The British oil major has snapped up stakes in fields in the Middle East and West Africa, adding to recent investments in the Gulf of Mexico and North Africa. BP is back on the acquisition trail and appears determined to make up for lost time, announcing two deals in three days.
With No Remaining Governors, the U.S. Postal Service Delivers Itself Into Uncharted Waters
You could soon have a legitimate reason for why those cards and packages never got to where they were supposed to go. A governance crisis has put a big question mark on the future of the United States Postal Service just in time for the holiday mail season, which is expected to peak Monday as Americans scramble to send off millions of greeting cards, letters, and packages ahead of holiday shipping deadlines later this week.
Smaller U.S. Banks Dodge Fed Crackdown on Short-Term Debt Funding
The Fed’s new rule requiring banks to issue more long-term debt is in line with recent decisions to alleviate the burden on mid-size lenders. As the Federal Reserve races to tighten financial industry regulations prior to the U.S. presidential handover, smaller banks are catching a break.
CBS Swallows AMC Networks, Viacom Unloads Paramount and More 2017 Media Predictions
As 2017 comes into view, we offer some media industry predictions at a time when content companies and pay-TV operators are playing musical chairs, hoping not to be left behind. When making predictions, it’s generally safe to say the future is uncertain and change is coming.
Momentum Is Waning From This Market
For several weeks now, I have earmarked late last week as the period when most of my indicators would reach an overbought reading on both a short and an intermediate-term basis. That is still the case.
‘Trump will have to say no to some very good American companies that need China.’
He doesn’t want a trade war. He believes we are in a trade war. He doesn’t want to retaliate.
In Potentially Risky Strategy, U.S. Startups Are Piling on Debt
His New York-based startup doubled annual revenue this year and is on track to break even in 2017. Valued at about $200 million in April, the marketing automation company counts Bain Capital and Goldman Sachs among its backers-a source of validation in the eyes of many venture investors.
Paschi Starts Share Offer as Italy Prepares Possible Rescue Plan
Banca Monte dei Paschi di Siena SpA is attempting to sell shares on the market while the government prepares a plan to inject as much as 15 billion euros into Italian banks should the fundraising fail, according to a person with knowledge of the matter. Italy’s Treasury plans to participate in the share sale, which may increase its 4 percent holding, the person said, asking not be identified because the plan isn’t public yet.
Uber Mideast Rival Valued at $1 Billion After Fundraising 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 Rejects Trump’s Comment That It Stole U.S. Naval Drone
China pushed back on U.S. President-elect Donald Trump’s accusation that it stole a U.S. naval drone last week. China seized the drone to protect shipping safety in the region, foreign ministry spokeswoman Hua Chunying told reporters in Beijing on Monday.
Citigroup’s Larsen Exits as Retail Banking, Mortgage Head
Citigroup Inc.’s global head of retail banking and mortgages, Jonathan Larsen, who has been known as an advocate of digital banking, resigned for personal reasons, the lender said. The New York-based bank is yet to choose a replacement for his “critical role,” it said in an internal memo dated Dec. 9. Citigroup spokesman James Griffiths confirmed the contents of the document.
Oil Prices Rise on More Balanced Market
Oil prices rose on Monday as a weaker dollar and the delay of new Libyan oil exports boosted benchmarks, amid expectations of tighter crude supply going into 2017. Analysts said the increases, which built on gains of around 2 percent on Friday, were driven by a delay in crude oil supplies from Libya.
Try This Exercise In Radical Empathy To Minimize Conflict
This exercise, which has helped Trump and Clinton supporters see eye to eye, can help you deal with any conflict in your life. In addition to the everyday disagreements we have with our friends, family, and coworkers, the brutal election over the last year appears to have ripped the country in two, with liberals and conservatives unable to see eye to eye.
12-Plus Apps You Should Delete Before The New Year
Your smartphone may feel like an extension of your hand, but it can be causing you more grief than joy. It’s no surprise why the concept of “digital detoxes” has become so popular; people feel too connected to their technological objects.
Shell Completes $1.4 Billion Showa Stake Sale
Royal Dutch Shell completed the sale of its one-third stake in Showa Shell Sekiyu to Idemitsu Kosan following delayed Japanese authority approval, completing a move that would diminish its century-old relationship with the Japanese oil refiner. Shell sold 31.2% of its stake in the Tokyo-based Showa Shell for A 158.9 billion , lowering the sale from the initially planned 33.24%.
Monte dei Paschi Stock Under Pressure as Share Sale Launched
Italy’s third-largest lender is touting its share-offer to retail investors as the clock ticks on ECB deadline. Monte Paschi shares tumbled Monday as the bank launched what may effectively be a final effort to save the world’s oldest bank from collapse.
Ireland Fights Back Against Apple Tax Ruling
The Irish government will publish a full legal argument Monday in its appeal against the European Commission’s Apple tax ruling. The Commission said in August that Ireland granted illegal tax benefits to Apple that allowed it to pay “substantially” less tax than other businesses over many years, and ordered Ireland to recover a 13 billion plus interest from the world’s biggest tech company.
Fiat Delivers Alphabet’s Waymo 100 Self-Driving Hybrid Minivans
Fiat Chrysler Automobiles NV announced the production of 100 Pacifica Hybrid minivans which will join Alphabet Inc.’s Waymo self-driving vehicle fleet. The minivans are currently being being outfitted with fully self-driving technology, including purpose-built computers and a suite of sensors, telematics and other systems, and will become part of the test fleet of Waymo, formerly the Google car project, in early 2017, the Italian-American manufacturer said Monday in a statement.
Australia and France insist on secrecy of new sub design
The Australian and French defense ministers say they are giving top priority to concealing design details of a new Australian submarine after data was leaked from French shipbuilder DCNS about a submarine built for India. French Defense Minister Jean-Yves Le Drian said Monday that the mutual concerns of France and Australia to avoid a repeat of such a leak were addressed in an agreement on protecting classified information signed in Paris last week.
Oil Extends Advance Above $52 as Libyan Output Comeback Stalls
Oil extended its gains above $52 a barrel as a planned production boost from Libya stalled amid continuing tension in the OPEC member exempt from agreed output cuts. Futures climbed as much as 1.2 percent in New York after rising 2 percent on Friday.
Libya’s – Elephant,’ Sharara Oil Fields Restart Said Halted
Libyan oil-facility guards prevented two of the country’s biggest fields from resuming production, days after the National Oil Corp. reached an agreement to restart operations there to boost output in the politically divided OPEC state. The El Feel, or Elephant, and Sharara fields still aren’t operational after they were shut more than a year and a half ago, an NOC official said Sunday by phone, asking not to be identified for lack of authorization to speak to news media.
Rosneft Could Accelerate Global Expansion in 2017, Says WoodMac
Rosneft PJSC has the opportunity to accelerate its international expansion next year as the political environment becomes more favorable for the state-run Russian oil producer. U.S. President-elect Donald Trump’s “Russia-friendly rhetoric” and the appointment of Exxon Mobil Corp. Chief Executive Officer Rex Tillerson as Secretary of State “are likely to have a profound impact on the way Russia is perceived by the West,” according to consultant Wood Mackenzie Ltd. Rosneft has recent international success to build upon — its $1.1 billion purchase of a stake in an Egyptian gas field and the Russian government’s sale of 19.5 percent of the company to Glencore Plc and Qatar’s sovereign wealth fund.
California tries again to thwart prison cellphone smuggling
California is installing nearly 1,000 sophisticated metal detectors, scanners and secret security cameras at its prisons in its latest attempt to thwart the smuggling of cellphones, thousands of which continue to flood the prisons despite previous efforts. Officials say the phones can be used to coordinate everything from attacks in prison to crimes on the street, yet they have thus far been unable to prevent even high-security inmates like cult killer Charles Manson from repeatedly getting the devices that are illegal behind bars.
Nebraska Jobless Rate Up Slightly in November
As per Federal Communications Commission Regulations following is certified: Platte River Radio Inc. does not discriminate in the sale of commercial time, and will not accept advertising which, in its sole opinion, is purchased with intent to discriminate unlawfully on the basis of race, gender, or ethnicity. The advertiser hereby certifies that its purchase of commercial time is not made for an unlawful discriminatory purpose, including specifically that it is not based upon a decision to place advertising on a station on the basis of race, gender, or ethnicity.
Ricketts, Labor Department Announce Decline in Unemployment Claims, Tax Rates
As per Federal Communications Commission Regulations following is certified: Platte River Radio Inc. does not discriminate in the sale of commercial time, and will not accept advertising which, in its sole opinion, is purchased with intent to discriminate unlawfully on the basis of race, gender, or ethnicity. The advertiser hereby certifies that its purchase of commercial time is not made for an unlawful discriminatory purpose, including specifically that it is not based upon a decision to place advertising on a station on the basis of race, gender, or ethnicity.
Watsa’s Fairfax Agrees to Buy Allied World for $4.9 Billion
Fairfax Financial Holdings Ltd. agreed to buy insurer Allied World Assurance Co. for $4.9 billion in cash and stock in Chief Executive Officer Prem Watsa’s largest purchase.
EU Interferes With National Powers in Apple Case, Ireland Says
European Union competition investigators exceeded their powers in a probe that ended in a record 13 billion-euro tax bill for Apple Inc., Ireland said, as it challenged the decision. The EU in August ordered Ireland to collect arrears from Apple over its tax arrangements in the nation.
Gone in 60 Seconds: Chinese Snap Up Dollars as Yuan Tanks
Chinese savers, eager to convert their yuan before the currency keeps depreciating, are snapping up U.S. dollar investment products that offer options for keeping money at home instead of sending it overseas. The latest wealth management products from China Merchants Bank Co.
Stop Dancing To The Fed’s Fiddle
For the first time in almost a decade, the market shrugged off a significant move by the Fed when it increased its rate by 0.25%. Of course, the market had anticipated the increase for a year, and so, priced it in earlier.
Fed Hawkishness
As expected, the FOMC raised the policy rate by another 25 basis points this week. This matches my long-time prediction for extreme A1 4bergradualism : hiking rates once per year.
5 Things You Didn’t Know Were Taxable
We all know taxes are unavoidable, but you may not realize how much of your money the IRS gets its hands on. Here are five things you may be surprised to learn are taxable.
Nintendo Tumbles as Super Mario Run Game Debuts to Tepid Reviews
The stock tumbled 4.4 percent as of 10:36 a.m. on Monday, bringing its losses since the game’s debut last week to 8.4 percent. Nintendo’s partner DeNA Co., which helped with the game’s development, has dropped 12.4 percent in the same period.
California AG Threatens Action Against Uber’s Self-Driving Cars
California Attorney General Kamala Harris has told Uber Technologies Inc. to pull its self-driving cars from San Francisco’s streets or it will seek a court order forcing it do so, saying the ride-hailing company needs a permit under autonomous vehicle regulations. If Uber doesn’t comply with the state’s rules, “as have 20 other companies,” the attorney general’s office will ask a judge to require the self-driving cars be taken off the roads, the attorney general’s office wrote in a letter Friday to Uber.
OPEC Deal Leaves Oil Investors Most Optimistic 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.
A $55 Billion Manager Who Bought at Market Low Returns to Cash
David Samra, the award-winning stock picker, is boosting cash holdings close to their limit in a market he sees as lacking buying opportunities. Samra, who oversees about $55 billion for Artisan Partners, says he increased cash to about 13 percent of his international fund, near the 15 percent maximum, as equities around the world extend rallies after Donald Trump’s election.
Hedge Funds? Returns Don?t Impress Centrica Pension Fund
Centrica Plc’s pension pot is shunning hedge funds and boosting investment in real assets as it seeks to plug a 1.2 billion-pound funding hole. “My definition of hedge funds is where people seek to magic up returns out of nothing,” said Chetan Ghosh, chief investment officer of the company’s 7.3 billion-pound retirement funds.
Zsa Zsa Gabor, An Original ‘celebutante,’ Dies At 99
Zsa Zsa Gabor, the Hungarian-born actress who was mostly famous for being famous, died Sunday. Though she never admitted her birth date, she was believed to be 99. Her longtime publicist, Edward Lozzi, said the cause of death was heart failure.
3 Reasons InvenSense, Inc. Stock Could Rise
The stock had fallen about 30% for the year at the beginning of December due to its slowing sales growth and competition from bigger rivals like had offered to acquire it for $12 per share. Following that pop, InvenSense stock is now up 6% for the year, but remains almost 60% below its peak of $26 in 2014.
California tries again to thwart prison cellphone smuggling
California is installing nearly 1,000 sophisticated metal detectors, scanners and secret security cameras at its prisons in its latest attempt to thwart the smuggling of cellphones, thousands of which continue to flood the prisons despite previous efforts. Officials say the phones can be used to coordinate everything from attacks in prison to crimes on the street, yet they have thus far been unable to prevent even high-security inmates like cult killer Charles Manson from repeatedly getting the devices that are illegal behind bars.
California tries again to thwart prison cell phone smuggling
California is installing nearly 1,000 sophisticated metal detectors, scanners and secret security cameras at its prisons in its latest attempt to thwart the smuggling of cell phones, thousands of which continue to flood the prisons despite previous efforts. Officials say the phones can be used to coordinate everything from attacks in prison to crimes on the street, yet they have thus far been unable to prevent even high-security inmates like cult killer Charles Manson from repeatedly getting the devices that are illegal behind bars.