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Global stocks advance ahead of ECB decision

Thu, 8 Dec 2016 08:45:18 UT

In China, exports grew last month for the first time in nine months while imports also rose in a sign of global and domestic demand are recovering. The uptick in Chinese trade "reflects a strengthening in global demand, with recent business surveys suggesting that developed economies are on track to end the year on a strong note," said Julian Evans-Pritchard of Capital Economics. Economists said the central bank is likely to keep its current lavish monetary easing intact for now, without pushing interest rates further into negative territory, because of the economy's sustained expansion. A decision by the ECB to not extend its stimulus program of buying 80 billion euros ($86 billion) in bonds a month past the current March deadline could add to concerns over Italy after its premier, Matteo Renzi, resigned Wednesday over the resounding rejection of constitutional changes he had backed in a referendum Sunday. Benchmark U.S. crude oil rose 7 cents to $49.84 per barrel in electronic trading on the New York Mercantile Exchange.



Japan's economic growth in July-Sept revised to 1.3 percent

Thu, 8 Dec 2016 07:31:10 UT

TOKYO (AP) — Japan's economy grew 1.3 percent in July to September from a year earlier, according to revised data reflecting weaker business investment and exports. The latest data come amid mixed signals: on Thursday, China reported a rebound in trade that could auger well for Japan's exports, since it supplies many of the materials and components used by Chinese manufacturers. [...] on Thursday, the government revised annual estimates of gross domestic product for 1994-2015, raising figures across the board based on a 2011 benchmark year. The revised figures do not reflect any actual change in Japan's sluggish economic reality, since they boost the overall GDP figure they are a "substantial windfall" from a political point of view, Masamichi Adachi of JPMorgan said in a research note.



China trade in November rebounds from slump

Thu, 8 Dec 2016 05:51:43 UT

"Better-than-expected trade data out of China today reflects both an uptick in global demand as well as the continued strength of the domestic economy," said Julian Evans-Pritchard of Capital Economics in a report. Growth in the world's second-largest economy held steady at 6.7 percent over a year earlier in the quarter ending in September, shored up by twin booms in credit and real estate sales. China's global trade surplus was $44.6 billion, while its surplus with the United States was $23.1 billion, a figure that might help to fuel pressure for trade controls under U.S. President-elect Donald Trump, who has threatened to raise tariffs on Chinese goods.



Asian stocks advance ahead of ECB decision

Thu, 8 Dec 2016 04:20:32 UT

Asian stocks advance ahead of ECB decision Economists said the central bank is likely to keep its current lavish monetary easing intact for now, without pushing interest rates further into negative territory, because of the economy's sustained expansion. A decision by the ECB to not extend its stimulus program of buying 80 billion euros ($86 billion) in bonds a month past the current March deadline could add to concerns over Italy after its premier, Matteo Renzi resigned Wednesday over the resounding rejection of constitutional changes he had backed in a referendum Sunday. Analysts say Donald Trump's victory in the U.S. election and Italy's political crisis have raised global economic risks. Benchmark U.S. crude oil added 12 cents to $49.89 per barrel in electronic trading on the New York Mercantile Exchange.



Japan downgrades growth estimate for July-Sept to 1.3 pct

Thu, 8 Dec 2016 02:20:08 UT

Japan has yet to attain the strong momentum Prime Minister Shinzo Abe promised with his economic platform, which has mostly relied on massive asset purchases by the central bank. Firms' predictions for industrial production suggest that the economy continued to expand at a solid pace in the current quarter. The government also revised annual estimates of gross domestic product for 1994-2015, raising figures across the board based on a 2011 benchmark year. Though the revised figures do not reflect any actual change in Japan's sluggish economic reality, since they boost the overall GDP figure they are a "substantial windfall" from a political point of view, Masamichi Adachi of JPMorgan said in a research note.



Alaska Airlines settles lawsuit against Virgin America deal

Wed, 7 Dec 2016 23:38:16 UT

Seattle-based Alaska did not disclose terms of the settlement, which came days before a trial on the lawsuit was scheduled to begin in federal district court in San Francisco. The settlement also came a day after the U.S. Justice Department approved the purchase, but only after Alaska agreed to scale back a partnership it has with American Airlines on some routes.



Trian, hungry for more, takes a bigger bite of Wendy's

Wed, 7 Dec 2016 23:04:50 UT

WASHINGTON (AP) — Wendy's shares rose nearly 5 percent after Trian Fund Management increased its stake in the burger chain. The 3.7 million share purchase gives Trian, led by activist investor and board member Nelson Peltz, more than 23 percent of Wendy's outstanding stock.



Trying to discern Trump policy: He's been on both sides

Wed, 7 Dec 2016 22:28:19 UT

Thickening the plot and the personal dimension, Trump has been on both sides of the antitrust issue, as a plaintiff and a defendant: In 1988, Trump settled an antitrust lawsuit filed against him by federal regulators by agreeing to pay a $750,000 civil penalty. Trump said at the time that he decided to settle the case to avoid protracted litigation within the federal government over a highly technical disagreement between the FTC and the business community. ...



Black employees file discrimination suit against CNN, Turner

Wed, 7 Dec 2016 22:18:53 UT

NEW YORK (AP) — Current and former black employees of Time Warner, owner of Turner networks including CNN, TNT and TBS, have filed a class-action racial discrimination suit against the company.



Business Highlights

Wed, 7 Dec 2016 22:11:28 UT

Last month's victory by Donald Trump in the U.S. election and the uncertainty generated by the recent Italian referendum, which prompted Premier Matteo Renzi to offer his resignation, will make the decision all the more straightforward, analysts say. NEW YORK (AP) — The Dow Jones industrial average and Standard & Poor's 500 indexes on Wednesday soared to their biggest gains since the presidential election and set all-time highs. Investors bought stocks that do well in times of faster economic growth, like technology and industrial companies, but they also snapped up stocks that pay large dividends. Phone and real estate companies made the largest gains, but the rally moved into high gear in the afternoon, as airlines, railroads and trucking companies soared. WASHINGTON (AP) — U.S. employers posted fewer jobs in October than the previous month, but job openings are still at a mostly healthy level that points to steady hiring ahead. WASHINGTON (AP) — Consumers increased their borrowing in October at the slowest pace in four months as growth in credit card debt and the category that covers auto loans and student loans slowed. Economists watch borrowing trends to gauge how consumer spending, which accounts for 70 percent of economic activity, will fare. The Seattle-based chain is also adding more food to its menu in 2017 and soon customers will be able to talk to the Starbucks app to order a latte or cookie instead of tapping their smartphones. Pfizer and Flynn Pharma charged "excessive and unfair prices" for the drug used by 48,000 people in Britain, the Competition and Markets Authority said. LAS VEGAS (AP) — Audi this week is unveiling technology that enables vehicles to "read" traffic signals ahead and tell the motorist how long the wait will be. CHICAGO (AP) — Illinois Attorney General Lisa Madigan says the Jimmy John's sandwich chain has agreed to stop requiring low-level employees to sign agree



Prologis and Western Digital climb; Pfizer skids

Wed, 7 Dec 2016 21:50:21 UT

Investors seeking income bought real estate investment trusts as bond yields fell. The owner of a chain of restaurants and arcades announced strong results and raised its forecasts for the year. The clothing company cut its guidance as lower customer traffic hurt sales of Tommy Bahama apparel.



How the Dow Jones industrial average finished Wednesday

Wed, 7 Dec 2016 21:45:38 UT

The Dow Jones industrial average and Standard & Poor's 500 indexes soared to their biggest gains since the presidential election on Wednesday and set all-time highs. Investors bought stocks that do well in times of faster economic growth, like technology and industrial companies, but and also snapped up stocks that pay large dividends. The Nasdaq composite added 60.76 points, or 1.1 percent, to 5,393.76.



Figures on government spending and debt

Wed, 7 Dec 2016 21:32:42 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 Dec. 6$19,855,127Statutory debt limitSuspendedTotal public debt outstanding Dec. 6$19,892,367Operating balance Dec. 6$338,025Interest fiscal year 2017 thru Oct$23,403Interest same period pvs fiscal year$20,005Deficit fiscal year 2017 thru Oct-$44,192Deficit same period pvs fiscal year-$136,558Receipts fiscal year 2017 thru Oct$221,692Receipts same period pvs fiscal year$211,046Outlays fiscal year 2017 thru Oct$265,884Outlays same period pvs fiscal year$347,604Gold assets in Oct$11,041



Markets Right Now: Dow, S&P 500 surge to record high closes

Wed, 7 Dec 2016 21:07:13 UT

The gains Wednesday were driven by stocks that tend to do well when the economy is growing, like consumer and technology companies, as well as stocks that pay high dividends, like phone and real estate companies. Drugmakers fell after President-elect Donald Trump said he wants to reduce drug prices. U.S. stocks are moving higher in midday trading, keeping major indexes at record highs. Bond yields fell Wednesday, prompting investors to shift money into high-dividend stocks like real estate investment trusts, utilities and phone companies. Health care stocks took steep losses after President-elect Donald Trump said he wants to reduce drug prices. Stocks are opening slightly lower on Wall Street as the market backs away from record highs set the day before.



Dow Jones industrial average and the Standard & Poor's 500 index close at record highs in a broad stock market rally

Wed, 7 Dec 2016 21:02:16 UT

NEW YORK (AP) — Dow Jones industrial average and the Standard & Poor's 500 index close at record highs in a broad stock market rally.



Consumers boost borrowing $16 billion in October

Wed, 7 Dec 2016 20:24:24 UT

WASHINGTON (AP) — Consumers increased their borrowing in October at the slowest pace in four months as growth in credit card debt and the category that covers auto loans and student loans slowed. The Fed's monthly consumer credit report does not cover home mortgages or other loans secured by real estate.



Glencore, Qatari fund buy 19.5 percent in Russia's Rosneft

Wed, 7 Dec 2016 20:21:24 UT

MOSCOW (AP) — Commodities giant Glencore and Qatar's sovereign wealth fund have together acquired a 19.5 percent stake in Russia's top state-controlled oil company, Rosneft, in a deal worth 10.5 billion euros ($11.3 billion), officials said Wednesday. The long-planned sale is part of the Russian government's efforts to sell some state assets to help balance the budget amid a two-year recession caused by a drop in global oil prices and Western sanctions. Speaking at a televised meeting with Rosneft CEO Igor Sechin, Putin noted that the deal follows a rally in global oil prices following OPEC's decision to cut production. Sechin reported to Putin that the "strategic" deal envisages the creation of a joint venture between Rosneft and the consortium comprised of Glencore and Qatar's fund, as well as a long-term contract with Glencore for future crude supplies.



Playworld recalls 1,300 slides because of hazard

Wed, 7 Dec 2016 20:14:41 UT

NEW YORK (AP) — Playworld Systems Inc. is recalling 1,300 slides that are used in school and municipal playgrounds after a defect caused two finger amputations in children. The company said it is aware of 13 incidents of broken welds and two children who have suffered finger amputations.



Starbucks to boost number of shops, add more food to menu

Wed, 7 Dec 2016 20:06:22 UT

Starbucks outlined its five-year growth plans to investors on Wednesday, about a week after it announced that Howard Schultz, who has built Starbucks into a global brand with 25,000 locations since first joining the company more than 30 years ago, would step down as CEO in April. In China, the company said it is teaming up with popular messaging app WeChat to let users buy digital Starbucks gift cards for their friends. Since returning as CEO in 2008, Schultz oversaw the expansion of the chain's food and beverage offerings and the growth of its popular loyalty program and mobile app. Starbucks has credited the rewards program and app for helping consistently increase sales in the U.S., although growth has slowed more recently and traffic slipped in the latest quarter.



Softbank tycoon who met with Trump is Japan's deal maker

Wed, 7 Dec 2016 19:43:55 UT

TOKYO (AP) — Japanese billionaire Masayoshi Son, who met with President-elect Donald Trump and then announced plans to create 50,000 jobs and invest $50 billion in U.S. startups, has been one of Japan's most aggressive overseas investors for over two decades. Softbank became Japan's largest distributor of computer software and leading publisher of computer-related magazines and books, going public in 1994. The Tokyo-based company is now one of Japan's biggest telecoms providers, with more than 63,590 employees, a solar power business, humanoid robots for home use, ride-booking services and financial technology. In July, Softbank bought Britain's ARM Holdings for 24.3 billion pounds ($32 billion), in a deal the British government hailed as a vote of confidence despite its decision to leave the European Union. In 1995, back when Softbank was still a software distributor and publisher of computer and hi-tech magazines, it bought Comdex and other computer-related show businesses from The Interface Group.



Innovation or monopoly? Panel looks at ATT-Time Warner deal

Wed, 7 Dec 2016 19:04:00 UT

"Together, AT&T and Time Warner will disrupt the entrenched pay-TV models, giving customers more options, creating more competition for cable TV providers and accelerating deployment of 5G wireless broadband," Stephenson testified. In hours of questioning before the Senate Judiciary antitrust subcommittee, the skepticism of some senators seemed to deepen over what would be one of the largest media mergers ever. Critics of the merger range from industry analysts and public-interest groups to President-elect Donald Trump, who promised on the campaign trail that he'd kill the deal "because it's too much concentration of power in the hands of too few." Mark Cuban, the billionaire sports and media mogul who owns the NBA's Dallas Mavericks, played evangelist for the deal in a fast-moving world of media and entertainment content. Because of Time Warner's shows and movies — including "Game of Thrones" and the "Harry Potter" films — and AT&T's ability to gather information about its tens of millions of customers, AT&T thinks it could do a better job tailoring ads and video to user preferences. [...] many consumers already consider ads that know everything about them creepy or invasive, and digital-rights groups complain that any preferential deal AT&T could offer with, say, HBO, would hurt competition.



Abbott seeks to end buyout deal for Alere

Wed, 7 Dec 2016 18:31:26 UT

Abbott Laboratories agreed to buy Alere Inc. in February for $56 per share, or $5.8 billion, in a move to expand its medical device offerings. [...] Alere, based in Waltham, Massachusetts, has recalled a key monitoring device, delayed a key financial statement, and is being investigated over its overseas businesses.