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Ford expects $2B net income drop due to pension change

Fri, 20 Jan 2017 15:46:42 UT

Ford expects $2B net income drop due to pension change According to a regulatory filing, Ford changed the way it measures pension gains and losses so they're counted in the year they occur.



US stock indexes move higher in early trading; oil rising

Fri, 20 Jan 2017 15:17:15 UT

Energy stocks also rose as oil prices headed higher. Investors also had their eye on the latest batch of company earnings and outlooks. Investors will be looking for clues in Trump's midday inauguration speech about his plans on fiscal stimulus, tax cuts and trade. [...] the possibility of increased tariffs or trade restrictions could mean drops in profits for big U.S. companies. Citizens Financial Group gained 2.8 percent after reporting fourth-quarter earnings and revenue that beat analysts' expectations. In Asia, Hong Kong's Hang Seng shed 0.7 percent after the Chinese government said the economy grew at a 6.8 percent annual rate in the last quarter, even as full-year growth increased 6.7 percent, the weakest in three decades.



Markets Right Now: Dow starts higher after 5 straight losses

Fri, 20 Jan 2017 14:41:54 UT

Consumer goods maker Procter & Gamble rose the most in the Dow early Friday, 2.9 percent, after releasing a strong growth forecast. Citizens Financial gained 2.9 percent after reporting fourth-quarter earnings and revenue that beat analysts' expectations.



New Mexico targets Takata, auto makers over faulty air bags

Fri, 20 Jan 2017 14:02:31 UT

New Mexico targets Takata, auto makers over faulty air bags The attorney general's office argues in a lawsuit being filed Friday that the manufacturers had a duty to ensure their products were safe and that concealment of air bag defects amounted to unfair, deceptive and unconscionable trade practices under New Mexico law. The state is seeking civil penalties for each defective air bag that entered the New Mexico market and penalties for each day the manufacturers misrepresented the safety of their products.



China's growth in 2016 slumps as Trump trade struggle looms

Fri, 20 Jan 2017 09:57:16 UT

Trump's promise to raise tariffs on Chinese goods after he takes office Friday has fueled tension with Chinese leaders who are trying to keep growth on track while they overhaul a state-dominated economy. Chinese leaders already face warnings that their reliance on infusions of credit to shore up growth since the 2008 global crisis has driven debt to dangerously high levels that might drag on the economy. [...] weighing on growth, Chinese leaders are in the midst of a multi-year effort to reduce excess production capacity in steel, coal and other industries in which supply exceeds demand. The glut of low-cost Chinese exports of steel and aluminum have fueled trade tensions with Washington and Europe, which say they are threatening thousands of jobs. Chinese leaders say they will make the economy more productive by giving private companies a bigger role, but last year's performance still relied on spending by the government and state-owned industry. Total debt has risen by the equivalent of 130 percentage points of annual economic output since the 2008 global crisis, "a pace that has alarmed policy makers and many investors," UBS economists said in a report.



Global shares steady ahead of Trump's inauguration

Fri, 20 Jan 2017 09:12:29 UT

KUALA LUMPUR, Malaysia (AP) — Global shares were steady in cautious trading Friday ahead of the inauguration of President-elect Donald Trump. Investors will be looking for clues in Trump's inauguration speech for his plans on fiscal stimulus, tax cuts and trade. ANALYST QUOTES: "Markets are now waiting for more evidence that Donald Trump will deliver on fiscal stimulus and deregulation but uncertainty remains high about what he will do on trade," Shane Oliver of AMP Capital said in a commentary. Shares in Shanghai and Shenzhen rose after the government said the economy grew at a 6.8 percent annual rate in the last quarter, helped by property investment and government spending. Benchmark U.S. crude gained 29 cents to $52.40 per barrel in electronic trading on the New York Mercantile Exchange.



China's growth edges up but 2016 weakest year since 1990

Fri, 20 Jan 2017 07:11:28 UT

Supported by government spending and a real estate boom, the world's second-largest economy expanded by 6.8 percent over a year earlier in the three months ending in December, up from the previous quarter's 6.7 percent, government data showed Friday. China's economy has cooled steadily as communist leaders try to nurture domestic consumption and reduce reliance on trade and investment but trade still supports millions of jobs. Export industries could face more pressure, raising the threat of politically dangerous job losses, if Trump goes ahead with promises to raise tariffs on Chinese goods. Beijing has relied on repeated infusions of credit to prevent activity from slumping too fast, prompting warnings the run-up in debt could spark a financial crisis or drag on growth. Chinese leaders say they will make the economy more competitive and productive by opening more sectors to private companies but last year's performance still relied heavily on spending by the government and state-owned industry.



How to watch inauguration events, with or without TV

Fri, 20 Jan 2017 05:11:05 UT

NEW YORK (AP) — The lack of a TV set shouldn't prevent you from following Friday's presidential inauguration ceremony, the pomp and circumstance surrounding it, and the many protests and marches planned around the country. Television channels carrying the inauguration live include ABC, NBC, CBS, CNN, PBS, C-SPAN and Fox News, as well as Telemundo in Spanish. Without a TV, you can check their websites, apps or YouTube channels to watch the events and commentary. The Post also plans live coverage of Friday evening's balls with its fashion critic Robin Givhan, style writers and others. Digital media darling BuzzFeed will host a Facebook Live event called BuzzFeed News Live At Trump's Inauguration: USA Today is offering virtual reality and 360-degree coverage of the events, with cameras at the Capitol, the National Mall and along the inaugural parade route. If you have friends attending the inauguration, the marches, or both, look for their live video streams on Facebook or Twitter, or Instagram Stories on the photo-sharing app. — C-SPAN: 7 a.m. to conclusion, live coverage of oath of office, parade and inaugural balls.



Asian markets mixed ahead of Trump's inauguration

Fri, 20 Jan 2017 04:29:48 UT

KUALA LUMPUR, Malaysia (AP) — Asian markets were mixed in cautious trading Friday ahead of the inauguration of President-elect Donald Trump. The Dow Jones industrial average erased its gains for 2017 on Thursday, falling for the fifth day in a row as the post-election Trump rally waned ahead of the presidential inauguration. Investors will be looking for clues in Trump's inauguration speech for his plans on fiscal stimulus, tax cuts and trade. ANALYST QUOTES: "Markets are now waiting for more evidence that Donald Trump will deliver on fiscal stimulus and deregulation but uncertainty remains high about what he will do on trade," Shane Oliver of AMP Capital said in a commentary. Benchmark U.S. crude gained 19 cents to $52.31 per barrel in electronic trading on the New York Mercantile Exchange.



Samsung to announce cause of Galaxy Note 7 fire on Jan. 23

Fri, 20 Jan 2017 03:14:54 UT

SEOUL, South Korea (AP) — Samsung Electronics said Friday it will announce on Jan. 23 the reason why its Galaxy Note 7 smartphones overheated and caught fire. The announcement comes after a South Korean court dismissed on Thursday a request by prosecutors to arrest Samsung Vice Chairman Lee Jae-yong heir. Lee, the conglomerate's heir and de facto head, is under investigation for alleged bribery in connection with an influence-peddling scandal that led to the impeachment of President Park Geun-hye.



Business Highlights

Fri, 20 Jan 2017 02:19:02 UT

WASHINGTON (AP) — Steven Mnuchin, President-elect Donald Trump's pick as Treasury secretary, clashed with Democrats during a lengthy confirmation hearing Thursday over his handling of thousands of mortgage foreclosures and his failure to initially disclose to the committee $100 million in assets and interests in a Cayman Islands corporation. Agriculture secretary was the final Cabinet post to be announced by Trump, who is set to take office Friday. WASHINGTON (AP) — Tesla Motors Inc. won't face a recall or fine as a result of a fatal crash involving its Autopilot system, but U.S. safety regulators are warning auto manufacturers and drivers not to treat semiautonomous cars as if they were fully self-driving. The National Highway Traffic Safety Administration said Thursday it found that the system had no safety defects at the time of the May 7 crash in Florida, and that it was primarily designed to prevent rear-end collisions rather than other crash scenarios. NEW YORK (AP) — The Dow Jones industrial average erased its gains for 2017 on Thursday as it fell for the fifth day in a row, part of a pullback for stock indexes as Treasury yields continued their upward march. Utilities, real-estate investment trusts and others that pay big dividends were among the hardest hit because their payouts look less attractive when bond yields are rising. Net income reached $1.14 billion, or $1.39 per share, well above the per-share earnings of $1.34 that Wall Street was looking for, according to Zacks Investment Research. Union Pacific Chairman and CEO Lance Fritz said higher energy prices, favorable agricultural markets and improving consumer confidence all suggest railroad shipping volumes will grow this year. Automakers with recalls posted Thursday are Audi, Nissan, Jaguar-Land Rover, Subaru, Daimler Vans, Tesla, Mitsubishi, BMW, Ferrari, Mercedes, Mazda, McLaren and Karma. The government says that Western Union did



How major US stock market indexes fared on Thursday

Fri, 20 Jan 2017 02:17:00 UT

How major US stock market indexes fared on Thursday The Dow Jones industrial average erased its gains for 2017 on Thursday as it fell for the fifth day in a row, part of a pullback for stock indexes. Treasury yields continued their upward march.



China's economic growth rises to 6.8 percent in last quarter of 2016; full-year growth 6.7 percent, weakest since 1990

Fri, 20 Jan 2017 02:00:13 UT

BEIJING (AP) — China's economic growth rises to 6.8 percent in last quarter of 2016; full-year growth 6.7 percent, weakest since 1990.



Yellen says Fed following prudent course on rates

Fri, 20 Jan 2017 01:44:00 UT

Yellen said the Fed's approach should improve prospects that the economy will achieve sustainable growth, with the labor market operating at full employment and inflation running close to the central bank's 2 percent target. Some private economists have predicted that the Fed will accelerate its rate hikes this year if the incoming Trump administration is successful in getting Congress to approve tax cuts and other measures to boost economic growth. In a speech in San Francisco on Wednesday, Yellen said she expected the Fed would raise its benchmark rate, the federal funds rate, "a few times a year" until officials had pushed the rate to close to 3 percent by the end of 2019.



Uber pays $20 million to settle claims of driver deception

Fri, 20 Jan 2017 01:06:14 UT

"Many consumers sign up to drive for Uber, but they shouldn't be taken for a ride about their earnings potential or the cost of financing a car through Uber," said Jessica Rich, director of the FTC's Bureau of Consumer Protection. To ensure cars are widely available, Uber has persuaded hundreds of thousands of people in the U.S. to become drivers by dangling the lure of making money at any time that's convenient for them. The drivers are treated as independent contractors, another contentious issue because the classification excludes them from many of the benefits and protections given to full-time employees. [...] in a statement published on Uber's website from May 2015 through August 2015, CEO Travis Kalanick boasted that the mid-range annual incomes of the service's New York city drivers exceeded $90,000 and the mid-range annual earnings of its San Francisco drivers topped $74,000, according to the FTC.



Treasury pick defends foreclosure actions, asset disclosure

Fri, 20 Jan 2017 00:14:57 UT

WASHINGTON (AP) — Steven Mnuchin, President-elect Donald Trump's pick as Treasury secretary, clashed with Democrats during a lengthy confirmation hearing Thursday over his handling of thousands of mortgage foreclosures and his failure to initially disclose to the committee nearly $100 million in assets and interests in a Cayman Islands corporation. "Never before has the Senate considered such an ethically challenged slate of nominees for key Cabinet positions," Senate Democratic leader Chuck Schumer said in a statement. Mnuchin, one of many wealthy business executives Trump has picked for his Cabinet, told the Senate panel that he had turned over 5,000 pages of documents to the committee and that some of the questions were complicated. According to a memo written by the Democratic staff on the committee, Mnuchin did not initially disclose $95 million in real estate — a co-op in New York City, a residence in Southampton, New York, a residence in Los Angeles and $15 million of real estate in Mexico. During the hearing, Mnuchin defended his handling of thousands of foreclosures during the height of the financial crisis, saying he had worked hard to assist homeowners to refinance so they could keep their homes. "Since I was first nominated to serve as Treasury secretary, I have been maligned as taking advantage of others' hardships in order to earn a buck," he said in testimony. Mnuchin, who as Treasury secretary would serve as the administration's chief economic spokesman, also faced questions about Trump's ambitious plans to double the country's growth rate through tax cuts, reduce government regulations and boost government spending on infrastructure projects.



Soros: Trump a 'would-be dictator' who will rattle markets

Thu, 19 Jan 2017 23:42:36 UT

NEW YORK (AP) — Billionaire investor George Soros said Thursday he views President-elect Donald Trump as an "impostor and con man and a would-be dictator" who will rattle financial markets. Soros, a big supporter of Hillary Clinton's failed presidential campaign, said he is confident Trump will be checked by Congress and the Constitution.



How to watch inauguration events, with or without TV

Thu, 19 Jan 2017 23:37:01 UT

NEW YORK (AP) — The lack of a TV set shouldn't prevent you from following Friday's presidential inauguration ceremony, the pomp and circumstance surrounding it, and the many protests and marches planned around the country. Television channels carrying the inauguration live include ABC, NBC, CBS, CNN, PBS, C-SPAN and Fox News, as well as Telemundo in Spanish. Without a TV, you can check their websites, apps or YouTube channels to watch the events and commentary. The Post also plans live coverage of Friday evening's balls with its fashion critic Robin Givhan, style writers and others. Digital media darling BuzzFeed will host a Facebook Live event called BuzzFeed News Live At Trump's Inauguration: USA Today is offering virtual reality and 360-degree coverage of the events, with cameras at the Capitol, the National Mall and along the inaugural parade route. If you have friends attending the inauguration, the marches, or both, look for their live video streams on Facebook or Twitter, or Instagram Stories on the photo-sharing app. — C-SPAN: 7 a.m. to conclusion, live coverage of oath of office, parade and inaugural balls.



Stunning $7.5M brick home on Capitol Hill

Thu, 19 Jan 2017 23:16:51 UT

Capitol Hill is known as Seattle's go-to 'hood for partying and nightlife, but the neighborhood also has a reputation for having some of the city's most expensive real estate.




Target names Rick Gomez new chief marketing officer

Thu, 19 Jan 2017 22:56:25 UT

NEW YORK (AP) — Target says it is promoting Rick Gomez to executive vice president and chief marketing officer as the Minneapolis discounter looks to reverse traffic declines at its stores. The move comes as Target cut its fourth-quarter profit and sales outlook earlier this week as its surging online business wasn't enough to offset sluggish holiday traffic and weak sales in its stores.



American Express misses forecasts, hurt by Costco loss

Thu, 19 Jan 2017 22:38:36 UT

NEW YORK (AP) — American Express' fourth-quarter profit fell 8 percent from the same period a year earlier, hurt by the loss of the Costco credit card business and higher expenses to retain customers. The retail giant moved its credit card processing to Visa, and Citigroup won the credit card portfolio. "While we continue to operate in a very challenging environment, we ended the year in a stronger position than we started and have built momentum across our business," Kenneth Chenault, AmEx chairman and CEO, said in a prepared statement. AmEx's U.S. consumer business, the company's biggest division by revenue and profit, reported quarterly earnings of $351 million, down 35 percent from a year earlier.



Union Pacific cost cuts offset declining shipments in 4Q

Thu, 19 Jan 2017 21:51:05 UT

Net income reached $1.14 billion, or $1.39 per share, well above the per-share earnings of $1.34 that Wall Street was looking for, according to a survey by the data company Zacks Investment Research. Union Pacific Chairman and CEO Lance Fritz said higher energy prices, favorable agricultural markets and improving consumer confidence all suggest railroad shipping volumes will grow this year. Fritz said potential changes from President-elect Donald Trump on tax reform, infrastructure investment and regulation could boost the economy, but hopes that he doesn't enact unnecessary trade barriers. About 12 percent of Union Pacific's carloads either come from or go to Mexico. [...] all railroads benefit from international trade because they haul containers of goods that ships bring into port hundreds or thousands of miles inland before trucks carry them to their destinations.