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timestamp[ns]date 2018-01-01 00:00:00
2023-12-28 00:00:00
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101
|
Investing
| 2018-01-26T00:00:00
| 2,018
|
Boeing Unharmed by Bombardier Jet Imports, U.S. Panel Decides (Bloomberg) -- Bombardier Inc. can start shipping C Series jets to Delta Air Lines Inc (NYSE:DAL). as scheduled after a surprise ruling by a U.S. trade tribunal that said the proposed imports won’t hurt American industry. U.S. companies aren’t being harmed by sales of 100- to-150-seat aircraft from Canada, the Washington-based International Trade Commission said Friday.The ruling, which blocks a Commerce Department decision last month to impose duties of nearly 300 percent, was unanimous among the four judges. Friday’s vote deals a blow to Chicago-based Boeing (NYSE:BA) Co., which said Bombardier sold the C Series in the U.S. at less than fair value while benefiting from unfair government subsidies. The decision also opens the door for Bombardier to add new U.S. customers while potentially easing trade tensions with Canada and the U.K., where the company builds wings for the aircraft.
|
[
{
"sentiment": "negative",
"ticker": "BA"
},
{
"sentiment": "positive",
"ticker": "DAL"
}
] |
102
|
Investing
| 2018-01-26T00:00:00
| 2,018
|
Atlas Copco misses fourth-quarter profit expectations, forecasts stable demand STOCKHOLM (Reuters) - Atlas Copco (ST:ATCOa) on Friday missed fourth quarter profit forecasts and forecast stable demand this quarter, knocking shares in the Swedish engineering company. The maker of compressors and underground mining equipment said operating profit rose to 6.23 billion Swedish crowns ($791 million) from 5.79 billion, falling short of the 6.51 billion expected by analysts in a Reuters poll. Adjusted operating profit was up 13.5 percent to 6.64 billion, topping the 12.6 percent advance expected by analysts. The Swedish firm, which is planning to spin-off its mining and civil engineering business under the name Epiroc this year, proposed an ordinary dividend of 7 crowns per share and an extra payout of 8 crowns through a mandatory share redemption. Analysts had expected a dividend of 8.26 crowns, including some expectations for a special dividend. Orders in the fourth quarter were up 14 percent year on year on an organic basis at 30.4 billion crowns, in line with the 30.3 billion forecast by analysts. It said it expected overall demand for the group to remain at the "current high level". The shares, up nearly 30 percent in the past 12 months, were down 4 percent at 1251 GMT. "A flat outlook indicates that things may have peaked given the extremely strong first quarter order intake last year, Handelsbanken Capital Markets analyst Peder Frolen said. "I also think there were expectations for an even larger dividend payout out there, and those two things are weighing on the stock." Expectations were boosted ahead of Atlas Copco's results by forecast-beating results from mining equipment maker Caterpillar (N:CAT) on Thursday.
|
[
{
"sentiment": "positive",
"ticker": "CAT"
},
{
"sentiment": "negative",
"ticker": "ATCOa"
}
] |
103
|
Investing
| 2018-01-27T00:00:00
| 2,018
|
Qatar Airways' first Airbus A350-1000 to be delivered Feb 15-20: CEO By Hadeel Al Sayegh DOHA (Reuters) - Airbus (PA:AIR) will deliver the first ever A350-1000 jet to an airline to Qatar Airways between Feb. 15 and Feb. 20, the carrier's chief executive said on Saturday. Delivery of Europe's largest twin-engined passenger jet to launch customer Qatar Airways had been delayed from late last year to some time next month due to issues with installing business class seats. "We are progressing very well to receive our aircraft somewhere between the 15th and 20th [of February]," Qatar Airways Chief Executive Akbar al-Baker told reporters in Doha. Qatar Airways has ordered 37 A350-1000s. The major Middle East airline is known to be a demanding customer when reviewing aircraft for quality defects before delivery. Qatar Airways has in the past refused to take delivery of aircraft over what it said were quality issues, and has also canceled some deliveries. Airbus looks "forward to delivering the world's first A350-1000 to Qatar Airways in the coming weeks," Airbus' Chief Operating Officer Fabrice Bregier said in a press release issued by the airline. The "complex seat configuration" of Qatar Airways' Qsuite, business class which features seats that face each other, and lie-flat double beds, had delayed the delivery of the A350-1000, until February, Baker said on Monday without detailing a specific date. The A350-1000 will be the first Airbus jet to feature the Qsuite, which was unveiled last year and has been installed on Qatar Airways' Boeing (N:BA) 777 jets, Baker said. The A350-1000 is the largest version of the A350 series, and was launched to compete against Boeing's 777s in the up to 400-seat market. Baker, speaking to reporters on board one of Airbus' A350-1000 test aircraft, said the airline expected to receive four of the twin-engined jets this year. "This is contractually and I am confident that Airbus will deliver them to us," he said. Qatar Airways plans to initially fly its first A350-1000 on long haul routes before adding it to ultra long-haul routes in a few months time, in case of any potential technical issues with the new jet. Baker said the airline hoped to take delivery of its first Boeing 777x by the first half of 2020. The airline has ordered 60 the new 777x jets, according to data on Boeing's website.
|
[
{
"sentiment": "positive",
"ticker": "BA"
},
{
"sentiment": "positive",
"ticker": "AIR"
}
] |
104
|
Investing
| 2018-01-27T00:00:00
| 2,018
|
Deutsche Bank to hike bonuses to more than 1 billion euros for 2017: FAS FRANKFURT (Reuters) - Deutsche Bank (DE:DBKGn) will hike annual bonus payments to more than 1 billion euros ($1.2 billion) despite posting its third consecutive annual loss in 2017, a German newspaper reported. The move comes amid concern another year of low bonuses could prompt investment bankers to defect to more generous competitors, German weekly Frankfurter Allgemeine Sonntagszeitung said on Saturday, citing unidentified sources. Deutsche Bank declined to comment on the report. A source had told Reuters in October that Deutsche Bank, which is struggling to keep pace with Wall Street firms, would pay higher bonuses in 2017 but that the exact level would depend on how its investment bank fared through the end of the year as well as on what its competitors pay. A return to bigger bonuses would be a relief for bankers at Deutsche Bank, where total bonus payments dropped from 2.4 billion euros in 2015 to around 500 million euros in 2016 after a multi-billion dollar legal fine for the sale of toxic debt. But Deutsche Bank has to tread carefully on payout levels because credit rating agencies are keeping close tabs on them and shareholders are frustrated by its slow turnaround. The bank warned this month that weak trading, low client activity and a 1.5 billion euro hit from a tax overhaul in the United States would result in a "small" 2017 loss. "The bank must send positive signals in 2018, otherwise there will be a problem. The capital market is very impatient," Ingo Speich, a fund manager at Union Investment, told Frankfurter Allgemeine. "There is no proof so far that Deutsche Bank's strategy will ever lead to success," he said. Germany's biggest bank announced an overhaul in March last year that included integrating its Postbank retail bank with its in-house consumer bank in an effort to cut costs, as well as the partial sale of its asset management business. One source told Reuters on Saturday that Deutsche Bank aimed to go ahead with the flotation as soon as possible, which could be in March or April. The offering's prospectus, which has to be approved by financial watchdog Bafin, has not yet been completed, the person added. Frankfurt Allgemeine earlier said that Deutsche Bank aimed to float the asset management business, which could achieve a total valuation of around 8 billion euros, in March at the latest. ($1 = 0.8052 euros)
|
[
{
"sentiment": "negative",
"ticker": "DBKGn"
}
] |
105
|
Investing
| 2018-01-28T00:00:00
| 2,018
|
Saudi's Kingdom Holding shares soar after Prince Alwaleed freed DUBAI (Reuters) - Shares in Riyadh-listed international investment company Kingdom Holding (SE:4280) soared at the opening on Sunday after the company's owner, Prince Alwaleed bin Talal, was released after being detained for over two months in a corruption probe. The stock immediately jumped its 10 percent daily limit to 10.04 riyals in unusually active trade. Shares in Saudi fashion retailer Fawaz Abdulaziz Alhokair Co (SE:4240), whose major shareholder Fawaz Alhokair was also detained in the sweeping investigation and released at the weekend, jumped 7.6 percent in the opening minutes. The Saudi stock index (TASI) was flat, restrained by a 1.9 percent drop by top petrochemical producer Saudi Basic Industries (SE:2010), which fell 2.1 percent after reporting lower-than-expected fourth-quarter earnings.
|
[
{
"sentiment": "negative",
"ticker": "2010"
},
{
"sentiment": "positive",
"ticker": "4240"
},
{
"sentiment": "positive",
"ticker": "4280"
}
] |
106
|
Investing
| 2018-01-28T00:00:00
| 2,018
|
Investors should cash in on First Solar's big gain: Barron's (Reuters) - Investors should sell their First Solar Inc (O:FSLR) shares and pocket the big gain the solar panel maker's stock has made in recent months, according to a report in Barron's. First Solar stock has risen 54 percent since the end of September, when Barron's published a story predicting U.S. tariffs on solar modules and cells, the publication said in a report in its Jan. 29 issue. U.S. President Donald Trump on Tuesday signed into law a 30 percent tariff on fully assembled imported solar panels as well as the cells of which they are made. U.S.-based First Solar is exempt from the tariff but has benefited from a surge in demand in recent months from utility customers who have wanted to fulfill their solar needs ahead of the tariff, Barron's said. First Solar shares closed at $70.56 on Friday.
|
[
{
"sentiment": "positive",
"ticker": "FSLR"
}
] |
107
|
Investing
| 2018-01-29T00:00:00
| 2,018
|
U.S. pensions seen adding bonds, paring stocks: Wells Fargo NEW YORK (Reuters) - U.S. pensions are expected to shift more money into bonds and out of equities to rebalance their holdings at month-end in the wake of strong gains in the stock market in January, Wells Fargo (NYSE:WFC) strategists said on Monday. The possible increased allocation into bonds comes as global bond yields have been rising on strengthening business activities across the world and expectations of reduced stimulus from major central banks. On Monday, the benchmark 10-year Treasury yield touched 2.727 percent, the highest since April 2014, Reuters data showed. Higher yields would help provide pensions with a stable source of income to meet payouts to retirees. "Rising long-term yields can bring a considerable relief to private pensions," the Wells Fargo strategists wrote based their estimates on month-end allocation changes. Corporate pensions have struggled from historic low yields which have made their existing pension obligations expensive. Their average pension funding gap, future obligations versus current investments, has remained wide despite the run-up in stock prices. Retirement plans may need to add $16 billion in fixed income and to reduce up to $20 billion in equities for their month-end asset-allocation rebalancing, they wrote in a research note. Corporate pensions could pocket some gains from Wall Street's blistering start to 2018 with the S&P 500 gaining 7 percent in January. They could put the money in less risky Treasuries. "The $15-20 billion asset allocation shift is quite sizable in the context of recent experience," the Wells Fargo strategists wrote. "The size of the January shift is a testament to the large gap in performance between equities and Treasuries at the start of 2018."
|
[
{
"sentiment": "neutral",
"ticker": "WFC"
}
] |
108
|
Investing
| 2018-01-29T00:00:00
| 2,018
|
Private equity firm KKR names French businessman Veyrat as senior adviser PARIS (Reuters) - Investment and private equity firm KKR (N:KKR) has named Jacques Veyrat, a well-known businessman with previous leading positions in the commodities and telecoms sectors, as senior adviser in France as KKR looks to build its presence in the country. Veyrat currently manages his own company called Impala SAS, a diversified investment company with around 1 billion euros ($1.2 billion) in net asset value (NAV). Before founding Impala in 2011, Veyrat had served as chairman and chief Executive of the global merchant and commodity company Louis Dreyfus Group, and of telecoms companyNeuf Cegetel before its acquisition by SFR. "France is an important market for KKR, and we see significant opportunities across a number of sectors, building on our successful track record and commitment to supporting French businesses," Johannes Huth, who is head of KKR EMEA (Europe, Middle East & Africa), said in a statement on Monday. "Jacques will bring valuable insights and local knowledge as we further develop our presence and activities in France," added Huth.
|
[
{
"sentiment": "positive",
"ticker": "KKR"
}
] |
109
|
Investing
| 2018-01-29T00:00:00
| 2,018
|
Lockheed Martin takes $2 billion charge (Reuters) - Lockheed Martin Corp (N:LMT) reported a net loss in the fourth quarter on Monday as the U.S. defense contractor took a $1.9 billion charge mainly due to the change in U.S. tax law, but beat expectations for sales. Lockheed said it expects 2018 net sales in the range of $50.00 billion-$51.50 billion and earnings per share of $15.20-$15.50. Net sales rose to $15.14 billion from $13.75 billion a year earlier compared with the average analyst estimate of $14.72 billion. (This version of the story corrects headline and first paragraph to remove incorrect reference to adjusted profit beating estimates)
|
[
{
"sentiment": "negative",
"ticker": "LMT"
}
] |
110
|
Investing
| 2018-01-29T00:00:00
| 2,018
|
Avon shareholders call for sale, shares rise (Reuters) - A group of shareholders of Avon Products Inc (N:AVP) led by activist investor Shah Capital has called for the cosmetics maker to explore strategic alternatives, including a possible sale. Avon's shares were up nearly 6 percent at $2.57 in premarket trading on Monday. The shareholder group, which also includes Barington Capital Group and NuOrion Partners, said it was "extremely disappointed" with falling price performance and leadership of the company. Avon's inability to improve long-term performance and hire a new chief executive gives the shareholders no reason to wait for a turnaround from a board that has overseen a tremendous destruction of shareholder value. Avon's CEO Sheri McCoy said last August she would step down in March 2018.
|
[
{
"sentiment": "positive",
"ticker": "AVP"
}
] |
111
|
Investing
| 2018-01-29T00:00:00
| 2,018
|
The Day Ahead: Top 3 Things to Watch Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow Eurozone top-tier macro data on tap The EUR/USD could be one to watch in tomorrow’s session ahead of a provisional reading on Eurozone fourth quarter economic growth. Eurozone fourth-quarter economic growth, measured by gross domestic product (GDP), is expected to show an improvement to annualized rate of 2.7% from 3.6% growth in the previous quarter. The data comes amid a drop in the euro against the dollar despite comments from European Central Bank Governing Council member Klaas Knot, who suggested ECB quantitative easing should end as soon as possible. EUR/USD traded flat at $1.2382. U.S. crude oil stockpiles to show large decline Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday. The American Petroleum Institute reported crude oil stockpiles unexpectedly rose by 4.755 million barrels for the week ended Jan. 26. Crude oil futures have a made poor start to the week amid ongoing concerns over rising US output. Australian Consumer Price Index Australia releases its quarterly consumer prices index update, expected to show consumer prices grew 0.7% in the fourth quarter, a touch lower than 0.6% consumer price growth seen in the previous quarter. The AUD/USD has notched seven straight weekly gains but market participants expect the trend to reverse as the US Federal Reserve is set to raise rates while the Reverse Bank of Australia (RBA) is expected keep rates at record lows amid slowing growth and a weaker than expected labor market. “While CPI slowly moves back within the RBA’s target band in 2018, depressed wage growth remains a key concern for the central bank, in particular in an environment of high household debt and declining savings rates,” Morgan Stanley said.
|
[
{
"sentiment": "positive",
"ticker": "EUR/USD"
},
{
"sentiment": "ambiguous",
"ticker": "AUD/USD"
}
] |
112
|
Investing
| 2018-01-29T00:00:00
| 2,018
|
Panera debuts service to help restaurants 'clean up' their menus By Lisa Baertlein (Reuters) - Panera Bread (NASDAQ:PNRA) Co, a pioneer in serving "clean" restaurant food, has started a consulting service to help other chains remove artificial preservatives, sweeteners, flavors and colors from menus. The bakery/cafe chain's "clean consultant" services include helping clients find ways to source healthier and more natural ingredients and to improve and differentiate menus, Panera said on Monday. "We want to help industry peers devise strategies that prioritize clean across their whole menu, rather than focusing on a single ingredient or product," said Sara Burnett, Panera's director of wellness and food policy. She said Panera, which competes with Chipotle Mexican Grill Inc (N:CMG) and other limited-service chains, has removed more than 150 ingredients from its food. On Monday it also announced its latest retooled product: "clean" chicken wing sauce. Panera founder and Chairman Ron Shaich said industry peers had approached the company for help in cleaning up their menus. "We thought it was time to formalize that advice," he said. Shaich said the service would help end "clean washing," where companies reformulate a product like chicken nuggets to be more natural and then serve it with dipping sauces made from unnatural or unhealthy ingredients. Panera did not say how many consultants it would hire or how many clients had signed up for the service. Privately held JAB Holding bought Panera in July in an all-cash deal valued at around $7.5 billion, including debt. JAB also owns Caribou Coffee, Peet's Coffee & Tea and Keurig Green Mountain, which on Monday said it planned to buy soda maker Dr Pepper Snapple Group Inc (N:DPS) in a deal worth more than $21 billion. Panera has led other public health efforts ranging from disclosing calorie counts on menus to curbing purchases of meats raised with medically important antibiotics.
|
[
{
"sentiment": "positive",
"ticker": "PNRA"
},
{
"sentiment": "neutral",
"ticker": "CMG"
}
] |
113
|
Investing
| 2018-01-30T00:00:00
| 2,018
|
GM to launch 15 new and redesigned models in China this year By Norihiko Shirouzu BEIJING (Reuters) - General Motors Co (NYSE:GM) plans to launch 15 new and redesigned vehicles in China this year, in a bid to "strengthen sales momentum" in the world's biggest automobile market, the company said on Tuesday. Roughly half of these new products will be sport-utility vehicles and minivans, while others are models for GM's premium brand - Cadillac. "GM will sharpen its focus on the segments with the strongest consumer demand such as SUVs, MPVs and luxury vehicles," the company said in a statement. GM and its local joint venture partners sold 4.04 million vehicles in China last year, an increase of 4.4 percent from a year earlier. The pace was slightly faster than that at which China's overall vehicle market grew last year. According to the China Association of Automobile Manufacturers, vehicle sales in China totaled 28.88 million vehicles last year, up 3 percent on year.
|
[
{
"sentiment": "positive",
"ticker": "GM"
}
] |
114
|
Investing
| 2018-01-30T00:00:00
| 2,018
|
The Day Ahead: Top 3 Things to Watch Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow Eurozone Inflation Economists forecast the provisional reading of Eurozone inflation for January to cool to 1.3% from 1.4% in the previous month. Inflation has trailed the European Central Bank’s target, of below, but close to, 2% over the medium term. The inflation report may add to growing investor expectations that the European Central Bank will announce plans to rein in accomodative monetary stimulus at its March meeting. EUR/USD fell 0.10% to $1.2402 Fed Rate Decision, Fed Era of Yellen Ends The Federal Reserve is expected to stand pat on interest rates when it concludes its policy meeting Wednesday. There will not be a press conference as the Federal Reserve is amid a transitional phase with Ms Yellen slated to leave her role as Fed chair on Feb. 3. Investors are expected, however, to parse the accompanying policy statement carefully for any insight into a possible shift in the central’s bank commentary concerning inflation and monetary policy. Goldman Sachs said it expects the Federal Reserve bank to adopt a slightly hawkish slant in its commentary related to economic conditions and inflation. The dollar traded higher against its rivals on Tuesday but remained close to three-year lows. Energy Information Administration Weekly Inventory Report A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles rose for the first time in eleven weeks. Analysts forecast crude inventories rose by about 126,000 barrels in the week ended Jan 26. Crude oil futures settle lower on Wednesday as fears over rising US oil output and supplies offset optimism over OPEC-led output cuts.
|
[
{
"sentiment": "negative",
"ticker": "EUR/USD"
}
] |
115
|
Investing
| 2018-01-31T00:00:00
| 2,018
|
The Day Ahead: Top 3 Things to Watch Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow US Initial Jobless Claims, ISM Manufacturing A duo of top tier economic data on manufacturing and the labor market could provide fresh direction for the dollar as it continued to extend losses against its rivals on Wednesday. Economist forecast the U.S. ISM Manufacturing Purchasing Managers Index to show a reading of 58.8 in January, slightly below the prior month reading of 59.3. The Labor department releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended Jan 27. Economist forecast initial jobless claims to rose by 5000 to 238,000. EU Manufacturing Economists forecast the final reading of the Eurozone manufacturing purchasing managers index to remained unchanged at 59.6 in January. Ahead of the data, the EUR/USD pared some its earlier gains despite Eurozone inflation data reported in line with economists' forecast. UK Housing, Manufacturing Data UK house price data for January is expected to cool after an unexpected sharp rise in December. Economists forecast Nationwide HPI data to show house prices rose 0.2% in January, well below the 0.6% seen in the prior month, while house prices growth on an annual basis is expected to remained unchanged at 2.5%. The manufacturing PMI for January is expected to have eased to 56.5 from 56.3 in the previous month. GBP/USD rose 0.16% $1.3397.
|
[
{
"sentiment": "not stock",
"ticker": "EUR/USD"
},
{
"sentiment": "positive",
"ticker": "GBP/USD"
}
] |
116
|
Investing
| 2018-01-31T00:00:00
| 2,018
|
Morgan Stanley to decide on Brexit staff moves early this year DUBLIN (Reuters) - Morgan Stanley (N:MS) will make decisions on redeploying staff to its chosen locations of Frankfurt, Paris and Dublin as a result of Brexit very early this year, its president said on Wednesday. "We'll be making decisions very early this year. What the politicians don't understand is these are people," Colm Kelleher told a conference in Dublin, in reference to Britain's planned exit from the European Union in March 2019. Asked if the bank would need to know by the end of March the terms of the transition agreement that will ease Britain out of the bloc, Kelleher said that was "pretty fair" and that the size of any moves would depend on the shape of the Brexit deal.
|
[
{
"sentiment": "neutral",
"ticker": "MS"
}
] |
117
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Investing
| 2018-01-31T00:00:00
| 2,018
|
U.S. ruling boosts airline confidence in Bombardier's CSeries: Air Lease CEO By Allison Lampert MONTREAL (Reuters) - A recent trade decision allowing Bombardier (TO:BBDb) to sell its newest jets in the United States without hefty duties will boost airline confidence in the program, but the Canadian planemaker still faces challenges to win over lessors, Air Lease Corp (N:AL) Chief Executive John Plueger said on Wednesday. Bombardier and European planemaker Airbus SE (PA:AIR), which plans to take a majority stake in the CSeries this year, still must convince leasing heavyweights that the 110-to-130-seat CSeries jets has a vast enough customer base to preserve their value and competitive pricing to win orders, Plueger. Air Lease Corp is a major leasing firm with about $15 billion in total assets. Last week, the U.S. International Trade Commission handed an unexpected victory to Bombardier against Boeing Co (N:BA). ITC commissioners voted 4-0 that Bombardier's prices did not harm Boeing and discarded a U.S. Commerce Department recommendation to slap a near 300 percent duty on sales of the company's CSeries jets for five years. The ITC did not give a reason immediately for its decision. The decision "removes that very, very large question mark on the CSeries (imports) into the United States," Plueger said by phone. "Bottom line: It's a big positive for U.S. carriers, but I think it goes beyond U.S. carriers." Having an adequate customer base is vital for lessors, which want to make sure there is sufficient demand by airlines for multiple leases. The CSeries has a backlog of 372 firm orders. Air Lease Corp did not order the CSeries in the past because "the price and the risk was not a good tradeoff," when compared to Boeing's 737 MAX line and Airbus's A320 NEO family, Plueger said. "Those two things have been a challenge," Plueger said of the CSeries. "To the extent that Airbus's ownership can help on those two points - customer base and price - that will be a positive. It remains to be seen on both of those points." Earlier on Wednesday, Boeing Chief Executive Dennis Muilenburg told analysts during a conference call that Boeing is waiting to see the reasoning behind the ITC's ruling before deciding whether to take further steps in the trade case.
|
[
{
"sentiment": "negative",
"ticker": "BA"
},
{
"sentiment": "positive",
"ticker": "AIR"
},
{
"sentiment": "neutral",
"ticker": "AL"
},
{
"sentiment": "positive",
"ticker": "BBDb"
}
] |
118
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Investing
| 2018-01-31T00:00:00
| 2,018
|
Xerox reports fourth-quarter loss (Reuters) - Printer and copier maker Xerox Corp (N:XRX) reported a quarterly loss on Wednesday as tumbling demand for office printing took a toll on its results. The company reported a net loss from continuing operations of $196 million, or 78 cents per share, in the quarter ended Dec. 31, compared with a profit of $185 million, or 70 cents per share, a year earlier. Total revenue was nearly flat at $2.75 billion. Japan's Fujifilm Holdings (T:4901) is set to take over Xerox, and combine the U.S. company into their joint venture Fuji Xerox in an effort to cut costs, the companies said in a separate statement. Billionaire investors Carl Icahn and Darwin Deason, who collectively hold over 15 percent of Xerox, had jointly pushed the photocopier pioneer to explore strategic options, oust its "old guard," including its CEO Jeff Jacobson. (This version of the story corrects last paragraph to say the two investors 'pushed', not 'persuaded' Xerox to explore options)
|
[
{
"sentiment": "negative",
"ticker": "XRX"
},
{
"sentiment": "positive",
"ticker": "4901"
}
] |
119
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Investing
| 2018-01-31T00:00:00
| 2,018
|
Daimler, BMW move staff in response to diesel fume test scandal MUNICH/BERLIN (Reuters) - Daimler (DE:DAIGn) and BMW (DE:BMWG) suspended or moved employees linked to a group that commissioned exhaust tests involving monkeys and humans on Wednesday, seeking to show a firm response in the face of public anger over the tests. Daimler, BMW and Volkswagen have come under scrutiny since The New York Times reported last week that they funded an organization called the European Research Group on Environment and Health in the Transport Sector (EUGT). The research group commissioned tests that exposed monkeys and humans to toxic diesel fumes, methods condemned as repulsive by Volkswagen's (DE:VOWG_p) chief executive. The revelations drew criticism from politicians and animal rights groups, leading VW to announce on Tuesday it was suspending its chief lobbyist, who was in charge of the EUGT and knew about the planned animal tests but didn't stop them. On Wednesday, Daimler followed suit, saying it had suspended an employee and hired an external law firm to investigate EUGT's activities. BMW said its representative on the EUGT's management board would be removed from his current functions pending an investigation into the research group's work by the carmaker's legal experts, adding that he would remain with the Munich-based carmaker. Daimler and BMW did not give the names of the affected employees. EUGT, founded in 2007 and dissolved last year, could not be reached for comment. Daimler, parent of luxury brand Mercedes-Benz, reiterated that the company was "appalled by the nature and implementation of the studies." "The Board of Management of Daimler AG has decided to suspend the employee, who was a member of the board of EUGT," Daimler said, adding it had no influence on the study's design. The executive committee of VW's supervisory board will meet next week to discuss the internal investigations and ensure that incidents such as the exhaust tests, denounced by German Environment Minister Barbara Hendricks as "abominable", will not be repeated. Europe's largest carmaker cannot seem to break free of the "dieselgate" scandal which erupted nearly two and a half years ago. German prosecutors earlier on Wednesday searched the homes of several current and former employees of VW's luxury division Audi (DE:NSUG) in connection with the carmaker's involvement in the diesel emissions test cheating scandal.
|
[
{
"sentiment": "neutral",
"ticker": "BMWG"
},
{
"sentiment": "negative",
"ticker": "VOWG_p"
},
{
"sentiment": "negative",
"ticker": "NSUG"
}
] |
120
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Investing
| 2018-01-31T00:00:00
| 2,018
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Fujifilm says to cut 10,000 jobs at joint venture with Xerox TOKYO (Reuters) - Japan's Fujifilm Holdings said it is cutting 10,000 jobs globally at its joint venture with Xerox Corp (NYSE:XRX), saying it needed to overhaul the photocopying business amid a tough market environment. The company said it would book restructuring costs of 49 billion yen ($450.95 million) in the current fiscal year, lowering its operating profit forecast for the year to 130 billion yen from a previous 185 billion yen outlook. It said the restructuring would lower annual costs by 50 billion yen from the year ending March 2020. Earlier, the Wall Street Journal reported citing people familiar with the matter that Xerox Corp is nearing a deal with Fujifilm that would cede control of the U.S. photocopier pioneer to Fujifilm.
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[
{
"sentiment": "negative",
"ticker": "XRX"
}
] |
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DowDuPont upbeat on growth as sales rise 14 percent By Nivedita Bhattacharjee (Reuters) - U.S. chemicals producer DowDuPont (N:DWDP) reported a 14 percent rise in net sales for the fourth quarter and beat Wall Street profit estimates as a strong global economy led to robust demand and higher prices for its products. The newly-combined company, formed by the merger of chemical giants Dow Chemical (NYSE:DOW) and DuPont four months ago, said its net sales came in at $20.1 billion versus comparable net sales - which the company terms "proforma" sales - of $17.7 billion a year earlier. It also said it planned to move ahead with plans to split the new company into three separate parts, starting with the Materials Science unit by the end of the first quarter of 2019. Agriculture and Specialty Products are expected to follow by June 1, 2019. The chemicals giant saw prices rise by about 5 percent across markets in the fourth quarter, while volumes - a proxy for demand - rose 6 percent. "In developed economies in particular, such as the United States, Germany, France, Canada and the U.K., we continue to see strong leading indicators of broad-based growth," executive chairman Andrew Liveris said in the results statement. "Furthermore, early signs from the business community point to U.S. tax reform as a catalyst for further domestic capital investments." Currently trading at a market value of about $176.9 billion, Dow and DuPont completed the $130 billion mega merger in September. That created the world's largest chemical maker, until the company goes through with a plan to split into three companies. DowDuPont's merger was welcomed by investors as a way to streamline the companies' sprawling operations by combining overlapping businesses. The company said on Thursday it was now planning to save $3.3 billion in costs on the back of the merger - slightly more than the $3 billion it expected to save earlier. For the reported quarter DowDuPont saw a $1.1 billion benefit from lower U.S corporate taxes, but still posted a net loss of $1.2 billion from continuing operations - substantially the result of merger-related costs. Adjusted for those and other one time effects, the company said it earned 83 cents on a share. Ahead of the numbers Wall Street was expecting it to make 67 cents a share, according to Thomson Reuters I/B/E/S numbers. Shares of the company dipped to $75 in premarket trading on Thursday compared to the previous close of $75.58.
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[
{
"sentiment": "positive",
"ticker": "DOW"
}
] |
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StanChart signs $1.6 billion 'Belt and Road' funding deal with China LONDON (Reuters) - State-owned China Development Bank will make available up to 10 billion yuan ($1.59 billion) to Standard Chartered (LON:STAN) to fund projects in countries along China's 'Belt and Road' infrastructure route, StanChart said on Thursday. Chinese Premier Li Keqiang and British Prime Minister Theresa May witnessed the signing of the five-year deal in Beijing. StanChart will use the deal to fund corporate finance projects along the 'Belt and Road', a Chinese strategic project aimed at building a modern-day 'silk road' trade route across Southeast Asia and beyond to the Middle East, Europe and Africa.
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[
{
"sentiment": "positive",
"ticker": "STAN"
}
] |
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| 2018-02-02T00:00:00
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Sprint beats on quarterly revenue, raises outlook; shares jump NEW YORK (Reuters) - Sprint Corp reported quarterly revenue on Friday that beat analyst estimates, as the No. 4 U.S. wireless carrier raised its free cash flow outlook for the 2017 fiscal year. Shares rose 3.7 percent to $5.29 in early trading, a day after sliding 5.7 percent to their lowest in a year and a half. The company has sought to strengthen its balance sheet by cutting costs and mortgaging a portion of its airwaves and equipment, but industry analysts have raised concerns about how it can adequately fund network improvements after merger talks with rival T-Mobile US Inc ended last year. Sprint now expects $2.5 billion to $2.7 billion in operating income, up from its previous estimate of $2.1 billion to $2.5 billion. It expects adjusted free cash flow of $500 million to $700 million, compared to previous estimates of breaking even. "We think recent weakness in shares is reflective of lowered investor expectations, while in-line to slightly better financial results could provide some near-term relief," said Matthew Niknam, analyst at Deutsche Bank (DE:DBKGn), in a research note. On the post-earnings conference call, Sprint Chief Executive Officer Marcelo Claure said Sprint would launch a mobile 5G network in the United States by the first half of 2019. The company is also looking for ways to reduce the number of executives at the top, he said. Sprint cut costs by about $260 million in the quarter, excluding $100 million of hurricane-related charges. Claure said "becoming a wholly owned subsidiary of (SoftBank Group Corp) could be a possibility" but that the decision would be up to SoftBank Chief Executive Masayoshi Son. Japan's SoftBank owns a majority of Sprint and has been increasing its stake. For the quarter, Sprint reported net additions of 184,000 phone subscribers who pay a monthly bill, compared to additions of 368,000 a year earlier. Net operating revenue in the third quarter ended Dec. 31 was $8.24 billion, down from $8.55 billion a year earlier. Sprint reported quarterly net income of $7.16 billion, or $1.79 per share, due to the impact of federal tax reforms, after a loss of $479 million, or 12 cents per share, a year earlier. Excluding the impact of tax cuts signed into law by U.S. President Donald Trump late last year, net income was 3 cents a share. According to Thomson Reuters I/B/E/S, analysts had expected revenue of $8.15 billion and a net loss of 4 cents a share.
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[
{
"sentiment": "exclude",
"ticker": "DBKGn"
}
] |
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| 2018-02-02T00:00:00
| 2,018
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Vodafone in talks to buy Liberty Global assets LONDON (Reuters) - Vodafone (L:VOD) said on Friday it was in talks with John Malone's Liberty Global (O:LBTYA) about buying some of the cable company's assets in Europe. "Vodafone confirms that it is in early stage discussions with Liberty Global regarding the potential acquisition of certain overlapping continental European assets owned by Liberty Global," the company said in response to a report in the Financial Times. Shares in Vodafone rose 5.5 percent. The world's second biggest mobile operator and the cable company, which have overlapping operations in countries including Britain and Germany, discussed swapping assets in 2015, but they could not reach agreement on values. The two, however, did agree to form joint venture in the Netherlands.
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[
{
"sentiment": "positive",
"ticker": "VOD"
},
{
"sentiment": "positive",
"ticker": "LBTYA"
}
] |
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| 2018-02-02T00:00:00
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AirAsia CEO says looking at Boeing 787 for AirAsia X fleet growth MANILA (Reuters) - Budget airline group AirAsia is looking at buying Boeing (NYSE:BA) 787s to expand the fleet of its long-haul arm AirAsia X, Chief Executive Tony Fernandes said on Friday. "AirAsia X will need more planes. We are now looking at (Airbus) 330 (and) 350s, (Boeing) 787," Fernandes told reporters on the sidelines of a business forum in Manila. The AirAsia group, which has already ordered A330s and A350s, has been exclusively linked to Airbus planes but industry experts say Boeing 787s could fit into its long-haul operations. Fernandes said the group was also keen on buying more of Airbus A321neo long-range jets after purchasing 100 of them. "We will certainly need more going forward," he said. AirAsia, which flies close to 200 airplanes and is the largest operator of Airbus's best-selling A320 jet, has airlines in Malaysia, Thailand, Indonesia, the Philippines, India and Japan and plans to expand into China and Vietnam. Fernandes said last month that the group plans to add around 30 jets to its airline affiliates across Asia this year amid strong demand growth.
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[
{
"sentiment": "positive",
"ticker": "BA"
}
] |
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| 2018-02-05T00:00:00
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Don't Panic. It's No Taper Tantrum, JPMorgan Tells EM Investors (Bloomberg) -- Emerging-market investors shouldn’t expect a repeat of the 2013 taper tantrum as Treasury yields climb, JPMorgan (NYSE:JPM) Asset Management said. Local-currency and dollar-bond indexes for developing nations fell the most since May on Friday as the highest 10-year Treasury yields in four years sparked a selloff in stock markets. While the Fed is poised to push on with rate hikes, the difference this time round is that it’s not just the U.S. that’s enjoying an economic revival. “Synchronized global growth is always very good for emerging markets,” said Diana Amoa, who oversees a $2.9 billion emerging markets local currency bond fund at JPMorgan. “We have been expecting this and positioned our portfolios according to this. For us, it is a healthy repricing of yields in the U.S.” Here are some trade ideas from Amoa, whose fund beat 94 percent of peers over the past year, according to data compiled by Bloomberg: Rates Out of Sync Czech Hedge Real Rates Lure Inflation Exposure
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[
{
"sentiment": "positive",
"ticker": "JPM"
}
] |
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| 2018-02-05T00:00:00
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The global stock bloodbath has nervous traders doing something not seen since the presidential election For much of the stock market's blistering bull market run, investors have stayed remarkably calm, with measures of fear locked near historical lows. However, it appears that the rapid global selloff that's rocked markets in recent days — including a 4% drop in the benchmark S&P 500 — has made traders re-think that stance. The Cboe Volatility Index — or VIX — has seen a sudden gain, spiking 66% in just six trading days to the highest since Election Day 2016. In addition, investors are paying the highest premium since the election to protect against a decline in an exchange-traded fund tracking the S&P 500, relative to bets on an increase, according to Bloomberg data. In other words, traders have been snapped out of complacency, and the escalating situation appears to have their attention to a degree not seen in 14 months. And can you blame them for finally showing some worry Given that the market spent months breaking new record highs seemingly everyday, a decline of this magnitude feels even more drastic. The increase in the cost of downside protection comes amid repeated hedging recommendations from Wall Street strategists. Bank of America Merrill Lynch (NYSE:BAC) chief investment strategist Michael Hartnett has been saying for weeks that investor confidence has gotten overextended, and that traders should be guarding their gains any way they can. Meanwhile, INTL FCStone macro strategist Vincent Deluard has taken it a step further, offering a handful of hedging suggestions for a landscape he acknowledges is much trickier to navigate than before. Goldman Sachs (NYSE:GS) weighed in on Monday morning with a cautiously optimistic view, noting that while we're undoubtedly in the throes of a selloff, US indexes are still up in 2018. Still, the firm agrees with its Wall Street counterparts that it's better to be safe than sorry. "Investors who are already long cash equities could instead consider purchasing puts as protection," Goldman Sachs chief US equity strategist David Kostin wrote in a client note. "Our derivatives strategists believe options are inexpensive relative to recent market moves."
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[
{
"sentiment": "neutral",
"ticker": "BAC"
},
{
"sentiment": "neutral",
"ticker": "GS"
}
] |
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| 2018-02-05T00:00:00
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U.S. needs incentives to attract foreign solar firms: China's Longi BEIJING (Reuters) - The United States will need to offer incentives to attract foreign solar firms to invest there after U.S. President Donald Trump slapped steep tariffs on solar panel imports, an executive at Longi Green Energy Tech (SS:601012) said on Tuesday. However, Longi, one of China's top solar cell makers, won't give up on the U.S. market as a result of the move, global marketing director Xia Aimin said at a briefing. China is the world's biggest solar panel producer. Xia said Longi still needs to assess the impact of Trump's new policy, which was announced last month to help U.S. manufacturers, but which has alarmed Asian trading partners that produce lower cost goods. The administration also put a tariff on imported washing machines. "We realise that trade protectionism is going to have a severe effect on the solar market," Longi's chief strategy officer Shang Yaohua said at the same briefing. "However, no matter how trade policy is heading, we will continue to expand capacity overseas and increase investment overseas," he added.
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[
{
"sentiment": "neutral",
"ticker": "601012"
}
] |
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| 2018-02-05T00:00:00
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VIX Crosses 35 as Stock Rout Shatters Years of Calm in Markets (Bloomberg) -- The Cboe Volatility Index reached its highest level since August 2015 on Monday, blowing past 35 as U.S. stocks continued the previous week’s meltdown. At its peak, the VIX more than doubled from Friday’s close to reach 35.73, a staggering figure given the struggles with historically low volatility in recent years. The gauge retreated and is currently hovering around 30. Since 1990, the index’s average has been 19.3, but during the past three years of market calm that figure’s been below 13. Amid the quick pace of moves, derivatives trading seemed almost quaint. The most-active VIX options on Monday were at strike prices like 15, 22, 18 and 16. VIX February calls with a 30 strike price weren’t even in the top 10 most-traded contracts on the gauge. “Positioning-wise, VIX actually looks pretty bearish, with open interest near an all-time high and put/call ratio near a low,” MKM derivatives strategist Jim Strugger said in an interview on Monday. “If/when 30-plus strikes start flying off the shelves would be notable. Even today, most activity is 23 and lower.” Given that much of the talk about the drop in equities has gone back to bond yields, some were looking for the effect of rates on the VIX as well. “History suggests that rapid increases in bond yields are often short-lived catalysts for a higher VIX,” Mandy Xu, equity derivatives strategist at Credit Suisse (SIX:CSGN), wrote in a note Monday. “Once investors have had the chance to digest higher rates, equity volatility will quickly normalize.” She added, “over the long run, there has been zero empirical relationship between higher rates and higher VIX.” The Merrill Option Volatility Estimate Index, which measures normalized implied volatility on one-month Treasury options, isn’t so far off its historical floor. “Let’s assume this volatility is emanating from the Treasury market. Then it makes little sense to me that this event ends with MOVE just off of its all-time low,” Strugger said.
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[
{
"sentiment": "positive",
"ticker": "CSGN"
}
] |
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| 2018-02-05T00:00:00
| 2,018
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The Day Ahead: Top 3 Things to Watch Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow U.S. macro data in focus Following the upbeat nonfarm payrolls report on Friday, investors are expected to closely monitor a monthly report on job vacancies for further clues into the strength of the U.S. labor market. The U.S. Labor Department's Job Openings and Labor Turnover Survey (JOLTs) report, is expected to show job openings in December rose to about 5.9m, The dollar rose against its rivals on Monday following upbeat ISM services data showing the employment component rose to its highest level. U.S. crude oil stockpiles to show large decline Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday. The American Petroleum Institute reported crude oil stockpiles unexpectedly rose by 3.229 million barrels for the week ended Jan. 26. Crude oil futures have added to the losses from last week amid ongoing concerns over rising US output. Canadian PMI in the spotlight Investors look ahead to the release of Canadian PMI data called Ivey PMI due Tuesday amid reports suggesting that North American Free Trade (NAFTA) negotiations turned sour after reaching an impasse over dairy trade. The Ivey PMI, which is based on surveys with key managers in leading sectors of the economy and is considered a strong leading indicator for the economy, is expected to show a reading of 61.0 for November. USD/CAD rose 0.73% to C$1.2519.
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[
{
"sentiment": "positive",
"ticker": "USD/CAD"
}
] |
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| 2018-02-06T00:00:00
| 2,018
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Google to buy Chelsea Market building for over $2 billion: report (Reuters) - Alphabet Inc's Google (O:GOOGL) has agreed to pay more than $2 billion for New York City's Chelsea Market building, the Real Deal reported on Tuesday, citing people familiar with the matter. Google, already the largest tenant with about 400,000 square feet in the building, is buying the property from Atlanta-based real estate investment firm Jamestown LP, the real estate website reported. Google's plans for the building were unclear but it is expected to maintain the status quo at the property's retail component, according to the report. Alphabet could not be immediately reached for comment. The 1.2 million-square-foot office-and-retail property at 75 Ninth Avenue houses a popular food hall and such tenants as Major League Baseball, the New York 1 news channel and the Food Network.
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[
{
"sentiment": "positive",
"ticker": "GOOGL"
},
{
"sentiment": "not stock",
"ticker": "GOOG"
}
] |
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| 2018-02-06T00:00:00
| 2,018
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Boeing executive says 737 data to prompt serious look at higher output SINGAPORE (Reuters) - Boeing (NYSE:BA) must look seriously at raising 737 production based on current data, a senior company executive said on Wednesday. Asked at a Singapore Airshow briefing whether Boeing was considering increasing its planned production rate of 57 aircraft a month, Marketing Vice President Randy Tinseth said: "Right now I look out into the future, and we are oversold at those rates, so we are going to watch it closely in terms of meltaway." "If those numbers don't go away, we have to think very seriously about that (increasing production)," he said. Meltaway is industry jargon for airlines that fail to take delivery or cancel orders. Manufacturers overbook, or sell more planes than they can produce, in the narrowbody segment in order to build in a buffer against such disruption. On Tuesday, Boeing and Airbus signaled they were looking at higher production rates.
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[
{
"sentiment": "positive",
"ticker": "BA"
}
] |
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| 2018-02-06T00:00:00
| 2,018
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Mnuchin Says $1 Trillion U.S. Debt Plan Isn't Affecting Markets (Bloomberg) -- Treasury Secretary Steven Mnuchin said the U.S. government’s plan to borrow what analysts expect to be more than $1 trillion this year isn’t contributing to volatility in markets. “I don’t think that’s had an impact on the market at the moment,” Mnuchin told reporters at the Capitol on Tuesday. “The debt markets are one of the most liquid markets in the world and are reacting very well.” The Treasury Department said last week that the U.S. would boost note and bond sales for the first time since 2009 this year to finance rising budget deficits, fueled in part by the tax overhaul President Donald Trump signed into law at the end of last year. JPMorgan Chase & Co (NYSE:JPM). strategists last month lifted their forecast for net new Treasury issuance in 2018 by about $100 billion, to around $1.42 trillion, after the passage of the tax bill. Net sales in 2017 totaled about $550 billion. Ward McCarthy, chief financial economist at Jefferies LLC, said that the government’s borrowing plan could be contributing to a selloff in the U.S. stock market. “It’s a massive increase in a relatively short period of time and that has some people nervous,” he said in an interview. He has followed debt markets for more than three decades.
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[
{
"sentiment": "neutral",
"ticker": "JPM"
}
] |
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| 2018-02-06T00:00:00
| 2,018
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Shorting short volatility U.S. exchange trade products reaps big gains By Saqib Iqbal Ahmed NEW YORK (Reuters) - Monday's slump in the U.S. stock market may have been painful for those betting against volatility in prices, but traders who took opposite positions hoping to gain from a sharp move are likely to laugh all the way to their banks. Shorting volatility, or betting on calm stock market conditions, had been one of the most successful trading strategies until Monday, when a massive selloff in U.S. stocks derailed some popular short volatility exchange traded products (ETPs). One trader's pain, however, is another's gain. With short-volatility ETPs, such as VelocityShares Daily Inverse VIX Short-Term ETN (P:XIV), the ProShares Short VIX Short-Term Futures ETF (P:SVXY), and VelocityShares Daily Inverse VIX Medium-Term ETN (O:ZIV), all logging massive losses, traders who had bearish bets against these products have much to be happy about. For traders who targeted these ETPs, their 2018 year-to-date paper profits rose by $639.4 million, to $1.03 billion, data from financial analytics firm S3 Partners showed, even though some of these bearish bets may have been hedges meant to offset positions held elsewhere. "With the CBOE SPX Volatility Index (VIX) almost tripling over the last three trading days mark-to-market profit and losses have been significant," said Ihor Dusaniwsky, head of research at S3 Partners. Dusaniwsky noted that with Credit Suisse (S:CSGN) announcing on Tuesday that it would terminate its XIV ETP fund, short sellers will have to buy back shares to cover their short positions on or before February 20th, the last day of trading for the product. Dusaniwsky said this could lead to higher volatility for XIV over the next few days as traders look to buy XIV to cover their short position.
|
[
{
"sentiment": "neutral",
"ticker": "CSGN"
},
{
"sentiment": "negative",
"ticker": "SVXY"
},
{
"sentiment": "negative",
"ticker": "XIV"
}
] |
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Investing
| 2018-02-06T00:00:00
| 2,018
|
Lawsuit claiming Citigroup ran 'boys club' dismissed by U.S. judge By Jonathan Stempel NEW YORK, (Reuters) - A federal judge in Manhattan on Tuesday dismissed a lawsuit by a fired Citigroup Inc (N:C) financial adviser who said the bank's "culture of gender discrimination" made it clear that "the boys were in charge." U.S. District Judge Richard Sullivan said most of Erin Daly's claims over the alleged bias and harassment she faced in her seven years at the New York-based bank did not belong in federal court because she had agreed to arbitrate them. He also said Daly waited too long to accuse Citigroup of firing her in retaliation for reporting her boss's alleged violations of rules to prevent insider trading, by demanding nonpublic details about stock offerings that he wanted to pass to favored clients. Michelle Daly, a lawyer for the plaintiff, had no immediate comment. Citigroup spokeswoman Danielle Romero-Apsilos declined to comment. The lawsuit is one of many over the years accusing U.S. banks of favoring male bankers, traders and financial advisers over their female counterparts, and permitting improper conduct. Erin Daly claimed that Citigroup stripped her of client contact and responsibilities because of her gender, in an effort to reduce her to a "glorified secretary" because its "boys' club" policies dictated that "the men were doing business." Sullivan agreed with Citigroup that Daly's whistleblower claim under the federal Sarbanes-Oxley governance law was stale because Daly brought it two years after her December 2014 dismissal, missing a 180-day deadline. He also said Citigroup's having allegedly alerted a U.S. brokerage regulator, the U.S. Financial Industry Regulatory Authority (FINRA), about shortcomings in Daly's work did not create a "continuing violation" that meant the 180-day limit had not run. The plaintiff, a resident of Manhattan's Upper West Side, had sought double back pay, unpaid bonuses and punitive damages. The case is Daly v. Citigroup Inc et al, U.S. District Court, Southern District of New York, No. 16-09183.
|
[
{
"sentiment": "negative",
"ticker": "C"
}
] |
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| 2018-02-06T00:00:00
| 2,018
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BP to boost U.S. investment after tax reform: CEO LONDON (Reuters) - British oil and gas company BP (L:BP) will increase investment in the United States after the lowering of tax rates under President Donald Trump, Chief Executive Bob Dudley said on Tuesday. "It is important for us, there is no doubt we will increase investments," Dudley, himself a U.S. citizen, said in an analyst call after BP reported a surge in profits in 2017. BP invested $90 billion in the United States over the past decade, excluding $65 billion in fines and clean up costs over the 2010 Deepwater Horizon disaster, making it the country's biggest investor in the energy sector, Dudley said. "The regulatory system in the United States is suddenly so much easier. It was becoming an avalanche of regulations in every direction," he said. "From a business community stand point this is quite transformational, there will be a lot of capital attracted to the U.S. because of that." BP took a one-off charge of $900 million in the fourth quarter of 2017 to adjust to new U.S. tax rules, though it expects a long-term boost from the corporate-friendly rates.
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[
{
"sentiment": "positive",
"ticker": "BP"
}
] |
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| 2018-02-06T00:00:00
| 2,018
|
Allergan's profit beats; migraine treatment succeeds key study (Reuters) - Allergan (NYSE:AGN) Plc on Tuesday reported a better-than-expected profit on strong demand, and the company said its migraine treatment met the main goals in a late-stage study. Allergan's shares were up 1.2 percent at $167.00 before the bell. The drugmaker said patients on its treatment were relieved of pain after two hours, and did not experience migraine symptoms compared to a placebo, meeting the main goals of the first of two late-stage studies. The company's net profit attributable to shareholders was $3.05 billion, or $8.88 per share, in the fourth quarter ended Dec. 31, compared with a loss of $70.2 million, or $0.20 per share, a year earlier. Allergan recorded a gain of about $2.8 billion related to recent changes to the U.S. tax law, helping the company report a profit after six straight quarters of loss. Excluding items, the company earned $4.86 per share, beating the average analyst estimate of $4.74, according to Thomson Reuters I/B/E/S. Allergan's net revenue rose to $4.33 billion from $3.86 billion, and beat analysts' estimates of $4.28 billion. Sales of Allergan's Botox increased to $864.3 million from $739.3 million.
|
[
{
"sentiment": "positive",
"ticker": "AGN"
}
] |
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| 2018-02-06T00:00:00
| 2,018
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Tyson invests in smart-oven startup in move beyond meat market By Theopolis Waters CHICAGO (Reuters) - Tyson Foods Inc (N:TSN), the country's largest meat processor, has invested in Tovala, a startup company that makes internet-connected steam ovens for ready-to-cook meals as it expands beyond its traditional markets. Tyson Ventures, its $150 million venture capital arm, joined other investors in the deal raising funds for Chicago-based Tovala, which uses bar-code technology in meal preparation. Tovala will use the money for marketing, product investment and expansion. David Rabie, Tovala co-founder and chief executive officer, said the ovens will make it easier for people to eat at home by controlling the experience including the hardware, software and food without sacrificing convenience, health or taste. Tovala provides a steam oven and delivers ready-to-cook meals, and the customer scans a bar code with a smart phone to cook the meal. Last month, Tyson said it invested in Memphis Meats, a startup that grows meat from animal cells. Late last year Tyson increased its stake from 5 percent in plant-based protein producer Beyond Meat, but did not say by how much. The financial terms of the Tovala deal were not disclosed. "We're a protein company now and with that comes a whole host of new spaces to look at and opportunities to consider, if you think about that in the framing for what we're going to ultimately focus on," Justin Whitmore, Tyson's executive vice president of corporate strategy and chief sustainability officer, told Reuters. Whitmore said the deals with the alternative protein startups does not mean Tyson is moving from its traditional meat roots. "Growth in protein implies there could be new alternatives emerging and that's where you see some of our investments in the cultured and veg-based meat spaces and our protein space as well," said Whitmore. (This version of the story corrects to show that amount invested in Tovala was not disclosed and that $150 million is the size of the venture capital arm)
|
[
{
"sentiment": "positive",
"ticker": "TSN"
}
] |
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| 2018-02-07T00:00:00
| 2,018
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Swiss Re in talks with SoftBank, Japanese firm could take minority stake ZURICH/TOKYO (Reuters) - Swiss Re (S:SRENH) is in preliminary talks with Japan's SoftBank Group (T:9984) on a potential minority investment in the Swiss reinsurer, the Zurich-based group said on Wednesday, in a deal reported to be worth $10 billion or more. "Swiss Re informs that it is engaged in preliminary discussions with SoftBank Group Corp regarding a potential minority investment in Swiss Re," the world's second largest reinsurer said. The deal under discussion is for the purchase of up to a third of Swiss Re's shares at a premium, the Wall Street Journal reported earlier, citing sources familiar with the matter. Such a deal would make SoftBank the largest investor in the reinsurance group at a time when chief executive Masayoshi Son is moving to transform the telecoms company he founded into one of the world's largest technology investors. SoftBank plans to offer Swiss Re's insurance products directly to users of other companies it has invested in, such as Uber and WeWork, the Wall Street Journal said, citing people familiar with the matter. A SoftBank spokesman declined to comment. On Wednesday, SoftBank said it was planning to raise further funds that could be used to shore up its finances or to make further investments by listing its domestic telecoms unit. Local media estimated the proceeds at $18 billion. SoftBank last year raised more than $93 billion to create the Vision Fund, the world's largest private equity fund, and by the end of December had invested $27.5 billion in 20 tech firms through its investment arm. The group's total interest-bearing debt at the end of December was 15.8 trillion yen ($144.5 billion) and Masayoshi Son said on Wednesday he wants to keep debt levels below 3.5 times earnings before interest, taxes, debt and amortization. That ratio stands at 2.8 times currently. Swiss Re's shares last traded at 90.18 Swiss francs, giving it a market capitalization of 31.51 billion francs ($34 billion). Swiss Re's largest shareholder is BlackRock Institutional Trust Co with a 5.02 percent stake, according to Thomson Reuters Eikon data. "Discussions are at a very early stage. There is no certainty that any transaction will be agreed, nor as to the terms, timing, or form of any transaction," Swiss Re said. SoftBank shares fell 1 percent in early morning trading in Tokyo, compared with a rise of just under 1 percent in the benchmark Nikkei 225 index (N225).
|
[
{
"sentiment": "positive",
"ticker": "SRENH"
},
{
"sentiment": "positive",
"ticker": "9984"
}
] |
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| 2018-02-07T00:00:00
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Greece's Fast-Growing Aegean Air Prepares $5.5 Billion Jet Deal (Bloomberg) -- Aegean Airlines, the former island-hopper that’s expanded to replace defunct Greek flag-carrier Olympic Air, plans to order at least 50 new single-aisle jetliners in the next three or four weeks. Aegean, which has already doubled its fleet since 2013, will choose between the latest Airbus SE A320neo and Boeing (NYSE:BA) Co. 737 Max narrow-body models, Chief Executive Officer Dimitrios Gerogiannis said in an interview Wednesday. “We are now in the last mile of the process, really in the last days,” Gerogiannis said at the Aviation Club in London. The aircraft, to be delivered between 2020 and 2024, will replace an aging all-Airbus jet fleet, as well as add capacity for expansion, according to Gerogiannis. Aegean said it’ll probably need 75 planes by 2023, a figure that includes turboprop models to link Athens with domestic locations. A baseline A320neo jet has a list price of $110.6 million, valuing Aegean’s planned deal at at least $5.5 billion. While the carrier currently owns only four of its Airbus planes, leasing the rest, that proportion may increase with the new fleet, Gerogiannis said. The company may also take a higher number of bigger narrow-bodies than it has now to help meet growth plans. Aegean was founded as a regional carrier in 1999 and traded blows with Olympic after the state operator was privatized in 2010. The Greek economic crisis weakened the larger company and Aegean won approval to step in and take it over in 2013, transforming into a major international airline. Gerogiannis said there’s no immediate prospect of Aegean entering the long-haul market on routes once served by Olympic, though that’s something that may be considered going into next decade. Shares of the company have gained 9 percent this year after advancing 30 percent in 2017, valuing it at 643 million euros ($790 million).
|
[
{
"sentiment": "positive",
"ticker": "BA"
}
] |
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| 2,018
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LG Electronics plans to hike U.S. washer prices by 4-8 percent after tariffs SEOUL (Reuters) - LG Electronics Inc (KS:066570) said on Thursday it was planning to raise prices of its washing machines in the United States by about 4-8 percent, after the Trump administration slapped tariffs on large imported residential washers. LG and rival Samsung Electronics (KS:005930) had hoped to avoid any fallout from U.S. President Donald Trump's "America First" manufacturing and jobs mantra, but took a hit after his decision last month to impose tariffs of up to 50 percent on imports of washing machines and key components. According to a South Korean newspaper, the two companies are planning to hike the prices of their washing machines in the United States by about 5-10 percent in the second quarter. They are currently in talks with U.S. retailers such as Best Buy (N:BBY), Home Depot (N:HD), Lowe's (N:LOW) and Sears, Korea Economic Daily reported, citing unnamed industry sources. LG, which had said it would hike prices in the United States after the tough tariffs were announced, did not specify when the 4-8 percent rise would come into effect. The company will concentrate its efforts on selling more of its premium washing machines, priced at $900 or more, in the United States, an LG spokeswoman said. Samsung Electronics did not have an immediate comment. Asked if it plans to raise washer prices in the United States, Samsung previously said it was reviewing the implications of the U.S. decision and any changes would be discussed with its business partners directly.
|
[
{
"sentiment": "negative",
"ticker": "HD"
},
{
"sentiment": "neutral",
"ticker": "BBY"
},
{
"sentiment": "neutral",
"ticker": "LOW"
},
{
"sentiment": "neutral",
"ticker": "66570"
},
{
"sentiment": "neutral",
"ticker": "5930"
}
] |
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| 2,018
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JPMORGAN: Investors stressing over inflation should pay close attention to one peculiar trend Inflation fears have been central to the shaken market confidence of the past few trading sessions, yet one strategist at JPMorgan (NYSE:JPM) is totally sanguine about the inflation risks facing the US economy. John Normand, head of cross-asset strategy at JPMorgan uses a large sample of historical comparisons in inflation, core consumer prices, which exclude food and energy and are a favorite of central bankers, as well as wage growth as measured by average hourly earnings. Normand’s message: There’s a pattern. "Over the past two decades, inflation has surprised more to the downside than to the upside on all indicators," he writes in a research note. Core CPI has met consensus forecasts "about 40% of the time since the late 1990s, exceeded expectations 26% of the time and undershot expectations 33% of the time." Average hourly earnings met estimates 25% of the time, overshot 29%, and undershot 45%. The market’s vertiginous plunge, which has since stabilized, first started last Friday after the market latched onto data showing a 2.9% spike in annualized average hourly earnings, the biggest gain since the recession. Normand uses the following chart to show the combined trajectory of these key indicators for Federal Reserve policy — and to show inflation leery-investors are likely jumping the gun, and not for the first time. "This underapreciation of disinflationary forces probably explains why the consensus has incorrectly forecast the direction of Treasury yields most years since the global financial crisis," he says. US inflation has undershot the Fed's 2% target for much of the economic recovery despite an extended period of low interest rates and solid economic growth, in part because of stagnant underlying wages for most workers.
|
[
{
"sentiment": "neutral",
"ticker": "JPM"
}
] |
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| 2018-02-07T00:00:00
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Airbus says may increase A400M provision PARIS (Reuters) - Airbus (PA:AIR) said on Wednesday it was considering increasing a provision for losses on its contract for the troubled A400M military transporter after its European NATO buyers agreed to negotiate a new delivery schedule and contract terms. The A400M - ordered by Belgium, Britain, France, Germany, Luxembourg, Spain and Turkey - has been hit by engine gearbox problems and delays in fitting parachuting capacity and advanced defenses. "An increase to the Loss Making Contract provision on the program, which may be material, is under assessment for the Full Year 2017 results which will be disclosed on 15 February 2018," Airbus said in a statement. Airbus has been urging the seven nations to cap its exposure to fines and payment delays triggered by technical delays on the program. The company had been keen to reach a deal before it reports earnings on Feb. 15. The company said the buyers had agreed on Wednesday "to work on a number of contractual elements including a revamped delivery plan as well as a roadmap for the development and completion of military capabilities for the A400M." Airbus last year cited "huge losses" on the project and warned of "significant risks" ahead. The program was initially valued at 20 billion euros but its cost has ballooned to well over 30 billion, sources told Reuters last year. "Since its inception in 2003, this program has suffered not only from a number of operational issues but, more importantly, under a flawed contractual set-up and insufficient budget which resulted in significant losses for Airbus," Airbus Chief Executive Tom Enders said in the statement. "We have a good chance to stop or at least reduce the bleeding now and deliver the capabilities our customers need," he added.
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[
{
"sentiment": "ambiguous",
"ticker": "AIR"
}
] |
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| 2018-02-07T00:00:00
| 2,018
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World's Largest ETF Hit by Biggest Four-Day Outflow on Record (Bloomberg) -- The global market maelstrom spurred money managers to yank a record $17.4 billion from the mighty SPDR S&P 500 ETF (NYSE:SPY) over the past four trading sessions. The $8 billion removed on Tuesday alone was the third-largest daily withdrawal in the post-crisis era. The last time redemptions were close to matching this frenetic pace In late 2007, when cracks in U.S. equities began to show before the global financial crisis unfolded. Even with the historic wave of outflows, the world’s largest exchange-traded fund has received a net $2.4 billion of inflow this year to reach assets of $276 billion, while eking out a 0.85 percent gain. Investors are catching their breath after the selloff, which followed the fastest-ever flow of money out of funds holding U.S. Treasuries and high-yield debt and into global stocks, in the week to Jan. 31. That spurred Bank of America’s equity sell signal to ring louder. The total inflow into stock funds globally last month surged to $102 billion, according to EPFR Global data. The worst may be over for the S&P tracker, with bears easing back on hedging options. Contracts protecting against a 5 percent decline surged to their highest price ever relative to calls on Monday, according to three-month data compiled by Bloomberg. That position, known as skew, has since eased to less than a point above the five-year average.
|
[
{
"sentiment": "negative",
"ticker": "SPY"
}
] |
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| 2018-02-07T00:00:00
| 2,018
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Wells Fargo Hikes S&P 500 Target, Saying Worst in Stocks Is Over (Bloomberg) -- Wells Fargo (NYSE:WFC) has a message for its clients: the worst is over, and you are free to trade. The firm sees almost 10 percent upside to the S&P 500 through 2018, with most of the gains coming in the next three to six months. It’s boosting its year-end target for the gauge to 2,950 from 2,863. “The pullback in the equity market provides almost a free look at earnings,” analysts Christopher Harvey and Anna Han wrote in a note Wednesday. This year “will be a tale of two halves,” with the first featuring strong corporate earnings growth and a healthy merger-and-acquisition cycle, and the second “heavily influenced by the Fed tightening cycle.” The increase in the target was partially due to Wells Fargo’s increase in annual earnings-per-share projections to $150.76 from $146.01, the analysts said, and also to a reduction in the risk premium to 150 basis points from 165 basis points as the Cboe Volatility Index spiked and interest rates rose. The new 2,950 target compares with an average 2,923 prediction from strategists whose estimates are compiled by Bloomberg as of Jan. 19. “Recently, we’ve been telling clients to slowly and methodically invest their cash as the selloff unfolded. Now, we’re telling clients that they’re free to trade (invest the balance of your cash),” the report said. “Get in motion.”
|
[
{
"sentiment": "positive",
"ticker": "WFC"
}
] |
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Investing
| 2018-02-08T00:00:00
| 2,018
|
U.S. senators ask consumer watchdog head for details on Equifax probe By Michelle Price WASHINGTON (Reuters) - A group of 31 U.S. senators said on Thursday they had written to the leadership of the Consumer Financial Protection Bureau (CFPB) demanding information on the consumer watchdog's stalled probe into credit reporting agency Equifax Inc's (N:EFX) massive data breach. The letter adds to mounting pressure on Mick Mulvaney, the interim head of the CFPB, to resume a full-scale probe into the company after Reuters reported that the bureau had pulled back from an investigation into how hackers were able to steal data Equifax had gathered on around 143 million Americans. The Reuters report prompted a barrage of criticism from Democratic lawmakers and consumer advocacy groups, including Senate Minority Leader Chuck Schumer, who urged the CFPB to launch a full-scale probe. The letter, which was dated Feb. 7, was led by Hawaii's Democratic Senator Brian Schatz and signed by 29 Democrats, including all those on the Senate Banking Committee, and two independents. The senators ask Mulvaney and the CFPB's Deputy Director Leandra English to provide detailed information on the status of any probe into Equifax, including whether the agency has issued subpoenas, interviewed Equifax personnel or conducted onsite inspections. A spokesman for the CFPB confirmed the agency had received the letter but declined to comment further. Earlier this week, John Czwartacki, senior adviser to Mulvaney said in a statement that Mulvaney takes data security issues very seriously. "Under his direction, the CFPB is working with our partners across government on Equifax’s data breach and response. We are committed to enforcing the law," he said.
|
[
{
"sentiment": "negative",
"ticker": "EFX"
}
] |
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Investing
| 2018-02-08T00:00:00
| 2,018
|
Pizza Hut, Taco Bell parent Yum misses same-store sales estimates (Reuters) - Yum Brands Inc (N:YUM) reported fourth-quarter same-store sales that missed estimates on Thursday on weak demand at its Taco Bell and Pizza Hut chains. Sales at its restaurants open at least a year rose 2 percent, missing the Thomson Reuters I/B/E/S estimate of 2.33 percent. Total revenue fell 17.4 percent to $1.58 billion, lower than the analysts' estimate of $1.59 billion, according to Thomson Reuters I/B/E/S. Yum announced in a separate release on Thursday it would buy a 3 percent stake in online food-ordering company GrubHub Inc (N:GRUB) for $200 million to increase sales through pickup and deliveries at its KFC and Taco Bell restaurants in the U.S.
|
[
{
"sentiment": "negative",
"ticker": "YUM"
},
{
"sentiment": "positive",
"ticker": "GRUB"
}
] |
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| 2018-02-08T00:00:00
| 2,018
|
CVS fourth quarter profit jumps in wake of U.S. tax law NEW YORK (Reuters) - CVS Health Corp (N:CVS), which said in December it would buy health insurer Aetna Inc (N:AET) in a $69 billion deal, posted a jump in profit on Thursday, helped by savings from the biggest overhaul of the U.S. tax code in 30 years. Net income attributable to the company rose 92.6 percent to $3.3 billion, or $3.2 per share, in the fourth-quarter ended Dec. 31, from $1.7 billion, or $1.59 per share, a year earlier, helped by an income tax benefit of $1.5 billion. Excluding tax savings, the company earned $1.92 per share, beating analysts' average estimate of $1.89, according to Thomson Reuters I/B/E/S. Revenue rose 5.3 percent to $48.4 billion.
|
[
{
"sentiment": "positive",
"ticker": "AET"
},
{
"sentiment": "positive",
"ticker": "CVS"
}
] |
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Investing
| 2018-02-08T00:00:00
| 2,018
|
Mexico denies favoring Chinese consortium in railway bidding MEXICO CITY (Reuters) - Mexico's Foreign Ministry denied allegations that a Chinese consortium had been given an inside track in bidding for a lucrative contract to build a high-speed train system. Mexican news outlet Aristegui Noticias reported on Tuesday that officials gave Chinese representatives 11 months' notice about a contract to build a train project linking Mexico City with the wealthy, industrial city of Queretaro, citing a letter from China Railway Construction Corporation (CRCC) (SS:601186). The report details a 2014 meeting between Foreign Minister Luis Videgaray, who was then finance minister, and Chinese officials to discuss cooperation between the countries, which took place 10 days before the international tender launched. In a statement issued on Wednesday, the Foreign Ministry stressed the meeting between Videgaray and Chinese officials was publicized and touched on a wide range of projects, including the Mexico-Queretaro railway, which was already public. "At all times, it was made clear to Chinese officials that the projects would be realized through public tenders," the ministry said, adding that efforts to promote ties between the countries via a working group were "announced in an open and transparent fashion." However, questions were raised after 16 firms - including Siemens (DE:SIEGn), Bombardier (TO:BBDb) and Mitsubishi (T:8058) - withdrew from the rail tender, leaving a consortium led by state-controlled CRCC as the de facto winner, Reuters reported. Around that time, it also emerged that Mexican President Enrique Pena Nieto's wife was buying a home from a Mexican firm that was part of the Chinese-led consortium, touching off a political firestorm. Videgaray's participation in the working group was not mentioned in a Mexican government auditor's report, which found that Videgaray and Pena Nieto had not benefited or tried to influence officials responsible for awarding contracts, according to Aristegui Noticias. The group in which Videgaray participated has yielded other successful collaborations between the nations, such as a Mexico-China investment fund, the foreign ministry said.
|
[
{
"sentiment": "neutral",
"ticker": "SIEGn"
},
{
"sentiment": "neutral",
"ticker": "BBDb"
},
{
"sentiment": "neutral",
"ticker": "8058"
},
{
"sentiment": "neutral",
"ticker": "601186"
}
] |
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Investing
| 2018-02-08T00:00:00
| 2,018
|
South Korea weighs options for GM Korea: finance minister SEOUL (Reuters) - South Korea is considering several options regarding General Motors (NYSE:GM) Co's operations in the country, the finance minister said on Friday after the U.S. automaker called for cooperation over its restructuring efforts. GM's Korea operations have been struggling with rising labor costs and slumping domestic sales, fuelling concerns over a potential pullout. "We are preparing for various possibilities," Finance Minister Kim Dong-yeon told lawmakers, asked if he had any contingency plan for GM's possible pullout. Kim did not give further details. Persistent talk of the carmaker's exit has raised concern in small South Korean cities where it operates manufacturing plants. South Korea's state-run development bank holds a 17 percent stake in GM Korea, while GM has 77 percent and China's SAIC Motor Corp Ltd has 6 percent. A South Korean vice finance minister said the Detroit-based automaker had told him in a recent meeting that it "needed cooperation". He declined to elaborate on whether GM had asked for financial support from the government.
|
[
{
"sentiment": "negative",
"ticker": "GM"
}
] |
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Investing
| 2018-02-08T00:00:00
| 2,018
|
BlackRock plans to raise $10 billion for equity investments: source (Reuters) - BlackRock Inc (N:BLK) plans to raise about $10 billion as part of a new business that would take direct stakes in companies, according to a person familiar with the matter. The move marks a new strategy for the company that manages more than $6 trillion for investors through publicly offered mutual funds and exchange-traded funds, many of which own broad swaths of the market. A multibillion-dollar fund could put the world's largest asset manager in more direct competition to own promising private companies with the likes of Berkshire Hathaway Inc's (N:BRKa) Warren Buffett and private-equity firms, including Blackstone Group LP (N:BX), from which it was initially spun out. The approach would likely be to take minority stakes in companies and hold them for a relatively long period of time, the person said. BlackRock was not immediately available for comment. The company's plan to raise about $10 billion was first reported by the Wall Street Journal. BlackRock Chief Executive Larry Fink has long pushed corporate executives to adjust their behavior to focus on generating long-term value for shareholders, rather than simply meeting short-term profit targets. The person said the new effort is being chaired by Mark Wiseman, a top executive who the company hired in 2016 from the Canada Pension Plan Investment Board. Wiseman's first big move was to spearhead an effort to improve BlackRock's ability to pick winning stocks in part by using technology to aid the process. Day-to-day management of the new effort is being led by André Bourbonnais, the former chief executive officer of Canada's Public Sector Pension Investment Board, the person said.
|
[
{
"sentiment": "positive",
"ticker": "BLK"
},
{
"sentiment": "neutral",
"ticker": "BX"
},
{
"sentiment": "neutral",
"ticker": "BRKa"
}
] |
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Investing
| 2018-02-08T00:00:00
| 2,018
|
Hong Kong regulator fines Credit Suisse $5 million for internal control failures HONG KONG (Reuters) - Hong Kong's securities regulator said it has imposed a fine of HK$39.3 million ($5 million) on the local units of Credit Suisse Group AG (S:CSGN) for internal control failures that resulted in regulatory breaches. The breaches included failures in separating client securities, reporting direct business transactions, complying with short selling requirements, the Securities and Futures Commission (SFC) said in an e-mailed statement on Thursday. These breaches took place between 2010 and 2016. Credit Suisse had reported their regulatory breaches and failings to the SFC and involved their senior management to address the regulatory concerns at an early stage, SFC said. "In this instance, Credit Suisse's prompt and extensive co-operation have significantly expedited the effective resolution of the issues that caused the SFC's concerns," said SFC's executive director of enforcement, Thomas Atkinson. "Otherwise, the sanctions for similar failures would have been substantially higher." Credit Suisse said it had taken "appropriate action to ensure its legal and regulatory obligations were upheld at all times", and to prevent repetition of these incidents. "The resolution announced by the SFC today does not place any constraints on Credit Suisse's business activities in Hong Kong or elsewhere." ($1 = 7.8191 Hong Kong dollars)
|
[
{
"sentiment": "negative",
"ticker": "CSGN"
}
] |
153
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Investing
| 2018-02-09T00:00:00
| 2,018
|
Airlines body eyes bankruptcy law review to reduce stranded passengers BERLIN (Reuters) - After some high-profile airline insolvencies in Europe last year, an industry trade body said countries should review bankruptcy laws to reduce the number of stranded passengers, but rejected the idea of a rescue fund to repatriate customers. Britain's Monarch and Germany's Air Berlin both went bust last year, but the process was very different. Air Berlin was able to keep flying for just over two months thanks to a government bridge loan while it sought buyers for its operations, but Monarch's right to fly was withdrawn immediately, leaving thousands of passengers stranded and staff abruptly out of work. The International Air Transport Association (IATA) said there should be a "reasonable timeframe" within which airlines could continue operating after entering insolvency to allow more passengers to complete their journeys. "It is up to member states to look at ways to better manage a bankruptcy," Monique de Smet, Director EU Affairs at IATA, told Reuters on Friday. The European travel agents and tour operators' association last month said the EU Commission should introduce a mandatory mechanism to protect passengers against airline failure, with the cost borne by airlines and included in ticket prices. Meanwhile, the UK has launched a review of consumer protection in the event of an airline or travel company failure in the wake of the Monarch collapse. IATA says a rescue fund is not necessary and would distort competition, highlighting that its members in Europe already have a voluntary agreement to offer rescue fares to those needing to return home. "This was used a lot with the Monarch case. If passengers are stranded again tomorrow, we already have a tool that works well," de Smet said, adding that buying tickets with credit cards also offered protection. Repatriating more than 100,000 Monarch passengers is estimated to have cost the British government about 60 million pounds ($83 million). The German government loan that kept Air Berlin flying for two months was for 150 million euros ($184 million). That loan was due to be repaid from the proceeds of the sale of Air Berlin's operations. However, after Lufthansa (DE:LHAG) pulled out of a deal to buy its Niki unit, that money seems unlikely to be repaid in full, which has led to criticism of the government's decision to award the loan from opposition politicians. ($1 = 0.7235 pounds) ($1 = 0.8155 euros)
|
[
{
"sentiment": "neutral",
"ticker": "LHAG"
}
] |
154
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Investing
| 2018-02-09T00:00:00
| 2,018
|
Guess forms committee to oversee investigation against co-founder (Reuters) - Fashion retailer Guess Inc (N:GES) on Friday said its board had formed a special committee to oversee an ongoing investigation into allegations of improper conduct by co-founder Paul Marciano. Earlier this month, model and actress Kate Upton tweeted accusing Marciano of using his power to harass women. On Feb. 1 Guess Inc (N:GES) shares fell more than 17 percent following the claims by Upton accusing Marciano of harassing women. In a filing with the U.S. Securities and Exchange Commission in early February, the company denied any misconduct on the part of Marciano, but said it would investigate Upton's concerns if it determines they had merit. Marciano also separately denied the claims. The fashion retailer had then said it would investigate Upton's claims "once they are known to determine if they have any merit." The committee will be made up of two independent directors, the company said in a statement on Friday. Reuters has not independently confirmed the claims.
|
[
{
"sentiment": "negative",
"ticker": "GES"
}
] |
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Investing
| 2018-02-09T00:00:00
| 2,018
|
Fidelity Halts Investor Purchases of Three VIX-Focused ETFs (Bloomberg) -- Better late than never. Three days after the implosion of an exchange-traded note betting on low volatility, Fidelity Investments said it had moved to protect investors from these products. The fund giant is halting customer purchases of three volatility-focused exchange traded funds, Robert Beauregard, a company spokesman, said in an email. They are: ProShares Short VIX Short-Term Futures (SVXY), VelocityShares Daily Inverse VIX Short-Term ETN (XIV), and the VelocityShares Daily Inverse VIX Medium Term ETN (ZIV). The ban started Feb. 6, Beauregard said. The firm didn’t issue the news publicly until Friday. “We are allowing customers to sell out of existing positions,” he said. Representatives for TD Ameritrade Holding Corp. and Charles Schwab (NYSE:SCHW) Corp. said Friday that customers can still trade SVXY. Ameritrade, however, is holding a 100 percent margin requirement for those purchases, spokeswoman Kim Hillyer said. Brokerage firms including E-Trade have moved to protect customers as global markets have plunged and volatility has surged. The fallout from the implosion of a vast array of arcane bets against stock-market volatility mounted this week. Credit Suisse (SIX:CSGN) Group AG moved to liquidate one investment product and more than a dozen others were halted after their values sunk toward zero. SVXY is down 91 percent since last Friday, XIV plunged 96 percent and ZIV fell 27 percent. The Financial Times earlier reported on the Fidelity’s decision. Fidelity said customers who want to buy funds that borrow money to increase their returns must sign an agreement that lays out the risks of the products and acknowledge that they have a “most aggressive” risk tolerance. (Adds Ameritrade and Schwab in fifth paragraph.)
|
[
{
"sentiment": "neutral",
"ticker": "CSGN"
},
{
"sentiment": "negative",
"ticker": "SCHW"
}
] |
156
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Investing
| 2018-02-09T00:00:00
| 2,018
|
Issue identified with Pratt & Whitney GTF engines for Airbus's A320neo (Reuters) - An issue has been identified on some recently delivered Pratt & Whitney (N:UTX) GTF engines for European planemaker Airbus's (PA:AIR) A320neo aircraft, the two companies said on Friday Pratt & Whitney said the problem related to the knife edge seal in the High Pressure Compressor (HPC) aft hub on the PW1100G-JM engine powering the A320neo. Airbus said it had informed affected A320neo customers and operators, adding there are currently 113 Pratt & Whitney-powered A320neo aircraft flying with 18 customers. Pratt & Whitney said in a statement the issue affected a "a limited subpopulation of engines," without elaborating. Airbus said the two companies were assessing the situation and the European Aviation Safety Agency had published an Emergency Airworthiness Directive. Such a directive is issued when an unsafe condition exists that requires immediate action by an aircraft's owner or operator.
|
[
{
"sentiment": "negative",
"ticker": "AIR"
}
] |
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Investing
| 2018-02-11T00:00:00
| 2,018
|
Volatility’s Awakening Spurs Record Long Position in VIX Futures (Bloomberg) -- Bets on market tranquility that blew up in spectacular fashion helped spark a record shift in the futures market. The weekly commitment of traders report shows non-commercial positioning in VIX futures contracts spiked to a record net long of 85,818 contracts as of Feb. 6. VIX futures contracts are tied to the Cboe Volatility Index, which tracks the one-month implied fluctuations in the S&P 500 Index derived from options prices. This so-called fear gauge hit 50 on Tuesday morning for the first time since August 2015, when China’s surprise devaluation of the yuan sparked turmoil in financial markets. Exchange-traded products that allowed investors to wager on enduring calm in U.S. equities played a role in exacerbating this recent bout of risk aversion. Monday’s sharp plunge in U.S. stocks and rise in implied volatility forced these funds to buy significant amounts of VIX futures to pare their short exposure. Credit Suisse (SIX:CSGN) announced the redemption of its VelocityShares Daily Inverse VIX Short-Term exchange-traded note, ticker XIV, on Tuesday; more than a dozen similar products were halted for trading after suffering extreme losses. What an about-face: the Commodity Futures Trading Commission data marks not only the biggest outright speculative long position in VIX futures on record but also the largest one-week swing. This swing was driven primarily by a reduction in shorts rather than a fresh buildup of long contracts. Non-commercial short contracts plunged by more than 40 percent to 172,440; long contracts increased by a much more mild 10 percent to 258,258. The net long speculative positioning as a share of open interest in VIX futures jumped to 14 percent, its highest level since December 2009. Non-commercial positioning in VIX futures had sunk to a record short level in October 2017.
|
[
{
"sentiment": "negative",
"ticker": "CSGN"
}
] |
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| 2018-02-11T00:00:00
| 2,018
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Emirates firms up $16 billion order for A380 superjumbos DUBAI (Reuters) - Emirates signed a contract on Sunday to buy as many as 36 Airbus (PA:AIR) A380 aircraft worth as much as $16 billion at list prices, firming up an order that is crucial to the future of the world's biggest passenger jet. The order, for 20 of the double-decker planes with an option for 16 more, was originally announced on a provisional basis in mid-January. Deliveries are to start as soon as in 2020, the Dubai-based carrier said. Airbus had previously said it would have to end production of the A380 if it failed to secure the huge Emirates deal. Alongside the contract signing, visiting French Prime Minister Edouard Philippe and Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum discussed the expansion of air services between France and the United Arab Emirates, the airline said without elaborating. The latest order brings Emirates' commitment to the A380 program to 178 aircraft, it said, adding that it was evaluating engine options for the new planes.
|
[
{
"sentiment": "positive",
"ticker": "AIR"
}
] |
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Investor files lawsuit over U.S. LJM fund that lost most of its value By Trevor Hunnicutt NEW YORK (Reuters) - An investor on Friday filed a lawsuit against managers of a U.S. mutual fund that relied heavily on a strategy that profits from calm markets but lost four-fifths of its value in turmoil this week. In a complaint seeking class-action status filed in U.S. District Court in Chicago, investor Leonard Sokolow said he owned shares of LJM Preservation and Growth Fund, a once-$800 million fund that lost most of its value despite touting its ability "to deliver solid returns while maintaining risk parameters" in its most recent annual report to shareholders. "In truth, however, [the fund] was not focused on capital preservation and left investors exposed to an unacceptably high risk of catastrophic losses," the complaint said. A spokesman for Chicago-based LJM Partners Inc, parent of the fund's operating unit, could not be reached. The LJM fund appeared to be the latest casualty in a series of spectacular blow-ups of investment strategies that effectively bet on low or falling volatility. Investors hungry for greater returns piled into options, futures, swaps and exchange-traded products that made such bets, in some cases earning triple-digit annual returns in recent years. Credit Suisse (SIX:CSGN) said on Tuesday it would terminate the second-largest publicly traded product betting on future swings in the S&P 500 after its value plunged nearly 93 percent in one day during the global market rout. LJM Preservation and Growth Fund had been run by Anthony Caine, a veteran of the 1990s technology boom who later founded LJM, and Anish Parvataneni, a former trader for well-known investor Ken Griffin's Citadel. In an environment that has been tough on high-cost fund managers, the LJM fund took in $393 million in new cash from investors in 2017, its best sales since launching in 2013, according to the Lipper unit of Thomson Reuters, despite fees as high as 3.34 percent a year. LJM closed the fund to new investment this week, a filing with the U.S. Securities and Exchange Commission showed.
|
[
{
"sentiment": "negative",
"ticker": "CSGN"
}
] |
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Credit Suisse hit by U.S. lawsuit over writedowns, says case "without merit" ZURICH (Reuters) - Credit Suisse (S:CSGN) faces a U.S. class action lawsuit over $1 billion in writedowns it took in 2015 and 2016 linked to its trading division, Swiss newspaper SonntagsZeitung reported on Sunday, but the Swiss bank said the case was "without merit". Starting in 2015, newly named Credit Suisse Chief Executive Tidjane Thiam and his finance chief, David Mathers, were caught off guard by the scale of their trading division’s illiquid trades. They were forced to write down their value. Now, a class action lawsuit in New York accuses the bank, Thiam and Mathers of giving false and misleading information about risky investments that led to a drop in Credit Suisse's share price, costing investors millions, the newspaper reported. The plaintiffs in the case include the pension funds of fire departments and police departments in the U.S. city of Birmingham. Asked by Reuters to comment on Sunday, Credit Suisse said in a statement: "The claim is unfounded and without merit." "In the last three years, Credit Suisse has analyzed these allegations and responded to information requests from supervisory bodies. All regulatory reviews were closed without any action against Credit Suisse," it said. The bank has been in the news recently for legal challenges and inquiries linked to it or former employees. On Friday, an ex-Credit Suisse wealth manager was sentenced to five years in jail for defrauding clients including former Georgian prime minister Bidzina Ivanishvili and Russian oligarch Vitaly Malkin. Former U.S.-based brokers also accuse the bank of withholding up to $300 million of pay after their private banking unit was shuttered in 2015. The bank has said that lawsuit has no merit. Additionally, Switzerland's FINMA financial industry watchdog has contacted the Zurich-based bank after it decided to terminate a product linked to market volatility after its value plunged during a recent rout of global stock markets. Credit Suisse releases 2017 figures on Wednesday.
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[
{
"sentiment": "negative",
"ticker": "CSGN"
}
] |
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| 2018-02-12T00:00:00
| 2,018
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British lawmakers say accountancy firms face questions over Carillion collapse By Alistair Smout LONDON (Reuters) - KPMG and other leading accountancy firms face serious questions over their work with failed construction firm Carillion (L:CLLN) after making millions of pounds out of their relationships with the company, British lawmakers said on Tuesday. Lawmakers from two parliamentary committees examining the collapse of Carillion said that KPMG had earned 29.4 million pounds ($41 million) from auditing the contractor's accounts since the company was founded in 1999. The firm signed off on Carillion's 2016 accounts, shortly before the construction and outsourcing company announced a string of profit warnings. Carillion collapsed last month with debts of over 2 billion pounds. "KPMG has serious questions to answer about the collapse of Carillion. Either KPMG failed to spot the warning signs, or its judgment was clouded by its cozy relationship with the company and the multi-million pound fees it received," said Rachel Reeves, chair of the Business, Energy and Industrial Strategy (BEIS) Committee. "KPMG should, as a bare minimum, review its processes and explain what went wrong." KPMG said it would assist the inquiry into the failure of Carillion, and will be questioned by the lawmakers on Feb. 22. "We are committed to building public trust in audit. We take the questions that have been asked of our profession in recent weeks very seriously and we welcome the opportunity to appear before the joint committee," KPMG said in a statement. Lawmakers published responses from the "Big Four" accountancy firms to inquiries on their involvement with Carillion on Tuesday, saying that PwC, KPMG, Deloitte and EY had earned 71 million pounds since 2008 on work related to the firm. Labour lawmaker Frank Field, who chairs the Work and Pensions Committee, said it was "telling" that PwC was appointed to liquidate the firm, as the other three firms would have had immediate conflicts of interest. "All of them did extensive – and expensive – work for Carillion," he said. "The image of these companies feasting on what was soon to become a carcass will not be lost on decent citizens."
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[
{
"sentiment": "negative",
"ticker": "CLLN"
}
] |
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| 2,018
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Broadcom reduces Qualcomm board nominees before March 6 showdown (Reuters) - Broadcom Ltd (O:AVGO) on Tuesday cut the number of board seats it was trying to win at Qualcomm Inc (O:QCOM) to six from 11, and reiterated that its offer for the company was only good until the conclusion of a March 6 shareholder meeting at the chipmaker. Broadcom's move comes a day ahead of planned talks between the semiconductor companies to discuss the potential $121 billion deal, which will be their first such discussion, people familiar with the matter told Reuters on Sunday. Broadcom said it would withdraw its offer if it was not accepted by Qualcomm's executives or unless its six nominees were elected at the shareholder meeting. Qualcomm could not be immediately reached for comment. Broadcom raised its cash-and-stock offer last week to $82 per share from $70, and made other concessions, including offering to pay Qualcomm an $8 billion breakup fee should antitrust regulators block the deal. Qualcomm rejected the revised offer, as it did the first bid, saying the proposal undervalued the company and fell well short of commitments on regulatory issues. Broadcom had nominated a slate of 11 directors to replace Qualcomm's board, after it rejected the first bid, worth $103 billion. Broadcom's six nominees are Samih Elhage, David Golden, Veronica Hagen, Julie Hill, John Kispert and Harry You. Moelis and Co, Citi, Deutsche Bank (DE:DBKGn), JP Morgan, BofA Merrill Lynch, Morgan Stanley (NYSE:MS) and Wells Fargo (NYSE:WFC) Securities were Broadcom's financial advisers. Qualcomm's shares were up marginally premarket at $65.69, while Broadcom's stock dipped 0.5 percent to $243.18.
|
[
{
"sentiment": "exclude",
"ticker": "DBKGn"
},
{
"sentiment": "exclude",
"ticker": "QCOM"
},
{
"sentiment": "exclude",
"ticker": "WFC"
},
{
"sentiment": "exclude",
"ticker": "MS"
},
{
"sentiment": "exclude",
"ticker": "AVGO"
}
] |
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| 2018-02-13T00:00:00
| 2,018
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Thomson Reuters says CEO Jim Smith in hospital TORONTO (Reuters) - Thomson Reuters Corp Chief Executive Jim Smith is in a hospital, under observation, the company said on Tuesday. Smith was taken to a hospital in Toronto on Monday "after feeling unwell," Thomson Reuters said in a statement. "In his immediate absence, Stephane Bello, Executive Vice President and Chief Financial Officer of Thomson Reuters, will oversee Jim's responsibilities alongside his own, in line with the company's practice," Thomson Reuters said. The incident occurred nearly two weeks after Smith struck a deal to sell a majority stake in the company's Financial and Risk business to U.S. private equity firm Blackstone (NYSE:BX) Group LP. The deal, which valued the unit at around $20 billion including debt, is expected to close in the second half of 2018, Thomson Reuters has said.
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[
{
"sentiment": "positive",
"ticker": "BX"
}
] |
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| 2018-02-13T00:00:00
| 2,018
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Apple CEO downplays special dividend at shareholder meeting By Stephen Nellis (Reuters) - Apple Inc (NASDAQ:AAPL) Chief Executive Tim Cook downplayed a suggestion that the company might issue a special dividend to shareholders with some of the $285 billion in cash that the company is now able to bring back from overseas. At an annual shareholder meeting at Apple Park in Cupertino on Tuesday, Cook responded to a question on whether the company might double its dividend in the wake of changes to United States tax laws that allowed corporations to bring back overseas cash at lower tax rates than before. "Special dividends, I'm not really a fan of," Cook responded. "But in terms of annual increases in the dividend, it is something that this board and management are committed to doing." Cook said the company would provide an update on its capital return program during its April earnings call with investors, as it has done for the past several years. At the meeting, shareholders defeated two shareholder proposals, one asking that rules allowing shareholders to nominate directors to the board be eased, and another asking for a human rights committee at Apple. The proxy access measure asked Apple to reconsider its rules for shareholders to nominate directors; the rules say that a group of no more than 20 shareholders must hold 3 percent of Apple's stock in order to nominate a director for one of the eight director positions. The proposal did not pass, with 67.8 percent of shareholders voting against it. Another proposal urged Apple to create a human rights panel to oversee issues such as workplace conditions and censorship in China and to report results back to the public. The proposal was defeated, with 94.4 percent of shareholders voting against it. Apple had recommended that shareholders vote against both of the measures. Shareholders approved four measures put forth by the company, including a required "say on pay" vote to approve pay for executives and a measure on re-electing the current directors. Shares of Apple were up 0.1 percent at $162.84.
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[
{
"sentiment": "neutral",
"ticker": "AAPL"
}
] |
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| 2018-02-13T00:00:00
| 2,018
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Pernod sees no impact yet from legal cannabis but watching closely By Martinne Geller LONDON (Reuters) - Pernod Ricard (PA:PERP), the world's second-largest spirits maker, has not yet seen any impact from the legalization of cannabis in some parts of North America but is monitoring the situation closely, its chief executive said. Alexandre Ricard told reporters the maker of Absolut vodka and Martell cognac was looking for any impact the legalization of cannabis has on its brands but had seen none so far. "What are we going to do about it It's a little bit early right now to have a clear view as to the real impact cannabis may or may not have," Ricard told a news conference on Tuesday held to discuss last week's first-half results. Eight U.S. states, including California and Nevada, have legalized marijuana, already widely approved for medicinal use, for recreational use and some studies show consumers would buy the drug instead of alcohol if it was freely available. Rival Constellation Brands (N:STZ) in October bought a near 10 percent stake in Canadian cannabis maker Canopy Growth Corp (TO:WEED) to take advantage of any boom as legalization proliferates. Analysts at Bryan, Garnier & Co say the global legal cannabis market is set to grow more than 1,000 percent to reach $140 billion by 2027. Ricard referred to reports that suggested low-end beer sales may be impacted, but added: "Have we noticed so far, at our level, on our brands, a clear impact No. But we're monitoring. It's still very early." Regarding Pernod's stance on mergers and acquisitions, Ricard said the company will carry on doing bolt-on deals, like its recent purchase of a stake in mezcal brand Del Maguey, and divesting non-core assets, like its Mexican brandy business.
|
[
{
"sentiment": "neutral",
"ticker": "PERP"
},
{
"sentiment": "positive",
"ticker": "STZ"
},
{
"sentiment": "positive",
"ticker": "WEED"
}
] |
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| 2018-02-13T00:00:00
| 2,018
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Lotte Corp shares down more than 7 percent after group chief arrested SEOUL (Reuters) - Shares in Lotte Corp (KS:004990), the holding company of Lotte Group, declined more than 7 percent to a near eight-week low early on Wednesday, after the group's chairman was jailed for bribery. The Seoul Central Court on Tuesday sentenced Lotte Group Chairman Shin Dong-bin to two years and six months in prison in a case tied to an influence-peddling scandal that rocked the country's business and political elite. Shares in flagship retailer Lotte Shopping (KS:023530) also dropped 5.5 percent to its lowest intraday level since early January. Affiliates Lotte Food (KS:002270), Lotte Chilsung (KS:005300) and Lotte Confectionery <280360.KS> all fell more than 2 percent.
|
[
{
"sentiment": "negative",
"ticker": "23530"
},
{
"sentiment": "negative",
"ticker": "5300"
},
{
"sentiment": "negative",
"ticker": "4990"
},
{
"sentiment": "negative",
"ticker": "2270"
}
] |
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| 2018-02-13T00:00:00
| 2,018
|
JC Penney to shut Milwaukee distribution center, cut 670 jobs (Reuters) - JC Penney Co Inc (N:JCP) said on Tuesday it would close its Milwaukee distribution and customer care center and cut about 670 jobs. "The company's supply chain network is oversized relative to its national store footprint, and can be optimized by transferring operations to facilities in Lenexa, Kansas, and Columbus, Ohio," JC Penney's spokesman Carter English said in a statement. Retailers such as JC Penney and rival Macy's Inc (N:M) have been shutting stores and cutting jobs as customers increasingly shop online. The distribution center will shut operations on July 1 and the customer care center on Sept. 1, JC Penney said.
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[
{
"sentiment": "negative",
"ticker": "M"
}
] |
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| 2018-02-13T00:00:00
| 2,018
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Blackstone names real estate chief Gray president in succession move By Joshua Franklin NEW YORK (Reuters) - Blackstone Group LP (N:BX) said on Tuesday that Jonathan Gray, who turned the buyout firm into the world's biggest real estate investor as head of its property business, will take over from Tony James as president, setting him up as successor to Chief Executive Stephen Schwarzman. Gray, who was already widely recognized internally as heir apparent to Schwarzman, will become president and chief operating officer and James will stay on as executive vice chairman. Both will report to Schwarzman, Blackstone's co-founder. "The appointment of Jon as President and COO lays the foundation for the next generation of senior management and positions the firm well for future leadership," Schwarzman said in a statement. Blackstone also said Ken Caplan and Kathleen McCarthy will be global co-heads of real estate, succeeding Gray. The appointment also underscores the importance of Blackstone's real estate business, which manages $115 billion in assets and provided almost half the firm's revenues in 2017. Private equity firms - which typically buy companies with the aim of selling them at a profit, usually after three to five years - rose to prominence in the 1980s and 1990s and several have now laid out plans for the next generation of managers. Rivals such as Carlyle Group LP (O:CG), KKR & Co LP (N:KKR) and Ares Management LP (N:ARES) announced succession plans last year. Last month, Blackstone agreed to buy a majority stake in the Financial and Risk business of Thomson Reuters Corp (N:TRI) (TO:TRI), the parent of Reuters News. Reuters News will remain part of Thomson Reuters.
|
[
{
"sentiment": "neutral",
"ticker": "BX"
},
{
"sentiment": "negative",
"ticker": "TRI"
},
{
"sentiment": "neutral",
"ticker": "CG"
},
{
"sentiment": "neutral",
"ticker": "KKR"
},
{
"sentiment": "neutral",
"ticker": "ARES"
}
] |
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| 2018-02-13T00:00:00
| 2,018
|
Philippines' Jollibee raises stake in U.S. based Smashburger Master MANILA (Reuters) - Philippine fast-food giant Jollibee Foods Corp (PS:JFC) said it would pay $100 million for a 45 percent stake in Smashburger Master, making it the majority owner of the U.S. hamburger chain, as it steps up its global presence. Jollibee currently owns a 40 percent stake in the Denver-based company through its Bee Good Inc subsidiary. "JFC will be able to participate in the very large mainstream American consumer market in addition to serving Filipino-Americans there," Jollibee said in a disclosure to the Philippine Stock Exchange. Jollibee, with a market value of $5.7 billion, operates the largest food service network in the Philippines with 2,700 restaurant outlets, including its eponymous chain of fast-food stores with the ubiquitous smiling bee logo. The share purchase, which still needs U.S. government approval, will increase Jollibee's global store network by 365 stores to 4,162 and expand its overseas presence to 21 countries from 16, Jollibee said. Jollibee, which outsells McDonald's (N:MCD) and KFC (N:YUM) restaurants in the Philippines, has been seeking a push into global markets to boost sales and profit. In September, people familiar with the matter said Jollibee, popular in the Philippines for its sweet-style spaghetti and fried chicken, was considering bidding for Pret A Manger, a UK-based chain selling organic coffee and wholesome sandwiches to office workers. ($1 = 52.1380 Philippine pesos)
|
[
{
"sentiment": "positive",
"ticker": "MCD"
},
{
"sentiment": "positive",
"ticker": "YUM"
},
{
"sentiment": "positive",
"ticker": "JFC"
}
] |
170
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| 2018-02-13T00:00:00
| 2,018
|
PepsiCo beats sales estimates on snacks boost (Reuters) - PepsiCo Inc's (O:PEP) sales topped Wall Street forecasts in the fourth quarter, as higher demand at its snacks business that makes Doritos and Cheetos made up for a decline in sales of sugary drinks. PepsiCo on Tuesday also announced a stock buyback of up to $15 billion and a 15 percent increase in its dividend payout. The maker of Tropicana juices and Mountain Dew said organic sales at its Frito-Lay division rose 5 percent in the quarter ended Dec. 30, buoyed by demand for salty snacks including Cheetos and Lay's. Organic sales exclude the impact of currency, acquisitions and divestitures. Organic sales at PepsiCo's North American beverages business that includes Mountain Dew and Gatorade fell 3 percent as U.S. consumers continued to move away from sugary drinks. Total revenue rose slightly to $19.53 billion, topping analysts' average expectation of $19.39 billion, according to Thomson Reuters I/B/E/S. PepsiCo recorded a net loss of $710 million, compared to a year-earlier profit of $1.40 billion, reflecting a $2.5 billion one-time charge related to new U.S. tax laws. Excluding one-time items, the company earned $1.31 per share, edging past analysts' estimates of $1.30.
|
[
{
"sentiment": "positive",
"ticker": "PEP"
}
] |
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| 2018-02-13T00:00:00
| 2,018
|
Bayer says suing Russian antitrust watchdog in Monsanto case FRANKFURT (Reuters) - Bayer (DE:BAYGn) said on Tuesday it has filed a lawsuit against the Russian antitrust regulator over how it has handled its investigation in the German group's planned takeover of U.S. seed company Monsanto (N:MON), even though the watchdog has yet to issue a ruling. "The parties are in dialogue but the agreement has not been reached yet. Bayer made a decision to bring the case to court in order to safeguard its juridical rights," Bayer said in a written statement. "This is a procedural step that will not prevent the parties from the opportunity of negotiations in regard of achieving mutually beneficial agreement to support innovative development of Russian agricultural industry," it added.
|
[
{
"sentiment": "not stock",
"ticker": "MON"
}
] |
172
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| 2018-02-14T00:00:00
| 2,018
|
Fifth Third hires Pichler as head of credit sales By Kristen Haunss (Reuters) - Fifth Third has hired David Pichler, a former co-head of credit fixed income at Cantor Fitzgerald, to lead credit sales for institutional fixed income. Pichler, who joined the bank in New York late last year, reports to Mark Brown, group head of fixed income sales and trading. “David has an immense amount of industry expertise and is a great addition to the Fifth Third team,” Brown said in an e-mailed statement. The US loan market, which provides debt to companies including retailer J. Crew Group, saw record institutional issuance of US$923.8bn in 2017 driven by refinancing and repricing activity, according to Thomson Reuters LPC data. Issuance in the US high-yield bond market rose 24% in 2017 to US$281bn from the prior year. Secondary loan trade volume also skyrocketed to at least a seven-year high of US$714.8bn last year, according to IHS Markit data. Pichler joined Fifth Third from FTN Financial where he worked in credit sales, according to FINRA BrokerCheck. Before that he worked at Cantor, Gleacher & Co., where he was co-head of investment grade fixed income, and RBC Capital Markets where he was head of US fixed income and currencies credit trading, according to news releases. He also worked at Citigroup (NYSE:C) where he served as co-head of global credit trading.
|
[
{
"sentiment": "positive",
"ticker": "C"
}
] |
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| 2018-02-14T00:00:00
| 2,018
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Campaigners to challenge 'fit and proper' ruling on Fox bid for Sky in court LONDON (Reuters) - The decision by regulators that Twenty-First Century Fox (O:FOXA) would be a "fit and proper" owner of Sky (L:SKYB) will be challenged in court, campaign group Avaaz said on Wednesday. In a potential new hurdle for the proposed $15.7 billion takeover of Sky, Avaaz said that a High Court judge had allowed the challenge to broadcast regulator Ofcom's ruling last June that a Fox-controlled Sky would be a 'fit and proper' owner of broadcast licenses in Britain. Avaaz said the case would be heard before the end of June, potentially complicating an agreement to sell Sky to Fox and then on to Disney (N:DIS) if a separate sale of tycoon Rupert Murdoch's TV and film assets receives the green light. The regulator said allegations of sexual and racial harassment at Fox News in the U.S. were extremely serious and disturbing, but had found no clear evidence to suggest senior executives at Fox were aware of the misconduct. "We will defend our 'fit and proper' assessment, which was independent, expert and based on the evidence," an Ofcom spokesman said in a statement. The deal already faces other obstacles. Last month Britain's competition regulator said that it should be blocked unless a way is found to prevent Murdoch, who owns the Times and the Sun newspapers, from influencing Sky's news output.
|
[
{
"sentiment": "exclude",
"ticker": "DIS"
}
] |
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| 2018-02-14T00:00:00
| 2,018
|
BNY Mellon Still Watching for Bigger Shakeout Outside of Stocks (Bloomberg) -- There’s still potential for market turbulence in asset classes outside of stocks, Bank of New York Mellon (NYSE:BK) Corp. says. “We have not seen the broad capitulation of valuation adjustments across many asset classes,” BNY Mellon senior global market strategist Marvin Loh wrote in a note Wednesday. “In fact, it has only been an equity adjustment at the moment, although many of the thematic catalysts have broader economic undertones.” He pointed to U.S. high-yield debt volatility versus that of stocks, as measured by the Cboe Volatility Index, or VIX. “The volatility in U.S. and euro high yield has actually continued to widen even as stock volatility has fallen,” Loh wrote. “Whether this proves to be a harbinger of additional volatility or a delayed reaction to the better tone from equity markets remains to be seen. “A case can be made that there should be greater co-movements, as most asset classes were considered rich at the start of the year,” the report said. The Japanese yen is also an asset to watch because its strength shows repatriation during periods of volatility, Loh said. Still, Loh doesn’t see the current situation as too dangerous yet. A breakout “in overly troubling fashion” would need to see inflation-adjusted yields move through 1 percent and the 10-year Treasury yield to move above 3.25 percent, he said. The 10-year yield is currently about 2.92 percent.
|
[
{
"sentiment": "ambiguous",
"ticker": "BK"
}
] |
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| 2018-02-14T00:00:00
| 2,018
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What Correction S&P 500 Drop Among Smallest in Postwar Era (Bloomberg) -- If the semblance of calm that’s returned to markets sticks, then this will have been a remarkably small correction in U.S. stocks -- despite it having erased $2 trillion at one point. The sell-off on the S&P 500 Index from the late January peak to last Thursday’s nadir counts as the shortest on record since 1945, and is joint second-lowest in terms of the magnitude, according to an analysis from Bespoke Investment Group. The median postwar decline for corrections from record highs -- drops of more than 10 percent -- is 14.8 percent, the research shows. Whether Thursday does indeed prove to mark the bottom of the sell-off is under debate on Wall Street. Brokerages from Morgan Stanley (NYSE:MS) to Goldman Sachs Group Inc (NYSE:GS). have been telling clients to buy back into the equity market, though Nobel laureate Robert Shiller says it’s an open question whether the correction is done. Dennis Gartman says it’s the start of a bear market. Read more on investors’ opinions for where and when this market rout will end. Corrections have lasted a median 153 days, Bespoke’s research showed. There were 19 prior corrections and over the last 30 years they have gotten shorter, according to the analysis, which measured slides of 10 percent or more from all-time highs. The calm seemed set to continue Wednesday, with futures on the S&P 500 up 0.4 percent as of 8:30 a.m. London time. (Updates futures in final paragraph.)
|
[
{
"sentiment": "neutral",
"ticker": "GS"
},
{
"sentiment": "neutral",
"ticker": "MS"
}
] |
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| 2018-02-14T00:00:00
| 2,018
|
Marriott quarterly revenue rises 7.7 percent (Reuters) - Marriott International Inc (O:MAR) reported a 7.7 percent rise in fourth-quarter revenue as more people booked its rooms at higher prices, helping the company reaffirm its 2018 forecast for a key performance metric. The world's largest hotel chain said its revenue rose to $5.88 billion in the quarter ended Dec. 31 from $5.46 billion a year earlier. Net income fell to $201 million, or 54 cents per share, from $244 million, or 62 cents per share, a year earlier. Excluding a charge related to changes in the U.S. tax law and other adjustments, Marriott earned $1.12 per share.
|
[
{
"sentiment": "positive",
"ticker": "MAR"
}
] |
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| 2018-02-14T00:00:00
| 2,018
|
GE's chief communications officer Deirdre Latour to leave company (Reuters) - General Electric Co (N:GE) said on Wednesday that its chief communications officer and senior adviser, Deirdre Latour, would be leaving the company in mid-March to pursue other opportunities. Linda Boff, GE's chief marketing officer, will take on the added responsibilities as interim head of communications, until a replacement is found, the industrial goods conglomerate said. (This version of the story corrects designation of Linda Boff in paragraph two from "chief merchandising officer" to "chief marketing officer" .)
|
[
{
"sentiment": "negative",
"ticker": "GE"
}
] |
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| 2018-02-14T00:00:00
| 2,018
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Lexus tops 2018 dependability rankings, FCA struggles: J.D. Power (Reuters) - Toyota Motor Corp (T:7203) cars won in six of the 19 categories in an annual auto industry reliability survey published on Wednesday, while Fiat Chrysler Automobiles (N:FCAU) trailed in the bottom three of the report's main rankings. Consultancy J.D. Power's closely-watched 2018 U.S. Vehicle Dependability Study, put Toyota ninth overall and its Lexus luxury vehicle division first in the survey of owners of three-year old cars. Overall the study showed a 9 percent improvement in vehicle dependability from 2017, the first time the industry-wide score has improved since 2013. "Strong dependability scores not only improve demand for used vehicles, but also are a contributor to higher residual values," Jonathan Banks, Vice President of Vehicle Analysis and Analytics at J.D. Power said. "Improving dependability ultimately supports new vehicle sales and provides a better perception of the brand." Lexus topped the rankings for a seventh consecutive year with a score of 99 problems per hundred cars, compared to 127 for Toyota overall. Porsche was a close second with 100 problems per hundred and Buick third with 116 — the strongest performance for dependability among mass-market brands. The study measures the number of problems experienced per 100 vehicles during the past 12 months by original owners of 2015 model-year vehicles, with a lower score reflecting higher quality. The survey also said that, while FCA was the third worst rated overall with 192 problems per hundred, Fiat was also the most improved. "All FCA US brands improved their scores year-over-year in J.D. Power's 2018 Vehicle Dependability Study, with the exception of the Chrysler Brand," FCA U.S said in a statement. "The Chrysler Brand's ranking is primarily attributed to a launch year of the Chrysler 200, which is no longer in production." The study is based on responses from 36,896 original owners.
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[
{
"sentiment": "positive",
"ticker": "7203"
}
] |
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| 2018-02-14T00:00:00
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Japan Display books fourth straight quarterly loss, no partner yet By Makiko Yamazaki TOKYO (Reuters) - Japan Display Inc reported a fourth straight quarter of loss and said its search for a global partnership was taking more time than expected, showing its growing struggles as customers shift to a newer display technology. The liquid crystal display (LCD) maker, money-losing for the past three years, has been making half its revenue selling LCDs to Apple Inc (NASDAQ:AAPL). But Japan Display was slow to adopt organic light-emitting diode (OLED) technology, which Apple opted to use for its high-end iPhone X, buying components from Samsung Electronics (KS:005930). Japan Display posted a net loss of 32.6 billion yen ($304 million) for the October-December quarter, versus a net profit of 7.3 billion yen in the same quarter a year ago. That compared with an average 30.32 billion yen loss forecast by four analysts, according to Thomson Reuters I/B/E/S. Japan Display has been considering tapping new investors for capital to catch up in OLED, which it plans to start mass-producing for smartphones only in 2019. Japan Display in December dismissed as speculative reports that it was seeking funds from clients such as Apple and Huawei Technologies, but said it was seeking to partner with global companies. It has not disclosed who any potential partners might be. It said on Wednesday that partnership talks, previously expected to conclude by end-March, were taking more time than expected. "Negotiations are ongoing, so in the process of discussing details the talks have been pushed back," Chief Financial Officer Takanobu Oshima told reporters. Aiming to counter declining sales with cost cuts, Japan Display plans to streamline production lines and reduce 30 percent of its workforce, resulting in a special loss of nearly 170 billion yen for the current year.
|
[
{
"sentiment": "neutral",
"ticker": "AAPL"
},
{
"sentiment": "positive",
"ticker": "5930"
}
] |
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GE moves to sell part of overseas lighting business (Reuters) - U.S. industrial conglomerate General Electric (N:GE) has reached a deal to sell parts of its overseas lighting business to a company controlled by former executive Joerg Bauer for an undisclosed amount. Bauer most recently served as President of GE Hungary where GE Lighting's Europe, Middle East, Africa and Turkey business is headquartered, the company said in an emailed statement. The deal, which marks the first step in the divesture of the lighting business, includes GE Lighting in Europe, the Middle East, Africa and Turkey, along with its Global Automotive Lighting businesses. The remaining pieces of GE Lighting, as well as the Current, will now be marketed as part of a separate sale or sales, the company also added. The lighting business dates to the earliest days of GE, which was co-founded by Thomas Edison more than a century ago. GE has been preparing to sell the lighting business, as part of a broad restructuring plan aimed at shedding $20 billion worth of assets and focus the remaining company on three core divisions: power, aviation and health care. Profit fell sharply at GE's lighting business last year. It earned $93 million on revenue of nearly $2 billion in 2017, down from $199 million on $4.8 billion in 2016. GE Chief Executive John Flannery last month said the conglomerate was looking at restructuring options "including separately traded assets" after it announced more than $11 billion in charges from its long-term care insurance portfolio and new U.S. tax laws. The Wall Street Journal had earlier reported the sale.
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[
{
"sentiment": "positive",
"ticker": "GE"
}
] |
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| 2018-02-15T00:00:00
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U.S. financial regulatory panel to review Prudential risk designation By Michelle Price and Pete Schroeder WASHINGTON (Reuters) - A panel of U.S. regulators will next week discuss whether global insurer Prudential (N:PRU) should continue to be subject to stringent oversight, according to a public notice and a company statement. The U.S. Financial Stability Oversight Council (FSOC), which designates which financial companies would pose a risk to the country's financial system if they failed, said on Wednesday it would hold a meeting on Feb. 21 to discuss the "annual reevaluation of the designation of a nonbank financial company". Prudential said in a statement Thursday it was the company under review. The insurer has said it does not merit the "too big to fail" designation it was pinned with in the wake of the financial crisis. "We have and continue to maintain that we do not meet the standard for designation and that flaws in the designation process led to this outcome," said company spokesman Andrew Simonelli in a statement. "We look forward to making our case to FSOC as part of our annual designation review, which is now underway." Prudential is the only non-bank financial company currently designated as a "systemically important financial institution" by FSOC. The panel last year released rival insurer AIG from the label, and agreed this month to drop its earlier appeal against a court decision releasing MetLife (NYSE:MET) from the label. The FSOC meeting is the first step towards Prudential also potentially being released from the label which demands more stringent oversight and higher capital requirements.
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[
{
"sentiment": "neutral",
"ticker": "MET"
},
{
"sentiment": "neutral",
"ticker": "PRU"
}
] |
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| 2,018
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Toyota design chief sees future without mass-market cars NAGOYA (Reuters) - As sharing services change car use and ownership, Toyota Motor Corp's (T:7203) new design chief believes that vehicles will shift towards either generic boxes on wheels for everyday use or ultra-luxury cars, wiping out the need for mass-market models. Simon Humphries, responsible for design at the automaker's Toyota and Lexus brands, said that fleets of electric, self-driving shuttle bus-like vehicles could one day eliminate the need for people to drive themselves around on a daily basis. This could one day make cars like its popular Camry and Corolla models obsolete down the line. "On one side we're going to see this optimized (transport) system, but on the other side you're going to see a pure race car," Humphries, who last month became general manager of Toyota's advanced R&D and engineering company, told reporters in Nagoya. "There will be an emotional solution, and a practical solution. So maybe the story is that the middle ground is increasingly going to disappear." Toyota, one of the world's largest automakers which for years has focused on building reliable, fun to drive cars, is now also looking beyond personal-use vehicles to survive in an industry which is being transformed by the onslaught of electrification, automation and other new technologies. As automakers compete to come up with new, profitable transport services, Toyota last month showed a self-driving electric concept vehicle which can be used as buses, mobile shops or moving offices. Toyota plans to test these next-generation vehicles in the early 2020s. The ability for cars to drive themselves in the future, along with the development of electric cars, will be a game-changer for vehicle design, Humphries said, as it will eliminate the need for steering wheels, engines, petrol tanks and other traditional parts, enabling more flexibility to design vehicles which are more fit-for-purpose. "At the moment everything in a car from a design point of view is based on a 100-year old package -- engine in the front, and a driver holding a steering wheel behind," he said. "When you don’t have to hold a steering wheel, the world is your oyster."
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[
{
"sentiment": "negative",
"ticker": "7203"
}
] |
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| 2018-02-15T00:00:00
| 2,018
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Britain's Burberry pairs up with Farfetch in online push PARIS (Reuters) - Burberry (L:BRBY) will team up with online retailer Farfetch to make all of its products available to internet shoppers in 150 countries, the British fashion company said on Thursday. Luxury groups from Louis Vuitton owner LVMH to Gucci parent Kering (PA:PRTP) are putting more resources into e-commerce as they court young customers, developing websites for their brands or partnering with other retailers. Richemont (S:CFR), owner of jeweler Cartier, is bidding for full control of Farfetch rival Yoox (MI:YNAP) Net-A-Porter. Burberry, famed for its trench coats and trademark check in camel, red and black, was one of the earliest adopters of digital changes in the industry, experimenting with new technology in stores and embracing social media to show off its collections. It said the Farfetch partnership would expand its distribution around the world, making its whole inventory widely available as it targets "a young fashion-conscious consumer". It gave no financial details. Farfetch, tipped for a New York stock market listing later this year, is a platform that allows people to buy luxury clothes or accessories from more than 700 brands and boutiques. Unlike some competitors it does not carry stock. Analysts expect online shopping to account for a quarter of all luxury goods sales by 2025, up from close to 10 percent at present, making it a major motor of growth in an industry trying to ride a recovery in demand from key Chinese consumers. Burberry's performance has recently lagged that of many of its competitors and the UK label is in the midst of an overhaul as it looks to move more upmarket. Farfetch will provide around-the-clock deliveries in London of Burberry's latest collection in the 24 hours after it is presented during the city's fashion week on Feb. 17, the brand said. The catwalk show will be the last by designer Christopher Bailey, who is leaving after 17 years at Burberry. His replacement has yet to be announced.
|
[
{
"sentiment": "exclude",
"ticker": "CFR"
},
{
"sentiment": "positive",
"ticker": "PRTP"
},
{
"sentiment": "positive",
"ticker": "BRBY"
},
{
"sentiment": "neutral",
"ticker": "YNAP"
}
] |
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| 2018-02-15T00:00:00
| 2,018
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Thousands of FedEx customer records exposed by unsecured server By Eric M. Johnson (Reuters) - Global package delivery company FedEx Corp (N:FDX) said on Thursday it has secured some of the customer identification records that were visible earlier this month on an unsecured server, and so far has found no evidence that private data was "misappropriated." The server stored more than 119,000 scanned documents from U.S. and international citizens, such as passports, driving licenses, and security identification, according to a report from security research firm Kromtech. Kromtech said its researchers found the unsecured server on Feb. 5 and it was closed to public access on Wednesday. The data was stored on a Amazon (NASDAQ:AMZN) S3 storage server and collected by a company FedEx acquired in 2014, Bongo International, which calculated international shipping prices and provided other services. FedEx later discontinued the service. "After a preliminary investigation, we can confirm that some archived Bongo International account information located on a server hosted by a third-party, public cloud provider is secure," FedEx spokesman Jim McCluskey said in a statement. "We have found no indication that any information has been misappropriated and will continue our investigation," McCluskey said. McCluskey declined to elaborate on what portion of the records were secure, or whether FedEx had notified authorities. The incident affected a tiny portion of FedEx customers globally. The exposure appears far less disruptive than a cyber attack last year on Fedex's Dutch TNT Express unit, which slashed $300 million from its quarterly profit. The Memphis, Tennessee-based company joined a string of companies that reported big drops in earnings because of the NotPetya virus, which hit on June 29, crippling Ukraine businesses before spreading worldwide to shut down shipping ports, factories and corporate offices.
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[
{
"sentiment": "negative",
"ticker": "FDX"
},
{
"sentiment": "neutral",
"ticker": "AMZN"
}
] |
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| 2018-02-15T00:00:00
| 2,018
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AbbVie to buy back $10 billion of shares, raises dividend (Reuters) - AbbVie Inc (N:ABBV) said on Thursday its board had approved a $10 billion stock repurchase program, and the drugmaker also increased its quarterly dividend, as it reaped the benefits of U.S. tax law changes. The Chicago-based company's shares were up nearly 1 percent at $114.04 in mid-afternoon trading. AbbVie, which forecast an adjusted effective 2018 tax rate of 9 percent last month, joins other companies such as Pfizer Inc (N:PFE) and Boeing (N:BA) in announcing share buybacks and dividend raise. The largest U.S. tax overhaul in 30 years includes cuts to corporate tax rates and delivers a windfall to major U.S. companies. AbbVie said it was raising its quarterly dividend to 96 cents per share from 71 cents.
|
[
{
"sentiment": "positive",
"ticker": "BA"
},
{
"sentiment": "positive",
"ticker": "PFE"
},
{
"sentiment": "positive",
"ticker": "ABBV"
}
] |
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| 2018-02-15T00:00:00
| 2,018
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Renault board proposes renewal of CEO Ghosn, names Bollore COO PARIS (Reuters) - French carmaker Renault's (PA:RENA) board on Thursday proposed the renewal of CEO's Carlos Ghosn's position and appointed Thierry Bollore as chief operating officer. The board said in a statement it has "renewed its confidence in Mr. Carlos Ghosn as Chairman and Chief Executive Officer of Renault , and Chairman and Chief Executive Officer of the Alliance." It named three priorities: Oversee the strategic objectives of the "Drive the Future" plan ending in 2022; Take decisive steps to make the Alliance irreversible; Strengthen the succession plan at the head of Groupe Renault.
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[
{
"sentiment": "neutral",
"ticker": "RENA"
}
] |
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| 2018-02-15T00:00:00
| 2,018
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Boeing CEO says 'getting closer' to a deal with Embraer: CNBC (Reuters) - Boeing Co (N:BA) is "getting closer" to a deal with Brazilian aircraft maker Embraer (SA:EMBR3), the U.S. plane maker's Chief Executive Officer Dennis Muilenburg said in an interview with CNBC television on Thursday. Boeing had presented a plan to Brazil's government that would give it an 80 to 90 percent stake in a new venture encompassing Embraer commercial jet business, according to reports last week. "We have structured a deal concept that will satisfy the needs of everybody involved... I am hopeful we can bring that deal to a successful conclusion... We have some work to do, but we are making clear progress," Muilenburg told CNBC. Boeing's proposed tie-up with Embraer would give it a leading share of the smaller passenger jet market and create stiffer competition for the CSeries aircraft program designed by Canada's Bombardier Inc (TO:BBDb) and backed by European rival Airbus SE (PA:AIR). Both Boeing and Airbus are raising production rates for new commercial aircraft to record levels as they compete with each other for orders amid strong demand for air travel. Muilenburg told CNBC the company was ramping up capital expenditure as a percentage of its revenue, with help from recent cuts in the U.S. tax rates. Boeing expects to makes more than 900 aircraft a year, up from the record 763 in 2017 and 810-815 aircraft deliveries expected in 2018, Muilenburg said, adding that higher production would drive cash flow. "Last year, our operating cash flow was a little over $13 billion. This year we're guiding to $15 billion of operating cash flow," Muilenburg said. When asked about the possibility of a trade skirmish between the United States and China, Muilenburg said he was keeping a close eye on dialogues between the two countries. "We've had very good dialogue with the administration, as well as with our Chinese customers and the Chinese government. I think it's important that we have a balanced approach to trade with China."
|
[
{
"sentiment": "positive",
"ticker": "BA"
},
{
"sentiment": "positive",
"ticker": "AIR"
},
{
"sentiment": "positive",
"ticker": "EMBR3"
},
{
"sentiment": "neutral",
"ticker": "BBDb"
}
] |
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| 2018-02-15T00:00:00
| 2,018
|
Caterpillar expects no material impact of tax case on finances (Reuters) - Caterpillar Inc (N:CAT) said on Thursday it was vigorously contesting the $2.3 billion tax and penalties for certain years proposed by the U.S. Internal Revenue Service and that the case would not have a material impact on its finances and operations. Last year, the IRS challenged the company's taxes for 2007-2012 and federal law enforcement officials searched three of its facilities in March in connection with an investigation related to profits earned by a Swiss parts subsidiary, Caterpillar SARL, or CSARL. That subsidiary was the subject of a 2014 U.S. Senate committee report that concluded Caterpillar shifted billions in profits abroad and had $2.4 billion in taxes deferred or avoided from 2012. In a regulatory filing, the heavy machinery manufacturer said the relevant transactions were in compliance with the law. "We currently believe the ultimate disposition of this matter will not have a material adverse effect on our consolidated financial position, liquidity or results of operations," Caterpillar said in the filing. The U.S. tax overhaul signed into law in December has raised hopes of a settlement with the government. Chief Executive James Umpleby last month said the company was cooperating with authorities and hopeful of a quick resolution. The company's shares were up more than 1 percent at $159.31 in afternoon trading.
|
[
{
"sentiment": "neutral",
"ticker": "CAT"
}
] |
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Investing
| 2018-02-16T00:00:00
| 2,018
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Citigroup raises CEO Corbat's pay 48 percent to $23 million NEW YORK (Reuters) - Citigroup Inc (N:C) raised Chief Executive Officer Michael Corbat's annual compensation by 48 percent to $23 million for 2017, a year in which the bank made more money from operations but still fell short of earlier targets. Directors considered recent progress toward new targets when setting Corbat's pay, according to a public filing on Friday. A year earlier, Corbat's annual compensation was cut 6 percent to $15.5 million after the bank missed financial performance targets and saw one-third of its voting shareholders disapprove of his prior pay. After that vote, the company made changes to its pay plan, which was then endorsed by 97 percent of voting shareholders at its annual meeting in April. In July, Citigroup recast targets set in 2013 as new goals for 2020. In 2017, Citigroup stock jumped 25 percent and its profit rose 4 percent, excluding a charge for the impact of the U.S. tax law change on the value of its deferred tax assets. Corbat, 57, has been CEO since 2012. Citigroup is the fourth biggest U.S. bank by assets. The change in Corbat's pay compares with annual raises of 5 to 20 percent for some other Wall Street executives. Jamie Dimon, CEO of JPMorgan Chase & Co, (N:JPM) the biggest U.S. bank, was paid $29.5 million, a 5.4 percent increase. Morgan Stanley (N:MS) CEO James Gorman's compensation was raised 20 percent to $27 million. Lloyd Blankfein, chief executive of Goldman Sachs Group Inc (N:GS) received a 9 percent raise to $22 million, the company said on Friday. Bank of America Corp (N:BAC) CEO Brian Moynihan was paid $23 million, up 15 percent. Citigroup made additional disclosures on Friday which indicate that other senior executives received approximately these amounts of compensation in 2017: James Forese, president and chief executive of Citi's Institutional Clients Group received $20 million, up 31 percent from 2016. John Gerspach, chief financial officer, got $11 million, up 22 percent. Stephen Bird, chief executive of global consumer banking, received $10.5 million, up 17 percent. Jane Fraser, chief executive for Latin America, received $8.5 million, up 8 percent.
|
[
{
"sentiment": "positive",
"ticker": "C"
},
{
"sentiment": "positive",
"ticker": "BAC"
},
{
"sentiment": "positive",
"ticker": "GS"
},
{
"sentiment": "positive",
"ticker": "JPM"
},
{
"sentiment": "positive",
"ticker": "MS"
}
] |
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| 2018-02-16T00:00:00
| 2,018
|
ADM, Syngenta settle lawsuit over biotech corn exports to China By Tom Polansek CHICAGO (Reuters) - U.S. grain merchant Archer Daniels Midland Co has settled a lawsuit with Syngenta over the seed company's launch of a biotech corn strain that roiled grain exports to China, according to regulatory documents filed on Friday. ADM sued Syngenta four years ago for selling the corn variety known as Agrisure Viptera or MIR 162 before it was approved for import by China, an importer on U.S. grain. China rejected U.S. corn cargoes that contained the unauthorized strain, which caused financial losses for ADM, according to the lawsuit. China ultimately approved imports of Viptera corn in 2014. ADM and Syngenta reached a confidential settlement over the matter in December, according to an annual report the grain handler filed with the U.S. Securities and Exchange Commission. Cargill Inc (CARG.UL), another major grain handler, and U.S. farmers also sued Syngenta. Last year, Syngenta, now owned by ChemChina [CNNCC.UL], agreed to settle farmers' lawsuits for close to $1.5 billion. The Cargill case is set for trial in September, according to Syngenta. "Syngenta is continuing to defend against the claims of other exporters, and continues to believe that American farmers should have access to the latest U.S.-approved technologies to help them increase their productivity and crop yield," spokesman Paul Minehart said in an email. Growers also sued ADM over the matter, claiming the company was negligent in failing to screen for biotech corn. China's rejections of U.S. shipments caused corn prices to plummet, according the farmers' lawyers. ADM remains a defendant in court actions in Illinois, which the company has sought to dismiss, the SEC filing said.
|
[
{
"sentiment": "neutral",
"ticker": "CARG"
}
] |
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| 2018-02-16T00:00:00
| 2,018
|
Kraft Heinz quarterly profit, sales miss estimates (Reuters) - Kraft Heinz Co's (O:KHC) quarterly profit and sales missed analysts' estimates on Friday, hurt by lower shipments for nuts, natural cheese and cold cuts in the U.S. Shares of the company, which is backed by billionaire-investor Warren Buffett and private equity firm 3G Capital, fell marginally in premarket trading. Sales in the U.S., the company's biggest market, fell 1.1 percent to $4.79 billion, declining for the seventh straight quarter and also missing analysts' average estimate of $4.81 billion, according to Thomson Reuters I/B/E/S. The company's net income rose to $8 billion, or $6.52 per share, in the fourth quarter ended Dec. 30, from $944 million, or 77 cents per share, a year earlier. The reported quarter had a benefit related to the overhaul of the U.S. tax code. The company, which owns brands such as Velveeta cheese and Heinz ketchup, said net sales inched up 0.3 percent to $6.88 billion, missing estimates of $6.92 billion. Excluding items, the company earned 90 cents per share, missing estimates of 95 cents.
|
[
{
"sentiment": "negative",
"ticker": "KHC"
}
] |
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| 2018-02-16T00:00:00
| 2,018
|
Boeing's 737 MAX-9 aircraft receives FAA approval (Reuters) - The world's largest plane maker Boeing Co (N:BA) said on Friday the U.S. Federal Aviation Administration had officially certified its 737 MAX-9 aircraft for commercial service. The stamp of approval affirms the airplane's handling, systems and overall performance all comply with required aviation regulations, Boeing said. Keith Leverkuhn, 737 general manager, said on Wednesday he expected the certification "within a matter of days-weeks." Boeing said it was in the final stages of preparing the aircraft, which is designed for 220 passengers, for its first delivery to Lion Air Group.
|
[
{
"sentiment": "positive",
"ticker": "BA"
}
] |
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| 2018-02-19T00:00:00
| 2,018
|
Carnival probes security personnel's response to brawl in South Pacific cruise By Jonathan Barrett SYDNEY (Reuters) - Carnival Corp (N:CCL), the world's largest cruise operator, said on Monday it was investigating the response of its security personnel to a brawl that broke out on one of its South Pacific cruises that resulted in 23 passengers being removed. The American-British company said in a statement that it was investigating "all aspects including the security response" of the incident, which was captured on video and posted on social media. The 10-day cruise to the South Pacific returned to the Australian southern city of Melbourne on Saturday, a day after 23 people were removed in the New South Wales (NSW) town of Eden for what the company described as "disruptive and violent acts". "The level of excessive behavior experienced on the cruise was unprecedented," the Carnival statement said, referring to the passengers who were removed from the cruise. "We have apologized to guests who were directly affected by it," it said. The statement did not say when the investigation will be concluded. Carnival has offered passengers a 25 percent "cruise credit" on future trips. A NSW police spokeswoman told Reuters on Monday that inquiries were continuing with no charges laid yet. The video on social media shows passengers brawling with each other and with security officers. A Carnival spokesman said the company could not confirm the veracity of the video. Several passengers who got off the cruise in Melbourne, including Michael Haddara and Jacob Summers, told local media on Saturday that the security staff made matters worse. Companies and their brands can suffer reputational damage from the actions of their employees. Last April, United Airlines reached a settlement for an undisclosed sum with a passenger who was dragged from a Chicago flight. Videos of the passenger, Dr. David Dao, being dragged down the aisle of a United jet and the company's handling of the incident touched off a public outcry and even prompted calls from congressmen for new industry regulation.
|
[
{
"sentiment": "negative",
"ticker": "CCL"
}
] |
194
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| 2018-02-20T00:00:00
| 2,018
|
Board of France's Orange backs company head Richard with new contract PARIS (Reuters) - Stephane Richard, the head of Orange (PA:ORAN), was offered a four-year contract extension on Tuesday by the board of France's largest telecoms operator. Richard, who also serves as Orange's chief executive officer, faces legal charges, which he denies. But Orange said in a statement it was renewing Richard's mandate as a member of its board, in anticipation of renewing his position as chairman of the board. Shareholders will vote on renewing his mandate at the company's annual general meeting in May, Orange said. Richard faces charges over payments to businessman Bernard Tapie of about 400 million euros ($494 million) from public funds. The payments were made in 2008, when Richard was chief of staff to Christine Lagarde, then France's finance minister. He denies any wrongdoing. Last month, Richard got the backing of French Finance Minister Bruno Le Maire, who said Richard's contract should be renewed. The French state is Orange's biggest shareholder. In December, Richard told investors that he would invest in upgrading networks rather than in content. Richard is credited with improving Orange's results in the fiercely competitive French market, where it contends with the likes of Bouygues Telecom (PA:BOUY), Altice (AS:ATCA) and Iliad (PA:ILD). France's telecoms and media industries face the challenge of dealing with contrasting demands from customers who want both fast Internet services and appealing media content.
|
[
{
"sentiment": "negative",
"ticker": "BOUY"
},
{
"sentiment": "neutral",
"ticker": "ORAN"
},
{
"sentiment": "negative",
"ticker": "ILD"
},
{
"sentiment": "neutral",
"ticker": "ATCA"
}
] |
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| 2018-02-20T00:00:00
| 2,018
|
Ford aims to set up German bank this year to offset any Brexit risk LONDON (Reuters) - Ford (N:F) said on Tuesday it hopes to set up a bank in Germany in the second half of the year after applying for a license in the country as part of its strategy to mitigate any risk from Britain leaving the European Union. Ford Credit Europe (FCE) sought a German banking license, to run alongside its existing British one, last year because the future of passporting, which allows financial firms to serve the whole EU from a single base, is uncertain after Brexit. "We anticipate that the German bank will be established in the second half of 2018," said a spokesman. "Any reorganization of FCE’s business involving finance companies depends on the outcome of Brexit negotiations." FCE said it would keep its headquarters in Britain and that the plan would not include job losses or significant changes to where employees are based. FCE, a wholly owned indirect subsidiary of Ford, provides financial services to dealers, retail, fleet and business customers in Britain and 11 other countries in Europe. It said that as part of its Brexit contingency plans it may need to set up finance companies in markets where it currently has branches.
|
[
{
"sentiment": "neutral",
"ticker": "F"
}
] |
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| 2018-02-20T00:00:00
| 2,018
|
Land Securities gets planning permission for Deutsche Bank London HQ (Reuters) - Land Securities (L:LAND), the developer for Deutsche Bank's (DE:DBKGn) new UK headquarters, said on Tuesday it had secured a revised planning permission for the proposed development in the heart of London's City financial district. Deutsche Bank chose the new office for its London headquarters in March last year, signaling a vote of confidence in London's future as a global financial hub despite Britain's decision to leave the European Union. The German lender entered into exclusive negotiations with Land Securities over a 25-year lease on a new building to be constructed at 21 Moorfields, close to the head offices of Standard Chartered Bank (L:STAN) and Legal & General (L:LGEN). Since then Germany's biggest bank has also said it expected to relocate fewer UK-based staff than some senior officials had estimated following Britain's departure from the EU. The deal with Land Securities was conditional on achieving revised planning consent, with Deutsche Bank committing to take a minimum of 469,000 square feet, the developer said. Land Securities, who described Deutsche Bank as "one of the largest employers in the city", expects practical completion for the "strategically important site" in November 2021. "Deutsche Bank's move demonstrates a high level of confidence in the City of London as a leader in financial and professional services," Chris Hayward, Planning and Transportation Committee Chairman at the City of London Corporation, said in the statement. Deutsche Bank did not immediately respond to requests for comment.
|
[
{
"sentiment": "neutral",
"ticker": "DBKGn"
},
{
"sentiment": "not stock",
"ticker": "LGEN"
},
{
"sentiment": "not stock",
"ticker": "STAN"
},
{
"sentiment": "positive",
"ticker": "LAND"
}
] |
197
|
Investing
| 2018-02-20T00:00:00
| 2,018
|
LVMH names Serge Brunschwig as new Chairman and CEO of Fendi PARIS (Reuters) - LVMH (PA:LVMH), the world's biggest luxury goods group, named on Tuesday Serge Brunschwig as the new chairman and chief executive of its Fendi fashion house, as part of an internal reshuffle. Brunschwig will replace Pietro Beccari, who will now become the Chairman and CEO of LVMH's Christian Dior Couture arm. Brunschwig will report to Toni Belloni, LVMH Group Managing Director, LVMH added on Tuesday. Last month, LVMH reported higher annual profits and said it had made a favorable start to 2018 after a revival in Chinese demand boosted sales last year and spurred on some of its major brands like Louis Vuitton.
|
[
{
"sentiment": "positive",
"ticker": "LVMH"
}
] |
198
|
Investing
| 2018-02-20T00:00:00
| 2,018
|
Walmart tumbles after online sales growth slows Shares of Walmart fell as much as 6% in early trading Tuesday after the retailer posted a 42% drop in fourth quarter earnings that missed Wall Street’s expectations. However, the word’s largest retailer reported better-than-expected revenues of $136.27 billion, where analysts polled by Bloomberg had anticipated $134.83 billion. On a per share basis, Walmart missed, bringing in an adjusted $1.33 versus the $1.37 that was expected. Online sales grew 23% in the final quarter of the year, the company said, down from 50% a year ago as it finalizes the integration of its $3.3 billion Jet.com acquisition from 2016. "Walmart U.S. eCommerce sales growth in the fourth quarter was 23 percent, down from 50 percent in the third quarter," CEO Doug McMillan said in a statement. "The majority of this slowdown was expected as we fully lapped the Jet acquisition as well as creating a healthier long-term foundation for holiday. A smaller portion of the slowdown was unexpected, as we experienced some operational challenges that negatively impacted growth." Walmart has plenty of room to go in order to catch Amazon (NASDAQ:AMZN), which last year bought natural grocer Whole Foods for $13.7 billion. Since Amazon's entrance into the grocery industry, Walmart has teamed up with Google (NASDAQ:GOOGL) to explore voice-command shopping much like Amazon’s Alexa-powered Echo devices, as well as cut prices in stores, and rolled out curbside grocery pick up in thousands of locations. Shares of Walmart have gained 38% in the past year.
|
[
{
"sentiment": "negative",
"ticker": "GOOGL"
},
{
"sentiment": "neutral",
"ticker": "AMZN"
},
{
"sentiment": "not stock",
"ticker": "GOOG"
}
] |
199
|
Investing
| 2018-02-21T00:00:00
| 2,018
|
Trump Fiscal Policy Sparks Applause And Alarm on Wall Street Investing.com - What's good for the stock market may not be good for the economy.Two Wall Street firms have weighed in on the Trump administration's fiscal initiatives and come to very different conclusions.BlackRock strategists think the fiscal stimulus of the massive tax cut package is "supercharging U.S. earnings growth expectations," which makes the firm bullish on stocks.BlackRock says that companies are raising earnings expectations at a record rate and that typically bodes well for the stock market, which recently experienced an abrupt correction in its nine-year bull run. Goldman Sachs (NYSE:GS), however, is concerned that massive deficit spending has entered "uncharted territory" and will lead to the worst fiscal position in decades, which will inevitably hurt economic growth,Goldman is also downplaying the positive impact of the tax cut package on the economy, saying that it will increase growth by 0.7% in 2018 and 0.6% in 2019 and "likely come to an end after that."
|
[
{
"sentiment": "negative",
"ticker": "GS"
}
] |
200
|
Investing
| 2018-02-21T00:00:00
| 2,018
|
Nokia sees no path for 'struggling' digital health business: memo By Jussi Rosendahl HELSINKI (Reuters) - Nokia (HE:NOKIA) does not see meaningful potential for its "struggling" digital health business which includes activity trackers and smartwatches, according to an internal memo seen by Reuters on Wednesday. The Finnish company, which is mainly focused on making telecom network equipment, earlier this month said it would start a strategic review of its small digital health venture after just two years in the business. "Rather than only falling in love with our technology, we must be honest with ourselves. In its entirety, our Digital Health business has struggled to scale and meet its growth expectations," Nokia's chief strategy officer Kathrin Buvac wrote in the letter to employees. "Currently, we don't see a path for it to become a meaningful part of a company as large as Nokia... Failing fast isn't failure, it is accelerated learning," she added. A Nokia spokesman declined to comment specifically on the memo, which was initially published by tech news website The Verge, but said: "We now need to see how the strategic review progresses – there is no pre-ordained outcome." Digital health, part of Nokia Technologies unit, is one of the areas where the company had been looking for future growth opportunities amid a tough market for the network gear business. As an initial move into the market, Nokia in 2016 bought France's Withings, which makes activity trackers and thermometers, for 170 million euros ($209 million). Last year, Nokia brought a new smartwatch to the market but also wrote down 141 million euros of goodwill on the business. Other parts of the Technologies unit, such as patent and brand licensing for mobile phones, are not in the scope of the review. The Technologies business also launched a virtual reality camera in 2015, but last year said it would halt the development of that product. "Seems Withings is up for sale and the Technologies unit will move away from new ventures and focus on patent licensing," said Mikael Rautanen, an analyst at Inderes Equity Research who has a "buy" rating on the stock. "They (digital health and VR) were both high-risk investments in future technologies, which didn't take off. So it's good if the company has the guts to back away from them," Rautanen said. Nokia last year generated sales of 23.2 billion euros, of which 52 million euros came from digital health and digital media. ($1 = 0.8122 euros)
|
[
{
"sentiment": "negative",
"ticker": "NOKIA"
}
] |
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