Walsh agreed to defer millions in payments pending the results of an inquiry into a potentially unlawful $10.5 million handed to a consultant on the Simandou iron ore project. Rio Tinto Group has deferred millions of dollars of bonuses due to retired CEO Sam Walsh while investigations continue into a potentially unlawful $10.5 million payment connected to the acquisition of mining rights during his period in charge.
Category: Business News
Schroders Sees Investors Resurface After Fourth-Quarter Outflows
Schroders Plc, Europe’s largest publicly-traded fund manager, said clients are starting to invest again this year after market uncertainty caused them to pull a net 2 billion pounds out of equity funds in the final quarter of 2016. Flows into the firm’s U.K. intermediary, U.S. and emerging-market debt businesses have all turned positive, according to Chief Executive Officer Peter Harrison.
Denny’s is behind one of the most popular versions of the new…
Restaurant chain Denny’s is the latest brand to jump on the craze of “zoom” memes and created one of the most-shared versions of the new internet fad. The new mobile-friendly meme asks users to go on a scavenger hunt and zoom into different parts of a picture before ending on a punchline.
Dog Nation’s Cesar Millan: I’m an Immigrant Success Story
It's a ruff business! Cesar Millan, the Dog Whisperer, talks pitfalls and success of building his brand Expert dog trainer, Cesar Millan (the Dog Whisperer) shares insight on his success, coming back from failure and his new show. Since beginning his career nearly three decades ago, Cesar Millan, aka the “Dog Whisperer,” has become the world’s leading voice in dog training and rehabilitation.
It’s a ruff business! Cesar Millan, the Dog Whisperer, talks success and failure of building his brand
Mar. 02, 2017 – 2:07 – Expert dog trainer, Cesar Millan (the Dog Whisperer) shares insight on his success, coming back from failure and his new show.
FCC halts regulations to protect online privacy, data security
The Federal Communications Commission is delaying new internet privacy rules that were supposed to take effect today. Those regulations, approved by the Obama administration last year, would have limited how internet providers use and sell customer data.
House sellers ‘should pay stamp duty’
Stamp duty should be a tax on property sellers, rather than buyers, to help those trying to buy their first home, a major UK building society has said. The Yorkshire Building Society said that nearly three-quarters of first-time buyers now paid the tax, compared with just over half in 2006.
Oil Slips as U.S. Stockpiles Set Record Despite OPEC Cuts
Oil slid for a third day as record U.S. crude stockpiles were seen jeopardizing OPEC’s efforts to drain a global surplus. Futures declined 1.2 percent in New York.
Alibaba-Rival JD to Get $2.1 Billion In Finance Arm Spinoff
JD.com Inc. agreed to sell its finance arm for 14.3 billion yuan in cash while retaining a share of its future profits, part of a deal to spin off the fast-growing division and create a strong rival to billionaire Jack Ma’s Ant Financial. The sale and spinoff of JD Finance, a payments and investment business, will be completed by the middle of 2017, the Beijing-based company said Thursday without naming buyers or investors apart from Chief Executive Officer Richard Liu.
Kroger Stock Falls Following Earnings Release
Shares of grocer Kroger was falling 1.75% pre-market Thursday after the company’s fourth quarter same store sales fell 0.7%, wider than analysts’ expectations of 0.1%. The company reported earnings of 53 cents per share on revenue of $27.6 billion.
Boeing to Sue Denmark Following Failed Deal
Boeing will sue the country of Denmark over lack of access to documents used to make a decision to choose rival Lockheed Martin’s F-35 plane over Boeing’s F/A 18 Super Hornet. “Boeing has filed a lawsuit against the Ministry of Defence because the ministry has not responded to the request for access to the documents which are the foundation for the evaluation in the competition for the fighter jets,” Boeing said in statement.
Roche’s Perjeta Succeeds in Key Aphinity Breast Cancer Study
Roche Holding AG’s breast cancer medicine Perjeta succeeded in the drugmaker’s most hotly anticipated patient study, bolstering a franchise that could exceed $9 billion in sales by 2021. Patients who took Perjeta alongside chemotherapy and Roche’s own Herceptin drug after surgery for early breast cancer had a reduced risk of dying or seeing their breast tumors return than those on the older treatments alone, the Swiss drugmaker said in a statement Thursday.
Cobham Stock Rises Despite Announcing Second Cash Call Inside of A Year
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.
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.
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.
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.
China’s New Bank Watchdog Vows to Crack Down on Shadow Lending
The new head of China’s banking regulator pledged to crack down on shadow lending by working more closely with other authorities and drafting rules to rein in risks stemming from the expansion of wealth-management products. “Banks, trusts, fund-management firms, brokerages and insurers all have asset-management operations, but because they have different regulators and are subject to different rules, there’s been some chaos,” Guo Shuqing said in Beijing at his first news briefing after being named chairman of the China Banking Regulatory Commission.
Mystery Traders Said to Make Millions Illegally on Fortress Deal
Unknown traders made more than $3.6 million in illegal profits by investing in shares and derivatives ahead of Softbank Group Corp.’s announcement last month that it would buy Fortress Investment Group LLC, according to U.S. regulators. The traders are believed to be overseas investors who used accounts outside the U.S., the Securities and Exchange Commission said in a court filing.
Traders Pile Into Junior Miners ETF
The VanEck Vectors Gold Miners ETF and the VanEck Vectors Gold Miners ETF , the two largest gold miners exchange traded funds, have lost some steam in recent days, but data suggest traders have recently been flocking to GDXJ.
A Smarter ETF Approach for Yield-Starved Investors
High-yield dividend stocks offer attractive income opportunities but come with their own set of risks. However, in an attempt to limit the risks, a recently launched exchange traded fund focuses on more quality companies to help separate the wheat from the chaff.
How Saudi Arabia can Affect Oil ETFs
The United States Oil Fund , which tracks West Texas Intermediate crude oil futures, and the United States Brent Oil Fund , which tracks Brent crude oil futures, and other oil-related exchange traded products remain beholden to the Organization of Petroleum Exporting Countries .
Trump Taj Mahal in Atlantic City to be sold to group that includes Hard Rock
Workers removed the Trump name from the sign at the entrance of the former Trump Taj Mahal on Feb. 15, with a proposed sale of the Atlantic City, N.J., casino announced two weeks later. 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.
Australia Mortgage Lending Standards in Regulator Crosshairs
Australia’s securities regulator said Thursday it is looking at mortgage lending standards across the banking sector after taking civil court proceedings against Westpac Banking Corp. The Westpac case “sends a message to the broader sector” that the Australian Securities & Investments Commission is prepared to “take anyone on,” Chairman Greg Medcraft told a parliamentary committee. ASIC yesterday announced proceedings against Westpac, the country’s second-biggest bank, over alleged failures to properly assess whether borrowers could afford their mortgages.
A New High-Yield Bond ETF That Limits Volatility
IndexIQ has launched a high-yield bond exchange traded fund that also focuses on securities exhibiting with lower volatility in an attempt to diminish some of the inherent risks found in speculative-grade debt while still allowing investors to generate attractive yields.