Big six energy provider E.On has said it will increase its dual fuel standard variable tariffs by 8.8% from next month. E.On said that 2.5 million customers would be affected by the increases, which come into effect on 26 April.
Category: Business News
Sterling Slips to Seven Week Low Against the Dollar as Soft Data Highlights Brexit Risks
Britain’s pound fell to its lowest level against the U.S. dollar since mid-January as investors waded through disappointing data releases that suggest a worrying Brexit impact on Europe’s second-largest economy. Britain’s pound fell to its lowest level against the U.S. dollar since mid-January in Tuesday trading as investors waded through a series of disappointing data releases that suggest a worrying Brexit impact on Europe’s second-largest economy.
Lululemon Athletica Assumes Downward Triangle Pose
Shares of athletic and yoga apparel designer and retailer, Lululemon are retesting technical support and are in danger of breaking down and dropping through a gap vacuum. There was a large gap lower in September after the company reported sales growth that fell short of analysts’ expectations, and the following quarter there was an equivalent gap higher after a report that beat analysts’ forecasts.
More than 30 Budgens stores to close
A chain of Budgens stores has failed to find a buyer and will close, with the loss of 800 jobs. The owner of the 34 stores affected – a third of Budgens outlets – was put in administration a month ago after hitting “difficult” trading conditions.
Alibaba’s Jack Ma Wants Serious Jail Time for Counterfeiters
Billionaire Alibaba-founder Jack Ma wants China’s top lawmakers to come down harder on fake goods — the very same plea voiced by global brands who’ve accused the e-commerce service of harboring knock-offs. The Alibaba Group Holding Ltd. chairman appealed to the National People’s Congress convening in Beijing this week to penalize counterfeiters as harshly as drunk drivers.
Belgian-German Chipmaker X-Fab Plans $530 Million IPO
German-based chipmaker X-Fab Silicon Foundries SE is raising about 500 million euros via an initial public offering in order to fund its global production expansion. The company with headquarters in Erfurt, central Germany, said Tuesday it intends to list shares on the Euronext Paris exchange.
Deutsche Bank Bets on Ex-Goldman Partner in Strategy Revamp
Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend one day a week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.
Mitsubishi Seeks to Strengthen SUV Credentials With New Model
Mitsubishi Motors Corp. will unveil a sport utility vehicle that will debut in Europe, its first new model since joining the Renault-Nissan alliance, as Chairman Carlos Ghosn strengthens the Japanese company’s credentials as an SUV brand. The Eclipse Cross compact SUV coupe to be revealed at the Geneva auto show on Tuesday will be shipped to its second-biggest market in the last quarter and subsequently roll out in Japan, North America and other regions, Mitsubishi said in a statement.
Direct Line says insurance payout change has cost it A 217m
Insurance company Direct Line has said last week’s changes to the way accident victims are compensated has dented pre-tax profits by A 217m. The Ministry of Justice announced a new formula for calculating compensation payments for those who suffer long-term injuries, which means insurers will have to increase payouts.
One of the Rarest Precious Metals Is on Best Run in a Decade
Rhodium’s on the best run in a decade on expectations of more demand for the material that’s used in cleaning toxic car emissions. One of the rarest precious metals, it climbed the past seven months and is up 19 percent this year, outperforming most major commodities.
European Stocks Called Higher As Markets Get Boost From U.S. Government Focus
European stocks are expected to open higher Tuesday as investors take a Republican party plan to repeal ‘Obamacare’ as a sign the administration is shifting focus towards firmer policy objectives. European stocks are expected to open higher Tuesday, following a solid session in Asia, as investors take a Republican party plan to repeal the Affordable Care Act as a sign that the administration is shifting focus towards firmer policy objectives.
Oil Holds Steady For Third Day
Oil prices were little changed for a third session on Tuesday, with investors searching for direction as concern over rising U.S. shale output offsets production cuts by OPEC and non-OPEC members. As of 0545 GMT, brent crude was down 11 cents, or 0.2 percent, at $55.90 a barrel, with a firmer dollar, unchanged against a basket of other currencies, putting some pressure on dollar denominated oil prices.
Nikkei Closes Lower, Small Caps Buck Trend
Japan’s Nikkei share average edged down on Tuesday, following Wall Street’s lead, with investors deterred by geopolitical tensions after the North Korean missile tests, while buying continued to fuel in into small cap stocks.
House GOP Finally Puts Out Repeal Plan
House Speaker Paul Ryan, R-Wis., plans to send the bill to the House floor for a vote and then forward it to the Senate by the beginning of April. Employers would no longer face a tax for offering high-value “Cadillac” health plans under the latest House Republican plan to repeal and replace Obamacare.
Rpt: Raiders Secure Potential Vegas Stadium Financing
The NFL’s Oakland Raiders took a big step toward a possible relocation to Las Vegas after securing financing from Bank of America for a potential stadium, according to multiple reports on Monday. Both the Los Angeles Daily News and NFL’s website said the Raiders, who have already seen two potential partners bow out, secured financing from Bank of America.
Asia Stocks Rise as Markets Await U.S. Jobs Data
Markets in Asia largely recovered from a Deutsche Bank-led decline in financial stocks in the morning, as attention moved to Friday’s release of U.S. jobs data. Australia’s S&P/ASX 200 reversed early declines to trade up 0.3%, though mining stocks continue to be weighed down by softer commodity prices.
Public interest groups urge officials to protect net neutrality
A coalition of 171 public interest groups sent a letter to Federal Communications Commission and Senate leaders on Tuesday urging them not to dismantle the net neutrality rules from 2015. The ACLU, Greenpeace, MoveOn.org and Public Knowledge were among the groups signing on to the letter favoring the regulations, which prohibit internet service providers from discriminating against traffic to certain sites.
Deutsche Bank Bets on Ex-Goldman Partner in Strategy Reversal
Marcus Schenck had been itching to work on deals — so much so that the chief financial officer of Deutsche Bank AG would spend a day per week with clients, a habit that didn’t always sit well with colleagues, according to a person familiar with his thinking. Now the former Goldman Sachs Group Inc. partner has a chance to show he can bring in the revenue that Germany’s biggest lender so urgently needs.
China Seen Sustaining Record Fintech Investments, Accenture Says
Chinese financial-technology investments this year may exceed 2016’s record $10 billion as companies continue to raise funds for expansion and big banks grow their digital services, according to Accenture Plc. The country’s financial-services giants will probably ramp up investments in areas including artificial intelligence, blockchain, so-called big data and cyber-security to improve their product offerings, Albert Chan, managing director of China financial services at Accenture, said in an interview last week.
IBM’s Deal With Salesforce Highlights the Company’s Unique AI Position
Given how much several tech giants throw around the terms “artificial intelligence,” “machine learning” and “deep learning,” it’s easy to assume that they’re all trying to do similar things. And in some cases, the companies are indeed using AI to tackle problems that have much in common, particularly when it comes to making sense out of real-life sounds, images and dialogue.
4 Trump plans piecemeal budget release, obscurring broader fiscal picture
The Trump administration’s first budget proposal this month will not include any specific changes to the tax code or big programs like Medicare and Social Security, an administration official said, A focusing instead on boosting A defense spending and cutting other programs that are annually authorized by Congress. This budget proposal is expected to be released around March 16. Other budget proposals will come at a later date, the Office of Management and Budget spokesperson official said.
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Jack Brewer talks NFL free agency, financial literacy
Mar. 06, 2017 – 4:59 – Jack Brewer, former NFL star and CEO of The Brewer Group, talks NFL free agency, financial literacy and the national anthem policy in pro sports.
How this Hawaii politician aims to help the homeless
Mar. 06, 2017 – 3:18 – Hawaii State Senator Dr. Josh Green on his new bill that would allow doctors to prescribe housing facilities to the homeless.
GOP Needs Trump’s Salesmanship to Advance New Obamacare Plan
Republicans in Congress hope a new draft bill released Monday night will jump-start their stalled Obamacare repeal effort, though the most important factor may be how hard President Donald Trump works to sell it to lawmakers. Two House committees released long-awaited draft measures that House Speaker Paul Ryan and GOP leaders negotiated with the White House, and made expedited plans to take up the measures Wednesday.
Frontier Communications: Cramer’s Top Takeaways
Jim Cramer says while Frontier’s dividend is safe for now, the loss in the share price dwarfs that of the yield. When investors see a super-high dividend yield that is outpacing the competition, something is very wrong.
Domino’s Pizza: Cramer’s Top Takeaways
Patrick Doyle, CEO of Domino’s Pizza, tells Jim Cramer how his company is getting a bigger piece of the pie. In an “Executive Decision” segment, Cramer again spoke with Patrick Doyle, president and CEO of Domino’s Pizza , the pizza chain that delivered blowout earnings last week, including a 12.2% increase in domestic same-store sales.
Breeders’ Cup CEO Previews 2017 Event
The “Super Bowl of Horseracing,” which drew such stars as Elizabeth Banks and Susan Sarandon to Santa Anita in 2016, heads to Del Mar, California Nov. 3-4. The Breeders’ Cup hails as the most prestigious horse race in the world, and this year, the event will head to the historic Del Mar track in Del Mar, Calif from Nov. 3 to 4 – following the Triple Crown races that take place in May and June.
IBM, Salesforce Agree to Partner on Artificial Intelligence
International Business Machines Corp. and Salesforce.com Inc. agreed to mingle their artificial-intelligence technologies in a bid to boost sales of data-analytics offerings. The companies Monday announced plans to offer integrated AI services that weave the broad human-like conversation and learning capabilities of IBM’s Watson with Salesforce’s more sales-oriented Einstein technology.
To Reach Your Savings Goals, Take These Steps
Saving money is often easier said than done, but it doesn’t have to be difficult. Setting clear goals can motivate you to take action, focus on what’s important and steer clear of overspending.
Republicans Unveil Bill to Repeal and Replace Obamacare
Republicans unveiled their long-awaited legislation to repeal and replace the Affordable Care Act, taking them a step closer to fulfilling a vow they’ve been repeating since the health law’s passage in 2010. Called the American Health Care Act, House Republicans’ proposal released Monday would unwind much of Obamacare over the next three years.
CSX Names Harrison CEO, Warns He’ll Exit Unless Paid $84 Million
CSX Corp. appointed Hunter Harrison as chief executive officer effective immediately, entrusting the industry veteran with the task of turning around North America’s least efficient railroad. He’ll stick around as long as shareholders are willing to meet his pay demands.
Exxon Pleases Trump With $20 Billion Shale Export Building Spree
Exxon Mobil Corp.’s $20 billion building spree in the heart of the U.S. chemical and refining industry will create 45,000 jobs and boost U.S. efforts to feed Asian demand, the company’s new leader said. President Donald Trump couldn’t be happier.
Qualcomm’s $47 Billion Purchase of NXP Could Pass Milestone Tuesday
Qualcomm ‘s $47 billion acquisition of NXP Semiconductor could pass a milestone on Tuesday, when a tender offer for its $110 per share bid expires. The chipmaker needs at least 80% of NXP shareholders to accept the transaction, although it could extend the offer if it does not get the necessary support.
Stress express
Booking tickets and hotels, co-ordinating journey times, coping with queues and scrums for taxis, can all leave you frazzled before you’ve even entered the room to make your pitch. Felicia Schneiderhan’s New York-based company 30SecondsToFly developed “Claire”: an artificially intelligent travel assistant designed to take the stress out of booking your next trip, which launches later this year.
Exercise ‘anywhere, anytime’
And in Australia, the wearing of so-called activewear – whether or not you are doing sport – has become something of a phenomenon. A music video gently poking fun at the use of the clothing for such high-octane activity as drinking coffee or going shopping became a viral online hit in 2015.
CSX reaches deal with hedge fund, hires new railroad CEO
Hunter Harrison , the executive who led Canadian Pacific’s turnaround, will become the CEO at Jacksonville, Florida-based CSX immediately, replacing Michael Ward . Harrison, Paul Hilal – the founder of the Mantle Ridge hedge fund that has been pressuring CSX – and three others will also join the railroad’s 13-member board, CSX Corp. said Monday.
Snap slides as Wall Street ends lower
Shares in Snap, the owner of Snapchat, slid 12% on Monday to close below the price at which they started trading just last week in New York. Snap closed 44% higher at $24.48, valuing the company at $28bn, after it raised $3.4bn in the richest US technology company listing since Facebook in 2012 However, analysts have given mixed views on the future of Snap, debating whether it can emulate the success of Facebook, sending shares down $3.32 to close at $23.77.
A Way for Bond ETF Investors to Eliminate Rate Risk
Most fixed-income investors have shifted toward short-term bond funds in anticipation of a rising interest rate environment. However, through a targeted rate-hedged bond exchange traded fund strategy, investors can remove rate risk altogether.
Political Risks Grip U.S. Stock ETFs
U.S. equities and stock exchange traded funds retreated Monday as traders took a cautious stance in light of geopolitical risks in East Asia and concerns that the president Donald Trump’s wiretapping accusations could distract from the economic agenda.