ECONOMY AND FINANCE


Dow transports soar to buck broader stock market slump, led by CSX and United Continental


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 18:11 - [CET]

The Dow Jones Transportation Average soared 120 points, or 1.1%, in midday trade, as better-than-expected earnings reports helped the transportation sector tracker buck the weakness in the broader stock market. The Dow transports was led higher by earnings reporters, as shares of railroad operator CSX Corp. shot up 4.6%, airline United Continental Holdings Inc. rallied 4.3% and Kansas City Southern hiked up 4.0%, after those companies all reported earnings that beat expectations. The stock price gains were adding a combined 73 points to the Dow transports' price. Meanwhile, the Dow Jones Industrial Average shed 52 points, or 0.2%, the S&P 500 gave up 0.3% and the Nasdaq Composite slipped 0.2%.

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Apple suppliers fall after Qualcomm settlement


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 18:06 - [CET]

Shares of several Apple Inc. suppliers are down after the company announced that it was settling its long-running patent litigation with Qualcomm Inc. . Macquarie analyst Srini Pajjuri downgraded shares of Skyworks Inc. to neutral from outperform on Tuesday, writing that while he doesn't see too much risk from Qualcomm when it comes to low-band power amplifier duplexers (PADs), Qualcomm is competitive with its diversity receive modules (DRx modules), which could lead to price pressure for Skyworks. Skyworks gets close to half of its revenue from Apple. Pajjuri also wrote that he sees some risk to his calendar 2020 estimates for Qorvo Inc. as both Qorvo and Broadcom Inc. benefitted from Qualcomm share losses at Apple. Broadcom shares are up 0.6% in midday trading Wednesday, while Skyworks and Qorvo shares are down 2.2% and 1.6%, respectively. Skyworks shares have gained 33% over the past three months, as the S&P 500 has risen 10%.

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'I know it’s disappointing,' BNY Mellon chief says of 1Q


Reported to us by: AMERICAN BANKER - Wed, 04/17/2019 - 18:05 - [CET]
Bank of New York Mellon's clients shifted more of their deposits to higher-rate products. It was one of several trends that hurt the custody bank's bottom line.
Newsitem placed in category: ECONOMY AND FINANCE

Report: Federal authorities charge 53 medical professionals across 7 states for prescribing and distributing opioids


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 18:03 - [CET]

Federal authorities have charged 60 people across at least seven states for their roles in illegally prescribing and distributing opioids and other dangerous drugs, according to a report by the Associated Press. Authorities said those charged include 53 medical professionals in Alabama, Kentucky, Louisiana, Ohio, Pennsylvania, Tennessee and West Virginia. They helped prescribe and distribute around 350,000 prescriptions and 32 million pills, authorities said.

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To some market vets, stocks are rallying like it's 1999


Reported to us by: ABC Business - Wed, 04/17/2019 - 17:48 - [CET]
The stock market's dizzying drop last year and rapid recovery this year remind are reminiscent of the market's moves two decades ago
Newsitem placed in category: ECONOMY AND FINANCE

Sibanye-Stillwater, Amcu seal wage deal


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 17:28 - [CET]
Wage deal ends a five-month strike that has hit gold production and earnings.
Newsitem placed in category: ECONOMY AND FINANCE

Wells Fargo's dividend yield nears decade high for Big Six bank


Reported to us by: AMERICAN BANKER - Wed, 04/17/2019 - 17:04 - [CET]
Wells Fargo is once again flirting with something that no major U.S. bank has done in a decade: have a dividend yield north of 4%. Don't expect a celebration.
Newsitem placed in category: ECONOMY AND FINANCE

To Woo Shoppers, Stores Are Accepting Competitors' Returns


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 17:00 - [CET]
Walgreens Boots Alliance and Nordstrom will let online shoppers at other brands and retailers pick up or return orders at some stores, a sign of how retailers are partnering in new ways to draw customers.
Newsitem placed in category: ECONOMY AND FINANCE

New business owners find it's a mistake to work for free


Reported to us by: ABC Business - Wed, 04/17/2019 - 16:53 - [CET]
It's a situation many new business owners land in _ they're so anxious to find customers and clients that they work for little or no money
Newsitem placed in category: ECONOMY AND FINANCE

US stock indexes edge lower in morning trading


Reported to us by: ABC Business - Wed, 04/17/2019 - 16:41 - [CET]
Major U.S. stock indexes are down in morning trading as losses by health care companies outweigh gains elsewhere in the market
Newsitem placed in category: ECONOMY AND FINANCE

Denel aims to end Airbus A400M work within 18 months


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 16:40 - [CET]
Denel is aiming to save on around $18m in costs by winding down production of parts.
Newsitem placed in category: ECONOMY AND FINANCE

EIA reports a decline in U.S. crude supplies, the first in 4 weeks


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 16:39 - [CET]

The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 1.4 million barrels for the week ended April 12. Analysts polled by S&P Global Platts expected a rise of 1.8 million barrels, following three consecutive weeks of increases. The American Petroleum Institute on Tuesday had reported a decrease of 3.1 million barrels, according to sources. The EIA data also showed inventory declines of 1.2 million barrels for gasoline and 400,000 barrels for distillates last week. The S&P Global Platts survey had shown expectations for supply declines of 2.5 million barrels for gasoline and 1.6 million barrels for distillates. May West Texas Intermediate crude was up 12 cents, or 0.2%, at $64.17 a barrel on the New York Mercantile Exchange, little changed from $64.15 before the supply data’s release.

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The Student-Debt Crisis Hits Hardest at Historically Black Colleges


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 16:28 - [CET]
Long a path to financial security, traditionally African-American schools are now producing graduates who struggle with disproportionately high debt. “The odds are kind of stacked up against me.”
Newsitem placed in category: ECONOMY AND FINANCE

Lululemon is nearing a peak: Instinet


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 16:27 - [CET]

With Lululemon Athletica Inc.'s investor day scheduled for April 24, Instinet analysts question the company's remaining capacity for growth. "Lululemon's clearly one of the strongest retail growth stories," wrote analysts led by Simeon Siegel. "However, it seems either sales or margins are approaching a peak." Analysts think Lululemon is "more a high-margin retailer than athletic brand," forecasting that the brand will guide for sales of $6.5 billion as part of its five-year plan. "[W]e worry Lululemon is now at the point where sales growth will likely come at the expense of margins," analysts said. Instinet rates Lululemon shares neutral with a $157. Lululemon stock has rallied more than 39% for 2019 so far, outpacing the S&P 500 index , which is up nearly 16% for the period.

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Neiman Marcus acquires stake in Fashionphile


Reported to us by: ABC Business - Wed, 04/17/2019 - 16:19 - [CET]
Neiman Marcus gets serious about secondhand with a minority stake in Fashionphile
Newsitem placed in category: ECONOMY AND FINANCE

With stress tests, less is more


Reported to us by: AMERICAN BANKER - Wed, 04/17/2019 - 16:18 - [CET]
The Fed is stepping up transparency around its process for testing bank resiliency in a hypothetical crisis, but additional improvements are needed.
Newsitem placed in category: ECONOMY AND FINANCE

Blackstone Preparing to Sell Las Vegas Strip Hotel


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 16:15 - [CET]
Private-equity firm Blackstone is exploring a sale of the Cosmopolitan hotel and casino in Las Vegas, the only major operating casino on the Strip to hit the market in more than a decade.
Newsitem placed in category: ECONOMY AND FINANCE

China weighs additional stimulus measures: report


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

Authorities in China are drafting additional stimulus measures aimed at boosting sales of cars and electronics, Bloomberg reported Wednesday, citing unidentified people familiar with the matter. The report comes after data showed China's economy grew a stronger-than-expected 6.4% year over year in the first quarter, matching the pace seen in the final months of 2018. The proposals include subsidies for new-energy vehicles, smartphones and home appliances, and are at the consultation stage with other government branches, the report said, with no guarantees they'll be approved. China has already undertaken a number of stimulus measures, which have been credited with helping to fuel a global equity rally since the end of last year, in an effort to avoid a hard landing for its economy.

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India’s Jet Airways suspends all operations


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 16:13 - [CET]
Author: AFPID: 1555508633779180600Wed, 2019-04-17 13:38

MUMBAI: India’s debt-stricken Jet Airways grounded all of its operations Wednesday after failing to secure emergency funding from lenders, the carrier said in a statement.
“Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today,” it said, adding that the decision would take “immediate effect.”
Jet had asked a consortium of lenders led by the State Bank of India to urgently provide four billion rupees ($57.5 million) but said that this had not been forthcoming.
“This has been a very difficult decision but without interim funding, the airline is simply unable to conduct flight operations in a manner that delivers to the very reasonable expectations of its guests, employees, partners and service providers,” it added.
The airline was once India’s second-biggest by market share but is on the brink of collapse with debts of more than $1 billion.
Jet was operating just five planes on Wednesday because it could not pay its bills, down from a fleet of more than 120 at its peak.
The carrier has canceled hundreds of flights in recent weeks, stranding thousands of passengers.
It has repeatedly defaulted on loans and failed to pay staff in recent months.
The consortium took control of Jet in March, pledging to give $218 million in “immediate funding support” as part of a debt resolution plan.
But they have failed to release most of the money and the banks also failed to agree after a meeting of several hours on Monday on how to proceed.
The SBI-led consortium is looking for a buyer for Jet and a deadline passed on Friday for prospective bidders to express an interest in acquiring a 75 percent stake in the carrier.
The SBI is yet to announce a shortlist of prospective bidders but Indian media said four were in the running including Etihad Airways, which already owns a 24 percent stake.
“Jet Airways will now await the bid finalization process by SBI and the consortium of Indian Lenders,” the airline said, adding that it hoped to resume services “as soon as possible.”
Bad investments, competition from several low-cost carriers, high oil prices and a weak rupee have led to Jet’s current financial predicament, analysts say.
A collapse of Jet, and the loss of more than 20,000 jobs, would deal a blow to Prime Minister Narendra Modi’s pro-business reputation as he seeks a second term in ongoing national elections.

Main category: Business & EconomyTags: Jet AirwaysIndia India’s Jet Airways holds crisis meeting after lenders reject fund injectionIndia’s Jet Airways grounds three quarters of fleet as it awaits bailout funds
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Zimbabwe attracts two new investors to develop platinum mining projects


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 16:13 - [CET]
The two investors would be joining a sector where Amplats and Implats already operate.
Newsitem placed in category: ECONOMY AND FINANCE

Jet Airways says it is halting operations from tonight


Reported to us by: The Hindu Biz. - Wed, 04/17/2019 - 16:08 - [CET]
The airline said the decision follows the lenders refusing to offer a lifeline.
Newsitem placed in category: ECONOMY AND FINANCE

U.S. wholesale inventories climb 0.2% in February


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 16:03 - [CET]

WASHINGTON (MarketWatch) - Wholesale inventories in the U.S. rose a mild 0.2% in February, the government said Wednesday. Sales increased 0.3% in the month. The ratio of inventories to sales was flat at 1.35. That's how many months it would take to sell all the inventory on hand. One year, ago the ratio stood at 1.29, when the economy was stronger. The increase in wholesale inventories in January, meanwhile, was unchanged at 1.2%

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Health-care stocks are down in early Wednesday trade, led by Anthem, Cigna and UnitedHealth


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 16:03 - [CET]

Health-care stocks continued to fall on Wednesday morning, led by Anthem Inc. , Cigna Corp. and UnitedHealth Group Inc. The Health Care Select Sector SPDR Fund was down 1.5% in early intraday trade. Companies in the managed care and health services sectors are facing "temporary downside risk," thanks to the Medicare-for-all debate, analysts at J.P. Morgan wrote in a note to clients Tuesday. UnitedHealth reported earnings on Tuesday that beat expectations, but shares still fell, a possible indication of investors' anxiety over U.S. Sen. Bernie Sanders' latest Medicare-for-all proposal. The Health Care Select Sector SPDR Fund has been lagging the market in recent months, gaining 1.2% in the year to date. The S&P 500 has gained 16% and the Dow Jones Industrial Average has gained 13.4%.

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Nasdaq-100 marks first intraday record in more than 6 months as technology stocks climb


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 16:00 - [CET]

A benchmark of the largest companies in the Nasdaq Composite Index on Wednesday morning carved out the first record intraday since October, according to FactSet data. The Nasdaq-100 touched an intraday high at 7,715.07, with its most intraday record at 7,700.56 occurring Oct. 1, 2018. The Nasdaq-100 was most recently at 7,687.35, which would put the index on pace for its first closing high at 7,660.18 since Aug. 29. Meanwhile, the Nasdaq isn't far from its own all-time closing high on Aug. 29 at 8,109.69, with an intraday record at 8,133.30 reached on Aug. 30. The Nasdaq was most recently flat at 7,997, meeting some resistance in early Wednesday action.

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Lynas still has to move a radioactive mountain, say Malay officials


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 16:00 - [CET]
Malaysia's Environment Minister accused Lynas of putting its bottom line before the environmental concerns of local Malays in a letter to Lynas employees.
Newsitem placed in category: ECONOMY AND FINANCE

Home loan competition to heat up with 'open banking': Moody's


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 16:00 - [CET]
Banks will be pushed to compete more fiercely for home loan customers from early next year due to a new data-sharing regime that will come into force, Moody's predicts.
Newsitem placed in category: ECONOMY AND FINANCE

Macquarie Park gets $750m business district


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 16:00 - [CET]
The bustling Macquarie Park district is set to get a $750 million community business precinct
Newsitem placed in category: ECONOMY AND FINANCE

'Arrogant and supercilious': Court extends lawyer's ban over diamond trade


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 16:00 - [CET]
A lawyer described by a tribunal as "arrogant, supercilious and obtuse" has had his credit industry disqualification extended for creating a “sham” diamonds trade.
Newsitem placed in category: ECONOMY AND FINANCE

Company directors urge 'very clear' action on climate, energy policies


Reported to us by: Sydney Morning Herald - Business - Wed, 04/17/2019 - 16:00 - [CET]
The AICD report also showed directors are the least confident about the outlook for business they have been since the first half of 2015.
Newsitem placed in category: ECONOMY AND FINANCE

Domino's stock surges after Morgan Stanley turns bullish, boosts price target


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 15:59 - [CET]

Shares of Domino's Pizza Inc. surged 3.5% in morning trade Wednesday, after analyst John Glass at Morgan Stanley turned bullish on the pizza chain, citing "attractive valuation relative to slower growing peers." Glass raised his rating to overweight, after being at equal weight for at least the past three years, and boosted his price target to $283 from $268. Glass wrote in a research note that the upgrade comes as he is "taking advantage of what we believe is a price dislocation based on concerns over near-term trends." He said at current prices the stock is already pricing in a slowing in global same-store sales growth to 2% to 35 over the next two years, from growth of 5% to 6% over the past two years, "which we view as too bearish based on history for a best-in-class operator." He said there is some evidence, based on data on first-quarter Domino's app downloads, that concerns over decelerating U.S. same-store sales may be overdone. The company is schedule to report first-quarter results on April 24, before the open. The stock has now gained 6.6% year to date, while the S&P 500 has climbed 16%.

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PepsiCo’s classic brands fuel profit beat, sending shares higher


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 15:51 - [CET]
Sales growth was boosted by its key Frito-Lay operation and North American beverage unit.
Newsitem placed in category: ECONOMY AND FINANCE

Mediclinic shares lift on positive trading statement


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 15:42 - [CET]
Guidance for SA margins perhaps the one 'downside surprise'.
Newsitem placed in category: ECONOMY AND FINANCE

Markets Right Now: Stocks open mostly higher, led by tech


Reported to us by: ABC Business - Wed, 04/17/2019 - 15:42 - [CET]
Stocks are opening mostly higher in early trading on Wall Street Wednesday, led by tech
Newsitem placed in category: ECONOMY AND FINANCE

Stocks open higher after upbeat corporate earnings


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 15:33 - [CET]

Stocks rose at the opening bell on Wednesday as investors keyed into the next round of first-quarter corporate earnings, while showing little interest in China's robust economic data. The S&P 500 was up 0.3% to 2,916. The Dow Jones Industrial Average picked up 32 points, or 0.1%, to 26,484. The Nasdaq Composite climbed 0.6% to 8,046. Key equity benchmarks continue to move toward their record highs, with the S&P 500 less than 1% away from its all-time closing high on Sept. 20. China's economy grew 6.4% on a yearly basis in the first-quarter, thanks to a rebound in industrial activity. In company news, shares of Netflix Inc. rose in pre-market trading after the entertainment firm said it attracted close to 10 million subscribers in its first-quarter results.

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Carl's Jr. to test CBD-infused burger at this 1 restaurant on 4/20


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 15:27 - [CET]

Burger chain Carl's Jr. said Wednesday it will test a CBD-infused burger in Denver, timed with 4/20. The burger, which will be called "The Rocky Mountain High: CheeseBurger Delight," will be available for one day, on April 20th, at one Carl's Jr. location, at 4050 Colorado Blvd. The burgers will feature two beef patties, topped with Carl's Jr.'s Santa Fe Sauce infused with hemp-based CBD oil, pickled jalapenos, pepper jack cheese and Crisscut fries. "The new Rocky Mountain High: CheeseBurger Delight ties back to our core strategy of being the first to bring bold and unexpected flavors that are at the forefront of hot restaurant trends to a quick service menu," said Patty Trevino, senior vice president of brand marketing. Cannabidiol, known as CBD, is a chemical component of cannabis that doesn't contain the psychoactive components. The U.S. Food and Drug Administration has said that CBD remains a drug ingredient, and as a result is illegal to add to food and health products. Carl's Jr. is owned by CKE Restaurants.

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Commercial, mortgage, card lending rise at U.S. Bancorp


Reported to us by: AMERICAN BANKER - Wed, 04/17/2019 - 15:23 - [CET]
The Minneapolis bank reported mid- to high-single-digit improvement in those categories, but total loan growth was curbed by declines in CRE and other credit types.
Newsitem placed in category: ECONOMY AND FINANCE

Vijay Mallya laments ‘airline karma’ in message for cash-strapped Jet Airways


Reported to us by: The Hindu Biz. - Wed, 04/17/2019 - 15:23 - [CET]
In a series of tweets, he claims private airlines were discriminated against by the Indian government, which bailed out State-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways
Newsitem placed in category: ECONOMY AND FINANCE

Palestinian economy in ‘crisis’ over Israel standoff: World Bank


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 15:08 - [CET]
Author: AFPID: 1555505147908865700Wed, 2019-04-17 12:35

JERUSALEM: The World Bank warned Wednesday of a deepening economic crisis in the occupied West Bank if the Palestinian Authority and Israel do not resolve a dispute over tax transfers.
Israel collects around $190 million a month in customs duties levied on goods destined for Palestinian markets that transit through its ports, and then transfers the money to the PA.
In February, Israel decided to deduct around $10 million a month from the revenues — the sum the PA paid families of prisoners or prisoners themselves serving time in Israeli jails — prompting the Palestinians to refuse any funds at all.
Israel sees the payments to those who have carried out attacks against Israelis as encouraging further violence.
The PA describes the payments as a form of welfare, while Palestinians venerate prisoners jailed by Israel as heroes for their cause.
In its Wednesday report, the World Bank said the unresolved standoff deepened a “fiscal crisis” that could increase the PA’s financial gap from $400 million in 2018 to one “exceeding $1 billion in 2019.”
“This is expected to choke economic activity, threatening to push the West Bank into negative growth,” the World Bank said.
“A resolution to the stand-off over clearance revenues is essential,” it said, referring to the tax transfers.
The bank also called for a change in Israel’s restrictions on Palestinian imports of so-called “dual-use goods” — products and technologies that can be used both for civilian and military purposes.
Israel bans 56 items from the West Bank and the Gaza Strip, and an additional 62 to Gaza only.
It has fought three wars with Palestinian militants in Gaza since 2008 and maintains a blockade on the enclave run by Islamist movement Hamas.
As a result of the restrictions, “the Palestinian economy is unable to access key production inputs and modern technology, challenging its ability to expand its production frontier and grow in a sustainable manner,” the report said.
The World Bank estimated that easing restrictions on such goods “could bring additional six-percent growth in the West Bank economy and 11 percent in Gaza by 2025.”
The bank’s report will be presented to the international donor group for Palestinians, known as the Ad Hoc Liaison Committee, at its meeting in Brussels on April 30.
It also noted “a continuous decline in real per capita income and a further rise in unemployment and poverty” in the Palestinian territories, with 52 percent of Gaza’s labor force jobless in 2018.
The Palestinian Authority has seen a dramatic drop in direct foreign aid, which has gone from 10 percent of gross domestic product five years ago to 3.5 percent last year.
In 2018, the United States cut hundreds of millions of dollars in Palestinian aid.

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

Five million lost jobs in India between 2016 and 2018 – report


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 15:06 - [CET]
Young urban men are being hit hardest.
Newsitem placed in category: ECONOMY AND FINANCE

Barbie, Hot Wheels Go to Hollywood in Mattel CEO's Turnaround Plan


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 15:00 - [CET]
In an interview with The Wall Street Journal, Mattel CEO Ynon Kreiz tells of his plans to foster creativity to reverse the toy maker’s slump—and how he sees the future of physical playthings in a digital world.
Newsitem placed in category: ECONOMY AND FINANCE

Delays to T-Mobile-Sprint Deal Would Dent SoftBank


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 14:49 - [CET]
Possible delays to Sprint’s planned merger with T-Mobile US threaten Sprint parent SoftBank’s ambition to invest in the world’s most valuable startups.​
Newsitem placed in category: ECONOMY AND FINANCE

Five million lost jobs in India between 2016 and 2018


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 14:46 - [CET]
Author: ReutersID: 1555505064488857200Wed, 2019-04-17 12:39

NEW DELHI: At least five million Indians lost their jobs between 2016 and 2018, and young urban men are being hit hardest, a Bengaluru-based private university said in a report on Tuesday.
The report by the Azim Premji University comes as Indians are voting in a staggered general election, which is due to end on May 19, with Prime Minister Narendra Modi’s government keen to defend its economic record, including on jobs.
“In addition to rising open unemployment among the higher educated, the less educated (and likely informal) workers have also seen job losses and reduced work opportunities since 2016,” said Amit Basole, an economist and lead author of the report.
The report did not say how many jobs were created during the period.
Modi’s abrupt withdrawal of high value currency notes from circulation in November 2016, with the aim of curbing tax evasion and promoting digital transactions, disrupted small businesses and sparked layoffs.
The introduction of a national sales tax the following year compounded difficulties for some businesses.
The unemployed were mostly higher educated and young people, in the 20-24 age range, according to the study titled “State of Working India 2019.”
“Among urban men, for example, this age group accounts for 13.5 percent of the working age population but 60 percent of the unemployed,” it said.
Modi has faced criticism for not doing enough to create jobs for millions of unemployed young people despite official annual economic growth of about 7 percent for the past five years.
An official survey that the government withheld showed unemployment rose to its highest level in at least 45 years in 2017/18, the Business Standard newspaper reported in February.
The unemployment rate rose to 7.2 percent in February 2019, its highest since September 2016, and up from 5.9 percent in February 2018, according to data compiled by the private research house, Center for Monitoring Indian Economy (CMIE).
The report suggested the next government should consider an urban employment guarantee scheme to create jobs, build infrastructure and provide services.
India has a rural jobs guarantee program, launched in 2006, which offers work to about 70 million rural people at the minimum wage for 100 days a year.
“India is at a crucial juncture in its economic development where timely public investment and public policy can reap huge rewards,” Basole said.

Main category: Business & EconomyTags: India India cancels poll in southern area over ‘vote buying’Aramco in talks to buy stake in refining business of India’s Reliance
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Standard Bank withdraws funding of new coal IPP projects in SA


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 14:42 - [CET]
Bank says has set up 'strict' parameters to guide future financing decisions.
Newsitem placed in category: ECONOMY AND FINANCE

US trade deficit narrows to $49.4 billion in February


Reported to us by: ABC Business - Wed, 04/17/2019 - 14:35 - [CET]
US trade deficit falls 3.4% in February to $49.4 billion; goods gap with China narrows
Newsitem placed in category: ECONOMY AND FINANCE

American Airlines 'cannot' forecast costs of 737 MAX groundings, citing uncertainties


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 14:34 - [CET]

American Airlines Group Inc. disclosed Wednesday that financial costs related to the groundings of its 737 MAX jets, made by Boeing Co. , "cannot be forecasted at this time," as it remains dependent on a number of still-unknown factors. The stock rose 1.5% in premarket trade, as shares of rival United Continental Holdings Inc. rallied 2.9% after the carrier reported late Tuesday fiscal fourth-quarter earnings and revenue that beat expectations. The airline operator said the factors include the period of time the aircraft are unavailable and the circumstances surrounding the reintroduction of the jets once the grounding is lifted. The company announced earlier this week flight cancellations through Aug. 19, assuming its MAX 8 fleet would not be available through then. American said it its fleet currently includes 24 MAX 8 aircraft, with an additional 76 aircraft on order from Boeing. American's stock has edged up 1.3% over the past three months through Tuesday and the NYSE Arca Airline Index gained 2.1%, while the S&P 500 hiked up 10.3%.

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

Retail sales up 1.1% year/year in February


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 14:34 - [CET]
On a monthly basis, sales increased 0.5%.
Newsitem placed in category: ECONOMY AND FINANCE

U.S. Trade Gap Narrowed in February


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 14:34 - [CET]
The U.S. trade deficit narrowed in February. The deficit in goods with China, the U.S.’s largest trading partner in 2018, narrowed by 9.3% from the prior month.
Newsitem placed in category: ECONOMY AND FINANCE

US trade deficit falls 3.4% to $49.4 billion in February; deficit in trade of goods with China narrows 28.2%


Reported to us by: ABC Business - Wed, 04/17/2019 - 14:31 - [CET]
US trade deficit falls 3.4% to $49.4 billion in February; deficit in trade of goods with China narrows 28.2%
Newsitem placed in category: ECONOMY AND FINANCE

EOH soars on turnaround plan


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 14:25 - [CET]
Shares in EOH doubled in value since Monday.
Newsitem placed in category: ECONOMY AND FINANCE

Bank earnings underwhelm; ING eyes Commerzbank


Reported to us by: AMERICAN BANKER - Wed, 04/17/2019 - 14:25 - [CET]
Retail stars in bank earnings season as investment banking and capital markets sag; Dutch bank may be waiting in the wings if Deutsche can't close the deal.
Newsitem placed in category: ECONOMY AND FINANCE

Qualcomm stock on track to open at 4 1/2-year high as analysts upgrade on Apple settlement


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

Shares of Qualcomm Inc. are up 8.4% in premarket trading Wednesday and on track to open at their highest levels in four and a half years amid continued enthusiasm for the company's settlement with Apple Inc. in a series of long-running patent disputes. Qualcomm shares rocketed up 23% in Tuesday's session after the companies announced they were ending all worldwide litigation between each other. Evercore ISI analyst C.J. Muse upgraded the stock to outperform from in-line late on Tuesday, writing that the shares "are finally investable again." J.P. Morgan and Stifel analysts also upgraded the shares. Bernstein's Stacy Rasgon agreed that the stock had been seen as "virtually uninvestible" in the midst of the legal disputes and that the resolution "will likely go a long way toward assuaging investors who have been terrified of the potential for negative legal and regulatory outcomes." Qualcomm shares have gained 29% over the past three months, as Intel Corp. shares have risen 17%, Apple shares have moved up 28%, and the S&P 500 has gained 10%.

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

Abbott Labs' stock gains after profit and sales top forecasts, guidance is in line


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 14:02 - [CET]

Shares of Abbott Laboratories gained 0.8% in premarket trade Wednesday, after the health-care company reported first-quarter earnings that beat expectations, sales that were slightly above and full-year profit guidance that was in line. Net income rose to $1.13 billion, or 38 cents a share, from $1.05 billion, or 23 cents a share, in the year-ago period. Excluding non-recurring items, adjusted EPS rose to 63 cents from 59 cents, above the FactSet consensus of 61 cents. Sales increased 2% to $7.54 billion, topping the FactSet consensus of $7.48 billion. Medical device sales rose 5.5% to $2.90 billion, above the FactSet consensus of $2.88 billion; diagnostic sales edged up 0.2% to $1.84 billion, matching expectations; nutrition sales grew 2.0% to $1.79 billion versus expectations of $1.74 billion; and established pharmaceutical sales fell 4.9% to $992 million, missing expectations of $999.4 million. The company expects adjusted EPS of 79 cents for the second-quarter, surrounding the FactSet consensus of 80 cents, and $3.15 to $3.25 for 2019, compared with expectations of $3.21. The stock has tacked on 5.6% year to date through Tuesday, while the S&P 500 has rallied 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

Morgan Stanley profit beats estimates on wealth management, lower costs


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 13:51 - [CET]
Wealth management was the only bright spot in an otherwise bleak report.
Newsitem placed in category: ECONOMY AND FINANCE

ABB Chief Executive Steps Down


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 13:33 - [CET]
ABB Chief Executive Ulrich Spiesshofer unexpectedly stepped down, ending a more than five-year run that saw the Swiss engineering giant gear its focus toward robotics and digital technologies but struggle with a weak share price.
Newsitem placed in category: ECONOMY AND FINANCE

Neiman Marcus Clutches Deal With Website Selling Secondhand Bags


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 13:30 - [CET]
The luxury retailer is taking a minority stake in Fashionphile, an online seller of preowned designer handbags and accessories. Customers will be able to drop off bags, jewelry and other accouterments at stores in exchange for cash.
Newsitem placed in category: ECONOMY AND FINANCE

F-21 will give India significant edge with greater standoff capability: Lockheed Martin


Reported to us by: The Hindu Biz. - Wed, 04/17/2019 - 13:21 - [CET]
Lockheed Martin and Tata Advanced Systems would produce the F-21 in India
Newsitem placed in category: ECONOMY AND FINANCE

Pakistan’s Imran Khan to visit China next week for Belt and Road Forum


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 13:18 - [CET]
Author: ReutersID: 1555498999558272000Wed, 2019-04-17 10:57

ISLAMABAD: Pakistani Prime Minister Imran Khan will visit China next week to meet its leaders and deliver a keynote speech at the vast Belt and Road Forum in Beijing, the South Asian nation’s foreign ministry said on Wednesday, as economic anxiety grows at home.
China has pledged about $60 billion in infrastructure loans for Pakistan, touted as a success story of its Belt and Road initiative, which aims to build road and maritime trading routes across the globe.
But Pakistan’s economy has hit serious turbulence over the past year and Islamabad is now finalizing a bailout package with the International Monetary Fund (IMF) to stave off a balance of payments crisis, despite more than $10 billion in short-term loans from allies such as China and Saudi Arabia.
Khan will visit China from April 25, and give a keynote speech at the three-day Belt and Road Forum that starts the following day. The high-profile gathering is one of China’s biggest annual state events.
“In addition to participating in the Belt and Road Forum, the Prime Minister would also hold bilateral meetings with President Xi Jinping and Premier Li Keqiang,” the ministry said in a statement.
The two countries will sign several pacts to enhance cooperation, and Khan will meet corporate and business leaders, it added.
Khan’s visit to Pakistan’s all-weather friend China comes as his government, in power since August, faces a deepening economic crisis, with a ballooning current account deficit and fast-depleting foreign reserves.
It initially tried to avoid an IMF bailout by securing loans from friendly countries such as China, Saudi Arabia and the United Arab Emirates but has since changed tack and said it had agreed in principle to turn to the IMF.
The long-delayed rescue package would be Pakistan’s 13th IMF bailout program since the late 1980s.

Main category: Business & EconomyTags: PakistanChina Pakistan, China sign 15 agreements on a range of bilateral issuesWith eye on aid, Pakistan PM meets Chinese counterpart
Newsitem placed in category: ECONOMY AND FINANCE

Morgan Stanley's stock jumps toward 7-month high after profit and revenue fall less than expected


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 13:17 - [CET]

Shares of Morgan Stanley jumped 2.3% in premarket trade Wednesday, putting them on track to open at the highest level since September 2018, after the broker reported first-quarter profit and revenue that fell less than expected, helped by growth in net interest income (NII). Net income declined to $2.34 billion, or $1.39 a share, from $2.58 billion, or $1.45 a share, in the year-ago period. The FactSet EPS consensus was $1.17. Total revenue fell 7% to $10.29 billion, but was above the FactSet consensus of $9.88 billion, as NII growth of 4% to $1.01 billion topped expectations of $974.6 million. Trading revenue declined 9% to $3.44 billion, beating the FactSet consensus of $3.20 billion, while investment banking revenue dropped 24% to $1.24 billion, missing the FactSet consensus of $1.33 billion. "We delivered solid earnings despite a slow start to the year following the turbulent markets in the fourth quarter," said Chief Executive James Gorman. "Even though risks to the global environment remain, markets have recovered and we are well positioned to serve our clients and invest in our businesses." The stock has soared 18.6% year to date through Tuesday, while the S&P 500 has climbed 16.0%.

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

Cyclone survivors in Zimbabwe burn church pews to keep warm


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 13:15 - [CET]
Idai will cost the southern African nations more than $2bn to repair the damage - World Bank.
Newsitem placed in category: ECONOMY AND FINANCE

Notre-Dame reconstruction effort attracts nearly $1bn


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 13:08 - [CET]
The immediate priority is to secure Notre Dame’s vault, which has a gaping hole in the middle, following Monday's fire.
Newsitem placed in category: ECONOMY AND FINANCE

Liquidity risk debate pits CrossBorder against JPMorgan, Goldman


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 13:03 - [CET]
A report by CrossBorder’s counters the market liquidity concerns of JP Morgan and Goldman Sachs.
Newsitem placed in category: ECONOMY AND FINANCE

Energy-Drink Upstarts Are Sapping Monster's Strength


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 13:00 - [CET]
Monster Beverage is losing market share, fighting in court with an upstart competitor and trying to stop its biggest partner—Coca-Cola—from releasing an energy version of Coke.
Newsitem placed in category: ECONOMY AND FINANCE

PepsiCo's Sales Rise on Boost From Snacks


Reported to us by: WALL STREET JOURNAL - US. BUSINESS NEWS - Wed, 04/17/2019 - 13:00 - [CET]
PepsiCo posted higher revenue and profit in the latest quarter, boosted by the Frito-Lay division in North America, but foreign-currency effects weighed on international operations.
Newsitem placed in category: ECONOMY AND FINANCE

US handbags, ketchup on $20bn EU tariff list over subsidy dispute


Reported to us by: ARAB ECONOMY - Wed, 04/17/2019 - 12:56 - [CET]
Author: ReutersID: 1555498149278190500Wed, 2019-04-17 10:42

BRUSSELS: Handbags, tractors, shovels and fish are part of an 11-page list of US imports worth $20 billion that the EU on Wednesday said it could hit with tariffs in a transatlantic aircraft subsidy dispute.
The US and the EU have been battling for almost 15 years at the World Trade Organization over subsidies given to US planemaker Boeing and its European rival Airbus.
After partial victories for both sides, each is asking a WTO arbitrator to determine the level of countermeasures they can impose on the other.
The Trump administration last week proposed targeting a seven-page list of EU products for tariffs, ranging from large aircraft to dairy products and wine, to counteract the harm from EU subsidies for Airbus worth an estimated $11 billion.
Brussels has responded with its own list of some $20 billion worth of US imports, including agricultural produce from dried fruit to ketchup, planes, fish, tobacco, handbags, suitcases, tractors, helicopters and video game consoles.
The published list will now be open to consultation until May 31 and could then be revised.
“The EU remains open for discussions with the US, provided these are without preconditions and aim at a fair outcome,” EU Trade Commissioner Cecilia Malmstrom said in a statement.
In both cases, WTO arbitrators have yet to set an amount, but the US case against Airbus is more advanced, with a ruling possible in June or July. The EU case against Boeing could come early in 2020.
Both sides have said they would prefer a settlement that did not lead to the imposition of tariffs.
The EU has meanwhile declared itself ready to start formal trade talks with the US.
The Commission is set to start two sets of negotiations — one to cut tariffs on industrial goods, the other to make it easier for companies to show products meet EU or US standards.
However, it has insisted that agriculture not be included, putting the 28-country bloc at odds with Washington, which wants farm products to be part of the talks.

Main category: Business & EconomyTags: tradetariffeconomyUSEUEuropean UnionAirbusBoeing Trump slams EU in aircraft dispute, pushes tariffs on $11 bln of importsEU to curb steel imports after Trump tariffs
Newsitem placed in category: ECONOMY AND FINANCE

PIC hikes stake in troubled Texton after BEE defaults 


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 12:56 - [CET]
Property fund working on 'turning the ship around,' CEO says.
Newsitem placed in category: ECONOMY AND FINANCE

Miners behind pre-poll SA stock rally not done yet


Reported to us by: MONEYWEB - Wed, 04/17/2019 - 12:43 - [CET]
It’s been the best start to the year for SA's mining index since 2016, and it may not be done yet.
Newsitem placed in category: ECONOMY AND FINANCE

PepsiCo's stock surges toward record high after profit, revenue rise above expectations


Reported to us by: MARKETWATCH - Wed, 04/17/2019 - 12:39 - [CET]

Shares of PepsiCo Inc. surged 2.1% toward a record high in premarket trade Wednesday, after the beverage and snack giant reported first-quarter profit and revenue that rose above expectations, including beats in its North America Frito-Lay and beverages business. Net income rose to $1.41 billion, or $1.00 a share, from $1.34 billion,or 94 cents a share, in the same period a year ago. Excluding non-recurring items, "core" EPS was 97 cents, above the FactSet consensus of 92 cents. Revenue increased 2.6% to $12.88, beating the FactSet consensus of $12.66 billion. North America beverages revenue increased 2.2% to $4.51 billion, topping the FactSet consensus of $4.46 billion and Frito-Lay North America revenue grew 5.5% to $3.82 billion to beat expectations of $3.75 billion, while Quaker Foods North America revenue fell 1.2% to $594 million, below expectations of $597 million. The company affirmed its 2019 guidance for organic revenue growth of 4% and a decline in core constant currency EPS of 1%. PepsiCo's stock, which is on track to open above its Monday's all-time intraday high of $124, has climbed 12.4% over the past 12 months through Tuesday, while the S&P 500 has gained 7.4%.

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

Angola mobile tender undermines president’s transparency pledge


Reported to us by: TECHCENTRAL - Wed, 04/17/2019 - 12:34 - [CET]
President Joao Lourenco has repeatedly vowed to steer Angola into a new era of transparency. Last week, he missed a golden opportunity to deliver on that promise.
Newsitem placed in category: ECONOMY AND FINANCE

Microsoft announces first disc-free Xbox


Reported to us by: TECHCENTRAL - Wed, 04/17/2019 - 12:19 - [CET]
Microsoft has unveiled its first disc-free Xbox which will allow gamers to download, play and store games entirely digitally.
Newsitem placed in category: ECONOMY AND FINANCE

Mindtree Q4 net up 8.9% at ₹198.4 cr; board declares special dividend of 200%


Reported to us by: The Hindu Biz. - Wed, 04/17/2019 - 12:14 - [CET]
Mid-sized IT firm Mindtree on Wednesday said its consolidated net profit grew 8.9% to ₹198.4 crore for the March 2019 quarter, from ₹182.2 crore in t
Newsitem placed in category: ECONOMY AND FINANCE

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