Oil prices boosted by global output reductions will be capped because of new supply before long, according to Goldman Sachs Group Inc. The cuts by OPEC members and nations outside the group, as well as strong demand growth, will probably help curb inventories by next summer, analysts including Damien Courvalin said in a note dated Dec. 16. While the bank raised its oil-price forecasts for the second quarter of 2017, it decreased its crude estimates for 2018 on concern that new production will enter the market. Brent crude, the benchmark for more than half of the world’s oil, has surged since the Organization of Petroleum Exporting Countries agreed Nov. 30 to trim output for the first time in eight years.
Anthem-Cigna Deal Cast by U.S. as Risk to Patients, Providers
Anthem Inc. and the U.S. Justice Department extended their clash over whether the insurer’s planned takeover of rival Cigna Corp. will raise costs, as government witnesses testified Friday that the deal will harm health-care providers and patients. Frank Gorse, a vice president at Patient First, which operates urgent-care centers in the Mid-Atlantic region, said he’s concerned the merger will squeeze providers due to Anthem’s lower payouts, harming patient services.
Oil Rises as Output Cuts Seen Curbing Glut, Dollar Rally Stalled
Oil rose for the first time in three days after the dollar’s advance stalled and attention shifted back to projected production cuts. Futures rose 2 percent in New York.
Swap Group Taps ICE for Panels Ruling $11.5 Trillion Market
The International Swaps & Derivatives Association appointed Intercontinental Exchange Inc. to manage the process for determining when insurance contracts pay out in the $11.5 trillion credit-default swaps market. The trade group is ending its role as secretary for regional committees that make binding decisions for the credit derivatives market.
Ex-BSI Banker Seah Gets Jail for Forgery Tied to 1MDB Case
Yvonne Seah Yew Foong, a former BSI SA private banker, became the second person to be convicted in Singapore’s investigation into alleged money laundering linked to 1Malaysia Development Bhd. Judge Salina Ishak sentenced Seah, 45, to two weeks in jail for aiding in forging documents and imposed a fine of S$10,000 for failing to report suspicious transactions allegedly related to Malaysian financier Low Taek Jho.
How Global Oil Flows Might Look After OPEC’s Supply Shock
OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity.
It’s Time To Start Conducting More Scientific Job Interviews
If hiring managers really want to be fairer and less biased, says one psychologist, they’ll need to cut the chitchat. However the hiring process may be changing, there’s no sign job interviews are going away from it.
Tillerson’s Foreign Prowess Said Aided by Exxon Intelligence Arm
Even before Donald Trump tapped him to be the top U.S. diplomat, Rex Tillerson already had his own State Department. Behind the walls of Exxon Mobil Corp.’s secluded corporate headquarters in suburban Dallas, a little-known intelligence unit works to keep top executives informed on economic, social and political situations around the world so they never walk into a foreign negotiation unprepared.
Deutsche Bank Said Last Lender to Stop Angola Dollar Clearing
Deutsche Bank AG stopped providing dollar clearing in Angola, leaving one of Africa’s biggest oil-producing nations without a lender to supply the service, according to three people with knowledge of the matter. The company ceased dollar clearing for Angola in mid-November, said two of the people, who asked not to be identified because they’re not authorized to speak to the media.
Scaramucci Says Greg Fleming Advising on Possible SkyBridge Sale
Anthony Scaramucci, founder of SkyBridge Capital, says he has a team in place to explore the sale of his firm and discussions with possible buyers are underway. Scaramucci, who serves on President-elect Donald Trump’s transition team, told Bloomberg Television Friday that Greg Fleming, who previously led Morgan Stanley’s retail brokerage, is helping with the sale.
McCormick Said to Be Trump Front-Runner for Defense Deputy
Hedge fund manager and former Army officer David McCormick is the front-runner to serve as President-elect Donald Trump’s deputy defense secretary, according to three people familiar with the presidential transition. McCormick, president of Bridgewater Associates Inc., the world’s biggest hedge fund, was eyed earlier as a possible Treasury secretary, a post that ultimately went to former hedge fund investor Steve Mnuchin.
VW Gets Weekend for – Intense’ Talks on Diesel-Cheating Case
A federal judge said Volkswagen AG has made “substantial progress” toward a settlement to get about 80,000 Audi, VW and Porsche vehicles with emissions-cheating 3.0-liter diesel engines fixed or off U.S. roads. Lawyers for the carmaker, consumers and the Justice Department have assured the court that negotiations are ongoing, but VW may be headed to trial if an agreement isn’t reached.
The Inside Story of Apple’s $14 Billion Tax Bill
“The Maxforce” is the European Union team that ordered Ireland to collect billions of euros in back taxes from Apple Inc., rattled the Irish government, and spurred changes to international tax law. You’d think it might have earned the name by applying maximum force while investigating alleged financial shenanigans.
Deutsche Bank Admits Misleading Clients in Dark Pool Trades
Deutsche Bank AG agreed to pay $37 million and admit to misleading customers about its dark pool stock-trading platforms to settle a joint state and federal probe, bringing the bank a step closer to resolving several potentially costly legal challenges in the U.S. The bank will admit to violating state and federal securities laws over a two-year period by failing to address known technical problems with its proprietary dark-pool ranking model, the U.S. Securities and Exchange Commission and New York Attorney General Eric Schneiderman said Friday. “Misleading and self-serving statements that defraud investors will not be tolerated,” Schneiderman said.
Allianz Said to Consider Bid for Generali’s French Business
Allianz SE, Europe’s largest insurer, is in discussions with Assicurazioni Generali SpA as it weighs a bid for the company’s French operations, according to people familiar with the matter. Allianz executives are uncertain whether a combination with the French insurance business would be approved by regulators, and the companies may not reach a deal, one of the people said, asking not to be identified because the deliberations are private.
The Drive To Secure Smart Cars
Imagine a driverless cab that locks itself and delivers would-be fare jumpers to the nearest police precinct. But also imagine a driverless cab that can be reprogrammed to drop off its victim at the prearranged point for a mugging.
V2V Communication to Be Mandated
All new cars and light trucks would be able to talk wirelessly with each other, with traffic lights and with other roadway infrastructure under a rule the Transportation Department proposed Tuesday. Officials say the technology holds the potential to dramatically reduce traffic deaths and transform driving.
Pentagon Demands China Return Intercepted U.S. Naval Drone
The Pentagon demanded that China return a U.S. Navy underwater drone captured in international waters in the South China Sea, a confrontation likely to exacerbate tensions in a region where China is asserting greater control and expanding military installations. A Chinese naval ship unlawfully seized the small unmanned vehicle Thursday while the USNS Bowditch, a U.S. Navy survey ship, was collecting it in a routine operation 50 nautical miles northwest of Subic Bay in the Philippines, according to a Defense Department statement.
Bitcoin’s Rally Crushed Every Other Currency in 2016. Here’s Why
Bitcoin, that nebulous digital currency that trades in cyberspace and is “mined” by code-cracking computers, emerged as a better bet this year than every major foreign-exchange trade, stock index and commodity contract. The electronic coin that trades and is regulated like oil and gold surged 79 percent since the start of 2016 to $778, its highest level since early 2014, data compiled by Bloomberg shows.
Citi Revives Popular Leveraged Oil ETNs Credit Suisse Killed
Citigroup Inc. rolled out a couple of risky triple-leveraged exchange-traded notes tied to oil on Friday after Credit Suisse Group AG delisted two eerily similar ETNs. The notes had gained attention earlier in the year as oil prices plummeted and investors, particularly millennials, starting pouring cash into them.
Toronto FC and Seattle Sounders Battle in Most Expensive MLS Cup Final
The expansion teams have some of the league’s most enthusiastic fans; Toronto features Sebastian Giovinco, a former Italian national player. The 2016 Major League Soccer season finishes Saturday as Toronto FC and the Seattle Sounders play the MLS Cup final.
Week in Review: Dow Scores Five Straight Days of Record Closes
The Dow Jones Industrial Average was the clear winner of this week, sealing fresh record closes for five days in a row. The Dow Jones Industrial Average was the clear winner of this week, sealing fresh record closes for five days in a row.
Wells Fargo Wants a Quiet End to Its Scandal, Risking More Noise
Wells Fargo & Co.’ s attempt to force aggrieved customers into closed-door arbitration over its fake-accounts scandal is drawing a legislative backlash in its home state of California and risks subjecting the bank to another round as a public punching bag.
Related Article: Jim Cramer Explains Why the Russell 2000 Hit New Record Highs This Week
Small cap stocks have rallied into new record highs this week, on hopes that regulations will lessen under President Trump. The recent rally in small cap stocks was driven by hopes that regulations will ease under the Trump Administration.
Wells Fargo Ex-Managers’ Suit Puts Scandal Blame Higher Up Chain
The lawsuits piling up against Wells Fargo & Co. over its fake accounts scandal have expanded to include three former branch managers alleging that an area president ordered employees to open bogus accounts to juice sales.
Report: Evictions increasing in Menlo Park, county
The number of “no-cause” evictions in San Mateo County rose 300 percent over a three-year period, according to a report by two legal nonprofits. The report, conducted by Legal Aid Society of San Mateo County and Community Legal Services in East Palo Alto, was funded by The San Francisco Foundation.
Older workers get boost from federal training program, but do they get jobs?
But its lofty title and mission – helping unemployed, low-income individuals age 55 and older get temporary jobs and training at nonprofits or government agencies – hasn’t shielded the U.S. Department of Labor program from criticism. The department in October awarded $140.6 million in Senior Community Service grants to 19 nonprofit groups, including almost $10 million to Chicago-based Easterseals and $2.4 million to National Able Network, funds that will cover services Feb. 1 through June 30. The hope is that individual participants develop the skills to land permanent, and unsubsidized, jobs, including in the private sector.
Major New York markets hit second consecutive day of record highs
Major New York stock indexes hit a second consecutive day of record highs while the Toronto stock market continued its six-day rise, continuing a post-U.S. election rally. On Wall Street, the Dow Jones industrial average recorded its third consecutive record-breaking day, advancing 142.04 points to 19,756.85.
Giuliani Withdraws Consideration for Position in Trump Administration
Former New York Mayor Rudy Giuliani has removed his name from consideration for a position in President-elect Donald Trump’s new administration, the Trump transition team said on Friday. Giuliani, once considered a possible choice as Trump’s secretary of state, had told the Republican of his decision during a meeting on Nov. 29, the team said in a statement.
Why NCI Building Systems Inc.’s Shares Popped 12% Today
As of 3 p.m. EST, shares were still down 9.9% on the day. Sales were up 4.5% to $480.3 million and net income was up 3.9% to $18.9 million, or $0.27 per share.
Why Investing in ETFs is Right for You
When filling out an investment portfolio, investors can turn to exchange traded funds to gain broad, diversified exposure to various assets in the U.S. and around the world. ETFs have become an increasingly popular way to access markets due to their easy accessibility, cheap costs and passive exposure to widely observed benchmark indices.
Stocks Rally, Notch 3% Gains for the Week
The benchmark S&P 500 registered a record high for the third straight session, while the Dow and Nasdaq also hit new highs. The Dow recorded a fifth straight week of gains.
RigNet Inc’s Stock Caught Fire on Friday
Offshore service stocks jumped on Friday without any news to drive the rally, with RigNet joining the likes of Seadrill Partners and others in a double-digit rally. It is a bit of a head-scratcher given that oil only rose 1.3% to roughly $51.50 per barrel, which is quite tame for crude these days — and still left it half a percentage point in the red for the week.
Municipal-bond week in review: Yields back down a bit
The 10-year yield on the AP Municipal Bond index was 2.665 percent, as of 5 p.m. Eastern time Friday. That’s down from 2.808 percent the previous week, but it’s still a lot higher than a month ago, before the election, when the yield was just 2.063 percent.
Amgen and Broadcom climb; Restoration Hardware falls
The company said Muhtar Kent will step down as CEO next year and will be replaced by Coke’s chief operating officer. The mining company said it will be bought by South Africa’s Sibanye Gold in a deal the companies valued at $2.2 billion.
How the Dow Jones industrial average finished Friday
U.S. stocks rose for the sixth day in a row Friday as major indexes continued to set records. The biggest gains went to companies that have been mostly left out of the post-election rally, including health care companies and makers of household goods.
Better Buy: bluebird bio, Inc. vs. Kite Pharma
Several clinical-stage biotechs are developing therapies usingchimeric antigen receptor T cells . Two of them in particular have enjoyed some good news in 2016: bluebird bio .
1 Reason NVIDIA Investors Need to Worry
The second-place player in this segment, Advanced Micro Devices lags NVIDIA by a huge margin as it commanded just 29% of the discrete GPU market in the third quartert, according to Jon Peddie Research. However, a year ago, NVIDIA’s dominance in the discrete GPU market was even greater.
First Female Shuttle Commander Remembers John Glenn
Former NASA astronaut Eileen Collins hailed the first U.S. astronaut to orbit the earth as a very wise and mission-oriented person she aspired to be like. “When I was a child, I read about the Mercury astronauts, I read about the Gemini astronauts and John Glenn of course was such a wonderful role model.
Covered California scrambles to restore fumbled tax credits
Nearly 10,000 Covered California policy holders have lost their federal tax credits – at least temporarily – due to a bookkeeping error by the state health insurance exchange. But Covered California is still trying to contact these individuals and families to fix the problem, and the agency promises to reinstate their tax credits retroactively if they give it permission to verify their income, said Covered California spokeswoman Lizelda Lopez.