President-elect Trump spoke with the president of Taiwan by phone on Friday in a move likely to infuriate Beijing and hinder US-China relations.
"President-elect Trump spoke with President Tsai Ing-wen of Taiwan, who offered her congratulations," according to a readout of the call released later by Trump's transition team.
"During the discussion, they noted the close economic, political, and security ties exists between Taiwan and the United States. President-elect Tr
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Trump likely just infuriated Beijing with the first call the US has made to Taiwan since 1979
-
STOCKS FINISH FLAT AFTER A LUKEWARM JOBS REPORT: Here's what you need to know
Stocks finished more or less flat after a lukewarm jobs report on Friday.
The Dow finished slightly in the red, while the S&P 500 and the Nasdaq scraped into the green late in the afternoon.
First up, the scoreboard:
Dow: 19,170.42, -21.51, (-0.11%)
S&P 500: 2,191.95 +0.87, (+0.04%)
Nasdaq: 5,255.65, +4.54, (+0.09%)
WTI Crude: $51.59, +$0.53, (+1.04%)
1. The US unemployment rate tumbled to a 9-year low of 4.6%, according to the latest jobs report from the Bu -
Pandora is up over 16% on reports that it could sell itself (P)
Internet-radio pioneer Pandora saw its stock soar Friday after a report from CNBC said the company was open to selling itself.
Pandora was up over 16% at one point in trading on Friday.
Friday morning, CNBC reported that Pandora was "open to engaging in talks with longtime suitor SiriusXM," citing sources.
Later Friday, Bloomberg reported that Pandora had been approached by Sirius XM's chairman Greg Maffei to express an interest in buying the company. Sirius XM had reportedly made -
Sirius XM approached Pandora board about acquisition (P, SIRI)
SiriusXM Chairman Greg Maffei has recently reached out to the board of internet radio provider Pandora about a possible acquisition, according to a Bloomberg report.
Pandora's stock surged more than 16% on Friday following the report, which was based on anonymous sources.
Earlier on Friday, CNBC reported that Pandora was "open" to selling itself.
Bloomberg said that Sirius did not discuss a price for the deal and that Pandora still has not yet responded.
Sirius offered about $15 -
There's an ‘invisible majority’ in America that has been left behind by financial innovation
We’re now hearing it very loudly from political prognosticators, after hearing it from millions of Americans: Government and politics have not served a growing group of Americans.
Last month’s surprise election outcome taught us that the two political parties, and those in the industry of politics and governing, don’t have satisfactory answers for Americans who feel left behind by macroeconomic realities. Americans have sent a clear message: They are frustrated by the instituti -
'This is not a roster that says 'the economy is rigged'': Meet the economic leadership team Trump is building
President-elect Donald Trump appointed three of his top economic Cabinet members this week, selecting people who hold traditional Republican economic values that don't exactly embody the disruptive nature that the real-estate mogul championed for months on the campaign trail.
Trump selected Steven Mnuchin for treasury secretary, Wilbur Ross as commerce secretary, and Todd Ricketts as Ross' deputy.
"He's been running this [transition] somewhat like 'The Apprentice,' but in the end he chooses peop -
Twitter just lost another key executive (TWTR)
Yet another key Twitter executive has left as the company struggles to make money and innovate its core product.
Twitter's vice president of global sales, Richard Alfonsi, announced on Friday that he is joining payments startup Stripe. Alfonsi worked at Twitter for four and a half years and was responsible for growing the company's ad business, according to his LinkedIn.
"We want to thank Richard for his dedication to Twitter and his many contributions over the past 4.5 years," a Twitter s -
Tech stocks were a huge winner until the election — but now they've 'fallen off a cliff'
It's not pretty for tech stocks.
The tech-heavy Nasdaq has dropped by more than 1% each of the past two days and companies from Alibaba to Amazon are seeing drop offs.
A note from Bespoke Investment Group showed just how bad things have gotten for tech stocks.
"While Technology was a market leader for much of the Summer and into the Fall, in the post-election world the sector has done a complete 180 and fallen off a cliff," said the note from Bespoke.
In fact, while the sector had been outpacing -
One detail in the jobs report should unnerve the retail industry (WMT, TGT, AMZN, M)
Friday's jobs report showed that employment in the retail industry shrank for the first November in six years.
According to data from the Bureau of Labor Statistics, the retail trade lost 8,300 jobs. Overall, the US economy added 178,000 jobs, while the unemployment rate fell to a nine-year low of 4.6% and the size of the labor force shrank.
Retail employment trends tend to be seasonal, and around this time of year, retailers should be hiring more associates to cater to shopping from Black Frida -
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A bunch of Deutsche Bank clients are learning the harsh reality of an age-old rule on Wall Street (DB)
Deutsche Bank is cutting 3,400 clients off.
The German bank has decided to reduce the number of sales and trading clients it deals with following a review of its client list. Dixit Joshi, the head of the bank's salesforce for equities and debt, announced the move in a memo on Friday. Rob Copeland and Jenny Strasburg at The Wall Street Journal were first to report the news.
The bank said in October it would reduce the number of clients in global markets by up to 50% as part of an effort to reduce -
Facebook working on a plan to pick news from favored media partners (FB)
Facebook is working on a new feature that will showcase lists of curated content from publishers directly in the News Feed, according to two people familiar with the project and internal documentation seen by Business Insider.
The feature is called Collections and functions similarly to Snapchat's Discover section, which showcases news stories, listicles, videos, and other content submitted by handpicked media partners.
Facebook has approached media and entertainment companies in recent weeks t -
US oil rig count jumps for 5th straight week
The US oil rig count increased again this week, by three to a total of 477, according to driller Baker Hughes.
Over the last two years, the focus has been on the massive plunge in the number of active oil rigs, which followed the collapse in oil prices.
Now that OPEC has agreed to its first output cut in eight years, pushing oil prices above $50 per barrel, US producers may be encouraged to ramp up production at a faster rate. There is, however, a lag between oil-price and rig-count c -
Most 'blockbuster' treatments for diseases like Alzheimer's fail, but here's why researchers aren't giving up hope
While treatments for diseases like cancer have had an innovation gold rush, neurological diseases haven't seen the same kind of development.
In November, the field faced another setback after an Alzheimer's disease drug failed a critical late-stage trial. But other drugmakers seem to still have hope, even if the odds are stacked against them.
At the Forbes Healthcare Summit on Thursday, two CEOs from companies in the neurodegenerative space spoke with Susan Schneider Williams, whose -
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Another senior executive at Deutsche Bank is set to leave the bank (DB)
A senior executive at Deutsche Bank is set to leave the bank.
Brad McKee, an emerging markets specialist who was most recently head of Latin America structured debt, will leave at the end of the year, according to people familiar with the matter.
McKee joined the bank 10 years ago, and held a number of roles at the bank including global cohead of emerging markets structured credit trading.
He previously spent 13 years at JPMorgan in New York, Mexico, and Buenos Aires.
It ha -
Ryanair launches holidays with promise to keep being ‘bastards on cost’
Ryanair is launching a holiday service that it says will make it it “the Amazon of the travel industry”, providing its 119 million customers with flights, accommodation and transfer packages. However, the airline says the move will not affect its no-frills brand positioning, with CMO Kenny Jacobs promising it will still be a “bastard on cost”.
The airline has partnered with tour operator Logitravel and accommodation site World2Meet to create the service, which is current -
Goldman Sachs shares have been on a tear since the election (GS)
Goldman Sachs shares have been on a tear since last month's presidential election.
The stock has gained about 25%, and on Thursday hit its highest level since 2007 — or before the financial crisis. The shares were down about 1.3% to $223.66 as of about 11:00 am ET Friday.
Goldman shares have also outperformed every other company on the Dow Jones Industrial Average since the election. Here's the stock compared with the whole index:The gains come as banks have rallied across -
Trump is forming an economic advisory team with the CEOs of Disney, General Motors, JPMorgan, and more
Private-equity giant Blackstone said on Friday that its CEO, Steve Schwarzman, would head a group of business leaders to "frequently" advise President-elect Donald Trump on economic matters.
"President-elect Donald J. Trump today announced that he is establishing the President's Strategic and Policy Forum," said the press release from Blackstone.
"The Forum, which is composed of some of America's most highly respected and successful business leaders, will be called upon to meet with the presiden -
Friday's jobs report showed it's still tough for unemployed Americans
Friday's US jobs report had a huge surprise with a massive drop in the unemployment rate to 4.6%, the lowest since August 2007.
Despite that good news, the details of the report show that it's still tough out there for those who are unemployed.
For one thing, people who are out of work have on average been without a job for a pretty long time. The average length of unemployment as of November was 26.3 weeks. This tied with September 2015 for the least time since August 2009, but it is still much -
Carlsberg, Diageo, 2016 in review: 5 things that mattered this week
2016 in reviewDecember has arrived, which only means one thing at Marketing Week HQ – it’s time to take a look back at the craziness that’s called 2016. To make things as easy as possible, we have firstly trawled through this year’s best campaigns – divided up into two helpful parts to peruse at your leisure. You can find them here and here, with Pret, Malibu and Coca-Cola all making an appearance.
But that’s not all. We have also taken a closer look at who ha -
How brands are responding to the divisive politics of 2016
Right-wing website Breitbart has called on its readers to boycott Kellogg’s after the cereal brand pulled its advertising from the siteWhat does your brand really stand for? It’s the soul-searching question that companies around the world are starting to ask themselves as the global political climate becomes ever more fraught and divided. Donald Trump’s victory in the US presidential election and the Brexit vote this summer have shattered the neoliberal consensus in the West, u -
Here's the real cost of the '12 days of Christmas'
Your true love will need to raise his or her budget for your Christmas gifts this year.
PNC released its annual Christmas Price Index on Friday, and it showed that prices for items from the Christmas carol "The Twelve Days of Christmas" rose by 0.7% from last year. That's slightly up from the 0.6% pace in 2015.
The cost of everything on the list, from the partridge to the drummers, totaled $34,363.49, an increase of a few hundred dollars from last year. The "core" index, excluding volatile swan -
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One group of traders is looking forward to a big bump in bonuses
Rates traders are making it rain.
The rates business has been the standout performer on Wall Street in 2016, with revenue at $21 billion for the first nine months of the year, according to Coalition, up 24% from the same period.
And early indications suggest total compensation will increase for the top performers.
According to an annual survey by the Wall Street recruiting firm Options Group, total compensation for rates traders in the US will be up 9% from last year on average. For rates salesp -
British Gas tries to convince people to gift smart metres this Christmas
British Gas has teamed up with sister brand Hive for the first time to launch a joint Christmas campaign in a bid to establish itself as the “first port of call” for the connected home.
The ‘You’re Never Far from Home’ campaign, devised by creative agency CHI&Partners, launches across Facebook, YouTube and cinema from today (2 December) and will run until 22 December. It features the true story of the Moses family from Warlingham, Surrey, who are separated duri -
British Gas tries to convince people to gift smart devices this Christmas
British Gas has teamed up with sister brand Hive for the first time to launch a joint Christmas campaign in a bid to establish itself as the “first port of call” for the connected home.
The ‘You’re Never Far from Home’ campaign, devised by creative agency CHI&Partners, launches across Facebook, YouTube and cinema from today (2 December) and will run until 22 December. It features the true story of the Moses family from Warlingham, Surrey, who are separated duri -
British Gas makes bid to be ‘first port of call’ for the connected home
British Gas has teamed up with sister brand Hive for the first time to launch a joint Christmas campaign in a bid to establish itself as the “first port of call” for the connected home.
The ‘You’re Never Far from Home’ campaign, devised by creative agency CHI&Partners, launches across Facebook, YouTube and cinema from today (2 December) and will run until 22 December. It features the true story of the Moses family from Warlingham, Surrey, who are separated duri -
Poundland shouts about quality and price as it looks to ‘win’ post Brexit
Poundland is airing its first ever national TV campaign, which shows surprised members of the public learning that Christmas items such as mince pies are actually from the discounter’s festive range.
Running for the next three weeks, the ad, although clearly lower budget, has some similarities with the Lidl Surprises campaign in being a bid to convince members of the public that gifts from a discounter are not lacking in premium quality.
Speaking to Marketing Week, Poundland’s tradi -
Iceland slams ‘Christmas in November’ as it unveils a Geordie Santa
Iceland is launching its headline Christmas ad, replacing brand advocate and Mysterious Girl singer Peter Andre with a chirpy, Geordie-accented Santa Claus.
The 60-second spot, which retains Iceland’s ‘the Power of Frozen’ slogan and was created by independent agency Karmarama, features married couple Nick and Sarah Claus being greeted with a surprise Iceland Christmas food delivery. Following the delivery, Santa returns home for regular ‘pit stops’ of mince p -
'Super-consumers' drive profits
SINGAPORE: 'Super consumers' – just 10% of all consumers – spearhead profitability in any category, driving an estimated 30% of sales and more than 50% of profits, according to an analysis by Nielsen across 140 categories globally. The finding was... -
Product launches target social
GLOBAL: Marketers are no longer looking to traditional above-the-line campaigns when launching new products and services, turning first to social – with television well down the pecking order, according to new research. Launch marketing agency... -
P&G leads FMCG penetration in China
BEIJING:A total of 22 FMCG companies reach more than 100m urban Chinese households according to Kantar Worldpanel data, with Procter & Gamble heading the list.Figures covering the 52 weeks to October 7 showed that P&G -
How Kraft rewrote the relaunch rules
NEW YORK: Kraft's Mac & Cheese successfully showed that product relaunches may initially benefit from being low-key in nature, as it deliberately decided to "push against" the hyperbole which usually accompanies such efforts.Eric Zuncic, Chief... -
Global brands slim ad server rosters
GLOBAL: Major global brands are consolidating their roster of ad serving companies as part of their ongoing efforts to transform their marketing for the digital age, a new report has said.The findings come from a survey by the -
Food divides Americans
WASHINGTON, DC: Americans are almost as divided in their perceptions of food and what constitutes healthy eating as they are on politics, although the food splits do not follow party lines.A new Pew Research Center survey of 1,480 US adults showed... -
Aussies stick with TV for entertainment
SYDNEY: Australians spend more time using the internet than watching television, but much of that is work- or study-related, meaning that TV is top for entertainment.A new study by Roy Morgan Research found the average Australian -
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