Bayer AG sold 1.46 billion euros worth of shares in plastics maker Covestro AG to gain financial leeway as it seeks clearance for its $66 billion takeover of agriculture giant Monsanto Co. Bayer sold 22 million shares for 66.50 euros each, paring its stake in its former division to 53.3 percent, the German conglomerate said in a statement on Wednesday.
Category: Business News
Square Buys OrderAhead to Grab Pickup Business at Restaurants
Square Inc. said it acquired startup OrderAhead’s dining pickup website and app that allow people to place take-out orders and skip the line at restaurants. The deal gives the payments processor access to more diners and eating establishments for its Caviar food-delivery service, which Wednesday announced its own restaurant pickup program.
PepsiCo Looking to Close U.K. Factory, Threatening Almost 400 Jobs
Snack and beverage maker PepsiCo is considering closing its Walkers Crisp factory in northern England, Reuters reports, threatening 380 jobs. “The changes we are proposing present significant productivity and efficiency savings crucial for ensuring the long-term sustainable growth of our business in the U.K.,” PepsiCo U.K. manufacturing director Tracey Foster told Reuters.
Ford Has Larger Than Expected Decline in February Auto Sales
Ford’s U.S. auto sales were down 4% vs. estimates of a 3.4% decline, during the month of February. Overall Ford sales totaled 208,440 vehicles in February, representing a 4% decline vs. a year ago.
Biotech Premarket Movers: Impax, Clearside Biomedical, Mylan
Shares of Impax Laboratories were down 19% to $11.50 in premarket trading on Wednesday after the company reported results and said it is not issuing 2017 guidance for total revenue and EPS because of ongoing revenue volatility in its generics unit. The Fort Washington, Pa.-based firm reported fourth-quarter adjusted earnings per share of 16 cents on revenue of $198.4 million.
Wells Fargo Suspends Bonuses for 8 Execs, Including CEO, CFO
Wells Fargo is suspending the the cash bonuses of eight senior executives, including the CEO and CFO, as part of the company’s ongoing independent investigation into the fraudulent accounts scandal that rocked the company last year. Additionally, the share equity awards they received in 2014 that vested this year will be reduced by up to 50%.
Twitter to Introduce Anti-Harassment Measures Beginning Today
Twitter users now have the ability to mute specific words, and usernames from their timelines for the duration of a day, week or month. In an attempt to clean up some of the hate speech which has marred the social media site Twitter , the company will allow users to block specific accounts or words from their timelines starting today.
Apple iPhone 8 Could Cost $1000
Apple’s highly anticipated 10th anniversary iPhone 8 could have a starting price of $1,000, according to a research note from Ming-Chi Kuo, an analyst renowned Apple rumor site 9 to 5 Mac called the “most accurate Apple analyst in the world.” The new iPhone is expected to feature more screen space, an energy efficient high-resolution OLED screen, and wireless charging capabilities.
Tribune Media, Time Jump on Reports of Potential Deals
Mergers among media companies, much anticipated for at least three years, may be finally unfolding as WGN owner Tribune Media and magazine publisher Time talk to potential acquirers. Shares of Tribune Media and Time were surging on Wednesday before the market open amid reports that the companies, two of the country’s oldest media operators, may be close to sales.
U.K. FTSE 100 Hits All-Time High as Dollar Strength, Trump Speech Boosts Stocks
Britain’s benchmark FTSE 100 index hit a record high Wednesday as bank stocks gained on renewed speculation of a March rate increase from the U.S. Federal reserve. Britain’s benchmark FTSE 100 index hit a record high Wednesday as bank stocks gained on renewed speculation of a March rate increase from the U.S. Federal reserve.
Cheery Fourth-Quarter Results Lead to Stock Bounce for Dollar Tree
Shares of Dollar Tree climbed 4.66% to $80.25 in pre-market trading on Wednesday after the discount chain reported better-than-expected earnings and revenue for the fourth quarter. The Chesapeake, Va.-based retailer posted earnings of $1.36 per share, surpassing analysts’ estimates of $1.31 per share.
Hershey, With Scant Global Traction, to Cut 15% of Workforce
Hershey lags so far behind its international competitors, that it was no surprise when it announced Tuesday it would slash 15% of its workforce, mostly outside the U.S., to amp up profitability. Internationally, the Hershey, Pa.-based chocolate maker has been losing market share to such rivals as Mondelez , owner of Cadbury confectionery, and privately held Ferrero and Nestle .
A Good Thing Happens When Doctors Start Talking to Their Patients
Visiting the doctor can sometimes feel like being slammed down on an assembly line: Make co-pay. Check vitals.
Former FCC Legislative Affairs Deputy Director Sean Conway Joins Wilkinson Barker Knauer
Sean brings over six years of communications regulatory experience, both in private practice and in various roles at the Federal Communications Commission . Sean began serving at the FCC as Attorney Advisor in the Wireline Competition Bureau, where he was one of the lead drafters in a rulemaking proceeding to modernize the E-rate program.
New FCC chairman: Net neutrality rules were a ‘mistake’
The U.S. Federal Communications Commission’s net neutrality rules, passed two years ago, were a “mistake” that caused uncertainty for the broadband industry, the agency’s new chairman said. The net neutrality rules, along with the FCC’s decision to reclassify broadband as a regulated common carrier, “deviated” from the U.S. government’s longstanding light-touch regulatory approach toward the internet, FCC Chairman Ajit Pai said Tuesday at the Mobile World Congress in Barcelona.
People on the move 03/02
Submit professional appointments, management-level promotions and significant awards for individuals , along with photos as a .jpg attachment, via email to peopleonmove@orlandosentinel.com . Nyma Whitmire , community volunteer, was appointed to serve a three-year term on The Albin Polasek Museum & Sculpture Gardens board of directors.
Democrats should get on board with repeal of FCC privacy rules
Is the broadband privacy sky falling? You’d think so if you listen to the apocalyptic tech press or Massachusetts Sen. Ed Markey Democrats should get on board with repeal of FCC privacy rules Senate Dems hit FCC chairman on consumer data risks Dems rip Trump administration for revoking Obama’s transgender directive MORE They claim that Republican Federal Communications Commission Chairman Ajit Pai is about to leave consumers totally unprotected from broadband providers who might use information gathered about them. A press call yesterday put out a flurry of mixed metaphors: Republicans want a “black hole” or an “unregulated Wild West” for broadband privacy.
Wall St Set to Resume Record Rally Amid Rate Hike Talk
President Donald Trump addresses a joint session of Congress on Capitol Hill in Washington, Tuesday, Feb. 28, 2017, as Vice President Mike Pence and House Speaker Paul Ryan of Wis., listen. , with 56,511 contracts changing hands.
Unilever Set to Change Compensation Structure to Instil Owner’s Mindset
Unilever has proposed to change the way executives and directors are paid in a bid to make them act more like owners of the business. Unilever has proposed to change the way executives and directors are paid in a bid to make them act more like owners of the business.
European Stocks Gain as Banks Surge on Fed Rate Hike Speculation
European markets rose firmly higher Tuesday as bank surged on increased speculation of a March rate hike from the Federal Reserve. European markets rose firmly higher Tuesday as bank stocks surged on increased speculation of a March rate hike from the U.S. Federal Reserve and industrial stocks gained on bets that President Donald Trump will find support for his $1 trillion in infrastructure spending plans.
U.K. Regulator Seeks Better Disclosure From Companies in IPO Process
Britain’s financial watchdog wants to see an improvement in disclosures made by companies seeking to float on London’s stock markets and has put forward a series of proposals for consultation. Britain’s Financial Conduct Authority said Wednesday that it wants to see an improvement in disclosures made by companies seeking to float on London’s stock markets and has put forward a series of proposals for consultation.
Vice Strikes Mobile Deals With Major Carriers in Asia Pacific
Vice Media, the subject of IPO rumors, announced a series of deals on Wednesday with mobile carriers including Vodafone, DoCoMo and Indonesia’s XL Axiata. Vice Media , the youth-focused digital and TV company that counts Disney as its largest investor, is expanding its operations into Asia, the Middle East and Canada.
Man Group’s Shares Fall Most in 8 Months on Profit Decline
Man Group Plc, the world’s largest publicly traded hedge fund firm, said adjusted pretax profit fell 49 percent in 2016 on lower performance fees. The shares declined the most in eight months.
European Stocks Bounce on Earnings
European shares gained on Wednesday, with results driving specific stock moves, while basic resources were the top sector performers after U.S. President Donald Trump pledged $1 trillion of infrastructure spending in his first speech to Congress. The pan-European STOXX 600 index rose 0.7 percent, with Germany’s DAX and France’s CAC 40 outperforming peers, gaining 1 percent.
One Startup Builds $1 Billion Business Out of 15-Cent Bike Rides
Walk around the streets of Beijing these days and the sidewalks are thronged with yellow and orange bicycles. These are the weapons of choice in one of the strangest, most colorful battles in the technology world.
Man Group Shares Fall Sharply After Profits Fall at Listed Hedge Fund
Man Group shares fell sharply in early London trading after the world’s biggest listed hedge fund reported a steep decline in management fees and overall profits. Man Group plc shares fell sharply in early London trading after the world’s biggest listed hedge fund reported a steep decline in management fees and overall profits.
FCC Chair: Net Neutrality a Mistake
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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.
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.
Ofo Becomes Chinese Bike-Sharing Unicorn After Giant Fundraising
A bruising battle between China’s two largest bike-sharing services just ramped up a notch. Ofo has raised $450 million from backers including DST and car-hailing giant Didi Chuxing, taking its valuation to more than $1 billion.
Trump’s First Speech to Congress: Buy American, Hire American
President Trump delivered his first speech to Congress. Covering a range of policy plans hitting corporate tax reform, repealing Obamacare, creating jobs, dialing back red tape regulation among others.
Trump Doubles Down on Controversial Pledge to Leave Social Security, Medicare Untouched
President Trump delivered his first speech Tuesday night to a joint session of Congress, discussing his budget blueprint for the coming fiscal year which includes a $54 billion increase in defense spending, a large cut in funding for the Environmental Protection Agency– and “no changes” to Social Security and Medicare. As of January, 66 million Americans were receiving Social Security, Supplemental Security Income payments, or both, according to the program’s website.
Ben Stein: We need to raise taxes on the rich
Feb. 28, 2017 – 3:33 – Economist Ben Stein on how the Democrats will react to President Trump’s address to Congress and why he believes there is no connection between tax cuts and the movement of the markets.
Toshiba Said to Seek Bids for Chip Unit at $13 Billion Value
Toshiba Corp. is sending letters soliciting offers for its memory chip business this week and seeking bids that value it at about 1.5 trillion yen , according to people familiar with the matter. The Japanese conglomerate is offering a majority stake in the chip unit and would be willing to sell the entire business, said the people, asking not to be identified because the matter is private.