- By Hilary Russ and Chuck Mikolajczak NEW YORK (Reuters) - Wall Street fell broadly on Friday, with U.S. stocks and the dollar lower after the Federal Bureau of Investigation said it would probe additional emails related to Democratic presidential candidate Hillary Clinton's use of a personal email server while secretary of state. "The market turned south the minute the headline hit the tape that the FBI is all of a sudden looking at (Hillary Clinton's) emails again," said Ken Polcari, director o
- By Lucia Mutikani WASHINGTON (Reuters) - The U.S. economy grew at its fastest pace in two years in the third quarter as a surge in soybean exports and a rebound in inventory investment offset a slowdown in consumer spending. The labour market is near full employment and price pressures have been steadily increasing, raising confidence that inflation will gradually move towards the Fed's 2 percent target.
- By Noel Randewich SAN FRANCISCO (Reuters) - Shares of Apple supplier Cirrus Logic Inc surged 7.5 percent on Friday after its quarterly results beat expectations and Wall Street bet on the future adoption of fancy earbuds with high-end digital technology. Helped as well by increased sales of its components to Apple, shares of the audio chipmaker were on track for its strongest day in a month. Apple Inc's decision to abandon the traditional headphone jack in its recently launched iPhone 7 and powe
Asif Hanif: Today Is A Happy Day For Uber Drivers Sick And Tired Of Losing Out On Basic Rights At WorkToday, drivers won a pivotal victory in a case taken by my union, GMB against Uber that proved that they really are employees and not "partners" as the company always says... Up till now, Uber drivers have not been guaranteed a minimum wage - and as GMB, has shown, not every driver always makes the legal minimum. We're also not entitled to holiday pay and as a result, any time off means a loss of earnings, which can mean a lot when you have bills to pay. When Uber comes in and takes advantage of
- WASHINGTON (AP) — Don't expect much more from the U.S. economy this year — it may have already peaked.
- Ian Shepherdson, chief economist at Pantheon Macroeconomics warned that the data overstates growth as the soybean export surge will reverse in Q4
- By Tatiana Jancarikova and Jan Lopatka BRATISLAVA (Reuters) - Germany's finance minister on Friday proposed shifting some of the task of enforcing euro zone budget rules away from the European Commission, which has repeatedly given way to governments' pleas to be allowed to break fiscal limits. Wolfgang Schaeuble said the Commission's "political" nature made it difficult to impose compliance on governments - and that the job of enforcement should be instead partly handed to the European Stabilit
- By Kit Rees and Alistair Smout LONDON (Reuters) - Britain's top share index edged higher on Friday, led by a rise in airlines following an earnings update from IAG, though banks were also in focus after a busy week of earnings that saw the sector hold near its highest level of 2016. The FTSE 100 closed 0.1 percent higher at 6,996.26 points, though it was down 0.3 percent for the week. British Airways owner IAG was the biggest gainer on the blue chip index, rising nearly 6 percent to a 4-month hi
- By Hilary Russ NEW YORK (Reuters) - U.S. stocks and government debt yields climbed on Friday, cheered by stronger-than-expected growth in the world's biggest economy that boosted bets on an imminent U.S. rate increase, while oil prices fell amid a persisting global glut. Healthcare, which had buoyed the benchmark S&P 500 index in previous sessions, was the only negative sector due to results from Amgen and AbbVie . An estimate of U.S. second-quarter gross domestic product showed annualised e
- By Darya Korsunskaya and Katya Golubkova MOSCOW (Reuters) - The Russian government will sign off on the sale of a 19.5 percent stake in state oil firm Rosneft early next week, pushing ahead with a privatisation programme as it seeks to plug holes in the state budget. Moscow has said it aims to raise 700 billion roubles (£9.17 billion) by selling the Rosneft stake, although the company is under Western sanctions imposed over Russia's role in the Ukraine crisis, which may limit interest by W
- At a single stroke the GMB union has declared war on Uber and the gig economy. The union backed a case brought by two Uber drivers successfully arguing for them to receive workers benefits such as holiday pay and the national living wage. This was upheld in a landmark ruling by the Central London Employment Tribunal who said that Uber drivers are not self-employed, but are workers who are entitled basic benefits such as sick pay.
- ALBANY, N.Y. (AP) — Wall Street is on track to post higher profits this year and end three straight years of declines, according to a report issued Friday by New York state Comptroller Thomas DiNapoli.
- NEW YORK (AP) — U.S. stocks are rising Friday after the government said the economy broke out of its recent slump and grew faster than expected during the third quarter. Industrial and technology companies are making some of the largest gains as General Electric and Alphabet climb. Health care companies are sinking after weak results from prescription drug maker McKesson and biotech giant Amgen.
- Tough month for bonds and a rising dollar have yet to cause mayhem in markets
- The equities market remains "hopelessly overpriced" and is unlikely to head for a major downward spiral until interest rates go up, according to industry veteran David Buik. With the US economy posting a 2.9% growth in the third quarter, Buik thinks a hike in US interest rates of 25 basis points has already been priced in by the equities market. At Panmure Gordon, we love the health sector.
- LONDON/FRANKFURT (Reuters) - Deutsche Bank is among more than 20 bidders in talks to potentially buy a 3.2 billion euro (£2.88 billion) loan portfolio from state-owned rival HSH Nordbank [HSH.UL] as Germany's biggest lender tries to do deals despite its troubles, sources told Reuters. HSH and Deutsche declined to comment. Four finance industry sources with knowledge of the situation said on Friday Deutsche Bank was looking at the portfolio.
- LONDON (AP) — Uber drivers in Britain should get paid vacation days and be guaranteed a minimum wage, a tribunal said Friday, in a ruling that tests the limits of the so-called "gig economy," in which companies rely on individual to work as self-employed contractors without safety nets.
- By Jemima Kelly LONDON (Reuters) - Sterling hit an eight-day low against the euro on Friday, after Northern Ireland's High Court ruled that the law of the province did not restrict the British prime minister's ability to trigger an exit from the European Union. A similar case has been taken to the High Court in London, with campaigners arguing the government does not have the authority to trigger Article 50 without the explicit support of parliament. The Northern Ireland High Court said its ruli
- Bulgaria's European commissioner Kristalina Georgieva, who unsuccessfully sought the post of United Nations Secretary-General in September, has been named as chief executive of the World Bank. The European Commission said on Friday that Georgieva, a vice-president at the EU executive who is responsible for the EU's budget, will resign and take up her new job in January. Germany's Gunther Oettinger, the European commissioner responsible for digital economy policy, will take over the portfolio, wh
- By Sam Forgione NEW YORK (Reuters) - The U.S. dollar slipped from a three-month high against the yen and fell against the euro on Friday after federal government data showing a deceleration in U.S. consumer spending in the third quarter overshadowed a stronger-than-expected overall economic growth reading. Analysts said the reading could be viewed as tepid given the consumer spending component and therefore did not further reinforce traders' confidence that the Federal Reserve would raise intere
- The US economy accelerated to a 2.9 percent annual growth rate in the third quarter, boosted by consumer spending and exports
- Frankfurt, London and Paris wobbled after a dour Asian session, as dealers eyed looming third-quarter US gross domestic product (GDP) data due at 1230 GMT
- By Ross Finley LONDON (Reuters) - Several of the world's top central banks will meet in the coming week, but only one, the U.S. Federal Reserve, is set to start a final countdown on the second most anticipated event of the year after the Presidential Election. Fed Chair Janet Yellen and the rest of the Fed's policy-setters appear to have left themselves the December meeting to deliver a rate rise in 2016, with hardly anyone expecting a move only a week before the Nov. 8 election. If the Fed does
- By Costas Pitas LONDON (Reuters) - Uber should no longer treat its drivers as self-employed, a British tribunal ruled on Friday, in a decision which threatens the taxi app's business model by forcing it to pay the minimum wage and offer holiday entitlement. Two drivers brought their case to a British employment tribunal in July, arguing the rapidly expanding app, which allows users to book and pay for a taxi by smartphone, was acting unlawfully by not providing certain employment rights. Uber sa
- By Jeremy Gaunt LONDON (Reuters) - With a more than trillion euro fuel injection and no interest rates worthy of the name, the euro zone economy is stirring, more data confirmed on Friday, leaving policymakers hunting for signs the nascent recovery is sustainable. Two ECB policymakers, in separate speeches, showed no indication they believed their job was close to done, although the bank continues to demand reforms from euro zone capitals to fix underlying problems. Spain showed its economy was
- The pound was poised to end the week on a losing note, as it hit a fresh one-week low against the euro after Northern Ireland's High Court rejected a legal bid to secure a parliamentary vote on Theresa May's Brexit plans. Sterling had hit a one-week high of $1.2271 on Thursday (27 October), after official data showed the economy grew more than expected in the three months after the European Union referendum but quickly relinquished the gains. "The pound touched 31-year lows against the dollar in
- Uber drivers have won the right to receive workers benefits such as holiday pay and the national living wage, a tribunal ruled. In a landmark ruling the Central London Employment Tribunal said that Uber drivers are not self-employed but are workers who are entitled basic benefits such as sick pay. The ruling about employment rights is widely regarded as a test of the UK's gig economy, which has come under fire for allegedly exploiting workers.
- The US economy grew 2.9% in the third quarter, its highest rate of expansion since the second quarter of 2014, according to official data published on Friday (28 October).
- By Lucia Mutikani WASHINGTON (Reuters) - The U.S. economy grew at its fastest pace in two years in the third quarter as a surge in exports and a rebound in inventory investment offset a slowdown in consumer spending. Despite the moderation in consumer spending, the third-quarter rise in growth could help dispel any lingering fears the economy was at risk of stalling. "This shows that the U.S. is roughly on track.
- Book review: Capital Without Borders: Wealth Managers and the One Percent
Brooke Harrington impressive book explores the wealth-management industry through the eyes of the managers themselves.
The post How the 1% escape the taxman was first published on MoneyWeek.
- Acceleration in GDP raises hopes that economy has found firmer footing in second half
- Book review: The Man Who Knew: The Life and Times of Alan Greenspan
If you enjoy reading about politics and want to understand how central bankers can be swayed by outside pressure and ambition, this is the book for you, says Matthew Partridge.
The post Alan Greenspan: hero or villain? was first published on MoneyWeek.
- The U.S. economy grew at a 2.9 percent rate in the July-September quarter, the strongest pace in two years, as the battered export sector rebounded and businesses finally began restocking their shelves ...
- Anxiety over rising prices, the Fed and future of QE rattles investors
- From a restored 18th-century church with a rectory in five acres of grounds in Cesena, Italy, to an 1840s parsonage with a tennis court in Amersham, Buckinghamshire.
The post Former vicarages on the market was first published on MoneyWeek.
- Owning fine jewellery and expensive toys is all very well – until they start to own you.
The post Why waste money on sparkly baubles? was first published on MoneyWeek.
- Frankfurt, London and Paris wobbled after a dour Asian session, as dealers eyed looming third-quarter US gross domestic product (GDP) data due at 1230 GMT
- The delay is a small price to pay for getting the trade deal right
- China will maintain a prudent monetary policy and a proactive fiscal policy, President Xi Jinping on Friday told a meeting of the Politburo, the top decision-making body of the ruling Communist Party. China must "adhere to prudent monetary policy and maintain reasonably ample liquidity while focusing on controlling asset bubbles and preventing economic and financial risks," Xi said at the meeting about the economy, according to state media. China must implement supply side reform, appropriately
- German inflation rose more than expected in October, hitting the highest level in two years, preliminary data showed on Friday, a welcome sign for the ECB that its monetary policy is gradually pushing up price pressures in Europe's biggest economy. German consumer prices, harmonised to compare with other European countries (HICP), rose by 0.7 percent on the year after an increase of 0.5 percent in September, the Federal Statistics Office said. This was the highest inflation rate since October 20
- Germany's finance minister said on Friday the euro zone bailout fund - the European Stability Mechanism - may be the right institution to take over some responsibility for monitoring euro zone countries' budgets from the European Commission. Speaking at a conference in Bratislava, Wolfgang Schaeuble said as long as there was no European fiscal union - which he said would not change in the foreseeable future - the Commission could take on a more political role, while monitoring of fiscal policies
- A perennial favourite, the new BMW M140i is as rewarding as the car it replaces.
The post BMW’s cult classic was first published on MoneyWeek.
- By Jamie McGeever LONDON (Reuters) - Stocks fell on Friday, curbed by yet another rise in global bond yields that also lifted the dollar to a three-month high against the yen as investors grew more confident that U.S. interest rates will rise before the end of the year. Benchmark 10-year U.S. and euro zone yields rose to their highest since May before settling, and 10-year British yields were on track for their biggest monthly rise since January 2009, the second-biggest in more than 20 years. In
- Ayala is making some of the most individual and fascinating wines in the region, says Matthew Jukes.
The post An incredible boutique Champagne was first published on MoneyWeek.
- By Padraic Halpin and Francesco Canepa LONDON/FRANKFURT (Reuters) - The European Central Bank will provide stimulus until a sustained inflation rebound, even as its unprecedented measures come with side effects and face constraints, two policymakers said on Friday, just as the bank is contemplating more easing. Facing stubbornly low inflation, the ECB will decide in December whether to extend its 80 billion euro (£71.90 billion) per month asset buys beyond its scheduled end next March, hav
- David Ricardo’s status was made during the Battle of Waterloo, spreading false rumours to manipulate the market.
The post David Ricardo: the world’s greatest investors was first published on MoneyWeek.
- Robust economic data reinforce concerns central bank policy might change
- By Claire Milhench LONDON (Reuters) - European investors raised their euro zone bond exposure to a one-year high in October, with a majority expecting the European Central Bank to extend its bond-buying programme beyond next March, a Reuters poll showed on Friday. Within their global fixed income portfolios, European asset allocators increased their eurozone bond holdings by over 5 percentage points to 57 percent, the highest level since October 2015. The poll of 16 fund managers and chief inves
- Hollywood media mogul Haim Saban would be the obvious channel between the Israeli government and a Hillary Clinton presidency.The post Haim Saban: the killer dealmaker battling for Hillary was first published on MoneyWeek.
- It was while watching an episode of Top Gear that Cassandra Stavrou got the idea to give popcorn a bit of a shake-up.
The post Money makers: popcorn in a cement mixer was first published on MoneyWeek.
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