Wall Street’s top banks were nearly unanimous on the view the Federal Reserve will increase interest rates at its policy meeting next week following a stronger-than-forecast February U.S. payrolls report, a Reuters poll showed on Friday. A drop in unemployment, more people seeking jobs and a rebound in wage growth were other upbeat aspects of the report which economists at these top banks reckoned give the Fed a green light to raise rates by a quarter point to 0.75-1.00 percent.
Category: Reuters
NY Fed Hikes U.S. GDP Growth Forecast
On Friday, the New York Federal Reserve raised its estimates for economic growth in the U.S. after the release of the latest data on jobs, trade, and inventories, Reuters reports. The New York Fed expects U.S. GDP to expand at an annualized pace of 3.19% in the first three months of 2017, this is greater than the NY Fed’s week ago estimate of 3.09%.
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.
FCC chair to block stricter broadband data privacy rules
The U.S. Federal Communications Commission will block some Obama administration rules that subject broadband providers to stricter scrutiny than websites, a spokesman said on Friday, in a victory for internet providers such as AT&T Inc, Comcast Corp and Verizon Communications Inc. Federal Communications Commission Commissioner Ajit Pai and FCC Chairman Tom Wheeler testify at a House Appropriations Financial Services and General Government Subcommittee hearing on the FCC’s FY2016 budget, on Capitol Hill in Washington March 24, 2015.
Trump Tower Protection Cost NY City $24M From Election to Inauguration
It cost New York City about $24 million to provide security at Trump Tower, President Donald Trump’s skyscraper home in Manhattan, from Election Day to Inauguration Day, or $308,000 per day, New York’s police commissioner said on Wednesday. The revelation prompted renewed calls for Congress to reimburse the city for the cost of protecting Trump’s private residence on Manhattan’s Fifth Avenue, where his wife and their son continue to reside.
Exclusive: SoftBank willing to cede control of Sprint to entice T-Mobile – sources
Japan’s SoftBank Group Corp is prepared to give up control of Sprint Corp to Deutsche Telekom AG’s T-Mobile US Inc to clinch a merger of the two U.S. wireless carriers, according to people familiar with the matter. The logo of U.S. mobile network operator Sprint Corp is seen at a Sprint store in San Marcos, California August 3, 2015.
Speculation Builds on a Verizon-Charter Tie-up, No Offer Made
U.S. cable company Charter Communication Inc shares rose as much as 10 percent on Thursday after the Wall Street Journal reported a preliminary approach by Verizon Communications Inc about a tie-up, but Reuters sources said no proposal was made. Speculation over a combination of the two companies has been building steadily since last month, when Verizon Chief Executive Officer Lowell McAdam told Wall Street analysts that such a deal would make “industrial sense.”
Aetna And Humana Stock Each Drop 2% In Heavy Volume After Federal Judge Blocks Merger
Aetna Inc. shares dropped 2.4% and Humana Inc. shares dropped 2.0% in heavy volume during midday trade Monday after The Wall Street Journal and Reuters reported that a federal judge had blocked their merger on antitrust grounds. The federal judge’s Monday decision said the DOJ had successfully argued that the deal could hurt consumers with Medicare Advantage plans, according to the WSJ.
Trump camp faces a complex scramble in avoiding potential conflicts
U.S. President-elect Donald Trump walks from an elevator with Alibaba Executive Chairman Jack Ma after their meeting at Trump Tower in New York on Monday. While promoting a Trump Tower condo development in South America last week, Eric Trump assured an Argentine newspaper that his family’s business was “in the first phase” of a building project in Buenos Aires.
Jobs in America 8:00 am ET on FOX Business Network’s Mornings With Maria
U.S. employers likely maintained a solid pace of hiring in December while raising wages, putting the economy on a path to stronger growth and further interest rate increases from the Federal Reserve this year. Nonfarm payrolls probably increased by 178,000 jobs last month after a similar rise in November, according to a Reuters survey of economists.
Credit Suisse Nearing U.S. Mortgage Settlement, Reuters Says
Credit Suisse Group AG may reach an agreement as soon as this week to settle a U.S. investigation into its handling of mortgage-linked securities before the 2008 financial crisis, Reuters reported. Switzerland’s second-largest bank is confident it can reach a resolution for less than the $5 billion to $7 billion that the Department of Justice has demanded, the publication quoted an unidentified person familiar with the talks as saying, without specifying when that request was made.
Credit Suisse Nearing U.S. Mortgage Settlement, Reuters Reports
Credit Suisse Group AG may reach an agreement as soon as this week to settle a U.S. investigation into its handling of mortgage-linked securities before the 2008 financial crisis, Reuters reported. Switzerland’s second-largest bank is confident it can reach a resolution for less than the $5 billion to $7 billion that the Department of Justice has demanded, the publication quoted an unidentified person familiar with the talks as saying, without specifying when that request was made.