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Month: March 2017
Oil Down For Second Day
Crude oil lost more ground on Wednesday with rising U.S. oil output adding pressure on the market, although OPEC production cuts continued to offer support. Investors in the oil market are awaiting weekly inventories data from the U.S. Energy Information Administration due at 1530 GMT on Wednesday.
China Shares Rise on Factory Data
China stocks rose on Wednesday after better-than-expected factory activity surveys reinforced recent signs of rising economic momentum, but gains were pared in the afternoon as investors took profits. The blue-chip CSI300 index rose 0.2 percent to 3,458.44 points, while the Shanghai Composite Index also tacked on 0.2 percent to 3,246.93 points.
Led by CEO Adam Crozier, the company posts its latest financials and cites “economic uncertainty.”
The company, led by CEO Adam Crozier, says ITV America revenue dropped 27 percent last year and ad revenue will be down 6 percent in the first four months of 2017 amid “economic uncertainty.” U.K. TV giant ITV on Wednesday reported its financials for the full year 2016, saying advertising revenue dropped and would be down 6 percent in the first four months of 2017 amid the “current economic uncertainty.”
Ahold Delhaize Posts Solid Q4 Earnings, Lifts Full Year Dividend
Ahold Delhaize posted modestly stronger-than-expected fourth quarter earnings Wednesday and its CEO forecast a potential return to an inflationary environment for food retailers later this year. Ahold Delhaize posted modestly stronger-than-expected fourth quarter earnings Wednesday and its CEO forecast a potential return to an inflationary environment for food retailers later this year.
Japan’s Nikkei Advances to 2-Week High
Japanese stocks rose on Wednesday to two-week highs as investors covered positions with the focus shifting to U.S. monetary policy after President Donald Trump’s speech to Congress offered no details or surprises on the policy front. The Nikkei share average ended 1.4 percent higher at 19,393.54, its highest close since Feb. 15, as investors covered their positions, with the lack of negative factors in Trump’s speech providing some relief.
Exxon’s New CEO Drives Oil Giant Into Post-Tillerson Era
Woods replaced longtime Exxon chief Rex Tillerson, now the Secretary of State, beginning Jan. 1. Less than three weeks later, Exxon disclosed Tillerson’s final deal: a large acquisition of land in the fast-growing Permian Basin that will cost up to $6.6 billion. It was Exxon’s largest deal since it agreed to buy XTO Energy in 2009.
Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO
Saudi Arabian Oil Co. bought half of a Malaysian oil refinery and petrochemical plant as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market.
Under pressure, Apple may expand its US manufacturing base
New York, March 1 – Under pressure from the Trump administration to create more domestic jobs, Apple may soon broaden its $50 billion US manufacturing and supplier base, a media report said. According to a report in Financial Times on Wednesday, Apple CEO Tim Cook said the company would also step in to defend net neutrality if the principle protecting even-handed management of internet traffic was threatened by the new head of the Federal Communications Commission, the US telecoms regulator.
Wilbur Ross Says Trump Did Not Endorse Border Tax Plan
New U.S. Commerce Secretary Wilbur Ross said President Donald Trump did not endorse a proposed border tax system on Tuesday in his first speech to Congress on Tuesday, despite a vow to level the tax playing field for U.S. companies that export. Ross, speaking to reporters after the speech, said that Trump was merely pointing out an export tax inequity between the United States and many other countries, not specifying how it should be remedied.