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EBay to spin off PayPal, adopting strategy backed by Icahn
The move, which Carl C. Icahn had called for, will cleave eBay almost in half, separating it from PayPal, which it acquired 12 years ago and now generates almost half eBay’s revenue.
How America is beating the rest of the world
World stock markets can be broken up between the U.S. and the rest of the world. Right now, the U.S. is winning but will it last for long?
China takes boldest step yet to lift housing market, economy
China cut mortgage rates and downpayment levels for some home buyers on Tuesday for the first time since the 2008 global financial crisis, making one of its biggest moves this year to boost an economy increasingly threatened by a sagging housing market. Yet some analysts cautioned investors against thinking that the housing market and broader economy were poised to stage a stunning recovery. The housing downturn has weighed on already soft demand in China, dampening consumer confidence and slashing demand for related products from home appliances to glass, cement and steel. The news, which came on the eve of the Golden Week holiday, signalled that China's central authorities were serious about preventing further deterioration in the property market, which accounts for about 15 percent of the world's second-biggest economy.
EU says Ireland tax deal with Apple was state aid
The European Union has accused Ireland of giving Apple Inc. illegal state aid through tax arrangements that had "no scientific basis" but which helped the iPhone maker shelter tens of billions of dollars in international revenues from tax. In a letter written in June but published only on Tuesday, European Competition Commissioner Joaquin Almunia told the Dublin government that tax deals agreed in 1991 and 2007 appeared, in his preliminary view, to amount to state aid that broke EU laws and could be clawed back from the U.S. "The Commission is of the opinion that through those rulings the Irish authorities confer an advantage on Apple," Almunia wrote to Ireland in the letter, which was dated June 11. Analysts said the Irish tax arrangements saved Apple, the world's most valuable corporation, billions of dollars in tax.
Why a strong dollar is scarier than taper tantrum
Expectations of Fed tightening may spur fears of a rerun of emerging market turmoil, but Societe Generale tips a strong dollar as a bigger risk.
World stocks head for worst quarter since euro crisis,...
World markets were in hesitant mood on Tuesday as investors wondered what China's response would be to civil unrest in Hong Kong, while the U.S. Like most corners of the world, Europe saw limited appetite for risk early on before euro zone inflation data and after what has been the toughest quarter for global stocks since the peak of the euro crisis.
China approves iPhone 6 after security assurances
BEIJING (AP) — China's phone regulator said Tuesday it has approved Apple Inc.'s iPhone 6 for use on Chinese networks after the company promised never to install "backdoors" to give other governments access to users' information. Apple said sales start Oct. 17.
Who needs who the most: Hong Kong or China?
Protesters in Hong Kong are getting a lot of international exposure, but the outcry may mask the territory's fading importance to the mainland.
Bill Gross Gets ‘New Neutral’ Endorsement on First...
On his first full business day at Janus Capital Group Inc., Bill Gross yesterday got a blue-chip endorsement of his economic outlook from a group of former central bankers. Gross spent his final months atop Pacific Investment Management Co. betting on a "new neutral" rate of interest in which weak economic growth and high debt leave central banks likely to keep interest rates below their pre-financial crisis peaks. The strategy wasn't enough to stop redemptions from the Newport Beach, California-based Pimco and it also ran into criticism from rival money managers at Goldman Sachs Group Inc. and BlackRock Inc. It nevertheless found support yesterday in a report published by the International Center for Monetary and Banking Studies written by Vincent Reinhart of Morgan Stanley, Lucrezia Reichlin of London Business School, Luigi Buttiglione of Brevan Howard Capital Management LP and Philip Lane of Trinity College in Dublin.
Vanguard, BlackRock may reap billions from Pimco after...
NEW YORK/BOSTON - Vanguard Group and BlackRock Inc could be prime destinations for hundreds of billions of dollars in assets that may flee Pimco in the wake of the sudden exit of Bill Gross, the celebrated "Bond King" of U.S. His new company, Janus Capital Group Inc, may see Gross's cachet attract tens of billions of dollars, investors and analysts said. During the year ended Aug. 31, investors made $64.7 billion in net withdrawals from Pimco funds, according to research firm Morningstar Inc. Those outflows will likely accelerate with Gross's departure.
Global stocks mostly higher after US declines
Global stocks were mostly higher Tuesday after Wall Street declined and pro-democracy protests in Hong Kong, a major financial center, added to political risk worries.
EBay to spin off PayPal in 2015
EBay Chief Executive John Donahoe had resisted demands by activist investor Carl Icahn to hive off the service, saying PayPal was integral to eBay's business - and vice versa. "A thorough strategic review with our board shows that keeping eBay and PayPal together beyond 2015 clearly becomes less advantageous to each business strategically and competitively," Donahoe said in a statement on Tuesday. After the tax-free spinoff to shareholders, the new eBay will be headed by Devin Wenig, president of eBay Marketplaces and former head of the Markets division of Thomson Reuters Corp (TRI.TO).
Stock futures edge up; S&P set for 7th straight quarterly...
* Market volatility has surged of late, with the S&P 500 posting closing moves greater than 0.5 percent in five of the past six sessions. Earlier this month, the benchmark index went 14 sessions without such a move, its longest such streak since 1995, according to MKM Partners. * The range has come as investors use market declines as buying opportunities. * For the month of September, the Dow is down 0.2 percent, the S&P is down 1.3 percent, and the Nasdaq is down 1.6 percent.
Forget Hong Kong, Pimco -- junk is driving this market
Never mind Hong Kong protests, Pimco’s palace intrigue or violent clashes in the Middle East. The crucial influence on our markets right now is what investors are willing to pay for junk.
Aging population can be a boon to your portfolio
Clearpool Group CEO Peter Kenny says he likes health care, pharma and regional banks this fall.
Israeli entrepreneurs play both sides of the cyber wars
Governments are gleaning access to powerful cyber arsenals, and Israeli firms are capitalizing on both sides of the trade.
Asia stocks unsettled by HK unrest, dollar holds gains
By Wayne Cole SYDNEY (Reuters) - Asian markets were in hesitant mood on Tuesday as investors wondered what China's response would be to civil unrest in Hong Kong, while the U.S. dollar was on track to post its biggest monthly gain in well over a year. Tens of thousands of pro-democracy protesters blocked Hong Kong streets in the early hours on Tuesday, in one of the biggest political challenges to Beijing since the Tiananmen Square crackdown 25 years ago. The unrest was an added complication for investors amid long-standing concerns about the health of China's economy. ...
Cramer: Use volatility to your advantage
Mad Money host Jim Cramer shares the best way to play current volatility in the market and says to take some profits the next time it drives stocks up.
Why you should stay away from this possible deal
It’s the hottest deal rumor in the market right now but could DreamWorks’ latest pop be a reason to bail out of the stock?
We're positioned to meet demand: GoPro CEO
GoPro unveiled new cameras Monday and CEO Nick Woodman said the company is better prepared to meet demand this holiday season.
Ford lowers 2014 pretax profit forecast to $6 billion
Ford Motor Co (F.N) has lowered its expectation for pretax profit this year to $6 billion, from its previous forecast of $7 billion to $8 billion, the automaker's chief financial officer told investors on Monday. Ford shares closed down 7.5 percent at $15.11 and continued to drop in after-hours trading to $14.95. Ford expects pretax profit to rise in 2015 to between $8.5 billion and $9.5 billion, Chief Financial Officer Bob Shanks said at a briefing near company headquarters.
U.S. judge holds Argentina in contempt over bond row
By Joseph Ax and Nate Raymond NEW YORK (Reuters) - In a rare move, a U.S. judge held Argentina in contempt on Monday, saying the country is taking "illegal" steps to evade his orders in a longstanding dispute with hedge funds over defaulted debt. A source at Argentina's central bank nevertheless said the country plans to deposit an interest payment at a local bank on Tuesday, in direct defiance of U.S. District Judge Thomas Griesa's admonitions. ...
Odds in favor of good yet volatile fourth quarter
The third quarter ends Tuesday, but concerns over a weak European economy and geopolitical turmoil remain. Still, Wall Street has plenty of reasons to look forward to the next quarter. CNBC's Patti Domm explains both sides of the coin.
AP: Mayor nixes tax break to save Taj Mahal casino
ATLANTIC CITY, N.J. (AP) — Atlantic City's mayor said Monday he cannot agree to massive tax reductions sought by the owners of the Trump Taj Mahal Casino Resort, throwing into serious doubt an already long-shot plan by billionaire Carl Icahn to buy and save the casino and its 2,800 jobs.
PIMCO's new CIO: Who is Dan Ivascyn?
Late Friday the world’s largest bond manager, PIMCO, announced the replacement for its founder and now former chief investment officer Bill Gross. Taking the reigns at the Newport Beach based firm is Danielle Ivascyn.
Nearly half of American jobs risk being automated
Ed Hess, a professor at University of Virginia's Darden business school, says he has knows how workers can prepare so that robots will never be able to replace them.
Stocks try to regain footing after Hong Kong unrest
Stocks are doing their best to climb out of the pit they found themselves in when the opening bell rang this morning. Political unrest in Hong Kong is being blamed for the slide.
Why big tobacco is playing it safe
Did big tobacco grow a big heart, or are their latest warnings to consumers about e-cigarettes merely a cynical way to inoculate themselves from further lawsuits?
Why the next global crisis may stem from China
This year's Geneva Report, whose authors include ex-Federal Reserve economist Vincent Reinhart, said global debt levels were still rising, particularly in developing countries.
New evidence of how unemployment wrecks families
Just last week, Rutgers University’s John J. Heldrich Center for Workforce Development published its latest findings on the consequences of long-term unemployment, which provides a dreary picture of a highly troubled and disaffected slice of U.S. While there are numerous socio-economic theories on what contributes to the breakdown or disintegration of the family unit, unemployment ranks as one of the leading causes of family instability. The research by Stephan Lindner and Elizabeth Peters tracks the effects in the first year of a job loss for families with children under the age of ten. “Our results suggest that children who experience an unemployment event in their families are also more likely to see a destabilizing change in family arrangements in subsequent months, irrespectively of the initial family arrangement,” the study stated.
Why this Walmart pays workers more than $17 an hour
One of highest paying Walmart stores in the country is not near a bustling metropolis or sandwiched between tony suburbs. It’s in the small and remote town of Williston, North Dakota, surrounded by rolling plains and oil fields.