ECONOMY AND FINANCE


CBA to reimburse staff millions in botched pay


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:01 - [CET]
The Commonwealth Bank will reimburse millions of dollars to about 8000 staff after underpaying wages and other entitlements due to errors in its systems.
Newsitem placed in category: ECONOMY AND FINANCE

Blackmores' China remedy will take time before profit health improves


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
Marcus Blackmore is disarmingly frank when it comes to admitting the mistakes vitamin maker Blackmores has made.
Newsitem placed in category: ECONOMY AND FINANCE

Office investment hits $6.2 billion in first quarter


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
Investors have pumped more than $6 billion into national office markets in the first three months of this year
Newsitem placed in category: ECONOMY AND FINANCE

Charter Hall extends Bunnings fund's life


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
Charter Hall investors have voted to extend the life of its direct trust.
Newsitem placed in category: ECONOMY AND FINANCE

New holistic wellness centre to keep corporate clients fit and happy


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
Tenants at 101 Collins St will soon have heated studios with sprung floors where they can enjoy yoga, pilates and meditation, as well as a range of cardio-workout classes.
Newsitem placed in category: ECONOMY AND FINANCE

CostaFox plans new Cremorne office after swooping on $11.5m site


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
Boutique developer doubles down on the growing reputation of Melbourne’s hippest office market, with a new site opposite its planned office development in Gordon Street.
Newsitem placed in category: ECONOMY AND FINANCE

Development site has scope for student digs


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
An amalgamated site in Kensington with approval for a mixed-use project is expected to draw interest from student accommodation
Newsitem placed in category: ECONOMY AND FINANCE

Hospitality workers to feel '$80 million' penalty rate hit over 10-day holiday


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
The Fair Work Commission approved a reduction in penalty rates implemented in July 2017 with further reductions to be phased in from July.
Newsitem placed in category: ECONOMY AND FINANCE

Huawei warns 'politicising' cyber security will create trade problems


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
Huawei's deputy chairman and rotating chairman, Ken Hu, called on global governments to create independent standards to determine which companies should be trusted.
Newsitem placed in category: ECONOMY AND FINANCE

The great diversion: election arguments about tax


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
No one's more interested in taxation than me, but there's got to be more to this election campaign than claims about which side is high taxing and which low taxing.
Newsitem placed in category: ECONOMY AND FINANCE

'Nonsensical': Labor's tax affairs cap fires up accountants


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
The policy is targeted at the big end of town but accounting businesses say many clients may be affected.
Newsitem placed in category: ECONOMY AND FINANCE

Church to sell head office for hotel development


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
The Uniting Church in Melbourne will offload its block in Little Collins Street after finally being granted a planning permit by council.
Newsitem placed in category: ECONOMY AND FINANCE

'I'm going to have the best of the best': Easter chocolate goes upmarket


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
Consumers are eating less chocolate but spending more on premium brands in the lead up to Easter.
Newsitem placed in category: ECONOMY AND FINANCE

Childcare centre fetches $4.7m in off-market deal


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
A new Ballarat childcare centre, leased to Beginnings Early Learners, has sold for $4.7 million, seven days after being listed.
Newsitem placed in category: ECONOMY AND FINANCE

'Oh, you're a girl': females struggle to get apprenticeships despite skills shortage


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 16:00 - [CET]
Gender bias still persists in the automotive trades industry despite a protracted skills shortage.
Newsitem placed in category: ECONOMY AND FINANCE

BMW SA expands Midrand campus in R260m project as IT prowess grows


Reported to us by: Engineering News - Tue, 04/16/2019 - 15:53 - [CET]
BMW Group South Africa (BMW SA) has cut the ribbon on its expanded and revamped campus in Midrand, Gauteng. The project carried a price tag of R260-million.
Newsitem placed in category: ECONOMY AND FINANCE

Botswana president likens elephants to European migrant crisis


Reported to us by: MONEYWEB - Tue, 04/16/2019 - 15:45 - [CET]
Botswana has been praised for its wildlife policies, which includes a ban on hunting and culling of elephants and a strong response to poaching.
Newsitem placed in category: ECONOMY AND FINANCE

Markets Right Now: Health companies lead early stock gains


Reported to us by: ABC Business - Tue, 04/16/2019 - 15:45 - [CET]
Health care companies are leading stocks broadly higher in early trading on Wall Street.
Newsitem placed in category: ECONOMY AND FINANCE

House Democrats subpoena Deutsche Bank, others amid Trump probe


Reported to us by: AMERICAN BANKER - Tue, 04/16/2019 - 15:37 - [CET]
Congressional Democrats issued subpoenas to Deutsche Bank and other banks to obtain long-sought documents indicating whether foreign nations tried to influence U.S. politics.
Newsitem placed in category: ECONOMY AND FINANCE

Rupee slips for 3rd day, down 18 paise to 69.60 against dollar


Reported to us by: The Hindu Biz. - Tue, 04/16/2019 - 15:33 - [CET]
Persistent foreign fund inflows and heavy buying in domestic equities supported the rupee and capped the losses to some extent
Newsitem placed in category: ECONOMY AND FINANCE

Stocks climb toward records after corporate earnings


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 15:33 - [CET]

U.S. equities rose at the opening bell on Tuesday, following a round of better than expected corporate earnings. The S&P 500 rose 0.3% to 2,914. The Dow Jones Industrial Average advanced 135 points, or 0.5%, to 26,520. The Nasdaq Composite was up 0.3% to 8,002. All three benchmarks are inching closer to their all-time highs established late last year. The broad-based S&P 500 is less than 1% away from its record close set in Sept. 20. Earnings from BlackRock Inc. came in higher than analysts' expectations, while first-quarter revenues for Bank of America Corp. fell short of forecasts. Investors will maintain a close eye on the financial sector's earnings as banks juggle with falling interest margins and slower U.S. growth. In other company news, shares of UnitedHealth Group Inc. rose 3% after its first-quarter earnings and revenues topped Wall Street expectations.

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

Gold snaps 4-day losing streak, gains ₹170 on jewellers’ buying


Reported to us by: The Hindu Biz. - Tue, 04/16/2019 - 15:31 - [CET]
Silver too followed suit by gaining ₹250 to ₹38,350 per kg
Newsitem placed in category: ECONOMY AND FINANCE

Bank of America's stock extends selloff after downbeat net interest income outlook


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 15:29 - [CET]

Shares of Bank of America Corp. slumped 1.7% in premarket trade Tuesday, extending losses after the start of the post-earnings conference call, after bank's outlook for full-year growth in net interest income (NII) was below expectations. Just prior to the start of the conference call, the stock was down about 0.5% after the bank reported first-quarter earnings that beat expectations but revenue that fell short. Chief Financial Officer Paul Donofrio said in the conference call that 2019 NII was expected to grow at "roughly half the pace of 2018," according to a transcript provided by FactSet. The FactSet consensus for 2019 NII of $50.12 billion implies 4.3% growth, compared with 2018 growth of 5.3%. Donofrio said the economy is expected to grow more moderately in 2019, resulting in lower longer-term interest rates. The NII warning comes after Well Fargo & Co. warned of a NII decline in its post-earnings conference call earlier this week. BofA's stock has run up 21% year to date through Monday while the S&P 500 has gained 16%.

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

Netflix results face pressures with higher costs, new rivals


Reported to us by: MONEYWEB - Tue, 04/16/2019 - 15:22 - [CET]
Wall Street is projecting subscriber additions of 1.61m in the US and 7.33m internationally, when Netflix releases its results later on Tuesday.
Newsitem placed in category: ECONOMY AND FINANCE

U.S. Industrial Production Fell in March


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Tue, 04/16/2019 - 15:18 - [CET]
U.S. industrial output faltered in March, a signal a slowing global economy is putting pressure on the U.S. manufacturing sector.
Newsitem placed in category: ECONOMY AND FINANCE

US industrial production slipped 0.1% in March


Reported to us by: ABC Business - Tue, 04/16/2019 - 15:17 - [CET]
Fed: US industrial production slipped 0.1% in March, pulled down by drop in mining output
Newsitem placed in category: ECONOMY AND FINANCE

US industrial production slipped 0.1% in March, as mining output fell and factory production remained flat


Reported to us by: ABC Business - Tue, 04/16/2019 - 15:15 - [CET]
US industrial production slipped 0.1% in March, as mining output fell and factory production remained flat
Newsitem placed in category: ECONOMY AND FINANCE

Western Digital stock rises after Deutsche Bank upgrade


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 15:15 - [CET]

Shares of Western Digital Corp. are rising in premarket trading Tuesday following another analyst upgrade. Deutsche Bank's Sidney Ho raised his rating on the stock to buy from hold on Tuesday, a day after Longbow Research also bumped his rating up to buy from neutral. "We are starting to observe favorable data points in both HDD and NAND that will support a solid 2H CY19 recovery for WDC's earnings," wrote Deutsche Bank's Ho. "On the upcoming earnings call, we expect WDC management to highlight the improved visibility, which should be a positive catalyst for the stock." He raised his price target to $60 from $45 in conjunction with the upgrade. WDC shares are up 2.2% in premarket trading. They've climbed 37% over the past three months, as the S&P 500 has risen 11%.

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

No sign of arson in Notre-Dame blaze as nation grieves for symbol


Reported to us by: MONEYWEB - Tue, 04/16/2019 - 15:10 - [CET]
More than 400 firemen were needed to tame the inferno that consumed the roof and collapsed the spire of the cathedral.
Newsitem placed in category: ECONOMY AND FINANCE

EOH shares surge as restructuring takes form


Reported to us by: Engineering News - Tue, 04/16/2019 - 15:08 - [CET]
JSE-listed information and communication technology (ICT) service provider EOH’s share price rose by 55.76% on Tuesday as the company reported its financial results for the six months ended January 31. The company reported a loss for the six months of R3.3-billion mainly owing to one-off costs and impairments, while revenue stayed steady at R8.19-billion.
Newsitem placed in category: ECONOMY AND FINANCE

Netflix stock gains after Deutsche Bank upgrades to buy ahead of earnings


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 15:04 - [CET]

Netflix Inc. shares are up 1.6% in premarket trading Tuesday after Deutsche Bank's Bryan Kraft upgraded the stock to buy from hold. Netflix is scheduled to report first-quarter earnings after the close. Kraft sees room for the company to beat subscriber expectations for 2019 to 2020, calling the consensus forecast too conservative. He also argued that Netflix is "looking more and more like a platform every day, rather than just an application." Netflix's platform status helps retain customers for longer and makes the service more attractive to "talent" in the media world. The company also has an opportunity to "improve the efficiency and effectiveness of its content spend," according to Kraft, who argued that Netflix has been a bit too liberal about going forward with shows. The stock has lost 0.7% over the past three months, as the S&P 500 has gained 11%.

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

Rising airfares: DGCA meets airlines, to engage with them for appropriate action


Reported to us by: The Hindu Biz. - Tue, 04/16/2019 - 15:04 - [CET]
With crisis-hit Jet Airways drastically curtailing its operations, there has been an adverse impact on the number of flights being operated on various routes
Newsitem placed in category: ECONOMY AND FINANCE

Bank of America steps up stock repurchases as prices rose


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 15:02 - [CET]

Bank of America Corp. said it repurchased $6.3 billion worth of its shares during the first quarter, as the shares surged, compared with $5.2 billion in buybacks in the fourth quarter. The bank didn't provide details at what prices it bought its shares during the first quarter, but the stock rose 12.0% during the quarter with a volume-weighed average price (VWAP) of $28.25. The stock closed Monday at $29.84. During the fourth quarter, the stock tumbled 16.4%, and Bank of America said it repurchased 194,391 shares at a weighted-average price of $26.92. The stock slumped 1.5% in premarket trade Tuesday, after Bank of America reported first-quarter earnings that beat expectations but revenue that fell short. The stock has slipped 0.3% over the past 12 months through Monday, while the SPDR Financial Select Sector ETF has lost 2.2% and the S&P 500 has gained 8.5%.

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

Policy and regulatory malaise undermining efforts to address power deficit


Reported to us by: Engineering News - Tue, 04/16/2019 - 15:00 - [CET]
Lingering policy uncertainty and regulatory delays are continuing to impede the development of hundreds of small-scale embedded generation (SSEG) projects, which are seen at the quickest and cheapest way for South Africa to address its current electricity supply deficit. The South African Independent Power Producer Association (SAIPPA) estimates that between 2 500 MW to 3 500 MW of capacity is being constrained as a result of the problem and that 30 MW to 50 MW could be added monthly once coherent processes are instituted.
Newsitem placed in category: ECONOMY AND FINANCE

Justice Department Closes Book on Landmark Standard Oil Breakup


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Tue, 04/16/2019 - 14:39 - [CET]
More than 110 years after President Theodore Roosevelt began the most famous lawsuit in the history of monopolies, the U.S. government is officially declaring its work is over.
Newsitem placed in category: ECONOMY AND FINANCE

Walmart partners with Kidbox for subscription clothing service


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 14:37 - [CET]

Walmart Inc. has partnered with Kidbox, a company that uses stylists to create curated boxes of clothing for kids, to launch the Walmart Kidbox stylebox, a clothing subscription service for children. Customers can opt for a seasonal delivery of boxes containing four to five items for $48, about half of the suggested retail price. Customers can go online starting Tuesday to fill out a short style quiz for their children. Items are available in sizes 0 to 14 for girls and 0 to 16 for boys. Walmart shares have gained 10% in 2019 so far while the Dow Jones Industrial Average is up 13.1% for the period.

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

Samsung to make many more foldable phone models


Reported to us by: TECHCENTRAL - Tue, 04/16/2019 - 14:34 - [CET]
Samsung’s new Galaxy Fold smartphone will be the first of many devices with flexible screens in the coming years, a company director has said.
Newsitem placed in category: ECONOMY AND FINANCE

South Africa's growing debt a concern – Moody's


Reported to us by: Engineering News - Tue, 04/16/2019 - 14:26 - [CET]
Ratings agency Moody's warned South Africa again on Tuesday that growing government debt linked to bailouts of state firms would continue to pressure the country's investment grade status. Moody's was the last of the big three ratings agencies to give South Africa an investment-grade rating, so markets are sensitive to any pronouncement it makes on the fiscal and economic strength of Africa's most industrialised economy.
Newsitem placed in category: ECONOMY AND FINANCE

Bank of America profit rises 5.6% in 1Q; revenue flat


Reported to us by: ABC Business - Tue, 04/16/2019 - 14:25 - [CET]
Bank of America profit rises 5.6% in 1Q; revenue is unchanged
Newsitem placed in category: ECONOMY AND FINANCE

Weak revenue growth underlies bank profits; another Libor alternative


Reported to us by: AMERICAN BANKER - Tue, 04/16/2019 - 14:25 - [CET]
Citi, Goldman, BofA earnings rose despite flat revenues; benchmark would be based on rates set on the American Financial Exchange.
Newsitem placed in category: ECONOMY AND FINANCE

Dick's Sporting Goods will sell $350 Nike Adapt BB shoes at two U.S. stores on Friday


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 14:24 - [CET]

Dick's Sporting Goods Inc. will sell a limited number of of pairs of the $350 Nike Inc. Adapt BB shoes in two store locations on Friday. Interested shoppers should go to either the Cerritos, Calif. or Lombard, Ill. Dick's Sporting Goods locations by the end of Tuesday to enter a sweepstakes for the chance to purchase the shoes. The Adapt BB have self-lacing technology and will adjust to the wearer's foot. Dick's Sporting Goods will also be selling a limited amount of two other Nike basketball shoes, the Jordan Retro 11 Low and the Lebron 16 Wolf Grey, online on Friday. Each of those sneakers are priced at about $185. According to an athletic survey conducted by Canaccord Genuity, Nike tops the list of most innovative and most fashionable brands. Future purchase intent is also strong among men (41%) and women (38%). Dick's Sporting Goods shares have gained 27.1% for 2019 so far, outpacing the S&P 500 index , which is up nearly 16% for the period.

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

After years of crisis, Venezuelans wonder what is 'normal'


Reported to us by: ABC Business - Tue, 04/16/2019 - 14:19 - [CET]
Normalcy elsewhere in the world doesn't fit Venezuela, where two men say they are president and the worst nationwide blackouts played havoc with the lives of millions
Newsitem placed in category: ECONOMY AND FINANCE

Expedia simplifies ownership structure with purchase of Liberty Expedia


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 14:17 - [CET]

Expedia Group Inc. announced on Tuesday that it has entered into an agreement to acquire the Liberty Expedia Holdings Inc. tracking stock in an all-stock deal. Through the arrangement, holders of Liberty Expedia's class A and class B shares will get 0.36 shares of Expedia's common stock for every Liberty Expedia share. Expedia will retire 3.1 million shares through the process. Expedia will stop being a controlled company after the deal is complete, and Chairman Barry Diller will own about 29% of the company's voting power. Expedia shares are inactive in premarket trading Tuesday. The stock has gained 8% over the past three months, as the S&P 500 has risen 11%.

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

Aurora Cannabis to buy the Hempco Food and Fiber shares it doesn't own for 14% premium


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 14:14 - [CET]

Canada-based Aurora Cannabis Inc. announced Tuesday an agreement to buy the Hempco Food and Fiber Inc. shares it doesn't already own in a deal that values Hempco at C$63.4 million ($47.4 million). Aurora's U.S.-listed shares rose 0.7% in premarket trade, after falling 4.2% on Monday to close at a 1-month low. Under terms of the deal, Aurora will pay C$1.04 for each of the 48% of Hempco shares outstanding that it doesn't own, which is 14% above Monday's closing price. "This transaction will enable us to fully integrate Hempco and its new Nisku processing facility into Aurora's global hemp operations including Agropro, Borela and ICC," said Aurora Chief Executive Terry Booth. "Our goal is to strengthen our CBD-from-hemp supply chain as well as our hemp business of hemp-based superfoods, nutraceuticals and fibers." Aurora's stock has run up 71.6% year to date through Monday, while Hempco shares have lost 13.3%, the ETFMG Alternative Harvest ETF has rallied 35.9% and the S&P 500 has gained 15.9%.

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

Caesars Names New CEO, Will Evaluate Takeover Interest


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Tue, 04/16/2019 - 14:09 - [CET]
Caesars Entertainment, facing pressure from activist investor Carl Icahn, named a new chief executive and is forming a committee to review whether it should remain a stand-alone company.
Newsitem placed in category: ECONOMY AND FINANCE

New Kusile unit powers up, 8 months ahead of schedule


Reported to us by: Engineering News - Tue, 04/16/2019 - 14:08 - [CET]
For the first time on Sunday Kusile Unit 3 produced power, according to an internal memo to Eskom staff. According to the note from Eskom's chief operating officer Jan Oberholzer, sent out to staff on Monday, the synchronisation of the unit happened eight months ahead of the scheduled December 2019. This is the third out of six Kusile units which have been synchronised to the national grid.
Newsitem placed in category: ECONOMY AND FINANCE

Zoom Video raises expected IPO pricing range, boosting potential market cap to more than $9 billion


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 14:01 - [CET]

Zoom Video Communications raised the expected range for the pricing of its initial public offering to $33 to $35 a share from $28 to $32 a share. The videoconferencing company reduced the number of shares it was offering to 9,911,434 shares from 10,877,446 shares, which would lower what it could raise to up to $346.9 million from $348.1 million, while selling shareholders increased the number of shares they were offering to 10,958,131 from 9,992,119. The total number of shares being sold remained the same at 20,869,565. If the IPO prices at the top of the range, the company is looking at a market capitalization of just over $9 billion. Zoom Video is looking to go public at a time the Renaissance IPO ETF has rallied 32.5% year to date while the S&P 500 has gained 15.9%.

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

Wipro Q4 net up 38%, announces ₹10,500cr buyback plan


Reported to us by: The Hindu Biz. - Tue, 04/16/2019 - 13:56 - [CET]
Wipro saw its net profit increasing by 12.6% to ₹9,017.9 crore, while revenue from operations was up 7.5% to ₹58,584.5 crore.
Newsitem placed in category: ECONOMY AND FINANCE

Aphria has 'significant future capacity potential' but is still in ramp-up mode: CIBC


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 13:55 - [CET]

CIBC analysts raised their stock price target on Aphria Inc. to $12 from $10 on Tuesday and said its fiscal third-quarter earnings showed a company with "significant future capacity potential," but that it is still in ramp-up mode. "We continue to believe Aphria's cultivation and automation skills provide a solid competitive advantage, and the company's 10% market share in the recent quarter (our estimate) is notable, but at this stage, we gravitate towards other names in the sector with stronger balance sheets and more defined strategies for the medium term," analysts John Zamparo and Krishna Ruthnum wrote in a note to clients. CIBC rates the stock as neutral. Cannabis revenue of C$16 million were way below their estimate of C$28 million, said the note, and a 20% decline in adult-use pricing incurred to invest in one particular brand "warrants some questioning." The analyst also raised concerns about the Nuuvera acquisition, which has a book value of more than C$500 million and will be reviewed after year-end. "We have no idea whether this asset will be considered impaired, and applaud Aphria for last week's announcement that it has won a license to cultivate cannabis in Germany (200kg/yr for the moment), but do wonder if the possibility of further asset write-downs exists in the future, which could act as a drag on the stock." Aphria shares were up 1.4% in premarket trade, but have fallen 11.3% in the last 12 months, while the S&P 500 has gained 8.5%.

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

Bank of America leaned on retail lending for 5.7% profit growth in 1Q


Reported to us by: AMERICAN BANKER - Tue, 04/16/2019 - 13:55 - [CET]
Net interest income at the bank's consumer unit rose nearly 10%. But first quarter could be the last hurrah for that catalyst at BofA and other banks as the Fed pauses its rate-tightening cycle.
Newsitem placed in category: ECONOMY AND FINANCE

ADB committed highest-ever USD 3 billion in sovereign loans to India in 2018


Reported to us by: Economic Times India - Tue, 04/16/2019 - 13:53 - [CET]
Private sector operations reached USD 3.14 billion, a 37 per cent increase from 2017, which is 14.5 per cent of ADB's overall commitment.
Newsitem placed in category: ECONOMY AND FINANCE

Zimbabwe nearly doubles bread price as economic woes mount


Reported to us by: MONEYWEB - Tue, 04/16/2019 - 13:52 - [CET]
Bread now costs 3.50 RTGS dollars a loaf, up from 1.80 on Monday.
Newsitem placed in category: ECONOMY AND FINANCE

News Corp CEO lashes tech giants, and the New York Times


Reported to us by: Sydney Morning Herald - Business - Tue, 04/16/2019 - 13:45 - [CET]
News Corp's global chief executive, Robert Thomson, has used a speech to intensify his criticism of digital giants while taking aim at the "muck-spreading" media rivals of the Murdoch family.
Newsitem placed in category: ECONOMY AND FINANCE

SA’s growing debt a concern – Moody’s


Reported to us by: MONEYWEB - Tue, 04/16/2019 - 13:36 - [CET]
If government debt and contingent liabilities risk from SOEs escalates, SA's credit profile may face downward pressure.
Newsitem placed in category: ECONOMY AND FINANCE

Johnson & Johnson Raises Full-Year Guidance


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Tue, 04/16/2019 - 13:23 - [CET]
Johnson & Johnson raised its full-year financial targets as it reported sales strength in its pharmaceutical division. Overall profit fell 14% from the year-ago quarter.
Newsitem placed in category: ECONOMY AND FINANCE

EOH extends huge rally as Van Coller talks up turnaround


Reported to us by: MONEYWEB - Tue, 04/16/2019 - 13:17 - [CET]
CEO Stephen van Coller says a new base has been established for the company's future growth.
Newsitem placed in category: ECONOMY AND FINANCE

Johnson & Johnson posts strong revenue, profit in 1Q


Reported to us by: ABC Business - Tue, 04/16/2019 - 13:11 - [CET]
Johnson & Johnson reports rising sales of Stelara, tops profit and revenue projections in 1Q
Newsitem placed in category: ECONOMY AND FINANCE

Johnson & Johnson reports first-quarter sales above expectations


Reported to us by: MONEYWEB - Tue, 04/16/2019 - 13:08 - [CET]
Sales were driven by demand for its Stelara treatment for psoriasis and Crohn's disease and cancer drugs Darzalex and Imbruvica.
Newsitem placed in category: ECONOMY AND FINANCE

Standard Bank branch cuts are long overdue


Reported to us by: TECHCENTRAL - Tue, 04/16/2019 - 13:07 - [CET]
The decision by Standard Bank to close 91 branches and cut 1 200 jobs is not at all surprising - the only surprises were that the bank announced it publicly and that it did so before elections in May.
Newsitem placed in category: ECONOMY AND FINANCE

Caesars Entertainment form 'transaction committee,' names new CEO


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 13:07 - [CET]

Caesars Entertainment Corp. said Tuesday it formed a "transaction committee" to evaluate ways to enhance shareholder value, which could include continuing to operate as an independent company. The stock slipped 0.4% in premarket trade. The casino operator said it formed the committee, which consists of independent directors, following inquiries from industry participants regarding a possible transaction. Separately, Caesars names Anthony Rodio its new chief executive, succeeding Mark Frissora who announced in November that he was leaving. Rodio is currently CEO of Affinity Gaming, and will be transitioning to Caesars over the next 30 days. The stock has run up 38% year to date but has lost 17% over the past 12 months, while the S&P 500 has gained 16% this year and 8.5% the past year.

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

Sensex, Nifty hit record highs on earnings, monsoon optimism


Reported to us by: The Hindu Biz. - Tue, 04/16/2019 - 13:05 - [CET]
Equity benchmark Sensex rallied about 370 points to scale a record closing high of 39,275.64 as investors’ sentiment got further boost from forecast
Newsitem placed in category: ECONOMY AND FINANCE

Bank of America shares edge lower as first-quarter revenue falls short


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 13:01 - [CET]

Bank of America Corp. said Tuesday it had net income of $7.3 billion, or 70 cents a share, in the first quarter, up from $6.9 billion, or 62 cents a share, in the year-earlier period. Revenue edged down to $23.0 billion from $23.1 billion. The FactSet consensus was for EPS of 66 cents and revenue of $23.2 billion. Net interest income rose 10% to $$629 million, driven by higher interest rates and growth in deposits and loans. The company's loan book grew 5% to $292 billion, while its deposit base rose 3% to $697 billion. Loan loss provisions rose by $179 million to $1.0 billion. The company's trading reveneu fell 17% to $3.5 billion. FICC revenue fell 8% to $2.4 billion and equity trading fell 22% to $1.2 billion. "It was a challenging capital markets environment but our team and platform are optimized to serve clients and generate stable revenues across a range of market conditions over time," Chief Executive Brian Moynihan said in a statement. "We reduced expenses by four percent from the first quarter of 2018, contributing to the seventeenth consecutive quarter of positive operating leverage." The consumer banking division had net income of $3.2 billion, up 25% from a year ago. The global wealth and investment banking division had net income of $1.0 billion, up 14%. The global markets division had net income of $1.0 billion, down 26%, hurt by lower investment banking fees and falling trading revenue. Shares were down 0.3% in premarket trade and have fallen 0.3% in the last 12 months through Monday, while the S&P 500 has gained 8.5%.

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

Chinese Dispute Strikes Canada's Canola Farmers


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Tue, 04/16/2019 - 13:00 - [CET]
China, Canada’s largest canola customer, last month banned imports of the seed from Canada amid a diplomatic row over the arrest of a Huawei executive.
Newsitem placed in category: ECONOMY AND FINANCE

Johnson & Johnson's stock rises after profit and sales beat, raised sales guidance


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 12:54 - [CET]

Shares of Johnson & Johnson gained 1.0% in premarket trade Tuesday, after the drug and consumer products giant reported first-quarter earnings and revenue that rose above expectations, and raised its full-year sales growth outlook. Net income fell to $3.75 billion, or $1.39 a share, from $4.37 billion, or $1.60 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS rose to $2.10 from $2.06, beating the FactSet consensus of $2.04. Sales increased 0.1% to $20.02 billion, above the FactSet consensus of $19.61 billion. Within its business segments, pharmaceutical sales rose 4.1% to $10.24 billion, above the FactSet consensus of $9.81 billion, and medical devices sales slipped 1.0% to $6.46 billion but beat expectations of $6.34 billion, while consumer sales fell 2.4% to $3.32 billion, missing expectations of $3.40 billion. For 2019, J&J raised its outlook for sales growth to 2.5% to 3.5% from 2.0% to 3.0% and narrowed its adjusted EPS guidance to $8.53 to $8.63 from $8.50 to $8.65. The stock has advanced 5.8% year to date while the Dow Jones Industrial Average has gained 13.1%.

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

Central banks shouldn’t aid state firms, governor says


Reported to us by: MONEYWEB - Tue, 04/16/2019 - 12:52 - [CET]
The Sarb’s 'power to say no was greatly enhanced by its independence,' Kganyago says.
Newsitem placed in category: ECONOMY AND FINANCE

BlackRock Profit Slips but Assets Under Management Rebound


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Tue, 04/16/2019 - 12:50 - [CET]
BlackRock, the world’s biggest money manager, posted a fall in first-quarter profit as a price war ripples across the asset management world.
Newsitem placed in category: ECONOMY AND FINANCE

Absa brings data centre operations back to South Africa


Reported to us by: TECHCENTRAL - Tue, 04/16/2019 - 12:49 - [CET]
Absa Group has successfully migrated its banking platform, used by its subsidiaries, from the UK, where it was run by Barclays, to South Africa.
Newsitem placed in category: ECONOMY AND FINANCE

After 40 years, Chile copper giant struggles to stay on top


Reported to us by: MONEYWEB - Tue, 04/16/2019 - 12:45 - [CET]
The Chuquicamata mine in Chile has helped Codelco dominate the copper market as the world’s number one producer of the metal.
Newsitem placed in category: ECONOMY AND FINANCE

UnitedHealth's stock rallies after profit and revenue rise above expectations, outlook raised


Reported to us by: MARKETWATCH - Tue, 04/16/2019 - 12:36 - [CET]

Shares of UnitedHealth Group Inc. rallied 2.1% in premarket trade Tuesday, after the health insurer reported first-quarter earnings and revenue that beat expectations, and boosted its full-year profit outlook. Net income rose to $3.47 billion, or $3.56 a share, from $2.84 billion, or $2.87 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS grew to $3.73 from $3.04, above the FactSet consensus of $3.60. Total revenue increased 9.3% to $60.31 billion, beating the FactSet consensus of $59.69 billion. Premiums rose 7.8% to $47.51 billion, topping the FactSet consensus of $47.44 billion and products grew 20.4% to $8.07 billion to beat expectations of $7.42 billion, while services increased 5.2% to $4.32 billion to miss expectations of $4.53 billion. The company's Optimum business grew revenue 11.9% to $26.4 billion. The company raised its guidance range for adjusted EPS to $14.50 to $14.75 from $14.40 to $14.70. UnitedHealth's stock has lost 7.6% year to date through Monday, while the SPDR Health Care Select Sector ETF has gained 4.2% and the Dow Jones Industrial Average has climbed 13.1%.

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

UnitedHealth Boosts Profit Targets After Upbeat First Quarter


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Tue, 04/16/2019 - 12:32 - [CET]
UnitedHealth Group raised its profit guidance for the year as the company’s strong first-quarter performance was marked by revenue growth across all its businesses.
Newsitem placed in category: ECONOMY AND FINANCE

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