Category: Business News

Fox Formally Notifies EU of Sky Bid, Kicking off Regulatory Review Process

The European Commission must decide if it will reduce competition, while the U.K. culture secretary is “minded” to ask for a review of commitments to broadcast standards and the deal’s effect on media plurality. Rupert Murdoch’s 21st Century Fox has formally notified European Union authorities of its 11.7 billion pounds bid for the remaining 61 percent of European pay TV giant Sky, which it doesn’t yet own, kicking off the regulatory review process.

Equity Futures Dip Ahead of Yellen’s Speech

U.S. stock index futures were down for the second straight day since January on Friday, ahead of Federal Reserve Chair Janet Yellen’s speech, which is expected to give further clarity on the possibility of an interest rate hike later this month. Yellen is set to speak at 1:00 p.m. ET at the Executives Club of Chicago.

Yahoo Reveals Details of Breaches

Following an independent committee investigation into a series of major security breaches affecting more than 1 billion user accounts, Yahoo CEO Marissa Mayer will lose out on a cash bonus and an equity award reportedly worth around $14 million. The committee’s findings, outlined in a company filing yesterday with the Securities and Exchange Commission , also prompted the resignation of Yahoo general counsel and secretary Ronald Bell.

China Roils South Korean Stocks With News of Travel Curbs

South Korean stock trading offered a case in point Friday, with a selloff in hotels, cosmetic makers and other tourism-related companies that made the country’s benchmark the worst performer among Asian equity markets. The slide followed a Yonhap news agency report on China ordering travel agents to halt sales of holiday packages to South Korea.

World’s Biggest Pension Fund Posts Record $92 Billion Gain

The world’s biggest pension fund posted the biggest quarterly gain in its history as Japanese stocks surged and a plunge in the yen boosted overseas investments after Donald Trump’s election victory. The Government Pension Investment Fund returned 8 percent, or 10.5 trillion yen , in the three months ended Dec. 31, increasing assets to 144.8 trillion yen, it said in Tokyo on Friday.

China Shares Fall and Snap 3-Week Winning Streak

China stocks fell on Friday and saw a streak of weekly gains end at three as investors awaited an annual parliament meeting that’s likely to send more signals of painful reform than market-friendly stimulus. The blue-chip CSI300 index fell 0.2 percent, to 3,427.86 points, while the Shanghai Composite Index lost 0.4 percent to 3,218.31 points.

Chicago Cubs Ticket Prices Surge For Historic Home Opener

Baseball fans will have to pay a premium for a firsthand view of the Chicago Cubs’ historic post-World Series homecoming to Wrigley Field this season. Tickets to the Cubs’ home opener against the Los Angeles Dodgers on April 10 – their first home game since winning the 2016 World Series – have an average asking price of $443 on TicketIQ, a secondary market ticket aggregator.

WPP Cautions on 2017 As CEO Sorrell Lists Myriad Challenges After Full Years Earnings

WPP posted largely in-line earnings but cautioned on a difficult year ahead as CEO Martin Sorrell outlined a series of risks facing the world’s largest advertizing group. WPP Plc posted full year earnings that were largely in-line with analysts forecasts but cautioned on a difficult year ahead as CEO Martin Sorrell outlined a series of risks facing the world’s largest advertizing group.

Nikkei Down on Profit-Taking Before Weekend

Japanese stocks fell on Friday as investors took profits before the weekend, after hitting a 14-month high the previous day on rising expectations for a U.S. interest rate hike this month. Bucking the weakness, index-heavyweight Fast Retailing Co Ltd rose 2.1 percent on strong monthly sales, adding a hefty 29 positive points to the index.

FCC, in potential sign of the future, halts new data security rules

The Federal Communications Commission on Wednesday halted new government rules related to data security from taking effect this week, in a potential prelude to a broader repeal of privacy protections for users of high-speed internet. After a 2-to-1, party-line vote by the Republican-led commission, Ajit Pai, the chairman, announced that a portion of privacy rules passed in October would be temporarily stayed.

Icahn Lobbying Trump Sparks Civil War in U.S. Ethanol Sector

Billionaire Carl Icahn’s relationship with President Donald Trump has helped spark a round of recriminations within the $24 billion American ethanol industry just as it navigates one of the most crucial points in its history. The discord has emerged in the past three days as ethanol companies react to a proposal from Icahn and a lobby group that would shake up how the industry is regulated.

‘He could have stated his response more accurately’: Trump…

President Donald Trump defended Jeff Sessions on Thursday, calling the embattled attorney general an “honest man” targeted by a Democratic “witch hunt” over his reported contacts with the Russian ambasador. However, the president did note that Sessions could have been clearer during his confirmation hearings, when Sessions denied having discussions with the Russians.

A notoriously abusive detention center nicknamed ‘Ritmo’ may…

Immigrations and Customs Enforcement is considering reactivating the vacant Willacy County Correctional Facility in Raymondville, Texas, according to Texas Monthly , prompting concerns about the center’s history of abuse, neglect, and other illegal activity. The news comes as ICE rapidly moves to expand its detention capacity along the Mexican border, under instruction from Secretary of Homeland Security John Kelly.

China Markets Chief Exits Crisis Mode With Cautious Reforms

One year into his job as China’s top securities regulator, Liu Shiyu is shifting focus from fighting market crises to pushing through cautious reforms. After arriving at the China Securities Regulatory Commission in the wake of a stock-market meltdown last February, Liu spent much of his early tenure trying to revive investor confidence.

Where South Korea’s Teetering, Debt-Laden Companies Go to Bank

South Korea’s state-owned lender, the nation’s largest policy bank, and other creditors turned down a bailout request from Hanjin, then one of the world’s biggest shipping lines. That in turn led to a bankruptcy filing in Seoul and a major disruption in global shipping as more than 90 Hanjin ships were marooned offshore and ports in the U.S., Asia and Europe turned the company’s ships away.

EPA Withdraws Obama-Era Request for Data On Oil, Natural Gas

The Environmental Protection Agency said Thursday it is withdrawing an Obama-era request that oil and natural gas companies provide information on methane emissions at oil and gas operations. EPA Administrator Scott Pruitt said the withdrawal is effective immediately, adding that he wants to assess the need for the information the agency has been collecting under a directive issued in November.

Former FCC Chairman Tom Wheeler blasts his replacement, supports net neutrality

Former FCC Chairman Tom Wheeler blasts his replacement, supports net neutralityIt’s only been a month since Tom Wheeler stepped down from his post as chairman of the U.S. Federal Communications Commission, but he’s already lined up a new gig. In late February, Actility, a Paris-based Internet of Things management firm, signed on Wheeler as the newest member of its board.

FCC puts robocalls, prison phones at the top of its agenda – CNET

On Thursday, newly minted Federal Communications Commission Chairman Ajit Pai released the agency’s agenda for the month, with six items it will discuss and vote on March 23. At the top of the list is killing robocalls — those automated phone calls that annoy the entire nation. Pai has been working fast to kill regulation and policies like net neutrality — the concept that all internet traffic must be treated as equal — that the previous administration enforced.

Top Bush ethics lawyer: Russia could have blackmail on…

President George W. Bush’s top ethics lawyer told Business Insider on Thursday that while it was “debatable” whether Attorney General Jeff Sessions perjured himself during his Senate confirmation hearing, he must resign. Richard Painter, a professor at the University of Minnesota Law School who was the chief White House ethics lawyer from 2005 to 2007, added the latest Russia-related White House firestorm could leave Sessions open to the risk of “blackmailing.”

Platform Specialty Products: Cramer’s Top Takeaways

In an “Executive Decision” segment, Cramer spoke with Rakesh Sachdev, CEO of Platform Specialty Products , the agriculture and industrial roll-up company which has seen its shares double over the past 12 months. Yesterday, Platform Specialty delivered a two-cents-a-share earnings beat.

Box: Cramer’s Top Takeaways

For an “Executive Decision” segment, Cramer spoke with Aaron Levie, co-founder, chairman and CEO of Box , the cloud software provider with shares that are up 20% for 2017, but fell 8% today after a strong quarter with tepid guidance. Levie touted Box’s “massive” milestone this quarter of becoming free cashflow positive, just as they had predicted more than two years ago.

A personalized radio service of podcasts

If you’re a podcast addict but want a little more function from your app, consider Stitcher – a sort of personalized radio service that lets you make playlists of your podcasts and feeds you recommendations based on the shows to which you’re already listening. You can search for podcasts and add them to your favorites playlist.