Business news

• Wells Fargo general counsel postpones planned retirement

  30-11-2016 23:56 via news.yahoo.com
  
  "In light of recent events the decision was made to have Jim Strother remain with the company and continue to serve as our general counsel," said Peter Gilchrist, a Wells Fargo spokesman. The decision was made by the bank's board of directors and a search is under way for Strother's replacement, Gilchrist said.
  
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• Wall St. posts big Nov gains; mostly dips on day despite energy

  30-11-2016 23:29 via news.yahoo.com
  
  Energy shares jumped with oil prices after OPEC agreed to cut production. Bank shares also rose after comments by Steven Mnuchin, President-elect Donald Trump's pick for U.S. Treasury secretary, told CNBC that tax reforms and trade pact overhauls would be top priorities of the new administration. Bank of America gained 4.5 percent, while Goldman Sachs ended up 3.6 percent and hit a high of $220.77, its best level since the financial crisis.
  
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• After OPEC deal, oil expected to rally - for the moment

  30-11-2016 21:26 via news.yahoo.com
  
  Oil's blistering rally of up to 10 percent to $50 a barrel on Wednesday should continue into next week, analysts and fund managers said, after the world's top producers announced a historic deal to rein in output. The Organization of the Petroleum Exporting Countries reached its first deal to cut oil output since 2008 - signaling its return to managing supply in world markets. The path ahead for the oil market, however, is expected to be volatile, as those who positioned for a rally unwind their
  
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• Oil jumps over 10 percent as OPEC finalizes output cut deal

  30-11-2016 21:21 via news.yahoo.com
  
  By Jessica Resnick-Ault NEW YORK (Reuters) - Oil soared more than 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world's largest producers agreed to curb production for the first time since 2008 in a bid to support prices. Crude prices rose nearly 5 percent for the month.
  
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• S&P 500 edges lower; tech, utility losses offset energy rally

  30-11-2016 21:06 via news.yahoo.com
  
  News that OPEC agreed to cut production drove U.S. oil prices up 9.3 percent, causing the S&P 500 energy index to rally 5.1 percent and bond yields to jump. The S&P utility index was down 2.7 percent, while shares of AT&T fell 1.7 percent. Technology shares also dropped, including Microsoft, which was down 1.1 percent.
  
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• Netflix finally lets you download to binge offline

  30-11-2016 20:58 via cnet.com
  
  An update to its mobile apps will let you watch without a connection, but not every film and show in its catalog is included.
  
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• Amazon unveils new data center hardware to get you securely into the cloud

  30-11-2016 20:56 via techrepublic.com
  
  At the 2016 re:Invent conference, AWS CEO Andy Jassy unveiled two new products, the Snowball Edge and Snowmobile, to make it even easier to get your data into the cloud.
  
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• Oil Futures Rally To Highest Finish In Nearly 5 Weeks

  30-11-2016 20:52 via feeds.foxbusiness.com
  
  Oil futures rallied Wednesday to settle at their highest level since late October after the Organization of the Petroleum Exporting Countries announced its first agreement in eight years to cut its crude production.
  
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• Energy stocks soar after OPEC reaches deal to cut oil output

  30-11-2016 20:46 via cbc.ca
  
  Canadian stocks soared to an 18-month high on Wednesday on the news that OPEC had reached an agreement to cut its daily oil output by 1.2 million barrels.
  
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• American Eagle Says A�ropostale Liquidations Hurt Same-store Sales

  30-11-2016 20:46 via feeds.foxbusiness.com
  
  American Eagle Outfitters Inc. said Wednesday that stores located near A�ropostale locations that are liquidating experienced a two- to four-percentage-point same-store sales decline.
  
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• Natural Gas ETFs Find Support from Growing U.S. Exports

  30-11-2016 20:38 via feeds.foxbusiness.com
  
  Natural gas ETFs have been regaining ground on colder winter conditions and higher heating demand over the short-term. Over the long-term, gas prices may find support from rising exports as the U.S. becomes the world’s third-largest producer of liquefied natural gas for export. The United States Natural Gas Fund (NYSEArca: UNG) gained 8.7% over the…
  
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• Apple marks World AIDS Day with boost for Bono charity

  30-11-2016 20:37 via cnet.com
  
  In the name of corporate responsibility, the gadget giant is decorating 400 stores with Red signs and donating part of its sales to the nonprofit founded by U2's frontman.
  
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• Can 'MicroMasters' credentials help fill the tech skills gap?

  30-11-2016 20:35 via techrepublic.com
  
  Nonprofit education platform edX recently announced a credential program to teach employees skills in AI, user interface design, and project management. Here's what your company needs to know.
  
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• Growth Continues Across Most U.S. Regions

  30-11-2016 20:06 via feeds.foxbusiness.com
  
  The U.S. economy continued to expand in October and November, the Federal Reserve said on Wednesday in its anecdotal Beige Book report.
  
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• Gold Sinks Nearly 8% In November

  30-11-2016 20:03 via feeds.foxbusiness.com
  
  Gold futures sank on Wednesday, notching its worst month of the year, as oil prices rallied after the Organization of the Petroleum Exporting Countries reached a deal to cut oil production that is equivalent to 1% of global output.
  
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• Foreign ownership of Canadian condos down from 2015: CMHC

  30-11-2016 20:01 via cbc.ca
  
  Foreign ownership of existing Canadian condominium units "remains low" in 2016 compared to the previous two years, according to a CMHC report that aims to learn more about rapidly rising home prices in certain major cities.
  
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• Why Offshore Oil Stocks Surged Higher Today

  30-11-2016 19:58 via feeds.foxbusiness.com
  
  Oil is popping today, helping offshore oil producers, but will the bounce last?
  
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• Oil ETFs Rejoice After OPEC Agrees to Production Cuts

  30-11-2016 19:53 via feeds.foxbusiness.com
  
  The Organization of Petroleum Exporting Countries concluded a deal to curb oil supply, its first cut in eight years, bolstering crude oil prices and energy-related ETFs. Leading market gains on Wednesday, the SPDR Oil & Gas Equipment & Services ETF (NYSEArca: XES) jumped 12.8%, PowerShares DWA Energy Momentum Portfolio (NYSEArca: PXI) surged 11.7% and PowerShares…
  
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• Here's Why Some of America's Biggest Oil Stocks Are Skyrocketing Today

  30-11-2016 19:49 via feeds.foxbusiness.com
  
  OPEC sends megadrillers Hess, Devon Energy, Anadarko Petroleum, ConocoPhillips, and EOG Resources up by double digits today.
  
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• Chrysler minivan gets 84 mpg equivalent in electric mode

  30-11-2016 19:46 via feeds.foxbusiness.com
  
  Fiat Chrysler says its new gas-electric hybrid minivan will get the equivalent of 84 miles per gallon in electric mode and 32 mpg in city-highway mileage when in hybrid mode.
  
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• Trump will get power to text all Americans

  30-11-2016 19:33 via cnet.com
  
  Donald Trump, president-elect of the US and Twitter aficionado, will be able to send unblockable mobile alerts to all Americans starting January 20.
  
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• Trump tweets he'll separate himself from his business empire

  30-11-2016 19:29 via cnet.com
  
  Technically Incorrect: The president-elect again chooses Twitter to make what some might see as a major announcement.
  
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• Here's Why Seadrill Ltd, Noble Corporation, and Diamond Offshore Drilling Inc Shares Are Up Over 15% Today

  30-11-2016 19:29 via feeds.foxbusiness.com
  
  OPEC has announced it will cut oil production, and energy markets are celebrating. But it's probably too soon to call this a victory for offshore drillers.
  
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• Trump's Treasury pick targets taxes, trade reforms: media

  30-11-2016 19:14 via news.yahoo.com
  
  President-elect Donald Trump's pick to lead the U.S. Treasury, Steven Mnuchin, said on Wednesday the administration would make tax reform and trade pact overhauls top priorities as they seek a sustained pace of 3 percent to 4 percent economic growth. Mnuchin also signaled a desire to remove U.S. mortgage-finance companies Fannie Mae and Freddie Mac from government ownership, a move that could have wide-ranging ramifications for how Americans pay for their homes.
  
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• Nova Scotia's Scotsburn to be sold to Quebec dairy giant Agropur

  30-11-2016 19:11 via cbc.ca
  
  Scotsburn has been sold to Quebec's Agropur Cooperative.
  
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• Oil, bank stocks send S&P, Dow to record highs

  30-11-2016 19:03 via news.yahoo.com
  
  Energy-related stocks were the top 20 percentage gainers on the S&P 500 index. "I suspect this move in oil is probably temporary and may not last very long, but it is giving a boost to the market," said Randy Frederick, vice president of trading and derivatives at Charles Schwab. November is set to be Wall Street's best month since March, with the markets rallying on Donald Trump's victory in the U.S. presidential election.
  
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• OPEC in first joint oil cut with Russia since 2001, Saudis take 'big hit'

  30-11-2016 18:50 via news.yahoo.com
  
  OPEC agreed on Wednesday its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand on arch-rival Iran to slash output. Non-OPEC Russia will also join output reductions for the first time in 15 years to help the Organization of the Petroleum Exporting Countries prop up oil prices. Brent crude jumped over 9 percent to more than $50 a barrel as Riyadh reached a compromise with Iran and after fast-growing producer Iraq also agreed to curtai
  
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• Goldman shares hit highest level since financial crisis in post-election rally

  30-11-2016 18:48 via feeds.foxbusiness.com
  
  Shares of Goldman Sachs Group Inc on Wednesday climbed to their highest levels since the financial crisis, as the bank benefited from a post U.S. presidential election rally.
  
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• GoPro lays off 200 people, shutters its aspiring media arm

  30-11-2016 18:47 via cnet.com
  
  The action-camera maker, struggling with weak sales, makes cuts to save more than $650 million in costs next year.
  
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• Chrysler Pacifica Hybrid is the most fuel-efficient minivan ever

  30-11-2016 18:42 via cnet.com
  
  Then again, it's also the first plug-in hybrid minivan, so it's sort of expected.
  
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• Amazon goes all-in on AI and big data at AWS re:Invent 2016

  30-11-2016 18:40 via techrepublic.com
  
  At the 2016 AWS re:Invent conference, CEO Andy Jassy unveiled new updates to compute, analytics, and artificial intelligence tools.
  
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• Here's the best gift for people who suck at cooking

  30-11-2016 18:34 via cnet.com
  
  We tested out a smart frying pan to see if it could teach a kitchen newbie how to cook.
  
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• Five essential cybersecurity audiobooks

  30-11-2016 18:28 via techrepublic.com
  
  A curated list of cybersecurity audiobooks to help you better understand the history of computing, who hacks and why, and the future of cyber-defense.
  
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• Oil up more than 8 percent as OPEC finalizes output cut deal

  30-11-2016 18:24 via news.yahoo.com
  
  Oil prices soared more than 8 percent on Wednesday as some of the world's largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices. Crude prices, however, are unlikely to skyrocket in reaction to the deal, but will instead take measured steps higher, traders and analysts said. OPEC will meet with non-OPEC producers on Dec. 9.
  
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• Here's Why Arrowhead Pharmaceuticals Inc. Is Being Obliterated Today

  30-11-2016 18:24 via feeds.foxbusiness.com
  
  Shares collapsed after the company announced that it will discontinue development of some of its most promising product candidates.
  
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• Video: Top 5 things to know about BYOD

  30-11-2016 18:22 via techrepublic.com
  
  BYOD, or bring your own device, is becoming the norm in workplaces. Here are five tips for managing these devices.
  
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• Why Fannie Mae and Freddie Mac Are Soaring by 30% Today

  30-11-2016 18:18 via feeds.foxbusiness.com
  
  Donald Trump's Treasury secretary nominee, Steven Mnuchin, says he believes that Fannie and Freddie should be released from government control.
  
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• The 2017 Honda CR-V barely costs more than the last one

  30-11-2016 18:17 via cnet.com
  
  That's not a bad deal, considering how thoroughly revised it is.
  
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• Rachel Notley heading to B.C. to make the case for Trans Mountain pipeline

  30-11-2016 18:17 via cbc.ca
  
  Alberta Premier Rachel Notley is headed to British Columbia early next week to try to calm concerns on the West Coast over the Trudeau government's approval of Kinder Morgan's Trans Mountain pipeline.
  
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• Kinder Morgan Inc. Can Finally Move Forward on This Critical Pipeline

  30-11-2016 18:14 via feeds.foxbusiness.com
  
  The energy infrastructure giant was granted approval for its Trans Mountain Pipeline expansion project.
  
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• These 4 Gold Stocks Are Ridiculously Cheap

  30-11-2016 18:12 via feeds.foxbusiness.com
  
  At less than ten times cash flow, these gold stocks are the cheapest in the sector. But, there is a slight catch.
  
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• Google Street View car snaps evidence of itself speeding

  30-11-2016 18:10 via cnet.com
  
  Google Street View seems to show a Google car triggering a speed-warning sign in a UK village.
  
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• Apple still loves U2, expands work with Bono's AIDS charity

  30-11-2016 18:00 via cnet.com
  
  The gadget giant is decorating 400 stores with Red signage and donating part of its sales to the charity.
  
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• Amazon Prime video streaming could launch in Canada on Thursday

  30-11-2016 17:55 via cbc.ca
  
  Netflix could face a powerful new competitor in Canada as soon as Thursday when Amazon.com launches its Amazon Prime video streaming service, according to comments made at a CRTC hearing earlier this week.
  
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• GM may lose $9,000 per Bolt EV to advance the industry

  30-11-2016 17:54 via cnet.com
  
  It could pay off in the long-term, though.
  
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• Actelion shares fall on report it rejects J&J offer

  30-11-2016 17:52 via news.yahoo.com
  
  ZURICH (Reuters) - Shares in Swiss biotech company Actelion fell more than 6 percent after news outlet streetinsider.com reported on Wednesday the company had rejected a full takeover offer by U.S. healthcare group Johnson & Johnson and may sell a unit. Actelion declined to comment on the report, which cited an unidentified source, and referred to a statement the company had published on Friday. The companies had confirmed last week they were in talks about a possible transaction. (Reporting
  
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• PayPal pushes into mobile commerce with new app for business users

  30-11-2016 17:50 via techrepublic.com
  
  PayPal Business allows SMBs to create and send invoices, manage account activity, and access customer information from one platform. Here's how it could help your enterprise.
  
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• Fed speakers have focused too much on rate increases: Powell

  30-11-2016 17:48 via news.yahoo.com
  
  Federal Reserve policymakers should put less emphasis publicly on the short-term outlook for interest rate increases and more on the economics driving monetary policy and the uncertainty of forecasts, Fed Governor Jerome Powell said on Wednesday. In comments at a Brookings Institution forum on Fed communications, Powell said that a diverse set of views at the Fed, with 12 regional bankers and a Washington-based board who set their own public speaking schedules, helps strengthen the democratic fr
  
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• 3 Takeaways From Yamana Gold's Q3 Earnings

  30-11-2016 17:45 via feeds.foxbusiness.com
  
  Can investors enjoy golden slumbers following this gold miner's recent performance?
  
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• U.S. Airlines Descend on Havana

  30-11-2016 17:20 via feeds.foxbusiness.com
  
  Airlines are rushing to start nonstop flights to Havana, but investors should recognize that most of these routes will lose money in the near term.
  
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