As has been widely documented, the energy sector is the best-performing group in the S&P 500 this year and the Energy Select Sector SPDR is the best performer among the sector SPDR exchange traded funds. Obviously, crude’s resurgence plays a significant part in that rally.
Reviewing a Titan Among Emerging Markets ETFs
In what has been mostly a good year for emerging markets equities, the Vanguard FTSE Emerging Markets ETF , the largest emerging markets exchange traded fund by assets, is higher by 10.5%.
REIT ETFs can Rally Again
As was widely expected, the Federal Reserve boosted interest rates last week for the first time this year. With the jobs market strong and other economic data points signaling a robust U.S. economy, the Fed is targeting three rate hikes for 2017, which some investors view as a negative for rate-sensitive asset classes.
Ohio’s high court dismisses media lawsuit over bodycam video
The Ohio Supreme Court has rejected a lawsuit brought by several news organizations arguing that video footage from police bodycams is a public record that should be released on request.
Markets Right Now: Shares opening higher on Wall Street
Stocks are opening higher on Wall Street Tuesday, with shares of banks and other financial firms leading the Dow Jones industrial average toward fresh highs. Oil and other energy companies are also stronger.
Donald Trump, NBC and the FCC: Will the executive producer-in-chief…
Trump is keeping business ties to Comcast and appointing a new FCC chair. Net neutrality’s days could be numbered President-elect Donald Trump’s recent meeting with the heads of big U.S. tech firms touched on many important topics, from immigration and tax reform to maternity leave.
China Box Office Flatlines in 2016
After expanding 48 percent in 2015, it is projected to grow just 4.5 percent this year – but the picture for Hollywood is slightly rosier. The year began with projections that China was on the verge of becoming the world’s largest movie market, but 2016 might end up being remembered as the year the country’s film sector fell back to earth.
Rpt: Uber Lost More Than $800M in 3Q
Privately held ride-hailing company Uber Technologies lost more than $800 million in the third quarter, Bloomberg reported on Monday. The company’s $800 million in losses did not include its operations in China, Bloomberg said, citing a person it said was familiar with the matter.
Rpt: Apple in Talks With India to Manufacture Locally
Apple is in talks with India’s government to explore making products locally, the Wall Street Journal reported on Tuesday, as the U.S. firm aims to make deeper inroads in the world’s second-largest mobile phone market by users. Prime Minister Narendra Modi is trying to boost technology manufacturing in the country through his ‘Make in India’ initiative.
Ousted Tata Chairman Mistry to Take Fight to Indian Court
Cyrus Mistry, the ousted chairman of Tata Sons Ltd., said he will take his fight against his unceremonious removal as head of India’s biggest conglomerate to the nation’s courts. Mistry, who also resigned as a director in six group companies on Monday on the eve of shareholder meetings to remove him, said he’s fighting for better transparency at the $100 billion group.
Lloyds to Buy BofA’s U.K. Credit Card Unit for $2.4 Billion
Lloyds Banking Group Plc agreed to buy Bank of America Corp.’s MBNA credit-card business in the U.K. for 1.9 billion pounds in cash, marking its first major deal since being rescued by British taxpayers eight years ago. The acquisition of MBNA, which has about 7 billion pounds of assets, will add 650 million pounds a year to Lloyd’s revenue, equivalent to a 4 percent increase, according to a statement Tuesday.
Vanke Sees $10 Billion Erased as Takeover Battle Loses Sway
Shares of China Vanke Co. are tumbling as a crackdown on leveraged buyouts complicates a takeover battle for the nation’s largest listed property developer.
Rocket Internet-Backed HelloFresh Reduces Valuation on New Round
Berlin-based recipe-kit company HelloFresh raised 85 million euros in new funding, valuing the company at 2 billion euros — about 20 percent less than 15 months ago. Existing investor Baillie Gifford plus an unidentified new investor contributed the funding, HelloFresh backer Rocket Internet SE said Monday in a statement.
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.
Italy’s Bank Shares Rise as Government Ponders $20.7 Billion in New Support
Italy’s major banks traded higher Tuesday following a move by the country’s interim government to seek permission to borrow as much as a 20 billion to support its flagging lenders. The FTSE Italia Banks Index , a measure of share performance for the country’s largest lenders, added 1.6% by 08:45 GMT, helping lift the benchmark FTSE MIB index 1.08% higher to 19,132 points.
Co-op convenience store sell-off to McColl’s approved
Co-op’s sale of 298 of its food stores to convenience chain McColl’s has been approved by the competition regulator. McColl’s said it would begin to integrate the Co-op stores into its network by the end of January, with all conversions completed by August.
Oil Steady in Trade Ahead of Holiday Season
Oil prices were steady on Tuesday in timid trading ahead of the year-end holidays, with investors beginning to unwind positions without expecting to take up new ones until the start of 2017. International Brent crude oil futures were trading at $54.88 per barrel at 0821 GMT, down 4 cents from their last close.
Carlyle Sells Claren Road in Final Step Away From Hedge Funds
Carlyle Group LP is selling its majority stake in Claren Road Asset Management back to the fund’s top executives as the private equity firm moves to end its six-year foray into hedge funds. Claren Road, founded in 2005 by former Citigroup Inc. credit traders Brian Riano, John Eckerson, Sean Fahey and Albert Marino, will buy the 55 percent stake that Carlyle acquired in December 2010, according to a note sent last week to investors.
U Of Illinois Re-Launches Farm Policy News Website
LAUNCHES FARM POLICY NEWS WEBSITE Dec. 20, 2016 Source: University of Illinois news release Fans of Keith Good’s Farmpolicy.com website who were sad to see it discontinued in 2015 will be happy to hear about his new University of Illinois blogsite. The site, farmpolicynews.illinois.edu , features topics of interest to Corn Belt farmers such as: land values, farm income variables, agricultural production estimates, Farm Bill developments, trade issues, biofuels news, regulatory proposals, and other topics that are impacting the agricultural economy.
Italy Paves Way for a $21 Billion Aid Plan for Ailing Banks
The Italian government moved closer to a potential rescue of lenders including Banca Monte dei Paschi di Siena SpA by seeking permission from parliament to increase the nation’s public debt by as much as 20 billion euros . The plan is aimed at providing a backstop to the banking system “through public guarantees in order to restore their short- and medium-term lending ability,” Finance Minister Pier Carlo Padoan said following a cabinet meeting Monday night.
Pentagon Refutes Trump on F-35’s – Out of Control’ Costs
Lockheed Martin Corp.’s F-35 fighter jet isn’t spiraling out of control as President-elect Donald Trump has said, according to Pentagon officials preparing to making their case to the new administration. Critics of the Pentagon’s most expensive weapons system ignore the progress made since the program was reset in 2011, when it was six years behind schedule and $13 billion over budget, Lieutenant General Christopher Bogdan, who heads the office responsible for developing and acquiring the fighter jet, told reporters Monday.
Ex-U.S. Attorney Yang Said to Be Trump’s Top SEC Contender
President-elect Donald Trump is considering nominating ex-U.S. attorney Debra Wong Yang to run the Securities and Exchange Commission, positioning her to be the second consecutive former federal prosecutor to lead Wall Street’s top regulator, said a person with direct knowledge of the matter. While Trump and his transition team have spoken with a handful of candidates, Yang is the top contender to be SEC chairman, said the person, who asked not to be named because the incoming president hasn’t announced his pick.
Hedge Fund Winners and Losers Emerge as Year Ends on Better Note
This was the year to ridicule hedge funds. Pension funds, politicians, Warren Buffett, even hedge fund managers themselves — they all had something to say about the disappointing performance, high fees and market saturation.
SoftBank Inks First Deal After Trump Talk Spurs 3,000 Jobs
SoftBank Group Corp. Chief Executive Officer Masayoshi Son told President-elect Donald Trump this month he would create 50,000 jobs in the U.S. Money for the first 3,000 positions was announced on Monday. Satellite startup OneWeb Ltd. said it raised $1.2 billion from SoftBank and existing investors, with the Japanese technology company providing $1 billion.
The Fed has no idea how to tackle the economy :0
But here’s the funny thing. The Fed doesn’t have a clue as to what the economy is really doing.
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.
Obama Said to Use 1953 Law to Block Drilling in Arctic, Atlantic
President Barack Obama is preparing to block the sale of new offshore drilling rights in much of the U.S. Arctic and parts of the Atlantic, a move that could indefinitely restrict oil production there, according to two people familiar with the decision. Obama will invoke a provision in a 1953 law that gives him wide latitude to withdraw U.S. waters from future oil and gas leasing, said the people who spoke on condition of anonymity because the decision had not been announced.
Icahn to Sell Rail Lessor to Sumitomo in $2.8 Billion Deal
Icahn Enterprises, the investment firm controlled by billionaire Carl Icahn, agreed to sell American Railcar Leasing to Sumitomo Mitsui Banking Corp. in a deal that values the business at $2.78 billion including debt. The cash transaction involves 29,000 rail cars and is expected to close in the second quarter of 2017, Icahn Enterprises said in a statement Monday.
Uber Mideast Rival Valued at $1 Billion After Funding Round
Dubai-based ride-hailing app Careem Networks FZ raised $350 million from investors including Japanese e-commerce giant Rakuten Inc and Saudi Telecom Co., valuing it at about $1 billion. Government controlled STC, as the company is known, will invest $100 million for a 10 percent stake in Careem as part of a $500 million fundraising round, it said Sunday.
China’s Year of Cat-and-Mouse With Insurance Buyers in Hong Kong
It’s a game of cat-and-mouse that has gone on for most of this year, with Beijing showing no signs of winning yet. Each time China tightens up on money flowing out of the country for purchases of Hong Kong insurance, new routes seem to emerge.
Oil Settles Near $52 as Investors Eye Libyan Crude Output Return
Oil settled near $52 a barrel as investors eyed the potential return of crude supply from Libya and awaited signs of output cuts in January after the deal among OPEC and non-OPEC nations to reduce a global glut. Futures rose 0.4 percent in New York after fluctuating between gains and losses during the session amid light volume.
SoFi Pushes Back IPO Plans Amid Financial Tech Sector Struggles
The online lending company known as SoFi, which specializes in refinancing student loans, is pushing back plans for an initial public offering in order to focus on developing other business lines, said Chief Executive Officer Mike Cagney. Meanwhile, the company hasn’t yet closed a $500 million funding round, an effort that has SoFi courting international investors to purchase loans and potentially take an equity stake at the same time.
Obama Sets Up Water Clash With Mining Rule Trump Opposes
The Obama administration issued new regulations to protect streams and groundwater from coal mining, which congressional Republicans swiftly vowed to reverse. The industry says the U.S. Interior Department’s so-called stream protection rule will strand billions of dollars worth of coal in the ground.
Softbank invests $1bn in space satellite startup OneWeb
Softbank founder Masayoshi Son said it was the “first step” in a pledge made to US President-elect Donald Trump about US investment. Earlier this month Mr Son met Mr Trump and said he would put $50bn into US businesses and create 50,000 jobs over the next four years, Florida-based OneWeb, which is a direct rival to Elon Musk’s SpaceX, is now estimated to be worth around $2.5bn following its latest funding round.
Augusta County To Install EMS Tower Antennas
Augusta County is preparing to replace equipment on a telecommunications tower at Massanutten Resort as part of its effort to comply with a federal mandate for emergency communications systems. The county has received a building permit from Rockingham County to install three antennas on a tower at the resort that will process narrowband radio transmissions.
Ahead of Model 3, Tesla Motors, Inc. Continues to Revamp Its Supercharger Program
This robust network’s 120 kilowatt-powered charging stations makes long-distance travel feasible in the U.S., Western Europe, China, Japan, and part of Australia — and Tesla continues to add new markets. But the network is set to be tested when the electric-car maker brings to market its $35,000 Model 3 next year.
China Plans to Add Off-Book Wealth Products to Risk Assessment
The People’s Bank of China will include wealth management products held off bank balance sheets in its framework for gauging risk to the financial system starting in the first quarter, according to a newspaper controlled by the central bank. Rapid growth of the products can pose risks to the economy and stepping up monitoring is necessary to more comprehensively evaluate the potential threat, the Financial News reported Monday, citing an unidentified official at the monetary authority.
Zhongan Online Said to Scrap H.K. IPO, Consider China Listing
Zhongan Online P&C Insurance Co. scrapped plans for an initial public offering in Hong Kong or the U.S. and is instead focusing on a listing in mainland China, people familiar with the matter said.
OPEC Deal Makes Oil Investors Most Bullish Since Slump Began
Money managers boosted bets on rising West Texas Intermediate crude prices to the highest level since July 2014 after the Organization of Petroleum Exporting Countries and producers outside the group agreed to coordinate crude production cuts. Prices advanced to a 17-month high on Dec. 12 on speculation that the curbs will reduce the global inventory glut next year.
Futures Point North; Asia Mixed, Despite European Attacks
Futures for U.S. markets pointed toward a higher opening Tuesday despite a series of unrelated terror attacks across Europe Monday evening. The S&P 500 added 0.05%, the Dow Jones Industrials 0.04% and Nasdaq 0.09% at 8:56 p.m. EST.