Business news

• Jailed Libor trader Hayes launches fresh appeal against conviction

  30-01-2017 23:56 via news.yahoo.com
  
  Tom Hayes, the first person worldwide to be jailed for conspiring to manipulate Libor interest rates, on Monday night launched a last-ditch appeal against his conviction and 11-year sentence in Britain, alleging his trial was unfair. Hayes, a gifted mathematician with mild Asperger's syndrome, was initially sentenced to 14 years in prison in 2015 for conspiracy to rig the London interbank offered rate (Libor), a benchmark for rates on around $450 trillion worth of loans worldwide, while working
  
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• Trump Polls: Are Americans In Favor Of Controversial Refugee Ban?

  30-01-2017 23:51 via ibtimes.com
  
  A poll from the right-leaning polling firm Rasmussen Reports indicated Monday more than half of likely voters support President Donald Trump’s ban on refugees from seven countries until the government can do a better job of keeping terrorists out.
  
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• WrestleMania 33 Matches: Predictions For The Card At WWE’s Biggest 2017 PPV After The Royal Rumble

  30-01-2017 23:42 via ibtimes.com
  
  WrestleMania 33 is still more than two months away, but the pieces for the match card are falling into place. Following the Royal Rumble, there is a much better sense of which matches will headline WWE’s biggest show of 2017.
  
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• Goldman CEO takes lead on Wall Street in slamming Trump travel ban

  30-01-2017 23:34 via news.yahoo.com
  
  Goldman Sachs Group Inc Chief Executive Lloyd Blankfein became the first major Wall Street leader to speak out against President Donald Trump's order to halt arrivals from several Muslim-majority countries. In a voicemail to employees on Sunday, Blankfein said diversity was a hallmark of Goldman's success, and if the temporary freeze became permanent, it could create "disruption" for the bank and its staff. "This is not a policy we support, and I would note that it has already been challenged in
  
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• Wall Street falls the most this year as Trump honeymoon sours

  30-01-2017 23:01 via news.yahoo.com
  
  Major U.S. stock indexes posted their largest drop so far in 2017 on Monday as investors worried that a curb on immigration ordered by Donald Trump was a reminder that some of the U.S. president's policies are not market-friendly. An executive order issued by Trump on Friday banned immigration from seven Muslim-majority countries, including legal residents and visa holders, and temporarily halted the entry of refugees. U.S. equities had hit a series of record highs following Trump's election in
  
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• Fed exempts smaller banks from part of 'stress test' in expected move

  30-01-2017 22:32 via news.yahoo.com
  
  The Federal Reserve on Monday announced that smaller lenders will be exempted from parts of a rigorous "stress test" of their financial health in a move that had been expected. Last year, 33 firms underwent a "qualitative" exam of back office functions but that number will be pared to 13 lenders, the Fed said. The rule is meant to remove a "significant burden on these firms" and put the toughest checks on the largest banks, the Fed said.
  
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• S&P 500, Dow suffer biggest drop of 2017

  30-01-2017 22:05 via news.yahoo.com
  
  NEW YORK (Reuters) - The S&P 500 and the Dow on Monday posted their largest drop so far in 2017 as investors worried that a curb on immigration ordered by Donald Trump was a reminder that some of the U.S. president's policies are not market-friendly.
  
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• TSX and Dow give up recent gains as Trump rally runs out of steam

  30-01-2017 21:55 via cbc.ca
  
  Stock markets in New York and Toronto were sharply lower on Monday, a pullback from a weeks-long rally prompted by the presidency of Donald Trump.
  
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• Sanofi, Novo Nordisk and Lilly named in patients' price fixing suit

  30-01-2017 21:47 via news.yahoo.com
  
  NEW YORK (Reuters) - Three of the biggest makers of diabetes treatments, Sanofi SA , Novo Nordisk and Eli Lilly & Co , were named in a class action lawsuit about price fixing filed by a group of patients.
  
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• Ford, Goldman CEOs criticize Trump travel curbs

  30-01-2017 20:47 via news.yahoo.com
  
  (Reuters) - The chief executives of Goldman Sachs Group and Ford Motor Co joined the criticism of President Donald Trump's order to halt arrivals from several Muslim-majority countries, as equity markets fell and the dollar slipped on Monday.
  
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• U.S. inflation getting Trump lift: Wall Street strategist

  30-01-2017 20:45 via news.yahoo.com
  
  Long hibernating price inflation is taking center stage in America's economy, in part because President Trumps' anti-migrant policies are fueling already rising wages, a top Wall Street asset strategist said on Monday. Richard Bernstein, a celebrated asset allocator who oversees $3.1 billion at investment firm Richard Bernstein Advisors LLC, also told the Reuters Global Markets Forum that U.S. corporate profits reflected economic growth, that equities will outperform fixed income assets in 2017,
  
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• Will Trump immigration ban affect tech skill shortages at your company?

  30-01-2017 20:13 via techrepublic.com
  
  US President Donald Trump signed an executive order suspending immigration from seven countries. Here are some practical steps your company can take if you are affected by the order.
  
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• Short sellers giving up on Twitter trade

  30-01-2017 20:10 via news.yahoo.com
  
  Short sellers have been closing their bets against Twitter Inc so far in 2017, possibly frustrated by a lack of volatility in the social network's stock price. Following takeover talks in October that failed to lead to an acquisition of Twitter, the company's share price so far in 2017 is up about 3 percent, helped by a 1.2 percent rise on Monday. Short interest against Twitter has dropped by about a fifth so far in 2017 to $733 million, with short sellers who bought and sold in recent weeks inc
  
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• U.S. can withhold some documents in Fannie, Freddie case: court

  30-01-2017 20:02 via news.yahoo.com
  
  The Federal Circuit Court of Appeals said four documents could be withheld from Fairholme Funds and other investors on the basis of presidential privilege, and four other documents were protected by privilege of the deliberative process. Monday's decision is a mixed ruling for investors suing the government over its sweeping of the mortgage companies' profit to the U.S. Treasury Department, which they called an unconstitutional taking of private property.
  
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• Learning to code for a spot in the gaming industry? This 2017 job data is for you

  30-01-2017 19:26 via techrepublic.com
  
  Job board Indeed put its hiring data to work for developers looking to find a job in the gaming industry. Here's the info you need to land your dream job.
  
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• Trump tweets drive day trading but leave math, computer whizzes sidelined

  30-01-2017 19:18 via news.yahoo.com
  
  Day traders love making bets on tweets from U.S. President Donald Trump, but some of the most prominent quantitative strategists from hedge funds and banks are not quite ready to make big, bold trades on his social media musings. The president's active Twitter presence has lifted volatility in financial markets, which is good for day traders who capitalize on price fluctuations in highly liquid markets. "Trump's tweets are a good opportunity for a short-term discretionary trader," said Patrik Sa
  
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• Wall Street trips as Trump's travel curbs fuel uncertainty

  30-01-2017 19:08 via news.yahoo.com
  
  Trump on Friday signed executive orders to suspend travel to the United States from seven Muslim-majority countries on grounds of national security. "The market is reacting negatively right now because of the uncertainty that it creates," said Robert Pavlik, chief market strategist at Boston Private Wealth. U.S. equities hit a series of record highs following Trump's election in November, encouraged by his promise of tax cuts and simpler regulations.
  
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• Deutsche Bank's future capital needs uncertain: Handelsblatt

  30-01-2017 19:04 via news.yahoo.com
  
  There is still some uncertainty over whether Deutsche Bank may need to increase its capital, management board member Christian Sewing was quoted as saying in German daily newspaper Handelsblatt. "There is still some uncertainty. Only when this is gone will be know exactly what our capital resources look like for the long term," the paper quoted Sewing as saying in an interview published on its website on Monday.
  
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• Deep learning for customer service is overhyped: How one company did it faster and cheaper

  30-01-2017 18:55 via techrepublic.com
  
  Many businesses are turning to AI methods like deep learning to optimize customer service. Here's how Sundown AI can reach the same solutions in a faster and cheaper way, through machine learning.
  
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• Walgreens delays Rite Aid deal again, cuts offer price

  30-01-2017 18:48 via news.yahoo.com
  
  (Reuters) - Drugstore chain Walgreens Boots Alliance Inc said its deal to buy smaller rival Rite Aid Corp would now take six months longer to close and reduced its offer price, as it expects to divest more stores to gain regulatory approval. Rite Aid shares fell as much as 17.8 percent to $5.70 on Monday, while Walgreens shares rose slightly to $82.23, after the companies pushed the deal close to July 31 from Jan. 27. The companies said on Monday they agreed to reduce the offer price to $6.50-$7
  
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• Snap selects New York Stock Exchange for IPO: source

  30-01-2017 18:20 via news.yahoo.com
  
  The selection comes as Snap prepares to make its earnings public this week ahead of the IPO that is expected in March. It represents a setback for Nasdaq Inc , which had also vied to host the listing. Snap, Intercontinental Exchange and Nasdaq declined to comment.
  
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• U.S. consumer spending, housing data bolster economic outlook

  30-01-2017 18:05 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending accelerated in December as households bought motor vehicles and cold weather boosted demand for utilities amid a rise in wages, pointing to sustained domestic demand that could spur economic growth in early 2017. A strengthening economy, rising price pressures and tightening labor market could allow the Federal Reserve to raise interest rates at least three times this year. Time for the Fed to hoist sail on interest rates." The Comm
  
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• Friendly for Facebook might be the app you and your business need

  30-01-2017 17:45 via techrepublic.com
  
  If you need Facebook to help promote your business, but aren't a fan of the official app, Jack Wallen highlights an alternative that brings instant messaging and the Facebook feed back together.
  
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• Ford Motor criticizes Trump immigration order

  30-01-2017 17:45 via news.yahoo.com
  
  Ford Motor Co on Monday criticized President Donald Trump's controversial immigration order, becoming one of the highest profile U.S. manufacturers to question the decision to temporary ban travelers coming from seven predominantly Muslim countries. Ford Executive Chairman Bill Ford Jr. and Chief Executive Officer Mark Fields said in a statement to employees that the company does not support what it called a new U.S. travel ban. "We do not support this policy or any other that goes against our v
  
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• U.S. stocks slump as Trump's travel ban triggers uncertainty

  30-01-2017 17:42 via news.yahoo.com
  
  Trump on Friday signed executive orders to suspend travel to the United States from seven Muslim-majority countries on grounds of national security, while also banning refugees from Syria. "The market is reacting negatively right now because of the uncertainty that it creates," said Robert Pavlik, chief market strategist at Boston Private Wealth. U.S. equities hit record highs following Trump's election in November, encouraged by his promise of tax cuts and simpler regulations.
  
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• Bond markets set for a taste of the 60s as inflation picks up

  30-01-2017 17:17 via news.yahoo.com
  
  From rates below zero less than a year ago, inflation across the developed world has risen in recent months toward central bank targets, largely driven by a rising oil price. Paul Schmelzing, a visiting scholar at the Bank of England from Harvard University, has studied 800 years of bond markets history and says the most relevant parallel with today's environment is with the late 1960s under U.S. President Richard Nixon. U.S. bonds lost 36 percent in real price terms between 1965 and 1970, while
  
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• Trump signs executive order to cut 2 business regulations for every 1 new one made

  30-01-2017 17:14 via cbc.ca
  
  U.S. President Donald Trump has signed an executive order meant to lessen federal regulations on small businesses, a move that is in line with his campaign promise to cut red tape in Washington.
  
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• Snap selects New York Stock Exchange for its IPO: source

  30-01-2017 17:07 via news.yahoo.com
  
  (Reuters) - Snap Inc, the owner of the popular messaging service Snapchat, has chosen Intercontinental Exchange Inc's New York Stock Exchange (NYSE) for its initial public offering (IPO), a person familiar with the matter said on Monday.
  
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• Trump ponders new rules for H1-B visa that brings in tech workers

  30-01-2017 16:56 via cbc.ca
  
  President Donald Trump’s administration is preparing a new executive order that could change rules for the H1-B visa, the work permit used by Silicon Valley to hire thousands of workers.
  
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• Volkswagen surpasses Toyota in 2016 sales

  30-01-2017 16:37 via cbc.ca
  
  Toyota has relinquished the title of the world's biggest automaker, reporting Monday that it sold 10.175 million vehicles worldwide in 2016, fewer than Volkswagen's 10.31 million.
  
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• Trump signs executive order to slash regulations

  30-01-2017 16:34 via news.yahoo.com
  
  President Donald Trump signed an order on Monday that will seek to dramatically pare back federal regulations by requiring agencies to cut two existing regulations for every new rule introduced. There will be regulation, there will be control, but it will be normalized control," Trump said as he signed the order in the Oval Office, surrounded by a group of small business owners. Trump's latest executive action will prepare a process for the White House to set an annual cap on the cost of new reg
  
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• Inaugural UN World Data Forum establishes global Action Plan

  30-01-2017 16:29 via techrepublic.com
  
  Data scientists, diplomats, and business leaders convened in South Africa to share how technology and data can be used to increase education, combat climate change, and stabilize global markets.
  
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• Wall St. drops on jitters over Trump's travel curbs

  30-01-2017 15:59 via news.yahoo.com
  
  The promise of tax cuts and simpler regulations had lured investors into equity markets since Trump's election in November, but some are worried about the potential risk of his protectionist policies. "A new week of trading is getting off on a sour note, as key macro news, Fed action, international and domestic backlash over Trump's immigration stand are putting investors on the defense," Peter Cardillo, chief market economist at First Standard Financial, wrote in a note. The S&P 500 was dow
  
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• 'Essential IT systems' failure and 'automation issues' ground hundreds of Delta flights

  30-01-2017 15:50 via techrepublic.com
  
  Delta and many other carries have recently experienced major IT failures that resulted in cancelled flights. Here's how your business can protect itself.
  
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• Silicon Valley pushes back at Trump immigration crackdown

  30-01-2017 15:48 via cbc.ca
  
  The leaders of some of the biggest technology firms in the U.S. express dismay over President Donald Trump's executive order curtailing immigration from seven Muslim-majority countries, even as some of those companies are in hot water for previously supporting the administration.
  
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• U.S. consumer spending rises solidly; inflation firming

  30-01-2017 15:06 via news.yahoo.com
  
  By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that could spur faster economic growth in early 2017. The strengthening economy, rising price pressures and a tightening labor market could allow the Federal Reserve to lift interest rates at least three times this year. The Commerce Department said on Monday that consumer spending, which acco
  
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• Goldman Sachs CEO says bank does not support Trump travel ban

  30-01-2017 14:40 via news.yahoo.com
  
  Blankfein said Goldman Sachs would work to minimize potential disruptions to employees and their families caused by Trump's order, according to a transcript seen by Reuters. Most U.S. corporate bosses have stayed silent on Trump's immigration curbs, underscoring the sensitivities around opposing policies that could provoke a backlash from the White House. While Apple Inc , Alphabet Inc's Google and Facebook Inc emailed their staff to denounce the order, many of their counterparts in other indust
  
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• U.S. consumer spending increases solidly in December

  30-01-2017 14:34 via news.yahoo.com
  
  U.S. consumer spending rose solidly in December as households bought motor vehicles and a range of services amid rising wages, pointing to sustained domestic demand that is likely to set the economy up for faster growth in early 2017. The Commerce Department said on Monday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.5 percent after an unrevised 0.2 percent gain in November. Economists polled by Reuters had forecast consumer spending clim
  
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• Office Depot names Lenovo senior executive Gerry Smith as CEO

  30-01-2017 14:25 via news.yahoo.com
  
  (Reuters) - Office Depot Inc , No. 2 U.S. office supplies retailer, appointed Lenovo Group Ltd <0992.HK> senior executive Gerry Smith as its chief executive and board member Joseph Vassalluzzo as chairman from Feb. 27.
  
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• Futures slip as Trump's travel bans spark uncertainty

  30-01-2017 13:29 via news.yahoo.com
  
  (Reuters) - U.S. stock index futures fell on Monday as President Donald Trump's orders to curb immigration from certain countries triggered uncertainty and protests across the world.
  
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• Citigroup to exit U.S. mortgage servicing operations by 2018

  30-01-2017 13:08 via news.yahoo.com
  
  Citi said it would sell its mortgage servicing rights on about 780,000 Fannie Mae and Freddie Mac loans of non-Citibank retail customers to New Residential Mortgage LLC (NRZ). The remaining Citi-owned loans and other mortgage servicing rights not sold to NRZ are expected to be transferred to loan servicing provider Cenlar FSB [CENLR.UL] in 2018.
  
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• Negative effective of currency rates on company results fall in third quarter

  30-01-2017 13:03 via news.yahoo.com
  
  Currency market fluctuations in the third quarter of 2016 had the smallest negative impact on North American companies' financial results since 2014, FIREapps said in a report on Monday. The companies that quantified an exchange-rate effect reported a negative impact totaling $6.81 billion, the smallest for any quarter since the third quarter of 2014, when the effect was $4.00 billion, according to FIREapps, a currency risk consulting firm. Colgate-Palmolive said on Friday its quarterly sales we
  
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• Ring of Fire mining development still years away from delivering on a decade of hype

  30-01-2017 13:00 via cbc.ca
  
  Ten years after a large chromite deposit in Ontario's James Bay lowlands was first discovered and declared the saviour of the province's economy, the Ring of Fire mining development is flaming out in a dispute over who is talking to whom.
  
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• How to find your next leadership job: 5 tips

  30-01-2017 13:00 via techrepublic.com
  
  Now that you've left your C-level executive job and you're planning your next move, here are tips for making sure you land in the best spot.
  
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• Sony takes $976 million charge on movie segment as DVD market shrinks

  30-01-2017 11:21 via news.yahoo.com
  
  Sony Corp said it booked an impairment charge of 112.1 billion yen ($976 million) on the goodwill value of its movie segment in the quarter ended December, as online streaming services sapped demand for movie DVDs. The impairment charge came as Sony cut its outlook for profits from DVD, blu-ray discs and other home entertainment operations in line with a broader market decline, the company said in statement on Monday. Sony has been working to revive its movie business.
  
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• Shares fall, dollar dips versus yen after Trump travels curbs

  30-01-2017 11:14 via news.yahoo.com
  
  By Nigel Stephenson LONDON (Reuters) - Shares fell in Europe and Asia on Monday and the dollar dipped against the yen after immigration curbs introduced by Donald Trump added an extra layer of uncertainty to the economic impact of the new U.S. president's policies. French 10-year yields hit a 16-month high in early trade after an opinion poll showed conservative presidential election candidate Francois Fillon, the favorite to win the vote, losing ground. Trump suspended travel to the United Stat
  
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• Oil slides as strong U.S. drilling activity weakens deal to cut output

  30-01-2017 11:14 via news.yahoo.com
  
  By Karolin Schaps LONDON (Reuters) - Oil prices fell on Monday as news of another increase in U.S. drilling activity spread concern over rising oil output just as many of the world's oil producers are trying to comply with a deal to pump less in an attempt to prop up prices. The number of active U.S. oil rigs rose to the highest since November 2015 last week, according to Baker Hughes data, showing that drillers are taking advantage of oil prices above $50 a barrel. Global benchmark Brent crude
  
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• Trump's moves against science raise fears of damage to economy: Don Pittis

  30-01-2017 11:00 via cbc.ca
  
  U.S. President Donald Trump seems to have picked a fight with scientists — like Conservative Prime Minister Stephen Harper before him. But modern economic progress depends on science and not short-term thinking.
  
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• 'Can't get blood from a stone': Banks go after senior caught in extortion scam

  30-01-2017 11:00 via cbc.ca
  
  The bad guys needed less than a month to shake down a 78-year-old for $50,000. Then the victim faced another threat: legal action by the big banks looking to collect in the money she lost.
  
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• Vodafone says in Indian merger talks with Idea Cellular

  30-01-2017 10:03 via news.yahoo.com
  
  Vodafone said on Monday it was in talks to merge its Indian operations with rival Idea Cellular in an all-share deal that would create a new market leader better able to cope with the brutal price war convulsing the industry. India's three leading mobile operators, Bharti Airtel , Vodafone and Idea, have all been hammered by the arrival of Jio Infocomm, a new operator owned by the billionaire Mukesh Ambani which has shaken up the market by offering free voice and data to customers.
  
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