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The price of oil is about to blow a hole in corporate...
There’s one place in the world where oil is still $95 a barrel. On paper.
Yellen lashes out at banks on poor 'values'
Federal Reserve Chair Janet Yellen lashed out at the culture in the nation's biggest banks on Tuesday saying "there may be pervasive shortcomings in the values of large financial firms that might ...
US mutual funds cut expenses by shifting billions to trusts
Mutual fund companies, including No. 2 Fidelity Investments, have slashed fees on their most popular funds by shifting billions of dollars into collective trusts not regulated by the U.S. Securities and Exchange Commission. The growing shift to collective trusts could prove a weapon for actively managed mutual funds losing out to low cost passive investment products such as the exchange-traded funds offered by rivals such as Vanguard Group, the biggest mutual fund company. "CITs are more opaque to the outside world because reporting requirements are not as stringent," said Michael Rawson, manager of research at Morningstar Inc. Retirement plans sponsored by Delta Air Lines Inc cut fees by 23 percent last year when they shifted an estimated $1 billion in assets managed by Fidelity's Contrafund into a collective investment trust (CIT).
Clinton ran own computer system for her official emails
The computer server that transmitted and received Hillary Clinton's emails — on a private account she used exclusively for official business when she was secretary of state — traced back to an Internet ...
Eurozone showing signs of economic momentum
The 19-country eurozone's economy is kicking into a higher gear thanks to falling oil prices and the lower euro, but the recovery is still far short of that experienced by the U.S. A brace of economic ...
High court takes up major fight over health law subsidies
The Supreme Court is hearing arguments in a major test of President Barack Obama's health overhaul that threatens insurance coverage for millions of people. The justices are meeting Wednesday to try to ...
China plays down US concerns over anti-terror legislation
China played down U.S. concerns that proposed anti-terror legislation would give the Chinese government sweeping power to police electronic communications and marginalize foreign companies fighting for ...
U.S. mortgage applications rise in latest week: MBA
Applications for U.S. home mortgages edged up last week as interest rates dipped, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application ...
Global stocks pull back further from record highs
Global equities pulled back from recent record highs on Wednesday, with investors turning cautious after underwhelming European PMI data and ahead of central bank meetings. It hit a six-week low under pressure from the imminent launch of the European Central Bank's bond-buying program. The MSCI All Country World equity index slipped 0.3 percent, with Asian shares lower overall despite data showing a modest pick-up in China's services sector and a surprise rate cut in India that boosted bonds and the rupee.
Target to cut thousands of jobs as seeks to cut costs by...
The cost-cutting forms a key plank of a revival plan outlined by Chief Executive Officer Brian Cornell, who has sought to narrow the retailer's focus to a handful of product lines where Target believes it has an edge on quality and price while also investing to catch up with rivals online. Cornell said Target's management needs streamlining and he wants to change the corporate culture from one focused on process to one that meets the demand of customers. Target said it was revamping its merchandise, in part to attract both millenials and Hispanics, seen as important to driving future sales growth. Target said the job cuts would primarily come from corporate locations in the Minneapolis area and in India that collectively employ about 26,000 people, and not from its roughly 1,800 stores across the United States.
Business activity lifted in February as central banks...
Growth in China's service industry accelerated and India's expanded at an eight-month high while firms across the euro zone ramped up operations at the fastest rate in seven months, according to surveys published on Wednesday. The survey results come days after the People's Bank of China (PBOC) cut interest rates and mere hours after the Reserve Bank of India followed suit. The European Central Bank is about to embark on a trillion-euro stimulus program. Oil prices, like the euro, have tumbled in recent months, helping drive Markit's final February Composite Purchasing Managers' Index (PMI) for the euro zone, seen as a good growth gauge, up to a seven-month high of 53.3.
For first time in years, euro economy starts surprising...
The euro zone economy is sprouting more green shoots than anticipated just as the European Central Bank fires up a money printing program worth more than 1 trillion euros. An analysis of Reuters polls shows more than half the most important economic reports since the start of the year, as well as data across the bloc's four largest economies, have beaten the consensus forecast and many have topped the highest prediction. This latest turn, which comes despite concerns over Greece's future membership in the euro and no real respite to conflict in Ukraine, suggests fears of a deflationary spiral in Europe have been overdone. Germany, Europe's largest economy, is the clear leader.
Oil above $60 as Saudi Arabia sees steady market
Brent crude oil steadied above $60 a barrel on Wednesday after Saudi Arabia's oil minister said he expected the oil market to balance itself. Oil Minister Ali al-Naimi said he hoped and expected the oil market to balance and prices, which hit a nearly six-year low around $45 in January, to stabilize, adding to signs OPEC's largest exporter is confident that demand is growing. Naimi said it was not Saudi Arabia's responsibility to "subsidize" higher cost oil producers. The speech followed news that Saudi Arabia had raised its official selling prices (OSPs) for oil deliveries to Asia and the United States on Tuesday.
M&S breaks with tradition to get more agile on style
Shoppers usually blame dowdy clothes and tired stores for the painful decline of Britain's former retail powerhouse Marks & Spencer (MKS.L). After hiring new designers, overhauling its online offering and giving a facelift to stores, M&S still needs to push home its most ambitious project: overturning more than a century of retail history by taking full control of its supply chain.
From prime rib to chips and dip: Lean times at mining's...
When the world's miners head for Toronto each year to attend their industry's annual conference, they arrive with certain expectations. At the makeshift bar set up on a reception desk, a project manager poured the drinks as guests mingled in the brightly-lit board room and corridors.
Pimco CIO Ivascyn says 'late decision-makers' behind...
Pimco's top investment officer said on Tuesday that "late decision makers" are largely behind a rush of withdrawals from its flagship bond fund some five months after the departure of longtime manager Bill Gross, but the outflows should taper off before long. Dan Ivascyn, group chief investment officer for Pimco, said in an interview that many institutional investors take months to decide on and execute a reallocation from one fund or firm to another. Ivasycn's comments came as the firm reported another $8.6 billion of outflows in February from the Pimco Total Return Fund, bringing withdrawals to $76.6 billion since Gross moved from Pimco to Janus Capital Group Inc. "Not surprised by the outflows," Ivascyn said by phone from the firm's Newport Beach, California, headquarters.
Stocks pull back further from record highs
Markets in Asia wobbled on Wednesday as traders took a cautious stance ahead of a slew of U.S. data reports due later in the week.
Cramer: The stock capitalizing on Lumber Liquidators
"Mad Money" host Jim Cramer spots one company getting the best of this bad story.
RBI surprises again with post-budget rate cut
The Reserve Bank of India unexpectedly lowered its policy rate for the second time this year on Wednesday, backing a government that is pushing to revive economic growth as inflation cools. Although markets had broadly expected the RBI to reduce rates again after a cut in January, few had expected a move just days after the government unveiled a budget that took a slower path to lowering the fiscal deficit. After cutting the policy repo rate by 25 basis points to 7.50 percent, RBI Governor Raghuram Rajan issued a statement citing his reasons for making the move a month before a scheduled policy review. "Given low capacity utilisation and still-weak indicators of production and credit off-take, it is appropriate for the Reserve Bank to be pre-emptive in its policy action," he said.
Bank regulator Lawsky: Cyberattack worst case scenario
New York State's Superintendent of Financial Services Ben Lawsky, provides perspective on the potential for a cyberattack on banks.