ECONOMY AND FINANCE


Canopy Growth agrees to buy Acreage Holdings in $3.4B deal


Reported to us by: NEW YORK POST -BUSINESS - 1 hour 51 min ago - [CET]
Canopy Growth has agreed to roll up one of the biggest US marijuana growers in a $3.4 billion deal. However, the companies said Thursday that Canopy’s acquisition of NY-based Acreage Holdings is contingent upon cannabis production and sales becoming legal at a federal level. Canopy hopes to navigate regulatory pitfalls with the influential people Acreage...
Newsitem placed in category: ECONOMY AND FINANCE

NFL accuses AT&T of pulling channels from streaming without heads up


Reported to us by: NEW YORK POST -BUSINESS - 2 hours 10 min ago - [CET]
The NFL accused AT&T of unnecessary roughness Thursday, saying the telecom giant yanked two NFL channels from the its streaming services without so much as a heads-up. “We never heard a word from them until NFL Network and NFL RedZone were pulled from the AT&T U-Verse and DirecTV Now services,” the NFL told The Post....
Newsitem placed in category: ECONOMY AND FINANCE

Atlassian founders' paper wealth drops $1.6b overnight


Reported to us by: Sydney Morning Herald - Business - 2 hours 22 min ago - [CET]
Atlassian's forecast earnings per share fell short of the market's lofty expectations, sending its US-listed shares down 8 per cent overnight.
Newsitem placed in category: ECONOMY AND FINANCE

Musk and SEC request delay on deadline to resolve tweet dispute


Reported to us by: NEW YORK POST -BUSINESS - 2 hours 27 min ago - [CET]
Elon Musk and the Securities and Exchanges Commission are still struggling to put their “reasonableness pants on.” The two parties have requested an extension — of April 25 — on their court-ordered directive to work out their issues regarded Musk’s tweeting. In a Thursday letter to Manhattan federal judge Alison Nathan, over the SEC’s request...
Newsitem placed in category: ECONOMY AND FINANCE

Wells Fargo accused of misleading homeowners in mortgage crisis aftermath


Reported to us by: NEW YORK POST -BUSINESS - 2 hours 30 min ago - [CET]
Wells Fargo is being accused of misleading homeowners who were seeking to lower their home payments in the aftermath of the mortgage crisis. A class-action lawsuit filed in White Plains federal bankruptcy court says the scandal-ridden bank mishandled loan modification trials it was required by law to entertain following the 2008 mortgage meltdown. According to...
Newsitem placed in category: ECONOMY AND FINANCE

McDonald's Drops Signature-Crafted Burgers


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - 2 hours 32 min ago - [CET]
McDonald’s Corp. is taking “signature crafted” hamburgers off its menu, after the sandwiches slowed operations at the chain’s restaurants.
Newsitem placed in category: ECONOMY AND FINANCE

‘A rogue regime can weaponize this agency’: Comments of the week


Reported to us by: AMERICAN BANKER - 2 hours 34 min ago - [CET]
Readers debate the Federal Reserve's potential entry into real-time payments, consider the Consumer Financial Protection Bureau's guidance for assessing fines, discuss the efficacy of financial education programs and more.
Newsitem placed in category: ECONOMY AND FINANCE

Nissan to slash annual production output by 15%: report


Reported to us by: MARKETWATCH - 2 hours 42 min ago - [CET]

Nissan Motor Co. shares fell Friday in Japan after a report that it will slash its worldwide output by 15% for the current fiscal year. Nikkei reported the Japanese auto maker is dropping an aggressive expansion plan that former Chairman Carlos Ghosn had supported, and will produce about 4.6 million vehicles in the fiscal year ending March 2020. That would be the lowest output total for Nissan in nine years, Nikkei said. Earlier this year, Nissan cut its operating profit outlook. Ghosn was removed as chairman in November and is currently being held in jail in Tokyo on financial misconduct charges. Nissan shares are down nearly 6% over the past six months, compared to the Nikkei 225 index's 2% decline over that span.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

The UBS banker in the Mueller Report: Robert Foresman


Reported to us by: AMERICAN BANKER - 3 hours 19 min ago - [CET]
The special counsel’s long-awaited report describes three separate occasions in which Foresman, vice chairman of the Swiss company’s investment bank, had Trump-related contacts with Russians.
Newsitem placed in category: ECONOMY AND FINANCE

Food Stamps, Online Grocery Shopping Are About to Mix 


Reported to us by: Voice of America -Economy - 3 hours 34 min ago - [CET]
Amazon and Walmart on Thursday kicked off a two-year government pilot program allowing low-income shoppers on government food assistance in New York to shop and pay for their groceries online for the first time.    ShopRite will join the two retailers on the program early next week, said the U.S. Department of Agriculture, which oversees the Supplemental Nutrition Assistance Program, or SNAP.    The USDA has long required customers using electronic benefits transfer, or EBT, to pay for their purchases at the actual time and place of sale. So the move marks the first time SNAP customers can pay for their groceries online. ShopRite and Amazon are providing the service to the New York City area, and Walmart is providing the service online in upstate New York locations. The agency said the pilot will eventually expand to other areas of New York as well as Alabama, Iowa, Maryland, Nebraska, New Jersey, Oregon and Washington. Purchase food, but not delivery The pilot program will test both online ordering and payment. SNAP participants will be able to use their benefits to purchase eligible food items but will not be able to use SNAP to pay for service or delivery charges, the agency said.    ``People who receive SNAP benefits should have the opportunity to shop for food the same way more and more Americans shop for food — by ordering and paying for groceries online,'' said USDA Secretary Sonny Perdue. ``As technology advances, it is important for SNAP to advance, too, so we can ensure the same shopping options are available for both non-SNAP and SNAP recipients.''    Perdue said he will be monitoring how the pilot program increases food access and customer service, specifically for those who have trouble visiting physical stores.   Roughly 38 million individuals receive food stamps in the U.S., according to the USDA. Nearly $52 billion, or 82% of all food stamp dollars, were spent at big box stores and grocery chains in 2017, according to the most recent USDA data.    The 2014 Farm Bill authorized the USDA to conduct and evaluate a pilot program for online purchasing prior to national implementation. The USDA says the move was intended to ensure online transactions are processed safely and securely.    Seattle-based Amazon said those who qualify don't need to be Prime members to buy groceries with their benefits. They'll get free access to its AmazonFresh service, which delivers meat, dairy and fresh produce to shoppers' doorsteps. And they'll also be able to use Prime Pantry, which delivers packaged goods like cereal and canned food. Qualifying amounts However, they'll need to spend over a certain amount to qualify for free shipping: $50 at AmazonFresh and $25 at Amazon.com. The online shopping giant launched a website, amazon.com/snap, where people can check if they qualify. Amazon said it's working with the USDA to expand service to other parts of New York state.    Amazon.com Inc. was on the initial list for the government pilot program, and Bentonville, Ark.-based Walmart Inc. made the list later. The world's largest retailer, however, in late 2017 had started allowing customers in limited locations to order items through its online grocery pickup service and then pay for it in person at the stores.    ``Access to convenience and to quality, fresh groceries shouldn't be dictated by how you pay,'' Walmart said. ``This pilot program is a great step forward, and we are eager to expand this to customers in other states where we already have a great online grocery.''    Walmart said that nearly 300 locations with grocery pickup in the states will be part of the USDA government program. 
Newsitem placed in category: ECONOMY AND FINANCE

US wins WTO ruling against China grain import quotas


Reported to us by: ARAB ECONOMY - 3 hours 35 min ago - [CET]
Author: ReutersID: 1555635369883306700Fri, 2019-04-19 04:49

GENEVA: The United States won a World Trade Organization (WTO) ruling on Thursday against China’s use of tariff-rate quotas for rice, wheat and corn, which it successfully argued limited market access for US grain exports.
The case, lodged by the Obama administration in late 2016, marked the second US victory in as many months. It came amid US-China trade talks and on the heels of Washington clinching a WTO ruling on China’s price support for grains in March.
A WTO dispute panel ruled on Thursday that under the terms of its 2001 WTO accession, China’s administration of the tariff rate quotas (TRQs) as a whole violated its obligation to administer them on a “transparent, predictable and fair basis.”
TRQs are two-level tariffs, with a limited volume of imports allowed at the lower ‘in-quota’ tariff and subsequent imports charged an “out-of-quota” tariff, which is usually much higher.
The administration of state trading enterprises and non-state enterprises’ portions of TRQs are inconsistent with WTO rules, the panel said.
Australia, Brazil, India, and the European Union were among those reserving their rights in the dispute brought by the world’s largest grain exporter.
In a statement, US Trade Representative Robert Lighthizer and Secretary of Agriculture Sonny Perdue welcomed the decision, saying China’s system “ultimately inhibits TRQs from filling, denying US farmers access to China’s market for grain.”
If China’s TRQs had been fully used, $3.5 billion worth of corn, wheat and rice would have been imported in 2015 alone, it said, citing US Department of Agriculture estimates.
The two WTO rulings would help American farmers “compete on a more level playing field,” the USTR statement said, adding: “The (Trump) Administration will continue to press China to promptly come into compliance with its WTO obligations.”
The latest WTO panel said that the United States had not proven all of its case, failing to show that China had violated its public notice obligation under the General Agreement on Tariffs and Trade (GATT) in respect to TRQs.
China’s Ministry of Commerce said in a statement on Friday it “regrets” the panel’s decision and that it would “earnestly evaluate” the panel’s report.
China would “handle the matter appropriately in accordance with WTO dispute resolution procedures, actively safeguard the stability of the multilateral trading system and continue to administer the relevant agricultural import tariff quotas in compliance with WTO rules,” it said.
Either side can appeal the ruling within 60 days.

Main category: Business & Economy
Newsitem placed in category: ECONOMY AND FINANCE

Uber announces $1 billion investment in self-driving-vehicle unit


Reported to us by: MARKETWATCH - 3 hours 38 min ago - [CET]

Uber Technologies Inc. late Thursday announced a $1 billion investment in its self-driving-vehicle unit, just weeks ahead of its highly anticipated IPO. "Excited to announce Toyota, Denso and the SoftBank Vision Fund are making a $1B investment in @UberATG, as we work together towards the future of mobility," Chief Executive Dara Khosrowshahi tweeted. Denso , a Japanese auto-parts maker, and Toyota will contribute about $667 million, while SoftBank's Vision Fund will chip in about $333 billion for Uber's Advanced Technologies Group,, CNBC reported. Uber is expected to go public in early May.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

Japan’s Toyota, SoftBank Vision Fund announce $1bn Uber investment


Reported to us by: ARAB ECONOMY - 3 hours 45 min ago - [CET]
Author: Fri, 2019-04-19 03:47

TOKYO: Japanese car giant Toyota and investment fund Softbank Vision Fund on Friday unveiled an investment of $1 billion in US company Uber to drive forward the development of automated ridesharing services.
The investment, which also involves parts maker DENSO, will go to Uber’s “Advanced Technologies Group” in a bid to “accelerate the development and commercialization of automated ridesharing services,” the firms said in a statement.

Main category: Business & Economy
Newsitem placed in category: ECONOMY AND FINANCE

FTC may sanction Zuckerberg for Facebook privacy woes: report


Reported to us by: MARKETWATCH - 3 hours 50 min ago - [CET]

Federal regulators are considering holding Facebook Inc. Chief Executive Mark Zuckerberg accountable for the company's handling of users' personal data, the Washington Port reported late Thursday. The issue of targeting Zuckerberg has been brought up in the FTC's settlement talks with Facebook concerning its role in the Cambridge Analytica scandal, the Post reported. Sanctioning a tech CEO would be a rare move by the FTC, and could serve as a shot across the bow to other tech executives amid a growing public and political backlash to privacy and the handling of user data. Options could potentially include forcing Zuckerberg to periodically certify Facebook's privacy practices, heightened oversight by the FTC or even financial penalties, the Post said. Earlier this year, the Post reported Facebook could end up paying a record-breaking fine, in the multi-billion-dollars range, to avoid a court battle. Facebook's privacy problems grew Thursday, as the company admitted far more Instagram passwords were inappropriately stored in plain text on its internal servers than were originally reported, and a report that its "unintentional" uploading of 1.5 billion users' email contact data without their consent may have broken U.S. and EU laws.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

National Enquirer Being Sold to Former Newsstand Mogul 


Reported to us by: Voice of America -Economy - 4 hours 6 min ago - [CET]
The National Enquirer is being sold to the former head of the airport newsstand company Hudson News following a rocky year in which the tabloid was accused of burying stories that could have hurt Donald Trump's 2016 presidential campaign.    Tabloid owner American Media said Thursday that it plans to sell the supermarket weekly to James Cohen. Financial terms were not immediately disclosed for the deal, which included two other American Media tabloids, the Globe and National Examiner.      American Media said last week that it wanted to get out of the tabloid business to focus on its other operations, which includes its teen brand and broadcast platforms. Non-prosecution agreement Federal prosecutors in Manhattan agreed last year not to prosecute American Media in exchange for the company's cooperation in a campaign finance investigation. That probe eventually led to a three-year prison term for Trump's former personal lawyer Michael Cohen for campaign violations among other charges. American Media admitted it had paid $150,000 to keep former Playboy model Karen McDougal quiet about an alleged affair with Trump to help his campaign. Trump has denied an affair.   The sale would end a longtime relationship between the Enquirer and Trump. Under the aegis of American Media CEO David Pecker, the tabloid has for years buried potentially embarrassing stories about Trump and other favored celebrities by buying the rights to them and never publishing in a practice called ``catch and kill.''    The Associated Press reported last year that Pecker kept a safe in the Enquirer's office that held documents on buried stories, including those involving Trump.  Whether James Cohen has any allegiances to Trump is not clear. While he was a registered Republican as late as 2017, according to Nexis records, he has given to both Republicans and Democrats. That included $17,300 in 2016 to an arm of the Democratic National Committee and $2,500 to the Republican National Committee in 2012. News of the sale comes two months after Amazon chief Jeff Bezos publicly accused the Enquirer of trying to blackmail him by threatening to publish explicit photos of him.  An American Media attorney denied the charge, but it threatened potentially big legal costs by upending American Media's non-prosecution agreement in the hush money case. The AP reported that federal prosecutors were looking into whether the publisher violated terms of the deal, which included a promise not to break any laws in the future. Heavy debt load The Bezos accusation comes at a difficult time for American Media. It has financed several recent acquisitions with borrowed money and has been struggling under a heavy debt load. American Media said the Cohen deal would help reduce the amount it needs to pay back, leaving it with $355 million in debt.    The Washington Post, which earlier reported the sale, said Cohen will pay $100 million in the deal. Cohen's family had run a magazine and newspaper distributor for decades before his father branched into newsstand stores in 1980s, starting with a single one at LaGuardia Airport. Before he died in 2012, the father had opened more than 600 stores.    After the death, James Cohen's niece alleged her uncle had cheated her out of her inheritance. She lost the case.    The family sold a majority stake in the chain about a decade ago. The business is now owned by Dufry, an operator of duty-free stores in which James Cohen is a major shareholder.    Cohen still owns a magazine and newspaper distributor called Hudson News Distributors. In addition, he runs a real estate developer and a publishing company, which owns Gallerie, an art and design magazine.    Cohen has reportedly been involved in American Media deals before. The New York Times reports that, in 2011, Cohen invested in the company's American edition of OK!, a British tabloid. 
Newsitem placed in category: ECONOMY AND FINANCE

Refused a visa eight times, Eric is now a billionaire


Reported to us by: Sydney Morning Herald - Business - 4 hours 7 min ago - [CET]
After hearing Bill Gates give a speech about the internet three decades ago, Eric Yuan decided he wanted to head to Silicon Valley. But then he hit a snag.
Newsitem placed in category: ECONOMY AND FINANCE

Maximum vulnerability: China (and the world) are still in big trouble


Reported to us by: Sydney Morning Herald - Business - 5 hours 23 min ago - [CET]
News of China's 'recovery' may be more than a little overblown. The truth is a darker picture.
Newsitem placed in category: ECONOMY AND FINANCE

Pinterest soars in debut in 2019's second-biggest US IPO


Reported to us by: Sydney Morning Herald - Business - 5 hours 27 min ago - [CET]
Pinterest rose as much as 32 per cent in its trading debut after raising $US1.4 billion ($1.95 billion) in the second-biggest US initial public offering of the year.
Newsitem placed in category: ECONOMY AND FINANCE

Slight US Boost Seen From New North American Trade Pact


Reported to us by: Voice of America -Economy - 5 hours 36 min ago - [CET]
The new North American free trade pact would modestly boost the U.S. economy, especially auto parts production, but may curb vehicle assembly and limit consumer choice in cars, a hotly anticipated analysis from the  U.S. International Trade Commission showed on Thursday.  The ITC report is a crucial step in the push for Congress to consider ratification of the U.S.-Mexico-Canada Agreement, which was signed by President Donald Trump and the leaders of the other two countries last year to replace the 25-year-old North American Free Trade Agreement.  The report estimates that annual U.S. real gross domestic product would increase by 0.35 percent, or $68.5 billion, on an annual basis compared with a NAFTA baseline, and would add 176,000 U.S. jobs, while raising U.S. exports.  The ITC's estimates are for year six of the trade deal, once it is fully implemented.  The trade deal's success or failure in Congress could be determined by how it is expected to affect the U.S. auto industry, a sector that steadily drained jobs to Mexico under NAFTA. The USMCA deal contains much tighter regional content rules, requiring that 75 percent of a vehicle's value be sourced in North America versus 62.5 percent currently, and 40 to 45  percent produced in high-wage areas, namely the United States  and Canada.  Auto industry employment would rise by 30,000 jobs for parts and engine production, but U.S. vehicle assembly would decline.  U.S. vehicle prices would rise up to 1.6 percent, causing consumption to fall by 140,000 units per year, or about 1.25 percent of 2017 sales, the report said.  The report overall was more positive than initially anticipated by economists, who said the traditional economic models used by the ITC to measure previous trade deals would result in minimal gains for the United States.  White House economic adviser Kevin Hassett told Reuters that he was pleasantly surprised by the results, which used different modeling methods that he called "accurate and well done."  "Their estimate is a lot closer to what we think USMCA will do than I expected," Hassett in a telephone interview. "This is very strong argument for passing the USMCA."  Concerns not alleviated But some key Democrats were not swayed from their demands for improvements to the enforcement of new labor standards before they consider USMCA. Democrats control the U.S. House of Representatives.  Rep. Earl Blumenauer of Oregon, chairman of the House Ways and Means trade subcommittee, said that he had already believed the trade deal needed changes before it could be considered by the House. "Nothing in this report alleviates those concerns," he said.  Sen. Ron Wyden of Oregon, the top Democrat on the Senate Finance Committee said, "The administration shouldn't squander the opportunity to lock in real, enforceable labor standards in Mexico."  The ITC report said Mexican union wages would rise by 17.2 percent if the labor provisions agreed to in the USMCA were enforced. Even so, Mexican factory wages would remain far below those in the United States.  Republican Sen. Chuck Grassley of Iowa, chairman of the Senate Finance Committee, praised the report for highlighting benefits beyond tariff reductions.  "Many of the significant improvements in USMCA are reducing non-tariff barriers and implementing rules and fair practices that will help U.S. workers, jobs and businesses tremendously over the coming years," Grassley said in an emailed statement.    Dueling analyses The U.S. trade representative's office had prepared a separate analysis of the USMCA's automotive benefits that industry officials had described as a rosier alternative view of USMCA aimed at limiting any potential damage from the ITC report.  USTR estimated that the trade deal would create 76,000 automotive sector jobs within five years as automakers invest $34 billion in new plants to comply with the regional content rules. The total includes about $15 billion in projects already announced.  USTR officials said their analysis was based on plans disclosed by automakers to the trade agency for compliance with the new agreement's tighter rules of origin. "They have verbally committed to us that they intend to comply with the rules," a senior USTR official said. "And they have told us that this is not going to have significant upward pressure on vehicle prices."  But the ITC report said some automakers may decide not to offer vehicles that would be too expensive to bring into compliance with the deal, reducing consumer choice in the U.S. auto market.  The trade group representing Detroit automakers Ford, General Motors and Fiat Chrysler said it viewed the USTR analysis as more accurate than the ITC's.  The ITC "underestimates the longer-term investments and increased U.S. auto parts sourcing that will be made in our sector as a result of the certainty and predictability the USMCA will deliver," Matt Blunt, president of the American Automotive Policy Council, said in a statement.  The USMCA deal will also lead to new access for U.S. exports of dairy, poultry and egg products to Canada and U.S. imports of sugar and sugar-containing products from Canada, the ITC said.  The ITC's forecast estimated total U.S. dairy product output would increase by $226.8 million, or 0.1 percent. U.S. agriculture and food exports overall would increase by $435 million. 
Newsitem placed in category: ECONOMY AND FINANCE

5 examples of devices the smartphone is displacing


Reported to us by: MONEYWEB - 5 hours 49 min ago - [CET]
Smartphones have become the go-to device for so many things we do each day.
Newsitem placed in category: ECONOMY AND FINANCE

Pfizer, Lilly shares decline as osteoarthritis drug misses goals in study


Reported to us by: MARKETWATCH - 5 hours 57 min ago - [CET]

Shares of drug makers Pfizer Inc. and Eli Lilly & Co. declined in the extended session Thursday after the companies said a clinical study of an osteoarthritis drug didn't meet certain goals. Pfizer shares declined 1% after hours, following a 1.3% decline to close at $39.38 in the regular trading session. Lilly shares fell 1.9% after hours, following a 1.1% close lower at $115.20. The companies said that a late-stage study of their drug tanezumab at 5 mg did not show a statistically significant improvement in overall osteoarthritis symptoms compared with nonsteroidal anti-inflammatory drugs. A 2.5 mg dose did not show a statistically significant improvement in pain, physical function or patients' overall assessment, the companies said. "We are analyzing these findings in the context of the recent Phase 3 results as we assess potential next steps for tanezumab," said Ken Verburg, Pfizer's tanezumab development team leader, in a statement. "We plan to review the totality of data from our clinical development program for tanezumab with regulatory authorities."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

Top 10 things South Africans ask Google about money


Reported to us by: MONEYWEB - 6 hours 1 min ago - [CET]
The top money-related questions South Africans asked Google in 2018.
Newsitem placed in category: ECONOMY AND FINANCE

Business Highlights


Reported to us by: ABC Business - 6 hours 27 min ago - [CET]
Business Highlights
Newsitem placed in category: ECONOMY AND FINANCE

Hershey Names New CFO as It Transforms Its Business


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - 6 hours 30 min ago - [CET]
Hershey Co. is turning to a finance chief from outside the food industry, a move that comes as the company expands beyond its core portfolio of chocolate and other confectionery.
Newsitem placed in category: ECONOMY AND FINANCE

Wall Street finishes a short week with small gains


Reported to us by: Sydney Morning Herald - Business - Thu, 04/18/2019 - 23:49 - [CET]
Industrials led the S&P 500 and the Dow moderately higher after robust US economic data and some healthy corporate earnings reports.
Newsitem placed in category: ECONOMY AND FINANCE

Wall Street's $210b healthcare wipeout


Reported to us by: Sydney Morning Herald - Business - Thu, 04/18/2019 - 23:46 - [CET]
Investors left bloodied by a rout that left stocks trading near their lows of the year.
Newsitem placed in category: ECONOMY AND FINANCE

Zoom or Zoom: Mistaken-identity trades send tiny stock up 70,000 per cent


Reported to us by: Sydney Morning Herald - Business - Thu, 04/18/2019 - 23:31 - [CET]
When the name of your company is very similar to one of the hottest stocks in the world, confusion can reign.
Newsitem placed in category: ECONOMY AND FINANCE

PG&E Ratepayers Lobby for a Voice in Utility's Bankruptcy


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/18/2019 - 23:18 - [CET]
A push for an official voice for ratepayers in PG&E’s bankruptcy case is gaining momentum as California’s largest utility confronts the fallout from years of wildfires linked to its equipment.
Newsitem placed in category: ECONOMY AND FINANCE

How the major US stock indexes fared Thursday


Reported to us by: ABC Business - Thu, 04/18/2019 - 23:07 - [CET]
Major U.S. indexes managed small gains Thursday, though not enough to prevent a losing week for the S&P 500 following three weeks of gains
Newsitem placed in category: ECONOMY AND FINANCE

Why Citizens is willing to pay so much for deposits


Reported to us by: AMERICAN BANKER - Thu, 04/18/2019 - 23:05 - [CET]
The Rhode Island bank’s deposit costs nearly doubled in the first quarter, but CEO Bruce Van Saun says it has to go on the offensive to sustain loan growth.
Newsitem placed in category: ECONOMY AND FINANCE

Debate Grows Over Likely Effects of Trump's North American Trade Deal


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/18/2019 - 22:51 - [CET]
The potential economic impact of a new trade agreement with Mexico and Canada is becoming the subject of a debate in Washington, as the Trump administration seeks to have Congress ratify the agreement.
Newsitem placed in category: ECONOMY AND FINANCE

Union Pacific, Canopy move higher but Alcoa, Skechers fall


Reported to us by: ABC Business - Thu, 04/18/2019 - 22:49 - [CET]
Union Pacific, Canopy move higher but Alcoa, Skechers fall
Newsitem placed in category: ECONOMY AND FINANCE

Abraaj founder’s extradition hearing adjourned


Reported to us by: ARAB ECONOMY - Thu, 04/18/2019 - 22:49 - [CET]
Author: ReutersID: 1555620324229982100Thu, 2019-04-18 23:46

LONDON: A case in a London court to extradite Arif Naqvi, the founder of collapsed private equity firm Abraaj, to the US on fraud charges was adjourned until April 26, a court official said on Thursday.
The official said that a former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, had also been arrested and was facing a US extradition request linked to the same charges.
While at Abraaj, Vettivetpillai was head of impact investing in a role that oversaw the firm’s troubled health care fund. Abraaj’s executives are facing US charges that they defrauded investors, including the Bill & Melinda Gates Foundation.
The US Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charities and other US investors.
According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management and its parent company, and used it for purposes unrelated to the health fund.
Naqvi pleaded innocent last week in a statement released through a PR firm.
He was arrested in the UK earlier this month, while managing partner Mustafa Abdel-Wadood was arrested at a New York hotel, Assistant US Attorney Andrea Griswold told a Manhattan federal court on April 11.

Main category: Business & EconomyTags: Arif NaqviAbraaj Top Abraaj executives arrested on US fraud chargesAbraaj founder Arif Naqvi charged with fraud in New York
Newsitem placed in category: ECONOMY AND FINANCE

Netflix investing $100M to build 6 sound stages in NYC


Reported to us by: NEW YORK POST -BUSINESS - Thu, 04/18/2019 - 22:40 - [CET]
ALBANY — Queens lost Amazon, but Brooklyn and Manhattan are cashing in on Netflix. The popular streaming service is investing $100 million by 2024 to build six new sound stages in Brooklyn and add 127 jobs to the 32 it already has in Manhattan, officials announced Thursday. Netflix’s new corporate offices will cover 100,000 square...
Newsitem placed in category: ECONOMY AND FINANCE

Saudi Arabia oil exports fall as trade fears keep prices in check


Reported to us by: ARAB ECONOMY - Thu, 04/18/2019 - 22:34 - [CET]
Author: Reuters DubaiID: 1555619466599876100Thu, 2019-04-18 23:32

DUBAI: Saudi Arabia’s crude oil exports fell by 277,000 barrels per day (bpd) in February from the month before, official data showed on Thursday.
The world’s top oil exporter shipped 6.977 million bpd in February, down from 7.254 million bpd in January, according to data from the Joint Organizations Data Initiative (JODI).
The Kingdom pumped 10.136 million bpd in February, down from 10.243 million bpd in January.
Saudi crude inventories rose to 204.567 million barrels in February from 200.834 million in January, the JODI data showed.
Refineries in the Kingdom processed 2.767 million bpd in February, up from 2.758 million bpd in January, according to JODI.
Prices have been supported this year by an agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, to limit their oil output by 1.2 million barrels per day (bpd).
Global supply has been tightened further by US sanctions on OPEC members Venezuela and Iran.
Iran’s crude exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a reduction in buyer interest ahead of expected further pressure from Washington.
Indian refiners are turning to other OPEC members, Mexico and the US to make up for any loss of Iranian oil.
Spain’s Repsol has suspended its swaps of refined products for crude with Venezuela’s state-run oil company PDVSA, people familiar with the matter said, as US officials weigh penalties for foreign firms doing business with Venezuela.
Growing US oil production and concerns over the US-China trade dispute are keeping prices in check.
US crude oil output from seven major shale formations
was expected to rise by about 80,000 bpd in May to a record 8.46 million bpd, the EIA said in its monthly report on Monday. Surging US production has filled some of the gap in supplies, although not all of the lost production can be immediately replaced by US shale oil due to refinery configurations.
Saudi exports of refined oil products in February fell to 1.461 million bpd, from 1.616 million bpd the month before, the data showed.
The OPEC heavyweight used 259,000 bpd of crude oil to generate power in February, down from 377,000 bpd the month before, while Saudi demand for oil products in February was 2.157 million bpd, up slightly from 2.073 million bpd in January.
Monthly export figures are provided by Riyadh and other members of OPEC to JODI, which publishes them on its website.

Main category: Business & EconomyTags: OilOPEC Russia and OPEC output in focus as oil extends lossesRussia committed to OPEC+ oil cuts: UAE energy minister
Newsitem placed in category: ECONOMY AND FINANCE

8,000,000 per cent inflation: The world's most miserable economy


Reported to us by: Sydney Morning Herald - Business - Thu, 04/18/2019 - 22:33 - [CET]
For the fifth-straight year, Venezuela has been saddled with an unwanted title.
Newsitem placed in category: ECONOMY AND FINANCE

National Enquirer being sold to former newsstand mogul


Reported to us by: ABC Business - Thu, 04/18/2019 - 22:28 - [CET]
The National Enquirer is being sold to the former head of airport newsstand company
Newsitem placed in category: ECONOMY AND FINANCE

Intuitive Surgical stock falls after earnings miss


Reported to us by: MARKETWATCH - Thu, 04/18/2019 - 22:27 - [CET]

Intuitive Surgical Inc. shares dropped in the extended session Thursday after the surgical robot maker's quarterly results fell short of Wall Street estimates. Intuitive Surgical shares fell 7.3% after hours, following a 0.6% gain to close the regular session at $528.06. The company reported first-quarter net income of $306.5 million, or $2.56 a share, compared with $287.6 million, or $2.44 a share, in the year-ago period. Adjusted earnings were $2.61 a share. Revenue rose to $973.7 million from $847.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $2.70 a share on revenue of $975.3 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

The parent company of the National Enquirer says the tabloid is being sold to former Hudson News newsstand mogul


Reported to us by: ABC Business - Thu, 04/18/2019 - 22:23 - [CET]
The parent company of the National Enquirer says the tabloid is being sold to former Hudson News newsstand mogul
Newsitem placed in category: ECONOMY AND FINANCE

Fed's Kaplan Says U.S. Growth Isn't Likely to Change His Stance on Rates


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/18/2019 - 22:23 - [CET]
Dallas Fed President Robert Kaplan said improving U.S. economic growth is unlikely to change his view that short-term interest rates are where they should be.
Newsitem placed in category: ECONOMY AND FINANCE

Intelsat says that Boeing-made satellite lost after failure


Reported to us by: MARKETWATCH - Thu, 04/18/2019 - 22:15 - [CET]

Intelsat S.A. said late Thursday it has lost one of its satellites, made by Boeing Co. , after an incident earlier this month. An "anomaly" previously disclosed "has resulted in the total loss of the Intelsat 29e spacecraft," the satellite company said. A review board has been convened to go over the incident alongside Boeing, Intelsat said. The Intelsat 29e propulsion system leaked on April 7, resulting in a service disruption to customers on the satellite, the company said. While working to recover the satellite, a second problem occurred "after which all efforts to recover the satellite were unsuccessful," the company said. Restoration paths on other Intelsat satellites and third-party satellites have been provided for a majority of the disrupted services. Shares on Intelsat fell 1.8% in the extended session after ending the regular trading day up 1.4%. Boeing shares were flat after closing 0.7% higher on Thursday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

Small core providers see de novos as a ‘land grab’ opportunity


Reported to us by: AMERICAN BANKER - Thu, 04/18/2019 - 22:09 - [CET]
Alternative providers like courting new banks. De novos like the modern features many alternative providers offer upfront.
Newsitem placed in category: ECONOMY AND FINANCE

Stock market ends holiday-shortened week higher, with Dow within shouting distance of a record


Reported to us by: MARKETWATCH - Thu, 04/18/2019 - 22:08 - [CET]

U.S. stocks ended higher Thursday as investors appeared to find optimism in a round of corporate earnings and economic reports, and as a highly anticipated release of a redacted version of an investigation of Russian interference in Trump's 2016 campaign, known as the Mueller report, hasn't yet revealed major surprises.(Markets will be closed in observance of Good Friday). The Dow Jones Industrial Average finished up 110 points, or 0.4%, at 26,559 (on a preliminary basis), the S&P 500 index ended the session 0.2% higher at 2,905, while the Nasdaq Composite Index finished in positive territory but mostly flat at 7,998. For the week, the Dow rose 0.6%, the S&P 500 booked a 0.1% decline, while the Nasdaq rose a slight 0.2%. All three benchmarks are within striking distance of records, with the Dow about 1% shy of its Oct. 3 closing high. Thursday also featured a parade of prominent initial public offerings, including those for Zoom Video Communications Inc. and Pinterest Inc. . On the data front, a report on retail sales showed a rise of 1.6% in March, beating consensus estimates, and the Conference Board's Index of Leading Economic Indicators rose 0.4% in March, indicating a slight uptick in U.S. economic activity from a weak start to 2019. However, the Philadelphia Fed's regional manufacturing index fell to a three-year low of 8.5, below economists expectations of 11. The market took the release of Special Counsel Robert Mueller's report in stride.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

Saudi miner sees growth in African fertilizer


Reported to us by: ARAB ECONOMY - Thu, 04/18/2019 - 22:06 - [CET]
Author: Sean CroninID: 1555617135069649000Thu, 2019-04-18 22:53

LONDON: Saudi miner Ma’aden is investing in an African fertilizer company as it looks to diversify operations beyond the Kingdom.
The Riyadh-based group, which focuses on gold, phosphates, aluminum and industrial minerals, has agreed to buy an 85 percent stake in Mauritius-based Meridian Group for SR525 million ($140 million).
It plans to acquire the remaining 15 percent over the next four years.
The deal allows Ma’aden to distribute its fertilizers to key growth markets in sub-Saharan Africa more efficiently.
“Meridian distributes close to half a million tons of fertilizer across Malawi, Mozambique, Zimbabwe and Zambia,” said Ma’aden in a stock exchange statement on Thursday.
“The acquisition furthers Ma’aden’s 2025 strategy, which includes expanding operations and sales outside the Kingdom,” it added.
The deal reflects a broader push among major Saudi commodities-based companies to diversify their revenue streams and move into higher-value growth sectors.

Main category: Business & EconomyTags: Ma’adenMeridian Group Is overseas expansion on the menu for Saudi Arabian mine company Ma’aden?Saudi miner Ma’aden lifts off as profits rocket
Newsitem placed in category: ECONOMY AND FINANCE

Samsung se voufoon breek terwyl dit hersien word


Reported to us by: MONEYWEB - Thu, 04/18/2019 - 22:04 - [CET]
Jan Vermeulen, algemene redakteur by MyBroadband
Newsitem placed in category: ECONOMY AND FINANCE

Computer Attack Knocks Weather Channel Off the Air


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/18/2019 - 22:04 - [CET]
A ransomware attack knocked the Weather Channel off the air for more than an hour Thursday morning, and federal authorities are investigating the incident.
Newsitem placed in category: ECONOMY AND FINANCE

In gesprek met die uitvoerende hoof van FNB Private kliente


Reported to us by: MONEYWEB - Thu, 04/18/2019 - 22:00 - [CET]
Bridgette (Walsh) Kruger , uitvoerende hoof van FNB Private kliente
Newsitem placed in category: ECONOMY AND FINANCE

Is daar nog ‘n bestaansreg vir die OBK?


Reported to us by: MONEYWEB - Thu, 04/18/2019 - 21:59 - [CET]
Prof Jannie Rossouw, Hoof van die Ekonomiese- en Sakeskool by Wits
Newsitem placed in category: ECONOMY AND FINANCE

Hoe het die genoteerde eiendomsektor tot dusver in 2019 gevaar?


Reported to us by: MONEYWEB - Thu, 04/18/2019 - 21:56 - [CET]
Gerbrandt Kruger - Senior beleggingsanalis - Morningstar beleggingsbestuur
Newsitem placed in category: ECONOMY AND FINANCE

'Will be one of the safest airplanes ever to fly': Boeing chief optimistic that grounded 737 MAX planes will fly soon


Reported to us by: Sydney Morning Herald - Business - Thu, 04/18/2019 - 21:55 - [CET]
Boeing is closer to getting grounded 737 Max planes back in the air as it updates the "MCAS" anti-stall system linked to two fatal crashes.
Newsitem placed in category: ECONOMY AND FINANCE

Beleggingskenner antwoord luisters se vrae


Reported to us by: MONEYWEB - Thu, 04/18/2019 - 21:54 - [CET]
Drikus Combrink, portefeuljebestuurder by CapiCraft Investments in Pretoria
Newsitem placed in category: ECONOMY AND FINANCE

Markoorsig


Reported to us by: MONEYWEB - Thu, 04/18/2019 - 21:52 - [CET]
Drikus Combrink, portefeuljebestuurder by CapiCraft Investments in Pretoria
Newsitem placed in category: ECONOMY AND FINANCE

Alsi sluit markdag op sterker noot


Reported to us by: MONEYWEB - Thu, 04/18/2019 - 21:49 - [CET]
Hulpbronne, nywerheid en finans indekse was almal sterker.
Newsitem placed in category: ECONOMY AND FINANCE

Consumer lenders ease fears over credit quality


Reported to us by: AMERICAN BANKER - Thu, 04/18/2019 - 21:46 - [CET]
Measures of loan performance were generally better than expected at Ally, American Express, Synchrony and Sallie Mae. Their 1Q reports suggest that consumers remain able to meet their obligations despite a long run-up in debt.
Newsitem placed in category: ECONOMY AND FINANCE

Commission: New NAFTA would deliver modest economic gains


Reported to us by: ABC Business - Thu, 04/18/2019 - 21:26 - [CET]
Independent agency finds that Trump's NAFTA replacement would deliver only modest economic gains
Newsitem placed in category: ECONOMY AND FINANCE

‘Haters like to pick on China’: Huawei exec defends video surveillance


Reported to us by: Sydney Morning Herald - Business - Thu, 04/18/2019 - 21:04 - [CET]
China’s use of video surveillance on its citizens has been defended by a senior Huawei executive, who has described the media attention on the country’s policing techniques as “anti-Chinese”.
Newsitem placed in category: ECONOMY AND FINANCE

U.S. oil futures tally a gain for a seventh straight week


Reported to us by: MARKETWATCH - Thu, 04/18/2019 - 20:54 - [CET]

Oil futures settled higher on Thursday, with U.S. prices up 0.2% for the holiday-shortened week. There will be no oil trading in U.S. and U.K. on Good Friday. Traders continued to weigh the outlook for production, ahead of the expiration of the OPEC-led production cut agreement in June. May West Texas Intermediate oil rose 24 cents, or 0.4%, to settle at $64 a barrel on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

ITC says U.S.-Mexico-Canada trade deal would lift GDP by 0.35%


Reported to us by: MARKETWATCH - Thu, 04/18/2019 - 20:46 - [CET]

In a closely awaited report, the United States International Trade Commission reported that the U.S.-Mexico-Canada Trade Agreement would increase U.S. real GDP by $68.2 billion, or 0.35%, and help create 176,000 more U.S. jobs, or increase employment by 0.1%. The ITC's report analyzing the economic impact of USMCA also found that the trade deal, which needs to be ratified, would increase U.S. exports to Canada by $19.1 billion and to Mexico by $14.2 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

Union Pacific 1Q profit up 6% despite less freight


Reported to us by: ABC Business - Thu, 04/18/2019 - 20:29 - [CET]
Union Pacific's first quarter profit chugged ahead 6% even though the railroad hauled 2% fewer carloads and dealt with massive flooding
Newsitem placed in category: ECONOMY AND FINANCE

Sears accuses Eddie Lampert of looting the company


Reported to us by: NEW YORK POST -BUSINESS - Thu, 04/18/2019 - 20:13 - [CET]
Sears Holdings sued longtime Chairman Eddie Lampert, his hedge fund ESL Investments, and former directors including Treasury Secretary Steven Mnuchin, accusing them of allowing the retailer to be looted of billions of dollars before its October 2018 bankruptcy. The lawsuit, made public on Thursday, was filed by the restructuring team winding down what remains of...
Newsitem placed in category: ECONOMY AND FINANCE

Americans' energy use surging despite climate change concern


Reported to us by: ABC Business - Thu, 04/18/2019 - 20:03 - [CET]
A surge in use of climate-changing fossil fuels has driven Americans' energy use to a record high
Newsitem placed in category: ECONOMY AND FINANCE

Union Pacific Halts $550 Million Texas Project


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/18/2019 - 20:03 - [CET]
The railroad halted construction of a $550 million facility in Brazos, Texas, and closed two other so-called hump yards, as the company embraces a precision railroad strategy that calls for fewer, longer trains.
Newsitem placed in category: ECONOMY AND FINANCE

National Enquirer to Be Sold to Former Newsstand Mogul


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Thu, 04/18/2019 - 20:01 - [CET]
The company that owns the National Enquirer has agreed to sell the scandal-plagued supermarket tabloid to James Cohen, a former newsstand and magazine distribution mogul, for $100 million.
Newsitem placed in category: ECONOMY AND FINANCE

Mueller report has little effect on stock markets


Reported to us by: NEW YORK POST -BUSINESS - Thu, 04/18/2019 - 19:49 - [CET]
The Mueller report has landed, and Wall Street is shrugging. The hotly anticipated, 448-page document released Thursday found that there were “numerous links” between Trump’s 2016 election team and Russia, but that they didn’t “conspire or coordinate” to influence the election. In response, the S&P 500 and Dow were up 0.2 percent and 0.4 percent,...
Newsitem placed in category: ECONOMY AND FINANCE

US wins WTO case against China over grain exports


Reported to us by: ABC Business - Thu, 04/18/2019 - 19:49 - [CET]
In victory for US, WTO rules that China was unfair to U.S. grain producers
Newsitem placed in category: ECONOMY AND FINANCE

Gold futures end at lowest since December, down 1.5% for the week


Reported to us by: MARKETWATCH - Thu, 04/18/2019 - 19:45 - [CET]

Gold futures posted a modest decline on Thursday, to tally a loss of 1.5% for the week. "U.S. dollar strength, enhanced not only by economic data but release of the Mueller report is going to keep a lid on gold in the short term," said Jeff Wright, executive vice president of GoldMining Inc. June gold lost 80 cents, or less than 0.1%, to settle at $1,276 an ounce on Comex. That was the lowest finish for a most-active contract since Dec. 26, according to FactSet data. Gold trading will be closed for Good Friday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Newsitem placed in category: ECONOMY AND FINANCE

HC dismisses plea seeking revival of Jet


Reported to us by: The Hindu Biz. - Thu, 04/18/2019 - 19:42 - [CET]
Can’t ask government to rescue a sick company, says Bench
Newsitem placed in category: ECONOMY AND FINANCE

BB&T and SunTrust vow to minimize employee, client defections


Reported to us by: AMERICAN BANKER - Thu, 04/18/2019 - 19:41 - [CET]
The cold, hard truth of bank mergers is that rivals often steal top producers and convince customers the bigger bank won’t care about them anymore. The CEOs of the merging banks explain their retention efforts.
Newsitem placed in category: ECONOMY AND FINANCE

Egypt's Banque du Caire eyeing sale of 20-30 pct stake for $300-400 mln


Reported to us by: ARAB ECONOMY - Thu, 04/18/2019 - 19:40 - [CET]
Author: ReutersID: 1555609024358968500Thu, 2019-04-18 13:48

CAIRO: The head of Egypt's Banque du Caire said on Thursday the bank was aiming to raise $300-400 million by selling a 20-30 percent stake by the end of 2019.
Chairman and Chief Executive Tarek Fayed told reporters that the timing of the initial public offering depended on market conditions.
A deal to sell the state-owned bank was cancelled in 2008, and a planned IPO has been repeatedly postponed over the past three years.

Main category: Business & EconomyTags: EgyptBanque Du Caire Moody’s upgrades Egypt’s rating to B2, expects more economic growth
Newsitem placed in category: ECONOMY AND FINANCE

Jet passengers to get AI’s ‘rescue fares’


Reported to us by: The Hindu Biz. - Thu, 04/18/2019 - 19:39 - [CET]
Air India has offered ‘rescue fares’ to passengers booked with Jet Airways and are unable to return from foreign countries. Jet had cancelled its flig
Newsitem placed in category: ECONOMY AND FINANCE

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