-Positionsa
In an aging bull market rally, exchange traded fund investors will have to be more meticulous in selecting positions, but they can take cues from a broad array of professional investors and hedge fund managers.
Dow, S&P 500 Close at Record as Trump Talks Healthcare, Budget
U.S. stocks ended slightly higher on Monday and the Dow hit a record high close for a 12th straight session as President Donald Trump said he would make a “big” infrastructure statement on Tuesday. The Dow Jones Industrial Average rose 16.09 points, or 0.08 percent, to 20,837.85, the S&P 500 gained 2.38 points, or 0.10 percent, to 2,369.72 and the Nasdaq Composite added 16.59 points, or 0.28 percent, to 5,861.90.
Oscars Viewership Takes a Dive Amid Blunders, Political Jabs
ABC’s Sunday night broadcast of the Academy Awards drew 32.9 million U.S. viewers, the smallest audience for the Oscars since 2008, according to Nielsen data released by the Walt Disney Co unit on Monday. This year’s audience dropped 4 percent from the 2016 Oscars, which drew 34.4 million viewers.
LAX breaks ground on new airport terminal
Mayor Eric Garcetti and other city leaders helped break ground on the 750,000-square-foot Midfield Satellite Concourse, which will connect to the Tom Bradley International Terminal via a 1,000-foot underground tunnel. “LAX means so much to L.A.’s economy — it’s an incredible job creator that employs more than 50,000.
Uber’s Engineering Head Departs After Harassment Claims Surface
Uber Technologies Inc. executive Amit Singhal resigned after the ride-hailing company learned of sexual harassment allegations from his previous job at Google. Uber said Singhal stepped down just a month after joining the company as senior vice president of engineering, where he oversaw software development.
Tech Startup Market Slows Amid Silicon Valley’s Doubts on Trump
The post-election rally that’s lifting U.S. public markets has left at least one group by the wayside: private technology startups. Since last year’s peak in mid-December, startup deal-making has fallen 37 percent, according to the Bloomberg U.S. Startups Barometer, which tracks fundraising, initial public offerings and acquisitions.
Drug Benefit Managers Need More Oversight, Pharmacists Say
Middlemen who manage drug benefits for employers and insurers should be under greater government oversight of their pricing and billing practices to make health care cheaper, an independent pharmacists’ group said. President Donald Trump’s plans to lower prescription drug costs will only succeed if greater transparency is imposed on pharmacy benefit managers, the group said in a letter to Health and Human Services Secretary Tom Price that was released Monday.
You Rang? I Called Hotel Room Service-And Got A Robot
Meet “Botlr,” the robotic butler who can get around on its own and bring you those late-night needs-from drinks to snacks and extra towels. It’s midnight.
Rally Marks Anniversary of Net Neutrality Rule as New FCC Chair Puts It in Crosshairs
Proponents of an open internet are holding a rally on Monday to mark the two-year anniversary of the Federal Communications Commission vote that enshrined net neutrality protections that the new Trump administration has already begun eroding. The 3pm event in Washington, D.C is backed by the Color of Change, National Hispanic Media Coalition, Center for Media Justice, and Free Press, and will feature the FCC’s only Democratic commissioner, Mignon Clyburn.
Takata Pleads Guilty in Airbag Case
Japanese auto parts maker Takata has pleaded guilty to a criminal charge of fraud and agreed to pay $1 billion regarding concealment of a defect in its air bag inflators, which resulted in the death of at least 16 people, the Associated Press reports. The hearing took place in a Detroit court.
Trump Tells Health Insurers to Expect `Something Special’
President Donald Trump told major U.S. health insurers at a White House meeting Monday to expect “something special” to replace Obamacare, as the administration gets more involved in Republican efforts to repeal the health-care law. “We’re going to be talking about it tomorrow night during the speech,” Trump said, referring to his address to a joint session of Congress scheduled for Tuesday.
Deutsche Telekom CEO Makes Case for Unified Approach to 5G
Deutsche Telekom AG Chief Executive Officer Tim Hoettges called on European telecommunications regulators to allow more industry consolidation, and asked authorities to ease the transition to a fifth generation of wireless services that would spur growth. Europe is “a quite difficult ecosystem” for M&A, Hoettges said in a Bloomberg Television interview in Barcelona, where he is attending Mobile World Congress this week.
An international sales agency sues Vendian Entertainment.
Wild Bunch, SA, the film distribution and international sales company, alleges in a lawsuit filed on Friday that one of the production companies on Oliver Stone’s Snowden hasn’t contributed $3 million in gap financing for the picture as agreed. The target of the lawsuit is Vendian Entertainment, which was Christopher Woodrow’s company after the blow-up of Worldview Entertainment .
Seeking to Belong: How the Words of Internal and External Beneficiaries Influence Performance
Employees seek to fulfill a deep and fundamental need to belong at work. Positive words from one’s own colleagues can lead to an increased sense of belonging and can, in turn, create enhanced motivation.
Sotheby’s Stock Surging on Better-Than-Expected Earnings
Shares of Sotheby’s are gaining by 13.4% to $45.48 on heavy trading volume on Monday morning, after the auction house reporter better than anticipated 2016 fourth quarter results. Sotheby’s posted adjusted earnings of $1.35 per share on revenue of $308.7 million for the most recent quarter.
A Surging Stock Price Is One of 3 Examples of Costco Killing It Right Now
According to a note out of Barclays on Monday, the warehouse-club retailer is a hot commodity right now in the beat up retail space for three solid reasons. And as a result of these factors, it shouldn’t be a surprise that Costco shares are hovering around an all-time high ahead of earnings on Thursday.
Ford Unveils City of the Future: How You Get Around Town Is Mind-Blowing
Ford’s city of the future is replete with funky-looking modes of transportation, none of them resembling a classic Mustang. The automaker unveiled plans to marry drones and autonomous vehicles for such things as delivering online orders and medical supplies at Mobile World Congress on Monday.
Why There Are Better Buys Than Best Buy Right Now
Best Buy has been on a roll. The shares are up more than 40% in the last 12 months and 7% just this year.
First Solar Shorts Feel the Heat
After disappointing the crowd this week with mediocre earnings guidance, First Solar turned on the jets on Thursday in a stunning reversal. After sellers pounded this name on Wednesday, buyers came back with a vengeance, closing higher than Wednesday on more volume.
Why I’m Optimistic About GlaxoSmithKline
In this one-year daily chart of GSK, below, we can see a quick turnaround from November. In November the pace of volume increases and the price action shows selloffs and bounces until an early December low.
Warming Up to First Solar as a Value Play
For the past several years, I’ve been enamored with the idea of slapping solar panels on our roof, drawing our power and heating our water from the ultimate renewable energy source, the sun. Don’t get me wrong.
No Signs of Skepticism Yet
I don’t know how many times we have seen this pattern recently, but it probably is a reflex, at this point. The indices opens a bit soft and the buyers start nibbling, quickly push the indices to the highs of the day.
Mortgage Rates Monday, Feb. 27: Holding Near 2017 Lows
Thirty-year and 15-year fixed rates, as well as 5/1 ARM rates, are all mostly unchanged today, according to a NerdWallet survey of current mortgage rates published by national lenders Monday morning. After retreating for five of the past six days, fixed-rate mortgages are holding close to 2017 lows.
Get Started: IRS warns firms, beware of phishing email scam
The IRS is warning employers about a spreading phishing email scam whose targets include companies and that seeks to get employees’ Social Security numbers and other information. Cyberthieves send emails that appear to come from executives inside the targeted organizations.
The Internet Is an Amazing Less Government Success Story
Nothing in the history of humanity has grown bigger, faster or better than the World Wide Web. In just about a quarter century, it has become an economic and political force of nigh immeasurable impact.
FCC Chairman Doesn’t Expect to Review AT&T-Time Warner
The new chairman of the Federal Communications Commission said Monday he didn’t expect the agency to have a role in reviewing AT&T Inc.’s $85 billion takeover of Time Warner Inc. In an interview at Mobile World Congress in Barcelona, Ajit Pai said he understood the companies have structured the deal so that no airwave licenses would be…
Buffett Doubles Apple, Seeks Deals
At Warren Buffett’s direction, Berkshire’s Apple stake hit 133 million shares. But more than equity investments, Buffett seeks deals.