Subscribe: Seattle Post-Intelligencer: Business News
http://seattlepi.nwsource.com/rss/business.rss
Added By: Feedage Forager Feedage Grade B rated
Language: English
Tags:
bank  company  deutsche bank  deutsche  financial  fiscal year  fiscal  google  investors  new  oil  stocks  week  year   
Rate this Feed
Rate this feedRate this feedRate this feedRate this feedRate this feed
Rate this feed 1 starRate this feed 2 starRate this feed 3 starRate this feed 4 starRate this feed 5 star

Comments (0)

Feed Details and Statistics Feed Statistics
Preview: Seattle Post-Intelligencer: Business News

Business Heds Index





 



5 decisions that made the Nobel Prizes look bad

Sat, 1 Oct 2016 16:37:36 UT

Fritz Haber was awarded the 1918 chemistry award for discovering how to create ammonia from nitrogen and hydrogen gases. [...] the Nobel committee completely overlooked Haber's role in chemical warfare during World War I. Enthusiastically supporting the German war effort, he supervised the first major chlorine gas attack at Ypres, Belgium, in 1915, which killed thousands of Allied troops. The compound proved very effective in protecting agricultural crops and fighting insect-borne diseases like Typhus and Malaria. [...] in hindsight, rewarding Portuguese scientist Antonio Egas Moniz in 1949 for inventing lobotomy to treat mental illness wasn't the Nobel Prizes' finest hour. The method became very popular in the 1940s, and at the award ceremony it was praised as "one of the most important discoveries ever made in psychiatric therapy." The method declined quickly in the 1950s as drugs to treat mental illness became widespread and it's used very seldom today.



A year of Alphabet: Great for Google, less so for moonshots

Fri, 30 Sep 2016 23:14:26 UT

SAN FRANCISCO (AP) — Reorganizing itself under the umbrella company Alphabet has done wonders for Google — but less so for a grab bag of eclectic projects ranging from robotic cars to internet-beaming balloons, which are suffering costly growing pains. A year after Alphabet took shape, Google's revenue growth has accelerated — an unusual development for a company of its size. MAKING THE SHIFT [...] Page and fellow Google co-founder Sergey Brin created Alphabet (which turns 1 on Sunday), investors complained that Google was spending too much on high-risk efforts. The mishmash includes smart-thermostat maker Nest; the Fiber project, a high-speed internet service; and X lab, where the company is building robotic cars and designing the stratospheric balloons designed to beam internet service to remote areas. Alphabet shares rose 25 percent over the past year, easily outpacing major market indexes. Among other things, Google has been making strides in the still-nascent field of artificial intelligence, hoping to create more convenient services that attract even more eyeballs for its advertisers.



Allegiant says it has met FAA's safety-related concerns

Fri, 30 Sep 2016 23:08:24 UT

DALLAS (AP) — Federal aviation officials are satisfied that Allegiant Air is taking steps to address problems that inspectors found during a three-month review of the low-cost airline. The FAA does a lengthy review of all airlines every five years but moved up its inspection of Allegiant by two years after an aborted takeoff, a plane that nearly ran out of fuel, and other events. An inspector saw an instructor giving wrong advice to a pilot training on a simulator to land after an engine failure, dispatchers didn't get required training about fatigue, ground workers didn't follow procedure while planes pushed away from the gate, and there were paperwork and training-material problems. Bricker said the number of aborted takeoffs and flights that landed somewhere other than the planned destination has been declining since the company announced a contract agreement with pilots in late June.



Glaxo paying $20M to resolve SEC charges of China bribery

Fri, 30 Sep 2016 22:44:06 UT

WASHINGTON (AP) — GlaxoSmithKline PLC has agreed to pay $20 million to resolve U.S. regulators' allegations that the pharmaceutical giant's China operations bribed officials to boost drug sales. The company neither admitted nor denied the allegations of violating the Foreign Corrupt Practices Act, which prohibits bribery of foreign government officials or company executives to secure or retain business.



Penney offers refunds on questionable towels, comforter set

Fri, 30 Sep 2016 22:15:31 UT

Penney's move marks the latest chapter in a controversy that has caught other major retailers like Target, Bed Bath & Beyond, and Wal-Mart over whether one of India's largest textile suppliers, Welspun India Ltd., has been furnishing retailers with knockoff Egyptian cotton products. Penney said that the products "pose no safety concerns and are expected to provide long-lasting durability and performance," but it's giving concerned shoppers the option of returning the products under its store brand called Royal Velvet for a refund of the purchase price.



IMF leader cites 'historic milestone' for China

Fri, 30 Sep 2016 22:03:45 UT

WASHINGTON (AP) — Christine Lagarde, the managing director of the International Monetary Fund, is calling the inclusion of China's renminbi as the fifth currency in an elite group of the world's reserve currencies an "important and historic milestone" for the international financial system. China, now the world's second-largest economy, had mounted a lengthy campaign to be included in the IMF's Special Drawing Rights currency basket.



Business Highlights

Fri, 30 Sep 2016 21:57:20 UT

Customers feeling shaken by recent attacks at U.S. malls may not notice huge changes — but mall operators are testing and putting in place new technologies and other measures to offer people more protection without intruding too much on their shopping time. Mall executives say shoppers have been adamantly opposed to airport security tactics like metal detectors. SAN FRANCISCO (AP) — Reorganizing itself under the umbrella company Alphabet has done wonders for Google — but less so for a grab bag of eclectic projects ranging from robotic cars to internet-beaming balloons, which are suffering costly growing pains. A year after Alphabet took shape, Google's revenue growth has accelerated — an unusual development for a company of its size. Energy companies rose as the price of oil continued to move higher, and strong earnings from Costco sent consumer stocks higher. Deutsche Bank is the largest lender in Germany, and investors are concerned about not only its plunging stock price, but the potential effect on the financial system if Deutsche Bank gets into serious trouble and the German government does not help it. WASHINGTON (AP) — U.S. consumers scaled back their spending in August to its weakest pace in five months, reflecting a drop in spending on autos. Consumer spending was unchanged last month after solid gains of 0.4 percent in July and 0.3 percent in June, the Commerce Department reported Friday. PARIS (AP) — An obscenely powerful hybrid sports car, a family-friendly SUV with enough space for seven adults, and an electric vehicle that promises to keep going for over 300 miles (500 kilometers) on a single charge — these are some of the notable vehicles shining on the display stands under bright overhead lights at the Paris auto show. Executives at this year's show are talking about how the industry can adapt to — or, better yet, profit from — disruptive change such as electric engines, net



US Justice Department issues subpoena to Chesapeake Energy

Fri, 30 Sep 2016 21:30:20 UT

OKLAHOMA CITY (AP) — The U.S. Department of Justice has issued a subpoena to Chesapeake Energy Corp. that seeks information on the oil and natural gas producer's accounting methods for the acquisition and classification of oil and gas properties. University of Central Oklahoma economics professor Jeremy Oller, an expert witness on antitrust legal matters, said the Justice Department is likely examining other oil and gas companies as part of the investigation.



Figures on government spending and debt

Fri, 30 Sep 2016 21:26:47 UT

WASHINGTON (AP) — Figures on government spending and debt in millions of dollars. The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit Sept. 29$19,498,027Statutory debt limitSuspendedTotal public debt outstanding Sept. 29$19,532,890Operating balance Sept. 29$356,770Interest fiscal year 2016 thru Aug$257,688Interest same period pvs fiscal year$234,680Deficit fiscal year 2016 thru Aug$620,771Deficit same period pvs fiscal year$529,959Receipts fiscal year 2016 thru Aug$2,910,151Receipts same period pvs fiscal year$2,883,250Outlays fiscal year 2016 thru Aug$3,530,922Outlays same period pvs fiscal year$3,413,210Gold assets in Aug$11,041



Municipal-bond week in review: Yields sag then finish strong

Fri, 30 Sep 2016 21:19:05 UT

Most of the action in the U.S. bond market was caused by concerns about the financial health of Germany's Deutsche Bank. U.S. regulators are reportedly trying to extract a potentially crippling settlement payment from the bank over claims about mortgage securities. The worries led investors to buy Treasury bonds early in the week, causing prices to rise and yields, which move inversely to prices, to fall. A group of Democratic and Republican senators introduced legislation this week that would allow banks to count municipal bond holdings as "high-quality liquid assets."



Some American Airlines workers say uniforms are causing rash

Fri, 30 Sep 2016 20:53:36 UT

DALLAS (AP) — Some American Airlines flight attendants say they're getting a rash from new uniforms made of wool. The employees' union says it received complaints from 500 workers. American said Friday that just 14 flight attendants had reported reactions. American says it will provide uniforms made from cotton or synthetic material to employees who can't wear the wool ones. About 80,000 employees got new uniforms on Sept. 20, including 25,000 flight attendants. The airline says it hired an independent lab to test the outfits for fit, wear and allergic reactions.



How the Dow Jones industrial average fared on Friday

Fri, 30 Sep 2016 20:40:36 UT

NEW YORK (AP) — U.S. stocks climbed Friday as banks made a rapid recovery following a steep fall a day ago. Investors hoped Deutsche Bank and the financial system in general were in better shape than they had feared. The Nasdaq composite added 42.85 points, or 0.8 percent, to 5,312.



Stocks say 'nevermind'; reverse recent losses as banks jump

Fri, 30 Sep 2016 20:38:17 UT

Energy companies rose as the price of oil continued to move higher, and strong earnings from Costco sent consumer stocks higher. Deutsche Bank is the largest lender in Germany, and investors are concerned about not only its plunging stock price, but the potential effect on the financial system if Deutsche Bank gets into serious trouble and the German government does not help it. "People came to the realization that this isn't likely to be a big systemic risk that ripples through the financial sector," said Nate Thooft, head of global asset allocation for Manulife Asset Management. The Department of Justice wants Deutsche Bank to pay $14 billion to end an investigation into mortgage-backed securities, and the stock jumped Friday after a report that the bank could settle the case with a smaller payment. Oil prices surged this week after the nations of OPEC, which collectively produce more than one-third of the world's oil, surprised investors with an agreement on a small cut in production. Cognizant Technology Solutions tumbled after the information technology consulting and outsourcing firm said it's investigating possible bribes paid to officials in India. Cognizant said it's looking into potential violations of the Foreign Corrupt Practices Act and has informed the Department of Justice and the Securities and Exchange Commission. Stocks that pay high dividends, like utilities and real estate and phone companies, traded lower. In other energy trading, wholesale gasoline picked up 2 cents to $1.49 a gallon.



Mid-century moderns to see this weekend

Fri, 30 Sep 2016 20:27:02 UT

We're on something of a mid-century modern home kick this week, and we're keeping the ball rolling with these three mid-century homes hosting open houses this weekend.




Costco, Deutsche Bank and NXP Semi climb; Cognizant plunges

Fri, 30 Sep 2016 20:24:20 UT

A fund tied to activist investor Paul Singer doubled its stake in the hardware and software design products company. The printer maker said U.S. regulators approved its sale to Apex Technology and PAG Asia Capital for $2.5 billion. The German bank recovered some of its recent losses as it tried to reassure investors about its health.



Markets Right Now: Bank stocks lead a rebound on Wall Street

Fri, 30 Sep 2016 20:05:13 UT

NEW YORK (AP) — The latest on developments in global financial markets (all times local): Financial stocks were bouncing back Friday following a big drop a day earlier as worries eased over the outlook for Deutsche Bank, Germany's biggest lender. Consumer stocks also did well following a strong earnings report from Costco, which jumped 3.4 percent. Stocks are moving higher on Wall Street as the market bounces back from a steep loss the day before. Banks rose the most in midday trading Friday as worries eased over the outlook for Deutsche Bank, Germany's biggest lender. Consumer stocks also did well following a strong earnings report from Costco, which jumped 4 percent.



United fails to renew liquor license; 2 dry days at Newark

Fri, 30 Sep 2016 19:14:44 UT

NEW YORK (AP) — Airlines often frustrate road warriors with delays and cancellations. The Chicago-based airline has spent the last year trying to win back once-loyal business travelers who abandoned the airline over frequent delays. A renewal package for the liquor license was sent to United Airlines in May but it was never returned, according to Marjorie Harris, press secretary for the City of Newark. Passengers who pay for expensive international business class tickets or premium cabin tickets on transcontinental flights are also allowed into the club. The airline has to pay two separate fees to obtain a liquor license: one to New Jersey state government and one to Newark's Alcoholic Beverage Control Division.



Recalls this week: bicycles, stools, pool alarms

Fri, 30 Sep 2016 18:43:18 UT

Bicycles with a faulty seat and stools with faulty legs are among this week's recalled consumer products. Other recalled consumer products include ice tools and pool alarms. Advanced Sports International's 2017 model year Breezer and Fuji bicycles. Recalled Fuji models include Absolute 1.3 Disc, Absolute 1.7 Disc, Absolute 1.7 Disc ST, Absolute 2.1, Addy 27.5 1.3, Addy 27.5 1.5, Addy 27.5 1.7, Nevada 27.5 1.5, Nevada 27.5 1.7, Nevada 27.5 1.9, Traverse 1.9 ST, and Police Special 29. Call Advanced Sports International at 888-286-6263 from 9 a.m. to 5 p.m. ET Monday through Friday or visit www.fujibikes.com or www.breezerbikes.com and click on "Recall Notice" at the bottom of the page for more information. Mahco Inc. tripod stools with three steel legs and a REALTREE logo pattern camouflage polyester fabric seat. The steel legs have plastic caps on both ends and a round plastic hub that connects the three legs. The plastic collar that connects the three legs can break, posing a fall hazard to consumers. PE12 PoolEye submersible swimming pool alarms for aboveground pools. The ON/OFF activation switch on the pool alarm is reversed, which can cause the alarm to fail to alert consumers if a child enters the water.



BMW issues recall for new Takata air bag problem

Fri, 30 Sep 2016 18:27:02 UT

According to the documents, Takata traced the problem to incorrect welds at a factory in Mexico. The defect was discovered after BMW was told of a July 22 crash in Georgia involving a 2014 X5 in which shrapnel from the air bag caused "unusual damage to the vehicle interior." Dealers will replace the driver's air bag at no cost, but parts aren't available yet. [...] replacement parts are ready, BMW says its dealers will provide loaner cars to people who request them, provided they are available.



US rig count up 11 this week to 522

Fri, 30 Sep 2016 18:05:27 UT

Depressed energy prices have sharply curtailed oil and gas exploration. Houston oilfield services company Baker Hughes Inc. said Friday that 425 rigs sought oil and 96 explored for natural gas this week.



Q&A: Will Deutsche Bank become the next Lehman?

Fri, 30 Sep 2016 17:50:44 UT

Some even wonder whether it might become the next Lehman Brothers, the U.S. bank whose failure heralded the worst of the global financial crisis in 2008. The recent turmoil was triggered by a demand by U.S. authorities that Deutsche Bank pay $14 billion to settle an investigation in mortgage-backed securities, the investments that turned out to be duds and helped trigger the global financial crisis. Before the financial crisis of 2007-2008, it earned much of its money from investment banking. Like other European banks, its profit margins have been squeezed by record low benchmark interest rates. The International Monetary Fund said in June that Deutsche Bank was the biggest source of systemic risk among the globe's big financial institutions. [...] that's likely because there's a general election next year in Germany and politicians don't want to be seen promising taxpayer money to save a bank after spending billions during the financial crisis. After Lehman imploded, inquiries showed that the company used accounting tricks to mask $50 billion in debt, making it look like it was in better shape than it really was. "In banking, perception is everything, and in times of stress investors tend to shoot first and ask questions later," said Michael Hewson, chief market analyst at CMC Markets. Unlike in the U.S., where banks were made to restructure aggressively in the wake of the financial crisis, European banks have been slow to clear out soured investments from their books and to readjust their business models.



California OKs self-driving vehicles without human backup

Fri, 30 Sep 2016 17:48:17 UT

The San Jose Mercury News reports (http://bayareane.ws/2dBBS6Y ) that under the bill signed into law Thursday by Democratic Gov. Jerry Brown, vehicles without steering wheels, brake pedals or accelerators can be tested at two Bay Area sites. The trials will take place at Contra Costa Transportation Authority's autonomous-vehicle testing site on a former naval facility and at a business park that contains public roads.