Reliance Jio is a great, big, and savvy Indian python that has recently slithered into the telecom space, threatening to swallow the lunch of existing incumbents like Airtel and Vodafone. The question is, will it end up swallowing itself tail-first as well? As I wrote a few months ago, and as you probably may well know, Mukesh Ambani, India’s oil to telecom billionaire who is not known […]
aNewDomain — Rex Tillerson, the ExxonMobil chief who Donald Trump has tapped to be the next US secretary of state, was the director of a Bahamas-based US-Russian oil firm, according to leaked documents in the Panama Papers. Tillerson ended the association with the Exxon subsidiary, Exxon Neftegas, in 2001, Exxon rep Scott Silvestri said Monday, a day after the Guardian and reporters at the International Consortium of Investigative Journalists reported the news. […]
Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. Imagine if Snopes, PolitiFact and The Associated Press fact-checked our holiday cards and letters — or many of our daily declarations — for the truth. Facebook, of course, just announced it would team with PolitiFact, FactCheck.org, the Associated Press, ABC […]
SEATTLE Boeing Co’s (BA.N) commercial airplanes unit said on Monday it would cut more jobs in 2017 after slashing the workforce by 8 percent in 2016 as it battles to sell planes. The job cuts come as Boeing and rival Airbus (AIR.PA) face slowing demand for new aircraft, particularly twin-aisle jetliners such as the Boeing 777 and Airbus A330. Boeing said last week that it would cut […]
In 1600, actor William Kemp was challenged to morris dance his way from London to Norwich. He accepted the bet and completed his journey – a distance of about 100 miles – in nine days (spread out over a few weeks). So was born the phrase “nine-day wonder”, to describe someone or something that suddenly gains fame, only to quickly fade from the spotlight. Fame no longer […]
U.S. stocks were higher on Monday in light trading, with the three major indexes hovering near record levels, driven by a rise in technology shares. The S&P technology index .SPLRCT rose 0.94 percent, leading the 11 major sectors. Microsoft (MSFT.O), Amazon (AMZN.O) and Apple (AAPL.O) were up between 1-1.8 percent, providing the biggest boost to the Nasdaq and the S&P 500. “Traditionally, as you head into the […]
As we celebrate the completion of another trip around the sun, and prepare to start the next one, the festive television season is shifting into high gear. Grab your remote – we’ve got more than enough TV treats to enjoy as you relax on the sofa after all the preparation and socialising. Pop that gourmet corn, rip open a box of chocolate and enjoy a wide range […]
A last-ditch attempt by Monte dei Paschi di Siena, the struggling Italian bank, to raise up to €5bn in capital was thrown into doubt after the country’s private bank rescue fund expressed “strong reservations” over the terms of a bridge loan that is key to the deal. On Monday, MPS said in a statement that it was “in contact” with Quaestio Capital Management — which manages the […]
Lennar Corp (LEN.N), the No. 2 U.S. homebuilder, reported higher-than-expected quarterly profit and revenue and said the housing market continued to make a “slow and steady recovery.” An improving job market and attractive mortgage rates continue to fuel demand for housing in the United States, helping homebuilders such as Lennar and PulteGroup Inc (PHM.N). U.S. home prices are set to rise almost 5 percent next year, despite […]
TOKYO Asian shares slipped to four-week lows on Monday as the prospect of higher U.S. interest rates and a strong dollar stemming from the incoming Trump Administration’s purported policies of cutting taxes and spending heavily threatened to suck capital out of emerging markets. European shares are seen having better luck, following recent gains in shares of banks, resource companies and some automakers. Spread-betters see a rise of […]
The barbarians at the gate have claimed a victory in the battle for control over China Vanke, the country’s largest retail property developer, after the company called off a deal to take on a new majority shareholder. Shares in Vanke fell more than 6 per cent to HK$18.22 in Hong Kong on Monday morning after the home builder said on Sunday that it had dropped plans to […]
Monday 02:20 GMT Overview Stocks across Asia were weaker, retreating in line with Wall Street’s slight pullback on Friday from last week’s record highs, and as the US dollar softened. What to watch Investors are turning their attention to the Bank of Japan’s policy decision on Tuesday, in the wake of the Federal Reserve’s interest rate rise last week. While the dollar’s strength over recent weeks seems […]
BP cemented its 77-year relationship with Abu Dhabi by swapping about $2.2 billion of its own shares for a stake in one of the emirate’s largest onshore oil concessions. The U.K.’s second-biggest oil group will issue new ordinary shares to pay for 10 percent of the Abu Dhabi Company for Onshore Petroleum Operations Ltd., giving the emirate a 2 percent holding in BP, the London-based company said […]
A series of big events shaped financial markets in 2016. Here is a selection of FT analyses and commentary, alongside charts, highlighting a tumultuous year. The new year rout January proved brutal for investors. After just 10 trading days, global equity markets had lost more than $4tn of value, with sentiment hammered by fears about China’s economic slowdown and a depreciating currency. In turn, bond markets were […]
Our round-up of the week’s best comment and analysis from the Financial Times focuses on expectations of a Trump-presidency stimulus and the danger of complacency. The selection is taken from our Markets Insight and Smart Money columns, written by industry contributors and FT commentators. Wall Street might be too complacent about Donald Trump’s corporate tax stimulus and are not pricing in an upsurge in volatility, argues the […]
It was a clear and chilly afternoon in Moscow – March 18, 2014 – when Russian President Vladimir Putin signed the documents to formally annex the Crimean Peninsula away from Ukraine. Frustrated Western governments soon began rolling out the only response they could agree on to Mr. Putin’s brazen redrawing of Europe’s borders: economic sanctions. Over the next two days, the United States would designate 27 individuals […]
Christmas is coming: an event as exciting for the toymakers hoping to fill stockings with this year’s hottest new playthings as it is for the children who will open them on December 25. Expectations of a bumper festive period have brought early Christmas presents for investors in companies such as Spin Master, Hasbro and Nintendo — manufacturers behind some of the biggest hits — that have all […]
By Lucia Mutikani | WASHINGTON WASHINGTON U.S. homebuilding fell more than expected in November, tumbling from a nine-year high as construction activity declined broadly, the latest sign of slower economic growth in the fourth quarter. But the housing market remains on solid ground, with Friday’s report from the Commerce Department showing permits for the future construction of single-family homes, the biggest segment of the market, rising to […]
BP will take a 10 percent stake in Abu Dhabi’s ADCO onshore oil concession for 40 years under a deal signed on Saturday with Abu Dhabi’s Supreme Petroleum Council and the Abu Dhabi National Oil Company (ADNOC), the latter said. Under the deal signed in Abu Dhabi, BP agreed to issue new ordinary shares representing approximately 2 percent of its issued share capital (excluding treasury shares) which […]
Wells Fargo has said the number of customers opening accounts has dropped sharply for a third consecutive month — underlining the scale of the fallout from the recent scandal over its sales tactics. Customers opened 41 per cent fewer Wells Fargo current accounts in November than they did a year ago and made 45 per cent fewer credit card applications. These figures cap another difficult week for […]
Toronto worker Kristy Milland looks for data jobs that she can pick up to make ends meet. Image: Sam Santos/George Pimentel Photography This article originally appeared on TechRepublic. Each morning when she wakes up, Kristy Milland powers up her home computer in Toronto, logs into Amazon Mechanical Turk, and waits for her computer to ding. Amazon Mechanical Turk (AMT), which has been around for over a decade, […]
By Lisa Baertlein and Svea Herbst-Bayliss Chipotle Mexican Grill Inc (CMG.N), under pressure from activist investor Bill Ackman, named four new board members on Friday, paving the way for a reunion of sorts between its chief executive and a former top executive at McDonald’s, which once owned the burrito chain. Matthew Paull, a former McDonald’s Corp (MCD.N) chief financial officer, will join the Chipotle board. Media executives […]
Etihad Airways and Lufthansa have signed a codeshare agreement that could herald further partnership growth between the two national carriers. In what is seen as the potential start of a growing relationship between the two airlines, Etihad and Lufthansa have agreed to codeshare on the UAE carrier’s twice-daily flights between its home base of Abu Dhabi and Frankfurt, and its twice daily services between Abu Dhabi and […]
General Motors seems determined not to get sidelined by the recent flurry of announcements in the self-driving car category such as those issued by Waymo and Uber. GM’s Chairman and CEO Mary Barra presided a rare press conference last Dec. 15 to declare that GM’s autonomous vehicle called Chevrolet Bolt is now prowling the streets of southeast Michigan. Fleet of self-driving Bolts have already been unleashed in San Francisco […]
