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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.
Under pressure, Apple may expand its US manufacturing base
New York, March 1 – Under pressure from the Trump administration to create more domestic jobs, Apple may soon broaden its $50 billion US manufacturing and supplier base, a media report said. According to a report in Financial Times on Wednesday, Apple CEO Tim Cook said the company would also step in to defend net neutrality if the principle protecting even-handed management of internet traffic was threatened by the new head of the Federal Communications Commission, the US telecoms regulator.
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.
HPS Looking to Add Chromebooks For High School Students
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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.
Trump Touts $3 Trillion Stock Market Rally at Joint Congressional Address
Wall Street is bullish on Trump, and the president knows it — he touted the stock market rally during his Congressional address. “The stock market has gained almost $3 trillion dollars in value since the election on November 8th, a record,” he said in prepared remarks delivered to a joint session of Congress on Tuesday, the 40th day of his presidency.
The Latest: New Mexico adds disclosures for solar contracts
The New Mexico House of Representatives has approved new disclosure requirements for providers of rooftop solar energy systems and related financing agreements. The House voted 56-6 on Tuesday on the bill from Democrat Rep. Debbie Rodella of Espanola.
Dementia Care Expert to Speak in Kearney, Grand Island
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Harris Corp. announces new research into drones
Harris Corp officials held an event to announce the Melbourne company would be joining a group that will research low-altitude networks to make drone use safer. Harris Corp officials held an event to announce the Melbourne company would be joining a group that will research low-altitude networks to make drone use safer.
Hill tech counsel tapped for White House cyber post
The Trump administration has appointed 13 new senior staff members to the National Economic Council, including Grace Koh, who will serve as special assistant to the president for technology, telecom and cybersecurity policy. Koh most recently spent three and a half years as deputy chief council to the Subcommittee on Communications and Technology of the House Energy and Commerce Committee, which advised “the chairmen and committee members on policy and legal issues arising in the telecommunications and technology sectors,” the White House announcement said.
Uber CEO Kalanick Seen on Video Arguing With Driver Over Pay
When Uber Chief Executive Officer Travis Kalanick takes an Uber, he prefers a black car, the high-end service his company introduced in 2010. On this particular night in early February-Super Bowl Sunday-Kalanick is perched in the middle seat, flanked by two female friends.
SBI Sees Bad Loans at India Banks Worsening on Slower Growth
India’s weaker economic growth will lead to more soured loans, even after an audit of lenders’ books pushed stressed assets in the South Asian nation to the highest among major economies, according to the head of the country’s largest bank. “There could be a few more accounts that could start showing stress mainly because the kind of growth in demand that we have been talking about still has not really come back,” State Bank of India chairman Arundhati Bhattacharya said in an interview with Bloomberg Television in Hong Kong on Tuesday.
SBI’s Bhattacharya Says India’s Low Rates to Continue
India’s GDP expanded 7 percent in the fourth-quarter, which was far stronger than what was estimated. The country is also forecast to grow over 7 percent for the coming year as banks work to replace cash sucked out by Modi’s shock clampdown last November.
Governor Cuomo Announces $39.2 Million in New NY Broadband Program…
More Than 32,700 Homes and Business to Gain Access to High-Speed Broadband in the Capital Region through Round II Advances Governor’s Goal of Providing Broadband Access to All New Yorkers by the End of 2018 Round II Awards and Census Block Data Available Here Governor Andrew M. Cuomo today announced $39.2 million in New NY Broadband Program Round II grants have been awarded to 11 projects in the Capital Region. These awards will provide 32,737 homes and businesses with access to high-speed broadband for the first time, and leverage $9.8 million in private matching funds – bringing the total public-private investment in the Capital Region to $49 million in Round II.
Australia goes 25 years without recession
Australia’s economy has jumped sharply in the last quarter of 2016, allowing the resource-rich economy to mark 25 years without recession. Australia’s economy had contracted in the third quarter but the surprise rebound pulled annual figures back to a 2.4% growth rate.
Kellyanne Conway Defends Controversial Couch Photo
As President Trump prepares for his first address to a joint session of Congress on Tuesday evening, Kellyanne Conway, counselor to the president, joined Lou Dobbs on FOX Business to discuss what people should expect from what she predicts will be a “beautiful speech.” “I think it begins on a very important note that you’ll see, and all the way in-between really inspires and lifts up the American spirit and also the American people,” she said.
JPMorgan CEO Dimon: Regulatory Reform ‘Flashing Red to Green’
Executives at J.P. Morgan Chase & Co. struck an upbeat tone during the firm’s annual investor day, painting a picture of bank businesses mostly poised for growth.
Trump’s First Speech to Congress LIVE
President Trump is delivering his first speech to Congress. Wall and Main Street are listening closely for updates on key policies that will shape corporate tax reform, immigration, defense spending and trade.
Australia’s Economy Avoids Recession
Australia’s resource-rich economy avoided recession by posting strong growth in the fourth quarter, helped by surging commodity prices. GDP grew by 1.1% in the fourth quarter from the third, and by 2.4% from a year earlier.
Losses Mount for Obamacare Startup Oscar as Repeal Looms
Oscar Insurance Corp., the startup trying to reinvent medical insurance with its Obamacare-focused plans, lost more than $200 million on the products in 2016 as it heads into a year that may see the undoing of the health law. The company offered plans in four states in 2016 and lost about $204.9 million on premium revenue of $425.9 million, according to filings.
Carlyle, CVC, KKR Said to Bid for Onex’s USI Insurance
Carlyle Group LP, CVC Capital Partners and KKR & Co. are among suitors that have made first-round bids for Onex Corp.’s USI Insurance Services, according to people familiar with the matter.
United-Avianca Deal Becomes Target of Lawsuit by Kingsland
Avianca Holdings SA’s chairman and controlling shareholder, German Efromovich, is forcing the Colombian airline into a potential deal with United Continental Holdings Inc. that will hurt minority investors, according to a lawsuit filed Tuesday in New York State Supreme Court. Kingsland Holdings, the second-biggest shareholder in Avianca, is suing the Bogota-based air carrier, Efromovich and Chicago-based United, saying they secretly negotiated an $800 million loan and strategic partnership.
KCSM jazz station cuts programming
Starting this week, the voices of some notable Bay Area music programmers will be missing or heard less often on jazz radio KCSM due to budget cuts. Veteran San Francisco music producer and radio host Harry Duncan will no longer do his Sunday evening KCSM show, “In the Soul Kitchen,” a gumbo of soul, funk, jazz, roots reggae and other music genres that aired on KUSF for 28 years and has been on KCSM since 2014.
Where to Make Your Move on Oil
Oil’s well that ends well? I’m heading to an energy conference in Texas this week, and it is striking to reflect on the change in attitudes in just one year. A year ago today, the front-month West Texas Intermediate crude future closed at $33.75 per barrel.
Rangel Ravelo, Trevor Plouffe and Marcus Semien all homer for Oakland as A’s take down Cleveland
Rangel Ravelo delivered a two-out solo homer in the bottom of the eighth inning as the A’s won for the second consecutive day in the Cactus League, beating defending American League champion Cleveland 5-4. Ravelo’s homer was one of three hit by the A’s, a two-run opposite field shot in the first inning from Marcus Semien and a third-inning solo shot from Trevor Plouffe that hit a fan dozing in the sun near the left field scoreboard.
Audi, Porsche are tops in Consumer Reports’ annual rankings
Audi, Porsche, BMW and Lexus are the best-performing brands in Consumer Reports ‘ annual rankings, but lower-priced options aren’t far behind. Subaru, Kia, Mazda, Honda and Buick also made it into the organization’s top ten brands for 2017.
4 Sane Ways To Pay Down Student Debt
If you’ve read any of the student-debt success stories circulated in the media lately, you might think the only way to pay down your debt is to give up coffee, your social life and your apartment. “It seems like borrowers are told that they have to live on beans in a shantytown and pay off their debt as quickly as possible,” says Minnesota-based certified financial planner Mark Struthers.
San Francisco home prices see big drop in January
The Arden, one of Mission Bay’s newer condominium towers, makes a virtue of the neighborhood’s horizontal emphasis zoning rather than trying to hide that it doesn’t exist. The Arden, one of Mission Bay’s newer condominium towers, makes a virtue of the neighborhood’s horizontal emphasis zoning rather than trying to hide that it doesn’t exist.
Group says Buffett’s firm opposes selling fossil fuel stocks
A group of environmentalists that wants Warren Buffett ‘s company to sell its investments with ties to fossil fuels says Berkshire Hathaway is opposing the measure. Nebraskans for Peace said Tuesday that Buffett’s company told the group it opposes the measure that Berkshire shareholders will vote on later this spring.