FINANCIAL NEWS

To find a buyer, this bank had to give up pot

AMERICAN BANKER - 7 min 9 sec ago
First Green Bank in Florida had to stop holding deposits for licensed marijuana sellers as a condition of making a deal.

People's United buys national equipment-finance firm

AMERICAN BANKER - 32 min 9 sec ago
Vend Lease, which is based in Baltimore, focuses on suppliers and vendors in the hospitality industry.

New York Daily News to Cut 50% of Editorial Staff

The New York Daily News announced that it would cut its editorial staff by half as part of a major restructuring to address “significant financial challenges” the Big Apple tabloid has faced for years.

Dan Loeb’s Third Point unveils PayPal stake

FINANCIAL TIMES - 55 min 26 sec ago
Activist says payments company is ‘not well understood’ by investors
Categories: FINANCIAL NEWS

Barrick Gold President Departs to Lead AngloGold Ashanti

Barrick Gold announced that its president, Kelvin Dushnisky, is leaving the company to join AngloGold Ashanti as its chief executive officer.

Highflying Medical Firm, a Help to Wounded Veterans, Falls to Earth

MiMedx drove sales of its tissue grafts through means that included “channel stuffing,” and it brooked little criticism, some former employees allege. The company is doing an internal investigation and preparing to restate financial results back to 2012.

Top Fiat Chrysler Executive to Leave in Wake of CEO Change

Fiat Chrysler Automobiles said its European operations chief resigned, adding to the turmoil at the car maker after the sudden departure of its longtime chief executive.

Are strikes making a big dent in Ryanair’s profits?

THE ECONOMIST - 1 hour 13 min ago

ALL should be rosy at Europe’s largest low-cost airline. Ryanair’s passenger numbers are growing and costs per seat-kilometre flown are—just about—lower than its competitors’. But investors have been sent into a flap by its announcement on July 23rd that its profits in the first quarter fell 20% year-on-year, which sent its share price down nearly 7% on the day. Growing demand for pilots and cabin crew is having an effect. Last September the airline was forced to cancel over 2,000 flights owing to a pilot shortage. To attract enough staff to keep up with its breakneck expansion it has been improving pay and conditions, as well as recognising trade unions for the first time. That decision has already made itself felt: this week Ryanair is cancelling more than 600 flights because of striking staff.

Neil Sorahan, Ryanair’s finance director, cites other factors for the slide in profits. The amount of airline capacity in Europe is growing faster than demand, putting downward pressure on fares. And on the cost side, rising oil prices has...Continue reading

LifePoint Health Agrees to Apollo Buyout

Apollo Global Management is buying LifePoint Health in a deal with an enterprise value of about $5.6 billion.

Bank of Hawaii's profits climb 22% on surge in consumer lending

AMERICAN BANKER - 2 hours 3 min ago
Loan growth, fueled by increased tourism spending, more than offset a sharp drop in fee income at the Honolulu company.

Qualcomm Faces Demise of NXP Deal as Trade Fight Rumbles On

Qualcomm is set to find out this week if its $44 billion deal to buy chip maker NXP Semiconductors will become one of the biggest casualties in the U.S.-China trade battle.

Banks and Thrifts with the Largest Securities Portfolios

AMERICAN BANKER - 2 hours 31 min ago
On Mar. 31, 2018. Dollars in thousands.

Speaker Maker Sonos Sets IPO Price Range

High-end speaker company Sonos laid out the terms for its initial public offering in a regulatory filing, expecting its shares to price between $17 to $19 each.

‘Severe’ housing shortage hits US home sales

FINANCIAL TIMES - 2 hours 41 min ago
Sales of previously owned homes falls for third month while prices hit new peak
Categories: FINANCIAL NEWS

Don't get caught between demands of regulators, depositors

AMERICAN BANKER - 2 hours 45 min ago
As interest rates rise, banks need to watch how much they are paying on deposits to avoid exceeding rate caps designed to ensure liquidity.

U.S. Existing-Home Sales Tumbled Again in June

Sales of previously owned U.S. homes declined in June for the third-straight month, suggesting limited inventory and rising prices may be holding back home buying.

Leon Cooperman closes hedge fund for family office

FINANCIAL TIMES - 3 hours 33 min ago
Money will be returned to investors at the end of the year
Categories: FINANCIAL NEWS

Özil’s exit from German national team stirs race debate

FINANCIAL TIMES - 3 hours 51 min ago
Footballer quits after backlash over photograph with Turkish president
Categories: FINANCIAL NEWS

Lenders May Carp, but Bank of Japan Is Wary of Big Shifts

Though its low long-term interest rates leave lenders little opportunity for profit, Japan’s central bank is likely to stick to the contours of its current policy at its meeting next week, people familiar with its thinking say.

VW board member wary of ‘humiliating’ Audi chief

FINANCIAL TIMES - 4 hours 13 min ago
Concerns of mental health impact if Rupert Stadler loses job over emissions scandal
Categories: FINANCIAL NEWS

Investors question State Street; regionals worry about trade effect

AMERICAN BANKER - 5 hours 11 min ago
Purchase of data firm and cancellation of a stock buyback rile shareholders; smaller banks are concerned tariffs could hurt business lending.

Ryanair warns of job losses from wave of strikes

FINANCIAL TIMES - 5 hours 43 min ago
Budget airline boss Michael O’Leary threatens action after 22% fall in pre-tax profit
Categories: FINANCIAL NEWS

US banks urge UK to cut taxes to stop Brexit exodus

FINANCIAL TIMES - 6 hours 27 min ago
Wall St executives say London losing edge against New York after Trump deregulation drive
Categories: FINANCIAL NEWS

China’s $74bn cash injection highlights growth worries

FINANCIAL TIMES - 7 hours 2 min ago
Central bank action indicates policymakers are moving to ease monetary policy
Categories: FINANCIAL NEWS

KPMG appoints risk management chief after recent difficulties

FINANCIAL TIMES - 7 hours 4 min ago
Auditor has faced a series of accounting scandals
Categories: FINANCIAL NEWS

Key data set to cast light on Draghi’s bet on economy

FINANCIAL TIMES - 7 hours 6 min ago
If growth slows the ECB’s move to call time on its €2.5tn bond buying spree will be questioned
Categories: FINANCIAL NEWS

Alphabet's Earnings: Investors Watch for Hints on Android Antitrust Fine

Google parent Alphabet is expected to report earnings after the market closes. Investors will be looking for any discussion about its Android business after the EU antitrust fine and more details about data collection in light of privacy concerns.

Companies See Glimmers of Opportunity in North Korea

North Korea, one of the world’s most difficult business environments, looks promising to a number of South Korean corporations and their advisers with an eye on the country’s labor market and vast mineral reserves.

IKEA Lets Some Take DIY Off the Table

The Swedish retailer plans to open its first store in India next month—and has learned that many shoppers there would be unlikely to buy furniture they need to assemble. The chain plans to help them out.

China's Latest Consumer Scandal: Unsafe Vaccines

Premier Li Keqiang called for an investigation into “the entire process chain of all vaccine production and sales,” after a drug company allegedly sold more than 250,000 doses that failed to meet safety standards.

China Tower lines up $8.7bn Hong Kong listing

FINANCIAL TIMES - 10 hours 57 min ago
Float by world’s largest telecoms tower group is a break in stream of China tech IPOs
Categories: FINANCIAL NEWS

Trump threatens Iran with severe ‘consequences’

FINANCIAL TIMES - 11 hours 21 min ago
President rages on Twitter after Rouhani’s warning to US not to ‘play with fire’
Categories: FINANCIAL NEWS

Trump lashes out at Iran's Rouhani on Twitter

FINANCIAL TIMES - 13 hours 5 min ago
Comments mark ramp up in tensions between the US and Iran
Categories: FINANCIAL NEWS

GE backs blockchain cyber security start-up

FINANCIAL TIMES - 13 hours 15 min ago
Industrial group’s venture arm joins $12m fundraising by Xage
Categories: FINANCIAL NEWS

Ex-minister eyes opportunity in Italian banking

FINANCIAL TIMES - 13 hours 15 min ago
Corrado Passera’s digital lender will specialise in market for ‘unlikely-to-pay’ loans
Categories: FINANCIAL NEWS

Online addiction: big tech’s balancing act

FINANCIAL TIMES - 13 hours 16 min ago
How far will Apple, Google and others go when their business models are tied so closely to people looking at apps on their smartphone?
Categories: FINANCIAL NEWS

Trade war shifts to currency after Trump weighs in

FINANCIAL TIMES - 13 hours 24 min ago
US president accuses China of manipulating renminbi to gain trade advantage
Categories: FINANCIAL NEWS

PBoC injects $74bn into banking system

FINANCIAL TIMES - 14 hours 2 min ago
The central bank is moving to ease monetary policy as economy slows
Categories: FINANCIAL NEWS

How do I explain whistleblowing on my CV?

FINANCIAL TIMES - 14 hours 14 min ago
Your questions on working life to our expert — and readers’ advice
Categories: FINANCIAL NEWS

Brussels in last-ditch attempt to avoid trade war

FINANCIAL TIMES - 14 hours 14 min ago
Juncker keen to ‘de-escalate’ tensions at Washington meeting with Trump
Categories: FINANCIAL NEWS

Questions of culture divide Goldman from Lehman

FINANCIAL TIMES - 14 hours 15 min ago
The collapsed bank failed to heed sensible advice to control its toxic elements
Categories: FINANCIAL NEWS

Decision to detain pastor threatens US-Turkey detente

FINANCIAL TIMES - 14 hours 15 min ago
Washington’s hopes for improved relationship with strategic ally dashed by court ruling
Categories: FINANCIAL NEWS

China's Global Building Spree Runs Into Trouble in Pakistan

To fund a 70-nation infrastructure initiative, Beijing has been extending loans in opaque deals often contingent on using Chinese contractors. Three years into China’s program in Pakistan, that nation is heading for a debt crisis, caused in part by a surge in Chinese loans and imports.

Theranos Settles Investor Suit as Funds Run Low

Theranos, running on financial fumes, settled a suit filed by investors who had alleged they were defrauded by the blood-testing firm.

Papa John's Board Votes to Adopt 'Poison Pill' Against Founder

Papa John’s International’s board members voted to adopt a “poison pill” on Sunday to prevent its controversial founder from gaining a controlling interest in the pizza chain.

Tesla Asks Suppliers for Cash Back to Help Turn a Profit

Tesla has asked some suppliers to refund a portion of what the electric-car company has spent previously, an appeal that reflects the auto maker’s urgency to sustain operations during a critical production period.

G-20 Makes Little Progress on Tariffs

The U.S. and EU both insist that their conditions for trade talks must be met as the meeting in Argentina wraps up.

Saudi Arabia to Spend Billions to Revive Foreign Investment

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 23:36
Saudi Arabia is ramping up efforts to lure international companies and revive Crown Prince Mohammed bin Salman’s plans for an economic makeover, after foreign investment fell to a 14-year-low in 2017.

Fiat Chrysler's New Chief Aims to Ride Momentum of Jeep Success

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 23:11
Mike Manley, who made his mark by expanding Jeep into a global marquee, needs to take his success with the brand and broaden it to Fiat’s entire lineup. He takes the top role as the auto maker is also spending heavily to catch up on new technologies, such as electric vehicles.

Duterte builds a slow road to Philippine prosperity

FINANCIAL TIMES - Sun, 07/22/2018 - 23:00
Despite a rise in infrastructure spending, the country’s economic picture remains mixed
Categories: FINANCIAL NEWS

Mondelez Recalls Ritz Crackers on Salmonella Concern

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 22:50
Mondelez International is recalling some Ritz crackers after its supplier of whey powder recalled ingredients due to the potential presence of salmonella bacteria.

Weaker renminbi a game changer for Asian currencies

FINANCIAL TIMES - Sun, 07/22/2018 - 22:00
For investors the latest shift suggests risk of broader market and economic stress is rising
Categories: FINANCIAL NEWS

Global Economy Week Ahead: U.S. GDP, Policy Statements From Turkey and the ECB

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 21:00
In the U.S., Realtors will release home-sales data and the Commerce Department will post second-quarter growth figures.

WPP in talks with Alibaba and Tencent over tie-up

FINANCIAL TIMES - Sun, 07/22/2018 - 20:54
Advertising group considers sale of stake in Chinese-based business to tech groups
Categories: FINANCIAL NEWS

Brussels rejects UK’s financial services Brexit plan

FINANCIAL TIMES - Sun, 07/22/2018 - 20:06
Barnier dismisses white paper’s ‘enhanced equivalence’ proposal saying EU needs autonomy
Categories: FINANCIAL NEWS

Amazon’s battle with Google shifts to new devices

FINANCIAL TIMES - Sun, 07/22/2018 - 19:54
Rivals worry that Google will bring tactics from handset market to other products
Categories: FINANCIAL NEWS

Trump attacks ‘illegal’ surveillance of campaign aide

FINANCIAL TIMES - Sun, 07/22/2018 - 19:52
US president seizes on unprecedented release of FBI warrant in Russia probe
Categories: FINANCIAL NEWS

G20 finance ministers expose schism in global trade

FINANCIAL TIMES - Sun, 07/22/2018 - 19:33
Le Maire says EU will not negotiate with US ‘with a gun to our head’
Categories: FINANCIAL NEWS

FCA chairman tells staff of sadness for Marchionne

FINANCIAL TIMES - Sun, 07/22/2018 - 18:14
John Elkann urges employees of Italian carmaker to brace for worst on former boss
Categories: FINANCIAL NEWS

Papa John's Board to Weigh 'Poison Pill'

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 18:13
Papa John’s board members are planning to discuss and possibly vote Sunday on whether to adopt a “poison pill” to prevent its controversial founder from gaining control of the pizza chain.

Fiat Chrysler’s new chief must deliver on audacious plan

FINANCIAL TIMES - Sun, 07/22/2018 - 17:59
Mike Manley takes over debt-free automaker as it seeks to more than double profits
Categories: FINANCIAL NEWS

China Targets Apple With Push Into Advanced Screens

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 17:29
China’s campaign to become a global power in advanced manufacturing is playing out at a high-tech factory in Sichuan province, where BOE Technology Group is aiming to supply display screens for Apple’s top-tier iPhones.

White Helmets rescue workers evacuated from Syria

FINANCIAL TIMES - Sun, 07/22/2018 - 17:15
Hundreds of volunteers and their families transferred to Jordan as Assad forces close in
Categories: FINANCIAL NEWS

US tariffs set to dominate automakers’ earnings

FINANCIAL TIMES - Sun, 07/22/2018 - 16:57
Higher commodity costs and trade fears expected to hit profits
Categories: FINANCIAL NEWS

Meat Piles Up in U.S. Warehouses

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 16:40
Meat is piling up in U.S. cold-storage warehouses, fueled by a surge in supplies and trade disputes that are eroding demand.

Putin-Trump idea for bilateral business forum hits early trouble

FINANCIAL TIMES - Sun, 07/22/2018 - 16:21
Deep scepticism in Russia that plan hatched at Helsinki summit can get off the ground
Categories: FINANCIAL NEWS

With Acquisition, French IT Firm Targets Broader Access to U.S.

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 16:11
France’s Atos is nearing a multibillion deal to acquire Syntel, a U.S.-based information-technology company, a move that would give it access to some of the biggest U.S. financial-services companies.

Collapse of Chinese P2P lenders sparks investor flight

FINANCIAL TIMES - Sun, 07/22/2018 - 15:54
Sports stadiums taken over to process complaints as customers rush to withdraw cash
Categories: FINANCIAL NEWS

Pakistan’s Imran Khan embarks on final election rallies

FINANCIAL TIMES - Sun, 07/22/2018 - 15:35
Former cricketer seen to have best chance yet of becoming country’s prime minister
Categories: FINANCIAL NEWS

Costs Are Crashing the Party for Manufacturers

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 15:09
Industrial firms are booking more orders and delivering higher profits. But costs are rising as well, threatening the outlook for the sector.

Truckers Looking to Haul in More Profits

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 15:00
Trucking companies are hoping to turn the most robust freight market in years into stronger long-term financial footing. But analysts caution that rising wages could offset strong second-quarter results.

Now for Sale: The Empty Space Inside Retailers' Packages

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 15:00
Saks Fifth Avenue, Zulily and Barnes & Noble College are among several businesses that have joined a new marketplace allowing advertisers to buy and insert paper ads in customers’ boxes.

China video game streaming site Douyu plans US IPO

FINANCIAL TIMES - Sun, 07/22/2018 - 14:54
Tencent-backed company considers New York debut after weighing up Hong Kong listing
Categories: FINANCIAL NEWS

Trade Fight Poses Big Risks for Smaller Countries

WALL STREET JOURNAL - US. BUSINESS NEWS - Sun, 07/22/2018 - 14:15
In a global trade conflict, the big players might not be the biggest losers. Instead it might be smaller, open countries caught in the middle.

May to send ministers across EU to sell Brexit plan

FINANCIAL TIMES - Sun, 07/22/2018 - 14:09
Lobbying to be stepped up despite Davis warning that proposal will have to be dropped
Categories: FINANCIAL NEWS

US regional bankers warn on rising trade tensions

FINANCIAL TIMES - Sun, 07/22/2018 - 13:56
Protectionism threatens demand for loans particularly in export-dependent sector
Categories: FINANCIAL NEWS

Farc members enter Colombia’s congress for first time

FINANCIAL TIMES - Sun, 07/22/2018 - 13:46
Senior figures from once-feared guerrilla group sworn in as part of peace deal
Categories: FINANCIAL NEWS

Newsprint tariffs send costs soaring for US newspapers

FINANCIAL TIMES - Sun, 07/22/2018 - 13:30
Industry urges Trump administration to reconsider in trade dispute with Canada
Categories: FINANCIAL NEWS

Trump and Putin want to create a new world order

FINANCIAL TIMES - Sun, 07/22/2018 - 13:30
We should take their vision of unfettered state sovereignty seriously
Categories: FINANCIAL NEWS

Iraq’s political paralysis and unrest stoke extremism fears

FINANCIAL TIMES - Sun, 07/22/2018 - 13:20
Nation in ‘pre-revolutionary mode’ as Abadi fails to address voters’ grievances
Categories: FINANCIAL NEWS

Fiat Chrysler appoints a new boss

THE ECONOMIST - Sun, 07/22/2018 - 12:09

THE question of who would replace Sergio Marchionne has been in the air for a year or more, ever since the boss of Fiat Chrysler Automobiles (FCA) announced that he would step down in 2019. But the way the answer came was both shocking and sad. Complications after a routine operation around three weeks ago have had a devastating effect on the health of the 66-year-old, who was hard-working even by the standards of big-name CEOs. Not only will Mr Marchionne leave the helm of FCA earlier than planned but he will also quit as boss of Ferrari, a sportscar-maker, which he had been expected to lead until at least 2021.

A sudden deterioration in Mr Marchionne’s condition forced FCA’s board to meet on Saturday 21st July to confirm that Mike Manley, boss of the Jeep brand, would take his place. Replacing someone who is regarded as one of the all-time stars of the car industry is a tough job.

Mr Marchionne was refreshingly outspoken in an era when bosses have become ever more wary...Continue reading

Latvian foreign minister urges bigger defence spend

FINANCIAL TIMES - Sun, 07/22/2018 - 10:58
Russian posture cited in call to exceed Nato’s 2% of GDP target
Categories: FINANCIAL NEWS

Protectionism jitters will dominate sentiment

FINANCIAL TIMES - Sun, 07/22/2018 - 10:00
Investors will also be watching the pound and whether a cap to its woes lies ahead
Categories: FINANCIAL NEWS

Ryanair flies into a summer storm of strikes

FINANCIAL TIMES - Sun, 07/22/2018 - 10:00
Europe’s biggest budget airline faces twin hit from staff action and restive flight controllers
Categories: FINANCIAL NEWS

India abolishes ‘tampon tax’ after protests

FINANCIAL TIMES - Sun, 07/22/2018 - 09:26
The country’s government cuts taxes on goods to spur consumer demand
Categories: FINANCIAL NEWS

Global players look to crack German market

FINANCIAL TIMES - Sun, 07/22/2018 - 06:15
Lyxor, Vanguard and BlackRock take on territory ruled by DWS, Union and Allianz
Categories: FINANCIAL NEWS

India’s Sensex stands out from other EM equities

FINANCIAL TIMES - Sun, 07/22/2018 - 06:00
Stellar run reflects solid performance of a few major stocks led by Tata
Categories: FINANCIAL NEWS

Can factor investing kill off the hedge fund?

FINANCIAL TIMES - Sun, 07/22/2018 - 06:00
Data-driven funds that systematically exploit human weaknesses are disrupting traditional asset management
Categories: FINANCIAL NEWS

Rees-Mogg’s fund house launches second Irish fund

FINANCIAL TIMES - Sun, 07/22/2018 - 06:00
Vehicle with focus on frontier markets has seeding from Swedish AP1 pension system
Categories: FINANCIAL NEWS

Absa’s Maria Ramos: on winning a favourable deal

FINANCIAL TIMES - Sun, 07/22/2018 - 05:00
The South African bank chief led a spin-off from Barclays
Categories: FINANCIAL NEWS

Chinese housing sales tipped to peak and then fall

FINANCIAL TIMES - Sun, 07/22/2018 - 04:18
Property no longer expected to buoy significant demand for commodities and labour
Categories: FINANCIAL NEWS

Lobbyist quashes speculation over death of HNA co-founder 

FINANCIAL TIMES - Sun, 07/22/2018 - 01:02
Pharma go-between Daniel Vial says Wang planned holiday in Provence
Categories: FINANCIAL NEWS

Trump lashes out over former lawyer’s secret tapes

FINANCIAL TIMES - Sat, 07/21/2018 - 22:53
President fumes about recording of conversation over payments to former Playboy model during 2016 campaign
Categories: FINANCIAL NEWS

The Blind Spot in Companies' Financial Reports

WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 07/21/2018 - 22:32
Some big U.S. multinationals are being partially audited by Chinese accounting firms U.S. regulators can’t check.

WPP in Talks to Sell Minority Stake in Chinese Unit

WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 07/21/2018 - 22:15
WPP has held talks to sell a minority stake in its operations in China, as the world’s largest advertising company reviews its business after founder Martin Sorrell’s exit.

Marchionne leaves Fiat Chrysler due to ill health

FINANCIAL TIMES - Sat, 07/21/2018 - 18:52
Jeep boss Mike Manley replaces long-time chief as CEO immediately 
Categories: FINANCIAL NEWS

Fiat Chrysler to Remove Ailing Marchionne as CEO

WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 07/21/2018 - 17:51
Fiat Chrysler Automobiles will appoint a new chief executive Saturday in an unexpected move to replace the ailing Sergio Marchionne, who has led the combined company for nearly a decade.

In Hollywood, 'Anything Goes' Becomes 'You're Fired'

WALL STREET JOURNAL - US. BUSINESS NEWS - Sat, 07/21/2018 - 17:08
Hollywood’s longstanding say-anything, do-anything culture is rapidly turning into one where the wrong words can have career-killing consequences.

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