Wednesday 06:00 GMT Overview Stock markets across Asia were mixed after disappointing earnings and weak US data pushed Wall Street lower overnight. European bourses are expected to open higher, with spreadbetters predicting the UK’s FTSE 100 will add 34 points to 7,133 and Germany’s Dax to gain 70 points to 11,605. The rebound comes after Wall Street climbed sharply off its session lows on Tuesday, and index […]
Submitted by John Whitehead via The Rutherford Institute, “We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force.” -Ayn Rand The torch has been passed to a new president. All of […]
Elliott Management, the activist investment group, has called for the removal of Klaus Kleinfeld as chief executive of Arconic, the specialist metals and components company created last year by the break-up of Alcoa, arguing that “current management’s persistent failure . . . has destroyed considerable shareholder value”. The fund manager, Arconic’s largest shareholder with direct control of 10.5 per cent of the group’s shares, and a further 1.6 per cent through […]
For the London Metal Exchange, the traditional winter holiday lull in activity which affects most other financial markets comes almost a month later. Traders say that the influence of China in copper, aluminium and nickel markets, means their operations almost grind to a halt during the Chinese new year. The slowdown was clearly visible on Monday, with turnover in benchmark three-month copper futures falling to less than […]
Capital Group, one of the world’s biggest investment groups and a cornerstone backer of upstart stock exchange IEX, wants the incoming Trump administration to stymie high-frequency traders by overhauling one of the US equity market’s biggest but controversial regulatory planks. Matt Lyons, global head of trading at $1.4tn Capital Group, was a big supporter of the anti-HFT exchange made famous by Michael Lewis’s book Flash Boys, making […]
Advanced Micro Devices (AMD) posted fourth quarter financial results on Tuesday, reporting higher-than-expected revenues and a net loss in line with expectations. The chipmaker reported a non-GAAP loss of 1 cent per share on revenue of $1.11 billion. Wall Street was expecting a non-GAAP loss of 2 cents a share on revenue of $1.07 billion. For the full fiscal year 2016, the company reported a non-GAAP loss […]
The UAE’s embassy in the US has reassured Emiratis planning to travel to the US that the new executive order on immigration does not apply to them. In a post on Instagram, Yousef Al Otaiba, UAE Ambassador to the US, said he has been in contact with the relevant authorities in the US and receives assurances that UAE citizens should feel safe to continue with any planned […]
Those dollar bulls blinkered by the so-called Trumpflation trade and wondering if a pullback is justified get a reminder this week of the other main force behind the long-dollar consensus. Federal Reserve chair Janet Yellen and her colleagues are staging their first meeting of the year. A Fed meeting, particularly one taking place at some point along the path of a rates cycle, would normally command considerable […]
It’s time to update your firmware. An exploit that affects a number of Netgear routers can easily give hackers access to your wireless admin password which could lead to router lock-out or, worse, illicit use of your Internet. The exploit, which Netgear firmly patched, used a bug found in 2014 to expose admin passwords in plain text. A researcher for Trustwave, Simon Kenin, first uncovered the problem […]
31 January 2017 Abu Dhabi, UNITED ARAB EMIRATES – Etihad Airways is launching a third daily flight on the Abu Dhabi – Bengaluru route, effective 26 March 2017. The triple daily schedule will provide greater choice to local passengers travelling between the two cities, and improved connectivity to destinations across the GCC, North America and Europe via the airline’s Abu Dhabi hub. The capacity increase underscores the […]
ExxonMobil has become the second large oil company to report earnings well below analysts’ expectations, following Chevron on Friday. Exxon’s earnings per share were 41 cents for the fourth quarter of 2016, with net income of $1.68bn, 40 per cent lower than expected. The average of analysts’ forecasts was for earnings per share of 70 cents in the quarter. The lower than expected earnings came after a […]
The US stock market suffered its largest decline this year, alongside investors snapping up protection against a possible rise in volatility, pointing towards the nervousness over the recent rally. The S&P 500 dipped 0.6 per cent to 2,281, its biggest one-day fall since December 28. The Dow Jones Industrial Average was down 0.6 per cent to 19,971, while the Nasdaq Composite dropped 0.8 per cent to 5,614. […]
MANILA Philippine President Rodrigo Duterte on Tuesday said he had asked China to help in the fight against Islamic State-linked militants by sending ships to patrol southern waters plagued by raids on commercial vessels. Speaking to newly promoted army generals, Duterte said he had sought China’s help in dangerous waters in the south to check the activities of Abu Sayyaf, a Muslim rebel group sustained by piracy […]
Royal Dutch Shell has struck deals worth up to $4.7bn to sell offshore oil and gas assets in the North Sea and Thailand, adding momentum to the debt-reduction programme launched after its $50bn takeover of BG Group. The Anglo-Dutch group said on Tuesday it had agreed to sell a package of UK North Sea assets to Chrysaor, a small British company backed by EIG Partners, a US […]
The great Trump reflation story, which points to strong equities, weak bonds and a highly valued dollar, is by now thoroughly entrenched in the minds of global investors. Not without reason. But when conviction is near-universal in markets it makes sense to ponder what investors might be missing. For my money the most likely flaw in this narrative relates to the cost of protectionist policies. There is […]
TOKYO Japan must make public places in Tokyo smoke-free by the time it hosts the 2020 Summer Olympics or risk falling afoul of International Olympic Committee (IOC) rules that call for a healthy games, activists said on Tuesday. Japan’s health minister has said the government is eager to stamp out smoking in public by the time the capital hosts the Olympics. But smoking remains so entrenched there […]
Executives from The New York Times, BuzzFeed and Bloomberg News have responded to Trump’s recent executive order banning immigrants from Muslim-majority countries in the Middle East. The responses range from outright condemnation of President Trump’s ban to reaffirming their commitment to supporting employees regardless of their countries of origin. Jonah Peretti, the CEO of BuzzFeed, sent a letter to employees over the weekend castigating Trump for “let(ing) […]
The publication of Michael Lewis’s book Flash Boys in 2014 thrust the arcane world of ultra-high frequency trading firms into the popular consciousness, prompting debate over everything from the industry’s morality to the possible risks it posed to financial stability. What was undeniable was how several of these companies were staggeringly profitable, generating hundreds of millions of dollars by trading at speeds made up of fractions of […]
Investors, economists and strategists have begun to question their enthusiasm for Donald Trump’s new administration, following the president’s decision to block entry to the US from seven Muslim-majority countries. Mr Trump’s travel clampdown appeared to knock some of the confidence from markets, after stock indices reached record highs last week following speculation the new president will deliver faster economic growth and accelerating price rises — dubbed “Trumpflation”. […]
The ranks of business leaders attacking Donald Trump’s immigration clampdown swelled on Monday as executives at several large US companies criticised the measures while Amazon said it was considering a legal challenge. Executives at the financial groups Goldman Sachs, Citigroup and MasterCard, the carmaker Ford and beverage group Coca-Cola risked a clash with the president as they criticised the restrictions on travellers from seven Muslim-majority countries. Amazon’s Jeff […]
January 31, 2017 by: Hudson Lockett in Hong Kong Tuesday 01:50 GMT Overview A shaky Monday for US stocks rolled into Asian trading on Tuesday as confusion persisted over President Donald Trump’s executive order to clampdown in immigration and ahead of the Bank of Japan’s interest rates decision. Hot topic Stock markets remained closed in Hong Kong and China for the lunar new year holiday, but those […]
If you work in IT in the enterprise business space chances are the following scenario will sound familiar. You have spent the better part of the past few years working hard to help support or build a business that is more dynamic and responsive to everyone’s needs. A business which doesn’t see IT as the bottleneck where all ideas cost a million dollars and take a year […]
US stocks on Monday faced the heaviest sell-off since before the presidential election in the biggest reversal yet of the so-called Trump trade that has carried equities to record peaks. The S&P 500 index, a broad barometer of American stock performance, fell as much as 1.2 per cent in late-morning trading in New York. That represented the steepest intraday fall since November 1 and came after it […]
Microsoft was finalising plans to borrow at least $14bn Monday, in what will be the largest corporate bond sale of the year so far, as the US technology company joins a rush to tap debt markets ahead of expected interest rate rises later this year. The deal will rank as one of the largest ever corporate debt sales not to finance a takeover, and follows a bumper […]
