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McDonald's to hike pay for 90,000 restaurant workers
The move will not apply to workers at franchisee-owned restaurants, which make up 90% of U.S. stores.
Tepid U.S. jobs, factory data spark worries over Q1 growth
A batch of concerning data on the U.S. manufacturing and construction sectors, coupled with a weaker-than-expected reading on private-sector employment, are igniting worries about how much the economy grew last quarter.
US agency charges Kraft, Mondelez with wheat price rigging
Federal regulators have charged two major U.S. food companies, Kraft and Mondelez, with manipulating prices for wheat and wheat futures in a scheme that reaped more than $5.4 million in profit. The Commodity ...
Issuing slews of mortgages-without being a bank
Nonbank mortgage lending rose to 37.5 percent of the market during 2014, up from 14 percent in 2011. Who are the players?
Got a yellow power tie? Why Wall Street is fondly...
Market observers are comparing today's economic backdrop to the one 29 years ago, when oil crashed, corporate profits dipped, the Fed tightened -- and stocks did fine.
GoDaddy's IPO success illustrates new IPO trend
Today it's GoDaddy, next it could be Etsy. What's behind the recent success of IPOs?
Gross rips 'hostile, artificially priced' market
The landscape ahead will be different now that stimulus from the Federal Reserve and elsewhere is losing its impact, Bill Gross said.
Wal-Mart seeks assist from its suppliers to lower prices
Wal-Mart is asking suppliers to cut back on advertising spending in its stores as it seeks lower prices on goods that it sells to its own customers. The request comes as the world's largest retailer, based ...
GoDaddy valued at up to $5.48 billion
GoDaddy's shares rose as much as 34 percent in their debut, valuing the Web hosting company at up to $5.48 billion, including debt. The company, which sponsors race car driver Danica Patrick, raised $460 million.
The Job Market May Be Tighter Than It Looks
The fate of millions of unemployed workers hinges on the answer to that question, as does the timing and pace of the Federal Reserve’s interest rate hikes. We’ll get our next reading on the labor market on Friday, and economists on average expect that the unemployment rate will stay at its current 5.5 percent, down from 10 percent at its recent peak in October 2009. An unemployment rate that falls even further would signify a labor market that has potentially tightened to the point that employers must start offering higher wages to recruit and keep workers, eventually leading to higher prices. In a note to clients today, economists at Deutsche Bank pointed out that another, admittedly narrower measure suggests that the job market is even tighter than the headline unemployment rate indicates.
GM betting on fuel efficiency despite low oil cost
General Motors is striving to create light but spacious cars with its new Cadillac CT6 and Chevy Malibu, GM's Mark Reuss tells CNBC.
Factories in U.S. Slogging Through Storm of Challenges
“We’re getting the impact from slower foreign demand,” said Jim O’Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York, who accurately forecast the ISM reading. A stronger dollar that’s made U.S. goods more expensive overseas and a reduction in capital spending tied to the collapse in oil prices have hampered manufacturers, which represent about 12 percent of the economy.
Fed's Lockhart sticks with June to September liftoff,...
Atlanta Federal Reserve bank president Dennis Lockhart said on Wednesday that the United States remains on track for a likely interest rate hike in the June to September period, with a weak first quarter likely to give way to stronger growth. I still believe the factors are transitory," Lockhart told reporters at a monetary policy conference here. Fed policymakers and many analysts cut their U.S. growth projections after a first-quarter slowdown that stemmed in part from the hit U.S. energy companies are taking from low oil prices, and the hit exporters are taking from a strong dollar. Lockhart said he will be paying particular attention to employment indicators in coming weeks.
U.S. targets overseas cyber attackers with sanctions...
President Barack Obama launched a sanctions program on Wednesday to target individuals and groups outside the United States that use cyber attacks to threaten U.S. foreign policy, national security or economic stability. In an executive order, Obama declared such activities a "national emergency" and allowed the U.S. Treasury Department to freeze assets and bar other financial transactions of entities engaged in destructive cyber attacks. The executive order gave the administration the same sanctions tools it deploys to address other threats, including crises in the Middle East and Russia's aggression in Ukraine. Those tools are now available for a growing epidemic of cyber threats aimed at U.S. computer networks.
What to watch in Wednesday trading
Three things to watch in Wednesday's trade via Yahoo Finance's Michael Santoli.
Walmart wage hike not enough for critics: 'Company still...
Walmart received a ton of positive attention for announcing it will pay hourly employees a minimum of $9 per hour starting this month and $10 per hour in 2016. But Frank Clemente of Americans for Tax Fairness says the retailer still "has a long way to go."
Brent could lose $5 instantly on Iran deal
Negotiators may have missed Tuesday's deadline, but they could still reach a deal to lift sanctions on Iranian oil exports today, which would send prices further south, analysts say.
World Bank sees protracted recession in Russia
Russia faces a protracted economic recession as the impact of Western sanctions will linger for many years and oil prices will stay low, the World Bank said on Wednesday.
Sears to set up REIT to raise $2.5 billion from shareholders
The REIT is the latest in a series of steps Chief Executive Eddie Lampert has taken to shore up the finances of the retailer, which has posted losses for nearly three years. Sears shares rose 9.4 percent to $45.21 in early trading on Wednesday. The REIT, Seritage Growth Properties, will buy and lease back about 254 Sears and Kmart stores, Sears said on Wednesday. The company owned or leased 1,725 Sears and Kmart stores as of Jan. 31.
Oil jumps after U.S. output drop as Iran talks drag
Oil jumped as much as 5 percent on Wednesday, snapping a three-session losing streak, as U.S. crude output fell for the first time in two months and the government announced a smaller-than-feared rise in weekly stockpiles. The market's focus on Iran nuclear talks, which had depressed prices since Friday, also shifted as the dollar eased. Crude production in the United States dropped 0.4 percent to 9.4 million barrels per day (bpd) in the week to March 27, the first weekly decline since the end of January, data from the Energy Information Administration showed. While a Reuters poll showed analysts had expected a 4.2-million-barrel build on average last week, some feared a bigger rise after industry group American Petroleum Institute suggested as much as 5.2 million barrels in a Tuesday report.
U.S. judge refuses to delay code theft trial for...
A New York judge on Wednesday rejected a request from prosecutors to delay the scheduled trial of former Goldman Sachs Group Inc (GS.N) computer programmer Sergey Aleynikov, who is charged with stealing code from the investment bank. Manhattan Supreme Court Justice Daniel Conviser ordered the trial to move forward immediately in the long-running case that inspired Michael Lewis' best-selling book "Flash Boys" about high-frequency trading. A prosecutor, Assistant District Attorney David Holmes, asked the judge in court on Wednesday for more time to ensure witnesses would be available. Aleynikov's attorney, Kevin Marino, said in court that the prosecution's request for a delay was extraordinary because it was so late and unfair to his client.
Toyota China car sales weak in first quarter
The results, announced by Toyota on Wednesday, amounted to what a company spokesman called a surprisingly weak showing by Japan's top automaker in the world's biggest auto market. Takanori Yokoi, a Beijing-based Toyota spokesman, said the newly redesigned Corolla and Levin models sold well during March, but sales of both the RAV4 crossover SUV and the Vios compact car were particularly disappointing. Yokoi blamed the big year-on-year slide in March sales mostly on the fierce competition those two car models faced in China. He cited, for example, dealers discounting competitive cars such as the Honda CR-V crossover, creating competition for the Toyota RAV4 and eating into its sales.
Live: Wall Street's April Fools; Go Daddy's IPO;...
Wall Street starts second quarter in the red. Plus, hiring in the private sector hits lowest level in more than year. And Walmart takes the battle over religious freedom laws to its home state's capital.
Gloomy China, Japan data add to pressure for stimulus
China and Japan reported gloomy industrial data Wednesday, adding to pressure on leaders of the world's second- and third-largest economies to launch new stimulus. Two surveys showed Chinese manufacturing ...
GoDaddy Is Said to Price IPO at $20 a Share
(Bloomberg) -- GoDaddy Inc. raised $460 million in an initial public offering after pricing its shares above the marketed range. The 18-year-old company, which provides domain-name registration and hosting ...
Wall St. declines after data; automakers fall
U.S. stocks eased on Wednesday as weaker-than-expected data spurred concerns over economic growth ahead of Friday's jobs report and first-quarter earnings. U.S. private employers added the smallest number of workers in more than a year in March and factory activity hit a near two-year low, fresh signs that economic growth slowed significantly in the first quarter.
McDonald's raising average worker wage to about $10 an hour
McDonald's Corp (MCD.N) plans to raise the average pay of about 90,000 U.S. workers to around $10 an hour, but the increase will not benefit workers at the vast majority of the restaurants, because they are operated by franchisees, who make their own wage decisions. Workers groups said the move by McDonald's, which is also adding benefits such as paid vacations, fell short of their goals. McDonald's, which announced the increases on Wednesday, has been fighting weak traffic and slumping sales in the United States. Starting wages at the restaurants will move to $1 above the locally mandated minimum wage.
Bank of America at center stage in U.S. top court...
As the U.S. Supreme Court on Wednesday considered the case of a Massachusetts homeowner battling his mortgage lender over a bankruptcy plan, several justices focused their attention on his unlikely ally: Bank of America Corp. Bank of America, one of the largest U.S. banks, filed a friend-of-the-court brief in support of Louis Bullard, who owes community bank Blue Hills Bancorp Inc $387,000 for the mortgage on a property in the town of Randolph. During a one-hour oral argument on the technical issue of whether Bullard can appeal a bankruptcy judge's rejection of his proposed bankruptcy plan, some justices wondered why Bank of America, as a major creditor, would support a debtor. Bank of America originated more than $80 billion in mortgage loans in 2014.
Morgan Stanley boosts CEO pay to $16 million in 2014: filing
Morgan Stanley's board boosted Chairman and Chief Executive James Gorman's compensation by one-third last year, saying the bank's performance was "strong" but had "room for continued progress," according to its proxy filing on Wednesday. Using another calculation set by the U.S. Securities and Exchange Commission which includes restricted awards from prior years and perks, Gorman received $23.3 million in 2014, up from $14.4 million the prior year. It bases Gorman's pay on how well Morgan Stanley achieved objectives from shareholder returns to cost cutting. Colm Kelleher, one of two top business executives under Gorman who oversees trading and investment banking, received a special $2 million bonus last year.
U.S. auto sales demand begins to thaw in March
U.S. consumer demand for new vehicles began to thaw in March, especially for luxury cars and big trucks, but not every carmaker participated in the uptick. New-vehicle sales rose 0.6 percent from a year ago, to 1,545,802 vehicles, industry consultant Autodata Corp said. Among the strong performers were Toyota Motor Corp , Hyundai Motor Co , Kia Motors Corp and Audi (VOWG_p.DE). Last month's sales were driven in part by German and Japanese luxury brands, as well as by a strong appetite for big trucks and SUVs from Detroit manufacturers.
U.S. says HSBC must do more to improve compliance
HSBC Holdings Plc is making progress toward cleaning up its operations, after reaching a $1.92 billion settlement of charges related to money laundering, but has not done enough, the U.S. Department of Justice said on Wednesday. The government made its criticisms after reviewing findings of an independent monitor, Michael Cherkasky, who was appointed in connection with HSBC's so-called deferred prosecution agreement with U.S. authorities.
Tesla shares get late boost on April Fool's press release
Nearly 400,000 shares traded in that time, and it was the heaviest one minute of trading volume in the stock since the opening 60 seconds of trading on Feb 12. The Tesla statement appeared to be a parody of the recent announcement by Apple Inc. (AAPL.O) that it was launching a computerized wrist watch product later this month called the Watch.
U.S. judge orders temporary block of Allegiant Air pilot...
Allegiant Travel Co said after the court order that it expects all flights on Thursday to operate as scheduled, avoiding a strike that could have snarled the travel of more than 33,000 customers ahead of a holiday weekend. Allegiant sued the pilots union in U.S. District Court in Las Vegas on Monday, saying it had violated the Railway Labor Act by moving to strike before the parties had exerted every effort to settle their disputes. The pilots union, Airline Professionals Association Teamsters Local 1224, has until Monday to respond to Allegiant's claims, the ruling said.
5 reasons to avoid the GoDaddy IPO
GoDaddy priced its initial public offering at a higher-than-marketed $20 a share late Tuesday. However, the Web services firm can be a particularly perilous investment.
U.S. stock-index futures fall sharply in late trade
The first quarter wrapped on Tuesday with the...
Bulls feed on M&A, buybacks and IPOs
While the first quarter was a volatile one, the market is poised to end it higher than it began. What's behind the rise?
Etsy launches IPO roadshow, to sell 16.6 million shares...
NEW YORK (MarketWatch) -- Online crafts retailer Etsy Inc. said Tuesday it is launching the roadshow for its initial public offering on April 1. The company is planning to offer 16.6 million shares to ...
Ouch! Here's Wall Street's next headache
Banks, looked to as a bright spot for the upcoming earnings season, might not live up to expectations, according to an analysis from Goldman Sachs.
EU regulators query Luxembourg on McDonald's tax deals:...
European Union antitrust regulators have asked Luxembourg for information on its tax rulings for McDonald's after labor unions accused the U.S. fast food chain of avoiding taxes, a person involved in the issue said on Tuesday. The move, which neither the EU nor Luxembourg would immediately confirm, falls well short of the proceedings the EU has instigated against other U.S. multinationals in Luxembourg and elsewhere, where Brussels believes unfairly low taxation may have distorted competition. Unions from the United States and Europe and British-based charity War on Want last month urged the European Commission to investigate what they said involved about 1 billion euros ($1.07 billion) in tax between 2009 and 2013. "The Commission has sent a letter to Luxembourg asking them to clarify the facts," the source told Reuters.
Economist: Sell Your Stocks and Take Six Months Off
Investors should sell any equities bought over the past year, hold the proceeds as cash and take a holiday from the market for six months, according to Steen Jakobsen, Saxo Bank A/S’s chief economist.