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Paying CEOs fat bonuses for stock performance doesn't...
Offering bonuses to a CEO to improve shareholder returns doesn’t improve the company’s performance, according to a new study by Cornell University and consultants Pearl Meyer & Partners.
Investors brace for stocks to fall again ahead of earnings
The global market volatility of the past month that sent U.S. stocks to their worst quarter in four years shows no signs of letting up just because the calendar turned to October. Investors say they are bracing for another leg down in the S&P 500 stock index despite its positive showing last week by increasing cash and other defensive positions in their portfolios. "Do I think we go into a bear market?
U.S. auto union faces tough road to salvage failed contract
DETROIT/CHICAGO (Reuters) - Mounting discontent among the United Auto Workers rank and file will complicate its leaders' bid to recover from the defeat of a proposed labor agreement with No. 3 U.S. automaker Fiat Chrysler Automobiles NV, UAW members said Friday. UAW President Dennis Williams and its vice president for Fiat Chrysler, Norwood Jewell, told local union leaders during a meeting in Detroit Thursday evening that negotiators would convene Friday and approach the automaker, people familiar with the discussions said. Williams and other top union leaders didn't discuss a strike at Fiat Chrysler in the near term, they said.
Volkswagen to hold extraordinary board meeting on...
Volkswagen's supervisory board will hold an extraordinary meeting on Wednesday at which finance chief Hans Dieter Poetsch is expected to be appointed as new head of the 20-member controlling panel, two ...
Merkel says VW scandal has not hurt Germany's reputation...
German Chancellor Angela Merkel told a German radio station that the emissions scandal around German carmaker Volkswagen (VOWG_p.DE) was "drastic" but the damage was not so great that Germany was no longer deemed a good place to do business. "I believe the reputation of the German economy and the trust in the German economy has not been shaken by this to the extent that we are no longer considered a good business location," she told Deutschlandfunk, according to the text of an interview due to be broadcast later on Sunday.
Bernanke: More execs should have faced prosecution for...
Former Federal Reserve Chairman Ben Bernanke said in a newspaper interview published on Sunday that more corporate executives should have been prosecuted for their actions leading up to the 2008 financial crisis. Bernanke told USA Today that the U.S. Justice Department and other law enforcement agencies focused on investigating or indicting financial firms. "But it would have been my preference to have more investigation of individual action, since obviously everything that went wrong or was illegal was done by some individual, not by an abstract firm," Bernanke was quoted as saying.
Exclusive: Lockheed Martin mulls merger of some services...
The contemplated transaction would create the largest government services contractor in the United States and would generate an estimated $2 billion windfall for Lockheed, the people said. Lockheed, the Pentagon's largest supplier, is looking to pay down debt following its agreement in July to acquire Sikorsky Aircraft, the helicopter unit of United Technologies Corp (UTX.N), for $9 billion in cash. CACI International Inc (CACI.N) and Science Applications International Corp (SAIC.N) are in early-stage talks with Lockheed about a so-called Reverse Morris Trust (RMT) deal for the assets, a transaction that would avert a hefty tax bill, the people said.
U.S. job growth stumbles, raising doubts on economy
U.S. employers slammed the brakes on hiring over the last two months, raising new doubts the economy is strong enough for the Federal Reserve to raise interest rates by the end of this year. Payrolls outside of farming rose by 142,000 last month and August figures were revised sharply lower to show only 136,000 jobs added that month, the Labor Department said on Friday. "You can’t throw lipstick on this pig of a report," said Brian Jacobsen, a portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.
Exclusive: TPP would include auto market opening for...
A U.S.-Japan agreement on autos trade as part of a sweeping Pacific Rim trade deal would have its own dispute settlement mechanism, including penalties, if Japan does not open its market enough to U.S. vehicles, a source close to the negotiations said on Friday. Negotiators are working to finalize a trade deal which would stretch from Japan to Peru and autos trade has been one of a few remaining and politically charged sticking points. A broader deal on autos trade between Japan, the United States, Mexico and Canada was nearly complete, two people close to the closed door talks said, requesting anonymity because of the sensitivity of the negotiations.
Pimco fund posts $2.3 billion net outflows in September
Investors pulled $2.3 billion in assets from Pacific Investment Management Co's flagship fund in September, up from $1.8 billion the previous month, as market sentiment soured over persisting concerns ...
Pacific Rim nations close in on a landmark trade deal
Pacific trade ministers are optimistic of closing a sweeping Pacific Rim trade deal after progress on Friday on hurdles involving autos, dairy products and intellectual property protections for expensive biologic drugs. Ministers represented in the Trans Pacific Partnership (TPP) talks in Atlanta met for 20 minutes before breaking for negotiators to resume work on specific issues, work that Japan's Economy Minister Akira Amari said on Friday would likely go on all night. The United States and Australia are locked in intense negotiations over the length of time pharmaceutical companies have exclusive rights to produce and market next-generation medicines.
Two Nations, One Fortune: China & the U.S. at a Crossroads
Andy Serwer, Editor-in-Chief of Yahoo Finance talks with Ian Bremmer, Founder & President, Eurasia Group, Gov. Jon Huntsman, Jr. and Kevin Rudd, Former Prime Minister of Australia at the 2015 Concordia Summit in New York about the dynamic nature of the relationship between the U.S. and China.
The economy is stronger than weak job numbers suggest
These 4 charts will make you feel better.
Prick asset bubbles with rates? Fed officials split
The question of whether the Federal Reserve should adjust interest rates to deflate risky financial market bubbles split some of its top policymakers on Friday, suggesting the controversial idea is re-emerging as the U.S. central bank approaches an historic policy tightening. Giving the central bank an effective third mandate - beyond its formal objectives for inflation and employment - has won more adherents since the 2007-2009 financial crisis, which some blame in part on too-easy monetary policy in the preceding years that allowed risks to take root. As the Fed approaches its first rate hike in nearly a decade, which could come this year, one reason to act sooner than later is to head off any brewing instabilities in risky corners of financial markets like leveraged loans, high-yield debt and even automobile lending.
Obama urges Congress to fund government, Republicans quarrel
President Barack Obama on Friday urged the U.S. Congress to take steps soon to fund the federal government in 2016 and raise its nearly exhausted borrowing authority, but acknowledged that Republican political turmoil in Congress will complicate that. "I will not sign another shortsighted spending bill," Obama told reporters, warning that a temporary budget patch approved this week by lawmakers presents the risk of a new fiscal crisis before Christmas. On Wednesday, just hours before a midnight deadline when government agency funds were due to run out, Congress extended current spending levels through Dec. 11.
Massachusetts attorney general expects multi-state probe...
Massachusetts Attorney General Maura Healey said on Friday she expects a multi-state probe will be launched into the breach at Experian Plc that compromised data of some 15 million people who sought to open accounts with T-Mobile US Inc. "We have contacted both companies to review the circumstances and anticipate working with attorneys general across the country on this matter," Healey said in a statement. A spokeswoman for Healey declined to elaborate on plans for a potential multi-state investigation into the cyber attack that was disclosed on Thursday.
Weak jobs report leaves Federal Reserve tied to global...
The weak U.S. September jobs report published Friday is another sign that Federal Reserve policy may be uncomfortably tethered to the strength of the global economy, as a year long swoon in exports helped wipe out manufacturing jobs and slow employment growth. As it tries to engineer the first U.S. interest rate increase in nearly a decade, the Fed wants economic growth to stay even marginally above what is viewed as its long-term trend of around 2.0 percent. With the U.S. dollar gaining more than 20 pct in the past 18 months though, making exports more expensive for foreign buyers, that support for economic growth is now lagging.
Scottrade says victim of hackers who targeted financial...
The firm said it learned about the attack from federal law enforcement officials who were investigating the theft of data from Scottrade and other financial services firms. News of the attack comes a day after Experian Plc (EXPN.L) disclosed a breach that compromised sensitive data of some 15 million people who sought to open accounts with T-Mobile US Inc (TMUS.N). Scottrade said on its website that its trading platforms and client funds had not been compromised.
Judges reject bonus plans for executives at bankrupt...
A U.S. judge on Friday rejected a plan to pay millions of dollars in bonuses to top executives of bankrupt miner Molycorp Inc, two days after GT Advanced Technologies Inc failed to get approval of a similar plan. Molycorp, which filed for bankruptcy in June, had said the bonus plan would align executives' goals with those of its creditors to maintain the value of the rare earth miner's business. Molycorp's creditors and the United Steelworkers union opposed the plan, which could have paid up to $2.9 million in bonuses, saying it was being funded in part by idling a California mine and laying off the workforce there.
Billion-dollar startups offering million-dollar paydays
After VCs fueled a boom in startups worth more than $1 billion, software developers are setting a target of their own to go work for the so-called unicorns.
Wal-Mart cuts 450 jobs in Arkansas to be 'more nimble'-memo
Wal-Mart Stores Inc is cutting 450 jobs at its headquarters in Arkansas as part of a reorganization of the retailer's management structure, according to an internal memo circulated to staff on Friday. The cuts are aimed at making the world's largest retailer by revenue a "more nimble organization" and is part of a review that will lead to "pulling back in some areas and investing in others," Chief Executive Doug McMillon said in the memo, which was seen by Reuters. The move comes as Wal-Mart struggles to shore up its profit margins, which have been weighed down by a $1 billion investment announced earlier this year to boost wages for half a million store-level workers and other cost pressures.
Cashin: Not going to be a pleasant Christmas
The U.S. economy is slowing down and the latest jobs report confirms it, UBS' Art Cashin said Friday.
Dow, S&P close up more than 1%, post biggest reversal in...
U.S. stocks turned higher Friday, in attempt to extend a recent recovery, as investors digested higher oil prices and a weaker-than-expected jobs report.
Orders to US factories down 1.7 percent in August
Orders to U.S. factories fell in August by the largest amount in eight months, led by a drop in demand for commercial airplanes and weakness in a key category that tracks business investment spending. ...
US regulator missed its best chance to catch VW cheating
More than a decade ago, the U.S. Environmental Protection Agency helped develop a technology that ultimately was used by an independent laboratory to catch Volkswagen's elaborate cheating on car emissions ...
Millions of T-Mobile customers exposed in Experian breach
Experian Plc, the world's biggest consumer credit monitoring firm, on Thursday disclosed a massive data breach that exposed sensitive personal data of some 15 million people who applied for service with T-Mobile US Inc. Connecticut's attorney general said he will launch an investigation into the breach. Experian said it discovered the theft of the T-Mobile customer data from one of its servers on Sept. 15.
EPA extends VW diesel emissions probe to other brands in US
More than two dozen diesel car models made by BMW, Chrysler, General Motors, Land Rover and Mercedes-Benz are under scrutiny as the US regulator that exposed Volkswagen's rigging of emissions tests probes ...
Albertsons Plans to Raise $1.5 Billion in Grocery Chain's...
Albertsons Cos., the U.S. supermarket chain with more than 2,000 stores backed by Cerberus Capital Management, said it plans to raise about $1.53 billion in an initial public offering. The sales will consist ...
Bernanke, in new memoir, recalls Lehman's 'surreal' failure
Ben Bernanke recalls the September weekend in 2008 when regulators sought desperately but in vain to save the investment bank Lehman Brothers as a "terrible, surreal moment." "We were staring ...
5 car companies that (apparently) don’t cheat
The auto industry used to push regulators around. No more.
'Incredibly fearful' Fed braces for jobs report
Data-dependent Federal Reserve officials suddenly are finding the data turning against them.