The U.K. defense contractor has been hit by operational challenges and impairments relating to Boeing’s troubled KC-46 program Cobham shares rose Thursday despite the U.K. defense contractor’s plans for a second cash call to investors inside of a year. The British firm will raise A 500 million in a fully-underwritten cash call this month in order to bolster its balance sheet and reassure customers of its ability to deliver on its order book.
Day: March 2, 2017
European Stocks Hold Modest Gains Ahead of Eurozone Inflation Data
European stocks edged higher in early Thursday trading but gains were limited ahead of key Eurozone inflation data and disappointing earnings from some of the region’s biggest companies. European stocks edged higher in early Thursday trading but gains were limited ahead of key inflation data from the European Commission and disappointing earnings from some of the region’s biggest companies.
This $1 Trillion Manager Is Paring NYC, London Property Bets
David Hunt, chief executive officer of Prudential Financial Inc.’s PGIM, said the $1 trillion asset manager is scaling back commercial real estate bets in some major markets where competition drove up property prices. “Whenever you see that kind of heating-up of demand, you have to scratch your head and say, ‘At what point does this become a little bit overblown?’ ” Hunt said Wednesday at a conference held by Citigroup Inc. “We have been selectively selling some of the big cities, so we’ve been a net seller of New York, of London, and of San Francisco.”
MetLife Hires UBS’s Matus as Strategist for Investing Unit
MetLife Inc.’s investing unit hired Drew Matus, formerly of UBS Group AG, as chief market strategist to help add third-party clients. Matus will be responsible for formulating the insurer’s global and economic market outlooks, the New York-based company said Wednesday in a statement.
European Shares Steady
European shares steadied early on Thursday, pausing after a strong rally in the previous session, with strong earnings updates driving shares in Melrose Industries and Subsea 7. The pan-European STOXX 600 index was flat in percentage terms by 0826 GMT. Basic resources stocks were again the top gainers, up 1 percent, after a more than 2.9 percent rise on Wednesday.
China’s Didi Said to Weigh Raising Billions in Fresh Capital
Didi Chuxing, the ride-hailing service that acquired Uber Technologies Inc.’s China business last year, has held informal talks with investors about raising billions of dollars to buy more time to build a profitable business model, according to people familiar with the matter. Didi’s investors, numbering more than 100, are divided over whether more capital is needed now, said the people, asking not to be named because the matter is private.
Bill would use phone fund to pay for rural broadband
Reschke’s district is located in south central Oregon, which has comparatively low use rates when it comes to high-speed internet, according to a 2014 survey conducted by the state’s public utility commission. A bill before the Oregon Legislature would allow a fund currently dedicated to ensuring access to landline phone service in underserved areas to be used to provide access to high-speed internet.
Henkel Set to Buy Sealant-Maker Darex from GCP in $1.05 Billion Deal
Henkel on Thursday has submitted a binding big to buy Darex Packaging Technologies for $1.05 billion, in a bid to boost its adhesive business. Henkel shares rose modestly Thursday after submitting a binding bid to buy Darex Packaging Technologies for $1.05 billion in a bid to boost its adhesive business.
AB InBev Earnings Hit by Slumping Sales in Brazil, Vows to Speed Up Merger Savings
AB InBev posted weaker-than-expected fourth quarter earnings as slowing sales in Brazil hit the bottom line of the world’s biggest brewer. AB InBev posted weaker-than-expected fourth quarter earnings and cut bonuses for its top managers as slowing sales in Brazil hit the bottom line of the world’s biggest brewer.
Press Digest- New York Times business news – March 2
The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
China Shares Fall as Rally Loses Steam
China stock fell on Thursday, buyers retreated on speculation of a possible U.S. interest rate hike later this month and concerns liquidity could tighten as Beijing’s steps up its fight against leverage. The blue-chip CSI300 index fell 0.7 percent, to 3,435.10 points, while the Shanghai Composite Index lost 0.5 percent to 3,230.03 points.
Mobile Minutes: Twitter abuse; FCC attacks privacy; Snapchat experimentation; Snap IPO
The U.S. Federal Communications Commission on Wednesday blocked some Obama administration rules approved last year that would have subjected broadband providers to stricter scrutiny than websites, a victory for internet providers such as AT&T Inc, Comcast Corp and Verizon Communications Inc . Gatorade’s Kenny Mitchell wasn’t totally sold on Snapchat advertising until he met Imran Khan, Snap Inc.’s chief strategy officer, in December of 2015.
Deutsche Telekom Takes $2.3 Billion BT Writedown, Posts Q4 Net Loss
Deutsche Telekom posted solid domestic earnings growth Thursday but a writedown of its stake in Britain’s BT offset improvements in its U.S. T-Mobile unit. Deutsche Telekom AG posted solid domestic earnings growth Thursday but a writedown of its stake in Britain’s BT Group plc offset improvements in its U.S. T-Mobile unit and pushed Europe’s biggest telco into a fourth quarter loss.
European Stocks Called Lower as Investors Pull Back From Record Highs
European stocks are likely to pullback from multi-year and record highs ahead of key inflation data from the Eurozone and debate over the pace of U.S. rate hikes. European stocks are likely to pullback from multi-year and record highs Thursday ahead of key inflation data from the Eurozone and renewed debate over the pace of interest rate hikes from the U.S. Federal Reserve.
Nikkei Hits 14-Month High as Wall Street Soars
Japan’s Nikkei share average hit a 14-month peak on Thursday as the yen weakened against the dollar on heightened expectations for the Federal Reserve to raise interest rates this month and after Wall Street soared to record highs. The Nikkei closed 0.9 percent higher at 19,564.80 after brushing 19,668.01, its highest since December 2015.
Pelosi Calls on Sessions to Quit After Post Discloses Russia Contacts
U.S. House Democratic leader Nancy Pelosi called on Attorney General Jeff Sessions to resign on Wednesday after the Washington Post reported he failed to disclose two meetings he had with Russia’s ambassador before Donald Trump was inaugurated as president. Citing Justice Department officials, the Post said Sessions spoke twice last year with Russia’s ambassador while he was still a U.S. senator.
Asia Higher, Dollar Supported by Rate Hike Bets
Asian shares rose on Thursday as investors were encouraged by President Donald Trump’s less combative tone in his first speech to Congress, which sent Wall Street stocks sharply higher, while growing bets on a U.S. rate hike this month buoyed the dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7 percent, led by rebounds in Australian and Hong Kong shares.
First Black Woman FCC Commissioner Spills Tea on Net Neutrality and More
In the spirit of Black History Month, it’s of note that Mignon Clyburn is the first African American woman to serve as a commissioner of the Federal Communications Commission . She was nominated for the position by President Obama in 2009.
The sale comes four months after the billionaire investor closed it amid a crippling strike.
Billionaire investor Carl Icahn reached a deal Wednesday to sell the shuttered Trump Taj Mahal casino in Atlantic City to Hard Rock International and two New Jersey investors. “We are excited to be part of this revitalization of Atlantic City, creating thousands of jobs to help local employment,” said Jim Allen, chairman of Hard Rock International, in a statement.
Facing new competition, AmEx polishes up the Platinum Card
Facing intense competition for its higher-spending customers, American Express is expanding the benefits it offers its high-end Platinum Card members, like a $200 credit on Uber. But those benefits will come with a higher annual fee.
Oil Down For 3rd Day on Record High Inventories
Crude oil fell for a third consecutive session on Thursday as a record build-up in U.S. stockpiles weighed on the market, with producers boosting shale oil production. Crude stockpiles in the United States, the world’s top oil consumer, rose by 1.5 million barrels last week, less than forecast, but touching a record at 520.2 million barrels after eight straight weekly builds.
Us FCC stays data security regulations for broadband providers
The U.S. Federal Communications Commission has halted new rules that would require high-speed internet providers to take ‘reasonable’ steps to protect customer data. In a 2-1 vote that went along party lines, the FCC voted Wednesday to stay temporarily one part of privacy rules passed in October that would give consumers the right to decide how their data is used and shared by broadband providers.